PSEG Nuclear's Hope Creek Generating Station Begins Refueling Outage and Sets New Records

HANCOCKS BRIDGE, N.J., April 13, 2018 /PRNewswire/ -- PSEG Nuclear's Hope Creek Generating Station was safely taken offline today just after midnight for its scheduled refueling and maintenance outage. The operation marked a new record for the plant's longest continuous production run of 517 consecutive days online.

For the first time in its 32-year operating history, Hope Creek also achieved what is known as a "breaker-to-breaker" run, meaning the station had been operating nonstop since reconnecting to the regional power grid on November 11, 2016, following its previous refueling outage.  Operating nonstop 24/7 throughout 2017, Hope Creek set a new generation record last year when it produced 10.6 million megawatt hours of electricity.

"Concentrating on safe, event-free operations and our equipment reliability helped Hope Creek set these records and a new standard for excellence," said Pete Sena, PSEG Nuclear President and Chief Nuclear Officer. "This success is the direct result of our dedicated employees who work around the clock to keep the power flowing for New Jersey and the region."

While the plant is offline, employees will replace a quarter of the reactor's secure, onsite fuel and perform nearly 14,000 inspections, tests and maintenance activities. PSEG Nuclear also is investing $41 million in capital equipment upgrades to improve reliability and ensure safe operations. 

To support the extensive list of work, approximately 1,000 contractors and craftspeople representing 10 different trade unions are working with PSEG employees during the outage. While in the Salem County area, these workers will live and shop locally giving a major boost to the local economy.

"Our normally quiet community buzzes with activity whenever PSEG Nuclear has a refueling outage," said Jennifer Jones, executive director, Salem County Chamber of Commerce. "PSEG Nuclear, its employees and the thousand contractors who support the refueling outage are vital to the Salem County business community because they are spending money at local hotels, restaurants and stores."

Hope Creek is a single unit boiling water reactor with a net generation of 1218 megawatts - providing enough electricity for a million homes. The plant is located on a 740-acre site in Salem County, New Jersey, alongside PSEG Nuclear's Salem Unit 1 & Unit 2 Generating Station. Collectively, the three plants make up the second largest commercial nuclear power generating facility in the United States. They supply 40 percent of New Jersey's energy, while also helping to produce more than 90 percent of the state's carbon-free electricity.

PSEG Nuclear is a part of PSEG Power, one of the nation's largest independent power producers and a subsidiary of Public Service Enterprise Group Incorporated (PSEG)(NYSE: PEG), a diversified energy company.

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Forward-Looking Statements
The statements contained in this press release that are not purely historical are "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. Such statements are based on management's beliefs as well as assumptions made by and information currently available to management. Factors that may cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K filed with the Securities and Exchange Commission (SEC), and available on its website: http://investor.pseg.com.  All of the forward-looking statements made in this press release are qualified by these cautionary statements and we cannot assure you that the results or developments anticipated by management will be realized or even if realized, will have the expected consequences to, or effects on, us or our business, prospects, financial condition, results of operations or cash flows. Readers are cautioned not to place undue reliance on these forward-looking statements in making any investment decision. Forward-looking statements made in this press release apply only as of the date hereof. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even in light of new information or future events, unless otherwise required by applicable securities laws.

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SOURCE PSEG Nuclear