PSEG Formally Creates Retail Supplier

Public Service Enterprise Group has officially created a retail electric and natural gas supplier

Specially, PSEG has formed PSEG Energy Solutions LLC as a wholly-owned subsidiary PSEG Energy Resources & Trading LLC (PSEG ER&T). PSEG ER&T is a wholly-owned subsidiary of PSEG Power LLC which is a wholly-owned subsidiary of Public Service Enterprise Group Incorporated.

PSEG Energy Solutions, "has been formed for the purposes of providing electric and gas retail supply services in New Jersey and other states," PSEG said in a regulatory filing

Notable in that description is the inclusion of retail natural gas, which PSEG has not previously discussed publicly in connection with its evaluation of entering the retail supply business

As previously reported, PSEG sees retail as a "defensive" move in managing basis risk and hedging its merchant fleet.

Aside from New Jersey, PSEG Power owns merchant generation in Pennsylvania, New York, Connecticut, and (under development) in Maryland.

See Also: PSEG Moves Forward With New Retail Supply Business, Focused on Organic Growth, Makes Hires