Public Service Enterprise Group Incorporated - PEG STOCK NEWS

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.

PSEG announced its 2023 Investor Conference, scheduled for March 10, highlighting strategic milestones aimed at enhancing earnings and cash flow. The company plans a $15.5 billion to $18 billion capital investment from 2023 to 2027, primarily through PSE&G, which is expected to generate ~90% of non-GAAP Operating Earnings. PSEG will retain its nuclear fleet, benefiting from the Inflation Reduction Act's production tax credit, while exiting offshore wind generation. The company reaffirmed its 2023 non-GAAP Operating Earnings guidance of $3.40 to $3.50 per share and a long-term earnings growth rate of 5% to 7% until 2027.

PSEG Long Island has issued a warning to customers regarding scam calls threatening immediate power shut-offs. During National Consumer Protection Week (March 5-11), the company highlighted the urgency for customers to verify such claims by contacting them directly at 1-800-490-0025 instead of following any payment demands from callers. Over 2,500 scam reports were recorded in 2022, with scammers often requesting payment through illegitimate methods. The company reassured customers that they will not request specific payment methods and provided crucial tips to identify scams.

PSE&G has filed for a $2.54 billion extension of its Gas System Modernization Program (GSMP) with New Jersey regulators, aimed at modernizing infrastructure and reducing greenhouse gas emissions. This initiative seeks to replace aging pipes, cut CO2e emissions by over 145,000 metric tons, and introduce renewable natural gas and hydrogen into the system. GSMP III is projected to continue until 2027, modernizing approximately 860 miles of cast iron and 200 miles of unprotected steel pipes. The program supports local job creation and affordability, while increasing residential gas bills by an estimated 3% annually during its duration.

Public Service Enterprise Group (PSEG), trading under NYSE: PEG, will host its 2023 investor conference on March 10, 2023, from 9 a.m. to 12 noon in Newark, N.J. The event will be accessible via a live video webcast, with presentation materials available on PSEG's Investor Relations website. A replay will be available by March 13, 2023. PSEG is focused on a clean energy future, driven by its Powering Progress vision, which aims for less and cleaner energy that is delivered reliably. The company is committed to ESG and sustainability initiatives, including a net-zero 2030 climate vision and is listed on the Dow Jones Sustainability North America Index.

Public Service Enterprise Group (PSEG) reported full-year 2022 net income of $1,031 million ($2.06 per share), recovering from a net loss of $648 million in 2021. Non-GAAP operating earnings for 2022 were $1,739 million ($3.47 per share), down from $1,853 million in 2021. For Q4 2022, net income rose to $788 million ($1.58 per share) from $445 million in Q4 2021. PSEG narrowed its 2023 non-GAAP operating earnings guidance to $3.40-$3.50 per share. PSEG's long-term earnings growth outlook is affirmed at 5%-7% through 2027. Key strategic initiatives include significant capital investments and a commitment to sustainability, bolstered by regulatory support.

The Board of Directors of Public Service Enterprise Group (NYSE:PEG) has declared a quarterly common stock dividend of $0.57 per share for Q1 2023, an increase of $0.03 (5.6%) from the previous quarter. This boosts the indicative annual dividend rate to $2.28 per share, continuing a 116-year tradition of dividend payments. The dividend will be payable on March 31, 2023, to shareholders on record as of March 10, 2023. This marks the 19th annual increase in the last 20 years, reflecting the company’s strong financial discipline and improved business mix.

Public Service Enterprise Group (PSEG) is set to announce its fourth-quarter and full year 2022 financial results on February 21, 2023, at 11:00 a.m. ET. This earnings call will provide insights into the company's performance and other significant matters. The event can be accessed via the PSEG Investor Relations website, where a replay will be available after February 22. PSEG is focused on a clean energy future, emphasizing its commitment to sustainability and net-zero goals.

Public Service Enterprise Group (PSEG) announced plans to sell its 25% equity stake in the Ocean Wind 1 offshore wind energy project to Ørsted, resulting in Ørsted obtaining full ownership. This decision is aligned with the project's tax optimization goals, as noted by PSEG's leadership. PSEG will assist with onshore infrastructure construction while maintaining commitment to New Jersey's clean energy goals and initiatives. The transaction is anticipated to close in the first half of 2023, with power delivery expected by late 2024 and project commissioning in 2025.