Publ Svc Enter (PEG) Stock News

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.

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.

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 has appointed Zeeshan Sheikh as its new senior vice president and Chief Information and Digital Officer, effective August 10, 2020. Sheikh, formerly a vice president at Entergy Corp, will oversee all IT and digital initiatives, enhancing customer and employee digital experiences. President Derek DiRisio highlighted the significance of technology in PSEG's future, emphasizing Sheikh's leadership in areas like asset management and data security. PSEG is a diversified energy company with around 13,000 employees, headquartered in Newark, N.J..

Public Service Enterprise Group (NYSE: PEG) reported a significant increase in Net Income for Q2 2020, reaching $451 million ($0.89 per share), compared to $153 million ($0.30 per share) in Q2 2019. Non-GAAP Operating Earnings also rose to $404 million ($0.79 per share) from $294 million ($0.58 per share). The company affirmed its full-year 2020 non-GAAP Operating Earnings guidance of $3.30 - $3.50 per share. PSEG is exploring strategic alternatives for its non-nuclear generating fleet to reduce business risks. Despite a 7% decline in normal electric sales, PSEG's liquidity remains strong at $4 billion.