Oil and Gas

PSEG to explore sale of Pa.-N.J. PennEast natgas pipeline stake

March 9 (Reuters) - New Jersey power company Public Service Enterprise Group Inc (PSEG) said Thursday it was exploring a sale of its minority equity position in the PennEast interstate natural gas pipeline project from Pennsylvania to New Jersey.

“We look forward to being a PennEast customer. We’ve decided to put our focus on our core business – constructing three new combined cycle power plants and running our diverse fleet of generation plants,” Bill Levis, president of PSEG Power, said in a release.

“This project will provide PSE&G customers with greater and more reliable access to affordable natural gas,” he said.

PSE&G is PSEG’s power and gas distribution and transmission subsidiary in New Jersey.

PSEG said any such sale would be subject to approval by the PennEast Board. (Reporting by Scott DiSavino; Editing by Chizu Nomiyama)