HomeMay 3, 2012
Switching Negatively Impacts PSEG in Q1; Holds Line on Migration Forecast
Copyright 2012 EnergyChoiceMatters.com.
Customer migration away from Basic Generation Service in New Jersey negatively impacted first quarter earnings at PSEG Power by $20 million, versus the year-ago, parent Public Service Enterprise Group reported yesterday.
Customer migration represented about 36% of BGS volumes in the quarter, up from 34% as of December 31, 2011.
PSEG called this level of migration in line with expectations and affirmed its prior forecast of customer migration in the range of 36% to 40% for year 2012.
PSEG said that $15 million of the negative impact from migration was the result of an expansion in headroom associated with the collapse in natural gas prices and the warmer than normal temperatures in the quarter. This headroom is expected to decline with the scheduled reduction in the BGS contract price on June 1, 2012, PSEG said.
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