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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.
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.
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.