BRIDGEPORT, Conn., June 1, 2021 /PRNewswire/ -- PSEG Power has
retired its Bridgeport Harbor Station Unit 3 power plant, effective
May 31, marking the completion of the
company's long-term coal exit strategy as the company pursues a
path to net-zero carbon emissions. BHS 3 was the last remaining
coal-fired power plant in PSEG Power's generation fleet.
Originally designed to be fueled with either oil or coal when
placed in service in 1968, Unit 3 was converted to a full-time coal
unit in 2002. BHS 3 provided 400-megawatts of peaking capacity to
southern Connecticut, operating
only when called upon during times of peak energy demand, such as
extreme heat or extreme cold. In conjunction with the opening of
Bridgeport Harbor Station Unit 5 (BHS 5), a highly efficient
485-megawatt natural gas power plant, in June 2019, Unit 3 was scheduled for retirement in
mid-2021.
"The retirement of Bridgeport Harbor Station Unit 3 marks the end of an era for the City of Bridgeport and the citizens who relied
on its power," PSEG Chairman, President and CEO Ralph Izzo said. "I'm grateful to the
generations of employees who operated this unit safely and reliably
for more than 50 years, and to the entire Bridgeport community for their support."
"For PSEG, the retirement of BHS 3
marks the end of our company's coal era, reflecting a
nationwide trend toward the use of cleaner fuels to generate the
electricity we need to power our lives. Newer, more economic and
highly efficient power plants like BHS 5 will play a critical role
in shrinking our carbon footprint as we address the challenges of
climate change and help set Connecticut on a path toward its cleaner
energy future," Izzo said.
BHS 3 did not ease quietly into retirement. After being called
upon to operate for just two days in 2020, and not at all in 2019,
the unit ran for nearly two uninterrupted months to supply
additional power to the grid during a stretch of unusually cold
weather in January and February of 2021.
"That remarkable run, even as the unit was just weeks from
retiring permanently, reflects the readiness and determination of
the entire Bridgeport Harbor 3 team, with support from BHS 5,
New Haven and the entire PSEG
Fossil organization," Izzo said. "The team should be proud of its
performance during this stretch, during which it maintained all
safety and environmental standards without a single forced outage,
injury or COVID 19-related issue."
BHS 3 also was instrumental in providing electrical generating
capability for the Bridgeport
region during Superstorm Sandy in 2012 and during the prolonged and
extreme cold weather during the polar vortex in the winter of
2014.
Bridgeport Harbor Station was originally owned and operated by
United Illuminating Co. and began providing energy to the
industrial factories and businesses in southwestern Connecticut in 1957. In 1999, Bridgeport
Harbor Station was purchased by WISVEST, which owned and operated
the station until it was purchased by PSEG Power Connecticut in
2002.
As the nation transitions to new generation technologies, the
long and important history of BHS 3 illustrates how critical coal
generation has been over the decades in powering lives and fueling
the economy.
In addition to its exit from coal, PSEG Power's remaining fossil
generation units – including BHS 5 – are part of the company's
ongoing Strategic Alternatives process to explore divestiture
options for PSEG Power's fossil and Solar Source assets. The
company expects this process to be completed by the end of 2021.
Following this process, PSEG Power's fleet will consist almost
entirely of carbon-free energy, including nuclear plants in
New Jersey and Pennsylvania and new investments in offshore
wind generation.
Public Service Enterprise Group Inc. (PSEG) (NYSE: PEG) is a
publicly traded diversified energy company with approximately
13,000 employees. Headquartered in Newark, N.J., PSEG's principal operating
subsidiaries are: Public Service Electric and Gas Co. (PSE&G),
PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company
included in the S&P 500 Index and has been named to the Dow
Jones Sustainability Index for North
America for 13 consecutive years
(https://corporate.pseg.com).
Visit PSEG
at:
www.pseg.com
PSEG on
Facebook
PSEG on Twitter
PSEG on
LinkedIn
PSEG blog, Energize!
Forward-Looking Statement
The statements contained in
this press release that are not purely historical are
"forward-looking statements" within the meaning of The Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements are subject to risks and uncertainties, which could
cause actual results to differ materially from those anticipated.
Such statements are based on management's beliefs as well as
assumptions made by and information currently available to
management. Factors that may cause actual results to differ
materially from those contemplated in any forward-looking
statements made by us herein are discussed in our Annual Report on
Form 10-K and subsequent reports on Form 10-Q and Form 8-K filed
with the Securities and Exchange Commission (SEC), and available on
our website: https://investor.pseg.com. All of the
forward-looking statements made in this press release are qualified
by these cautionary statements and we cannot assure you that the
results or developments anticipated by management will be realized
or even if realized, will have the expected consequences to, or
effects on, us or our business, prospects, financial condition,
results of operations or cash flows. Readers are cautioned not to
place undue reliance on these forward-looking statements in making
any investment decision. Forward-looking statements made in this
press release apply only as of the date hereof. While we may elect
to update forward-looking statements from time to time, we
specifically disclaim any obligation to do so, even in light of new
information or future events, unless otherwise required by
applicable securities laws.
From time to time, PSEG, PSE&G and PSEG Power release
important information via postings on their corporate Investor
Relations website at https://investor.pseg.com.
Investors and other interested parties are encouraged to visit the
Investor Relations website to review new postings. You can sign up
for automatic email alerts regarding new postings at the bottom of
the webpage at https://investor.pseg.com.
CONTACTS:
|
|
Carlotta
Chan
|
Marijke
Shugrue
|
973-430-6565
|
908-531-4253
|
Carlotta.Chan@pseg.com
|
Marijke.Shugrue@pseg.com
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/pseg-power-retires-bridgeport-harbor-station-coal-plant-effective-may-31-301302773.html
SOURCE PSEG