NEWARK, N.J., March 4, 2011 /PRNewswire/ -- PSEG Power LLC, a
subsidiary of Public Service Enterprise Group Incorporated (NYSE:
PEG), today announced that it has closed on the sale of its
Guadalupe power plant to MinnTex Power Holdings LLC (MinnTex) and
MinnTex GP LLC, entities managed by Wayzata Investment Partners
LLC, for approximately $351
million.
Guadalupe is one of two 1,000 MW gas-fired power plants that
PSEG Power announced it has agreed to sell earlier in the year.
The sale of the Odessa
facility, in West Texas, to High
Plains Diversified Energy Corporation (HPDEC) is expected to close
in the first half of 2011, as previously announced. The two
transactions have a combined equity value of $687 million.
FORWARD-LOOKING STATEMENT
Readers are cautioned that statements contained in this
presentation about our and our subsidiaries' future performance,
including future revenues, earnings, strategies, prospects,
consequences and all other statements that are not purely
historical, are forward-looking statements for purposes of the safe
harbor provisions under The Private Securities Litigation Reform
Act of 1995. When used herein, the words "anticipate,"
"intend," "estimate," "believe," "expect," "plan," "should,"
"hypothetical," "potential," "forecast," "project," variations of
such words and similar expressions are intended to identify
forward-looking statements. Although we believe that our
expectations are based on reasonable assumptions, they are subject
to risks and uncertainties and we can give no assurance they will
be achieved. The results or developments projected or
predicted in these statements may differ materially from what may
actually occur. Factors which could cause results or events
to differ from current expectations include, but are not limited
to:
- Adverse changes in energy industry law, policies and
regulation, including market structures, transmission planning and
cost allocation rules, including rules regarding who is permitted
to build transmission going forward, and reliability
standards.
- Any inability of our transmission and distribution businesses
to obtain adequate and timely rate relief and regulatory approvals
from federal and state regulators.
- Changes in federal and state environmental regulations that
could increase our costs or limit operations of our generating
units.
- Changes in nuclear regulation and/or developments in the
nuclear power industry generally that could limit operations of our
nuclear generating units.
- Actions or activities at one of our nuclear units located on a
multi-unit site that might adversely affect our ability to continue
to operate that unit or other units located at the same site.
- Any inability to balance our energy obligations, available
supply and trading risks.
- Any deterioration in our credit quality.
- Availability of capital and credit at commercially reasonable
terms and conditions and our ability to meet cash needs.
- Any inability to realize anticipated tax benefits or retain tax
credits.
- Changes in the cost of, or interruption in the supply of, fuel
and other commodities necessary to the operation of our generating
units.
- Delays in receipt of necessary permits and approvals for our
construction and development activities.
- Delays or unforeseen cost escalations in our construction and
development activities.
- Adverse changes in the demand for or price of the capacity and
energy that we sell into wholesale electricity markets.
- Increase in competition in energy markets in which we
compete.
- Adverse performance of our decommissioning and defined benefit
plan trust fund investments and changes in discount rates and
funding requirements.
- Changes in technology and customer usage patterns.
For further information, please refer to our Annual Report on
Form 10-K, including Item 1A. Risk Factors, and subsequent reports
on Form 10-Q and Form 8-K filed with the Securities and Exchange
Commission. These documents address in further detail our
business, industry issues and other factors that could cause actual
results to differ materially from those indicated in this
presentation. In addition, any forward-looking
statements included herein represent our estimates only as of today
and should not be relied upon as representing our estimates as of
any subsequent date. While we may elect to update
forward-looking statements from time to time, we specifically
disclaim any obligation to do so, even if our internal estimates
change, unless otherwise required by applicable securities
laws.
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SOURCE Public Service Enterprise Group (PSEG)