Public Service Enterprise Group’s ( PEG Quick Quote PEG - Free Report) subsidiary, PSEG Power, recently completed retirement of its Bridgeport Harbor Station Unit 3 power plant, a significant step toward the company’s net-zero carbon emission target by 2050. The company thus ended its long-term coal exit strategy with this plant being the last of its coal-fired generation unit.
With this, PSEG Power is likely to have retired more than 2,400 MW of coal-fired generation since 2017.
PSEG’s Renewable Efforts
In an attempt to promote clean energy in its generation fleet, in 2019, Public Service Enterprise, more commonly known as PSEG, announced that it expects to cut its generation fleet’s carbon emissions by 80% from 2005 levels by 2046, and ultimately achieve net-zero carbon emissions by 2050.
As part of this pledge, in 2019, PSEG Power sold its interest in the Keystone and Conemaugh coal plants in western Pennsylvania. The latest retirement of Bridgeport Harbor Station has also been guided by this net-zero carbon emission target of PSEG.
Notably, apart from retiring its coal generation units, the company is expanding its footprint in the renewables market by acquiring new renewable assets and undertaking related initiatives.
Notably, in December 2020, PSEG joined forces with Ørsted North America to acquire a 25% equity interest in Ørsted’s Ocean Wind project, which boasts the capacity to deliver 1,100 megawatts of clean energy and could provide first power in late 2024.
Moreover, the company has adopted two solar initiatives, the Solar Loan program and the Solar 4 All programs, which support New Jersey’s Energy Master Plan and the state’s renewable energy goals.
Realizing the need and advantage of the rapid shift toward clean energy, utilities across the board are enhancing their renewable portfolio and reducing fossil fuel dependence at a faster pace.
Notably, like PSEG,
Duke Energy ( DUK Quick Quote DUK - Free Report) aims to achieve significant carbon neutrality and reduce existing carbon emissions by at least 50% by 2030, and achieve net-zero carbon emissions by 2050.
Xcel Energy ( XEL Quick Quote XEL - Free Report) aims to achieve an 80% carbon reduction by 2030 and 100% carbon-free electricity by 2050. Likewise, American Electric Power ( AEP Quick Quote AEP - Free Report) aims at reducing carbon dioxide emissions by 80% by 2050. Zacks Rank & Price Movement
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 a year’s time, shares of the company have increased 18.7% compared with the industry’s 4.6% growth.
Image Source: Zacks Investment Research
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