Public Service Enterprise Group To Sell 25% Stake In Ocean Wind 1 To Orsted

RTTNews | 950 days ago
Stocktwits
Public Service Enterprise Group To Sell 25% Stake In Ocean Wind 1 To Orsted

(RTTNews) - Public Service Enterprise Group, Inc. or PSEG (PEG) on Wednesday agreed to sell its 25% equity stake in the Ocean Wind 1 offshore wind energy project to wind energy company Orsted, providing Orsted with 100% ownership of the project.

Orsted, America's largest offshore wind energy company, will proceed with development of the project with PSEG supporting onshore infrastructure construction.

PSEG remains committed to Governor Murphy's clean energy policies and President Biden's goal of deploying 30 gigawatts of offshore wind by 2030.

As Ocean Wind 1 continues its planning and development, Orsted will ensure the project delivers affordable energy to New Jersey, while providing economic opportunity across the state and region.

The transaction between Orsted and PSEG is expected to close in the first half of 2023, pending the required closing conditions. The initial delivery of power from Ocean Wind 1 is scheduled for the end of 2024, and full commissioning is expected in 2025.

Tags: PEG
Stocktwits
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Australian Market Extends Early Losses In Mid-market

Australian Market Extends Early Losses In Mid-market

The Australian stock market is extending its early losses in mid-market trading on Tuesday, giving up the slight gains in the previous session, following the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 is falling well below the 8,950 level, with weakness in iron ore miners and a mixed performance across most other sectors.
RTTNews | 39 minutes ago
Asian Markets Track Wall Street Lower

Asian Markets Track Wall Street Lower

Asian stock markets are trading mostly lower on Tuesday, following the broadly negative cues from Wall Street overnight, as traders looked to cash in on the recent strong gains and remain cautious ahead of the release of key US economic data later in the week, including second quarter GDP and the US Fed's preferred readings on consumer price inflation. Asian markets closed mostly higher on Monday.
RTTNews | 1h 0min ago
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