PSEG Power retires Bridgeport Harbor Station coal plant, effective May 31
PSEG Power has officially retired the Bridgeport Harbor Station Unit 3 power plant as of May 31, 2021, concluding its long-term exit from coal. This retirement aligns with PSEG's commitment to transitioning towards net-zero carbon emissions. Unit 3, operational since 1968 and converted to coal in 2002, provided 400 megawatts during peak demands. The company's newer natural gas plant, Bridgeport Harbor Station Unit 5, continues to enhance efficiency. PSEG aims for a fleet predominantly composed of carbon-free energy sources by the end of 2021.
- Completion of long-term coal exit strategy.
- Investment in newer, efficient power generation technologies.
- Strategic transition towards carbon-free energy sources.
- None.
BRIDGEPORT, Conn., June 1, 2021 /PRNewswire/ -- PSEG Power has retired its Bridgeport Harbor Station Unit 3 power plant, effective May 31, marking the completion of the company's long-term coal exit strategy as the company pursues a path to net-zero carbon emissions. BHS 3 was the last remaining coal-fired power plant in PSEG Power's generation fleet.
Originally designed to be fueled with either oil or coal when placed in service in 1968, Unit 3 was converted to a full-time coal unit in 2002. BHS 3 provided 400-megawatts of peaking capacity to southern Connecticut, operating only when called upon during times of peak energy demand, such as extreme heat or extreme cold. In conjunction with the opening of Bridgeport Harbor Station Unit 5 (BHS 5), a highly efficient 485-megawatt natural gas power plant, in June 2019, Unit 3 was scheduled for retirement in mid-2021.
"The retirement of Bridgeport Harbor Station Unit 3 marks the end of an era for the City of Bridgeport and the citizens who relied on its power," PSEG Chairman, President and CEO Ralph Izzo said. "I'm grateful to the generations of employees who operated this unit safely and reliably for more than 50 years, and to the entire Bridgeport community for their support."
"For PSEG, the retirement of BHS 3 marks the end of our company's coal era, reflecting a nationwide trend toward the use of cleaner fuels to generate the electricity we need to power our lives. Newer, more economic and highly efficient power plants like BHS 5 will play a critical role in shrinking our carbon footprint as we address the challenges of climate change and help set Connecticut on a path toward its cleaner energy future," Izzo said.
BHS 3 did not ease quietly into retirement. After being called upon to operate for just two days in 2020, and not at all in 2019, the unit ran for nearly two uninterrupted months to supply additional power to the grid during a stretch of unusually cold weather in January and February of 2021.
"That remarkable run, even as the unit was just weeks from retiring permanently, reflects the readiness and determination of the entire Bridgeport Harbor 3 team, with support from BHS 5, New Haven and the entire PSEG Fossil organization," Izzo said. "The team should be proud of its performance during this stretch, during which it maintained all safety and environmental standards without a single forced outage, injury or COVID 19-related issue."
BHS 3 also was instrumental in providing electrical generating capability for the Bridgeport region during Superstorm Sandy in 2012 and during the prolonged and extreme cold weather during the polar vortex in the winter of 2014.
Bridgeport Harbor Station was originally owned and operated by United Illuminating Co. and began providing energy to the industrial factories and businesses in southwestern Connecticut in 1957. In 1999, Bridgeport Harbor Station was purchased by WISVEST, which owned and operated the station until it was purchased by PSEG Power Connecticut in 2002.
As the nation transitions to new generation technologies, the long and important history of BHS 3 illustrates how critical coal generation has been over the decades in powering lives and fueling the economy.
In addition to its exit from coal, PSEG Power's remaining fossil generation units – including BHS 5 – are part of the company's ongoing Strategic Alternatives process to explore divestiture options for PSEG Power's fossil and Solar Source assets. The company expects this process to be completed by the end of 2021. Following this process, PSEG Power's fleet will consist almost entirely of carbon-free energy, including nuclear plants in New Jersey and Pennsylvania and new investments in offshore wind generation.
Public Service Enterprise Group Inc. (PSEG) (NYSE: PEG) is a publicly traded diversified energy company with approximately 13,000 employees. Headquartered in Newark, N.J., PSEG's principal operating subsidiaries are: Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 13 consecutive years (https://corporate.pseg.com).
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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, PSE&G and PSEG Power 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.
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