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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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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.
PSEG Long Island President and COO Daniel Eichhorn will retire in 2022 after 32 years of service. Eichhorn's retirement aims to facilitate a smooth leadership transition as the Long Island Power Authority board reviews a revised operations services agreement. Since his appointment in October 2017, Eichhorn has focused on operational improvements and customer satisfaction. His tenure is marked by a commitment to enhancing customer service and a strong dedication to the clean energy goals of the state.
PSEG is joining the National Electric Highway Coalition to establish a national electric vehicle (EV) charging network. The Clean Energy Future – Electric Vehicle program will support the installation of 45,000 EV chargers in New Jersey, with 3,000 providing fast-charging services along major highways. This initiative addresses 'range anxiety' and aims to provide accessible charging solutions. PSEG's program aligns with its vision for cleaner energy delivery and reliability, enhancing relationships with regional utilities.
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The Board of Directors of Public Service Enterprise Group (PEG) has declared a $0.51 per share dividend for Q4 2021, payable by December 31, 2021, to shareholders of record on December 9, 2021. This announcement follows an investor conference in September 2021 where a $500 million share repurchase program was revealed, set to commence after the completion of the Fossil sale. The sales transactions are expected to finalize in late Q4 2021 or early Q1 2022.
PSEG Chairman, President, and CEO Ralph Izzo attended COP26 in Glasgow, where he highlighted the urgent need for action against climate change. With New Jersey facing climate crises, Izzo emphasized the state's progress toward clean energy as a model for others. He met with global leaders to advocate for aggressive carbon reduction goals and outlined a five-point plan for decarbonization. PSEG's net-zero climate vision for 2030 underscores their commitment to sustainability, focusing not only on energy transition but also on addressing inequities faced by vulnerable communities.
Public Service Enterprise Group (NYSE: PEG) reported a net loss of $1,564 million ($3.10 per share) for Q3 2021, sharply down from a net income of $575 million ($1.14 per share) in Q3 2020. Non-GAAP Operating Earnings rose slightly to $495 million ($0.98 per share) compared to $488 million ($0.96 per share) a year earlier. The loss includes a significant pre-tax impairment of $2,175 million linked to the Fossil sale. Despite this, the company has raised its full-year non-GAAP EPS guidance to $3.55-$3.70 per share. PSEG Power plans significant investments and continues its transition to a regulated utility with zero-carbon goals.
PSEG and Ørsted have jointly proposed the Coastal Wind Link, aimed at enhancing offshore wind transmission in New Jersey. This initiative is part of the state's commitment to achieving 7,500 megawatts of offshore wind energy by 2035 and 100% clean energy by 2050. The proposals leverage PSEG's transmission experience and Ørsted's offshore expertise, promising reliable and cost-effective infrastructure. The collaboration is expected to create hundreds of millions of dollars in economic benefits and skilled jobs over the next decade, fostering a sustainable clean energy future in New Jersey.
PSE&G is enhancing support for customers affected by the pandemic, expanding eligibility for utility assistance programs. A family of four can now make up to $105,000 per year to qualify for help. This is more than double the prior limit. The utility is also promoting payment flexibility through Deferred Payment Arrangements (DPAs), allowing customers to manage past-due balances. PSE&G collaborates with community advocates to increase awareness about available resources and assistance programs, ensuring customers can stay connected during challenging times.