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Company Overview
Public Service Enterprise Group (PSEG) (NYSE: PEG) is a diversified energy company known for its reliably safe, economic, and environmentally conscious energy solutions. With a predominantly regulated business model, PSEG provides electric and gas services to millions of customers across New Jersey and New York, while also operating nonregulated businesses including nuclear power generation and innovative clean energy projects.
Core Business Areas
PSEG stands at the forefront of the utility sector by offering:
- Regulated Utility Services: Through its regulated subsidiary, Public Service Electric and Gas Co. (PSE&G), it delivers essential gas and electricity to a vast customer base, underpinning the energy needs of urban and suburban communities.
- Nonregulated Energy Solutions: PSEG Power and other nonregulated entities focus on nuclear energy, which provides steady, carbon-free power generation, and clean energy projects that align with modern sustainability goals.
- Infrastructure and Operational Excellence: The company operates multiple power plants and solar energy facilities throughout the Northeast and Mid-Atlantic regions, demonstrating strong capabilities in energy production, distribution, and grid management.
Market Position and Operational Footprint
PSEG has established itself as a key player in the energy industry with a significant operational footprint. The company not only serves millions of residential and business customers but also owns and operates numerous power plants that bolster the region's energy reliability and sustainability. Its extensive network spans across New Jersey, New York, and other states, reinforcing its reputation as a trusted provider of safe and efficient energy.
Business Model and Revenue Streams
The company’s business model is anchored in the stability provided by regulated utility operations. This segment ensures a continuous service delivery model with predictable revenue streams. Complementing this is the nonregulated segment, which captures opportunities in nuclear generation and clean energy projects. This dual approach allows PSEG to balance traditional energy service provision with forward-thinking investments in renewable and clean energy technologies.
Commitment to Safety, Reliability, and Innovation
PSEG is deeply committed to ensuring the safety and reliability of its energy delivery systems. Through regular infrastructure investments and targeted upgrades in grid modernizations, the company mitigates risks and maintains service excellence. It also spearheads various energy efficiency programs aimed at reducing consumption and lowering utility bills for customers, demonstrating a practical commitment to both economic and environmental benefits. These initiatives are supported by industry-specific innovations such as smart thermostats, home energy assessments, and technology-based tools that empower customers to use energy more wisely.
Clean Energy and Sustainability Efforts
Central to the company’s strategic direction is a focus on clean energy. PSEG’s robust portfolio of solar energy facilities and nuclearly powered plants contributes to a cleaner energy grid, while its energy efficiency initiatives help reduce overall consumption. The company’s proactive steps in sponsoring community-centric programs, like clean energy jobs and energy sustainability initiatives, reflect its broader commitment to environmental stewardship and social responsibility. Despite operating in a highly regulated environment, PSEG continues to innovate by integrating advanced technologies into its service delivery models, thereby positioning itself favorably in a dynamic and evolving energy landscape.
Community Engagement and Regulatory Excellence
PSEG’s operations extend beyond mere service delivery; the company actively engages with the communities it serves. By partnering with local agencies and safety organizations, it ensures rapid response in emergencies and fosters community resilience. Its long history of regulatory compliance and investment in infrastructure reinforces its role as a reliable public utility. Furthermore, the company’s efforts to provide customer support through deferred payment programs and energy cost management initiatives illustrate its commitment to both customer satisfaction and financial accessibility.
Technological Integration and Future-Proofing Operations
The integration of technology within PSEG’s operations is exemplified by its adoption of smart-grid technologies and digital tools that facilitate energy management and customer interaction. These innovations improve grid efficiency, enhance operational transparency, and pave the way for a more sustainable energy future. By leveraging advanced analytics and state-of-the-art monitoring systems, PSEG is well-equipped to manage the complexities of modern energy demands, thereby ensuring the continued reliability and performance of its services.
Industry Keywords and Strategic Differentiators
In an industry crowded with competitors, PSEG differentiates itself through:
- Extensive regulated infrastructure that guarantees the dependable delivery of essential energy services.
- A balanced portfolio spanning traditional utility operations and forward-looking clean energy and nuclear power projects.
- A proven track record of robust safety practices, operational excellence, and customer-centric energy innovations.
These elements underscore PSEG's commitment to being a trusted, resilient, and innovative energy provider in a challenging economic and regulatory landscape.
Conclusion
With a legacy of reliability, a diverse and balanced operational portfolio, and a deep commitment to community and technological advancement, Public Service Enterprise Group continues to redefine the landscape of energy delivery. The company remains a pivotal force in ensuring safe, efficient, and sustainable energy for millions of customers, earning its place as one of the most respected names in the industry.
PSEG Long Island announces continued availability of financial assistance programs as heating season concludes. The company's Household Assistance Program offers a monthly bill discount of $45 to eligible households, currently serving nearly 40,000 residential customers.
The utility provides multiple support channels including the Residential Energy Affordability Partnership Program, offering free home energy surveys and installations of energy-saving measures for income-eligible customers. Additionally, customers can access New York State's Home Energy Assistance Program (HEAP), which provides heating fuel grants to families with a maximum gross monthly income of $6,390 for a family of four.
The company also offers comprehensive energy-saving tips and rebates for smart thermostats, LED bulbs, and high-efficiency air source heat pumps through their Home Comfort Program.
PSEG Long Island is raising awareness about utility scams during National Consumer Protection Week (March 2-8). The company warns customers about fraudulent calls threatening immediate power shutoffs and demanding instant payment. Lou DeBrino, VP of Customer Operations, emphasizes verifying any suspicious contacts through the official customer service number.
Key scam tactics include phone spoofing, demands for specific payment methods like Bitcoin or prepaid cards, fake websites mimicking psegliny.com, and in-person imposters. PSEG Long Island confirms it doesn't accept external web-based payments outside their official channels, and legitimate representatives always verify account details with the Customer of Record.
The company, a member of Utilities United Against Scams, has helped disable over 14,830 fraudulent toll-free numbers targeting utility customers.
PSEG reported strong 2024 results with $3.54 per share net income and $3.68 per share non-GAAP operating earnings. The company initiated 2025 non-GAAP operating earnings guidance of $3.94-$4.06 per share, representing ~9% growth over 2024.
PSEG extended its 5%-7% non-GAAP operating earnings CAGR for 2025-2029 and raised its capital spending plan to $22.5-$26 billion, an increase of $3.5 billion from the prior plan. PSE&G's rate base is targeted to grow at 6%-7.5% CAGR for 2025-2029, from a ~12% higher year-end 2024 balance of approximately $34 billion.
Key 2024 achievements include settling PSE&G's first electric and gas distribution base rate case in six years, obtaining approval for a $2.9 billion Clean Energy Future program, investing $3.6 billion in regulated capital expenditures, and completing the Advanced Metering Infrastructure program. PSEG Nuclear benefited from the start of the nuclear production tax credit in January.
The company increased its annual dividend by $0.12 to an indicative rate of $2.52 per share for 2025, marking 118 consecutive years of dividend payments.
PSEG (NYSE: PEG) has announced a 5% increase in its quarterly common stock dividend to $0.63 per share for the first quarter of 2025, bringing the indicative annual rate to $2.52 per share. The dividend will be payable by March 31, 2025, to shareholders of record on March 10, 2025.
This marks PSEG's 14th consecutive annual dividend increase and represents the company's 118th year of paying common dividends to shareholders. According to CEO Ralph LaRossa, this increase reflects PSEG's solid financial position, strong business mix, and predictable growth trajectory.
PSEG has scheduled its fourth quarter and full year 2024 earnings conference call for Tuesday, February 25, 2025, at 11:00 a.m. ET. During the call, management will present and discuss the company's Q4 and full-year financial results, provide financial guidance, and address capital investments and regulatory activities.
The presentation will be accessible via audio webcast on PSEG's Investor Relations website, with accompanying materials available at https://investor.pseg.com. A replay of the webcast and presentation materials will be made available on the same platform by February 26.
PSE&G, New Jersey's largest utility, has been recognized by J.D. Power as the top utility for residential customer satisfaction in both electric and gas services in the East Large Segment for 2024. This marks the second time PSE&G has achieved this dual recognition.
In the Residential Electric study, PSE&G ranked first in categories including power quality and reliability, customer care, billing and payment, corporate citizenship, price, and communications. These rankings reflect the company's continued investment in infrastructure and innovation, and its customer-focused approach.
PSE&G also secured the top position for residential gas customer satisfaction, excelling in reliability, billing, and communications. This achievement highlights the utility's dedication to providing safe, reliable, and cost-effective natural gas service.
According to Dave Johnson, PSE&G's Vice President of Customer Care and Chief Customer Officer, these awards are based on customer feedback and are a testament to the team's dedication to excellence. This recognition follows PSE&G's previous wins for both Residential and Business Electric Customer Satisfaction in 2023 and Residential Gas and Electric Satisfaction in 2022. The company remains focused on enhancing customer experience through advanced technologies and clean energy initiatives.
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.
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