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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 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.
PSEG announced its vision and mission to address modern challenges like extreme weather and environmental concerns. The initiative, termed 'Powering Progress', emphasizes a transition to a carbon-free economy and outlines goals including energy efficiency and community empowerment. PSEG has divested 6,750 megawatts of fossil generation to focus on clean energy infrastructure. The company's leadership highlights a commitment to sustainability, inclusivity, and ethical practices, aiming to enhance lives through reliable energy solutions.
Public Service Enterprise Group (PSEG) reported a 2021 net loss of $648 million ($1.29 per share), a significant decline from a net income of $1,905 million ($3.76 per share) in 2020. However, non-GAAP operating earnings improved to $1,853 million ($3.65 per share) from $1,741 million ($3.43 per share) in 2020. The fourth quarter saw net income rise to $445 million ($0.88 per share), compared to $431 million ($0.85 per share) a year earlier. PSEG's 2022 guidance for non-GAAP operating earnings narrowed to $3.35 to $3.55 per share, reflecting a positive outlook despite overall losses.
Public Service Enterprise Group (PSEG) has finalized the sale of its fossil generating assets in New York and Connecticut to ArcLight Energy Partners Fund VII. This sale is part of PSEG's broader strategy to shift towards a cleaner energy portfolio, now comprising 90% regulated assets. PSEG emphasizes enhancing its commitment to a carbon-free economy, focusing on clean energy investments and maintaining its nuclear generation fleet. The company is actively participating in the U.N.-backed Race to Zero campaign and has set ambitious net-zero goals across its operations.
Public Service Enterprise Group (PSEG) has finalized the sale of its fossil generating assets in New Jersey and Maryland to ArcLight Capital Partners. This sale is part of a broader strategic initiative launched in July 2020, aimed at enhancing PSEG's focus on regulated utility growth and clean energy investments. The company is on track to achieve a 90% regulated business composition. The sale of additional assets in New York and Connecticut is anticipated to complete within Q1 2022, pending regulatory approvals.
The Board of Directors of Public Service Enterprise Group (NYSE: PEG) announced a quarterly common stock dividend of $0.54 per share for Q1 2022, payable on March 31, 2022. This marks a 5.9% increase from the previous dividend, making the annual rate $2.16 per share. This dividend increase represents the 18th increase in 19 years and the company's 115th consecutive year of dividend payments, showcasing PSEG's strong balance sheet and growth strategy.
Public Service Enterprise Group (PSEG) announced a $35 million investment in funds managed by Energy Impact Partners (EIP), focusing on early-stage technologies that combat climate change. This investment aims to support financial returns while advancing PSEG's sustainability roadmap, with a commitment to net-zero greenhouse gas emissions by 2030. PSEG has significantly reduced its GHG emissions by 54% since 2005 and is engaged in various climate initiatives. The partnership with EIP is expected to enhance PSEG's environmental, social, and governance (ESG) strategies.
Donnelly Energy has secured a contract through PSE&G's Direct Install Program, valid until 2023. This program aids businesses and government entities in New Jersey to enhance energy efficiency with subsidized upgrades. PSE&G covers 100% of upfront costs, allowing customers to repay just 20% interest-free over 60 months. Donnelly Energy will manage implementations in Passaic, Morris, Middlesex, and Hunterdon Counties, offering energy audits and installation services. The company has over 12 years of experience, having excelled in similar programs previously.
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