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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.
Public Service Enterprise Group (NYSE: PEG) reported a net income of $575 million ($1.14 per share) for Q3 2020, compared to $403 million ($0.79 per share) in Q3 2019. Non-GAAP operating earnings were $488 million ($0.96 per share), slightly down from $495 million ($0.98 per share). The company updated its 2020 full-year guidance to $3.35 to $3.50 per share. A $1 billion investment in clean energy efficiency has been authorized, aimed at creating over 3,200 jobs and reducing carbon emissions. However, challenges such as a decline in electric sales and severe weather events were noted.
PSEG Nuclear's Salem Unit 1 commenced a scheduled refueling and maintenance outage on October 3, 2020, to ensure safety and efficiency. This outage involves extensive inspections and maintenance activities and is crucial as the nuclear units provide approximately 40% of New Jersey's electricity and over 90% of its carbon-free energy. Enhanced health protocols are in place due to COVID-19. PSEG's commitment to safety, community well-being, and local economic support during this period is highlighted, with hundreds of skilled workers contributing to the effort.
PSEG has filed applications to extend Zero Emission Certificates (ZECs) for the Salem and Hope Creek nuclear plants in New Jersey, vital for maintaining the state’s largest carbon-free energy source. Currently, nuclear energy accounts for over 90% of New Jersey's carbon-free electricity, contributing to the state's target of a 100% carbon-free supply by 2050. PSEG's request follows deteriorating market conditions, which increase financial pressures on nuclear plants. Studies suggest closing these plants could raise energy bills by $400 million annually, underscoring the economic and environmental necessity of this initiative.
The New Jersey Board of Public Utilities has approved PSE&G's $1 billion Clean Energy Future proposal, marking a significant commitment to energy efficiency. This initiative aims to provide substantial environmental benefits, reduce customer bills, and create jobs in the state. Over the next three years, the program is expected to deliver $1 billion in net customer savings and create 3,200 direct and 1,100 indirect jobs. Approximately 70% of the investment will target business customers, contributing to New Jersey's economic competitiveness and helping avoid 8 million metric tons of carbon emissions through 2050.
PSE&G announced an expansion of its claims policy due to the COVID-19 pandemic, allowing customers affected by Tropical Storm Isaias to receive compensation for spoiled food and medication. The storm caused power outages for over 575,000 customers in New Jersey. Residential customers can claim up to $250 for food spoilage, while commercial customers can claim up to $5,000. Additionally, reimbursement for spoiled medications can reach $300. Claims must be submitted by September 16, 2020, and processing could take up to 60 business days.
PSEG Long Island has announced an expansion of its claims policy in response to Tropical Storm Isaias, which disrupted electrical service for over 420,000 customers from August 4 to August 12, 2020. Customers whose service was interrupted for at least 72 hours can claim reimbursements for spoiled food, up to $250 for residential and $5,000 for commercial customers. Additionally, reimbursements for spoiled medications will be offered, with a maximum of $300. Claims can be submitted until September 16, 2020.
PSEG has appointed Zeeshan Sheikh as its new senior vice president and Chief Information and Digital Officer, effective August 10, 2020. Sheikh, formerly a vice president at Entergy Corp, will oversee all IT and digital initiatives, enhancing customer and employee digital experiences. President Derek DiRisio highlighted the significance of technology in PSEG's future, emphasizing Sheikh's leadership in areas like asset management and data security. PSEG is a diversified energy company with around 13,000 employees, headquartered in Newark, N.J..
Public Service Enterprise Group (NYSE: PEG) reported a significant increase in Net Income for Q2 2020, reaching $451 million ($0.89 per share), compared to $153 million ($0.30 per share) in Q2 2019. Non-GAAP Operating Earnings also rose to $404 million ($0.79 per share) from $294 million ($0.58 per share). The company affirmed its full-year 2020 non-GAAP Operating Earnings guidance of $3.30 - $3.50 per share. PSEG is exploring strategic alternatives for its non-nuclear generating fleet to reduce business risks. Despite a 7% decline in normal electric sales, PSEG's liquidity remains strong at $4 billion.
Public Service Enterprise Group (NYSE: PEG) announced on July 31, 2020, its exploration of strategic alternatives for PSEG Power's non-nuclear generating fleet, encompassing over 6,750 megawatts of fossil generation across four states, alongside a 467-megawatt solar portfolio. This move aims to reduce business risk, enhance credit profiles, and align with investor preferences for regulated utility operations. PSE&G is anticipated to constitute around 80% of PSEG's operating earnings in 2020, focusing on clean energy investments in line with New Jersey's Clean Energy Agenda.
The Board of Directors of Public Service Enterprise Group (NYSE:PEG) has declared a $0.49 per share dividend for the third quarter of 2020. This dividend is payable on or before September 30, 2020, to shareholders on record by September 9, 2020. This announcement reflects the company's commitment to returning value to shareholders amidst ongoing market challenges. The company encourages investors to stay updated through their corporate website and highlights the potential risks in forward-looking statements.
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