PSEG Power buys 30 turbines for $862.8 million

Reflecting its push into independent power generation, PSEG Power said it has contracted to purchase 30 gas and steam turbines for $862.8 million from GE Power Systems, a unit of General Electric Co., bringing to 76 the number of turbines the company has purchased under a program initiated 2 years ago.


Reflecting its push into independent power generation, PSEG Power said it has contracted to purchase 30 gas and steam turbines for $862.8 million from GE Power Systems, a unit of General Electric Co., bringing to 76 the number of turbines the company has purchased under a program initiated 2 years ago.

The total acquisitions represent more than 10,000 Mw of generating capacity and a value of $2 billion. PSEG Power, a unit of Public Service Enterprise Group Inc, is using the equipment to expand its electric generation business.

The latest purchase includes 15 Model 7FA gas turbines, 8 Model 7EA gas turbines, 7 large steam turbines, and related equipment. The total of 60 gas turbines and 16 steam turbines purchased from GE since 1998 have or will be used at projects in the Northeast and Midwest, the company said.

PSEG Power currently has more than 14,000 Mw of electric generating capacity in operation, construction, or advanced development and the company expects this portfolio to grow to the 18,000-20,000 Mw range over the next 3 years.

Since June 1999, PSEG Power has acquired more than 10,000 Mw of generating assets from its utility affiliate, Public Service Electric & Gas Co. (PSE&G); acquired the 400 Mw Albany steam station, Bethlehem, NY, from Niagara Mohawk Holdings Inc.; brought on line more than 330 Mw of new combustion turbine capacity in New Jersey; announced plans to construct 1,700 Mw of new combined cycle capacity at two existing New Jersey power plant sites; announced the acquisition of 545 Mw of nuclear capacity from Conectiv Energy; and assumed development responsibility for 2,800 Mw of combined and simple cycle capacity at sites in Ohio, Illinois, and Indiana from its PSEG Global affiliate.

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