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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.
The Board of Directors of Public Service Enterprise Group (NYSE:PEG) has declared a $0.57 per share dividend for common stock for the second quarter of 2023. This dividend is payable on or before June 30, 2023, to shareholders of record as of June 9, 2023. The announcement reflects the company's commitment to returning value to its shareholders. PSEG is a diversified energy company with several operating subsidiaries, including Public Service Electric and Gas Company and PSEG Power.
Public Service Enterprise Group (PSEG) announced that it will host its first-quarter 2023 earnings call on May 2, 2023, at 11:00 a.m. ET. During this call, PSEG management will present the company's financial results and discuss other notable topics. A live audio webcast will be available on PSEG's Investor Relations website, with a replay scheduled for May 3. PSEG is committed to a clean energy future, with initiatives aligning with its net-zero 2030 climate vision, and actively participates in sustainability efforts. The company emphasizes transparency about forward-looking statements, cautioning that actual outcomes may differ due to various risks and uncertainties.
PSEG announced leadership changes in its nuclear division as Eric Carr, president and chief nuclear officer of PSEG Nuclear, will leave the company effective May 19, 2023, for a position outside. Charles "Chaz" McFeaters, currently senior vice president Nuclear Operations, will take over as president and chief nuclear officer. McFeaters brings over 30 years of experience in the nuclear industry, having joined PSEG in 2016. CEO Ralph LaRossa expressed confidence in McFeaters' ability to ensure a smooth transition and uphold PSEG Nuclear's commitment to safety and operational excellence. This leadership change is part of PSEG's strategy to develop internal talent and maintain its focus on clean energy goals in New Jersey.
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