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Talking Shop
01 June 2001
Who says that utility and generating arms can't get along? PSEG has restructured, but is taking the deregulation challenge one step at a time says Robert Busch, president, PSEG Energy Services
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New Jersey is great place to locate a power company. The PJM power
region is widely acknowledged to be the best functioning and most
liquid power pool in the United States, and over the Hudson River
lies New York City, a power-hungry and supply-constrained
metropolis where Orion Power and Dynegy, amongst others, have been
able to make a killing. PSEG, New Jersey's principal utility, has
survived the rigours of deregulation more or less intact and is
still on speaking terms with the state's utilities' board.
But earnings growth now has to come from the unregulated side, and
PSEG needs to unlock the value of its generating assets without
upsetting the delicate regulatory compromise agreed over the last
two years. PSEG was not asked to sell off any of its generating
assets, largely because outside generators had been operating in
the region for some time, simply to transfer them to an unregulated
subsidiary in 1999. ...
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