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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 Long Island has completed the Western Nassau Transmission Project, a 7.3-mile underground transmission line aimed at enhancing the reliability of the electric system in western Nassau County. Operational since December 2020, the project was executed under budget and on schedule. This new line adds a third transmission route, improving energy delivery capacity and safeguarding against electrical impacts. The initiative, launched in early 2018, underwent extensive regulatory review and community consultation, emphasizing PSEG's commitment to minimizing neighborhood disruption.
As of December 7, 2020, approximately $95.26 million of PSEG Power's 8 5/8% Senior Notes due 2031, representing 19.05% of the total, were tendered in a private exchange offer. Eligible noteholders will receive new PSEG notes on or about December 23, 2020. The exchange consideration for notes tendered after the early deadline has increased to $1,000 per $1,000 of Power Notes. The offer expires on December 21, 2020, and withdrawal rights ended at the early deadline.
Public Service Enterprise Group (PSEG) announced a definitive agreement to acquire a 25% interest in the 1,100-megawatt Ocean Wind project from Ørsted. This collaboration aims to leverage Ørsted's offshore wind expertise and PSEG's local knowledge, promoting New Jersey's clean energy goals and job creation. Ocean Wind is pivotal for the state's target of 100% renewable power by 2050 and will generate enough electricity for 500,000 homes. The deal is expected to close in the first half of 2021, pending regulatory approvals.
Public Service Enterprise Group (NYSE: PEG) has announced a private exchange offer and related consent solicitation regarding its 8 5/8% senior notes due 2031, totaling $500 million. The exchange aims to issue new PSEG notes in exchange for the outstanding Power Notes held by eligible noteholders. Eligible participants tendering by the early deadline of December 7, 2020, will receive $1,000 in new notes for every $1,000 of Power Notes, while those tendering later will receive $970. The offering will expire at 11:59 p.m. EST on December 21, 2020. The consent solicitation seeks to amend certain covenants of the Power Notes.
The Board of Directors of Public Service Enterprise Group (NYSE:PEG) declared a $0.49 per share dividend for Q4 2020. This dividend will be payable on or before December 31, 2020, to shareholders on record as of December 10, 2020. The announcement reflects the company's commitment to returning value to shareholders amidst ongoing operational adjustments and market dynamics.
PSEG Long Island announces its participation in the fifth annual Utility Scam Awareness Week from Nov. 16-20, aimed at educating customers about prevalent scam tactics. This year alone, over 5,400 scam calls have been reported. Key warning signs of scams include threats of disconnection for unpaid bills and requests for immediate payment via unconventional methods like prepaid cards or Bitcoin. Customers are advised to verify any suspicious communications through official PSEG channels. PSEG Long Island is also a member of Utilities United Against Scams, working with over 145 utilities to combat fraud.
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.
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