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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, a subsidiary of Public Service Enterprise Group Inc. (NYSE:PEG), has announced its preparedness for Summer 2024, including hurricane season and peak demand periods. The company, which serves approximately 1.2 million customers, has focused on substation, transmission, and distribution improvements. Key initiatives include:
1. Completion of storm hardening work on over 1,000 miles of distribution mainline circuits since 2014.
2. Implementation of the Power On initiative, strengthening an additional 352 miles of circuits since 2020.
3. Achieving a 72% reduction in damage-related outages on storm-hardened sections from 2016 to 2023.
These efforts aim to enhance reliability and resilience of the electric grid, ensuring consistent power delivery during extreme weather conditions.
Public Service Enterprise Group (NYSE:PEG) has announced its regular quarterly dividend for the third quarter of 2024. The Board of Directors declared a dividend of $0.60 per share on the company's outstanding common stock. This dividend will be payable on or before September 30, 2024, to shareholders of record as of September 9, 2024. This announcement demonstrates PSEG's commitment to providing consistent returns to its shareholders, maintaining its dividend payment schedule.
PSE&G's recent report on its Clean Energy Future Energy Efficiency (CEF-EE) initiatives reveals impressive outcomes. Over 380,000 customers have engaged with energy efficiency programs, resulting in projected annual savings of $484 million on utility bills. The initiatives include approximately 70,000 home energy assessments, sales of 306,000 smart thermostats, 95,000 power strips, and 97,000 retail appliance rebates.
Electric customers are expected to save over 2.1 million megawatt-hours annually, enough to power 312,000 homes, while natural gas savings are projected at 57 million therms. Collectively, these efforts aim to avoid 1.6 million metric tons of CO2 emissions yearly.
Commercial and industrial programs, such as the Small Business Direct Install Program, have saved business customers around $12 million in utility bills annually, along with significant energy savings. The Clean Energy Jobs Program has placed over 2,500 individuals in clean energy roles.
PSE&G's energy efficiency efforts have earned over 50 awards since 2021, including the 2024 ENERGY STAR® Partner of the Year Award for Sustained Excellence.
Public Service Enterprise Group (PSEG) announced that it will release its second quarter 2024 financial results on July 30, 2024. The earnings call will take place at 11:00 a.m. ET, where management will discuss the financial outcomes, guidance, capital investments, and regulatory activities. Interested parties can access the live audio webcast and presentation materials on PSEG's Investor Relations website. A replay of the webcast will be available by July 31 on the same platform.
PSEG Long Island has spent a decade fortifying its electric infrastructure against extreme weather, resulting in a resilient grid. The company unveiled a Climate Change Resilience Plan to prepare for future risks. Through storm-hardening efforts and a proactive study, PSEG Long Island aims to enhance reliability and address climate change challenges.
Essential Utilities Inc. (NYSE: WTRG) welcomes Christopher Bruner and Tamara Linde to its board of directors. Bruner, an Assurance Partner at Ernst & Young, brings 36 years of experience and will chair the audit committee. Linde, the Executive Vice President and General Counsel at Public Service Enterprise Group, has over 30 years of experience in the energy industry. Both have impressive backgrounds and will contribute significantly to Essential Utilities' governance.
PSEG Long Island has been honored for its innovative Time-of-Use program that lowered customer bills by an average of 10% and shifted 4-5% of electricity load out of peak hours. The success of the program led to a full-scale rollout to all 1.2 million customers starting in 2024. By focusing on customer research and personalized marketing initiatives, PSEG Long Island exceeded expectations and set a promising future.
Public Service Enterprise Group (PSEG) announced its first quarter 2024 results, reporting $1.06 per share net income and $1.31 per share non-GAAP operating earnings. The company reaffirmed its 2024 non-GAAP operating earnings guidance of $3.60 - $3.70 per share. PSEG's CEO, Ralph LaRossa, highlighted the positive performance in the first quarter, emphasizing rate base growth, nuclear production tax credit benefits, and plans for future growth through energy infrastructure investments.
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