PSEG Power has taken another step toward achieving its coal exit strategy.
On Monday, the company announced it agreed to sell its 776-megawatt interest in the Keystone and Conemaugh generation facilities, and related assets, in Pennsylvania.
The transaction, which includes the assumption of related liabilities, is expected to close in the second half of 2019, subject to customary closing conditions and approvals. Financial terms were not disclosed.
According to PSEG, the remainder of the company’s coal generating assets have either been scheduled for early retirement or sold. Overall, the company plans to have retired or exited more than 2,400 megawatts of coal-fired generation by 2021.
PSEG Power said its long-term strategy includes moving away from coal-fired generation and eliminating non-core assets.
The retirement of both PSEG Power’s Hudson and Mercer coal-fired generation stations were announced in 2016. Its Bridgeport, Conn.-located, 383-megawatt coal unit will be retired in 2021.
PSEG Power is a subsidiary of Newark-based Public Service Enterprise Group Inc.