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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 Power has officially retired the Bridgeport Harbor Station Unit 3 power plant as of May 31, 2021, concluding its long-term exit from coal. This retirement aligns with PSEG's commitment to transitioning towards net-zero carbon emissions. Unit 3, operational since 1968 and converted to coal in 2002, provided 400 megawatts during peak demands. The company's newer natural gas plant, Bridgeport Harbor Station Unit 5, continues to enhance efficiency. PSEG aims for a fleet predominantly composed of carbon-free energy sources by the end of 2021.
Public Service Enterprise Group (PSEG) announced that David M. Daly, president of Public Service Electric & Gas (PSE&G), will retire at the end of 2021 after 35 years with the company. Kim Hanemann is set to succeed him as president and COO, effective June 30, 2021, making her the first woman to lead PSE&G in its 118-year history. Daly's leadership has established PSE&G as a national leader in the utility sector, particularly in clean energy initiatives. He will remain as an executive advisor through 2021 for strategic projects.
Public Service Enterprise Group (NYSE: PEG) reported a strong financial performance in Q1 2021, achieving a net income of $648 million ($1.28 per share), up from $448 million ($0.88 per share) in Q1 2020. Non-GAAP operating earnings also improved to $650 million ($1.28 per share) from $520 million ($1.03 per share). PSEG's Clean Energy Future programs are advancing with a focus on decarbonization. The New Jersey BPU's support for nuclear energy through Zero Emission Certificates is highlighted as beneficial for the state's clean energy goals. The company affirms its 2021 non-GAAP operating earnings guidance of $3.35 - $3.55 per share.
PSEG announced an agreement to sell its PSEG Solar Source portfolio to Quattro Solar, an LS Power affiliate. This 467-megawatt-dc portfolio comprises 25 solar facilities across multiple states. The sale is part of PSEG's Strategic Alternatives process to streamline operations, enhancing its focus on regulated utility services. The transaction, expected to close in Q2 or Q3 of 2021, values the solar assets at approximately $500 million. PSEG aims to invest in clean energy projects, supporting New Jersey's carbon reduction goals.
The New Jersey Board of Public Utilities has extended the Zero Emission Certificates (ZECs) for New Jersey's nuclear power plants, including Hope Creek and Salem 1 and 2, for an additional three years. This extension supports the state's aim to maintain over 90% of its carbon-free electricity supply, aligning with its clean energy goals outlined in the Energy Master Plan. PSEG expressed satisfaction with the BPU's decision, which they believe aids environmental efforts, preserves jobs, and prevents increased energy costs.
PSEG Nuclear's Hope Creek Generating Station has successfully completed an 18-month production cycle, generating approximately 14.6 million megawatt-hours of carbon-free electricity. This marks the station's second-best output in its history, contributing to New Jersey's clean energy goals. The facility is now undergoing a planned refueling and maintenance outage involving 1,000 additional trade workers. This maintenance is crucial for the reliability of New Jersey's energy supply, and the nuclear fleet's availability is recognized as an industry leader.
The Board of Directors of Public Service Enterprise Group (NYSE: PEG) has declared a quarterly dividend of $0.51 per share for Q2 2021. This dividend will be paid to shareholders on or before June 30, 2021, with a record date of June 8, 2021. The announcement reflects the company's commitment to returning value to shareholders amidst its ongoing operations in the energy sector.
PSEG has finalized its acquisition of a 25% equity stake in Ocean Wind, a significant offshore wind farm located 15 miles off New Jersey's coast. This investment, approved by the New Jersey Board of Public Utilities on March 31, aligns with the state's goal of achieving 7,500 megawatts of offshore wind capacity by 2035. Ocean Wind is expected to contribute to the economic growth and clean energy transition in New Jersey, creating jobs and supporting infrastructure development. PSEG anticipates collaborating with Ørsted to enhance the local renewable energy landscape.
The PSEG Foundation announced a $1 million grant to support three historically Black colleges and universities (HBCUs): Hampton University, Howard University, and North Carolina Agricultural and Technical State University. This funding aims to enhance access to STEM education for underrepresented students, contributing to a more diverse workforce. Hampton University will implement the PSEG STEM Scholars Program, while Howard and North Carolina A&T will provide scholarships for environmental studies and engineering students, respectively. This initiative aligns with PSEG's commitment to diversity, education, and community support.
Public Service Enterprise Group (PSEG) reported a 2020 Net Income of $1,905 million ($3.76/share), up from $1,693 million in 2019. Non-GAAP Operating Earnings rose by 4.6% to $1,741 million ($3.43/share). Q4 Net Income was $431 million ($0.85/share), slightly down from $437 million in Q4 2019. PSEG plans a 2021 non-GAAP Operating Earnings guidance of $3.35-$3.55 per share, with PSE&G contributing 80% of earnings. A dividend increase to $2.04/share signals growth confidence. Capital spending is forecasted at $14-$16 billion through 2025, focused primarily on regulated utilities and clean energy initiatives.
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