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 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.
Summary not available.
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.
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.