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Public Service Enterprise Group Incorporated reports recurring developments for a predominantly regulated infrastructure company centered on PSE&G, New Jersey's largest transmission and distribution utility. Company updates commonly cover operating and financial results, earnings guidance, capital investments, regulatory proceedings, quarterly dividends and reliability during extreme weather events.
PSEG disclosures also address its independent carbon-free baseload nuclear generating fleet in New Jersey and Pennsylvania, PSEG Long Island's operation of the Long Island Power Authority transmission and distribution system, and PSE&G programs tied to energy efficiency, customer service, transmission-cost allocation and community impact.
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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.
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.