Updated: PSEG Confirms Wind Down Of Retail Supply Business
October 11, 2018 Email This Story Copyright 2010-17 EnergyChoiceMatters.com
Reporting by Paul Ring • firstname.lastname@example.org
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In reporting 3rd quarter earnings, Public Service Enterprise Group made the additional statement concerning the wind down of its retail business which had been first exclusively reported by EnergyChoiceMatters.com: "[PSEG] Power recently decided to exit the retail electric marketing business, having entered the business two years ago to complement its wholesale trading business and provide additional hedges for its generation. Power has concluded that retail electric marketing will not provide a material enhancement to its hedging activity. Energy Solutions has therefore ceased taking on new customers but will continue to meet all obligations to existing customers through the end of their current contracts."
Our original story is below
Note: This story was first published on Oct. 11 with an alert to our email subscribers
PSEG has confirmed to EnergyChoiceMatters.com a wind down of its competitive retail energy supply business, PSEG Energy Solutions (an indirect subsidiary of PSEG Power)
In a statement, a media representative for PSEG stated: "PSEG Power entered the business-to-business retail electric market two years ago to complement our wholesale business by providing additional hedges for our generation. While we have had moderate success in this market, we have concluded that retail electric marketing will not provide a material enhancement to our hedging activity. Energy Solutions will therefore stop taking on new customers, effective immediately. However, we will continue to meet all of our obligations to our existing customers through the end of their current contracts."