PUBLIC SERVICE ENTERPRISE GROUP IN
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Utilities
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exclusion reason
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This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
PSEG completed the sale of its entire 6,750 MW fossil generating fleet to ArcLight Capital Partners for $1.92 billion in February 2022. The company no longer owns or operates any fossil fuel power plants. Its generation fleet is now 100% nuclear, producing approximately half of New Jersey's electricity and 85% of the state's carbon-free generation.
The original fossil fuel exclusion predates this divestiture and is factually stale. However, the 100% nuclear fleet raises a separate set of concerns — nuclear utilities historically demonstrate outsized political influence, regulatory capture patterns, and lobbying structures similar to those of fossil fuel incumbents. This record is deferred pending a policy-level decision on nuclear utilities.
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The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.