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PSEG to sell stake in PennEast project

HARRISBURG (AP) - New Jersey's largest utility is trying to sell its stake in a pipeline project that's designed to ferry cheap Marcellus Shale natural gas from northern Pennsylvania to New Jersey.

A PSEG spokesman said Thursday that the company intends to remain a customer of the PennEast pipeline to bring natural gas to its customers. But spokesman Mike Jennings says PSEG wants to focus more on its core business of running and building power plants.PSEG has a 10 percent equity stake in the roughly 120-mile, $1.2 billion pipeline project.