Welcome to our dedicated page for Public Service Enterprise Group Incorporated news (Ticker: PEG), a resource for investors and traders seeking the latest updates and insights on Public Service Enterprise Group Incorporated stock.
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.
PSE&G has achieved top rankings in the J.D. Power 2022 Residential Customer Satisfaction Studies, being the first utility in the East to rank highest in both gas and electric customer satisfaction. Serving 2.3 million electric and 1.9 million gas customers in New Jersey, PSE&G excelled in all six categories measured, including billing, price, and reliability. The study, which surveyed over 100,000 electric utility customers and 57,000 gas customers, underscores PSE&G’s commitment to customer satisfaction and effective communication strategies.
The Board of Directors of Public Service Enterprise Group (NYSE:PEG) has declared a $0.54 per share dividend for the fourth quarter of 2022. This dividend is payable on or before December 30, 2022, to shareholders of record by December 9, 2022. The announcement underscores the company's commitment to returning value to its shareholders.
Investors are encouraged to stay updated through the company's Investor Relations website for further developments and financial disclosures.
Public Service Enterprise Group (NYSE: PEG) will engage with investors at the 2022 EEI Financial Conference from November 13 to 15, 2022. CEO Ralph LaRossa and CFO Dan Cregg will present key information, including the company's 2023 non-GAAP Operating Earnings guidance and the long-term non-GAAP Operating Earnings CAGR. Meeting materials will be available on PSEG's Investor Relations website starting November 11.
PSEG aims for a net-zero climate vision by 2030, highlighting its commitment to sustainability.
Public Service Enterprise Group (NYSE: PEG) reported a net income of $114 million, or $0.22 per share, for Q3 2022, a significant recovery from a net loss of $1,564 million in the same quarter last year. The company’s non-GAAP operating earnings were reported at $429 million, or $0.86 per share. The 2022 earnings guidance has been narrowed to $3.40 - $3.50 per share. PSEG remains committed to growth through strategic investments in infrastructure and clean energy initiatives. The company also noted the impact of the Inflation Reduction Act on revenue stability for its nuclear fleet.
Public Service Enterprise Group (PSEG) will announce its third-quarter 2022 financial results on October 31, during a call at 11:00 a.m. ET. This earnings call will cover key financial metrics and business developments. Investors can access the live audio webcast on PSEG's Investor Relations website, with a replay available by November 1. PSEG is committed to a clean energy future, guided by its Powering Progress vision, focusing on sustainability and reducing emissions.
PSEG President and CEO Ralph LaRossa received the 2022 Distinguished Service Award from the American Gas Association (AGA) on October 10, 2022. This award honors leaders committed to enhancing customer lives through innovation and community service. LaRossa, who has been with PSEG since 1985, emphasized the importance of clean energy and workforce diversity. Under his leadership, PSEG implemented the Gas System Modernization Program to improve service reliability and reduce emissions. The company also received three AGA awards in 2022 for safety and leadership in the gas industry.
PSEG has announced Ralph LaRossa as the new president and CEO, effective September 1, 2022, as part of a leadership succession plan. Ralph Izzo transitions to executive chair, maintaining his role until December 31, 2022. LaRossa brings over three decades of experience within PSEG, steering the company towards a sustainable energy future. He emphasizes PSEG's commitment to deliver cleaner, safer, and more reliable energy, addressing climate change challenges and enhancing infrastructure. This leadership change aims to continue PSEG's progress in energy efficiency and environmental goals.
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