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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 announces assistance programs for customers facing utility bill challenges as winter approaches. The company offers the Residential Energy Affordability Partnership Program and deferred payment agreements. New York State programs include Home Energy Assistance Program (HEAP), providing heating fuel grants for eligible households with monthly incomes up to $6,390 for a family of four, and Emergency HEAP opening January 2, 2025. The state also offers heating equipment repair/replacement benefits up to $8,000. Customers receiving these benefits automatically qualify for PSEG's Household Assistance Program, providing monthly bill discounts of $40+. The company also provides energy-saving tips and rebates for efficient equipment.
PSEG reported Q3 2024 net income of $520 million ($1.04 per share) and non-GAAP operating earnings of $448 million ($0.90 per share). The company narrowed its full-year 2024 non-GAAP operating earnings guidance to $3.64-$3.68 per share. PSE&G secured approval for two major regulatory filings: a base rate case providing $505 million in annual revenues and Clean Energy Future-Energy Efficiency programs authorizing $1.9 billion in investments. The company's five-year capital investment plan totals $19-22.5 billion, with no need for new equity or asset sales.
PSE&G has received approval for its Clean Energy Future - Energy Efficiency II Program (CEF-EE II) from the New Jersey Board of Public Utilities. The program, running from January 2025 to June 2027, includes a $1.9 billion investment budget and aims to help achieve New Jersey's clean energy reduction targets. The initiative features 10 programs targeting residential and business customers, projecting $4 billion in lifetime bill savings for participants and the creation of approximately 3,500 direct jobs annually. The program is expected to avoid nearly 10 million metric tons of carbon dioxide emissions and includes building decarbonization and demand response components.
PSEG announces major educational investments to support sustainability and STEM education across multiple institutions. The company granted $1.45 million to Stevens Institute of Technology over 2024-2026 for sustainability programs, and provided an $800,000 five-year grant to NJIT's Undergraduate Research and Innovation program. The initiative includes partnerships with multiple universities including Montclair State, Rutgers, Rowan, and Eastwick College. Additionally, PSEG's $1 million HBCU grant supports STEM education at Hampton University, Howard University, and North Carolina A&T, focusing on environmental studies and sustainability programs for underserved communities from New Jersey.
Public Service Enterprise Group Incorporated (PSEG) has announced that it will host its third quarter 2024 earnings call on Monday, November 4, at 11:00 a.m. ET. During the call, management will discuss financial results, financial guidance, capital investments, regulatory activities, and other important matters. An audio webcast of the call will be available on PSEG's Investor Relations website, along with accompanying presentation materials. A replay of the webcast and materials will be accessible on the same website by November 5.
The New Jersey Board of Public Utilities (BPU) has approved a settlement agreement for PSE&G's electric and gas distribution base rate case. This marks PSE&G's first base rate increase since 2018, representing less than half the rate of inflation during that time. The settlement will result in a typical combined residential electric and gas customer bill increase of 7%, or $15 per month. However, considering recent rate changes, the net impact for a typical customer will be about 5%, or $11 per month.
The rate increase aims to recover prior investments in distribution systems and address increasing costs. PSE&G emphasizes its focus on managing costs while improving service reliability and resiliency. The company also highlights available assistance programs for customers struggling with utility bills, including LIHEAP and the New Jersey Universal Service Fund. In 2023, over 200,000 PSE&G customers received $218 million in energy assistance. The new rates will take effect on October 15, 2024.
PSEG Long Island and the Long Island Power Authority (LIPA) have unveiled a Climate Change Resilience Plan (CCRP) during Climate Week 2024. This proactive plan addresses projected weather pattern changes over the coming decades. David Lyons, PSEG Long Island's interim president and COO, highlighted the company's decade-long efforts to improve reliability and resilience since 2014.
The CCRP focuses on strengthening physical assets such as poles, transformers, switches, and lines against extreme weather. It builds upon existing adaptation measures and addresses gaps identified through the Climate Change Vulnerability Study (CCVS). The plan also includes adaptations for planning, design, and operations practices.
PSEG Long Island operates the Long Island Power Authority's transmission and distribution system under a long-term contract. As a subsidiary of Public Service Enterprise Group Inc. (NYSE:PEG), PSEG Long Island continues its commitment to combating the effects of climate change and protecting local communities.
PSE&G announced a 5% reduction in gas bills for residential customers, effective Oct. 1, 2024. The Basic Gas Supply Service (BGSS) rate is being reduced by nearly 7 cents per therm to approximately 32.8 cents per therm. This decrease will result in a $6 reduction in the average monthly bill for customers using 100 therms, bringing it to about $104.
The company attributes this reduction to less volatile commodity prices and solid cost management. PSE&G emphasizes its commitment to maintaining low gas rates while improving system reliability. Over the past decade, they have replaced over 2,245 miles of aging gas infrastructure.
PSE&G also highlighted various payment assistance programs available to customers, including LIHEAP and the New Jersey Universal Service Fund. In 2023, over 200,000 customers received $218 million in energy assistance, with $92 million in outstanding balances forgiven through the Fresh Start Program.
PSEG has announced a planned leadership transition in its legal department. Executive Vice President and General Counsel Tamara L. Linde will retire on March 14, 2025. Grace Park, currently Deputy General Counsel and Chief Litigation Counsel, has been appointed as the new Executive Vice President and General Counsel, effective September 16, 2024. Linde will shift to the role of Executive Vice President and Chief Legal Officer until her retirement to ensure a smooth transition.
Linde has been with PSEG for over 30 years and has served as General Counsel for the past decade. She has played a important role in navigating industry shifts and business transitions. Park, who joined PSEG in 2017, brings extensive experience from her previous roles in public service and corporate law.
PSEG reported Q2 2024 results with net income of $0.87 per share and non-GAAP operating earnings of $0.63 per share. The company reaffirmed its full-year 2024 non-GAAP operating earnings guidance of $3.60 to $3.70 per share. PSE&G invested $0.9 billion in Q2, bringing year-to-date capital spending to $1.7 billion. PSEG Power & Other results reflect the positive impact of the federal nuclear production tax credit, offset by higher costs from a scheduled refueling outage. The company maintains its five-year non-GAAP operating earnings growth outlook of 5% to 7% through 2028 and plans a $19 billion to $22.5 billion capital investment program over the same period without issuing new equity or selling assets.
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