Tuesday, November 29, 2022
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Business Report: New Jersey’s economic recovery, PSEG sells fossil fuel assets, rising gas prices | Video

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In the next few days we will get a lot of economic data. Recently, the head of one of the US Federal Reserve banks collected data on the state of the economy of northern New Jersey. John Williams, president and CEO of the Federal Reserve Bank of New York, met with business and public leaders late last week. He said the economy is doing well. Williams says the bank is still trying to estimate what will happen next for the job market because it is unclear how much hybrid work will continue. He does not think the Great Resignation will continue and he expects workers to return to their jobs as COVID-19 cases continue to fall.

PSEG is leaving the fossil fuel business. The energy company has announced that it has completed the sale of PSEG Fossil generating assets located in New Jersey and Maryland. The assets were sold for $ 1.9 billion to a private equity fund run by Boston-based ArcLight Capital Partners. PSEG Chairman and CEO Ralph Iso called the sale a key milestone when the company moves to investing in clean energy. The sale was announced in the summer, but required regulatory approval. The company expects to complete the sale of additional generating assets in New York and Connecticut in a few weeks.

The price of oil rose again on Monday due to fears of a Russian invasion of Ukraine. According to the American Automobile Association, this pushed the price of gasoline to $ 3.60 plus a gallon on average in New Jersey.

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