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Aug. 12, 2021, 9:10 a.m. EDT

PSEG to sell PSEG Fossil for $1.9 billion, raises full-year profit outlook

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By Tomi Kilgore

Shares of Public Service Enterprise Group /zigman2/quotes/201831904/composite PEG +0.06% rose 0.4% in premarket trading Thursday, after the utility announced an agreement to sell its fossil generating portfolio for $1.92 billion to a fund controlled by ArcLight Capital Partners LLC. The deal is expected to close late in the fourth quarter of 2021. As a result of the sale of PSEG Fossil, the company said it expects to record an impairment charge of $2.150 billion to $2.225 billion, employee severance and retention costs of up to $25 million and debt redemption costs of $280 million to $340 million. Separately, PSEG raised its guidance range for 2021 adjusted earnings per share to $3.50 to $3.65 from $3.40 to $3.55, citing the cessation of depreciation and interest expenses related to the sale of PSEG Fossil assets and the repayment of PSEG Power's debt. PSEG's stock has gained 9.0% year to date, while the SPDR Utilities Select Sector ETF /zigman2/quotes/206645117/composite XLU +0.13% has tacked on 8.7% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.10% has advanced 18.4%.

/zigman2/quotes/201831904/composite
US : U.S.: NYSE
$ 65.59
+0.04 +0.06%
Volume: 1.61M
Jan. 20, 2022 4:03p
P/E Ratio
N/A
Dividend Yield
3.11%
Market Cap
$33.15 billion
Rev. per Employee
$800,282
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/zigman2/quotes/206645117/composite
US : U.S.: NYSE Arca
$ 68.97
+0.09 +0.13%
Volume: 14.76M
Jan. 20, 2022 4:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,482.73
-50.03 -1.10%
Volume: 2.54B
Jan. 20, 2022 4:55p
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