When PSEG Power acquired plants in New Haven and Bridgeport, Connecticut, we made a commitment to provide safe, environmentally responsible energy to the region. We have kept that commitment – enhancing safety at the stations and investing hundreds of millions of dollars in clean generation and the latest emissions reduction technology.
Today, we are renewing our commitment to Connecticut with the announcement that we will be building a new state-of-the art combined-cycle gas-powered generating station in Bridgeport. The announcement is good news for the city of Bridgeport, the State of Connecticut and energy users throughout the region.
When the project is completed, our estimate is that the city will receive more than $5 million annually in needed tax revenues. PSEG also has signed a Community Environmental Benefit Agreement with the city, local community groups and environmental organizations. In it, PSEG agreed to contribute $2 million to fund environmental improvement projects for city residents and to have its solar development subsidiary, PSEG Solar Source, consider solar projects in the city that meet its investment criteria.
The city also will benefit from the roughly $550 million that will be spent over the next two years constructing the plant and the 350 constructions jobs created during that time. And PSEG has agreed to work with the community to help train local residents and enhance construction job opportunities for residents.
The energy benefits to the region also are clear. This new plant will run on clean natural gas, bringing low-cost energy to New England homes and businesses. The plant, with capacity to produce approximately 480 megawatts of electricity, will help meet the growing energy demand in New England. (A megawatt provides roughly the energy used by 1,000 homes, so this plant will generate roughly enough energy to power 480,000 homes).
Today’s news, I firmly believe, is something that we can all cheer about. It came about because of cooperation and shared vision of a wide variety of interests and shows what can be accomplished when business, government and the local community work together.
For more information see the Press Release
|Rich Lopriore, PSEG Fossil President|