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Public Service Enterprise Group Incorporated (PSEG) (NYSE: PEG) is a leading diversified energy company headquartered in Newark, N.J. As New Jersey’s largest provider of electric and gas services, PSEG serves approximately 1.8 million gas customers and 3.3 million electric customers across New Jersey and New York. The company is a holding entity for multiple subsidiaries, including its regulated utility, Public Service Electric and Gas Co. (PSE&G), PSEG Power, and PSEG Long Island.
PSE&G delivers regulated gas and electricity services to a combined 4.2 million customers. It also operates the Long Island Power Authority system. PSE&G’s focus on infrastructure investment and energy efficiency programs has supported significant improvements in reliability and customer satisfaction, as evidenced by its top rankings in the J.D. Power 2023 U.S. Electric Utility Residential and Business Customer Satisfaction Studies.
PSEG Power owns and operates 19 power plants in the Northeast and Mid-Atlantic regions, as well as 36 solar energy facilities across New Jersey and eight other states. The company has strategically pivoted towards clean energy, selling its gas and oil power plants in 2022 to focus on nuclear power generation and renewable energy projects.
PSEG's commitment to a clean energy future is underscored by its Powering Progress vision, aiming for net-zero emissions by 2030. The company's initiatives include modernizing New Jersey’s energy infrastructure, advancing electric vehicle penetration, and executing the Clean Energy Future-Energy Efficiency and Infrastructure Advancement Programs. PSEG’s energy efficiency programs have notably helped customers save energy and reduce costs, translating into substantial environmental and economic benefits.
Financially, PSEG posted solid Q3 2023 results with net income of $139 million and affirmed its guidance for full-year 2023 non-GAAP Operating Earnings of $3.40 to $3.50 per share. The company continues to invest heavily in capital projects, with a total expected spend of $3.7 billion for 2023.
PSEG is also recognized for its leadership in sustainability, having been named to the Dow Jones Sustainability North America Index for 16 consecutive years and being actively involved in the U.N. Race to Zero. PSEG’s focus on customer service, energy efficiency, and clean energy positions it as a pivotal player in the transition toward a more sustainable and resilient energy future.
PSEG Foundation marks a decade of community impact through its Neighborhood Partners Program (NPP), celebrating nearly $8 million in grants distributed to over 400 nonprofits across New Jersey and Long Island. The program achieved record-breaking results in 2024, with $1.2 million in total giving, representing a 20% increase from 2023.
The NPP focuses on three strategic pillars: environmental sustainability, social justice, and equity and economic empowerment. Notable 2024 grantees include HomeFront, which provided over 1 million free meals and supported 25,500 New Jersey residents; Boys & Girls Club of Newark, receiving over $600,000 in PSEG support for STEM education and family programs; and Northern NJ Community Foundation, implementing green infrastructure initiatives for environmental justice.
PSEG Foundation has highlighted its ongoing support for Children's Specialized Hospital (CSH), the nation's leading provider of pediatric care across 15 New Jersey locations. The foundation has contributed over $7.2 million since 2005 through various initiatives. Recently, they provided a $300,000 grant for the Social Determinants of Health Program. In 2024, PSEG employees demonstrated significant involvement by volunteering over 200 hours in fundraising activities, raising $50,000 through the Walk n' Roll event and more than $700,000 during the annual golf outing.
PSEG Foundation has announced significant initiatives to combat food insecurity in New Jersey, where nearly one million people face hunger challenges. The foundation has committed $250,000 in grant funding to the Community Food Bank of New Jersey (CBFNJ) from 2024 to 2026. This partnership supports essential services including after-school meals, job training, and nutrition education.
PSEG employees have actively participated in volunteer efforts, recently helping distribute 548 cases of turkeys and over 2,000 holiday boxes, supporting more than 57,000 meals. The foundation also partners with the Food Bank of South Jersey and HomeFront, providing support across Burlington, Camden, Gloucester, and Salem counties through food pantry programs and additional services for low-income residents.
PSEG Foundation has announced its continued support for veteran-focused organizations through various initiatives in 2024. The company is supporting Community Hope, New Jersey's largest nonprofit serving unhoused veterans, through their Neighborhood Partners Program. Additionally, PSEG provided a $100,000 two-year grant to Thomas Edison State University's Military and Veteran Scholarship Fund, which has awarded 50 scholarships to military students and veterans.
The company also maintains its partnership with Volunteer Lawyers for Justice, supporting their Veterans Legal Program that provides free legal services to 338,000 New Jersey veterans. PSEG's managing counsel, Matt Jokajtys, was recognized as a Defender of Justice, and the company was nominated for the Pro Bono Institute's Corporate Pro Bono Award.
PSE&G has received two prestigious ReliabilityOne® Awards in 2024. The company won the Outstanding Metropolitan Service Area Reliability Performance Award for the Mid-Atlantic Region for the 23rd consecutive year, and the Outstanding Customer Engagement Award nationally for the second year running. PA Consulting recognized PSE&G for its innovative customer engagement strategies in outage reporting and restoration communications.
The utility is focusing on strengthening infrastructure with new technology while implementing improved customer communication methods. John Latka, senior vice president of Electric Transmission and Distribution, emphasized their commitment to maintaining affordable utility services with exceptional reliability. The awards reflect PSE&G's success in delivering best-in-class electric service reliability while providing positive customer experiences.
PSE&G conducted a three-hour gas emergency response exercise in Morristown, NJ, partnering with local first responders to simulate a gas emergency. The drill, held on Mt. Kemble Avenue, tested incident command and evacuation procedures, marking the company's sixth gas safety exercise this year. PSE&G reported responding to 853 excavation damage calls last year (736 gas and 117 electric), with a 99.9% response rate within one hour for gas emergencies. The company emphasized the importance of calling 811 for utility markouts before any digging projects to prevent accidents and infrastructure damage.
The PSEG Foundation has awarded a $1 million grant to Montclair State University Foundation to expand the PSEG Institute for Sustainability Studies' Green Teams internship program. The two-year funding will enhance the program's ability to tackle environmental and climate challenges in New Jersey. Over the past decade, 420 students have completed over 350 real-world sustainability projects supporting 53 local communities, nonprofits, and companies. The grant will focus on supporting overburdened communities, providing advanced technology training (GIS, drone, VR/XR), and strengthening partnerships with minority-serving institutions. The funding will cover intern stipends, travel expenses, and advanced training by expert personnel.
Public Service Enterprise Group (NYSE:PEG) announced that its Board of Directors has declared a quarterly dividend of $0.60 per share on the company's common stock for the fourth quarter of 2024. The dividend will be paid on or before December 31, 2024, to shareholders of record as of December 10, 2024.
PSE&G has received two prestigious ReliabilityOne® Awards in 2024: the Outstanding Metropolitan Service Area Reliability Performance Award for the Mid-Atlantic Region (23rd consecutive year) and the Outstanding Customer Engagement Award (second consecutive year). The awards recognize PSE&G's excellence in delivering reliable electric service and customer engagement strategy. The utility company is implementing innovative methods for customer engagement, outage reporting, and restoration communications while strengthening infrastructure with new technology. PSE&G's commitment to maintaining affordable utility services while providing exceptional reliability has been acknowledged through these awards, which involved a rigorous selection process based on system reliability statistics and independent certification.
Sesame Workshop has launched new free, bilingual resources to help children learn about community engagement, kindness, and teamwork. The initiative, supported by the PSEG Foundation, includes videos, printable activities, and articles featuring Sesame Street characters. The new content focuses on teaching children about community involvement through examples like garden cleanup, helping neighbors, and environmental awareness.
The resources, available in English and Spanish, feature familiar characters like Elmo and Abby in various scenarios demonstrating community service and cooperation. The launch celebrates a 10-year partnership with PSEG Foundation and aims to empower children as active community members while promoting environmental consciousness.
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