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 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.
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.
Summary not available.
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.