PSEG to spend $1.6 billion to build gas-fired U.S. power plants

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07/02/16

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Post #: 16959940
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PSEG to spend $1.6 billion to build gas-fired U.S. power plants

Combined-cycle facilities are the most efficient gas-fired power plants because they use both gas and steam turbines to get more electricity out of the same fuel than a simple-cycle plant. PSEG is building one in Maryland and another in New Jersey and hopes to build a third in Connecticut, Levis said.

"One of the biggest changes we have seen with the collapse in gas prices is that our combined-cycle plants have become one of the workhorses of our fleet," Levis said, noting some of the combined-cycle units were running about 70 percent of the time up from just about 20 percent a decade ago.

Use of gas as fuel for electricity accelerated over the past decade with the increase in production from shale formations like the Marcellus in Pennsylvania and West Virginia.
That increase in output pushed U.S. gas prices down to $2.61 per million British thermal units last year, the lowest level since 1999.

"We have this dash to gas, which has been good for our country in many ways, creating jobs, lowering energy costs, cleaner for the environment, but we still believe in a diversified fuel supply," Levis said, noting PSEG owns nuclear, gas, coal and renewable power plants.

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Last edited by borrks: 07/02/16

AJQ Price at posting: 10.5¢ Sentiment: Buy Disclosure: Held
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PSEG to spend $1.6 billion to build gas-fired U.S. power plants

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