During its second quarter earnings conference call on July 31, 2020, New Jersey utility Public Service Enterprise Group (PSEG) announced that it is “exploring strategic alternatives” to PSEG Power’s, a subsidiary of PSEG, non-nuclear generating fleet.[1] This includes 6,750 MW of fossil generation located in New Jersey, Connecticut, New York and Maryland and its 467 MW Solar Source portfolio spread across 14 states. According to CEO Ralph Izzo, PSEG expects the sale of its fossil fuel portfolio to begin in late 2020 and be completed in 2021. PSEG intends to retain ownership of PSEG Power’s existing nuclear fleet. Izzo said the move to exit merchant generation while retaining nuclear power “could reduce overall business risk and earnings volatility, improve our credit profile and enhance an already compelling [environmental, social and governance] position driven by pending clean energy investments, methane reduction and zero-carbon generation.” In addition to keeping its existing nuclear fleet, PSEG says that it is evaluating potential investments in offshore wind and considering participation in upcoming offshore wind solicitations in New Jersey and other Mid-Atlantic states. The utility expects to decide on whether to invest in Ørsted's Ocean Wind project by the end of 2020.

[1] https://www.prnewswire.com/news-releases/pseg-to-explore-strategic-alternatives-for-pseg-powers-non-nuclear-fleet-301103791.html