PSEG agreement is signed

PSEG Pledges $2,000,000 Fund to Support Environmental and Health Projects in Bridgeport as Part of Agreement to Replace Coal-Fired Power Plant with 485 MW Natural Gas Facility

Bridgeport, – PSEG Power Connecticut and Bridgeport Mayor Joe Ganim today signed a Community Environmental Benefit Agreement (CEBA) associated with the construction of a new gas-fired plant in Bridgeport. The agreement was also signed by the Connecticut Coalition for Environmental Justice, the University of Bridgeport, South End Revitalization Zone Committee and West Side/West End Neighborhood Revitalization Zone Implementation Committee. Among the components of the CEBA, PSEG Power Connecticut agreed to establish a $2 million Community Environmental Fund administered by the Fairfield County Community Foundation or a similar organization recommended by Bridgeport Environmental Task Force. Community organizations and governmental entities can apply for grants through the fund to support the following:

· Health-related projects for Bridgeport residents

· Improvements focused on creating environmental benefits for Bridgeport residents

· Finalizing plans to retire the coal-fired Bridgeport Harbor Station Unit 3 power plant

· Ideas to consider investments in renewable energy projects

· Assignment of a Community Liaison Officer to be the main point of contact with community groups and work with the community to support local and regional hiring.

Implementing the agreement is conditioned on receiving key permits necessary for construction.

“This community environmental benefits agreement is a huge boost to our community and just one of the many positive impacts resulting from the building of the new natural gas fired power plant,” said Mayor Ganim. “This fund will benefit Bridgeport residents for generations, and so will the overall $550 million construction of the new plant. This will create hundreds of jobs, replace the last coal fired plant in Connecticut, and contribute an estimated $5,000,000 annually to our tax base. This will move us to a cleaner energy future and give us reliable power for many years.”

Mayor Ganim continued, “I thank both PSEG, our Economic Development Director David Kooris, our city councilors, and all of the community groups and leaders who worked hard together to make this happen. This is a watershed moment in Bridgeport’s history that will do a lot to steer our future in a positive direction.”

“PSEG is committed to being a good neighbor in Bridgeport. We look forward to working with the City and community groups to maximize the benefits of this agreement,” said Richard P. Lopriore, president of PSEG Fossil. “This agreement is in addition to the economic activity and jobs that will be created during construction and increased tax revenues for the city.”

PSEG Power is building a 485 MW gas-fired combined-cycle power plant. The plant, which represents an investment of more than $550 million, is targeted to be completed and supplying needed energy to the Connecticut region for the year beginning June 2019. The plant will be located at PSEG Power Connecticut’s existing Bridgeport Harbor Station site. The plant will create 350 construction jobs and approximately 20 permanent jobs. PSEG Power is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE:PEG), a diversified energy company (www.pseg.com).