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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.
Public Service Enterprise Group (PSEG) announced that David M. Daly, president of Public Service Electric & Gas (PSE&G), will retire at the end of 2021 after 35 years with the company. Kim Hanemann is set to succeed him as president and COO, effective June 30, 2021, making her the first woman to lead PSE&G in its 118-year history. Daly's leadership has established PSE&G as a national leader in the utility sector, particularly in clean energy initiatives. He will remain as an executive advisor through 2021 for strategic projects.
Public Service Enterprise Group (NYSE: PEG) reported a strong financial performance in Q1 2021, achieving a net income of $648 million ($1.28 per share), up from $448 million ($0.88 per share) in Q1 2020. Non-GAAP operating earnings also improved to $650 million ($1.28 per share) from $520 million ($1.03 per share). PSEG's Clean Energy Future programs are advancing with a focus on decarbonization. The New Jersey BPU's support for nuclear energy through Zero Emission Certificates is highlighted as beneficial for the state's clean energy goals. The company affirms its 2021 non-GAAP operating earnings guidance of $3.35 - $3.55 per share.
PSEG announced an agreement to sell its PSEG Solar Source portfolio to Quattro Solar, an LS Power affiliate. This 467-megawatt-dc portfolio comprises 25 solar facilities across multiple states. The sale is part of PSEG's Strategic Alternatives process to streamline operations, enhancing its focus on regulated utility services. The transaction, expected to close in Q2 or Q3 of 2021, values the solar assets at approximately $500 million. PSEG aims to invest in clean energy projects, supporting New Jersey's carbon reduction goals.
The New Jersey Board of Public Utilities has extended the Zero Emission Certificates (ZECs) for New Jersey's nuclear power plants, including Hope Creek and Salem 1 and 2, for an additional three years. This extension supports the state's aim to maintain over 90% of its carbon-free electricity supply, aligning with its clean energy goals outlined in the Energy Master Plan. PSEG expressed satisfaction with the BPU's decision, which they believe aids environmental efforts, preserves jobs, and prevents increased energy costs.
PSEG Nuclear's Hope Creek Generating Station has successfully completed an 18-month production cycle, generating approximately 14.6 million megawatt-hours of carbon-free electricity. This marks the station's second-best output in its history, contributing to New Jersey's clean energy goals. The facility is now undergoing a planned refueling and maintenance outage involving 1,000 additional trade workers. This maintenance is crucial for the reliability of New Jersey's energy supply, and the nuclear fleet's availability is recognized as an industry leader.
The Board of Directors of Public Service Enterprise Group (NYSE: PEG) has declared a quarterly dividend of $0.51 per share for Q2 2021. This dividend will be paid to shareholders on or before June 30, 2021, with a record date of June 8, 2021. The announcement reflects the company's commitment to returning value to shareholders amidst its ongoing operations in the energy sector.
PSEG has finalized its acquisition of a 25% equity stake in Ocean Wind, a significant offshore wind farm located 15 miles off New Jersey's coast. This investment, approved by the New Jersey Board of Public Utilities on March 31, aligns with the state's goal of achieving 7,500 megawatts of offshore wind capacity by 2035. Ocean Wind is expected to contribute to the economic growth and clean energy transition in New Jersey, creating jobs and supporting infrastructure development. PSEG anticipates collaborating with Ørsted to enhance the local renewable energy landscape.
The PSEG Foundation announced a $1 million grant to support three historically Black colleges and universities (HBCUs): Hampton University, Howard University, and North Carolina Agricultural and Technical State University. This funding aims to enhance access to STEM education for underrepresented students, contributing to a more diverse workforce. Hampton University will implement the PSEG STEM Scholars Program, while Howard and North Carolina A&T will provide scholarships for environmental studies and engineering students, respectively. This initiative aligns with PSEG's commitment to diversity, education, and community support.
Public Service Enterprise Group (PSEG) reported a 2020 Net Income of $1,905 million ($3.76/share), up from $1,693 million in 2019. Non-GAAP Operating Earnings rose by 4.6% to $1,741 million ($3.43/share). Q4 Net Income was $431 million ($0.85/share), slightly down from $437 million in Q4 2019. PSEG plans a 2021 non-GAAP Operating Earnings guidance of $3.35-$3.55 per share, with PSE&G contributing 80% of earnings. A dividend increase to $2.04/share signals growth confidence. Capital spending is forecasted at $14-$16 billion through 2025, focused primarily on regulated utilities and clean energy initiatives.
PSEG announced the retirement of Joe Forline, Vice President of Gas Operations, effective March 5, 2021. He will be succeeded by Brian Clark, who has been with the company for 22 years. Clark's appointment will be finalized after PSEG's Strategic Alternatives process, expected to conclude by the end of 2021. Mike Gaffney will oversee Gas Operations in the interim. Forline's tenure spanned 35 years, during which he contributed to various operational areas, including customer services. PSEG remains committed to leveraging its internal talent for leadership roles.