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PSEG Provides Update On Competitive Retail Strategy, Retail M&A
During an earnings call, Public Service Enterprise Group Inc. (PSEG) provided an update on its newly created competitive retail energy supplier, PSEG Energy Solutions
"So our philosophy hasn't changed, remember this is primarily a defensive move on our part," PSEG CEO Ralph Izzo said
PSEG CEO Ralph Izzo said last summer that PSEG had looked at some boutique M&A opportunities for its retail business, but at that time noted challenges facing any acquisitions, and on Friday updated investors that nothing panned out.
"We did make clear that we were looking at possibly trying to find a couple of tuck-in, niche acquisitions, but we have not, and so we've opted to pursue this organically, building the capability in-house," Izzo said
"[W]hat we're looking to do here is to basically claw back some of the BGS [New Jersey Basic Generation Service] that over years had gone away either by some combination of migration or changing of thresholds for the BGS customer. And we think that it will help us capture some lost margin and improve our management of basis differentials," Izzo said of the retail business.
"So I think from the point of view of organic growth, I'm pleased with the approach. It makes it harder, but it does make it more profitable if done this way," Izzo said of the retail business
"We still are targeting between 5 and 10 terawatt-hours at its maturity," Izzo said of the retail business
Asked by an analyst regarding whether PSEG's retail play will include expansion into unique energy management or services offerings, Izzo said, "This is plain retail, capturing better margin for our hardware that exists."
As first reported by EnergyChoiceMatters.com, PSEG Energy Solutions has received retail electric supplier licenses in New Jersey and Pennsylvania
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February 27, 2017
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Copyright 2010-17 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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