PSEG Long Island Contract Extension Approved by N.Y. State Comptroller

Rhea-AI Summary

Public Service Enterprise Group (NYSE: PEG) announced that the New York State comptroller approved a five-year extension of PSEG Long Island's operations services agreement with the Long Island Power Authority, effective Jan. 1, 2026 through Dec. 31, 2030. PSEG named Scott Jennings president and COO of PSEG Long Island effective Jan. 5, 2026, and John Latka senior vice president of electric operations to support both PSE&G and PSEG Long Island. PSEG Long Island serves approximately 1.2 million customers and cites material reliability gains since 2014: SAIFI -26%, SAIDI -47%, MAIFI -63%, plus >75% workforce safety improvement and a No.1 J.D. Power 2025 business-customer satisfaction ranking.

Positive

• Five-year operations contract extension effective Jan 1, 2026–Dec 31, 2030
• Service coverage of approximately 1.2 million customers
• Reliability: SAIFI -26%, SAIDI -47%, MAIFI -63% since 2014
• Workforce safety improvement: >75% reduction in OSHA recordable rate
• Ranked No.1 in J.D. Power 2025 Electric Utility Business Customer Satisfaction

Negative

• None.

Key Figures

Contract extension length 5 years LIPA operations services agreement extension

Extension start date Jan. 1, 2026 Start of extended LIPA agreement

Extension end date Dec. 31, 2030 End of extended LIPA agreement

Customers served 1.2 million Electric customers on Long Island and in the Rockaways

Outage frequency reduction 26% SAIFI reduction since 2014

Outage duration reduction 47% SAIDI reduction since 2014

Momentary outages reduction 63% MAIFI reduction since 2014

Workforce safety improvement 75%+ Improvement in OSHA Recordable Incident Rate

Market Reality Check

$80.91 Last Close

Volume Volume 2,053,404 is below the 20-day average of 3,106,482, indicating muted trading interest pre-announcement. low

Technical Price at $80.69, trading below the $82.07 200-day moving average.

Peers on Argus

Peers showed mixed, very small moves (e.g., XEL and ETR up 0.16%, EXC down 0.09%), suggesting today’s contract and leadership news is stock-specific rather than a sector-wide driver.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 17	Customer satisfaction award	Positive	-0.0%	Ranked #1 for residential electric customer satisfaction in J.D. Power 2025.
Dec 08	Community initiative	Positive	-1.0%	$1.5M community relief initiative supporting >25 nonprofits and 135 leaders.
Nov 18	Dividend declaration	Positive	-0.1%	Declared regular quarterly dividend of <b>$0.63</b> per share for Q4 2025.
Nov 17	Customer protection campaign	Positive	-0.5%	Public education on scam awareness and safe payment/verification practices.
Nov 17	Customer protection campaign	Positive	-0.5%	Reiterated messaging on avoiding impostor scams and fraudulent payments.

Pattern Detected

Recent positive corporate and community news has often coincided with flat-to-slightly-negative price reactions, suggesting limited short-term trading impact from similar announcements.

Recent Company History

Over the last few months, PEG highlighted customer satisfaction achievements, community relief efforts, dividend consistency, and customer-protection messaging. Despite these generally positive developments, 24-hour price reactions around these events were slightly negative (from -0.03% to -1.03%). Today’s approval of the LIPA contract extension and leadership changes at PSEG Long Island fit this pattern of operational and reputational updates that do not historically drive large immediate moves.

Market Pulse Summary

This announcement confirms a five‑year extension of PSEG Long Island’s agreement with LIPA, securing operations of the grid through 2030 and introducing new leadership. It highlights substantial gains in reliability and safety, including a 26% reduction in outage frequency and over 75% improvement in safety metrics. Investors may track future disclosures on financial impacts of the contract, execution under new leadership, and whether customer‑satisfaction trends remain strong.

AI-generated analysis. Not financial advice.

 Scott Jennings Named New President and COO, PSEG Long Island
John Latka Named Senior Vice President Electric Operations, PSEG

NEWARK, N.J., Dec. 30, 2025 /PRNewswire/ -- Public Service Enterprise Group (PSEG) announced today that the New York State comptroller has given final approval of the extension of the operations services agreement with the Long Island Power Authority (LIPA).

PSEG also announced it has named Scott Jennings as the new president and chief operating officer (COO) of PSEG Long Island starting on Jan. 5, 2026. John Latka has been named senior vice president of electric operations at PSEG to support both PSE&G and PSEG Long Island in achieving operational excellence.

On Sept. 25, the LIPA Board of Trustees awarded PSEG Long Island a five-year extension on the existing contract to continue to operate the electric grid on Long Island and in the Rockaways. That agreement was approved by the New York State attorney general in October, and by the New York State comptroller this week.

PSEG Long Island has operated the electric grid on behalf of LIPA since 2014. The extension begins Jan. 1, 2026, and runs through Dec. 31, 2030.

As PSEG Long Island's new president, Jennings will be responsible for overseeing the operation of the transmission and distribution system on Long Island and in the Rockaways under a five-year extension of the operations services agreement between LIPA and PSEG Long Island.

Jennings succeeds David Lyons, who has served as interim president and COO of PSEG Long Island since May 2022. PSEG thanks Lyons for his 45 years of dedicated service across the organization and wishes him well in his retirement.

"We conducted an extensive national search to find a leader who had the ideal skills and vision, while demonstrating a strong commitment to the role and the future success of PSEG Long Island. Scott has decades of experience and a strong strategic and financial background that will be instrumental to maintaining energy affordability for customers on Long Island and in the Rockaways." said Ralph LaRossa, PSEG chair, president and CEO. "We are confident that Scott will seamlessly lead PSEG Long Island in this new chapter and work in partnership with LIPA to enhance our safe, affordable, reliable energy future."

"Scott Jennings brings strong leadership, sound business judgment, and a clear understanding of the responsibility that comes with serving Long Island and the Rockaways. We look forward to working with him as president and chief operating officer of PSEG Long Island in support of safe, reliable, and affordable electric service for our customers," said Carrie Meek Gallagher, chief executive officer of the Long Island Power Authority.

"I am thrilled to be joining PSEG Long Island as it enters this new chapter. I will work diligently with our partners at LIPA and IBEW 1049 to continue the improvements we have made for customers over the past 12 years," said Jennings. "I look forward to making strategic investments across the organization to deliver a reliable, resilient electric grid while enhancing the customer experience and maintaining affordability."

"We thank David Lyons for his leadership and service to PSEG Long Island and for his work with the workforce during his tenure," said Pat Guidice, business manager of the International Brotherhood of Electrical Workers Local 1049. "We appreciate the opportunity to have worked with him and wish him well in his next steps. We also congratulate Scott Jennings on his appointment as president and COO and look forward to working with him in his new role."

Jennings comes to PSEG Long Island with more than 27 years of experience at PSEG, having served in various leadership roles including his most recent role as senior vice president of Finance, Planning and Strategy at PSEG, where he was responsible for the company's business plans and investments focused on improving reliability and meeting public policy and customer service goals in an affordable manner.

Jennings also has extensive experience with PSEG Long Island's structure and operations, including leading the development, diligence, and negotiation of PSEG's arrangement to operate the Long Island electric grid on behalf of the Long Island Power Authority leading up to the establishment of PSEG Long Island in 2014.

In addition to his own industry experience, Jennings will draw upon the deep expertise of the teams in electric operations, both on Long Island and in New Jersey, to support the provision of safe, reliable electrical service to approximately 1.2 million customers on Long Island and in the Rockaways.

Latka, PSEG's senior vice president of Electric Operations, will partner with Jennings in ensuring PSEG Long Island's operational excellence while also fostering collaboration on best practices across PSEG's utilities in New Jersey and on Long Island. Latka has over 40 years of utility operations experience overseeing the full spectrum of electric infrastructure operations, including system design, construction, maintenance, emergency preparedness, and grid-modernization initiatives. Under Latka's leadership, PSE&G has achieved multiple National ReliabilityOne Awards, including recognition for Outstanding System Resiliency and Metropolitan Service Area Reliability Performance in the Mid-Atlantic Region for the 24th year in a row.

PSEG Long Island was ranked No. 1 in customer satisfaction among business customers in the East Large Segment, according to the J.D. Power 2025 Electric Utility Business Customer Satisfaction Study^℠. The honor caps off an 11-year rise from the bottom of the survey rankings when PSEG Long Island took over operation of the electric grid.

Since 2014, PSEG Long Island has:

• Improved reliability with the reduction in the frequency of outages by 26% (SAIFI), the reduction in the duration of outages by 47% (SAIDI) and the reduction in the frequency of momentary outages by 63% (MAIFI).
• Improved the safety of its workforce by over 75% (as measured by OSHA Recordable Incident Rate).
• The lowest DPS complaint rate for electric and combined utilities in New York State for nine out of the last 11 years.
• Most improved in J.D. Power Residential and Business Customer Satisfaction scores in the nation.
• The lowest rate increases for customers when compared to regional peers.
• Become the No. 1 overhead electric service provider in New York State in both reliability and customer satisfaction.

About PSEG
Public Service Enterprise Group (PSEG) (NYSE: PEG) is a predominantly regulated infrastructure company focused on a clean energy future. Guided by its Powering Progress vision, PSEG aims to power a future where people use less energy, and it's cleaner, safer and delivered more reliably than ever. With a continued focus on sustainability, PSEG has appeared on the Dow Jones Sustainability North America Index for 17 consecutive years. PSEG is included on the 2023-2024 list of U.S. News' Best Companies to Work For. PSEG's businesses include Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island (https://corporate.pseg.com).

Forward-Looking Statements
The statements contained in this press release that are not purely historical are "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. Such statements are based on management's beliefs as well as assumptions made by and information currently available to management. Factors that may cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K filed with the Securities and Exchange Commission (SEC), and available on our website: https://investor.pseg.com. All of the forward-looking statements made in this press release are qualified by these cautionary statements and we cannot assure you that the results or developments anticipated by management will be realized or even if realized, will have the expected consequences to, or effects on, us or our business, prospects, financial condition, results of operations or cash flows. Readers are cautioned not to place undue reliance on these forward-looking statements in making any investment decision. Forward-looking statements made in this press release apply only as of the date hereof. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even in light of new information or future events, unless otherwise required by applicable securities laws.

PSEG Long Island
PSEG Long Island operates the Long Island Power Authority's transmission and distribution system under a long-term contract.  PSEG Long Island is a subsidiary of Public Service Enterprise Group Inc. (PSEG) (NYSE:PEG), a publicly traded diversified energy company.

Visit PSEG Long Island at:
psegliny.com
PSEG Long Island on Facebook
PSEG Long Island on Instagram
PSEG Long Island on X (formerly Twitter)
PSEG Long Island on LinkedIn
PSEG Long Island on YouTube
PSEG Long Island on Flickr

CONTACTS:
Investor Relations		Media Relations
pseg-investorrelations@pseg.com		DL-ENT-pseg.communications@pseg.com
PSEG Long Island Media Relations
MediaRelationsLI@psegliny.com

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SOURCE Public Service Enterprise Group

FAQ

What did PSEG (PEG) announce about its Long Island operations on Dec. 30, 2025?

PSEG said the New York State comptroller approved a five-year extension of PSEG Long Island's operations agreement, effective Jan 1, 2026 to Dec 31, 2030.

When does Scott Jennings start as president and COO of PSEG Long Island (PEG)?

Scott Jennings is named president and COO effective Jan. 5, 2026.

How many customers does PSEG Long Island (PEG) serve under the extended contract?

PSEG Long Island serves approximately 1.2 million customers on Long Island and in the Rockaways.

What reliability improvements did PSEG Long Island report since 2014?

PSEG Long Island reported SAIFI -26%, SAIDI -47%, and MAIFI -63% improvements since 2014.

What is John Latka's new role and how will it affect PSEG Long Island (PEG)?

John Latka is named senior vice president of electric operations to support operational excellence and cross-utility best practices for PSE&G and PSEG Long Island.