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Fly News Breaks for April 18, 2019
EXC, PEG
Apr 18, 2019 | 14:37 EDT
After New Jersey's Board of Public Utilities voted 4-1 to grant Zero Emissions Credits, or ZECs, worth approximately $10/MWh to all three of New Jersey's nuclear plants, Deutsche Bank analyst Jon Arnold raised his price target on shares of PSEG (PEG) to $63 from $62 and his target on Exelon (EXC) to $55 from $54. The credits are expected to add about $200M per year for the next three years to majority owner PSEG's revenue and Salem plant co-owner Exelon is entitled to its $100M per year share, explained the analyst. ZECS are now actually granted in New Jersey and have previously been granted in Illinois and were recently "affirmed as legal all the way up to the SCOTUS" after the top court opted not to take up related challenges, Arnold noted.
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