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.
The Board of Directors of Public Service Enterprise Group (NYSE: PEG) has declared a quarterly common stock dividend of $0.51 per share for Q1 2021, payable on March 31, 2021. This marks a 4.1% increase from the previous dividend, bringing the annual dividend rate to $2.04. This increase reflects PSEG's commitment to returning value to shareholders, being the 17th increase in 18 years and the 114th consecutive year of dividend payments. The company's strong balance sheet supports this sustainable growth in dividends.
PSEG Long Island has completed the Western Nassau Transmission Project, a 7.3-mile underground transmission line aimed at enhancing the reliability of the electric system in western Nassau County. Operational since December 2020, the project was executed under budget and on schedule. This new line adds a third transmission route, improving energy delivery capacity and safeguarding against electrical impacts. The initiative, launched in early 2018, underwent extensive regulatory review and community consultation, emphasizing PSEG's commitment to minimizing neighborhood disruption.
As of December 7, 2020, approximately $95.26 million of PSEG Power's 8 5/8% Senior Notes due 2031, representing 19.05% of the total, were tendered in a private exchange offer. Eligible noteholders will receive new PSEG notes on or about December 23, 2020. The exchange consideration for notes tendered after the early deadline has increased to $1,000 per $1,000 of Power Notes. The offer expires on December 21, 2020, and withdrawal rights ended at the early deadline.
Public Service Enterprise Group (PSEG) announced a definitive agreement to acquire a 25% interest in the 1,100-megawatt Ocean Wind project from Ørsted. This collaboration aims to leverage Ørsted's offshore wind expertise and PSEG's local knowledge, promoting New Jersey's clean energy goals and job creation. Ocean Wind is pivotal for the state's target of 100% renewable power by 2050 and will generate enough electricity for 500,000 homes. The deal is expected to close in the first half of 2021, pending regulatory approvals.
Public Service Enterprise Group (NYSE: PEG) has announced a private exchange offer and related consent solicitation regarding its 8 5/8% senior notes due 2031, totaling $500 million. The exchange aims to issue new PSEG notes in exchange for the outstanding Power Notes held by eligible noteholders. Eligible participants tendering by the early deadline of December 7, 2020, will receive $1,000 in new notes for every $1,000 of Power Notes, while those tendering later will receive $970. The offering will expire at 11:59 p.m. EST on December 21, 2020. The consent solicitation seeks to amend certain covenants of the Power Notes.
The Board of Directors of Public Service Enterprise Group (NYSE:PEG) declared a $0.49 per share dividend for Q4 2020. This dividend will be payable on or before December 31, 2020, to shareholders on record as of December 10, 2020. The announcement reflects the company's commitment to returning value to shareholders amidst ongoing operational adjustments and market dynamics.
PSEG Long Island announces its participation in the fifth annual Utility Scam Awareness Week from Nov. 16-20, aimed at educating customers about prevalent scam tactics. This year alone, over 5,400 scam calls have been reported. Key warning signs of scams include threats of disconnection for unpaid bills and requests for immediate payment via unconventional methods like prepaid cards or Bitcoin. Customers are advised to verify any suspicious communications through official PSEG channels. PSEG Long Island is also a member of Utilities United Against Scams, working with over 145 utilities to combat fraud.
Public Service Enterprise Group (NYSE: PEG) reported a net income of $575 million ($1.14 per share) for Q3 2020, compared to $403 million ($0.79 per share) in Q3 2019. Non-GAAP operating earnings were $488 million ($0.96 per share), slightly down from $495 million ($0.98 per share). The company updated its 2020 full-year guidance to $3.35 to $3.50 per share. A $1 billion investment in clean energy efficiency has been authorized, aimed at creating over 3,200 jobs and reducing carbon emissions. However, challenges such as a decline in electric sales and severe weather events were noted.
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