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Public Service Enterprise (PEG) Buys New Jersey Wind Farm Stake
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Public Service Enterprise Group Inc. (PEG - Free Report) , better known as PSEG, recently completed the acquisition of 25% stake in Ocean Wind project, New Jersey’s first utility-scale offshore wind farm, from Danish energy company, Ørsted. With a generation capacity of 1,100 megawatts (MW) clean energy, this wind facility is powered by General Electric’s (GE - Free Report) Haliade-X 12 MW turbine.
This transaction will enable PSEG to contribute significantly to New Jersey’s ambitious target of generating 7,500 MW worth off-shore wind electricity by 2035.
PSEG’s Clean Energy Take
Realizing the fact that clean energy holds the key to future electricity generation, utilities including PSEG have been rapidly expanding their renewable assets. The latest transaction affirms that fact only.
As of Dec 31, 2020, the company’s subsidiary. PSEG Power owned and operated 467 MW direct current (dc) of photovoltaic solar generation facilities across various states. PSE&G, another subsidiary, owned 158 MW dc of installed PV solar capacity throughout New Jersey at the end of 2020.
Moreover, PSEG’s cloud investment program is estimated to be worth approximately $707 million over the next four years, and is expected to result in the replacement of over 2 million electric meters with smart meters. In January 2021, the BPU approved a program for PSE&G to provide investments of $166 million for EV charging.
Apart from investments in energy efficiency programs and EV charging programs that are the most cost-effective solution to reducing carbon emissions, the latest acquisition of Ocean Winds will significantly boost PSEG’s initiatives to achieve net zero carbon emission goal by 2050.
Other Utilities Following Suit
Per the latest report by the American Clean Power Association (ACPA), wind projects totaling 34,757 MW were under construction or in advanced development at the end of December 2020. Surely this reflects the solid opportunity that the U.S. wind market currently boasts. With the Utility sector rapidly making the transition toward a cleaner environment, a handful of utilities like PSEG are also expanding their wind generation portfolio.
For instance, Duke Energy’s (DUK - Free Report) business subsidiary, Duke Energy Renewables, announced in March 2021 that it has begun commercial operation of its Frontier Windpower II project in Kay County, OK. The 350 MW windpower project is currently the largest project in the company’s fleet.
On the other hand, NextEra Energy (NEE - Free Report) is currently the world’s largest generator of renewable enegy from wind. As of Dec 31, 2020, the company operated a total wind generating capacity of 18,551 MW. For 2020-2021, it expects to bring online an additional 5,500 MW of clean, emissions-free wind energy.
In the past year, shares of the company have surged 20% compared with the industry's 8.2% rise.
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Public Service Enterprise (PEG) Buys New Jersey Wind Farm Stake
Public Service Enterprise Group Inc. (PEG - Free Report) , better known as PSEG, recently completed the acquisition of 25% stake in Ocean Wind project, New Jersey’s first utility-scale offshore wind farm, from Danish energy company, Ørsted. With a generation capacity of 1,100 megawatts (MW) clean energy, this wind facility is powered by General Electric’s (GE - Free Report) Haliade-X 12 MW turbine.
This transaction will enable PSEG to contribute significantly to New Jersey’s ambitious target of generating 7,500 MW worth off-shore wind electricity by 2035.
PSEG’s Clean Energy Take
Realizing the fact that clean energy holds the key to future electricity generation, utilities including PSEG have been rapidly expanding their renewable assets. The latest transaction affirms that fact only.
As of Dec 31, 2020, the company’s subsidiary. PSEG Power owned and operated 467 MW direct current (dc) of photovoltaic solar generation facilities across various states. PSE&G, another subsidiary, owned 158 MW dc of installed PV solar capacity throughout New Jersey at the end of 2020.
Moreover, PSEG’s cloud investment program is estimated to be worth approximately $707 million over the next four years, and is expected to result in the replacement of over 2 million electric meters with smart meters. In January 2021, the BPU approved a program for PSE&G to provide investments of $166 million for EV charging.
Apart from investments in energy efficiency programs and EV charging programs that are the most cost-effective solution to reducing carbon emissions, the latest acquisition of Ocean Winds will significantly boost PSEG’s initiatives to achieve net zero carbon emission goal by 2050.
Other Utilities Following Suit
Per the latest report by the American Clean Power Association (ACPA), wind projects totaling 34,757 MW were under construction or in advanced development at the end of December 2020. Surely this reflects the solid opportunity that the U.S. wind market currently boasts. With the Utility sector rapidly making the transition toward a cleaner environment, a handful of utilities like PSEG are also expanding their wind generation portfolio.
For instance, Duke Energy’s (DUK - Free Report) business subsidiary, Duke Energy Renewables, announced in March 2021 that it has begun commercial operation of its Frontier Windpower II project in Kay County, OK. The 350 MW windpower project is currently the largest project in the company’s fleet.
On the other hand, NextEra Energy (NEE - Free Report) is currently the world’s largest generator of renewable enegy from wind. As of Dec 31, 2020, the company operated a total wind generating capacity of 18,551 MW. For 2020-2021, it expects to bring online an additional 5,500 MW of clean, emissions-free wind energy.
Zacks Rank & Price Performance
PSEG currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In the past year, shares of the company have surged 20% compared with the industry's 8.2% rise.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
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