NEWARK,
N.J., May 31, 2023 /PRNewswire/ -- Public
Service Enterprise Group Incorporated today announced that it has
completed the sale of its 25% equity interest in the 1,100-megawatt
Ocean Wind 1 project to Ørsted North
America (Ørsted N.A.). With today's executed agreement,
Ørsted N.A. has reimbursed PSEG for all of its cumulative outlays
in the Ocean Wind 1 project, and Ørsted N.A. now owns 100% of
New Jersey's first offshore wind
farm. PSEG has also entered into a limited Transition Services
Agreement with Ørsted N.A. to provide Ocean Wind 1 with
construction management and environmental permitting services for
the onshore substations and transmission cable installation scope
of the project.
About PSEG
Public Service Enterprise Group
(PSEG) (NYSE: PEG) is a predominantly regulated infrastructure
company focused on a clean energy future. Guided by its Powering
Progress vision, PSEG aims to power a future where people use less
energy, and it's cleaner, safer and delivered more reliably than
ever. PSEG's commitment to ESG and sustainability is demonstrated
in our net-zero 2030 climate vision and participation in the U.N.
Race to Zero, as well as our inclusion on the Dow Jones
Sustainability North America Index and the list of America's most
JUST Companies. PSEG's businesses include Public Service Electric
and Gas Co. (PSE&G), PSEG Power and PSEG Long Island.
(https://corporate.pseg.com).
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 and PSE&G 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 or by navigating to the Email
Alerts webpage here.
CONTACTS:
|
|
Investor
Relations
|
Media
Relations
|
Carlotta
Chan
|
Michael
Jennings
|
973-430-6565
|
609-610-5161
|
Carlotta.Chan@pseg.com
|
Michael.Jennings@pseg.com
|
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SOURCE PSEG