PSEG Power Announces Closing on Sale of Odessa Gas Fired Facility

NEWARK, N.J., July 18, 2011 /PRNewswire/ -- PSEG Power LLC, a subsidiary of Public Service Enterprise Group Incorporated (NYSE: PEG), today announced that it has closed on the sale of its 1,000 MW Odessa gas fired generating plant to Odessa Power, LLC, a subsidiary of Energy Capital Partners II, LP for approximately $335 million. There is no debt attached to the asset.

The closing of the Odessa sale completes the Texas asset sale process announced by PSEG Power in early 2011. In March 2011, PSEG Power closed the sale of the 1,000 MW Guadalupe plant to MinnTex Power Holdings LLC (MinnTex) and MinnTex GP LLC, for approximately $352 million.

Goldman Sachs acted as exclusive financial advisor to PSEG Power in connection with the transaction.

FORWARD-LOOKING STATEMENT

The statements contained in this communication about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical, are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Although we believe that our expectations are based on reasonable assumptions, we can give no assurance they will be achieved. There are a number of risks and uncertainties that could cause actual results to differ materially from what may actually occur. A discussion of some of these risks and uncertainties is contained 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). These documents address in further detail our business, industry issues and other factors that could cause actual results to differ materially from those indicated in this communication. Forward looking statements made in this communication only apply as of this date. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even if our internal estimates change, unless otherwise required by applicable securities laws.  

Public Service Enterprise Group (NYSE: PEG) is a publicly traded diversified energy company with annual revenues of more than $12 billion, and three principal subsidiaries: PSEG Power, Public Service Electric and Gas Company (PSE&G) and PSEG Energy Holdings.

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SOURCE PSEG Power

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