Welcome to our dedicated page for Publ Svc Enter news (Ticker: PEG), a resource for investors and traders seeking the latest updates and insights on Publ Svc Enter stock.
Public Service Enterprise Group Incorporated (PSEG) (NYSE: PEG) generates frequent news as a predominantly regulated infrastructure company operating in the utilities sector. Through its subsidiaries Public Service Electric & Gas Co. (PSE&G), PSEG Power and PSEG Long Island, the company reports on developments in electric and gas delivery, nuclear generation, customer programs and regulatory matters.
News about PSEG often includes financial results and earnings guidance, as reflected in quarterly announcements furnished on Form 8-K. These updates cover segment performance for PSE&G and PSEG Power & Other, capital investment in New Jersey’s energy infrastructure, and commentary on regulatory and market conditions that affect customers and operations.
Another major theme in PSEG news is customer satisfaction and reliability. PSE&G has been recognized by J.D. Power for residential customer satisfaction among large electric utilities in the East Region, and for gas service, while also earning the ReliabilityOne Award for superior electric system reliability in the Mid-Atlantic region. PSEG Long Island has reported top rankings in the J.D. Power Electric Utility Business Customer Satisfaction Study in the East Large Segment, highlighting improvements in customer experience for business customers on Long Island and in the Rockaways.
PSEG news releases also highlight contract developments and operational milestones, such as the Long Island Power Authority Board of Trustees’ approval of a five-year contract extension for PSEG Long Island as operations service provider through 2030, and the New York State comptroller’s approval of the associated operations services agreement extension.
In addition, PSEG and the PSEG Foundation issue news about community and affordability initiatives, including grant programs that support food banks, housing assistance, and energy assistance organizations. PSE&G and PSEG Long Island also publicize customer assistance events and energy efficiency programs aimed at helping households and businesses manage energy use and costs.
Investors and observers can use this news feed to follow PSEG’s earnings announcements, regulatory and contract updates, customer satisfaction recognition, and community-focused initiatives across New Jersey and Long Island.
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.