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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 is resuming utility service shutoffs for nonpayment in New York State starting July 12, 2022, after more than two years. The company reassures low- and moderate-income customers that they can access various assistance programs to avoid disconnections. Options include deferred payment agreements, low-income rates, and the New York State Electric and Gas Bill Relief Program, benefiting over 14,000 customers. PSEG emphasizes they prioritize customer outreach and support, having connected with 47,000 customers to discuss payment plans and options to prevent shutoffs.
The New Jersey Board of Public Utilities has approved PSE&G's Infrastructure Advancement Program, enabling a $511 million investment over four years to enhance electric distribution reliability and support the transition to electric vehicles (EVs). This initiative aims to modernize aging infrastructure, including substations and natural gas stations, creating hundreds of jobs and stimulating the local economy. The plan will result in a modest bill increase of about $1.50 monthly for customers in 2026. PSE&G is recognized for its efforts in improving reliability and sustainability.
PSEG Long Island announces its preparations for the summer of 2022, emphasizing enhancements to its electric infrastructure and readiness for hurricane season. Key upgrades include new transformers, feeder lines, and storm hardening programs. Over 1,000 miles of circuits have been storm-hardened since 2014, leading to a 44% reduction in damage-related outages. The company remains committed to ensuring reliable electric service amid extreme weather conditions, with ongoing training and emergency plans for its workforce.
Public Service Enterprise Group (NYSE: PEG) reported a net loss of $2 million or less than $0.01 per share for Q1 2022, a significant drop from a net income of $648 million or $1.28 per share in Q1 2021. This decline was primarily due to $674 million in mark-to-market adjustments. However, non-GAAP operating earnings rose to $672 million or $1.33 per share, up from $650 million or $1.28 per share year-on-year. The company reaffirmed its 2022 non-GAAP operating earnings guidance of $3.35 - $3.55 per share and announced CEO leadership succession starting September 1, 2022.
PSEG and The PSEG Foundation have partnered with the New Jersey Hall of Fame (NJHOF) to support educational initiatives in New Jersey. This collaboration aims to provide enriching experiences at the NJHOF's Entertainment Learning Center, promoting economic growth and highlighting influential residents. NJHOF leaders express gratitude for PSEG's consistent support since its inception. The NJHOF, a non-profit, recognizes individuals who have positively impacted society, thereby inspiring future leaders in New Jersey.
Ørsted and PSEG have awarded major construction contracts to JINGOLI Power and Burns & McDonnell for the 1,100 MW Ocean Wind 1 offshore wind project in New Jersey. This project aims to deliver clean energy for 500,000 homes while creating approximately 275 jobs during construction. The start of construction is set for September 2023. The initiative supports local economies through job training and prioritizes diverse local hiring, contributing to New Jersey's clean energy goals.
PSEG has appointed Susan Tomasky as Lead Director while announcing the retirement of Dr. Shirley Ann Jackson from the Board, effective April 19, 2022. Tomasky, a board member since 2012 and former president of AEP Transmission, will oversee PSEG's governance as the board expands to 11 members. New members Jamie Gentoso and Valerie Smith bring valuable leadership and sustainability experience. CEO Ralph Izzo plans to retire at the end of 2022, with Ralph LaRossa set to succeed him on September 1, 2022, following unanimous board support.
The Board of Directors of Public Service Enterprise Group (NYSE:PEG) announced a quarterly dividend of $0.54 per share for the second quarter of 2022. Shareholders on record as of June 9, 2022, will receive the dividend, payable on or before June 30, 2022. This decision reflects the company's ongoing commitment to returning value to its shareholders.
PSEG has announced that Ralph Izzo will retire as chairman, president, and CEO at the end of 2022. Effective September 1, 2022, Ralph LaRossa, the current COO, will take over as president and CEO, while Izzo will transition to executive chair until his retirement. LaRossa, who has been with PSEG for almost 20 years, is expected to carry forward the company's vision towards a clean energy future. Under Izzo's tenure, PSEG has made significant investments in infrastructure and clean energy initiatives, and has achieved substantial reductions in carbon emissions.
PSE&G has launched a new initiative to train 2,000 residents from underserved communities in New Jersey for careers in the energy efficiency sector. This part of its Clean Energy Jobs program aims to address the skills gap, with 700 individuals already employed and 40 currently in training. The program supports PSE&G's $1 billion energy efficiency initiative, which aims to reduce energy use and customer bills while creating jobs. It includes various training courses and wrap-around services to assist participants in securing sustainable employment.
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