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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 (NYSE: PEG) announced plans to redeem all outstanding Senior Notes of PSEG Power, totaling approximately $1.35 billion. This includes $700 million of 3.850% Senior Notes due 2023, $250 million of 4.30% Senior Notes due 2023, and $404.3 million of 8.625% Senior Notes due 2031, effective October 8, 2021. A 'make-whole' premium for the redemption is estimated between $280 million to $340 million. After this redemption, PSEG Power will have no bonds outstanding, simplifying its debt structure.
Public Service Enterprise Group (PSEG) has announced an agreement to sell its 6,750-megawatt fossil generating portfolio to ArcLight Capital Partners for approximately $1.92 billion. This transaction, part of PSEG's strategy to enhance its focus on regulated utility growth and clean energy infrastructure, is expected to close in late 2021 or early 2022. Following the sale, PSEG anticipates after-tax net proceeds of around $2.15 billion. The company also updated its 2021 non-GAAP operating earnings guidance to $3.50 to $3.65 per share, reflecting reduced depreciation and interest expenses.
Public Service Enterprise Group (NYSE: PEG) reported a net loss of $177 million for Q2 2021, a stark contrast to a net income of $451 million in Q2 2020. Non-GAAP Operating Earnings fell to $356 million from $404 million year-over-year. The loss was impacted by a $519 million impairment charge for New England assets, partially offset by a $62 million gain from the sale of Solar Source LLC. The company raised its full-year non-GAAP Operating Earnings guidance to $3.40 to $3.55 per share, anticipating favorable results from PSEG Power and PSE&G, while ongoing capital investments and strategic reviews aim to simplify operations.
The Board of Directors of Public Service Enterprise Group (NYSE:PEG) has declared a $0.51 per share dividend for Q3 2021. This dividend is payable on or before September 30, 2021, to shareholders of record on September 8, 2021. This announcement reflects the company's continued commitment to returning value to its shareholders. The forward-looking statements included in the release warn investors of potential risks and uncertainties that could impact the company's future performance.
PSE&G has reached an agreement with the New Jersey Board of Public Utilities that could reduce transmission rates by approximately 3% for residential customers, equating to a $3 monthly saving. The base return on equity is set to decrease from 11.18% to 9.9%, resulting in an annual revenue reduction of about $140 million. The agreement, pending approval from the Federal Energy Regulatory Commission, aims for an effective date of August 1. Notably, this settlement is expected to lower PSE&G's net income by $50 million to $60 million in the first year, reflecting a reduction of $0.10 to $0.12 per share.
Public Service Electric & Gas Co. (PSE&G) has appointed Deborah Affonsa as the new Chief Customer Officer, effective July 12, 2021. This role aims to transform PSE&G's customer experience for its 2.5 million customers. Affonsa, previously with PG&E Corp., will lead strategies focused on enhancing customer satisfaction and supporting PSEG's Clean Energy Future programs. She holds a bachelor's in business administration and a master's in organizational dynamics. PSE&G is recognized for its superior electric system reliability.
PSEG announced the completion of its sale of the 467-megawatt-dc Solar Source portfolio to Quattro Solar LLC, an affiliate of LS Power, on June 29, 2021. This includes 25 solar facilities across 14 states and is part of PSEG's Strategic Alternatives process aimed at optimizing its non-nuclear generation portfolio, which consists of over 6,750 megawatts of fossil generation. CEO Ralph Izzo emphasized the company's commitment to transforming into a primarily regulated utility and advancing clean energy initiatives, including offshore wind projects.
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PSEG Long Island has enhanced its electric grid in preparation for the summer 2021 hurricane season and peak demand periods. Key improvements include system upgrades and testing, installation of new transformers, and storm hardening initiatives. The company has successfully tested its outage management and telephony systems under extreme conditions and updated business continuity procedures. Notably, PSEG Long Island has completed storm hardening work on over 450 miles of distribution circuits, resulting in 42% fewer outages. Ongoing investments aim to improve reliability and customer experience.
PSEG Power has officially retired the Bridgeport Harbor Station Unit 3 power plant as of May 31, 2021, concluding its long-term exit from coal. This retirement aligns with PSEG's commitment to transitioning towards net-zero carbon emissions. Unit 3, operational since 1968 and converted to coal in 2002, provided 400 megawatts during peak demands. The company's newer natural gas plant, Bridgeport Harbor Station Unit 5, continues to enhance efficiency. PSEG aims for a fleet predominantly composed of carbon-free energy sources by the end of 2021.