PSEG Long Island Is Prepared for Summer 2024
Rhea-AI Summary
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.
Positive
- Completed storm hardening work on over 1,000 miles of distribution mainline circuits since 2014
- Implemented Power On initiative, strengthening an additional 352 miles of circuits since 2020
- Achieved 72% reduction in damage-related outages on storm-hardened sections from 2016 to 2023
- Continuous infrastructure improvements to enhance reliability and resilience
Negative
- None.
News Market Reaction 1 Alert
On the day this news was published, PEG declined 2.25%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Experience the full interactive Multichannel News Release here: https://www.multivu.com/players/English/9270451-pseg-long-island-prepared-summer-2024/
"Providing reliable electric service to approximately 1.2 million customers is a long-term commitment, and our personnel work year-round to ensure the grid is ready for summer's extreme weather conditions," said Michael Sullivan, vice president of Electric Operations, PSEG Long Island. "The improvements we have made over the past decade continue to help us deliver consistent, resilient power to our customers, today and in the future."
Electric Infrastructure Improvements
Across Long Island and the Rockaways, PSEG Long Island has prepared the electric infrastructure by focusing on substation, and transmission and distribution improvements, as well as by performing circuit and equipment inspections using helicopters and infrared technology.
Storm Hardening Programs
Since the implementation of the FEMA-funded storm-hardening program in 2014, PSEG Long Island has completed storm hardening and reliability work on more than 1,000 miles of distribution mainline circuits.
PSEG Long Island is proud to continue its storm hardening work with Power On, an initiative started in the spring of 2020 that will continue to improve reliability by strengthening distribution lines, targeting the most vulnerable circuits across Long Island and the Rockaways. Since the launch, an additional more than 352 miles of distribution mainline circuits have been storm hardened with stronger poles, thicker wire and other modern equipment.
These investments have strengthened the system so that fewer customers experience outages and, when they do occur, the duration is shorter, especially during extreme weather. Excluding catastrophic storms, the sections of circuits that PSEG Long Island has storm-hardened have seen a
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
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View original content:https://www.prnewswire.com/news-releases/pseg-long-island-is-prepared-for-summer-2024-302206810.html
SOURCE PSEG Long Island