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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 (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.
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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.
PSEG Nuclear's Salem Unit 1 commenced a scheduled refueling and maintenance outage on October 3, 2020, to ensure safety and efficiency. This outage involves extensive inspections and maintenance activities and is crucial as the nuclear units provide approximately 40% of New Jersey's electricity and over 90% of its carbon-free energy. Enhanced health protocols are in place due to COVID-19. PSEG's commitment to safety, community well-being, and local economic support during this period is highlighted, with hundreds of skilled workers contributing to the effort.
PSEG has filed applications to extend Zero Emission Certificates (ZECs) for the Salem and Hope Creek nuclear plants in New Jersey, vital for maintaining the state’s largest carbon-free energy source. Currently, nuclear energy accounts for over 90% of New Jersey's carbon-free electricity, contributing to the state's target of a 100% carbon-free supply by 2050. PSEG's request follows deteriorating market conditions, which increase financial pressures on nuclear plants. Studies suggest closing these plants could raise energy bills by $400 million annually, underscoring the economic and environmental necessity of this initiative.
The New Jersey Board of Public Utilities has approved PSE&G's $1 billion Clean Energy Future proposal, marking a significant commitment to energy efficiency. This initiative aims to provide substantial environmental benefits, reduce customer bills, and create jobs in the state. Over the next three years, the program is expected to deliver $1 billion in net customer savings and create 3,200 direct and 1,100 indirect jobs. Approximately 70% of the investment will target business customers, contributing to New Jersey's economic competitiveness and helping avoid 8 million metric tons of carbon emissions through 2050.
PSE&G announced an expansion of its claims policy due to the COVID-19 pandemic, allowing customers affected by Tropical Storm Isaias to receive compensation for spoiled food and medication. The storm caused power outages for over 575,000 customers in New Jersey. Residential customers can claim up to $250 for food spoilage, while commercial customers can claim up to $5,000. Additionally, reimbursement for spoiled medications can reach $300. Claims must be submitted by September 16, 2020, and processing could take up to 60 business days.
PSEG Long Island has announced an expansion of its claims policy in response to Tropical Storm Isaias, which disrupted electrical service for over 420,000 customers from August 4 to August 12, 2020. Customers whose service was interrupted for at least 72 hours can claim reimbursements for spoiled food, up to $250 for residential and $5,000 for commercial customers. Additionally, reimbursements for spoiled medications will be offered, with a maximum of $300. Claims can be submitted until September 16, 2020.