- Public Service Enterprise (NYSE:PEG -0.2%) says it will retire two New Jersey coal plants, in Jersey City and Hamilton Township, on June 1, 2017.
- PSEG says the sustained low prices of natural gas have put economic pressure on the two plants for years, and it could not justify the investment required to upgrade the plants to meet new reliability standards.
- PSEG and PSEG Power expect to recognize one-time charges of $40M-$70M and $35M-$77M, respectively, related to the cost of shutting down the units.