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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 Long Island has announced a program offering eligible households up to $10,000 in financial assistance to help cover unpaid utility bills due to pandemic-related hardships. This state-run initiative, funded by the American Rescue Plan Act of 2021, is available for households behind on heating utility bills and qualifying for the Home Energy Assistance Program but not for other state assistance programs. Customers can call 1-800-490-0025 for more information and to set up individualized payment agreements.
PSEG announced its commitment to the Business Ambition for 1.5°C and Race to Zero campaigns, aiming to develop science-based targets for emissions reduction. CEO Ralph Izzo emphasized the company's responsibility in addressing climate change. PSEG launched its 2021 Sustainability and Climate Report, showcasing a 54% reduction in greenhouse gas emissions since 2005 and significant decreases in NOx and SO2 emissions. Moreover, the report outlines PSEG's sustainability targets, including energy efficiency, waste minimization, and biodiversity initiatives, reinforcing its net-zero emissions vision by 2030.
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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.