Public Service Enterprise Group Inc.
) Queen Creek Solar Farm project has started its commercial
operations. The solar plant with a power generation capacity of
25.2 megawatt DC or 19 megawatt AC has been owned by PSEG Solar
Source, a subsidiary of Public Service Enterprise Group.
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The solar power plant is located approximately 30 miles southeast
of Phoenix spread on 148 acres of land. It has 90,000 crystalline
panels operating on a single axis tracking system.
In January 2012, PSEG Solar Source had completed the acquisition of
the project developed by juwi solar Inc. ("JSI"). juwi solar has
also served as the EPC contractor and will continue to provide
operation and maintenance services to the project. Under a 20-year
agreement, all the electricity generated from the project will be
sold to Salt River Project (SRP). Moreover, it has begun taking
power from the plant.
The project will generate energy that will serve about 3,300 homes.
Moreover, being eco friendly, the power generated from the project
will be able to offset approximately 21,000 metric tons of carbon
dioxide emissions each year, which is equal to taking approximately
4,100 cars off the road.
Public Service Enterprise continues to invest in projects that
provide clean, emissions-free solar energy in order to meet solar
and renewable targets and also have supportive local and state
Four other projects in collaboration with JSI that fall in line
with the company's goals include: a 12.0 MW DC Wyandot Solar Farm
in Wyandot, Ohio, a 15.0 MW DC Jacksonville Solar Farm spread over
an area of 100 acres in Jacksonville, Florida and a 2.2 MW DC Mars
Solar Garden facility located adjacent to the Mars Snackfood's US
headquarters in New Jersey and the recently acquired 15 MW DC PSEG
Milford Solar Farm in Milford, Delaware, which is under
Public Service Enterprise Group has a solid portfolio of regulated
and non-regulated utility assets that offer a stable earnings base
and substantial long-term growth potential. The company strives to
optimize generation margins by improving its cost-structure and
through improvements in performance and reliability of its nuclear
and fossil units. Management has taken several measures to improve
financial stability and reduce the overall risk profile of Public
Service. This includes opportunistically monetizing assets that no
longer are a strategic fit, reducing international exposure,
significantly hedging future generation business and paying down
Public Service has been pursuing growth opportunities in the core
U.S. market and increasing capital allocation in projects that
provide good risk-adjusted returns. However, the increasing cost of
coal, higher pension & financial costs and power-price
volatility are areas of concern. The company presently retains a
short-term Zacks #2 Rank (Buy). We have a long-term Neutral
recommendation on the stock.
Based in Newark, New Jersey, Public Service Enterprise Group
Incorporated is a diversified utility holding company. The
company's operations are mostly located in the Northeastern and
Mid-Atlantic parts of the U.S. Public Service Enterprise
principally operates through three key subsidiaries: Public Service
Electric and Gas Company (PSE&G), PSEG Power LLC (PSEG Power)
and PSEG Energy Holdings LLC (PSEG Energy). PSEG Energy Holdings
has two main unregulated energy-related businesses: PSEG Global and
PSEG Resources. PSEG Solar Source LLC is a wholly owned subsidiary
of PSEG Global. It was formed to develop, construct, own and
operate large-scale solar facilities outside the PSE&G's
regulated service area.
Some of its main competitors are
Xcel Energy Inc.