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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.
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.
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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.
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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