Nov. 19, 2002 — PSEG Energy Resources & Trade, a subsidiary of PSEG Power, will supply eight New Jersey municipalities with energy, capacity, and related services under wholesale contracts announced Tuesday by the company and the Public Power Association of New Jersey (PPANJ).
The power supply agreements are with the Boroughs of Butler and Madison (Morris County); Milltown and South River (Middlesex County); Pemberton (Burlington County); Park Ridge (Bergen County); and Lavallette and Seaside Heights (Ocean County).
PSEG Energy Resources & Trade will supply energy, capacity, and related services necessary to meet an annual aggregate load of approximately 160 megawatts for the three-year period from January 2005 through 2007. Wholesale prices vary by municipal system and will generate a total of approximately $95-100 million in revenue over the three-year term depending upon actual usage and load growth.
“The agreements will provide wholesale price stability in an unpredictable market,” according to PPANJ Executive Director Jim Jablonski. Effective in 2005 the agreements will reduce wholesale prices in the range of 16 to 19.5 percent when compared to current prices, he added.
“The boroughs planned together over several months to attract competitive proposals from multiple suppliers through the mid-Atlantic region,” Jablonski said. PSEG Energy Resources and Trade was selected from among seven suppliers. “We are pleased with the results and to, once again, be doing business with a New Jersey-based company,” he added.
PSEG Energy Resources & Trade “is pleased to be selected as the supplier of choice and we look forward to delivering competitively priced, environmentally responsible energy and services to the municipal systems involved,” said George Henderson, managing director-energy marketing.
Incorporated in 1985, the PPANJ is the service organization for all nine New Jersey municipalities that own and operate electric utilities as departments of local government. The Garden State’s only rural electric cooperative is also a member. These 10 not-for-profit, locally owned and controlled systems have been providing reliable electric service to their citizens for as long as 113 years.
PSEG Power is one the nation’s largest independent power producers with approximately 16,000 MW of electric generating capacity in operation or construction. Power is a subsidiary of Public Service Enterprise Group Incorporated (NYSE: PEG – News) a diversified energy and energy services company with more than $25 billion in assets. PSEG and PSEG Power have their headquarters in Newark, NJ.
Source: PSEG Energy Resources & Trade