In its third quarter report issued Oct. 31, Public Service Enterprise Group said its PSEG Power unit closed on the sale of its interests in the Keystone and Conemaugh generating units during the quarter to Boston-based ArcLight Capital Partners LLC.
As announced on June 24, PSEG Power agreed to sell its 776-megawatt interest in the Keystone and Conemaugh facilities, as well as related assets, including the assumption of related liabilities.
The Newark, N.J.-based utility group said the deal involves disposal of a non-core asset and moves PSEG Power closer to eliminating all use of coal in its power generation by mid-2021, when the Bridgeport Harbor 3 coal-fired generating plant is scheduled to be retired.
The Keystone plant is near Shelocta in Plumcreek Township, Armstrong County, while the Conemaugh operation is in West Wheatfield Township, across the Conemaugh River from New Florence.
Prior to the sale, PSEG had approximately 23 percent ownership of the Keystone plant, ArcLight 21 percent, with the rest of the ownership shared among plant operator Reliant Energy, Talen Energy, NRG Energy and DQE.
PSEG and ArcLight also were among partners in the Conemaugh operation.
In turn, both Keystone and Conemaugh are managed by Olympus Power LLC.
PSEG Power said the sale resulted in a pre-tax loss of $402 million for the nine months ending Sept. 30.
A specific price tag was not reported for the sales, but according to the Indiana County Recorder of Deeds office, there were two deeds handed over by PSEG Fossil LLC, another aspect of Public Service Enterprise Group, to Conemaugh Power II LLC for $4,464,042, and to Chief Conemaugh Power II LLC for $4,470,765.
Officials of ArcLight Capital Partners LLC could not be reached for comment.