PSEG ends sale of natural gas-fired power plant

PSEG Power LLC, a unit of Public Service Enterprise Group Inc. (NYSE:PEG) ended the $335 million purchase and sale agreement with High Plains Diversified Energy Corp. for its 1,000 MW gas-fired Odessa generation facility.

The Odessa deal was contingent on High Plains completing the transaction through the sale of municipal bonds.

PSEG Power continues to pursue the sale of Odessa with a goal of closing later this year.

Odessa is one of two 1,000 MW gas-fired power plants that PSEG Power announced it was selling earlier in 2011. The other facility, Guadalupe, was sold to Wayzata Investment Partners LLC in January 2011.

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