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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.
PSEG Long Island and the Long Island Power Authority (LIPA) have unveiled a Climate Change Resilience Plan (CCRP) during Climate Week 2024. This proactive plan addresses projected weather pattern changes over the coming decades. David Lyons, PSEG Long Island's interim president and COO, highlighted the company's decade-long efforts to improve reliability and resilience since 2014.
The CCRP focuses on strengthening physical assets such as poles, transformers, switches, and lines against extreme weather. It builds upon existing adaptation measures and addresses gaps identified through the Climate Change Vulnerability Study (CCVS). The plan also includes adaptations for planning, design, and operations practices.
PSEG Long Island operates the Long Island Power Authority's transmission and distribution system under a long-term contract. As a subsidiary of Public Service Enterprise Group Inc. (NYSE:PEG), PSEG Long Island continues its commitment to combating the effects of climate change and protecting local communities.
PSE&G announced a 5% reduction in gas bills for residential customers, effective Oct. 1, 2024. The Basic Gas Supply Service (BGSS) rate is being reduced by nearly 7 cents per therm to approximately 32.8 cents per therm. This decrease will result in a $6 reduction in the average monthly bill for customers using 100 therms, bringing it to about $104.
The company attributes this reduction to less volatile commodity prices and solid cost management. PSE&G emphasizes its commitment to maintaining low gas rates while improving system reliability. Over the past decade, they have replaced over 2,245 miles of aging gas infrastructure.
PSE&G also highlighted various payment assistance programs available to customers, including LIHEAP and the New Jersey Universal Service Fund. In 2023, over 200,000 customers received $218 million in energy assistance, with $92 million in outstanding balances forgiven through the Fresh Start Program.
PSEG has announced a planned leadership transition in its legal department. Executive Vice President and General Counsel Tamara L. Linde will retire on March 14, 2025. Grace Park, currently Deputy General Counsel and Chief Litigation Counsel, has been appointed as the new Executive Vice President and General Counsel, effective September 16, 2024. Linde will shift to the role of Executive Vice President and Chief Legal Officer until her retirement to ensure a smooth transition.
Linde has been with PSEG for over 30 years and has served as General Counsel for the past decade. She has played a important role in navigating industry shifts and business transitions. Park, who joined PSEG in 2017, brings extensive experience from her previous roles in public service and corporate law.
PSEG reported Q2 2024 results with net income of $0.87 per share and non-GAAP operating earnings of $0.63 per share. The company reaffirmed its full-year 2024 non-GAAP operating earnings guidance of $3.60 to $3.70 per share. PSE&G invested $0.9 billion in Q2, bringing year-to-date capital spending to $1.7 billion. PSEG Power & Other results reflect the positive impact of the federal nuclear production tax credit, offset by higher costs from a scheduled refueling outage. The company maintains its five-year non-GAAP operating earnings growth outlook of 5% to 7% through 2028 and plans a $19 billion to $22.5 billion capital investment program over the same period without issuing new equity or selling assets.
PSEG Long Island, a subsidiary of Public Service Enterprise Group Inc. (NYSE:PEG), has announced its preparedness for Summer 2024, including hurricane season and peak demand periods. The company, which serves approximately 1.2 million customers, has focused on substation, transmission, and distribution improvements. Key initiatives include:
1. Completion of storm hardening work on over 1,000 miles of distribution mainline circuits since 2014.
2. Implementation of the Power On initiative, strengthening an additional 352 miles of circuits since 2020.
3. Achieving a 72% reduction in damage-related outages on storm-hardened sections from 2016 to 2023.
These efforts aim to enhance reliability and resilience of the electric grid, ensuring consistent power delivery during extreme weather conditions.
Public Service Enterprise Group (NYSE:PEG) has announced its regular quarterly dividend for the third quarter of 2024. The Board of Directors declared a dividend of $0.60 per share on the company's outstanding common stock. This dividend will be payable on or before September 30, 2024, to shareholders of record as of September 9, 2024. This announcement demonstrates PSEG's commitment to providing consistent returns to its shareholders, maintaining its dividend payment schedule.
PSE&G's recent report on its Clean Energy Future Energy Efficiency (CEF-EE) initiatives reveals impressive outcomes. Over 380,000 customers have engaged with energy efficiency programs, resulting in projected annual savings of $484 million on utility bills. The initiatives include approximately 70,000 home energy assessments, sales of 306,000 smart thermostats, 95,000 power strips, and 97,000 retail appliance rebates.
Electric customers are expected to save over 2.1 million megawatt-hours annually, enough to power 312,000 homes, while natural gas savings are projected at 57 million therms. Collectively, these efforts aim to avoid 1.6 million metric tons of CO2 emissions yearly.
Commercial and industrial programs, such as the Small Business Direct Install Program, have saved business customers around $12 million in utility bills annually, along with significant energy savings. The Clean Energy Jobs Program has placed over 2,500 individuals in clean energy roles.
PSE&G's energy efficiency efforts have earned over 50 awards since 2021, including the 2024 ENERGY STAR® Partner of the Year Award for Sustained Excellence.
Public Service Enterprise Group (PSEG) announced that it will release its second quarter 2024 financial results on July 30, 2024. The earnings call will take place at 11:00 a.m. ET, where management will discuss the financial outcomes, guidance, capital investments, and regulatory activities. Interested parties can access the live audio webcast and presentation materials on PSEG's Investor Relations website. A replay of the webcast will be available by July 31 on the same platform.
PSEG Long Island has spent a decade fortifying its electric infrastructure against extreme weather, resulting in a resilient grid. The company unveiled a Climate Change Resilience Plan to prepare for future risks. Through storm-hardening efforts and a proactive study, PSEG Long Island aims to enhance reliability and address climate change challenges.
Essential Utilities Inc. (NYSE: WTRG) welcomes Christopher Bruner and Tamara Linde to its board of directors. Bruner, an Assurance Partner at Ernst & Young, brings 36 years of experience and will chair the audit committee. Linde, the Executive Vice President and General Counsel at Public Service Enterprise Group, has over 30 years of experience in the energy industry. Both have impressive backgrounds and will contribute significantly to Essential Utilities' governance.