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PUBLIC SERV NPV : PSEG Power Announces Delay in Sale of Odessa

06/02/2011 | 07:35am US/Eastern

NEWARK, N.J., June 2, 2011 /PRNewswire/ -- PSEG Power LLC, a subsidiary of Public Service Enterprise Group Incorporated (NYSE:PEG) announced that it has terminated the Purchase and Sale Agreement (PSA) with High Plains Diversified Energy Corporation (HPDEC) for its 1,000 MW gas-fired Odessa generation facility. The PSA was for a $335 million purchase price. PSEG Power continues to pursue the sale of Odessa with a goal of closing later this year.

Odessa is one of two 1,000 MW gas-fired power plants that PSEG Power announced its determination to sell earlier in the year. The sale of the other facility, Guadalupe, was completed in the first quarter.

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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