NEWARK, N.J., Jan. 19, 2021 /PRNewswire/ -- Public Service Enterprise Group (PSEG) launched its first-ever PSEG ESG Performance Report today as part of its ongoing efforts to increase disclosures and transparency, and help make the company's data clearer and easier for the public to find and understand. Included in the report are a number of new ESG (environmental, social and governance) metrics and disclosures, as well as the company's progress toward existing goals, including:
What's new:
Updates include:
The new PSEG ESG Performance Report is available online here.
As COVID-19 and the social unrest of 2020 have demonstrated, business and society are dynamic – and ESG reporting needs to rapidly evolve to continue to meet the needs of business and stakeholders who make decisions in this era of constant change. PSEG has delivered best-in-class environmental reporting for years and today's report reflects PSEG's continued disclosures to meet the needs of stakeholders.
The report presents not only the data and details, but also PSEG's approach to disclosure and its continued commitment to relevant, accessible and detailed ESG information. This report is part of PSEG's strong legacy of reporting and metrics. Going forward, these details will be incorporated into PSEG's annual climate and sustainability report.
"Even as we devote attention to the immediate crisis of the pandemic, PSEG remains intently focused on the long-term challenges of climate change," PSEG Chairman, President and CEO Ralph Izzo said. "The impacts of our changing climate pose risks to our environment, our communities, our economy and our business. We're pleased to offer the first-ever PSEG ESG Performance Report as a centralized source of data – available to anyone who wants to better understand our business strategy and evaluate our business' impact. Our objective is to simplify and expedite the flow of information and to continuously improve our disclosure process to be more useful and transparent, which can be especially helpful to our diverse stakeholders who navigate the evolving landscape of ESG metrics."
"From Wall Street to Main Street, PSEG's stakeholders are increasingly focused on the role that environmental, social and governance issues play in our business agenda," PSEG Senior Vice President for Corporate Citizenship Rick Thigpen said. "Disclosing ESG data helps stakeholders better understand how PSEG is achieving long-term growth by meeting the energy needs of highly diverse communities today and helping them make the transition to a clean energy future."
"The combined impacts of the COVID-19 pandemic and steps taken to address social equity helped to make 2020 a unique year," PSEG Chief Human Resources Officer and Chief Diversity Officer Sheila Rostiac said. "The PSEG ESG Performance Report aims to capture and share a fuller picture of what we've accomplished as a company. As a best-in-class employer, PSEG is stepping up support for employees, increasing our focus on DEI, increasing transparency in workforce reporting, and driving culture change for an inclusive workplace where all employees can thrive."
The PSEG ESG Performance Report complements our more extensive reports and reporting frameworks. PSEG's Climate Report can be found online here. Its Sustainability report can be found here. More ESG reporting and disclosure information can be found on PSEG's Investor Relations website under Governance > ESG disclosures, or by visiting https://investor.pseg.com/governance/esg-disclosures/default.aspx.
Public Service Enterprise Group Inc. (PSEG) (NYSE: PEG) is a publicly traded diversified energy company with approximately 13,000 employees. Headquartered in Newark, N.J., PSEG's principal operating subsidiaries are: Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 13 consecutive years (https://corporate.pseg.com).
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Forward-Looking Statement
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.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate Investor Relations website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the Investor Relations website to review new postings. You can also use the "Email Alerts" link at https://investor.pseg.com sign up for automatic email alerts regarding new postings.
CONTACTS: | |
Investor Relations | Media Relations |
Carlotta Chan | Marijke Shugrue |
973-430-6565 | 908-531-4253 |
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SOURCE PSEG
NEWARK, N.J., Dec. 8, 2020 /PRNewswire/ -- Public Service Enterprise Group Incorporated (NYSE: PEG) ("PSEG") announced today that as of 5:00 p.m., New York City time, on December 7, 2020 (the "Early Tender Deadline"), approximately $95,264,000 in aggregate principal amount of the 8 5/8% Senior Notes due 2031 of PSEG Power LLC ("PSEG Power") (such notes, the "Power Notes"), representing approximately 19.05% of the total outstanding principal amount of the Power Notes, had been validly tendered and not validly withdrawn in connection with its previously announced private exchange offer (the "Exchange Offer") and related consent solicitation (the "Consent Solicitation") with respect to the Power Notes. Holders of Power Notes whose Power Notes have been validly tendered and not validly withdrawn and that are accepted for exchange will receive new notes issued by PSEG (the "PSEG Notes") on the settlement date, which is expected to be on or about December 23, 2020, unless the Exchange Offer is extended or terminated. In addition, PSEG announced that it has (i) increased the "Exchange Consideration" for Power Notes validly tendered after the Early Tender Deadline from $970 principal amount of the PSEG Notes (as defined below) per $1,000 principal amount of Power Notes, to $1,000 principal amount of the PSEG Notes per $1,000 principal amount of Power Notes, and (ii) withdrawn the Consent Solicitation. As a result, the consideration to be paid for Power Notes validly tendered (i) prior to the Early Tender Deadline and (ii) following the Early Tender Deadline will be the same. All other terms and conditions of the Exchange Offer remain unchanged.
Withdrawal rights for the Exchange Offer expired at the Early Tender Deadline. Eligible noteholders may no longer withdraw tendered Power Notes, except as required by applicable law.
The Exchange Offer is being made on the terms and subject to the conditions set forth in the Offer to Exchange and Consent Solicitation Statement, dated November 23, 2020, as supplemented by Supplement No. 1 thereto, dated December 8, 2020 (the "Offer to Exchange"). The Exchange Offer will expire at 11:59 p.m., New York City time, on December 21, 2020, unless such date is extended (such time and date, as they may be extended, the "Expiration Time") or earlier terminated. PSEG reserves the right to terminate, withdraw, amend and/or extend the Exchange Offer in its sole discretion, upon the terms and subject to the conditions set forth in the Offer to Exchange.
All eligible holders who validly tender their Power Notes will receive, upon the terms and subject to the conditions set forth in the Offer to Exchange, PSEG Notes in the same principal amount as the Power Notes tendered therefor. Interest on each PSEG Note will accrue from (and including) October 15, 2020, the last interest payment date on which interest was paid on the Power Note tendered in exchange for such PSEG Note, and, accordingly, no accrued interest will be paid on the settlement date in respect of Power Notes accepted for exchange, except as set forth in the Offer to Exchange with respect to cash paid in lieu of PSEG Notes not delivered. Eligible noteholders who validly tender their Power Notes after the Early Tender Deadline may not withdraw tendered Power Notes, except as required by applicable law.
PSEG Notes issued as consideration pursuant to the terms and conditions of the Offer to Exchange will have the same interest payment and maturity dates and interest rate as the Power Notes validly exchanged.
PSEG's obligation to accept and exchange the Power Notes validly tendered pursuant to the Exchange Offer is subject to customary conditions, as set forth in the Offer to Exchange. The Exchange Offer is not conditioned upon the tender of any minimum aggregate principal amount of the Power Notes.
This press release is issued pursuant to Rule 135c under the Securities Act of 1933, as amended (the "Securities Act"). This press release is neither an offer to sell nor the solicitation of an offer to buy the PSEG Notes or any other securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which, or to any person to whom, such an offer, solicitation or sale is unlawful. The Exchange Offer has not been and will not initially be registered under the Securities Act, or the securities laws of any other jurisdiction. The PSEG Notes will be issued in reliance upon exemptions from, or in transactions not subject to, registration under the Securities Act. The PSEG Notes will be offered for exchange only (1) to qualified institutional buyers as defined in Rule 144A under the Securities Act in reliance on the exemption provided by Section 4(a)(2) of the Securities Act and (2) outside the United States to persons other than U.S. persons (each as defined in Rule 902 under the Securities Act) in reliance upon Regulation S under the Securities Act and (3) in any Relevant Member State (any member state of the European Economic Area) or in the United Kingdom, to persons who are qualified investors (as defined in Regulation (EU) 2017/1129). The PSEG Notes may not be offered, sold, pledged or otherwise transferred in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable securities laws.
The Exchange Offer is being made only pursuant to the Offer to Exchange. The Offer to Exchange and other documents relating to the Exchange Offer will be distributed only to holders who confirm that they are within the categories of eligible participants in the Exchange Offer. None of PSEG, PSEG Power, PSEG's other subsidiaries, any of their respective directors or officers, the dealer managers and solicitation agents, the exchange agent, the information agent, any trustee for the PSEG Notes or the Power Notes, their respective affiliates, or any other person is making any recommendation as to whether holders should tender their Power Notes in the Exchange Offer.
Holders who desire a copy of the eligibility letter should contact Global Bondholder Services Corporation, the information agent for the Exchange Offer, at (866) 470-3800 (U.S. Toll-free). Banks and brokers should call (212) 430-3774. The eligibility letter may also be found here: https://gbsc-usa.com/eligibility/pseg. Global Bondholder Services Corporation will also provide copies of the Offer to Exchange to eligible noteholders.
In connection with the Exchange Offer and as described in greater detail in the Offer to Exchange, PSEG will enter into a registration rights agreement, pursuant to which PSEG will be obligated to use commercially reasonable efforts to file with the U.S. Securities and Exchange Commission (the "SEC") and cause to become effective a registration statement with respect to an offer to exchange the PSEG Notes for new notes and to use commercially reasonable efforts to file a shelf registration statement to cover resales of the PSEG Notes under the Securities Act in the event that PSEG determines that a registered exchange offer is not available or may not be completed.
This press release, the Offer to Exchange and any other documents or materials relating to the Exchange Offer may only be communicated to persons in the United Kingdom in circumstances where Section 21 of the Financial Services and Markets Act 2000 (the "FSMA") does not apply. Accordingly, this press release and the Offer to Exchange are only for circulation to (i) persons who are outside the United Kingdom, (ii) investment professionals falling within Article 19(5) of the FSMA (Financial Promotion) Order 2005, as amended (the "Financial Promotion Order"), (iii) high net worth entities, and other persons to whom the communication may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Financial Promotion Order, (iv) persons falling within Article 43(2) of the Financial Promotion Order, or (v) other persons to whom an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the FSMA) in connection with the communication may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to for purposes of this paragraph as "relevant persons"). The PSEG Notes will only be available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such PSEG Notes will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on the Offer to Exchange or any of its contents and may not participate in the Exchange Offer.
The complete terms and conditions of the Exchange Offer are set forth in the Offer to Exchange. The Exchange Offer is only being made pursuant to the Offer to Exchange. The Exchange Offer is not being made to holders of Power Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. The Exchange Offer has not been approved or disapproved by any regulatory authority, nor has any such authority passed upon the accuracy or adequacy of the Offer to Exchange.
About PSEG
Public Service Enterprise Group Inc. (PSEG) (NYSE: PEG) is a publicly traded diversified energy company with approximately 13,000 employees. Headquartered in Newark, N.J., PSEG's principal operating subsidiaries are: Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 13 consecutive years.
Forward-Looking Statement
This press release may contain statements about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical that constitute "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 that could cause actual results to differ materially from those anticipated. Such forward-looking statements are based on management's beliefs as well as assumptions made by and information currently available to management. When used herein, the words "anticipate," "intend," "estimate," "believe," "expect," "plan," "should," "hypothetical," "potential," "forecast," "project," variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ materially are often presented by the forward-looking statements themselves. Other factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in filings we make with the SEC, including our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K.
CONTACTS:
Investor Relations
Carlotta.Chan@pseg.com
973-430-6565
Media Relations
Marijke.Shugrue@pseg.com
908-531-4253
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SOURCE PSEG
NEWARK, N.J., Dec. 4, 2020 /PRNewswire/ -- Public Service Enterprise Group (PSEG) today announced it has entered into a definitive agreement with Ørsted North America (Ørsted) to acquire a 25% interest in the 1,100-megawatt Ocean Wind project. This alliance, combining Ørsted's global expertise in offshore wind with PSEG's state and regional experience executing complex energy infrastructure projects and power market knowledge, will benefit New Jersey's development of an offshore wind supply chain, job creation efforts and environmental stewardship.
"We are pleased to expand our partnership with Ørsted, a global leader in the development of offshore wind," said PSEG Chairman, President and CEO Ralph Izzo. "As New Jersey's first offshore wind project, Ocean Wind will lead the way for a productive first step into this forward-leaning industry, bringing with it new skills, jobs and carbon-free energy. Further, this investment in offshore wind energy is well-aligned with our company's long-term clean energy strategy. We're excited to continue our close relationship with Ørsted, combining each organization's expertise to achieve powerful benefits for energy consumers and the state."
"I'm delighted to extend our partnership with PSEG and welcome them on Ocean Wind, which will contribute significantly to New Jersey's target of achieving 100% renewable power by 2050," said Henrik Poulsen, CEO and President of Ørsted. "In addition to clean energy, Ocean Wind will bring jobs and industrial development to the Garden State during development and construction and throughout its operational lifetime. I look forward to delivering this flagship renewable energy project to New Jersey in close cooperation with PSEG."
"Our two organizations have unmatched expertise and experience constructing complex energy projects," said David Hardy, CEO for Ørsted Offshore North America. "We're excited to partner with PSEG due to their extensive knowledge of the market and previous track record and we're looking forward to providing enough clean energy for 500,000 New Jersey homes."
"PSEG and Orsted have natural synergies, and matching Ørsted's global construction expertise with PSEG's deep local history positions us well to deliver a successful project for New Jersey," said PSEG Vice President of Offshore Wind Development Lathrop Craig. "As more states look to decarbonize their energy supply, we look forward to this and future opportunities throughout New Jersey and the Mid-Atlantic."
The Ocean Wind project will generate clean, zero-carbon electricity and power half a million New Jersey homes from its location off the coast of southern New Jersey. Ocean Wind was selected by the state to be the first offshore wind farm as part of its intention to add 7,500 MW of offshore wind generating capacity by 2035; details of the award can be found in the June 2019 announcement from the New Jersey Board of Public Utilities. Expanding zero-carbon energy resources is a key element of New Jersey's Energy Master Plan and central to Gov. Phil Murphy's goal of achieving 100% clean energy for the state by 2050.
The Ocean Wind project could provide first power in late 2024, subject to federal permitting timelines, other development and construction activities, and final investment decisions by Ørsted and PSEG. Completion of the acquisition is anticipated to occur in the first half of 2021, subject to approval by the New Jersey Board of Public Utilities and other customary closing conditions.
On July 31, PSEG announced it would explore strategic alternatives related to PSEG Power's non-nuclear generation fleet, accelerating PSEG's transition to a primarily regulated and contracted business with a zero-carbon generation platform. In line with this strategy, PSEG continues to evaluate participation in additional offshore wind opportunities in New Jersey and other mid-Atlantic states.
Ørsted is the global leader in offshore wind development and operates 26 wind farms globally including the U.S.'s first offshore wind farm, the Block Island Wind Farm. In January, Ørsted was named the most sustainable company in the world by Corporate Knights.
Wachtell, Lipton, Rosen & Katz is serving as transactional counsel to PSEG. Skadden, Arps, Slate, Meagher & Flom LLP is serving as transaction counsel to Ørsted.
Public Service Enterprise Group Inc. (PSEG) (NYSE: PEG) is a publicly traded diversified energy company with approximately 13,000 employees. Headquartered in Newark, N.J., PSEG's principal operating subsidiaries are: Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 13 consecutive years.
About Ørsted Offshore North America
The Ørsted vision is a world that runs entirely on green energy. Ørsted ranks #1 in Corporate Knights' 2020 index of the Global 100 most sustainable corporations in the world and is recognized on the CDP Climate Change A List as a global leader on climate action.
In the United States, Ørsted operates the Block Island Wind Farm, America's first offshore wind farm, and constructed the two-turbine Coastal Virginia Offshore Wind pilot project – the first turbines to be installed in federal waters. Ørsted has secured over 2,900 megawatts of additional capacity through five projects in the Northeast and Mid-Atlantic. Ørsted's Offshore North America business is jointly headquartered in Boston, Massachusetts and Providence, Rhode Island and employs more than 150 people.
Forward-Looking Statement
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 PSEG management's beliefs as well as assumptions made by and information currently available to PSEG's management. Factors that may cause actual results to differ materially from those contemplated in any forward-looking statements made by PSEG herein are discussed in its 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 its website: https://investor.pseg.com. All of the forward-looking statements made in this press release are qualified by these cautionary statements and PSEG cannot assure you that the results or developments anticipated by PSEG's management will be realized or even if realized, will have the expected consequences to, or effects on, PSEG or its 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 PSEG may elect to update forward-looking statements from time to time, it specifically disclaims any obligation to do so, even in light of new information or future events, unless otherwise required by applicable securities laws.
CONTACTS:
Investor Relations
Carlotta Chan
Carlotta.Chan@pseg.com
973-430-6565
Media Relations
Marijke Shugrue
Marijke.Shugrue@pseg.com
908-531-4253
Media Contacts
Lauren Burm
Ørsted North America
617-309-8730
laubu@orsted.com
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SOURCE Public Service Enterprise Group (PSEG)
NEWARK, N.J., Nov. 23, 2020 /PRNewswire/ -- Public Service Enterprise Group Incorporated (NYSE: PEG) ("PSEG") announced today that it is commencing a private exchange offer (the "Exchange Offer") and related consent solicitation (the "Consent Solicitation") with respect to the 8 5/8% senior notes due 2031 of PSEG Power LLC (PSEG Power LLC, "PSEG Power" and such notes, the "Power Notes").
Pursuant to the Exchange Offer, PSEG is offering to issue, in a private offering to eligible noteholders, and for the consideration set forth in the table below, new notes (the "PSEG Notes") in exchange for any and all (to the extent held by eligible noteholders) of the $500 million aggregate principal amount of the outstanding Power Notes. In addition, pursuant to the Consent Solicitation, PSEG is soliciting consents from the eligible noteholders to amend the Power Notes and related indenture under which they were issued as it relates to the Power Notes (the "Subsidiary Indenture").
CUSIP | Issuer | Aggregate | Title of Power Notes | Consideration per $1,000 Principal Amount of Power Notes Tendered | |
Tendered After Early Tender Deadline | Tendered by Early Tender Deadline | ||||
Principal Amount of PSEG Notes |
Principal Amount of PSEG Notes | ||||
69362BAJ1 | PSEG Power | $500,000,000 | 8 5/8% Senior Notes due 2031 | $970 | $1,000 |
The Exchange Offer and Consent Solicitation are being made upon the terms and subject to the conditions set forth in an Offer to Exchange and Consent Solicitation Statement dated November 23, 2020 (the "Offer to Exchange"), copies of which will be made available to holders of the Power Notes eligible to participate in the Exchange Offer. The Exchange Offer and Consent Solicitation will expire at 11:59 p.m., New York City time, on December 21, 2020, unless such date is extended (such time and date, as they may be extended, the "Expiration Time") or earlier terminated. Tendered Power Notes may not be withdrawn and consents may not be revoked after 5:00 p.m., New York City time, on December 7, 2020, except as required by applicable law. PSEG reserves the right to terminate, withdraw, amend and/or extend the Exchange Offer and Consent Solicitation in its sole discretion, subject to the terms and conditions set forth in the Offer to Exchange.
Upon the terms and subject to the conditions set forth in the Offer to Exchange, each eligible noteholder exchanging Power Notes in the Exchange Offer will receive, in exchange for the Power Notes validly tendered and not validly withdrawn, newly issued PSEG Notes having the same interest payment and maturity dates and interest rate as the Power Notes exchanged. Eligible noteholders who validly tender and do not validly withdraw their tendered Power Notes by 5:00 p.m., New York City time, on December 7, 2020 (such time and date, as they may be extended, the "Early Tender Deadline") will receive, upon the terms and subject to the conditions set forth in the Offer to Exchange, PSEG Notes in the same principal amount as the Power Notes tendered therefor. Eligible noteholders who validly tender their Power Notes after the Early Tender Deadline, but on or prior to the Expiration Time, will receive $970 principal amount of the PSEG Notes per $1,000 principal amount of Power Notes validly tendered (the "Exchange Consideration"). Settlement of the Exchange Offer is expected to occur on or about December 23, 2020, unless PSEG extends the Expiration Time or terminates the Exchange Offer. Interest on each PSEG Note will accrue from (and including) October 15, 2020, the last interest payment date on which interest was paid on the Power Note tendered in exchange for such PSEG Note, and, accordingly, no accrued interest will be paid on the settlement date in respect of Power Notes accepted for exchange, except as set forth in the Offer to Exchange with respect to cash paid in lieu of PSEG Notes not delivered.
The PSEG Notes will be issued in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. If the principal amount of PSEG Notes validly tendered that would otherwise be required to be delivered in exchange for a tender of Power Notes would not equal $2,000 or an integral multiple of $1,000 in excess thereof, it will be rounded down to $2,000 or the nearest integral multiple of $1,000 in excess thereof, and PSEG will pay cash equal to the remaining portion of the Exchange Consideration for such Power Notes plus accrued and unpaid interest with respect to that portion. No tender of Power Notes will be accepted, however, if it would result in the issuance of less than $2,000 principal amount of PSEG Notes.
PSEG's obligation to accept and exchange the Power Notes validly tendered pursuant to the Exchange Offer is subject to customary conditions, as set forth in the Offer to Exchange. The Exchange Offer and Consent Solicitation are not conditioned upon the tender of any minimum aggregate principal amount of the Power Notes being validly tendered for exchange or the receipt of the requisite consents in the Consent Solicitation to adopt the proposed amendments.
In the Consent Solicitation, PSEG is soliciting the consents of the eligible noteholders to amend the Power Notes and the Subsidiary Indenture with respect to the Power Notes to eliminate substantially all of the restrictive covenants and certain of the other covenants and events of default. Consents of the holders of not less than a majority in aggregate principal amount of all outstanding Power Notes must be obtained for the amendments to the Power Notes and the Subsidiary Indenture with respect to the Power Notes to be effective. Eligible noteholders validly tendering their Power Notes will be deemed to have validly delivered consents to the proposed amendments with respect to such tendered Power Notes. Eligible noteholders will not be permitted to tender their Power Notes without delivering consents or to deliver consents without tendering their Power Notes.
This press release is issued pursuant to Rule 135c under the Securities Act of 1933, as amended (the "Securities Act"). This press release is neither an offer to sell nor the solicitation of an offer to buy the PSEG Notes or any other securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which, or to any person to whom, such an offer, solicitation or sale is unlawful. The Exchange Offer has not been and will not initially be registered under the Securities Act, or the securities laws of any other jurisdiction. The PSEG Notes will be issued in reliance upon exemptions from, or in transactions not subject to, registration under the Securities Act. The PSEG Notes will be offered for exchange only (1) to qualified institutional buyers as defined in Rule 144A under the Securities Act in reliance on the exemption provided by Section 4(a)(2) of the Securities Act and (2) outside the United States to persons other than U.S. persons (each as defined in Rule 902 under the Securities Act) in reliance upon Regulation S under the Securities Act and (3) in any Relevant Member State (any member state of the European Economic Area) or in the United Kingdom, to persons who are qualified investors (as defined in Regulation (EU) 2017/1129). The PSEG Notes may not be offered, sold, pledged or otherwise transferred in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable securities laws.
The Exchange Offer and Consent Solicitation are being made only pursuant to the Offer to Exchange. The Offer to Exchange and other documents relating to the Exchange Offer and Consent Solicitation will be distributed only to holders who confirm that they are within the categories of eligible participants in the Exchange Offer. None of PSEG, PSEG Power, PSEG's other subsidiaries, any of their respective directors or officers, the dealer managers and solicitation agents, the exchange agent, the information agent, any trustee for the PSEG Notes or the Power Notes, their respective affiliates, or any other person is making any recommendation as to whether holders should tender their Power Notes in the Exchange Offer.
Holders who desire a copy of the eligibility letter should contact Global Bondholder Services Corporation, the information agent for the Exchange Offer and Consent Solicitation, at (866) 470-3800 (U.S. Toll-free). Banks and brokers should call (212) 430-3774. The eligibility letter may also be found here: https://gbsc-usa.com/eligibility/pseg. Global Bondholder Services Corporation will also provide copies of the Offer to Exchange to eligible noteholders.
In connection with the Exchange Offer and as described in greater detail in the Offer to Exchange, PSEG will enter into a registration rights agreement, pursuant to which PSEG will be obligated to use commercially reasonable efforts to file with the U.S. Securities and Exchange Commission (the "SEC") and cause to become effective a registration statement with respect to an offer to exchange the PSEG Notes for new notes and to use commercially reasonable efforts to file a shelf registration statement to cover resales of the PSEG Notes under the Securities Act in the event that PSEG determines that a registered exchange offer is not available or may not be completed.
This press release, the Offer to Exchange and any other documents or materials relating to the Exchange Offer and Consent Solicitation may only be communicated to persons in the United Kingdom in circumstances where Section 21 of the Financial Services and Markets Act 2000 (the "FSMA") does not apply. Accordingly, this press release and the Offer to Exchange are only for circulation to (i) persons who are outside the United Kingdom, (ii) investment professionals falling within Article 19(5) of the FSMA (Financial Promotion) Order 2005, as amended (the "Financial Promotion Order"), (iii) high net worth entities, and other persons to whom the communication may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Financial Promotion Order, (iv) persons falling within Article 43(2) of the Financial Promotion Order, or (v) other persons to whom an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the FSMA) in connection with the communication may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to for purposes of this paragraph as "relevant persons"). The PSEG Notes will only be available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such PSEG Notes will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on the Offer to Exchange or any of its contents and may not participate in the Exchange Offer.
The complete terms and conditions of the Exchange Offer and Consent Solicitation are set forth in the Offer to Exchange. The Exchange Offer is only being made pursuant to the Offer to Exchange. The Exchange Offer is not being made to holders of Power Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. The Exchange Offer has not been approved or disapproved by any regulatory authority, nor has any such authority passed upon the accuracy or adequacy of the Offer to Exchange.
About PSEG
Public Service Enterprise Group Inc. (PSEG) (NYSE: PEG) is a publicly traded diversified energy company with approximately 13,000 employees. Headquartered in Newark, N.J., PSEG's principal operating subsidiaries are: Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 13 consecutive years.
Forward-Looking Statement
This press release may contain statements about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical that constitute "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 that could cause actual results to differ materially from those anticipated. Such forward-looking statements are based on management's beliefs as well as assumptions made by and information currently available to management. When used herein, the words "anticipate," "intend," "estimate," "believe," "expect," "plan," "should," "hypothetical," "potential," "forecast," "project," variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ materially are often presented by the forward-looking statements themselves. Other factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in filings we make with the SEC, including our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K.
CONTACTS:
Investor Relations
Carlotta.Chan@pseg.com
973-430-6565
Media Relations
Marijke.Shugrue@pseg.com
908-531-4253
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SOURCE PSEG
NEWARK, N.J., Nov. 18, 2020 /PRNewswire/ -- Public Service Enterprise Group (PSEG) has been included on the Dow Jones Sustainability Index (DJSI) for North America for the 13th year in a row. PSEG has a long commitment to sustainable and ethical practices and achievements across environmental, social and governance (ESG) criteria. Being named to the DJSI list is further recognition of the company's ongoing accomplishments on behalf of its customers, communities and employees.
The DJSI recognizes forward-thinking companies based on an appraisal of the company's strategy, management and performance in dealing with opportunities and risks deriving from ESG factors. The DJSI tracks the performance of the 600 largest U.S. and Canadian companies in the S&P Global Broad Market Index and acknowledges the top 20% that lead the field in terms of sustainability.
This year more than ever, considering the collective impacts of climate change, the coronavirus pandemic and the social unrest that followed the killing of George Floyd, companies have been challenged to show that their purpose is aligned with societal needs and supports positive and systemic change.
"PSEG is proud of our longstanding commitment to sustainability and our performance on ESG issues," PSEG Chairman, President and CEO Ralph Izzo said. "For 13 consecutive years, our inclusion as part of the Dow Jones Sustainability Index has recognized PSEG's ongoing mission to address climate change, delivering the innovative clean energy solutions our customers and communities need to succeed while also aiming to support their well-being. Public service is part of our company's DNA, and we're proud to be recognized for these efforts over such a long period."
Highlights of PSEG's ESG leadership include:
Environmental:
Social:
Governance:
Izzo continued: "The coronavirus pandemic has driven home how much we are all interconnected. Our ability to perform as a company and support the states in which we operate is dependent on the health, safety and well-being of our employees and doing what's right to support their needs. From expanded paid sick leave and family time off to virtual training and new career development opportunities, PSEG has taken steps to expand the level of support and care we offer our employees."
Coronavirus support for our customers, communities and employees:
Additional ESG resources can be found throughout PSEG's website and via:
The DJSI assessment is conducted each year by sustainability investment specialist RobecoSAM. It is based on a comprehensive review of environmental performance, innovation management, corporate governance, risk management, stakeholder engagement and talent attraction and retention, which can be found at https://investor.pseg.com/pseg-esg-disclosures.
Public Service Enterprise Group Inc. (PSEG) (NYSE: PEG) is a publicly traded diversified energy company with approximately 13,000 employees. Headquartered in Newark, N.J., PSEG's principal operating subsidiaries are: Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 13 consecutive years (https://corporate.pseg.com).
Visit PSEG at:
www.pseg.com
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
PSEG Energize!
Forward-Looking Statement
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.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate Investor Relations website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the Investor Relations website to review new postings. You can also use the "Email Alerts" link at https://investor.pseg.com sign up for automatic email alerts regarding new postings.
CONTACTS: | |
Investor Relations | Media Relations |
Carlotta Chan | Marijke Shugrue |
973-430-6565 | 908-531-4253 |
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SOURCE PSEG
NEWARK, N.J., Nov. 17, 2020 /PRNewswire/ -- The Board of Directors of Public Service Enterprise Group (NYSE:PEG) today declared a $0.49 per share dividend on the outstanding common stock of the company for the fourth quarter of 2020.
All dividends for the fourth quarter are payable on or before December 31, 2020, to shareholders of record on December 10, 2020.
Forward-Looking Statement
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.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate Investor Relations website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the Investor Relations website to review new postings. You can also use the "Email Alerts" link at https://investor.pseg.com to sign up for automatic email alerts regarding new postings.
CONTACTS: | |
Investor Relations | Media Relations |
Carlotta Chan | Jim Namiotka |
973-430-6565 | 215-896-1511 |
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SOURCE PSEG
UNIONDALE, N.Y., Nov. 16, 2020 /PRNewswire/ -- PSEG Long Island will join Utilities United Against Scams (UUAS) to recognize the fifth annual Utility Scam Awareness Week Nov. 16 -20. National Scam Awareness Week is an advocacy and awareness campaign focused on educating customers and exposing the tactics used by scammers.
"This year has presented many challenges, and scammers prey on us when we are distracted," said Rick Walden, vice president of Customer Services, PSEG Long Island. "More than 5,400 scam calls have been reported to PSEG Long Island this year. We participate in the UUAS awareness campaign to educate and help decrease the number of customers that fall victim to the scammers."
Signs of potential scam activity:
"Customers need to be on high alert as we continue to see impostor utility scams rise across North America," said UUAS Executive Director Monica Martinez. "Scammers demand money or personal information on the spot—usually with threatening language—and indicate that service will be disconnected immediately. Anyone and everyone, from senior households to small business owners, is at risk of being targeted."
Protect yourself against scams:
Be alert to the telltale sign of a scam: someone asking by telephone or email for payment in pre-paid debit cards or a MoneyGram transfer, or to send money to an out-of-state address. Never arrange payment or divulge account or personal information, including Social Security numbers or debit or credit card information, over the telephone unless you are certain you are speaking to a PSEG Long Island representative.
Customers should also know what PSEG Long Island will and won't discuss over the phone. A genuine PSEG Long Island representative will ask to speak to the Customer of Record. If that person is available, the representative will explain why they are calling and provide the account name, address and current balance. If the person on the phone does not provide the correct information, it is likely the customer is not speaking with a PSEG Long Island representative.
If the Customer of Record is not available, the PSEG Long Island representative will not discuss the account at all and ask that a message be left for the Customer of Record to call 1-800-490-0025.
If a customer has doubts about the legitimacy of a call or an email — especially one in which payment is requested — call the company directly at 1-800-490-0025.
PSEG Long Island is a member of the UUAS collaborative. UUAS, a consortium of more than 145 U.S. and Canadian electric, water, and natural gas utilities and their respective trade associations, has helped to create awareness of common and new scam tactics and to cease operations of nearly 5,000 toll-free numbers used against utility customers by scammers.
For more information on various payment scams reported in the PSEG Long Island service area and around the country, visit https://www.psegliny.com/myaccount/customersupport/scamsandfraud.
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:
www.psegliny.com
PSEG Long Island on Facebook
PSEG Long Island on Twitter
PSEG Long Island on YouTube
PSEG Long Island on Flickr
Contact: | Media Relations Pager |
516.229.7248 |
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SOURCE PSEG Long Island
NEWARK, N.J., Oct. 30, 2020 /PRNewswire/ -- Public Service Enterprise Group (NYSE: PEG) reported Net Income for the third quarter of 2020 of $575 million, or $1.14 per share, compared to Net Income of $403 million, or $0.79 per share, in the third quarter of 2019. Non-GAAP Operating Earnings for the third quarter of 2020 were $488 million, or $0.96 per share, compared to non-GAAP Operating Earnings for the third quarter of 2019 of $495 million, or $0.98 per share. Non-GAAP results for the third quarter exclude items shown in Attachments 8 and 9.
Ralph Izzo, chairman, president and chief executive officer commented, "We delivered a solid quarter at both PSE&G and PSEG Power and remain on track to deliver full year results within our updated range which removes five cents per share from the lower end. Last month, the New Jersey Board of Public Utilities (NJBPU) approved the settlement of our Clean Energy Future – Energy Efficiency (CEF-EE) filing. PSE&G was authorized to invest $1 billion over three years in programs that will allow us to work toward universal access to energy efficiency for all New Jersey customers. This will lower customer bills and shrink their carbon footprint. PSE&G's CEF-EE investment program will also establish significant job training programs and create over 3,200 clean energy jobs, as it also helps New Jersey avoid 8 million metric tons of carbon emissions through 2050."
Izzo continued, "In early August, Tropical Storm Isaias wreaked havoc with powerful winds and heavy rains in a fast moving storm that left approximately 575,000 of our New Jersey and 420,000 Long Island customers without power. This was the most damaging storm experienced in the region since Superstorm Sandy. PSE&G and PSEG LI worked around the clock alongside nearly 3,000 mutual aid personnel in New Jersey and over 5,000 in Long Island to restore 90% and 80% of affected customers in NJ and LI within 72 hours, respectively. Our commitment to safely providing reliable service to all our customers remains PSEG's core focus.
Our service area experienced significantly warmer weather during the first half of the summer that helped to moderate the load loss seen earlier in the year from the ongoing economic impacts of the COVID-19 pandemic. New Jersey has aggressively managed its positivity rates since the spring with some recent resurgence and continues a phased reopening of businesses, schools, and activities, which will determine the pace of economic recovery.
PSEG is also continuing efforts to optimize strategic alternatives for PSEG Power's non-nuclear generating fleet to accelerate the transformation of PSEG into a primarily regulated electric and gas utility focused on reliability and resiliency infrastructure, clean energy investments, methane reduction, and zero-carbon generation. We expect to begin marketing the non-nuclear assets later this year," said Izzo.
The following table provides a reconciliation of PSEG's Net Income to non-GAAP Operating Earnings for the third quarter. See Attachments 8 and 9 for a complete list of items excluded from Net Income in the determination of non-GAAP Operating Earnings.
PSEG CONSOLIDATED RESULTS (unaudited) | ||||||
Income | Diluted Earnings | |||||
2020 | 2019 | 2020 | 2019 | |||
Net Income | $575 | $403 | $1.14 | $0.79 | ||
Reconciling Items | (87) | 92 | (0.18) | 0.19 | ||
Non-GAAP Operating Earnings | $488 | $495 | $0.96 | $0.98 | ||
Avg. Shares | 507M | 507M |
Ralph Izzo added, "We are updating and narrowing PSEG's full-year 2020, non-GAAP Operating Earnings guidance to $3.35 to $3.50 per share, raising the low end of our guidance to reflect strong cost control at PSEG Power and overall results through the first three quarters of the year. We are aggressively managing our cost structure in both businesses. PSE&G is on schedule with its 2020 capital investment program, and PSEG Power continues to advocate for the preservation of New Jersey nuclear generation with the filing of an application to extend the Zero Emission Certificate program into 2025 as we also work to optimize Power's fleet in pursuit of a mostly regulated and contracted business profile. We remain on-track to execute on PSEG's 2020-2024, $13 billion to $15.7 billion capital plan, which we updated following the Clean Energy Future – EE decision. We continue to expect to fund these investments without the need to issue new equity as we prioritize greater visibility in our regulated earnings and opportunities for dividend growth."
The following table outlines PSEG's updated expectations for non-GAAP Operating Earnings in 2020 by subsidiary:
2020 Non-GAAP Operating Earnings Guidance | ||
($ millions, except EPS) | ||
Updated 2020E | Original 2020E | |
PSE&G | $1,325 - $1,355 | $1,310 - $1,370 |
PSEG Power | $385 - $430 | $345 - $435 |
PSEG Enterprise/Other | ($10) | ($5) |
Non-GAAP Operating Earnings | $1,700 - $1,775 | $1,675 - $1,775 |
Non-GAAP Operating EPS | $3.35 - $3.50 | $3.30 - $3.50 |
E = Estimate
Results and Outlook by Operating Subsidiary
Public Service Electric & Gas | |||
Third Quarter 2020 and 2019 Comparative Results | |||
($ millions, except EPS) | |||
PSE&G | 3Q 2020 | 3Q 2019 | Q/Q Change |
Net Income | $313 | $344 | $(31) |
Earnings Per Share | $0.61 | $0.68 | $(0.07) |
The utility's third quarter results reflected several items that largely reflect tax adjustments that are timing in nature. For the year to date, PSE&G results remain on track to achieve our full-year guidance, driven by revenue growth from ongoing capital investment programs, lower pension expense and cost control.
Investment in transmission added $0.04 per share to third quarter Net Income. Electric margin was $0.01 per share favorable compared to the year-earlier quarter, driven by higher residential volumes. Summer 2020 weather was $0.01 per share ahead of weather experienced in third quarter 2019. Operating and Maintenance (O&M) expense was $0.03 unfavorable versus third quarter 2019 primarily reflecting more gas work, and internal labor costs from Tropical Storm Isaias, partly offset by the reversal of certain COVID-19 related costs recognized in prior quarters.
In July 2020, the NJBPU authorized PSE&G to defer certain expenses incurred because of the COVID-19 pandemic. In August, PSE&G filed for the first deferral covering the period from early March through June 30, 2020. To reflect the order, PSE&G deferred certain COVID-19 related O&M and gas bad debt expense previously recorded, and established a corresponding regulatory asset of approximately $0.05 per share for future recovery.
Largely offsetting this timing item, PSE&G reversed a $0.04 accrual under the weather normalization clause (WNC), for collection of lower gas margins resulting from warmer than normal weather earlier in the year, due to recovery limitations under that clause's earnings test.
Distribution related depreciation lowered Net Income by $0.01 per share. Non-operating pension expense was $0.01 per share favorable compared with last year's third quarter. Flow through taxes and other items lowered Net Income by $0.07 per share compared to third quarter 2019, driven largely by the timing of taxes and taxes related to bad debt expense. The majority of these tax items are expected to reverse over the coming quarters through 2021 and beyond.
Summer weather during Q3 2020, as measured by the Temperature-Humidity Index, was nearly 18% warmer than normal and 7% warmer than in the third quarter of 2019. Weather normalized electric sales for the quarter declined by approximately 1% versus last year, with residential loads up 7% but were more than offset by lower commercial and industrial sales that were approximately 6% lower. For the year to date period, weather normalized electric sales were down 3% and gas sales were flat, as the net impact of higher residential volume only partially offsets lower commercial and industrial sales. Residential electric and gas sales and usage were up 5% and 4%, respectively, on a weather normalized basis year-to-date.
On September 23, the NJBPU approved a settlement of PSE&G's CEF-EE filing, outlining a $1 billion commitment toward energy efficiency investments over the next three years that will extend universal access to energy efficiency savings through ten residential, commercial and industrial programs. CEF-EE investments will receive recovery of and on capital through a clause mechanism at the current authorized return on equity of 9.6%. These EE programs will help New Jersey achieve the NJBPU's preliminary energy savings targets of 2.15% for electricity and 1.1% for gas within five years. In addition, the NJBPU approved a Conservation Incentive Program (CIP), allowing for the recovery of sales variations in revenues, such as those that could be caused by energy efficiency, weather, and other variables. The CIP will begin in June 2021 for electric revenues and in October 2021 for gas revenues, at which time the weather normalization clause addressing gas weather variations will be phased-out.
In October, PSE&G filed its annual transmission formula rate update with the Federal Energy Regulatory Commission to reflect, among other updates, net plant additions. PJM cost reallocations will more than offset the higher revenue requirements and result in a net reduction in costs to PSE&G customers when implemented in January 2021.
PSE&G's capital plan remains on schedule with approximately $700 million deployed in the third quarter and $1.9 billion through September 30 as part of its 2020 capital investment program of approximately $2.7 billion in infrastructure upgrades to its transmission and distribution facilities to maintain reliability, increase resiliency and replace aging energy infrastructure.
Following the NJBPU's approval of the CEF-EE settlement, PSE&G updated its 2020-2024 Compound Annual Growth in Rate Base projection to 7% to 8%, from the prior 6.5% to 8%, and narrowed PSE&G's capital investment program over the same 5-year period to $12.5 billion to $14.7 billion.
PSE&G in partnership with Governor Murphy and the NJBPU, extended to March 2021 the temporary suspension of non-safety related electric and gas residential service shut-offs that began in March 2020.
PSE&G's forecast of Net Income for 2020 has been updated to $1,325 million - $1,355 million (from $1,310 million - $1,370 million).
PSEG Power | |||
Third Quarter 2020 and 2019 Comparative Results | |||
($ millions, except EPS) | |||
PSEG Power | 3Q 2020 | 3Q 2019 | Q/Q Change |
Net Income | $254 | $53 | $201 |
Earnings Per Share (EPS) | $0.51 | $0.10 | $0.41 |
Non-GAAP Operating Earnings | $167 | $145 | $22 |
Non-GAAP EPS | $0.33 | $0.29 | $0.04 |
Non-GAAP Adjusted EBITDA | $349 | $322 | $27 |
PSEG Power's third quarter non-GAAP Operating Earnings were positively affected by several items that improved results by $0.04 per share compared to the year-ago quarter. The scheduled rise in PJM capacity revenue on June 1 increased non-GAAP Operating Earnings comparisons by $0.03 per share compared with Q3 2019. Reduced generation volumes lowered results by $0.02 per share versus Q3 2019. Re-contracting and market impacts reduced results by $0.02 per share versus the year-ago quarter. Gas operations were $0.02 per share higher. Lower O&M expense was $0.03 per share favorable compared with last year's third quarter, reflecting lower fossil maintenance costs including the absence of a major Linden outage in Q3 2019. Lower interest and lower depreciation expense combined to add $0.01 per share versus the year-ago quarter. New Jersey implemented an increase in a corporate surtax to 2.5% during the quarter, lowering comparisons by $0.01 per share to third quarter 2019.
Total generation output declined by 9% to 14.9 TWh for the third quarter of 2020, reflecting the sale of the Keystone and Conemaugh units last fall. PSEG Power's CCGT fleet produced 6.7 TWh of output, down 7%, reflecting lower market demand driven by ongoing COVID-19 related restrictions on economic activity in the state. The nuclear fleet operated at an average capacity factor of 95.7% for the quarter, producing 8.2 TWh, up 5% over Q3 2019, and representing 55% of total generation.
PSEG Power continues to forecast total output for 2020 of 50 - 52 TWh. For the remainder of 2020, Power has hedged approximately 95% - 100% of production at an average price of $36 per MWh. For 2021, Power has hedged 75% - 80% of forecast production of 48 - 50 TWh at an average price of $35 per MWh. Power is also forecasting output for 2022 of 48 - 50 TWh. Approximately 35% – 40% of Power's output in 2022 is hedged at an average price of $34 per MWh.
We are updating both the forecast of PSEG Power's non-GAAP Operating Earnings for 2020 to a range of $385 million - $430 million (from $345 million - $435 million), and our estimate of non-GAAP Adjusted EBITDA to a range of $980 million to $1,045 million (from $950 million - $1,050 million).
PSEG Enterprise/Other
PSEG Enterprise/Other reported Net Income of $8 million ($0.02 per share) for the third quarter of 2020 compared to Net Income of $6 million ($0.01 per share) for the third quarter of 2019. Net Income for the quarter reflects ongoing contributions from PSEG Long Island and lower taxes that were partially offset by a loss on the sale of the Powerton and Joliet investments at Energy Holdings.
The forecast for PSEG Enterprise/Other for 2020 has been updated to a Net Loss of $10 million (from a Net Loss of $5 million).
Public Service Enterprise Group Inc. (PSEG) (NYSE: PEG) is a publicly traded diversified energy company with approximately 13,000 employees. Headquartered in Newark, N.J., PSEG's principal operating subsidiaries are: Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 12 consecutive years (https://corporate.pseg.com).
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate Investor Relations website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the Investor Relations website to review new postings. You can also use the "Email Alerts" link at https://investor.pseg.com to sign up for automatic email alerts regarding new postings.
Non-GAAP Financial Measures
Management uses non-GAAP Operating Earnings in its internal analysis, and in communications with investors and analysts, as a consistent measure for comparing PSEG's financial performance to previous financial results. Non-GAAP Operating Earnings exclude the impact of returns (losses) associated with the Nuclear Decommissioning Trust (NDT), Mark-to-Market (MTM) accounting and material one-time items.
Management believes the presentation of non-GAAP Adjusted EBITDA for PSEG Power is useful to investors and other users of our financial statements in evaluating operating performance because it provides them with an additional tool to compare business performance across companies and across periods. Management also believes that non-GAAP Adjusted EBITDA is widely used by investors to measure operating performance without regard to items such as income tax expense, interest expense and depreciation and amortization, which can vary substantially from company to company depending upon, among other things, the book value of assets, capital structure and whether assets were constructed or acquired. Non-GAAP Adjusted EBITDA also allows investors and other users to assess the underlying financial performance of our fleet before management's decision to deploy capital. Non-GAAP Adjusted EBITDA excludes the same items as our non-GAAP Operating Earnings measure as well as income tax expense, interest expense and depreciation and amortization.
See Attachments 8 and 9 for a complete list of items excluded from Net Income in the determination of non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA. The presentation of non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA is intended to complement, and should not be considered an alternative to the presentation of Net Income, which is an indicator of financial performance determined in accordance with GAAP. In addition, non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA as presented in this release may not be comparable to similarly titled measures used by other companies.
Due to the forward looking nature of non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA guidance, PSEG is unable to reconcile these non-GAAP financial measures to the most directly comparable GAAP financial measure. Management is unable to project certain reconciling items, in particular MTM and NDT gains (losses), for future periods due to market volatility.
Forward-Looking Statements
Certain of the matters discussed in this release about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical constitute "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. When used herein, the words "anticipate," "intend," "estimate," "believe," "expect," "plan," "should," "hypothetical," "potential," "forecast," "project," variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in filings we make with the United States Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K. These factors include, but are not limited to:
All of the forward-looking statements made in this 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 release apply only as of the date of this release. 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.
The forward-looking statements contained in this release are intended to qualify for the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
Attachment 1 | |||||||||||
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED | |||||||||||
Consolidating Statements of Operations | |||||||||||
(Unaudited, $ millions, except per share data) | |||||||||||
Three Months Ended September 30, 2020 | |||||||||||
PSEG | PSEG Enterprise/ | PSE&G | PSEG | ||||||||
OPERATING REVENUES | $ 2,370 | $ (36) | $ 1,660 | $ 746 | |||||||
OPERATING EXPENSES | |||||||||||
Energy Costs | 775 | (178) | 663 | 290 | |||||||
Operation and Maintenance | 767 | 145 | 409 | 213 | |||||||
Depreciation and Amortization | 317 | 8 | 218 | 91 | |||||||
Gain on Asset Dispositions | (122) | - | - | (122) | |||||||
Total Operating Expenses | 1,737 | (25) | 1,290 | 472 | |||||||
OPERATING INCOME | 633 | (11) | 370 | 274 | |||||||
Income from Equity Method Investments | 4 | - | - | 4 | |||||||
Net Gains (Losses) on Trust Investments | 107 | 3 | 1 | 103 | |||||||
Other Income (Deductions) | 39 | - | 28 | 11 | |||||||
Net Non-Operating Pension and OPEB Credits (Costs) | 62 | 3 | 51 | 8 | |||||||
Interest Expense | (149) | (24) | (97) | (28) | |||||||
INCOME (LOSS) BEFORE INCOME TAXES | 696 | (29) | 353 | 372 | |||||||
Income Tax Benefit (Expense) | (121) | 37 | (40) | (118) | |||||||
NET INCOME | $ 575 | $ 8 | $ 313 | $ 254 | |||||||
Reconciling Items Excluded from Net Income(b) | (87) | - | - | (87) | |||||||
OPERATING EARNINGS (non-GAAP) | $ 488 | $ 8 | $ 313 | $ 167 | |||||||
Earnings Per Share | |||||||||||
NET INCOME | $ 1.14 | $ 0.02 | $ 0.61 | $ 0.51 | |||||||
Reconciling Items Excluded from Net Income(b) | (0.18) | - | - | (0.18) | |||||||
OPERATING EARNINGS (non-GAAP) | $ 0.96 | $ 0.02 | $ 0.61 | $ 0.33 | |||||||
Three Months Ended September 30, 2019 | |||||||||||
Q12015 | |||||||||||
PSEG | PSEG Enterprise/ | PSE&G | PSEG | ||||||||
OPERATING REVENUES | $ 2,302 | $ (73) | $ 1,604 | $ 771 | |||||||
OPERATING EXPENSES | |||||||||||
Energy Costs | 753 | (224) | 618 | 359 | |||||||
Operation and Maintenance | 745 | 124 | 388 | 233 | |||||||
Depreciation and Amortization | 307 | 8 | 206 | 93 | |||||||
Loss on Asset Dispositions | 7 | - | - | 7 | |||||||
Total Operating Expenses | 1,812 | (92) | 1,212 | 692 | |||||||
OPERATING INCOME | 490 | 19 | 392 | 79 | |||||||
Income from Equity Method Investments | 3 | - | - | 3 | |||||||
Net Gains (Losses) on Trust Investments | (3) | 1 | - | (4) | |||||||
Other Income (Deductions) | 35 | (2) | 22 | 15 | |||||||
Net Non-Operating Pension and OPEB Credits (Costs) | 55 | 1 | 46 | 8 | |||||||
Interest Expense | (147) | (21) | (92) | (34) | |||||||
INCOME (LOSS) BEFORE INCOME TAXES | 433 | (2) | 368 | 67 | |||||||
Income Tax Benefit (Expense) | (30) | 8 | (24) | (14) | |||||||
NET INCOME | $ 403 | $ 6 | $ 344 | $ 53 | |||||||
Reconciling Items Excluded from Net Income(b) | 92 | - | - | 92 | |||||||
OPERATING EARNINGS (non-GAAP) | $ 495 | $ 6 | $ 344 | $ 145 | |||||||
Earnings Per Share | |||||||||||
NET INCOME | $ 0.79 | $ 0.01 | $ 0.68 | $ 0.10 | |||||||
Reconciling Items Excluded from Net Income(b) | 0.19 | - | - | 0.19 | |||||||
OPERATING EARNINGS (non-GAAP) | $ 0.98 | $ 0.01 | $ 0.68 | $ 0.29 | |||||||
(a) Includes activities at Energy Holdings, PSEG Long Island and the Parent as well as intercompany eliminations. | |||||||||||
(b) See Attachments 8 and 9 for details of items excluded from Net Income/(Loss) to compute Operating Earnings (non-GAAP). |
Attachment 2 | ||||||||||||
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED | ||||||||||||
Consolidating Statements of Operations | ||||||||||||
(Unaudited, $ millions, except per share data) | ||||||||||||
Nine Months Ended September 30, 2020 | ||||||||||||
PSEG | PSEG Enterprise/ | PSE&G | PSEG | |||||||||
OPERATING REVENUES | $ 7,201 | $ (447) | $ 4,999 | $ 2,649 | ||||||||
OPERATING EXPENSES | ||||||||||||
Energy Costs | 2,276 | (894) | 1,881 | 1,289 | ||||||||
Operation and Maintenance | 2,254 | 400 | 1,175 | 679 | ||||||||
Depreciation and Amortization | 956 | 23 | 657 | 276 | ||||||||
Gain on Asset Dispositions | (122) | - | - | (122) | ||||||||
Total Operating Expenses | 5,364 | (471) | 3,713 | 2,122 | ||||||||
OPERATING INCOME | 1,837 | 24 | 1,286 | 527 | ||||||||
Income from Equity Method Investments | 10 | - | - | 10 | ||||||||
Net Gains (Losses) on Trust Investments | 87 | 6 | 2 | 79 | ||||||||
Other Income (Deductions) | 81 | - | 81 | - | ||||||||
Non-Operating Pension and OPEB Credits (Costs) | 186 | 7 | 154 | 25 | ||||||||
Interest Expense | (453) | (70) | (291) | (92) | ||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 1,748 | (33) | 1,232 | 549 | ||||||||
Income Tax Benefit (Expense) | (274) | 34 | (196) | (112) | ||||||||
NET INCOME | $ 1,474 | $ 1 | $ 1,036 | $ 437 | ||||||||
Reconciling Items Excluded from Net Income(b) | (62) | - | - | (62) | ||||||||
OPERATING EARNINGS (non-GAAP) | $ 1,412 | $ 1 | $ 1,036 | $ 375 | ||||||||
Earnings Per Share | ||||||||||||
NET INCOME | $ 2.91 | $ - | $ 2.04 | $ 0.87 | ||||||||
Reconciling Items Excluded from Net Income(b) | (0.13) | - | - | (0.13) | ||||||||
OPERATING EARNINGS (non-GAAP) | $ 2.78 | $ - | $ 2.04 | $ 0.74 | ||||||||
Nine Months Ended September 30, 2019 | ||||||||||||
PSEG | PSEG Enterprise/ | PSE&G | PSEG | |||||||||
OPERATING REVENUES | $ 7,598 | $ (690) | $ 5,018 | $ 3,270 | ||||||||
OPERATING EXPENSES | ||||||||||||
Energy Costs | 2,581 | (1,069) | 2,094 | 1,556 | ||||||||
Operation and Maintenance | 2,251 | 350 | 1,165 | 736 | ||||||||
Depreciation and Amortization | 928 | 26 | 620 | 282 | ||||||||
Loss on Asset Dispositions | 402 | - | - | 402 | ||||||||
Total Operating Expenses | 6,162 | (693) | 3,879 | 2,976 | ||||||||
OPERATING INCOME | 1,436 | 3 | 1,139 | 294 | ||||||||
Income from Equity Method Investments | 10 | - | - | 10 | ||||||||
Net Gains (Losses) on Trust Investments | 164 | 3 | 1 | 160 | ||||||||
Other Income (Deductions) | 101 | (2) | 60 | 43 | ||||||||
Non-Operating Pension and OPEB Credits (Costs) | 121 | 2 | 105 | 14 | ||||||||
Interest Expense | (417) | (64) | (268) | (85) | ||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 1,415 | (58) | 1,037 | 436 | ||||||||
Income Tax Benefit (Expense) | (159) | 31 | (63) | (127) | ||||||||
NET INCOME (LOSS) | $ 1,256 | $ (27) | $ 974 | $ 309 | ||||||||
Reconciling Items Excluded from Net Income (Loss)(b) | 80 | 32 | - | 48 | ||||||||
OPERATING EARNINGS (non-GAAP) | $ 1,336 | $ 5 | $ 974 | $ 357 | ||||||||
Earnings Per Share | ||||||||||||
NET INCOME (LOSS) | $ 2.47 | $ (0.06) | $ 1.92 | $ 0.61 | ||||||||
Reconciling Items Excluded from Net Income (Loss)(b) | 0.17 | 0.07 | - | 0.10 | ||||||||
OPERATING EARNINGS (non-GAAP) | $ 2.64 | $ 0.01 | $ 1.92 | $ 0.71 | ||||||||
(a) Includes activities at Energy Holdings, PSEG Long Island and the Parent as well as intercompany eliminations. | ||||||||||
(b) See Attachments 8 and 9 for details of items excluded from Net Income/(Loss) to compute Operating Earnings (non-GAAP). | ||||||||||
Attachment 3 | |||||
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED | |||||
Capitalization Schedule | |||||
(Unaudited, $ millions) | |||||
September 30, | December 31, | ||||
2020 | 2019 | ||||
DEBT | |||||
Commercial Paper and Loans | $ 300 | $ 1,115 | |||
Long-Term Debt* | 16,885 | 15,108 | |||
Total Debt | 17,185 | 16,223 | |||
STOCKHOLDERS' EQUITY | |||||
Common Stock | 5,016 | 5,003 | |||
Treasury Stock | (863) | (831) | |||
Retained Earnings | 12,135 | 11,406 | |||
Accumulated Other Comprehensive Loss | (452) | (489) | |||
Total Stockholders' Equity | 15,836 | 15,089 | |||
Total Capitalization | $ 33,021 | $ 31,312 | |||
*Includes current portion of Long-Term Debt |
Attachment 4 | |||
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED | |||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
(Unaudited, $ millions) | |||
Nine Months Ended September 30, | |||
2020 | 2019 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net Income | $ 1,474 | $ 1,256 | |
Adjustments to Reconcile Net Income to Net Cash Flows | |||
From Operating Activities | 1,043 | 1,453 | |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 2,517 | 2,709 | |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (1,855) | (2,359) | |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 161 | (393) | |
Net Change in Cash, Cash Equivalents and Restricted Cash | 823 | (43) | |
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 176 | 199 | |
Cash, Cash Equivalents and Restricted Cash at End of Period | $ 999 | $ 156 | |
Attachment 5 | ||||||||||
PUBLIC SERVICE ELECTRIC & GAS COMPANY | ||||||||||
Retail Sales | ||||||||||
(Unaudited) | ||||||||||
September 30, 2020 | ||||||||||
Electric Sales | ||||||||||
Three Months | Change vs. | Nine Months | Change vs. | |||||||
Sales (millions kWh) | Ended | 2019 | Ended | 2019 | ||||||
Residential | 5,014 | 9% | 11,127 | 5% | ||||||
Commercial & Industrial | 7,088 | (5%) | 19,124 | (7%) | ||||||
Other | 74 | 0% | 248 | 1% | ||||||
Total | 12,176 | 0% | 30,499 | (3%) | ||||||
Gas Sold and Transported | ||||||||||
Three Months | Change vs. | Nine Months | Change vs. | |||||||
Sales (millions therms) | Ended | 2019 | Ended | 2019 | ||||||
Firm Sales | ||||||||||
Residential Sales | 95 | 4% | 970 | (6%) | ||||||
Commercial & Industrial | 90 | (16%) | 674 | (12%) | ||||||
Total Firm Sales | 185 | (7%) | 1,644 | (9%) | ||||||
Non-Firm Sales* | ||||||||||
Commercial & Industrial | 319 | (23%) | 689 | (30%) | ||||||
Total Non-Firm Sales | 319 | 689 | ||||||||
Total Sales | 504 | (17%) | 2,333 | (16%) | ||||||
*Contract Service Gas rate included in non-firm sales | ||||||||||
Weather Data | ||||||||||
Three Months | Change vs. | Nine Months | Change vs. | |||||||
Ended | 2019 | Ended | 2019 | |||||||
THI Hours - Actual | 14,366 | 7% | 18,420 | 7% | ||||||
THI Hours - Normal | 12,207 | 16,372 | ||||||||
Degree Days - Actual | 2,746 | (8%) | ||||||||
Degree Days - Normal | 3,072 | |||||||||
Attachment 6 | |||||||||
PSEG POWER LLC | |||||||||
Generation Measures(1) | |||||||||
(Unaudited) | |||||||||
GWhr Breakdown | GWhr Breakdown | ||||||||
Three Months Ended | Nine Months Ended | ||||||||
September 30, | September 30, | ||||||||
2020 | 2019 | 2020 | 2019 | ||||||
Nuclear - NJ | 5,487 | 5,028 | 15,491 | 14,595 | |||||
Nuclear - PA | 2,700 | 2,752 | 8,512 | 8,545 | |||||
Total Nuclear | 8,187 | 7,780 | 24,003 | 23,140 | |||||
Fossil - Natural Gas - NJ | 3,008 | 3,651 | 6,678 | 8,526 | |||||
Fossil - Natural Gas - NY | 1,478 | 1,357 | 3,636 | 3,305 | |||||
Fossil - Natural Gas - MD | 1,276 | 1,266 | 3,732 | 3,488 | |||||
Fossil - Natural Gas - CT | 956 | 978 | 2,786 | 1,185 | |||||
Total Natural Gas(2) | 6,718 | 7,252 | 16,832 | 16,504 | |||||
Fossil - Coal | (2) | 1,249 | (16) | 3,867 | |||||
14,903 | 16,281 | 40,819 | 43,511 | ||||||
% Generation by Fuel Type | % Generation by Fuel Type | ||||||||
Three Months Ended | Nine Months Ended | ||||||||
September 30, | September 30, | ||||||||
2020 | 2019 | 2020 | 2019 | ||||||
Nuclear - NJ | 37% | 31% | 38% | 33% | |||||
Nuclear - PA | 18% | 17% | 21% | 20% | |||||
Total Nuclear | 55% | 48% | 59% | 53% | |||||
Fossil - Natural Gas - NJ | 20% | 22% | 16% | 19% | |||||
Fossil - Natural Gas - NY | 10% | 8% | 9% | 8% | |||||
Fossil - Natural Gas - MD | 9% | 8% | 9% | 8% | |||||
Fossil - Natural Gas - CT | 6% | 6% | 7% | 3% | |||||
Total Natural Gas(2) | 45% | 44% | 41% | 38% | |||||
Fossil - Coal | 0% | 8% | 0% | 9% | |||||
100% | 100% | 100% | 100% | ||||||
(1)Indicates Period Net Generation, negative value reflects more GWh required to operate plants than were generated. Excludes Solar and Kalaeloa. | |||||||||
(2)Includes several units that are dual fuel for oil. |
Attachment 7 | ||||||||
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED | ||||||||
Statistical Measures | ||||||||
(Unaudited) | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
2020 | 2019 | 2020 | 2019 | |||||
Weighted Average Common Shares Outstanding (millions) | ||||||||
Basic | 504 | 504 | 504 | 504 | ||||
Diluted | 507 | 507 | 507 | 507 | ||||
Stock Price at End of Period | $ 54.91 | $ 62.08 | ||||||
Dividends Paid per Share of Common Stock | $ 0.49 | $ 0.47 | $ 1.47 | $ 1.41 | ||||
Dividend Yield | 3.6% | 3.0% | ||||||
Book Value per Common Share | $ 31.43 | $ 29.62 | ||||||
Market Price as a Percent of Book Value | 175% | 210% |
Attachment 8 | |||||||||||
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED | |||||||||||
Consolidated Operating Earnings (non-GAAP) Reconciliation | |||||||||||
Reconciling Items | Three Months Ended | Nine Months Ended | |||||||||
September 30, | September 30, | ||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||
($ millions, Unaudited) | |||||||||||
Net Income | $ 575 | $ 403 | $ 1,474 | $ 1,256 | |||||||
(Gain) Loss on Nuclear Decommissioning Trust (NDT) | |||||||||||
Fund Related Activity, pre-tax(PSEG Power) | (100) | 4 | (73) | (164) | |||||||
(Gain) Loss on Mark-to-Market (MTM), pre-tax (a)(PSEG Power) | 82 | 121 | 82 | (195) | |||||||
Plant Retirements and Dispositions, pre-tax (PSEG Power) | (122) | 7 | (122) | 402 | |||||||
Oil Lower of Cost or Market (LOCOM) adjustment, pre-tax (PSEG Power) | - | - | 11 | - | |||||||
Lease Related Activity, pre-tax (PSEG Enterprise/Other) | - | - | - | 58 | |||||||
Income Taxes related to Operating Earnings (non-GAAP) reconciling items(b) | 53 | (40) | 40 | (21) | |||||||
Operating Earnings (non-GAAP) | $ 488 | $ 495 | $ 1,412 | $ 1,336 | |||||||
PSEG Fully Diluted Average Shares Outstanding (in millions) | 507 | 507 | 507 | 507 | |||||||
($ Per Share Impact - Diluted, Unaudited) | |||||||||||
Net Income | $ 1.14 | $ 0.79 | $ 2.91 | $ 2.47 | |||||||
(Gain) Loss on NDT Fund Related Activity, pre-tax(PSEG Power) | (0.20) | 0.01 | (0.15) | (0.32) | |||||||
(Gain) Loss on MTM, pre-tax (a)(PSEG Power) | 0.16 | 0.24 | 0.16 | (0.38) | |||||||
Plant Retirements and Dispositions, pre-tax (PSEG Power) | (0.24) | 0.01 | (0.24) | 0.79 | |||||||
Oil LOCOM adjustment, pre-tax (PSEG Power) | - | - | 0.02 | - | |||||||
Lease Related Activity, pre-tax (PSEG Enterprise/Other) | - | - | - | 0.11 | |||||||
Income Taxes related to Operating Earnings (non-GAAP) reconciling items(b) | 0.10 | (0.07) | 0.08 | (0.03) | |||||||
Operating Earnings (non-GAAP) | $ 0.96 | $ 0.98 | $ 2.78 | $ 2.64 | |||||||
(a) Includes the financial impact from positions with forward delivery months. | |||||||||||
(b) Income tax effect calculated at the statutory rate except for lease related activity which is calculated at a combined leveraged lease effective tax rate, and NDT related activity which is calculated at the statutory rate plus a 20% tax on income (loss) from qualified NDT funds. |
Attachment 9 | |||||||||||
PSEG Power Operating Earnings (non-GAAP) and Adjusted EBITDA (non-GAAP) Reconciliation | |||||||||||
Three Months Ended | Nine Months Ended | ||||||||||
Reconciling Items | September 30, | September 30, | |||||||||
2020 | 2019 | 2020 | 2019 | ||||||||
($ millions, Unaudited) | |||||||||||
Net Income | $ 254 | $ 53 | $ 437 | $ 309 | |||||||
(Gain) Loss on NDT Fund Related Activity, pre-tax | (100) | 4 | (73) | (164) | |||||||
(Gain) Loss on MTM, pre-tax (a) | 82 | 121 | 82 | (195) | |||||||
Plant Retirements and Dispositions, pre-tax | (122) | 7 | (122) | 402 | |||||||
Oil LOCOM adjustment, pre-tax | - | - | 11 | - | |||||||
Income Taxes related to Operating Earnings (non-GAAP) reconciling items(b) | 53 | (40) | 40 | 5 | |||||||
Operating Earnings (non-GAAP) | $ 167 | $ 145 | $ 375 | $ 357 | |||||||
Depreciation and Amortization, pre-tax (c) | 89 | 91 | 271 | 278 | |||||||
Interest Expense, pre-tax (c) (d) | 28 | 32 | 90 | 80 | |||||||
Income Taxes (c) | 65 | 54 | 72 | 122 | |||||||
Adjusted EBITDA (non-GAAP) | $ 349 | $ 322 | $ 808 | $ 837 | |||||||
PSEG Fully Diluted Average Shares Outstanding (in millions) | 507 | 507 | 507 | 507 | |||||||
(a) Includes the financial impact from positions with forward delivery months. | |||||||||||
(b) Income tax effect calculated at the statutory rate except for NDT related activity which is calculated at the statutory rate plus a 20% tax on income (loss) from qualified NDT funds. | |||||||||||
(c) Excludes amounts related to Operating Earnings (non-GAAP) reconciling items. | |||||||||||
(d) Net of capitalized interest. | |||||||||||
PSEG Enterprise/Other | |||||||||||
Operating Earnings (non-GAAP) Reconciliation | |||||||||||
Reconciling Items | Three Months Ended | Nine Months Ended | |||||||||
September 30, | September 30, | ||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||
($ millions, Unaudited) | |||||||||||
Net Income (Loss) | $ 8 | $ 6 | $ 1 | $ (27) | |||||||
Lease Related Activity, pre-tax | - | - | - | 58 | |||||||
Income Taxes related to Lease related activity(a) | - | - | - | (26) | |||||||
Operating Earnings (non-GAAP) | $ 8 | $ 6 | $ 1 | $ 5 | |||||||
PSEG Fully Diluted Average Shares Outstanding (in millions) | 507 | 507 | 507 | 507 | |||||||
(a) Income tax effect calculated at a combined leveraged lease effective tax rate. |
CONTACT: | |
Media Relations | Investor Relations |
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SOURCE PSEG
LOWER ALLOWAYS CREEK, N.J., Oct. 15, 2020 /PRNewswire/ -- PSEG Nuclear's Salem Unit 1 entered its planned refueling and maintenance outage on Oct. 3, 2020, when operators safely removed the unit from the regional power grid. Salem 1 is one of three nuclear units operated by PSEG in Salem County, New Jersey. Collectively, the three nuclear units produce roughly 40% of the state's electricity and more than 90% of its carbon-free energy, making them a critical pillar of New Jersey's clean energy ambitions to achieve net-zero by 2050. A refueling and maintenance outage is a multi-week, comprehensive process involving thousands of inspections, surveillances and maintenance activities.
At PSEG, the health and safety of our employees, contractors and communities are paramount. Accordingly, PSEG is continuing many of the protocols and precautions instituted during the Salem 2 outage earlier this year in response to the COVID-19 outbreak, such as increased cleaning and sanitization protocols, remote work to minimize the number of on-site employees, physical distancing where possible, and a health questionnaire and temperature screening for every individual entering the site.
In addition, new initiatives have been implemented to bolster health and safety, which include:
"Over the past several months, our fleet has gathered valuable lessons learned in operating safely during this unprecedented pandemic," PSEG Nuclear President and Chief Nuclear Officer Eric Carr said. "Specifically, our successful spring outage earlier this year has given us a blueprint for protecting our team members and the community while efficiently completing the necessary work of refueling our unit for the next 18-month operating cycle."
Buddy Thoman, President IBEW Local 94 said: "I am proud to represent the hundreds of IBEW men and women who maintain, operate and refuel these plants, which provide around-the-clock clean energy for New Jersey. In addition to the skills they offer, these workers also bring a piece of the Salem community when working at the plants, all while protecting each other and the community when engaged in these essential outages."
Hundreds of contractors and craftspeople representing approximately 10 trade unions are working alongside the PSEG employees during the period the Salem 1 reactor is offline.
Bill Mullen, NJ Building and Construction Trades Council President said: "Outages bring hundreds of skilled contractors and workers essential to the refueling and maintenance of the plants. NJ Building and Construction Trades Council members are among those who bring the added skilled trade work every six months to ensure New Jersey's nuclear plants continue to provide needed power to 3.8 million homes in the state."
Dan Cosner, South Jersey Trades President said: "Our members make plans and circle outage dates months in advance of the refueling; maintenance of the plants provides steady jobs throughout the year and twice a year calls 1,000 contractors to the site – many of them our members. The lead time in outage planning allows the industry and the trades to diligently prepare with enhanced safety and health protocols to ensure the well-being of the workers and surrounding communities supporting the outages."
While on assignment, these individuals frequent area businesses and rely on local service providers for the duration. The additional workforce has a significant impact on the local economy, particularly during the pandemic.
Charlie Hassler, Salem County Chair of Economic Development/Public Works said: "The benefit to Salem County and the South Jersey region during a refueling outage cannot be understated. This is essential work that needs to be done and is done in the safest, most efficient manner. The influx of jobs that come with the refueling is critical to the ongoing stability and success of the local and regional economy. These plants supply nearly 40 percent of the state's electricity and it's important that they operate safely. Further, PSEG Nuclear is always ready to discuss the plants and that is good for the community. They are very good corporate neighbors."
PSEG Power
PSEG Power LLC is a multi-regional energy supply company that integrates the operations of its merchant nuclear and fossil generating assets with its power marketing businesses and fuel supply functions, primarily in the Northeast and Mid-Atlantic United States. PSEG Power is a nationally recognized industry leader on environmental issues. PSEG Nuclear LLC is one of four main subsidiaries of PSEG Power; it operates the Salem and Hope Creek nuclear generating stations in southern New Jersey and is a part-owner of the Peach Bottom nuclear generating station in Pennsylvania. PSEG Fossil operates the company's portfolio of natural gas- and oil-fired electric generating units. PSEG Energy Resources & Trade LLC is the trading arm of PSEG Power. PSEG Power Ventures LLC develops utility-scale solar facilities outside PSE&G's service territory through its subsidiary, PSEG Solar Source, and operates the Kalaeloa Cogeneration Plant in Hawaii.
PSEG Power is a subsidiary of Public Service Enterprise Group Inc. (PSEG) (NYSE:PEG), a diversified energy company (https://corporate.pseg.com/). PSEG has been named to the Dow Jones Sustainability Index for North America for 12 consecutive years.
Visit PSEG at:
www.pseg.com
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
PSEG blog, Energize!
CONTACTS: | |
Investor Relations | Media Relations |
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SOURCE PSEG
NEWARK, N.J., Oct. 1, 2020 /PRNewswire/ -- PSEG today filed applications to extend Zero Emission Certificates (ZECs) for the Salem and Hope Creek nuclear power plants in Salem County in order to preserve New Jersey's largest carbon-free source of electricity and help New Jersey achieve its clean energy goals.
Thanks to PSEG's nuclear plants, nearly 40% of New Jersey's energy supply is already carbon-free. Nuclear energy delivers more than 90% of all of the state's carbon-free energy and is essential to New Jersey's ability to successfully achieve its goal of a 100% carbon-free energy supply by 2050, as outlined in the state's Energy Master Plan and documented by numerous independent studies.
"Nuclear energy already is New Jersey's largest source of carbon-free electricity. No other energy source currently comes close," said Rick Thigpen, PSEG's senior vice president for Corporate Citizenship. "We want to continue to partner with Gov. Phil Murphy and other state leaders to ensure that New Jersey's nuclear plants are able to continue generating electricity – while producing zero carbon emissions – long into the future."
"New Jersey can only achieve its ambitious clean energy goals with nuclear energy in the mix," Thigpen said.
PSEG's applications seek an extension of ZECs that were first established last year. On April 18, 2019, the New Jersey Board of Public Utilities issued an order determining that PSEG's Hope Creek, Salem 1 and Salem 2 nuclear plants were eligible to receive ZECs from April 18, 2019, through May 31, 2022. As a result, New Jersey has continued to benefit from the air quality, fuel diversity and energy resiliency delivered by the plants. PSEG now is applying for a three-year extension of the ZEC program.
Since the first ZECs eligibility period began, power markets have deteriorated significantly, thus the financial needs of New Jersey's nuclear plants have continued to grow. Nationwide, nuclear plants continue to struggle economically to survive. Since 2018, three nuclear plants have closed in the eastern U.S., all for economic reasons, and the impact has had a ripple effect. If New Jersey's nuclear plants were forced to shut down, as well, the carbon-free energy they produce would primarily be replaced by existing fossil resources. The increased fossil generation would cause an immediate increase in carbon emissions, reducing air quality and working against the state's long-term clean energy goals.
Moreover, preservation of PSEG's New Jersey nuclear plants will help keep everyone's energy costs down, with independent studies forecasting a $400-million-per-year increase in customers' energy bills if these nuclear plants were to close.
"New Jersey's ongoing support for nuclear energy is a wise investment in clean energy," Thigpen said. "At PSEG, we're committed to supporting our state and doing what is in the best interests of our customers and communities. Working together, we can ensure the state is able to produce the electricity we need to power our homes and businesses without producing the carbon emissions we don't."
For more information and documentation in support of PSEG's ZEC applications, please click here.
Public Service Enterprise Group Inc. (PSEG) (NYSE: PEG) is a publicly traded diversified energy company with approximately 13,000 employees. Headquartered in Newark, N.J., PSEG's principal operating subsidiaries are: Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 12 consecutive years (https://corporate.pseg.com).
Visit PSEG at:
www.pseg.com
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
PSEG Energize!
Forward-Looking Statement
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.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at https://investor.pseg.com may be used to enroll to receive automatic email alerts regarding new postings.
CONTACTS:
Investor Relations | Media Relations |
Carlotta Chan | Marijke Shugrue |
973-430-6565 | 908-531-4253 |
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SOURCE PSEG
NEWARK, N.J., Sept. 23, 2020 /PRNewswire/ -- The centerpiece of Public Service Electric and Gas Co.'s (PSE&G) landmark Clean Energy Future proposal was approved today by the New Jersey Board of Public Utilities (BPU). This decision clears the way for the state's largest utility to commit $1 billion toward energy efficiency investments over the next three years, the largest commitment ever in New Jersey, which is expected to provide environmental benefits and reduce customer bills while creating jobs and boosting the state's economy. Today's action is a vital step toward achieving Gov. Phil Murphy's clean energy vision, propelling New Jersey's economic and environmental sustainability policies to a new level.
"This is a great day for New Jersey and all of us who care about addressing climate change," PSEG Chairman, President and CEO Ralph Izzo said. "Today's decision will allow us to bring the benefits of energy efficiency to every customer and give them options to reduce their energy use, save money and shrink their carbon footprint. New Jersey now has the opportunity to be at the forefront of clean energy policy and be a role model for the nation."
PSE&G's $1 billion investment in energy efficiency, including customer programs and information technology platforms to support the energy efficiency investments, will drive significant progress toward achieving Governor Murphy's clean energy agenda. The program's energy-saving measures, which include rebates for energy-efficient appliances and equipment, will help reduce New Jersey's carbon emissions and help the state recover from the economic impacts of the COVID-19 pandemic. Here's how:
"How appropriate that, during Climate Week, New Jersey has taken this vital step to pursue energy efficiency, the most cost-effective approach to addressing climate change," Izzo said. "Today's decision is a tribute to Governor Murphy's decisive leadership on climate change and will deliver the economic and environmental benefits of energy efficiency to our customers."
Energy Efficiency Job Training Program
To help build a workforce with the skills needed to implement energy efficiency projects, PSE&G last month launched an energy efficiency job training program. PSE&G has partnered with a network of community organizations and the state Department of Labor to recruit participants from New Jersey's urban centers into PSE&G's job training program – which will prepare up to 2,000 state residents for jobs with the contractors that will implement PSE&G's energy efficiency programs.
Universal Access to Energy Efficiency
PSE&G's program offers residential, commercial and industrial customers rebates and other financial incentives to purchase energy-efficient lighting, HVAC equipment and smart thermostats. Customers also are eligible for free or affordable energy audits and energy efficiency kits. The program was designed with special emphasis on meeting the needs of low-income, multi-family and small business customers.
"We are committed to ensuring that all of our customers and the communities we serve get an opportunity to share in the benefits of this program, including lower energy bills, new jobs and cleaner air," PSE&G President Dave Daly said. "PSE&G appreciates the efforts of BPU staff, New Jersey Rate Counsel and other parties involved to help move this exciting program forward."
The approved program reflects the framework adopted by the BPU in June to implement energy efficiency throughout the state, which aligns utility incentives with the state's goal of reducing energy consumption and environmental impacts.
PSE&G's energy efficiency program also is designed to:
"This large-scale commitment to energy efficiency is the cornerstone for PSEG to make further progress as a leading provider of sustainable energy," Izzo said. "That commitment includes other clean energy investments, methane-reduction initiatives and zero-carbon nuclear generation."
For more see: psegpoweringprogress.com/energy-efficiency/
Separate PSE&G Clean Energy Future proposals pending before the BPU would help New Jersey meet the state's energy storage goals, reduce emissions from the transportation sector and modernize customer communications through advanced metering.
More information about PSEG's commitment to environmental leadership can be found in its Sustainability Report and Climate Report.
PSE&G
Public Service Electric & Gas Co. (PSE&G) is New Jersey's oldest and largest gas and electric delivery public utility, serving three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability in the Mid-Atlantic region. In 2020, PSE&G was named the most trusted combined gas & electric utility in the East Region, by the Cogent Syndicated Brand Trust Index. PSE&G is a subsidiary of Public Service Enterprise Group Inc. (PSEG) (NYSE:PEG), a diversified energy company. PSEG has been named to the Dow Jones Sustainability Index for North America for 12 consecutive years (www.pseg.com).
Visit PSEG at:
www.pseg.com
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
PSEG Energize!
Forward-Looking Statement
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.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at https://investor.pseg.com may be used to enroll to receive automatic email alerts regarding new postings.
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SOURCE PSE&G
NEWARK, N.J., Aug. 17, 2020 /PRNewswire/ -- PSE&G is expanding its claims policy due to the COVID-19 pandemic so that customers whose electrical service was interrupted by Tropical Storm Isaias for at least 72 hours can be reimbursed for spoiled food and medication. The tropical storm knocked out power for more than 575,000 customers in New Jersey, making it the fifth-most destructive storm in our company's 100-plus year history.
"We recognize that losing power in August, together with the challenges of the COVID-19 pandemic, was a hardship for many of our customers," PSE&G President Dave Daly said. "Given the unique combination of circumstances, we believe the right thing to do is to expand our claims process to ease the burden on the customers most impacted by Tropical Storm Isaias."
PSE&G will reimburse residential customers up to $250 and commercial customers up to $5,000 for food spoilage if their service was interrupted for 72 hours or longer between Aug. 4 and 12, 2020 because of Tropical Storm Isaias.
For residential customers, food spoilage claims of $150 or less must include an itemized list. Food spoilage claims over $150 must include an itemized list and proof of loss (for example: cash register tapes, store or credit card receipts, canceled checks or photographs of spoiled items).
Separately, customers will be reimbursed for losses, up to a maximum of $300, for prescription medications that spoiled due to lack of refrigeration. Customers must provide an itemized list of the medications and proof of loss (for example: pharmacy prescription label or pharmacy receipt identifying the medicine).
Commercial customers applying for reimbursement must supply an itemized list of spoiled food and proof of loss (invoices, inventory lists, bank statements).
Customers can apply for reimbursement at pseg.com/claims. Reimbursement claims cannot be processed over the phone.
Customers will have until Sept. 16, 2020, to file claims. Reimbursement is expected to take up to 60 business days from when a proper claim form is completed and submitted to PSE&G.
PSE&G
Public Service Electric & Gas Co. (PSE&G) is New Jersey's oldest and largest gas and electric delivery public utility, serving three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability in the Mid-Atlantic region. In 2020, PSE&G was named the most trusted combined gas & electric utility in the East Region, by the Cogent Syndicated Brand Trust Index. PSE&G is a subsidiary of Public Service Enterprise Group Inc. (PSEG) (NYSE:PEG), a diversified energy company. PSEG has been named to the Dow Jones Sustainability Index for North America for 12 consecutive years (www.pseg.com).
Visit PSEG at:
www.pseg.com
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PSEG on LinkedIn
PSEG Energize!
Contact: | Media Relations |
973-430-7734 |
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SOURCE PSE&G
UNIONDALE, N.Y., Aug. 17, 2020 /PRNewswire/ -- PSEG Long Island is expanding its claims policy due to the COVID-19 pandemic so that customers whose electrical service was interrupted by Tropical Storm Isaias for at least 72 hours can be reimbursed for spoiled food and medication. The tropical storm knocked out power for more than 420,000 customers on Long Island and in the Rockaways, making it the most destructive storm since Superstorm Sandy.
"We recognize that losing power in August, together with the challenges of the COVID-19 pandemic, was a hardship for many of our customers," PSEG Long Island President and COO Daniel Eichhorn said. "Given the unique combination of circumstances, we believe the right thing to do is to expand our claims process to ease the burden on the customers most impacted by Tropical Storm Isaias."
PSEG Long Island will reimburse residential customers up to $250 and commercial customers up to $5,000 for food spoilage if their service was interrupted for 72 hours or longer between Aug. 4, and Aug. 12, 2020 because of Tropical Storm Isaias.
For residential customers, food spoilage claims of $150 or less must include an itemized list. Food spoilage claims over $150 must include an itemized list and proof of loss (for example: cash register tapes, store or credit card receipts, canceled checks or photographs of spoiled items).
Separately, customers will be reimbursed for losses, up to a maximum of $300, for prescription medications that spoiled due to lack of refrigeration. Customers must provide an itemized list of the medications and proof of loss (for example: pharmacy prescription label or pharmacy receipt identifying the medicine).
Commercial customers applying for reimbursement must supply an itemized list of spoiled food and proof of loss (invoices, inventory lists, bank statements).
Customers can apply for reimbursement at www.psegliny.com/claims. The reimbursement claims cannot be processed over the phone.
Customers will have until Sept. 16, 2020 to file claims. Reimbursement is expected to take up to 60 business days from when a proper claim form is completed and submitted to PSEG Long Island.
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:
www.psegliny.com
PSEG Long Island on Facebook
PSEG Long Island on Twitter
PSEG Long Island on YouTube
PSEG Long Island on Flickr
Contact: Media Relations Pager
516.229.7248
mediarelationsLI@pseg.com
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SOURCE PSEG Long Island
NEWARK, N.J., Aug. 12, 2020 /PRNewswire/ -- Public Service Enterprise Group (PSEG) has named Zeeshan Sheikh its new senior vice president, Chief Information and Digital Officer. Sheikh's first day was Monday.
As the company's new CIDO, Sheikh will be responsible for leading, directing, planning and managing all information technology and digital needs in all areas of PSEG, including all ongoing business transformation strategies and improving the digital experience for customers and employees. Sheikh will report to PSEG Services Corp. President Derek DiRisio and will be a member of the Executive Officer Group.
"Technology will play a critical role in the future of PSEG, covering areas from asset and grid management, to data security, to the Energy Cloud, energy efficiency and customer service," DiRisio said. "We're lucky to have landed an individual like Zeeshan, who brings a track record of leadership, experience and innovation to the table."
Sheikh comes to PSEG after 18 years at Entergy Corp., where he most recently was vice president and Chief Information Officer. Born in Queens, N.Y., and raised in New Jersey, he is a graduate of Rutgers University.
"New Jersey is home to me," Sheikh said. "My entire career has been spent in the energy industry. I'm proud to begin the next chapter with a company like PSEG, helping to lead our customers and our communities toward a cleaner energy future."
About PSEG
Public Service Enterprise Group Inc. (PSEG) (NYSE: PEG) is a publicly traded diversified energy company with approximately 13,000 employees. Headquartered in Newark, N.J., PSEG's principal operating subsidiaries are: Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 12 consecutive years (https://corporate.pseg.com).
Visit PSEG at:
www.pseg.com
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
PSEG Energize!
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at https://investor.pseg.com may be used to enroll to receive automatic email alerts regarding new postings.
CONTACTS: | |
Investor Relations | Media Relations |
Carlotta Chan | Marijke Shugrue |
973-430-6565 | 908-531-4253 |
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SOURCE PSEG
NEWARK, N.J., July 31, 2020 /PRNewswire/ -- Public Service Enterprise Group (NYSE: PEG) reported Net Income for the second quarter of 2020 of $451 million, or $0.89 per share, compared to Net Income of $153 million, or $0.30 per share, in the second quarter of 2019. Non-GAAP Operating Earnings for the second quarter of 2020 were $404 million, or $0.79 per share, compared to non-GAAP Operating Earnings for the second quarter of 2019 of $294 million, or $0.58 per share. Non-GAAP results for the second quarter exclude items shown in Attachments 8 and 9.
Ralph Izzo, chairman, president and chief executive officer commented, "We are pleased to report solid operating and financial results at both businesses. Our employees continue to effectively respond to the challenges and requirements of providing essential utility and power services under extraordinary conditions. The state-wide, mandated closure of most businesses, schools and government buildings contributed to a decline of approximately 7% in weather normalized electric sales for the second quarter. New Jersey continues to gradually re-open businesses and activities, and effective containment of COVID-19 should expand commercial activity, and energy usage, in the months ahead. Our utility field crews are at full force and construction work continues on pace to meet our capital expenditure targets on our reliability, resiliency and infrastructure programs. In May, PSE&G also resumed on-premises customer work using personal protective equipment, customer contact screening, and physical distancing to ensure customer and employee safety. Our associates who are able to work remotely continue to do so, and we are continuing to assess when we will begin a phased return to work."
The following table provides a reconciliation of PSEG's Net Income to non-GAAP Operating Earnings for the second quarter. See Attachments 8 and 9 for a complete list of items excluded from Net Income in the determination of non-GAAP Operating Earnings.
PSEG CONSOLIDATED RESULTS (unaudited) | |||||
Second Quarter Comparative Results | |||||
2020 and 2019 | |||||
Income | Diluted Earnings | ||||
($ millions) | Per Share | ||||
2020 | 2019 | 2020 | 2019 | ||
Net Income | $451 | $153 | $0.89 | $0.30 | |
Reconciling Items | (47) | 141 | (0.10) | 0.28 | |
Non-GAAP Operating Earnings | $404 | $294 | $0.79 | $0.58 | |
Avg. Shares | 507M | 507M |
Ralph Izzo added, "We are re-affirming PSEG's non-GAAP Operating Earnings guidance for full-year 2020 of $3.30 - $3.50 per share based on our results through the first-half of the year and our confidence that we can effectively manage costs across our businesses, continue executing our investment program at PSE&G, and provide New Jersey with reliable and zero carbon sources of electricity. Weather cooperated in the second quarter and thus far, the summer has tracked above normal. PSEG Power has effectively minimized scheduled maintenance and outage costs while remaining in compliance with safety requirements. We are on-track to execute on our five-year, $12 billion to $16 billion capital plan without the need to issue new equity, and our net liquidity position at June 30 remains ample at $4 billion."
The following table outlines PSEG's expectations for non-GAAP Operating Earnings in 2020 by subsidiary:
2020 Non-GAAP Operating Earnings Guidance | ||
($ millions, except EPS) | ||
2020E | ||
PSE&G | $1,310 - $1,370 | |
PSEG Power | $345 - $435 | |
PSEG Enterprise/Other | ($5) | |
Non-GAAP Operating Earnings | $1,675 - $1,775 | |
Non-GAAP Operating EPS | $3.30 - $3.50 |
E = Estimate |
"Earlier this morning, we also announced that PSEG is exploring strategic alternatives for PSEG Power's non-nuclear generating fleet. Our intent is to accelerate the transformation of PSEG into a primarily regulated electric and gas utility -- a plan we have been executing successfully for over a decade. PSEG will explore how a potential separation of the non-nuclear assets could reduce overall business risk and earnings volatility, improve our credit profile, and enhance an already compelling ESG position driven by pending clean energy investments, methane reduction, and zero carbon generation," Izzo said. "We believe PSE&G is among the best utilities in the country and that our valuation should align with that profile."
PSEG intends to retain ownership of PSEG Power's existing nuclear fleet. The nuclear fleet is a necessary component in enabling New Jersey to meet its long-term carbon reduction goals, and also helps to satisfy the state's capacity obligations for resource adequacy with a cost-effective source of zero-carbon electricity.
While the company is in the preliminary stage of this evaluation, the marketing of a potential transaction in one or a series of steps, anticipated to launch in the fourth quarter, is expected to be completed sometime in 2021.
Given the relatively small part of PSEG that the non-nuclear business represents, this decision will not have an impact on the company's current shareholder dividend policy, which will continue to be subject to approval by the PSEG Board of Directors. PSEG will manage this process taking into account the interests of its diverse stakeholders, including our 13,000 valued employees. Any decision regarding the non-nuclear assets will not impact PSE&G or PSEG Long Island customers, operations or tariffs and would be subject to customary regulatory approvals.
Results and Outlook by Operating Subsidiary
Public Service Electric & Gas | |||
Second Quarter 2020 and 2019 Comparative Results | |||
($ millions, except EPS) | |||
PSE&G | 2Q 2020 | 2Q 2019 | Q/Q Change |
Net Income | $283 | $227 | $56 |
Earnings Per Share | $0.56 | $0.45 | $0.11 |
PSE&G reported Net Income of $283 million ($0.56 per share) for the second quarter of 2020 compared with Net Income of $227 million ($0.45 per share) for the second quarter 2019.
PSE&G's second quarter results were driven by revenue growth from ongoing capital investment programs. Growth in transmission rate base added $0.05 per share to second quarter Net Income, which included approximately $0.02 per share related to 2019 true-ups and lower pension expense. Gas margin was $0.02 per share favorable, driven by Gas System Modernization Program II investments and weather normalized volumes. Favorable weather added $0.01 per share over the year-earlier quarter. While electric bad debt expense is recovered through the Societal Benefits Clause, gas-related bad debt expense in excess of the amount included in rates reduced earnings by $0.01 per share compared to second quarter 2019, reflecting higher uncollectibles related to COVID-19. Distribution related depreciation and interest expense each lowered Net Income by $0.01 per share. Non-operating pension expense was $0.03 per share favorable compared with second quarter 2019. Lastly, flow through taxes and other items were $0.03 favorable compared to second quarter 2019 driven by the timing of taxes and the settlement of federal audits for the 2011-2016 tax years.
Weather for Q2 2020 was favorable compared with the second quarter of 2019. Early summer weather was below normal but 7% warmer than second quarter 2019. For the second quarter, weather normalized electric sales declined by approximately 7%, with residential loads up 8% but more than offset by commercial and industrial sales that were approximately 14% lower in the quarter. Note that a majority of residential margin is driven by volume, while commercial and industrial margins are driven by demands. For the year to date period, the net impact of higher residential volume has partially offset the lower commercial and industrial demands. On a trailing 12-month basis, weather normalized electric sales were down by approximately 3% and gas sales were flat, with residential electric and gas usage up by over 2%.
PSE&G's capital program remains on schedule. PSE&G invested approximately $600 million in the second quarter and $1.2 billion through June as part of its 2020 capital investment program of approximately $2.7 billion in electric and gas infrastructure upgrades to its transmission and distribution facilities to maintain reliability and increase resiliency. We continue to forecast over 90% of PSEG's planned capital investment will be directed to the utility over the 2020-2024 timeframe.
PSE&G is continuing to hold settlement discussions with the New Jersey Board of Public Utilities (BPU) on its six-year, $2.5 billion Clean Energy Future-Energy Efficiency (CEF-EE) filing. In June, the BPU adopted a framework to implement the expansion of energy efficiency throughout the state. The framework establishes the utilities as administrators for the programs that will achieve the majority of the energy savings. PSE&G's CEF-EE filing is designed to achieve the objectives of the framework and help the state achieve its energy savings targets, which were raised in the BPU's final framework to annual savings of 2.15% for electric and 1.1% for gas to be achieved over a five-year timeframe from program implementation.
PSE&G has continued the temporary suspension of non-safety related service shut-offs that began in March. Earlier this month, the BPU authorized utilities in the state to defer prudently incurred incremental costs related to COVID-19 from March 9, 2020 through September 30, 2021, or later. PSE&G will file its first quarterly report to the BPU on August 3, outlining its COVID related costs and offsets for the period ended June 30. PSE&G is evaluating the order and expects to record a deferral in the third quarter of 2020.
PSE&G's forecast of Net Income for 2020 is unchanged at $1,310 million - $1,370 million.
PSEG Power | |||
Second Quarter 2020 and 2019 Comparative Results | |||
($ millions, except EPS) | |||
PSEG Power | 2Q 2020 | 2Q 2019 | Q/Q Change |
Net Income (Loss) | $170 | $(40) | $210 |
Earnings (Loss) Per Share (EPS) | $0.34 | $(0.08) | $0.42 |
Non-GAAP Operating Earnings | $123 | $69 | $54 |
Non-GAAP EPS | $0.24 | $0.13 | $0.11 |
Non-GAAP Adjusted EBITDA | $258 | $211 | $47 |
PSEG Power reported Net Income of $170 million ($0.34 per share) for the second quarter of 2020, non-GAAP Operating Earnings of $123 million ($0.24 per share), and non-GAAP Adjusted EBITDA of $258 million. A pre-tax adjustment of $9 million was made to reflect a partial reversal of a lower of cost or market write-down to oil inventory made in the first quarter, and is excluded from the non-GAAP measures of Operating Earnings and Adjusted EBITDA.
PSEG Power's second quarter non-GAAP Operating Earnings were positively affected by several items that produced results $0.11 per share higher than the year-ago quarter. A June 1st scheduled increase in PJM capacity revenue moderated non-GAAP Operating Earnings comparisons to a decline of $0.07 per share compared with Q2 2019. The addition of ZECs to second-quarter results added $0.02 per share. The net impact of generation volumes was flat when new capacity additions at Bridgeport Harbor 5 are offset by the volume loss from the sale of Keystone and Conemaugh last fall. Re-contracting and market impacts lifted results by $0.03 per share, reflecting seasonal shape of hedging activity and lower cost to serve versus the year-ago quarter. Gas operations improved by $0.01 per share over the prior year quarter. Lower O&M expense was a favorable $0.06 per share comparison over last year's second quarter reflecting lower costs from the planned Salem 2 refueling outage in April versus the absence of last year's Salem Unit 1 extended outage, the absence of costs at Keystone and Conemaugh, and lower Fossil outage and maintenance expenses. Lower non-operating pension expense added $0.01 per share versus the year-ago quarter. Taxes and other items were $0.05 favorable compared to second-quarter 2019 driven by the settlement of federal audits for the 2011-2016 tax years.
Total generation output declined by 3% to total 12.7 TWh in the second quarter of 2020, reflecting the sale of the Keystone and Conemaugh units last fall. PSEG Power's CCGT fleet produced 4.9 TWh of output, up 3%, reflecting the addition of Bridgeport Harbor 5 which was placed into operation in June 2019. The nuclear fleet operated at a capacity factor of 91.9% for the quarter, producing 7.8 TWh, up 9% over Q2 2019, and representing 61% of total generation. This quarter's higher nuclear output reflects the absence of the extended Salem Unit 1 outage in Q2 2019 related to repair of reactor vessel bolts.
PSEG Power continues to forecast output for 2020 of 50 - 52 TWh. For the remainder of 2020 Power has hedged approximately 95% - 100% of production at an average price of $36 per MWh. For 2021, Power has hedged 65% - 70% of forecast production of 49 – 51 TWh at an average price of $35 per MWh. Power is also forecasting output for 2022 of 50 – 52 TWh. Approximately 25% – 30% of Power's output in 2022 is hedged at an average price of $35 per MWh.
The forecast of PSEG Power's non-GAAP Operating Earnings for 2020 remains unchanged at $345 million - $435 million as does our estimate of non-GAAP Adjusted EBITDA of $950 million - $1,050 million.
PSEG Enterprise/Other
PSEG Enterprise/Other reported a Net Loss of $2 million ($0.01 per share) for the second quarter of 2020 compared to a Net Loss of $34 million ($0.07 per share) for the second quarter of 2019. Non-GAAP Operating Loss for the second quarter of 2020 was $2 million ($0.01 per share) which was flat compared to non-GAAP Operating Loss for the second quarter of 2019. The Net Loss for the second quarter of 2020 reflects higher interest at the Parent partially offset by ongoing contributions from PSEG Long Island.
The forecast for PSEG Enterprise/Other for 2020 remains unchanged at a Net Loss of $5 million.
Public Service Enterprise Group Inc. (PSEG) (NYSE: PEG) is a publicly traded diversified energy company with approximately 13,000 employees. Headquartered in Newark, N.J., PSEG's principal operating subsidiaries are: Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 12 consecutive years (https://corporate.pseg.com).
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at https://investor.pseg.com may be used to enroll to receive automatic email alerts regarding new postings. |
Non-GAAP Financial Measures
Management uses non-GAAP Operating Earnings in its internal analysis, and in communications with investors and analysts, as a consistent measure for comparing PSEG's financial performance to previous financial results. Non-GAAP Operating Earnings exclude the impact of returns (losses) associated with the Nuclear Decommissioning Trust (NDT), Mark-to-Market (MTM) accounting and material one-time items.
Management believes the presentation of non-GAAP Adjusted EBITDA for PSEG Power is useful to investors and other users of our financial statements in evaluating operating performance because it provides them with an additional tool to compare business performance across companies and across periods. Management also believes that non-GAAP Adjusted EBITDA is widely used by investors to measure operating performance without regard to items such as income tax expense, interest expense and depreciation and amortization, which can vary substantially from company to company depending upon, among other things, the book value of assets, capital structure and whether assets were constructed or acquired. Non-GAAP Adjusted EBITDA also allows investors and other users to assess the underlying financial performance of our fleet before management's decision to deploy capital. Non-GAAP Adjusted EBITDA excludes the same items as our non-GAAP Operating Earnings measure as well as income tax expense, interest expense and depreciation and amortization.
See Attachments 8 and 9 for a complete list of items excluded from Net Income in the determination of non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA. The presentation of non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA is intended to complement, and should not be considered an alternative to the presentation of Net Income, which is an indicator of financial performance determined in accordance with GAAP. In addition, non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA as presented in this release may not be comparable to similarly titled measures used by other companies.
Due to the forward looking nature of non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA guidance, PSEG is unable to reconcile these non-GAAP financial measures to the most directly comparable GAAP financial measure. Management is unable to project certain reconciling items, in particular MTM and NDT gains (losses), for future periods due to market volatility.
Forward-Looking Statements
Certain of the matters discussed in this release about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical constitute "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. When used herein, the words "anticipate," "intend," "estimate," "believe," "expect," "plan," "should," "hypothetical," "potential," "forecast," "project," variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in filings we make with the United States Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K. These factors include, but are not limited to:
Forward-Looking Statements - Continued
All of the forward-looking statements made in this 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 release apply only as of the date of this release. 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.
The forward-looking statements contained in this release are intended to qualify for the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
CONTACT: | |
Investor Relations | Media Relations |
973-430-6565 | 973-430-6564 |
Attachment 1 | |||||||||
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED | |||||||||
Consolidating Statements of Operations | |||||||||
(Unaudited, $ millions, except per share data) | |||||||||
Three Months Ended June 30, 2020 | |||||||||
PSEG | PSEG Enterprise/ | PSE&G | PSEG | ||||||
OPERATING REVENUES | $ 2,050 | $ (89) | $ 1,456 | $ 683 | |||||
OPERATING EXPENSES | |||||||||
Energy Costs | 595 | (238) | 510 | 323 | |||||
Operation and Maintenance | 733 | 128 | 380 | 225 | |||||
Depreciation and Amortization | 315 | 7 | 217 | 91 | |||||
Total Operating Expenses | 1,643 | (103) | 1,107 | 639 | |||||
OPERATING INCOME | 407 | 14 | 349 | 44 | |||||
Income from Equity Method Investments | 3 | - | - | 3 | |||||
Net Gains (Losses) on Trust Investments | 201 | 4 | 1 | 196 | |||||
Other Income (Deductions) | 38 | - | 26 | 12 | |||||
Net Non-Operating Pension and OPEB Credits (Costs) | 62 | 1 | 52 | 9 | |||||
Interest Expense | (151) | (23) | (98) | (30) | |||||
INCOME (LOSS) BEFORE INCOME TAXES | 560 | (4) | 330 | 234 | |||||
Income Tax Benefit (Expense) | (109) | 2 | (47) | (64) | |||||
NET INCOME (LOSS) | $ 451 | $ (2) | $ 283 | $ 170 | |||||
Reconciling Items Excluded from Net Income (Loss)(b) | (47) | - | - | (47) | |||||
OPERATING EARNINGS (non-GAAP) | $ 404 | $ (2) | $ 283 | $ 123 | |||||
Earnings Per Share | |||||||||
NET INCOME (LOSS) | $ 0.89 | $ (0.01) | $ 0.56 | $ 0.34 | |||||
Reconciling Items Excluded from Net Income (Loss)(b) | (0.10) | - | - | (0.10) | |||||
OPERATING EARNINGS (non-GAAP) | $ 0.79 | $ (0.01) | $ 0.56 | $ 0.24 | |||||
Three Months Ended June 30, 2019 | |||||||||
Q12015 | |||||||||
PSEG | PSEG Enterprise/ | PSE&G | PSEG | ||||||
OPERATING REVENUES | $ 2,316 | $ (149) | $ 1,382 | $ 1,083 | |||||
OPERATING EXPENSES | |||||||||
Energy Costs | 704 | (236) | 529 | 411 | |||||
Operation and Maintenance | 750 | 113 | 369 | 268 | |||||
Depreciation and Amortization | 307 | 10 | 202 | 95 | |||||
Loss on Asset Dispositions | 395 | - | - | 395 | |||||
Total Operating Expenses | 2,156 | (113) | 1,100 | 1,169 | |||||
OPERATING INCOME | 160 | (36) | 282 | (86) | |||||
Income from Equity Method Investments | 5 | - | - | 5 | |||||
Net Gains (Losses) on Trust Investments | 39 | 1 | - | 38 | |||||
Other Income (Deductions) | 33 | (1) | 19 | 15 | |||||
Net Non-Operating Pension and OPEB Credits (Costs) | 33 | 1 | 29 | 3 | |||||
Interest Expense | (137) | (22) | (89) | (26) | |||||
INCOME (LOSS) BEFORE INCOME TAXES | 133 | (57) | 241 | (51) | |||||
Income Tax Benefit (Expense) | 20 | 23 | (14) | 11 | |||||
NET INCOME (LOSS) | $ 153 | $ (34) | $ 227 | $ (40) | |||||
Reconciling Items Excluded from Net Income (Loss)(b) | 141 | 32 | - | 109 | |||||
OPERATING EARNINGS (non-GAAP) | $ 294 | $ (2) | $ 227 | $ 69 | |||||
Earnings Per Share | |||||||||
NET INCOME (LOSS) | $ 0.30 | $ (0.07) | $ 0.45 | $ (0.08) | |||||
Reconciling Items Excluded from Net Income (Loss)(b) | 0.28 | 0.07 | - | 0.21 | |||||
OPERATING EARNINGS (non-GAAP) | $ 0.58 | $ - | $ 0.45 | $ 0.13 | |||||
(a) Includes activities at Energy Holdings, PSEG Long Island and the Parent as well as intercompany eliminations. |
(b) See Attachments 8 and 9 for details of items excluded from Net Income/(Loss) to compute Operating Earnings (non-GAAP). |
Attachment 2 | ||||||||||
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED | ||||||||||
Consolidating Statements of Operations | ||||||||||
(Unaudited, $ millions, except per share data) | ||||||||||
Six Months Ended June 30, 2020 | ||||||||||
PSEG | PSEG Enterprise/ | PSE&G | PSEG | |||||||
OPERATING REVENUES | $ 4,831 | $ (411) | $ 3,339 | $ 1,903 | ||||||
OPERATING EXPENSES | ||||||||||
Energy Costs | 1,501 | (716) | 1,218 | 999 | ||||||
Operation and Maintenance | 1,487 | 255 | 766 | 466 | ||||||
Depreciation and Amortization | 639 | 15 | 439 | 185 | ||||||
Total Operating Expenses | 3,627 | (446) | 2,423 | 1,650 | ||||||
OPERATING INCOME | 1,204 | 35 | 916 | 253 | ||||||
Income from Equity Method Investments | 6 | - | - | 6 | ||||||
Net Gains (Losses) on Trust Investments | (20) | 3 | 1 | (24) | ||||||
Other Income (Deductions) | 42 | - | 53 | (11) | ||||||
Non-Operating Pension and OPEB Credits (Costs) | 124 | 4 | 103 | 17 | ||||||
Interest Expense | (304) | (46) | (194) | (64) | ||||||
INCOME (LOSS) BEFORE INCOME TAXES | 1,052 | (4) | 879 | 177 | ||||||
Income Tax Benefit (Expense) | (153) | (3) | (156) | 6 | ||||||
NET INCOME (LOSS) | $ 899 | $ (7) | $ 723 | $ 183 | ||||||
Reconciling Items Excluded from Net Income (Loss)(b) | 25 | - | - | 25 | ||||||
OPERATING EARNINGS (non-GAAP) | $ 924 | $ (7) | $ 723 | $ 208 | ||||||
Earnings Per Share | ||||||||||
NET INCOME (LOSS) | $ 1.77 | $ (0.02) | $ 1.43 | $ 0.36 | ||||||
Reconciling Items Excluded from Net Income (Loss)(b) | 0.05 | - | - | 0.05 | ||||||
OPERATING EARNINGS (non-GAAP) | $ 1.82 | $ (0.02) | $ 1.43 | $ 0.41 | ||||||
Six Months Ended June 30, 2019 | ||||||||||
PSEG | PSEG Enterprise/ | PSE&G | PSEG | |||||||
OPERATING REVENUES | $ 5,296 | $ (617) | $ 3,414 | $ 2,499 | ||||||
OPERATING EXPENSES | ||||||||||
Energy Costs | 1,828 | (845) | 1,476 | 1,197 | ||||||
Operation and Maintenance | 1,506 | 226 | 777 | 503 | ||||||
Depreciation and Amortization | 621 | 18 | 414 | 189 | ||||||
Loss on Asset Dispositions | 395 | - | - | 395 | ||||||
Total Operating Expenses | 4,350 | (601) | 2,667 | 2,284 | ||||||
OPERATING INCOME | 946 | (16) | 747 | 215 | ||||||
Income from Equity Method Investments | 7 | - | - | 7 | ||||||
Net Gains (Losses) on Trust Investments | 167 | 2 | 1 | 164 | ||||||
Other Income (Deductions) | 66 | - | 38 | 28 | ||||||
Non-Operating Pension and OPEB Credits (Costs) | 66 | 1 | 59 | 6 | ||||||
Interest Expense | (270) | (43) | (176) | (51) | ||||||
INCOME (LOSS) BEFORE INCOME TAXES | 982 | (56) | 669 | 369 | ||||||
Income Tax Benefit (Expense) | (129) | 23 | (39) | (113) | ||||||
NET INCOME (LOSS) | $ 853 | $ (33) | $ 630 | $ 256 | ||||||
Reconciling Items Excluded from Net Income (Loss)(b) | (12) | 32 | - | (44) | ||||||
OPERATING EARNINGS (non-GAAP) | $ 841 | $ (1) | $ 630 | $ 212 | ||||||
Earnings Per Share | ||||||||||
NET INCOME (LOSS) | $ 1.68 | $ (0.07) | $ 1.24 | $ 0.51 | ||||||
Reconciling Items Excluded from Net Income (Loss)(b) | (0.02) | 0.07 | - | (0.09) | ||||||
OPERATING EARNINGS (non-GAAP) | $ 1.66 | $ - | $ 1.24 | $ 0.42 | ||||||
(a) Includes activities at Energy Holdings, PSEG Long Island and the Parent as well as intercompany eliminations. |
(b) See Attachments 8 and 9 for details of items excluded from Net Income/(Loss) to compute Operating Earnings (non-GAAP). |
Attachment 3 | |||||
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED | |||||
Capitalization Schedule | |||||
(Unaudited, $ millions) | |||||
June 30, | December 31, | ||||
2020 | 2019 | ||||
DEBT | |||||
Commercial Paper and Loans | $ 1,165 | $ 1,115 | |||
Long-Term Debt* | 15,673 | 15,108 | |||
Total Debt | 16,838 | 16,223 | |||
STOCKHOLDERS' EQUITY | |||||
Common Stock | 5,003 | 5,003 | |||
Treasury Stock | (865) | (831) | |||
Retained Earnings | 11,808 | 11,406 | |||
Accumulated Other Comprehensive Loss | (455) | (489) | |||
Total Stockholders' Equity | 15,491 | 15,089 | |||
Total Capitalization | $ 32,329 | $ 31,312 |
*Includes current portion of Long-Term Debt |
Attachment 4 | |||
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED | |||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
(Unaudited, $ millions) | |||
Six Months Ended June 30, | |||
2020 | 2019 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net Income | $ 899 | $ 853 | |
Adjustments to Reconcile Net Income to Net Cash Flows | |||
From Operating Activities | 765 | 971 | |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 1,664 | 1,824 | |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (1,433) | (1,622) | |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 60 | (286) | |
Net Change in Cash, Cash Equivalents and Restricted Cash | 291 | (84) | |
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 176 | 199 | |
Cash, Cash Equivalents and Restricted Cash at End of Period | $ 467 | $ 115 |
Attachment 5 | |||||||||
PUBLIC SERVICE ELECTRIC & GAS COMPANY | |||||||||
Retail Sales | |||||||||
(Unaudited) | |||||||||
June 30, 2020 | |||||||||
Electric Sales | |||||||||
Three Months | Change vs. | Six Months | Change vs. | ||||||
Sales (millions kWh) | Ended | 2019 | Ended | 2019 | |||||
Residential | 3,236 | 12% | 6,113 | 2% | |||||
Commercial & Industrial | 5,572 | (13%) | 12,036 | (8%) | |||||
Other | 75 | 9% | 174 | (21%) | |||||
Total | 8,883 | (5%) | 18,323 | (5%) | |||||
Gas Sold and Transported | |||||||||
Three Months | Change vs. | Six Months | Change vs. | ||||||
Sales (millions therms)* | Ended | 2019 | Ended | 2019 | |||||
Firm Sales | |||||||||
Residential Sales | 248 | 35% | 875 | (7%) | |||||
Commercial & Industrial | 170 | 8% | 584 | (12%) | |||||
Total Firm Sales | 418 | 23% | 1,459 | (9%) | |||||
Non-Firm Sales | |||||||||
Commercial & Industrial | 178 | (24%) | 370 | (36%) | |||||
Total Non-Firm Sales | 178 | 370 | |||||||
Total Sales | 596 | 4% | 1,829 | (16%) | |||||
*CSG rate included in non-firm sales | |||||||||
Weather Data | |||||||||
Three Months | Change vs. | Six Months | Change vs. | ||||||
Ended | 2019 | Ended | 2019 | ||||||
THI Hours - Actual | 4,025 | 7% | 4,054 | 7% | |||||
THI Hours - Normal | 4,149 | 4,165 | |||||||
Degree Days - Actual | 631 | 46% | 2,708 | (9%) | |||||
Degree Days - Normal | 494 | 3,047 | |||||||
Attachment 6 | |||||||||
PSEG POWER LLC | |||||||||
Generation Measures(1) | |||||||||
(Unaudited) | |||||||||
GWhr Breakdown | GWhr Breakdown | ||||||||
Three Months Ended | Six Months Ended | ||||||||
June 30, | June 30, | ||||||||
2020 | 2019 | 2020 | 2019 | ||||||
Nuclear - NJ | 4,902 | 4,258 | 10,004 | 9,567 | |||||
Nuclear - PA | 2,879 | 2,886 | 5,812 | 5,793 | |||||
Total Nuclear | 7,781 | 7,144 | 15,816 | 15,360 | |||||
Fossil - Natural Gas - NJ | 1,689 | 2,379 | 3,670 | 4,875 | |||||
Fossil - Natural Gas - NY | 1,135 | 1,038 | 2,158 | 1,948 | |||||
Fossil - Natural Gas - MD | 1,262 | 1,174 | 2,456 | 2,222 | |||||
Fossil - Natural Gas - CT | 878 | 213 | 1,830 | 207 | |||||
Total Natural Gas(2) | 4,964 | 4,804 | 10,114 | 9,252 | |||||
Fossil - Coal | (6) | 1,187 | (13) | 2,618 | |||||
12,739 | 13,135 | 25,917 | 27,230 | ||||||
% Generation by Fuel Type | % Generation by Fuel Type | ||||||||
Three Months Ended | Six Months Ended | ||||||||
June 30, | June 30, | ||||||||
2020 | 2019 | 2020 | 2019 | ||||||
Nuclear - NJ | 38% | 32% | 39% | 35% | |||||
Nuclear - PA | 23% | 22% | 22% | 21% | |||||
Total Nuclear | 61% | 54% | 61% | 56% | |||||
Fossil - Natural Gas - NJ | 13% | 18% | 14% | 18% | |||||
Fossil - Natural Gas - NY | 9% | 8% | 8% | 7% | |||||
Fossil - Natural Gas - MD | 10% | 9% | 10% | 8% | |||||
Fossil - Natural Gas - CT | 7% | 2% | 7% | 1% | |||||
Total Natural Gas(2) | 39% | 37% | 39% | 34% | |||||
Fossil - Coal | 0% | 9% | 0% | 10% | |||||
100% | 100% | 100% | 100% | ||||||
(1)Indicates Period Net Generation, negative value reflects more GWh required to operate plants than were generated. Excludes Solar, Kalaeloa and pumped storage. | ||||||||
(2)Includes several units that are dual fuel for oil. |
Attachment 7 | ||||||||
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED | ||||||||
Statistical Measures | ||||||||
(Unaudited) | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2020 | 2019 | 2020 | 2019 | |||||
Weighted Average Common Shares Outstanding (millions) | ||||||||
Basic | 504 | 504 | 504 | 504 | ||||
Diluted | 507 | 507 | 507 | 507 | ||||
Stock Price at End of Period | $ 49.16 | $ 58.82 | ||||||
Dividends Paid per Share of Common Stock | $ 0.49 | $ 0.47 | $ 0.98 | $ 0.94 | ||||
Dividend Yield | 4.0% | 3.2% | ||||||
Book Value per Common Share | $ 30.75 | $ 29.28 | ||||||
Market Price as a Percent of Book Value | 160% | 201% |
Attachment 8 | |||||||||||
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED | |||||||||||
Consolidated Operating Earnings (non-GAAP) Reconciliation | |||||||||||
Three Months Ended | Six Months Ended | ||||||||||
Reconciling Items | June 30, | June 30, | |||||||||
2020 | 2019 | 2020 | 2019 | ||||||||
($ millions, Unaudited) | |||||||||||
Net Income | $ 451 | $ 153 | $ 899 | $ 853 | |||||||
(Gain) Loss on Nuclear Decommissioning Trust (NDT) | |||||||||||
Fund Related Activity, pre-tax(PSEG Power) | (192) | (41) | 27 | (168) | |||||||
(Gain) Loss on Mark-to-Market (MTM), pre-tax (a)(PSEG Power) | 107 | (210) | - | (316) | |||||||
Plant Retirements and Dispositions, pre-tax (PSEG Power) | - | 395 | - | 395 | |||||||
Oil Lower of Cost or Market (LOCOM) adjustment, pre-tax (PSEG Power) | (9) | - | 11 | - | |||||||
Lease Related Activity, pre-tax (PSEG Enterprise/Other) | - | 58 | - | 58 | |||||||
Income Taxes related to Operating Earnings (non-GAAP) reconciling items(b) | 47 | (61) | (13) | 19 | |||||||
Operating Earnings (non-GAAP) | $ 404 | $ 294 | $ 924 | $ 841 | |||||||
PSEG Fully Diluted Average Shares Outstanding (in millions) | 507 | 507 | 507 | 507 | |||||||
($ Per Share Impact - Diluted, Unaudited) | |||||||||||
Net Income | $ 0.89 | $ 0.30 | $1.77 | $1.68 | |||||||
(Gain) Loss on NDT Fund Related Activity, pre-tax(PSEG Power) | (0.39) | (0.08) | 0.05 | (0.33) | |||||||
(Gain) Loss on MTM, pre-tax (a)(PSEG Power) | 0.21 | (0.41) | - | (0.62) | |||||||
Plant Retirements and Dispositions, pre-tax (PSEG Power) | - | 0.78 | - | 0.78 | |||||||
Oil LOCOM adjustment, pre-tax (PSEG Power) | (0.02) | - | 0.02 | - | |||||||
Lease Related Activity, pre-tax (PSEG Enterprise/Other) | - | 0.11 | - | 0.11 | |||||||
Income Taxes related to Operating Earnings (non-GAAP) reconciling items(b) | 0.10 | (0.12) | (0.02) | 0.04 | |||||||
Operating Earnings (non-GAAP) | $ 0.79 | $ 0.58 | $1.82 | $1.66 | |||||||
(a) Includes the financial impact from positions with forward delivery months. |
(b) Income tax effect calculated at the statutory rate except for lease related activity which is calculated at a combined leveraged lease effective tax rate, and NDT related activity which is calculated at the statutory rate plus a 20% tax on income (loss) from qualified NDT funds. |
Attachment 9 | |||||||||||
PSEG Power Operating Earnings (non-GAAP) and Adjusted EBITDA (non-GAAP) Reconciliation | |||||||||||
Three Months Ended | Six Months Ended | ||||||||||
Reconciling Items | June 30, | June 30, | |||||||||
2020 | 2019 | 2020 | 2019 | ||||||||
($ millions, Unaudited) | |||||||||||
Net Income (Loss) | $170 | $ (40) | $183 | $256 | |||||||
(Gain) Loss on NDT Fund Related Activity, pre-tax | (192) | (41) | 27 | (168) | |||||||
(Gain) Loss on MTM, pre-tax (a) | 107 | (210) | - | (316) | |||||||
Plant Retirements and Dispositions, pre-tax | - | 395 | - | 395 | |||||||
Oil LOCOM adjustment, pre-tax | (9) | - | 11 | - | |||||||
Income Taxes related to Operating Earnings (non-GAAP) reconciling items(b) | 47 | (35) | (13) | 45 | |||||||
Operating Earnings (non-GAAP) | $123 | $ 69 | $208 | $212 | |||||||
Depreciation and Amortization, pre-tax (c) | 89 | 94 | 182 | 187 | |||||||
Interest Expense, pre-tax (c) (d) | 29 | 24 | 62 | 48 | |||||||
Income Taxes (c) | 17 | 24 | 7 | 68 | |||||||
Adjusted EBITDA (non-GAAP) | $258 | $211 | $459 | $515 | |||||||
PSEG Fully Diluted Average Shares Outstanding (in millions) | 507 | 507 | 507 | 507 | |||||||
(a) Includes the financial impact from positions with forward delivery months. | |||||||||||
(b) Income tax effect calculated at the statutory rate except for NDT related activity which is calculated at the statutory rate plus a 20% tax on income (loss) from qualified NDT funds. | |||||||||||
(c) Excludes amounts related to Operating Earnings (non-GAAP) reconciling items. | |||||||||||
(d) Net of capitalized interest. | |||||||||||
PSEG Enterprise/Other | |||||||||||
Operating Earnings (non-GAAP) Reconciliation | |||||||||||
Three Months Ended | Six Months Ended | ||||||||||
Reconciling Items | June 30, | June 30, | |||||||||
2020 | 2019 | 2020 | 2019 | ||||||||
($ millions, Unaudited) | |||||||||||
Net Income (Loss) | $ (2) | $ (34) | $ (7) | $ (33) | |||||||
Lease Related Activity, pre-tax | - | 58 | - | 58 | |||||||
Income Taxes related to Lease related activity(a) | - | (26) | - | (24) | |||||||
Operating Earnings (non-GAAP) | $ (2) | $ (2) | $ (7) | $ 1 | |||||||
PSEG Fully Diluted Average Shares Outstanding (in millions) | 507 | 507 | 507 | 507 | |||||||
(a) Income tax effect calculated at a combined leveraged lease effective tax rate. |
View original content to download multimedia:http://www.prnewswire.com/news-releases/pseg-announces-2020-second-quarter-results-301103805.html
SOURCE Public Service Enterprise Group (PSEG)
NEWARK, N.J., July 31, 2020 /PRNewswire/ -- Public Service Enterprise Group (NYSE: PEG) announced today that it is exploring strategic alternatives for PSEG Power's non-nuclear generating fleet, which includes more than 6,750 megawatts of fossil generation located in New Jersey, Connecticut, New York and Maryland, as well as the 467-megawatt Solar Source portfolio located in various states. PSEG Chairman, President and CEO Ralph Izzo, said, "Our intent is to accelerate the transformation of PSEG into a primarily regulated electric and gas utility -- a plan we have been executing successfully for more than a decade."
"A separation of the non-nuclear assets would reduce overall business risk and earnings volatility, improve our credit profile, and enhance an already compelling ESG position driven by pending clean energy investments, methane reduction, and zero-carbon generation," Izzo said. "We recognize the shift in investor preference toward owning regulated utility businesses without commodity exposure to merchant generation and related earnings volatility. We believe PSE&G is among the best utilities in the country and that our valuation should align with that profile."
Looking Ahead: Focusing on New Jersey's Clean Energy Agenda
PSE&G already is expected to comprise approximately 80% of PSEG's 2020 Operating Earnings mix, and that percentage should increase as the company allocates the majority of its capital spend to meet system infrastructure needs and growing policy and customer expectations for clean energy investments. PSE&G's $3.5 billion Clean Energy Future filing is built around helping New Jersey achieve the goals of the 2018 Clean Energy Act by expanding customer access to energy efficiency programs, enabling full access to electric vehicle infrastructure, enhancing services through Advanced Metering Infrastructure and Energy Cloud services and fulfilling the promise of energy storage.
PSEG continues to evaluate potential investments in offshore wind and expects to make a decision regarding the opportunity to invest in Ørsted's Ocean Wind project later this year. In addition, the company is evaluating participation in upcoming offshore wind solicitations in New Jersey and other Mid-Atlantic states.
PSEG intends to retain ownership of PSEG Power's existing nuclear fleet. The nuclear fleet is necessary for New Jersey to meet its long-term carbon reduction goals, and helps satisfy the state's capacity obligations for resource adequacy with a cost-effective source of zero-carbon electricity.
While the company is in the preliminary stage of this evaluation, the marketing of a potential transaction in one or a series of steps, anticipated to launch in the fourth quarter, is expected to be completed sometime in 2021. PSEG has engaged Goldman Sachs and Wachtell, Lipton, Rosen & Katz as advisors for this strategic evaluation.
An exit from the fossil generation business would accelerate PSEG's transition to a primarily regulated and contracted business, with a zero-carbon generation platform. Given the relatively small part of PSEG that the non-nuclear business represents, this decision will not have an impact on the company's current shareholder dividend policy, which will continue to be subject to approval by the PSEG Board of Directors. PSEG will manage this process taking into account the interests of its diverse stakeholders, including its 13,000 valued employees. Any decision regarding the non-nuclear assets will not impact PSE&G or PSEG Long Island customers, operations or tariffs and would be subject to customary regulatory approvals.
"We are proud to have served the needs of our customers and key stakeholders for the last 117 years, and are excited to explore the opportunities that will shape PSEG's future," Izzo said. "It is a future focused on advancing our business as a sustainable, customer-focused provider of essential electricity and natural gas service, delivered by a primarily regulated utility and contracted businesses."
Public Service Enterprise Group Inc. (PSEG) (NYSE: PEG) is a publicly traded diversified energy company with approximately 13,000 employees. Headquartered in Newark, N.J., PSEG's principal operating subsidiaries are: Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 12 consecutive years (https://corporate.pseg.com).
Forward-Looking Statement
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 current beliefs and expectations as well as assumptions made by and information currently available to management. Factors that may cause actual results to differ materially from those contemplated by these forward-looking statements include the fact the strategic review could result in various potential outcomes, including, without limitation, the sale or other disposition of all or a portion of the businesses that are the subject of the review or that the Company will determine not to dispose of some or all of such businesses; if one or more transactions is initiated or entered into, the terms of any such transaction and its favorability to the Company; the completion of any such transaction might not delayed or might not be completed at all, due to the failure to satisfy the applicable conditions to closing or otherwise; the consequences to the Company, including its financial profile, following the potential disposition of some or all of the applicable business as well as those additional factors 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.
Non-GAAP Financial Measures
Management uses non-GAAP Operating Earnings in its internal analysis, and in communications with investors and analysts, as a consistent measure for comparing PSEG's financial performance to previous financial results. Non-GAAP Operating Earnings exclude the impact of returns (losses) associated with the Nuclear Decommissioning Trust (NDT), Mark-to-Market (MTM) accounting and material one-time items such as the revaluation of deferred tax liabilities.
Due to the forward looking nature of non-GAAP Operating Earnings as presented in this release, PSEG is unable to reconcile non-GAAP Operating Earnings to Net Income, the most directly comparable GAAP financial measure. Management is unable to project certain reconciling items, in particular MTM and NDT gains (losses), for future periods due to market volatility.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at https://investor.pseg.com may be used to enroll to receive automatic email alerts regarding new postings.
CONTACTS: | |
Investor Relations | Media Relations |
Carlotta.Chan@pseg.com | Karen.Cleeve@pseg.com |
973-430-6565 | 973-430-6564 |
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SOURCE Public Service Enterprise Group (PSEG)
NEWARK, N.J., July 21, 2020 /PRNewswire/ -- The Board of Directors of Public Service Enterprise Group (NYSE:PEG) today declared a $0.49 per share dividend on the outstanding common stock of the company for the third quarter of 2020.
All dividends for the third quarter are payable on or before September 30, 2020, to shareholders of record on September 9, 2020.
Forward-Looking Statement
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.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at https://investor.pseg.com may be used to enroll to receive automatic email alerts regarding new postings.
CONTACTS: | |
Investor Relations: | Media Relations: |
Carlotta Chan | Marijke Shugrue |
973-430-6565 | 908-531-4253 |
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SOURCE PSEG
NEWARK, N.J., June 19, 2020 /PRNewswire/ -- PSEG and the PSEG Foundation announced today the launch of the Powering Equity and Social Justice initiative and a $1 million commitment to support organizations that address the racial injustice, inequality and human rights in communities of color. The Powering Equity and Social Justice initiative will provide philanthropic support to organizations in New Jersey, New York and anywhere PSEG operates.
In order to foster access to fair and equitable opportunity throughout its communities, PSEG also reaffirms its pledge to increase its business with diverse suppliers – those owned by minorities, women, veterans, service-disabled veterans and LGBTQ+ entrepreneurs – to at least 30% of the company's applicable supplier spend by 2023.
"These initiatives and commitments provide an opportunity for PSEG to take action and stand in solidarity with our customers, communities and employees in pursuit of needed change," PSEG Chairman, President and CEO Ralph Izzo said. "By supporting organizations that champion justice and social equity, and by increasing support for our growing network of diverse suppliers, we hope to foster change and make a difference in the many diverse communities we serve."
The new Powering Equity and Social Justice initiative is designed to provide philanthropic support for organizations that work to confront and address systemic racism and advance social and economic equity for communities of color. PSEG also is seeking to develop and strengthen partnerships with organizations dedicated to social justice and building bridges between law enforcement and communities.
"PSEG has always had a unique and special relationship with the communities we serve, and today we take this a step further by more directly powering equity and social justice to address the prejudice, hate and injustice we too often observe," said Rick Thigpen, PSEG's senior vice president for Corporate Citizenship and president of the PSEG Foundation. "When one of us is impacted in the PSEG community, we are all impacted. Therefore, it's vital that we all join together to act and build a framework of equity, compassion, and respect that will truly benefit us all. For that reason, our company stands ready to support organizations that address racial injustice, inequality and human rights in communities of color in order to build a brighter future for everyone."
PSEG's increased supplier diversity goals will help to foster access to fair and equitable opportunity throughout our communities. PSEG has developed relationships with a broad base of diverse suppliers, which includes those owned by minorities, women, veterans, service-disabled veterans and LGBTQ+ entrepreneurs.
"PSEG helps drive the economies of the states where we do business," Izzo said. "It's critical that our suppliers represent our incredibly diverse customers and communities."
PSEG is looking inward at its culture, as well. During the past year, the company has conducted diversity and inclusion training for its leaders and employees, and a comprehensive review of its policies and practices is in progress in order to ensure equity. In recent weeks, the company has fostered critical and candid conversations across its workforce and today, for the first time, PSEG has provided every employee with paid time off in recognition of the Juneteenth holiday.
Public Service Enterprise Group Inc. (PSEG) (NYSE: PEG) is a publicly traded diversified energy company with approximately 13,000 employees. Headquartered in Newark, N.J., PSEG's principal operating subsidiaries are: Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 12 consecutive years.
Visit PSEG at:
CONTACT: | Marijke Shugrue |
973-430-5924 | |
Marijke.Shugrue@pseg.com |
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SOURCE PSEG
NEWARK, N.J., May 4, 2020 /PRNewswire/ -- Public Service Enterprise Group (NYSE: PEG) reported Net Income for the first quarter of 2020 of $448 million, or $0.88 per share as compared to Net Income of $700 million, or $1.38 per share, in the first quarter of 2019. Non-GAAP Operating Earnings for the first quarter of 2020 were $520 million, or $1.03 per share, compared to non-GAAP Operating Earnings for the first quarter of 2019 of $547 million, or $1.08 per share. Non-GAAP results for the first quarter exclude items shown in Attachments 7 and 8.
"PSEG's first and foremost responsibility has always been to provide safe and reliable delivery of electric and gas service to our 3.7 million customers in NJ and on Long Island," said Ralph Izzo, chairman, president and chief executive officer. "These essential services have never been more important to our daily lives as most of us remain at home to stop the spread of the ongoing coronavirus (COVID-19) pandemic. Eight weeks ago, PSEG activated its pandemic response plan to enact new work practices, employee and customer safety protocols, and expand community outreach in light of the national emergency that began earlier this year. Our pandemic response plans were updated in 2019, and now are being extremely well executed by our dedicated workforce to maintain the high service quality our customers depend upon."
"The safety of our employees and our customers has guided PSEG's comprehensive response to COVID-19. We have updated our procedures to practice physical distancing and ensure proper personal protective equipment (PPE) is worn by all employees in the field and at our worksites. All of our employees who can work remotely are now doing so, including most of our customer service associates who have transitioned to home-based communications."
"In this time of immense community hardship, we have pledged our support to New Jersey's health-care professionals and first responders with donations of 50,000 N95 masks and 200,000 pairs of gloves to help replenish PPE resources for our front line heroes. The PSEG Foundation made a $2.5 million commitment to provide grants to regional food banks and health and social services organizations aimed at addressing and supporting those suffering from the medical, social and economic impacts of COVID-19."
"Due to the temporary closure of most businesses, schools, and government buildings, the PSE&G service territory experienced a decline of approximately 5% to 7% in electric load from the end of March through April, and we anticipate this reduction may extend through the second quarter and possibly longer. The COVID-19 related reduction in demand appeared late in the quarter but added to the negative effects of the second warmest first quarter recorded in New Jersey. However, PSEG has managed through these challenges, continuing our investment program at PSE&G, providing New Jersey with zero carbon emission power from our nuclear facilities, and ensuring efficient cost management across our businesses."
The following table provides a reconciliation of PSEG's Net Income to non-GAAP Operating Earnings for the first quarter. See Attachments 7 and 8 for a complete list of items excluded from Net Income in the determination of non-GAAP Operating Earnings.
PSEG CONSOLIDATED RESULTS (unaudited) | |||||
First Quarter Comparative Results | |||||
2020 and 2019 | |||||
Income | Diluted Earnings | ||||
($ millions) | Per Share | ||||
2020 | 2019 | 2020 | 2019 | ||
Net Income | $448 | $700 | $0.88 | $1.38 | |
Reconciling Items | 72 | (153) | 0.15 | (0.30) | |
Non-GAAP Operating Earnings | $520 | $547 | $1.03 | $1.08 | |
Avg. Shares | 507M | 507M | |||
Ralph Izzo added, "We are re-affirming non-GAAP Operating Earnings guidance for full-year 2020 of $3.30 - $3.50 per share. This affirmation assumes normal weather and plant operations for the remainder of the year. The extremely mild weather in the quarter and the associated weakness in market demand, as well as impacts of COVID-19, will require maintaining solid operations and strong cost control at both PSE&G and PSEG Power, especially during the important third quarter cooling season. We remain committed to executing our five-year, $12 to $16 billion capital plan without the need to issue equity. We have also improved our net liquidity position, ending March with approximately $4 billion of available liquidity."
"As we deal with the effects of COVID-19, PSEG continues to acknowledge the impact of climate change on our operations, our service territory and on our customers' lives. We recently issued our inaugural Climate Report following the framework established by the Task Force on Climate-related Financial Disclosures (TCFD). The Climate Report also details our support for the preservation of nuclear generation, implementation of energy efficiency to curb greenhouse gas emissions, and advocacy for effective climate policies."
"PSEG remains on track as we work to advance our regulatory and policy priorities in the coming months. PSE&G updated several of its Clean Energy Future (CEF) filings in April and the New Jersey Board of Public Utilities (BPU) has kept pace on their reviews of several key dockets concerning Energy Efficiency, Energy Cloud, and Electric Vehicles and Energy Storage. As we address new challenges the COVID-19 pandemic has placed on our operations, we remain focused on our long-term business strategy of building a sustainable, financially sound energy infrastructure company."
The following table outlines PSEG's expectations for non-GAAP Operating Earnings in 2020 by subsidiary:
2020 Non-GAAP Operating Earnings Guidance | ||
2020E | ||
PSE&G | $1,310 - $1,370 | |
PSEG Power | $345 - $435 | |
PSEG Enterprise/Other | ($5) | |
Non-GAAP Operating Earnings | $1,675 - $1,775 | |
Non-GAAP Operating EPS | $3.30 - $3.50 | |
E = Estimate | ||
Results and Outlook by Operating Subsidiary
PSE&G
Public Service Electric & Gas | |||
PSE&G | 1Q 2020 | 1Q 2019 | Q/Q Change |
Net Income | $440 | $403 | $37 |
Earnings Per Share | $0.87 | $0.79 | $0.08 |
PSE&G reported Net Income of $440 million ($0.87 per share) for the first quarter of 2020 compared with Net Income of $403 million ($0.79 per share) for the first quarter of 2019.
PSE&G's first quarter results were driven by revenue growth from ongoing capital investment programs which more than offset the impact of unfavorable winter weather on electric and gas demand. Growth in transmission rate base, which added $0.06 per share to first quarter net income, includes approximately $0.02 per share of items that will reverse over the second and third quarters of 2020 due to timing of expenses and 2019 true-ups.
Gas margin, which includes the recovery of investments made under the second phase of the Gas System Modernization Program (GSMP II), as well as higher weather-normalized gas sales margins, improved quarter-over-quarter Net Income comparisons by $0.04.
Winter weather, as measured by heating degree days, was 19% warmer than normal and 19% warmer than first-quarter 2019. The negative impact of unfavorable weather on gas margin quarter-over-quarter was largely offset by the gas weather-normalization clause. However, the decline in electric sales and revenue as a result of the large difference in weather reduced quarter-over-quarter earnings comparisons by $0.02 per share.
For the trailing 12-months ended March 31, weather-normalized electric and weather-normalized firm gas sales were each down by approximately 1%, led by declines in Commercial and Industrial usage. Residential sales were flat with customer growth just below 1% offset by increases in energy efficiency and solar net metering.
PSE&G's capital program remains on schedule. PSE&G invested approximately $0.6 billion in the first quarter as part of its planned 2020 capital investment program of $2.7 billion in infrastructure upgrades to its transmission and distribution facilities.
In March, PSE&G alerted residential customers and the New Jersey Board of Public Utilities (BPU) that it would temporarily suspend all non-safety related service shut-offs for non-payment. In April, PSE&G updated its CEF-Energy Cloud proposal to replace existing electric meters with smart meters, or AMI, under the BPU's Infrastructure Investment Program and received a procedural schedule outlining key dates in the proceeding. The BPU has also set a procedural schedule for the CEF-Electric Vehicle and Energy Storage filing, with a similar calendar to CEF-Energy Cloud, both of which have evidentiary hearings scheduled near the end of 2020, absent an earlier settlement among the parties to the case.
PSE&G's forecast of Net Income for 2020 is unchanged at $1,310 million - $1,370 million.
PSEG Power
First Quarter 2020 and 2019 Comparative Results | |||||
($ millions, except EPS) | |||||
PSEG Power | 1Q 2020 | 1Q 2019 | Q/Q Change | ||
Net Income | $13 | $296 | $(283) | ||
Earnings Per Share (EPS) | $0.02 | $0.59 | $(0.57) | ||
Non-GAAP Operating Earnings | $85 | $143 | $(58) | ||
Non-GAAP EPS | $0.17 | $0.29 | $(0.12) | ||
Non-GAAP Adjusted EBITDA | $201 | $304 | $(103) | ||
PSEG Power reported Net Income of $13 million ($0.02 per share) for the first quarter of 2020, non-GAAP Operating Earnings of $85 million ($0.17 per share), and non-GAAP Adjusted EBITDA of $201 million. A pre-tax write-down of $20 million to reflect a lower of cost or market adjustment to oil inventory was recognized in the first quarter of 2020 and excluded from the non-GAAP measures of Operating Earnings and Adjusted EBITDA.
PSEG Power's first quarter results were negatively affected by extremely mild winter weather conditions compared to first quarter 2019. A scheduled decline in PJM capacity revenue reduced non-GAAP Operating Earnings comparisons by $0.11 per share compared with Q1 2019. The addition of ZECs to first-quarter results added $0.07 per share. Lower generation output for the quarter reduced comparisons by $0.01 per share. Re-contracting reduced results by $0.01 per share, reflecting an approximate $1 per MWh decline in the average hedge price versus the year-ago quarter. The weather-related decline in total gas send-out to commercial and industrial customers reduced results by $0.04 per share. Higher O&M expense from an unplanned outage at Salem Unit 1 lowered results by $0.01 per share. Higher interest expense lowered comparisons by $0.01 per share versus the year-ago quarter.
Total generation output declined by 6.5% to total 13.2 TWh, reflecting the sale of the Keystone and Conemaugh units last fall. PSEG Power's CCGT fleet produced 5.1 TWh of output, up 16%, reflecting the addition of Bridgeport Harbor 5 which was placed into operation in June 2019. The nuclear fleet operated at a capacity factor of 94.9% for the first quarter, producing 8 TWh representing 61% of total generation. Higher output from Hope Creek and Salem Unit 2 partly offset a month-long repair outage at Salem unit 1, resulting in a 2% decrease in nuclear output for the quarter.
PSEG Power continues to forecast output for 2020 of 50 - 52 TWh. For the remainder of 2020 Power has hedged approximately 95% - 100% of production at an average price of $36 per MWh. For 2021, Power has hedged 55% - 60% of forecast production of 50 – 52 TWh at an average price of $35 per MWh. Power is also forecasting output for 2022 of 50 – 52 TWh. Approximately 25% - 30% of Power's output in 2022 is hedged at an average price of $35 per MWh.
The forecast of PSEG Power's non-GAAP Operating Earnings for 2020 remains unchanged at $345 million - $435 million as does our estimate of non-GAAP Adjusted EBITDA of $950 million - $1,050 million. Adjusted EBITDA for Q1 2020 includes expenses of $35 million related to the purchase of NJ tax credits as part of the 2019 NJ Technology Tax Benefit Transfer Program. The benefit from the program's tax credits is included in the income tax expense line item and more than offsets the expenses incurred for the purchase. The net benefit for the quarter is $5 million. There were no similar tax credit transactions in Q1 2019.
PSEG Enterprise/Other
PSEG Enterprise/Other reported a Net Loss of $5 million, $(0.01) per share, for the first quarter of 2020 compared to Net Income of $1 million, $0.00 per share, for the first quarter of 2019. The Net Loss for the first quarter of 2020 reflects higher interest and tax expenses at the Parent, partially offset by ongoing contributions from PSEG Long Island.
For 2020, the forecast for PSEG Enterprise/Other remains unchanged at a Net Loss of $5 million.
Public Service Enterprise Group Inc. (PSEG) (NYSE: PEG) is a publicly traded diversified energy company with approximately 13,000 employees. Headquartered in Newark, N.J., PSEG's principal operating subsidiaries are: Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 12 consecutive years(https://corporate.pseg.com).
Non-GAAP Financial Measures
Management uses non-GAAP Operating Earnings in its internal analysis, and in communications with investors and analysts, as a consistent measure for comparing PSEG's financial performance to previous financial results. Non-GAAP Operating Earnings exclude the impact of returns (losses) associated with the Nuclear Decommissioning Trust (NDT), Mark-to-Market (MTM) accounting and material one-time items such as the revaluation of deferred tax liabilities.
Management believes the presentation of non-GAAP Adjusted EBITDA for PSEG Power is useful to investors and other users of our financial statements in evaluating operating performance because it provides them with an additional tool to compare business performance across companies and across periods. Management also believes that non-GAAP Adjusted EBITDA is widely used by investors to measure operating performance without regard to items such as income tax expense, interest expense and depreciation and amortization, which can vary substantially from company to company depending upon, among other things, the book value of assets, capital structure and whether assets were constructed or acquired. Non-GAAP Adjusted EBITDA also allows investors and other users to assess the underlying financial performance of our fleet before management's decision to deploy capital. Non-GAAP Adjusted EBITDA excludes the same items as our non-GAAP Operating Earnings measure as well as income tax expense, interest expense and depreciation and amortization.
See Attachments 7 and 8 for a complete list of items excluded from Net Income in the determination of non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA. The presentation of non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA is intended to complement, and should not be considered an alternative to the presentation of Net Income, which is an indicator of financial performance determined in accordance with GAAP. In addition, non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA as presented in this release may not be comparable to similarly titled measures used by other companies.
Due to the forward looking nature of non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA guidance, PSEG is unable to reconcile these non-GAAP financial measures to the most directly comparable GAAP financial measure. Management is unable to project certain reconciling items, in particular MTM and NDT gains (losses), for future periods due to market volatility.
Forward-Looking Statements
Certain of the matters discussed in this release about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical constitute "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. When used herein, the words "anticipate," "intend," "estimate," "believe," "expect," "plan," "should," "hypothetical," "potential," "forecast," "project," variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in filings we make with the United States Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K. These factors include, but are not limited to:
All of the forward-looking statements made in this 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 release apply only as of the date of this release. 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.
The forward-looking statements contained in this release are intended to qualify for the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at https://investor.pseg.com may be used to enroll to receive automatic email alerts regarding new postings. |
Attachment 1 | |||||||||||
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED | |||||||||||
Consolidating Statements of Operations | |||||||||||
(Unaudited, $ millions, except per share data) | |||||||||||
Three Months Ended March 31, 2020 | |||||||||||
PSEG | PSEG Enterprise/ | PSE&G | PSEG | ||||||||
OPERATING REVENUES | $ 2,781 | $ (322) | $ 1,883 | $ 1,220 | |||||||
OPERATING EXPENSES | |||||||||||
Energy Costs | 906 | (478) | 708 | 676 | |||||||
Operation and Maintenance | 754 | 127 | 386 | 241 | |||||||
Depreciation and Amortization | 324 | 8 | 222 | 94 | |||||||
Total Operating Expenses | 1,984 | (343) | 1,316 | 1,011 | |||||||
OPERATING INCOME | 797 | 21 | 567 | 209 | |||||||
Income from Equity Method Investments | 3 | - | - | 3 | |||||||
Net Gains (Losses) on Trust Investments | (221) | (1) | - | (220) | |||||||
Other Income (Deductions) | 4 | - | 27 | (23) | |||||||
Net Non-Operating Pension and OPEB Credits (Costs) | 62 | 3 | 51 | 8 | |||||||
Interest Expense | (153) | (23) | (96) | (34) | |||||||
INCOME (LOSS) BEFORE INCOME TAXES | 492 | - | 549 | (57) | |||||||
Income Tax Benefit (Expense) | (44) | (5) | (109) | 70 | |||||||
NET INCOME (LOSS) | $ 448 | $ (5) | $ 440 | $ 13 | |||||||
Reconciling Items Excluded from Net Income (Loss) (b) | 72 | - | - | 72 | |||||||
OPERATING EARNINGS (non-GAAP) | $ 520 | $ (5) | $ 440 | $ 85 | |||||||
Earnings Per Share | |||||||||||
NET INCOME (LOSS) | $ 0.88 | $ (0.01) | $ 0.87 | $ 0.02 | |||||||
Reconciling Items Excluded from Net Income (Loss) (b) | 0.15 | - | - | 0.15 | |||||||
OPERATING EARNINGS (non-GAAP) | $ 1.03 | $ (0.01) | $ 0.87 | $ 0.17 | |||||||
Three Months Ended March 31, 2019 | |||||||||||
PSEG | PSEG Enterprise/ | PSE&G | PSEG | ||||||||
OPERATING REVENUES | $ 2,980 | $ (468) | $ 2,032 | $ 1,416 | |||||||
OPERATING EXPENSES | |||||||||||
Energy Costs | 1,124 | (609) | 947 | 786 | |||||||
Operation and Maintenance | 756 | 113 | 408 | 235 | |||||||
Depreciation and Amortization | 314 | 8 | 212 | 94 | |||||||
Total Operating Expenses | 2,194 | (488) | 1,567 | 1,115 | |||||||
OPERATING INCOME | 786 | 20 | 465 | 301 | |||||||
Income from Equity Method Investments | 2 | - | - | 2 | |||||||
Net Gains (Losses) on Trust Investments | 128 | 1 | 1 | 126 | |||||||
Other Income (Deductions) | 33 | 1 | 19 | 13 | |||||||
Net Non-Operating Pension and OPEB Credits (Costs) | 33 | - | 30 | 3 | |||||||
Interest Expense | (133) | (21) | (87) | (25) | |||||||
INCOME BEFORE INCOME TAXES | 849 | 1 | 428 | 420 | |||||||
Income Tax Expense | (149) | - | (25) | (124) | |||||||
NET INCOME | $ 700 | $ 1 | $ 403 | $ 296 | |||||||
Reconciling Items Excluded from Net Income(b) | (153) | - | - | (153) | |||||||
OPERATING EARNINGS (non-GAAP) | $ 547 | $ 1 | $ 403 | $ 143 | |||||||
Earnings Per Share | |||||||||||
NET INCOME | $ 1.38 | $ - | $ 0.79 | $ 0.59 | |||||||
Reconciling Items Excluded from Net Income(b) | (0.30) | - | - | (0.30) | |||||||
OPERATING EARNINGS (non-GAAP) | $ 1.08 | $ - | $ 0.79 | $ 0.29 | |||||||
(a) Includes activities at Energy Holdings, PSEG Long Island and the Parent as well as intercompany eliminations. | |||||||||||
(b) See Attachments 7 and 8 for details of items excluded from Net Income to compute Operating Earnings (non-GAAP). |
Attachment 2 | ||||||||
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED | ||||||||
Capitalization Schedule | ||||||||
(Unaudited, $ millions) | ||||||||
March 31, | December 31, | |||||||
2020 | 2019 | |||||||
DEBT | ||||||||
Commercial Paper and Loans | $ 1,062 | $ 1,115 | ||||||
Long-Term Debt* | 15,705 | 15,108 | ||||||
Total Debt | 16,767 | 16,223 | ||||||
STOCKHOLDERS' EQUITY | ||||||||
Common Stock | 4,994 | 5,003 | ||||||
Treasury Stock | (868) | (831) | ||||||
Retained Earnings | 11,604 | 11,406 | ||||||
Accumulated Other Comprehensive Loss | (481) | (489) | ||||||
Total Stockholders' Equity | 15,249 | 15,089 | ||||||
Total Capitalization | $ 32,016 | $ 31,312 | ||||||
*Includes current portion of Long-Term Debt |
Attachment 3 | |||
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED | |||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
(Unaudited, $ millions) | |||
Three Months Ended March 31, | |||
2020 | 2019 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net Income | $ 448 | $ 700 | |
Adjustments to Reconcile Net Income to Net Cash Flows | |||
From Operating Activities | 705 | 518 | |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 1,153 | 1,218 | |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (724) | (816) | |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 237 | (505) | |
Net Change in Cash, Cash Equivalents and Restricted Cash | 666 | (103) | |
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 176 | 199 | |
Cash, Cash Equivalents and Restricted Cash at End of Period | $ 842 | $ 96 |
Attachment 4 | |||||||
PUBLIC SERVICE ELECTRIC & GAS COMPANY | |||||||
Retail Sales | |||||||
(Unaudited) | |||||||
March 31, 2020 | |||||||
Electric Sales | |||||||
Three Months | Change vs. | ||||||
Sales (millions kWh) | Ended | 2019 | |||||
Residential | 2,877 | (7%) | |||||
Commercial & Industrial | 6,464 | (4%) | |||||
Other | 99 | 2% | |||||
Total | 9,440 | (5%) | |||||
Gas Sold and Transported | |||||||
Three Months | Change vs. | ||||||
Sales (millions therms)* | Ended | 2019 | |||||
Firm Sales | |||||||
Residential Sales | 627 | (17%) | |||||
Commercial & Industrial | 412 | (18%) | |||||
Total Firm Sales | 1,039 | (17%) | |||||
Non-Firm Sales | |||||||
Commercial & Industrial | 193 | (44%) | |||||
Total Non-Firm Sales | 193 | ||||||
Total Sales | 1,232 | (23%) | |||||
*CSG rate included in non-firm sales | |||||||
Weather Data | |||||||
Degree Days - Actual | 2,077 | (19%) | |||||
Degree Days - Normal | 2,552 | ||||||
Attachment 5 | |||||
PSEG POWER LLC | |||||
Generation Measures(1) | |||||
(Unaudited) | |||||
GWhr Breakdown | |||||
Three Months Ended | |||||
March 31, | |||||
2020 | 2019 | ||||
Nuclear - NJ | 5,102 | 5,309 | |||
Nuclear - PA | 2,933 | 2,907 | |||
Total Nuclear | 8,035 | 8,216 | |||
Fossil - Natural Gas - NJ | 1,981 | 2,496 | |||
Fossil - Natural Gas - NY | 1,023 | 909 | |||
Fossil - Natural Gas - MD | 1,194 | 1,048 | |||
Fossil - Natural Gas - CT | 952 | (6) | |||
Total Natural Gas(2) | 5,150 | 4,447 | |||
Fossil - Coal | (7) | 1,431 | |||
13,178 | 14,094 | ||||
% Generation by Fuel Type | |||||
Three Months Ended | |||||
March 31, | |||||
2020 | 2019 | ||||
Nuclear - NJ | 39% | 38% | |||
Nuclear - PA | 22% | 20% | |||
Total Nuclear | 61% | 58% | |||
Fossil - Natural Gas - NJ | 15% | 18% | |||
Fossil - Natural Gas - NY | 8% | 7% | |||
Fossil - Natural Gas - MD | 9% | 7% | |||
Fossil - Natural Gas - CT | 7% | 0% | |||
Total Natural Gas(2) | 39% | 32% | |||
Fossil - Coal | 0% | 10% | |||
100% | 100% | ||||
(1)Excludes Solar, Kalaeloa and pumped storage. | |||||
(2)Includes several units that are dual fuel for oil. |
Attachment 6 | |||||||
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED | |||||||
Statistical Measures | |||||||
(Unaudited) | |||||||
Three Months Ended March 31, | |||||||
2020 | 2019 | ||||||
Weighted Average Common Shares Outstanding (millions) | |||||||
Basic | 504 | 504 | |||||
Diluted | 507 | 507 | |||||
Stock Price at End of Period | $ 44.91 | $ 59.41 | |||||
Dividends Paid per Share of Common Stock | $ 0.49 | $ 0.47 | |||||
Dividend Yield | 4.4% | 3.2% | |||||
Book Value per Common Share | $ 30.28 | $ 29.41 | |||||
Market Price as a Percent of Book Value | 148% | 202% |
Attachment 7 | |||||
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED | |||||
Consolidated Operating Earnings (non-GAAP) Reconciliation | |||||
Reconciling Items | Three Months Ended March 31, | ||||
2020 | 2019 | ||||
($ millions, Unaudited) | |||||
Net Income | $ 448 | $ 700 | |||
(Gain) Loss on Nuclear Decommissioning Trust (NDT) | |||||
Fund Related Activity, pre-tax (PSEG Power) | 219 | (127) | |||
(Gain) Loss on Mark-to-Market (MTM), pre-tax (a)(PSEG Power) | (107) | (106) | |||
Oil Lower of Cost or Market (LOCOM) adjustment, pre-tax (PSEG Power) | 20 | - | |||
Income Taxes related to Operating Earnings (non-GAAP) reconciling items(b) | (60) | 80 | |||
Operating Earnings (non-GAAP) | $ 520 | $ 547 | |||
PSEG Fully Diluted Average Shares Outstanding (in millions) | 507 | 507 | |||
($ Per Share Impact - Diluted, Unaudited) | |||||
Net Income | $ 0.88 | $ 1.38 | |||
(Gain) Loss on NDT Fund Related Activity, pre-tax(PSEG Power) | 0.44 | (0.25) | |||
(Gain) Loss on MTM, pre-tax (a)(PSEG Power) | (0.21) | (0.21) | |||
Oil LOCOM adjustment, pre-tax (PSEG Power) | 0.04 | - | |||
Income Taxes related to Operating Earnings (non-GAAP) reconciling items(b) | (0.12) | 0.16 | |||
Operating Earnings (non-GAAP) | $ 1.03 | $ 1.08 | |||
(a) Includes the financial impact from positions with forward delivery months. | |||||
(b) Income tax effect calculated at the statutory rate except for NDT related activity which is calculated at the statutory rate plus a 20% tax on income (losses) from qualified NDT funds. |
Attachment 8 | ||||||
PSEG Power Operating Earnings (non-GAAP) and Adjusted EBITDA (non-GAAP) Reconciliation | ||||||
Three Months Ended | ||||||
Reconciling Items | March 31, | |||||
2020 | 2019 | |||||
($ millions, Unaudited) | ||||||
Net Income | $ 13 | $ 296 | ||||
(Gain) Loss on NDT Fund Related Activity, pre-tax | 219 | (127) | ||||
(Gain) Loss on MTM, pre-tax (a) | (107) | (106) | ||||
Oil LOCOM adjustment, pre-tax | 20 | - | ||||
Income Taxes related to Operating Earnings (non-GAAP) reconciling items(b) | (60) | 80 | ||||
Operating Earnings (non-GAAP) | $ 85 | $ 143 | ||||
Depreciation and Amortization, pre-tax (c) | 93 | 93 | ||||
Interest Expense, pre-tax (c) (d) | 33 | 24 | ||||
Income Taxes (c) | (10) | 44 | ||||
Adjusted EBITDA (non-GAAP) | $ 201 | $ 304 | ||||
PSEG Fully Diluted Average Shares Outstanding (in millions) | 507 | 507 | ||||
(a) Includes the financial impact from positions with forward delivery months. | ||||||
(b) Income tax effect calculated at the statutory rate except for NDT related activity which is calculated at the statutory rate plus a 20% tax on income (losses) from qualified NDT funds. | ||||||
(c) Excludes amounts related to Operating Earnings (non-GAAP) reconciling items. | ||||||
(d) Net of capitalized interest. |
CONTACTS:
Investor Relations | Media Relations |
Carlotta Chan | Marijke Shugrue |
973-430-6565 | 973-430-5924 |
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SOURCE PSEG
NEWARK, N.J., April 21, 2020 /PRNewswire/ -- The Board of Directors of Public Service Enterprise Group (NYSE: PEG) today declared a $0.49 per share dividend on the outstanding common stock of the company for the second quarter of 2020.
All dividends for the second quarter are payable on or before June 30, 2020, to shareholders of record on June 9, 2020.
Forward-Looking Statement
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.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at https://investor.pseg.com may be used to enroll to receive automatic email alerts regarding new postings.
CONTACTS: | |
Investor Relations: | Media Relations: |
Carlotta Chan | Marijke Shugrue |
973-430-6565 | 908-531-4253 |
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SOURCE PSEG
NEWARK, N.J., April 20, 2020 /PRNewswire/ -- Public Service Enterprise Group (PSEG) today released its inaugural Climate Report detailing how it is preparing for the opportunities and risks associated with climate change and supporting New Jersey and the region to achieve a sustainable future. PSEG committed to producing the report consistent with the framework of the Task Force on Climate-Related Financial Disclosures (TCFD), which provides guidance on the voluntary assessment and disclosure of climate risk and facilitates reporting of environmental, social and governance (ESG) disclosures.
PSEG's Climate Report outlines how climate change is integrated in the organization's corporate strategy and highlights how PSEG tracks progress on its climate change goals through metrics and targets. The Climate Report also assesses potential implications of the International Energy Agency's "2DS," a scenario designed to limit global average temperature increases to less than 2°C by 2050. The report also reviews how PSEG incorporates climate change considerations in its governance structure and risk management processes.
"As New Jersey's largest energy utility, PSEG plays an important part in mitigating the potential impacts of a warming climate," PSEG Chairman, President and CEO Ralph Izzo said. "We are committed to continuing our leadership role in working to decarbonize our economy and transitioning toward a cleaner, more resilient energy system."
Izzo continued: "While we have been working on our Climate Report for many months, I must acknowledge the current and unprecedented public health and economic emergency that is the COVID-19 outbreak. It is far too soon to draw even broad conclusions, but the coronavirus outbreak highlights many of the same issues we face in addressing climate change: the threat to public health, the risk of economic harm, the devastating impact on vulnerable communities and the need to correct structural inequities. Never before has safeguarding the health and well-being of our employees, our customers and the diverse communities we serve been so critical."
At PSEG, climate change has been a key consideration in our long-term strategy for decades, and the recognition of its ongoing impact on our service territory is why we plan to support the preservation of nuclear generation, implement energy efficiency and other strategies to reduce – and avoid – greenhouse gas emissions, and advocate for effective climate policies at the state, regional and national levels.
Further, Izzo said: "To successfully address climate change, we must work urgently and collaboratively with and beyond the energy and investment communities – with regulators, policymakers, legislators and the public – to bring about change. It is our hope that this report helps to foster important dialogue and expands opportunities for collaboration with our stakeholders and communities, across New Jersey and the nation, as we explore the best strategies to address climate change and transition to a clean energy future."
These organizations had the following statements on PSEG's Climate Report:
"PSEG has developed a far reaching and significant inaugural climate report. PSEG is laying the path to a 100% clean energy future and in doing so, strongly supports the state of New Jersey's climate plans. C2ES applauds PSEG's plans to push forward over the next three decades to deliver a net-zero carbon and 100% clean power supply to the citizens of New Jersey. The plan calls for full transparency following disclosure guidelines developed by the national Task Force on Climate related Financial Disclosures. It also calls for ending the use of coal for power generation in the next year to assure near-tern emission reductions while building a strong base of renewable energy. PSEG participated in C2ES's initiative to develop a 'Getting to Zero' agenda for the United States. They are leaders in New Jersey and they are extending that leadership to help the rest of the country." – Center for Climate and Energy Solutions (C2ES) President Bob Perciasepe
"Utilities are playing an essential role in reaching 100% carbon-free power by mid-century, despite the slow pace of action from the nation's capital. We're delighted to see PSEG continue its effort to reach net-zero by 2050 with the release of this climate report. It's particularly gratifying to see the embrace of all carbon-free energy sources, including nuclear power, emphasis on the role of innovation, and commitment to retire all coal plants by mid-2021 and not build any new fossil fuel plants. This is an important step toward eliminating climate pollution from electricity. It's time for others, include the federal government, to follow." – Third Way Senior Vice President for Climate and Clean Energy Josh Freed
The PSEG Climate Report follows PSEG's 2019 Sustainability Report, released in December, which included several firsts for PSEG: complete Sustainability Accounting Standards Board (SASB) disclosures, an ESG materiality assessment and map, alignment with the United Nations' Sustainable Development Goals (SDGs), and 12 new ESG and sustainability goals.
Public Service Enterprise Group Inc. (PSEG) (NYSE: PEG) is a publicly traded diversified energy company with approximately 13,000 employees. Headquartered in Newark, N.J., PSEG's principal operating subsidiaries are: Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 12 consecutive years (https://corporate.pseg.com/).
Visit PSEG at:
www.pseg.com
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
PSEG blog, Energize!
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at https://investor.pseg.com may be used to enroll to receive automatic email alerts regarding new postings.
CONTACT: Marijke Shugrue
908-531-4253
Marijke.Shugrue@pseg.com
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SOURCE PSEG
NEWARK, N.J., April 14, 2020 /PRNewswire/ -- The PSEG Foundation announced it has committed $2.5 million in response to the COVID-19 pandemic that is devastating many of our communities. Our first and signature initiative is a $1 million donation to the NJ Pandemic Relief Fund, whose purpose is to provide support for the health care community, as well as for vulnerable age and socioeconomic groups and businesses all facing an array of challenges ranging from food insecurity to displaced workers to homelessness.
"NJPRF is so grateful for the generous support that the PSEG Foundation is providing. We are strategically using our funds to support the front line services across the state and address the widespread needs of our community. We know there is much work to do both now and in the weeks and months ahead. On behalf of the NJPRF, thank you PSEG Foundation," said First Lady Tammy Murphy, Chairperson of the NJ Pandemic Relief Fund.
"These are extraordinary times for so many of our community members who are facing tremendous hardship brought about by the COVID-19 pandemic," said PSEG Senior Vice President for Corporate Citizenship and PSEG Foundation Chair Rick Thigpen. "The PSEG Foundation is grateful to be able to bring its resources to bear to provide the health, social and economic support so desperately needed by our communities."
In the months to come, mid-sized grants, ranging from $10,000 to $50,000, will also be directed toward regional nonprofits – such as food banks and organizations providing health and social services to the community – to address and support those suffering from the medical, social and economic impacts of COVID-19.
This commitment also includes a request-for-proposal process to support neighborhood and grassroots initiatives. This will be accomplished via small-scale grants, ranging from $500 to $5,000, aimed at directing support directly to the neighborhood level and reaching those in need who have been affected by COVID-19.
To support employees seeking contributions toward their own communities, the PSEG Foundation will offer a 2:1 matching campaign. The matching campaign is designed to enhance PSEG employee charitable contributions to select health and human service nonprofits providing COVID-19 relief and response. For PSEG employees in need during these difficult times, the PSEG Foundation will be providing additional funding to the PSEG Employee Crisis Fund.
Information on the PSEG Foundation's COVID-19 support funds, including grant application and process, will be available later in April. To stay connected with PSEG and the PSEG Foundation, follow us on Facebook and Twitter.
About the PSEG Foundation
The PSEG Foundation, 501(c)(3), the philanthropic arm of Public Service Enterprise Group Inc. (PSEG) (NYSE:PEG), prioritizes investments in the environment, safety, STEM education & workforce development, diversity & inclusion, and the communities served by PSEG. Headquartered in Newark, N.J., PSEG is a diversified energy company with approximately 13,000 employees. In 2020, PSEG was named one of Forbes' Best Employers For Diversity for the third year in a row. In addition, PSEG was named to the Dow Jones Sustainability Index North America for the 12th consecutive year in 2019 and received a Human Rights Campaign Corporate Equality Index 2018 rating of 100 percent. (https://corporate.pseg.com/).
Visit PSEG at:
www.pseg.com
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
PSEG blog, Energize!
CONTACT:
Marijke Shugrue
908-531-4253
Marijke.Shugrue@pseg.com
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SOURCE PSEG
LOWER ALLOWAYS CREEK, N.J., April 13, 2020 /PRNewswire/ -- PSEG Nuclear's Salem Unit 2 entered its planned refueling and maintenance outage on April 11, 2020, when operators safely removed the unit from the regional power grid. Salem 2 is one of three nuclear units operated by PSEG in Salem County, New Jersey. Collectively, the three nuclear units produce roughly 40% of the state's electricity and more than 90% of its carbon-free energy. A refueling and maintenance outage is a multi-week, comprehensive procedure during which thousands of inspections, surveillances and maintenance activities are performed.
At PSEG, the health and safety of our employees, contractors and communities are paramount. Accordingly, PSEG has implemented a number of new protocols and precautions and is adjusting its operations in response to the COVID-19 outbreak. These changes and new initiatives include:
In addition, in an effort to minimize the length and number of on-site staff required for this outage, PSEG has evaluated the outage schedule and is focused on work necessary to ensure safe, reliable operations for the next operating cycle. Certain types of discretionary work that is normally spread over years and is not critical to ensuring safe, reliable operations is being postponed during this outage. In making these decisions, PSEG has thoroughly reviewed industry guidance and is confident the changes will not impact plant reliability.
"Refueling and planned maintenance are an important part of the ongoing efficient operation of nuclear plants, including ours that supply the reliable, clean energy that New Jersey relies on," said PSEG Nuclear President and Chief Nuclear Officer Eric Carr. "In these challenging times, the dependability of nuclear's carbon-free electricity – to power our homes, hospitals and our lives – is critical."
In order to meet the refueling and maintenance deliverables and execute the sophisticated tasks pertaining to the outage, PSEG continues to rely on trade workers from close to a dozen unions to join the PSEG employees on day-to-day operations. The enhanced protocols, from training to screenings, also apply to our outstanding union and contractor support.
The refueling and maintenance outages of PSEG's three nuclear units in New Jersey – Salem 1, Salem 2 and Hope Creek – bring added skilled trade work to Salem County approximately every six months.
PSEG Power
PSEG Power LLC is a multi-regional energy supply company that integrates the operations of its merchant nuclear and fossil generating assets with its power marketing businesses and fuel supply functions, primarily in the Northeast and Mid-Atlantic United States. PSEG Power is a nationally recognized industry leader on environmental issues. PSEG Nuclear LLC is one of four main subsidiaries of PSEG Power; it operates the Salem and Hope Creek nuclear generating stations in southern New Jersey and is a part-owner of the Peach Bottom nuclear generating station in Pennsylvania. PSEG Fossil operates the company's portfolio of natural gas- and oil-fired electric generating units. PSEG Energy Resources & Trade LLC is the trading arm of PSEG Power. PSEG Power Ventures LLC develops utility-scale solar facilities outside PSE&G's service territory through its subsidiary, PSEG Solar Source, and operates the Kalaeloa Cogeneration Plant in Hawaii.
PSEG Power is a subsidiary of Public Service Enterprise Group Inc. (PSEG) (NYSE:PEG), a diversified energy company (https://corporate.pseg.com/). PSEG has been named to the Dow Jones Sustainability Index for North America for 12 consecutive years.
Visit PSEG at:
www.pseg.com
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
PSEG blog, Energize!
CONTACT:
Marijke Shugrue
908-531-4253
Marijke.Shugrue@pseg.com
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SOURCE PSEG Power LLC
NEWARK, N.J., April 7, 2020 /PRNewswire/ -- Public Service Enterprise Group today announced that, due to the public health impact of the coronavirus (COVID-19) outbreak and to support the health and well-being of its stockholders and other meeting participants, the Annual Meeting of Stockholders of PSEG will be held as a virtual meeting only.
THE VIRTUAL ANNUAL MEETING WILL BE HELD ON APRIL 21, 2020, AT 1 P.M. EASTERN TIME. Stockholders will not be able to attend the Annual Meeting in person. However, stockholders of record as of the close of business on Feb. 21, 2020, will be able to vote and ask questions during the meeting through the online platform.
STOCKHOLDERS ARE ENCOURAGED TO VOTE THEIR SHARES IN ADVANCE OF THE ANNUAL MEETING. If voting in advance of the Annual Meeting, the steps required to cast your votes are the same as indicated in the materials you received with the proxy statement. Please sign, date and promptly mail the proxy card or voting instruction form you received with your proxy statement. You may also vote via the internet (www.proxypush.com/peg) or by telephone (866-883-3382) prior to 11:59 p.m. Eastern Time on April 20, 2020.
PARTICIPATING IN THE ANNUAL MEETING
If you are a shareholder of record (i.e., you hold your shares through our transfer agent, Equiniti (EQ)), to participate in the virtual Annual Meeting please visit: https://web.lumiagm.com/213544313
If you hold your shares through an intermediary, such as a bank or broker or other nominee, to participate in the virtual Annual Meeting, please contact your bank, broker or other nominee. If you would like to vote at the meeting, you will need to ask your bank, broker or other nominee to furnish you with a legal proxy. Requests for registration and legal proxy should be labeled as "Legal Proxy" and be received no later than 5 p.m. Eastern Time on April 16, 2020. You will need a new control number in order to register for and attend the virtual Annual Meeting. Once you have your new control number, to participate in the Annual Meeting, please follow the steps set forth above for shareholders of record. You will be required to send a copy of your legal proxy and ballot to EQSS-ProxyTabulation@equiniti.com in order to vote.
Additional information regarding the ability of shareholders to ask questions during the 2020 Annual Meeting, related rules of conduct and other materials for the 2020 Annual Meeting will be available at www.pseg.com/annualmeeting.
Technical support, including related technical support phone numbers, will be available on the virtual meeting platform at https://web.lumiagm.com/213544313 beginning at 12:30 p.m. Eastern Time on April 21, 2020, through the conclusion of the Annual Meeting.
Public Service Enterprise Group Inc. (PSEG) (NYSE: PEG) is a publicly traded diversified energy company with approximately 13,000 employees. Headquartered in Newark, N.J., PSEG's principal operating subsidiaries are: Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 12 consecutive years (https://corporate.pseg.com).
CONTACTS: | |
Media: | James Namiotka |
215-896-1511 | |
Investor Relations: | Carlotta Chan |
973-430-6565 | |
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SOURCE PSEG
NEWARK, N.J., March 24, 2020 /PRNewswire/ -- PSEG announced today that it is donating more than 50,000 N95 respirator masks to one of New Jersey's largest health care systems in an effort to help the medical community meet its increased need for protective equipment amid the COVID-19 pandemic.
"We recognize the dire need that the medical and first responder communities are facing, and we are eager to share our supplies," PSEG Chairman, President and CEO Ralph Izzo said. "This critical staff is on the front lines in the drive to contain the coronavirus outbreak, and we want to do whatever we can to support their lifesaving mission."
PSEG will continue to evaluate our inventory relative to our needs as a first responder and hope to identify future opportunities to support the critical need of the health care industry. The company will also work directly with the state of New Jersey to provide equipment and support for the needs of health care workers and first responders across the state.
"We applaud the state for establishing a central repository to receive critical supplies and will work closely with them moving forward. And we hope today's donation will alert and inspire others to review their storage and supply chain. The need for critical protective equipment is tremendous and long-lasting and every bit of supply helps in this fight to protect and save lives," continued Izzo.
The global coronavirus pandemic has created a rapidly increasing demand for medical equipment, including respirator masks. The masks are part of PSEG's own inventory of emergency supplies. PSEG also has ensured that its employees, who are essential to powering the state, have the appropriate personal protective equipment (PPE) they need to respond to emergency situations. Our employees also have been trained in social distancing and other protective measures related to the coronavirus.
Public Service Enterprise Group Inc. (PSEG) (NYSE: PEG) is a publicly traded diversified energy company with approximately 13,000 employees. Headquartered in Newark, N.J., PSEG's principal operating subsidiaries are: Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 12 consecutive years (https://corporate.pseg.com).
Visit PSEG at:
www.pseg.com
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
PSEG blog, Energize!
CONTACT:
Marijke Shugrue
908-531-4253
Marijke.Shugrue@pseg.com
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SOURCE PSEG
UNIONDALE, N.Y., March 21, 2020 /PRNewswire/ -- PSEG Long Island and the PSEG Foundation are supporting the Island Harvest Food Bank in its response to critical community needs throughout Long Island as a result of the COVID-19 outbreak.
The mission of Island Harvest Food Bank is to end hunger and reduce food waste on Long Island. The PSEG Foundation provided the Island Harvest Food Bank a grant of $45,000 to address rising food insecurity, including children who do not have access to school feeding programs because their schools are temporarily closed because of the public health crisis. Island Harvest Food Bank, which relies mostly on donations of surplus food by commercial food establishments, wholesalers, supermarkets, and individuals, has seen a decline in those donations recently. The grant will purchase food to ensure an uninterrupted supply for people who rely on supplemental feeding programs served by Island Harvest Food Bank.
"PSEG Long Island employee volunteers support Island Harvest throughout the year," said Daniel Eichhorn, president and COO, PSEG Long Island and Island Harvest board member. "During this difficult time, we are grateful that the PSEG Foundation is able to provide this grant to continue our support and help Island Harvest's efforts."
"Island Harvest Food Bank is grateful for the generous support of PSEG Long Island employees and the PSEG Foundation to help us increase our efforts to get much-needed food support to people in Nassau and Suffolk counties impacted by the coronavirus pandemic," said Randi Shubin Dresner, president and CEO, Island Harvest Food Bank. "PSEG Long Island is a longtime, valued partner in our hunger-relief efforts, and their generosity will help us through some of the extraordinary roadblocks we are encountering, including purchasing large quantities of food to meet the demands during these uncertain times."
The PSEG Foundation is a 501c3, not-for-profit organization that aims to build sustainable and thriving communities by fostering equity, safety, and diversity and inclusion, as well as supporting the environment, education and workforce development in the communities we serve. The PSEG Foundation provides grants to groups in communities served by PSEG and its subsidiaries; Foundation giving is separate and distinct from PSEG Long Island's operational budget.
PSEG Long Island customers that are experiencing difficulties as a result of the outbreak and would like additional time to pay bills are encouraged to visit www.psegliny.com/myaccount.
To stay connected with PSEG Long Island and manage their accounts, customers can log into My Account, chat or email, register for MyAlerts for text and email updates, download the free PSEG Long Island mobile app, and follow PSEG Long Island on Facebook and Twitter.
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:
www.psegliny.com
PSEG Long Island on Facebook
PSEG Long Island on Twitter
PSEG Long Island on YouTube
PSEG Long Island on Flickr
Contact: | Media Relations Pager |
516.229.7248 | |
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SOURCE PSEG Long Island
NEWARK, N.J., March 21, 2020 /PRNewswire/ -- The PSEG Foundation is supporting the Community FoodBank of New Jersey in its response to critical community needs throughout New Jersey as a result of the COVID-19 outbreak. The Community FoodBank of New Jersey (CFBNJ) is New Jersey's largest anti-hunger organization that works with over 1,000 community organizations and partners in the state. The PSEG Foundation provided The Community FoodBank of New Jersey a grant of $45,000 to address rising food insecurity.
In response to the COVID-19 outbreak and statewide guidance to close schools and reduce community interaction, the CFBNJ has identified districts and communities in great need, including where children typically receive free and reduced-price lunch. In collaboration with schools, the Salvation Army and American Red Cross, this program aims to fill gaps for families created by the disruption to schools and work. (Volunteers are not needed at this time given the sensitivity of social distancing and food interaction.)
"The PSEG Foundation understands that COVID-19 presents a new and unique challenge to those who may already be struggling to meet the needs of their family," said Rick Thigpen, PSEG's senior vice president for Corporate Citizenship and chairman of the PSEG Foundation. "In our effort to support and build sustainable communities, the PSEG Foundation is honored to assist The Community FoodBank of New Jersey to reduce food insecurity and support of the most vulnerable among us in this time of crisis."
"Our neighbors in need are already suffering from the economic impact of COVID-19, while others find themselves struggling for the first time," said Carlos Rodriguez, president and CEO of the Community FoodBank of New Jersey. "Low-income workers and those with hourly wages are among the hardest hit. CFBNJ is grateful to the PSEG Foundation for their support during this challenging time, helping us to keep New Jersey's most vulnerable individuals and communities fed."
In times of disaster, the Community FoodBank of New Jersey partners with the Department of Health & Human Services, NJ VOAD, the American Red Cross and the Salvation Army.
The PSEG Foundation is a 501c3, not-for-profit organization that aims to build sustainable and thriving communities by fostering equity, safety, and diversity and inclusion, as well as supporting the environment, education and workforce development in the communities we serve. The PSEG Foundation provides grants to groups in communities served by PSEG and its subsidiaries; Foundation giving is separate and distinct from PSEG's operational budget.
For information about PSEG company response and operational changes associated with the COVID-19 outbreak, visit PSEG's Coronavirus Update webpage.
If you are a PSE&G customer experiencing difficulties as a result of the outbreak and would like additional time to pay bills, visit pseg.com/help.
If you are looking for ways to stay connected with PSE&G to help manage your account, you can log into My Account, chat or email, register for MyAlerts for text and email updates, download the free PSE&G mobile app, and follow us on Facebook and Twitter
About the PSEG Foundation
The PSEG Foundation, 501(c)(3), the philanthropic arm of Public Service Enterprise Group Inc. (PSEG) (NYSE:PEG), prioritizes investments in the environment, safety, STEM education & workforce development, diversity & inclusion, and the communities served by PSEG. Headquartered in Newark, N.J., PSEG is a diversified energy company with approximately 13,000 employees. In 2020, PSEG was named one of Forbes' Best Employers For Diversity for the third year in a row. In addition, PSEG was named to the Dow Jones Sustainability Index North America for the 12th consecutive year in 2019 and received a Human Rights Campaign Corporate Equality Index 2018 rating of 100 percent. (https://corporate.pseg.com/).
Visit PSEG at:
www.pseg.com
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
PSEG blog, Energize!
CONTACT: | Marijke Shugrue |
908-531-4253 | |
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SOURCE PSEG
UNIONDALE, N.Y., March 17, 2020 /PRNewswire/ -- PSEG Long Island continues to monitor developments regarding COVID-19 while providing safe and reliable electricity to its 1.1 million customers. Our priority is the safety and well-being of our customers, employees and the communities we serve. In an effort to help minimize the exposure of COVID-19 for our employees, customers and the community, PSEG Long Island is implementing operational changes.
The following are ways in which we are adjusting our operations in response to the COVID-19 situation:
The majority of these policies will be in place through the end of April. PSEG Long Island will evaluate the continued need at that time. For additional, or updated information, about PSEG Long Island's response and any operational changes associated with the COVID-19 outbreak, visit PSEG Long Island's coronavirus update webpage: www.psegliny.com/covid19
For those looking for ways to stay connected, get the latest information and manage their account, PSEG Long Island offers a number of online tools and resources:
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:
www.psegliny.com
PSEG Long Island on Facebook
PSEG Long Island on Twitter
PSEG Long Island on YouTube
PSEG Long Island on Flickr
Contact: | Media Relations Pager |
516.229.7248 | |
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SOURCE PSEG Long Island
NEWARK, N.J., March 17, 2020 /PRNewswire/ -- Public Service Electric and Gas continues to monitor developments regarding COVID-19 while providing safe and reliable electricity and gas to its 2.4 million customers. Our priority is the safety and well-being of our customers, employees and the communities we serve. In an effort to help minimize the exposure of COVID-19 for our employees, customers and the community, PSE&G is implementing a number of operational changes.
The following are ways in which we are adjusting our operations in response to the COVID-19 situation:
The majority of these policies will be in place through the end of April. PSE&G will evaluate the continued need for these measures at that time. For additional information about PSE&G's response and operational changes associated with the COVID-19 outbreak, visit PSE&G's Coronavirus update webpage: nj.pseg.com/safetyandreliability/safetytips/coronavirus
For those looking for ways to stay connected, get the latest information and manage their account, PSE&G offers a number of online tools and resources:
Public Service Electric and Gas Co. (PSE&G) is New Jersey's oldest and largest gas and electric delivery public utility, serving three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Inc. (PSEG) (NYSE:PEG), a diversified energy company. PSEG has been named to the Dow Jones Sustainability Index for North America for 12 consecutive years.
Visit PSEG at:
www.pseg.com
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
PSEG blog, Energize!
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SOURCE Public Service Electric & Gas (PSE&G)
NEWARK, N.J., March 13, 2020 /PRNewswire/ -- As we continue to monitor developments regarding the coronavirus, PSE&G recognizes that some of our customers may be negatively affected by issues related to the pandemic. As always, our priority is the safety and well-being of our customers, employees and the communities we serve, and our thoughts are with those experiencing difficulty as a result.
In the interest of protecting public health, PSE&G is temporarily suspending shut-offs of electric or gas service to residential customers for non-payment. This policy is effective immediately. We recognize that customers may experience financial difficulty as a result of the outbreak, whether they or a family member fall ill, are required to quarantine, or because their income is otherwise affected. We hope to alleviate those customers' concerns about their electric or gas service during this time.
New Jersey residential customers experiencing financial difficulty as a result of issues related to the coronavirus should contact PSE&G by calling 1-800-357-2262 to enter into a deferred payment arrangement.
This policy will be in place through the end of April. PSE&G will evaluate the continued need at that time.
Public Service Electric and Gas Co. (PSE&G) is New Jersey's oldest and largest gas and electric delivery public utility, serving three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Inc. (PSEG) (NYSE:PEG), a diversified energy company. PSEG has been named to the Dow Jones Sustainability Index for North America for 12 consecutive years.
Visit PSEG at:
www.pseg.com
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
PSEG blog, Energize!
CONTACT:
Michael Jennings
609-610-5161
Michael.jennings@pseg.com
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SOURCE PSE&G
NEWARK, N.J., Feb. 26, 2020 /PRNewswire/ -- Public Service Enterprise Group (PSEG) reported 2019 Net Income of $1,693 million, or $3.33 per share, as compared to Net Income of $1,438 million, or $2.83 per share for 2018. Non-GAAP Operating Earnings for 2019 were $1,666 million, or $3.28 per share, compared to $1,582 million, or $3.12 per share for 2018. Non-GAAP Operating Earnings for the full-year 2019 exclude items shown in Attachments 8 and 9.
PSEG also reported Net Income for the fourth quarter of 2019 of $437 million, or $0.86 per share. This compares to Net Income of $199 million, or $0.39 per share in 2018's fourth quarter. Non-GAAP Operating Earnings for the fourth quarter of 2019 were $330 million, or $0.64 per share, compared to fourth quarter 2018 non-GAAP Operating Earnings of $284 million, or $0.56 per share. Non-GAAP Operating Earnings for the fourth quarter of 2019 exclude items shown in Attachments 8 and 9.
"Our full year 2019 non-GAAP Operating Earnings results rose by 5% over the prior year and delivered on our objective to grow regulated operations to represent three quarters of PSEG's non-GAAP Operating Earnings. The continued focus on operating excellence and cost discipline also contributed to PSEG's ability to exceed the mid-point of our 2019 full-year earnings guidance" said Ralph Izzo, Chairman, President and Chief Executive Officer.
"During 2019, PSE&G settled its Energy Strong II (ES II) proposal with an $842 million program to continue work on improving resiliency and hardening energy infrastructure. PSEG continues to align its long-term business strategy with New Jersey's progressive clean energy policies, which the state recently underscored in its 2019 Energy Master Plan outlining key strategies to reach the Murphy Administration's goal of 100% clean energy by 2050. Central to this is PSE&G's landmark $3.5 billion Clean Energy Future filing, pending review before the New Jersey Board of Public Utilities (BPU), which was filed to support implementation of New Jersey's 2018 Clean Energy Act."
"2019 was a busy and productive year in other respects as well. PSEG Power secured three years of support from Zero Emission Certificates (ZECs) awarded to our New Jersey nuclear units to recognize their carbon free attributes and enable their continued operation and economic viability. We also completed our combined cycle gas turbine (CCGT) construction program with the addition of Bridgeport Harbor 5, and sold Power's interests in Keystone and Conemaugh, moving us closer to eliminating coal in our generating mix by mid-2021."
"PSEG's capital allocation remains consistent with our intention to keep growing our regulated operations. We have outlined a $12 to $16 billion capital program over the 2020 to 2024 period with the majority of the spend focused on updating critical utility infrastructure, which includes four years of remaining work under ES II and the second phase of the Gas System Modernization Program (GSMP II). PSEG's 2020-2024 capital plan also includes a portion of PSE&G's $3.5 billion, six-year Clean Energy Future filing comprised of four programs that promote Energy Efficiency (EE), Energy Cloud - advanced metering infrastructure (AMI), Electric Vehicles and Energy Storage in New Jersey, which remains under review by the BPU. In addition, we have identified incremental reliability and resiliency investments anticipated in the 2024 timeframe that we intend to seek approval for under the third phase of existing infrastructure programs."
"We finished 2019 well positioned to execute on our policy, regulatory and Environmental, Social and Governance priorities. PSEG recently adopted the Sustainability Accounting Standards Board (SASB) disclosure practice and incorporated the U.N. Sustainable Development Goals in our 2019 Sustainability Report. PSEG Power adopted a Net Zero by 2050 goal in July, assuming advancements in technology, public policy and customer behavior. And this coming April, we expect to issue our first Climate Report using science based targets and reporting under the Task Force on Climate-related Financial Disclosures (TCFD) framework."
"The combination of our investment programs, operational excellence mindset, prudent financial management and dedicated workforce continues to produce long-term benefits for customers and to create value for our shareholders. The recent action by the Board of Directors to increase the common dividend by $0.08 to the indicative annual rate of $1.96 per share highlights our commitment to our shareholders while maintaining the financial strength needed to pursue growth initiatives."
The following tables provide a reconciliation of PSEG's Net Income to non-GAAP Operating Earnings for the full year and fourth quarter. See Attachments 8 and 9 for a complete list of items excluded from Net Income in the determination of non-GAAP Operating Earnings.
PSEG CONSOLIDATED RESULTS (unaudited) | ||||||||
Full-Year Comparative Results | ||||||||
2019 and 2018 | ||||||||
Income | Diluted Earnings | |||||||
($ millions) | Per Share | |||||||
2019 | 2018 | 2019 | 2018 | |||||
Net Income | $1,693 | $1,438 | $3.33 | $2.83 | ||||
Reconciling Items | (27) | 144 | (0.05) | 0.29 | ||||
Non-GAAP Operating Earnings | $1,666 | $1,582 | $3.28 | $3.12 | ||||
Avg. Shares | 507M | 507M | ||||||
PSEG CONSOLIDATED RESULTS (unaudited) | ||||||||
Fourth Quarter Comparative Results | ||||||||
2019 and 2018 | ||||||||
Income | Diluted Earnings | |||||||
($ millions) | Per Share | |||||||
2019 | 2018 | 2019 | 2018 | |||||
Net Income | $437 | $199 | $0.86 | $0.39 | ||||
Reconciling Items | (107) | 85 | (0.22) | 0.17 | ||||
Non-GAAP Operating Earnings | $330 | $284 | $0.64 | $0.56 | ||||
Avg. Shares | 507M | 508M | ||||||
Ralph Izzo went on to say, "For 2020, we expect to grow non-GAAP Operating Earnings by approximately 4% at the mid-point of our guidance of $3.30 - $3.50 per share. Notably, the earnings contribution of PSE&G is expected to approach 80% of our 2020 non-GAAP Operating Earnings at the mid-point of guidance. We continue to direct over 90% of our planned capital investment program over the 2020 – 2024 period to grow regulated operations, and we expect to fund this capital program without the need to issue new equity. PSE&G's capital investment is projected to produce 6.5% to 8% compound annual growth in rate base over this period, starting from a year-end 2019 rate base of over $20 billion."
The following table outlines PSEG's 2019 non-GAAP Operating Earnings by subsidiary and expectations for 2020. PSEG's full-year guidance for 2020 consolidated results of $3.30 to $3.50 per share remains at a consistent $0.20 band as provided in recent years, while subsidiary guidance ranges are modestly wider to allow for variability by business that is often offset in consolidated results.
2020 Non-GAAP Operating Earnings Guidance and | ||
2020E | 2019A | |
PSE&G | $1,310 - $1,370 | $1,250 |
PSEG Power | $345 - $435 | $409 |
PSEG Enterprise/Other | $(5) | $7 |
Non-GAAP Operating Earnings | $1,675 - $1,775 | $1,666 |
Non-GAAP Operating EPS | $3.30 - $3.50 | $3.28 |
E = Estimate A= Actual |
Results and Outlook by Operating Subsidiary
PSE&G
Public Service Electric & Gas | |||||||
PSE&G | 4Q 2019 | 4Q 2018 | FY 2019 | FY 2018 | |||
Net Income | $276 | $239 | $1,250 | $1,067 | |||
Earnings Per Share | $0.54 | $0.47 | $2.46 | $2.10 |
PSE&G reported Net Income that increased by $0.07 per share over results from the fourth quarter of 2018. Growth in PSE&G's investment in transmission improved quarter-over-quarter Net Income comparisons by $0.04 per share. Gas margin improved by $0.02 per share as a result of rate relief and recovery of investment in gas distribution made under the Gas System Modernization Program. Electric margin was flat in the quarter, as one month of incremental rate relief over 2018's fourth quarter was offset by lower weather normalized volume and demand. Operating and maintenance expense improved by $0.02 per share compared with the prior year quarter, reflecting lower tree trimming and preventative maintenance work. In addition, retiree medical plan benefit changes implemented in 2019 had a $0.03 per share positive impact on Net Income compared to the year-earlier quarter. These positives were partially offset by $0.01 per share of higher depreciation expense on higher plant balances, $0.01 of higher interest expense on higher debt outstanding, and higher taxes and other items that were $0.02 unfavorable compared with the year-earlier quarter.
New Jersey released its final 2019 Energy Master Plan in January 2020, which is supportive of implementing the goals of the 2018 Clean Energy Act. The BPU is also completing a stakeholder process to define key terms and policy parameters regarding returns, amortization and lost revenue recovery related to implementing energy efficiency programs statewide.
In order to provide the BPU with additional time to review the CEF-EE filing, PSE&G has reached an agreement with parties in the CEF-EE matter to 1) extend several of its existing EE programs for six months, with an additional $111 million investment over the course of the programs, and 2) extend the timeline for review of the CEF-EE filing to the end of September 2020. The agreement was approved by the BPU at its February 19th agenda meeting. At the same meeting, the BPU also lifted the state-wide moratorium on advanced metering infrastructure (AMI) and directed the electric distribution companies to file new proposals, or update previously filed proposals, to install AMI across the state. In addition, the BPU's staff has circulated draft procedural schedules covering the remaining $1 billion of proposed CEF investments in AMI, electric vehicles and energy storage, with target conclusions in early 2021.
During 2019, PSE&G completed over 230 miles of replacement gas main and 16,000 replacement services in the first year of the GSMP II program. Our continued focus on aging infrastructure has reduced PSE&G's annual methane emissions by 40,000 metric tons of CO2 equivalent since 2018.
For the full-year, weather-normalized residential electric sales were 0.2% lower and weather-normalized residential gas sales declined by 1.8%. Total electric and gas customers for the full year increased by 0.9% and 0.6%, respectively.
For the 18th year in a row, PSE&G was recognized by PA Consulting's ReliabilityOne award as the Most Reliable Electric Utility in the Mid-Atlantic region.
PSE&G's Net Income for 2020 is forecasted at $1,310 million - $1,370 million, reflecting incremental investments in Transmission and Distribution.
PSEG Power
Fourth Quarter & Full Year Comparative Results | |||||
($ millions, except EPS) | |||||
PSEG Power | 4Q 2019 | 4Q 2018 | FY 2019 | FY 2018 | |
Net Income/(Loss) | $159 | $(35) | $468 | $365 | |
Earnings Per Share (EPS) | $0.32 | $(0.07) | $0.93 | $0.72 | |
Non-GAAP Operating Earnings | $52 | $57 | $409 | $502 | |
Non-GAAP EPS | $0.10 | $0.11 | $0.81 | $0.99 | |
Non-GAAP Adjusted EBITDA | $198 | $176 | $1,035 | $1,059 |
PSEG Power reported Net Income that increased by $0.39 per share and non-GAAP Operating Earnings that declined by $0.01 per share compared with the fourth quarter of 2018. A scheduled decline in capacity prices in PJM and ISO-New England in the second half of 2019 reduced fourth quarter non-GAAP Operating Earnings comparisons by $0.11 per share. Lower generation output for the quarter also reduced comparisons by $0.02 per share. The benefits of a full quarter of ZEC revenues of $0.06 per share and lower costs to serve of $0.05 per share were partly offset by a $0.03 per share decline from re-contracting at lower market prices. Gas operations were flat as lower commodity prices pressured margins and limited off-system sales. A decline in O&M expense improved comparisons by $0.03 per share reflecting savings from the Keystone and Conemaugh sale and lower fall 2019 fossil outage expense that more than offset higher costs related to the Hope Creek refueling outage and Bridgeport Harbor 5 in-service as of mid-year 2019. Higher interest and depreciation expenses were offset by savings from retiree medical plan benefit changes implemented in 2019. Lower taxes improved non-GAAP Operating Earnings by $0.01 over the prior year's fourth quarter.
Output from PSEG Power's generating facilities in the fourth quarter declined by 6.2% from fourth quarter 2018, primarily reflecting the sale of the Keystone and Conemaugh coal-fired generating units at the end of the third quarter, as well as an extended refueling outage at Hope Creek. Full-year 2019 output of 57 TWh was at the low end of our 57 – 59 TWh forecast. The nuclear fleet operated at an average capacity factor of 81.9% in the quarter, resulting in a full year capacity factor of 88.7% and total production of approximately 30 TWh. The CCGT fleet operated at an average capacity factor of approximately 54.8% in the quarter resulting in a full-year capacity factor of 52.2% and total production of approximately 23 TWh for the year, an increase of over 20% year-over-year. Coal-fired generation for the quarter and the year was significantly reduced as a result of the sale of Keystone and Conemaugh.
PSEG Power is forecasting a decrease in output for both 2020 and 2021 to 50 - 52 TWh, down 2 TWh since the third quarter 2019 update, primarily reflecting weak prices and lower market demand. Following completion of the recent Basic Generation Service (BGS) auction in New Jersey, approximately 85% - 90% of production for 2020 is hedged at an average price of $37 per MWh. For 2021, PSEG Power has hedged 45% - 50% of forecast output of 50 – 52 TWh at an average price of $36 per MWh. For 2022, PSEG Power has hedged 20% - 25% of forecast output of 50 – 52 TWh at an average price of $36 per MWh. The forecast for 2020 – 2022 volumes fully reflects the sale of Keystone and Conemaugh – which had produced approximately 5 TWh of annual generation in prior years, generation from 1,800 MWs of the three new CCGTs, approximately 3 TWh of lower generation in each year consistent with current market conditions, and the planned retirement of 383 MW of coal-fired generation at Bridgeport Harbor 3 in June 2021.
For 2020, non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA at PSEG Power are forecast to be $345 million - $435 million and $950 million - $1,050 million, respectively. The PSEG Power segment guidance for 2020 reflects the benefits of including a full year of ZECs and the contribution from all three new CCGT units, offset by lower expected generation volume and lower capacity revenues.
PSEG Enterprise/Other
Fourth Quarter & Full Year Comparative Results | |||||
($ millions, except EPS) | |||||
PSEG Enterprise/Other | 4Q 2019 | 4Q 2018 | FY 2019 | FY 2018 | |
Net Income/(Loss) | $2 | $(5) | $(25) | $6 | |
Earnings/(Loss) Per Share (EPS) | $- | $(0.01) | $(0.06) | $0.01 | |
Non-GAAP Operating Earnings | $2 | $(12) | $7 | $13 | |
Non-GAAP EPS | $- | $(0.02) | $0.01 | $0.03 |
PSEG Enterprise/Other reported Net Income that increased by $0.01 per share and non-GAAP Operating Earnings that increased by $0.02 per share compared with the fourth quarter of 2018. The results for 2019's non-GAAP Operating Earnings reflect lower taxes compared with the fourth quarter of 2018.
For 2020, non-GAAP Operating Earnings for PSEG Enterprise/Other is forecast to be at a loss of ($5 million). The 2020 guidance for Enterprise/Other reflects the continued contribution of PSEG Long Island results more than offset by higher parent interest expense.
###
Public Service Enterprise Group Inc. (PSEG) (NYSE: PEG) is a publicly traded diversified energy company with approximately 13,000 employees. Headquartered in Newark, N.J., PSEG's principal operating subsidiaries are: Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named
to the Dow Jones Sustainability Index for North America for 12 consecutive years (https://corporate.pseg.com).
Non-GAAP Financial Measures
Management uses non-GAAP Operating Earnings in its internal analysis, and in communications with investors and analysts, as a consistent measure for comparing PSEG's financial performance to previous financial results. Non-GAAP Operating Earnings exclude the impact of returns (losses) associated with the Nuclear Decommissioning Trust (NDT), Mark-to-Market (MTM) accounting and material one-time items.
Management believes the presentation of non-GAAP Adjusted EBITDA for PSEG Power is useful to investors and other users of our financial statements in evaluating operating performance because it provides them with an additional tool to compare business performance across companies and across periods. Management also believes that non-GAAP Adjusted EBITDA is widely used by investors to measure operating performance without regard to items such as income tax expense, interest expense and depreciation and amortization, which can vary substantially from company to company depending upon, among other things, the book value of assets, capital structure and whether assets were constructed or acquired. Non-GAAP Adjusted EBITDA also allows investors and other users to assess the underlying financial performance of our fleet before management's decision to deploy capital. Non-GAAP Adjusted EBITDA excludes the same items as our non-GAAP Operating Earnings measure as well as income tax expense, interest expense and depreciation and amortization.
See Attachments 8 and 9 for a complete list of items excluded from Net Income in the determination of non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA. The presentation of non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA is intended to complement, and should not be considered an alternative to the presentation of Net Income, which is an indicator of financial performance determined in accordance with GAAP. In addition, non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA as presented in this release may not be comparable to similarly titled measures used by other companies.
Due to the forward looking nature of non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA guidance, PSEG is unable to reconcile these non-GAAP financial measures to the most directly comparable GAAP financial measure. Management is unable to project certain reconciling items, in particular MTM and NDT gains (losses), for future periods due to market volatility.
Forward-Looking Statements
Certain of the matters discussed in this release about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical constitute "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. When used herein, the words "anticipate," "intend," "estimate," "believe," "expect," "plan," "should," "hypothetical," "potential," "forecast," "project," variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could cause actual results to differ materially from those contemplated in any forward- looking statements made by us herein are discussed in filings we make with the United States Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K. These factors include, but are not limited to:
All of the forward-looking statements made in this 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 release apply only as of the date of this release. 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.
The forward-looking statements contained in this release are intended to qualify for the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at https://investor.pseg.com may be used to enroll to receive automatic email alerts regarding new postings.
CONTACTS | |
Investor Relations: | Media Relations: |
Carlotta Chan | Marijke Shugrue |
973-430-6565 | 973-430-5924 |
Attachment 1 | |||||||||||
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED | |||||||||||
Consolidating Statements of Operations | |||||||||||
(Unaudited, $ millions, except per share data) | |||||||||||
Three Months Ended December 31, 2019 | |||||||||||
PSEG | PSEG Enterprise/ | PSE&G | PSEG | ||||||||
OPERATING REVENUES | $ 2,478 | $ (244) | $ 1,607 | $ 1,115 | |||||||
OPERATING EXPENSES | |||||||||||
Energy Costs | 791 | (415) | 644 | 562 | |||||||
Operation and Maintenance | 860 | 140 | 416 | 304 | |||||||
Depreciation and Amortization | 320 | 8 | 217 | 95 | |||||||
Total Operating Expenses | 1,971 | (267) | 1,277 | 961 | |||||||
OPERATING INCOME | 507 | 23 | 330 | 154 | |||||||
Income from Equity Method Investments | 4 | - | - | 4 | |||||||
Net Gains (Losses) on Trust Investments | 96 | 2 | 1 | 93 | |||||||
Other Income (Deductions) | 24 | (10) | 23 | 11 | |||||||
Non-Operating Pension and OPEB Credits (Costs) | 56 | 4 | 45 | 7 | |||||||
Interest Expense | (152) | (25) | (93) | (34) | |||||||
INCOME (LOSS) BEFORE INCOME TAXES | 535 | (6) | 306 | 235 | |||||||
Income Tax Benefit (Expense) | (98) | 8 | (30) | (76) | |||||||
NET INCOME | $ 437 | $ 2 | $ 276 | $ 159 | |||||||
Reconciling Items Excluded from Net Income (b) | (107) | - | - | (107) | |||||||
OPERATING EARNINGS (non-GAAP) | $ 330 | $ 2 | $ 276 | $ 52 | |||||||
Earnings Per Share | |||||||||||
NET INCOME | $ 0.86 | $ - | $ 0.54 | $ 0.32 | |||||||
Reconciling Items Excluded from Net Income (b) | (0.22) | - | - | (0.22) | |||||||
OPERATING EARNINGS (non-GAAP) | $ 0.64 | $ - | $ 0.54 | $ 0.10 | |||||||
Three Months Ended December 31, 2018 | |||||||||||
PSEG | PSEG Enterprise/ | PSE&G | PSEG | ||||||||
OPERATING REVENUES | $ 2,468 | $ (285) | $ 1,645 | $ 1,108 | |||||||
OPERATING EXPENSES | |||||||||||
Energy Costs | 869 | (435) | 657 | 647 | |||||||
Operation and Maintenance | 848 | 98 | 442 | 308 | |||||||
Depreciation and Amortization | 304 | 9 | 201 | 94 | |||||||
Gain on Asset Dispositions | (54) | - | - | (54) | |||||||
Total Operating Expenses | 1,967 | (328) | 1,300 | 995 | |||||||
OPERATING INCOME | 501 | 43 | 345 | 113 | |||||||
Income from Equity Method Investments | 3 | - | - | 3 | |||||||
Net Gains (Losses) on Trust Investments | (174) | (3) | (1) | (170) | |||||||
Other Income (Deductions) | (14) | (16) | 19 | (17) | |||||||
Non-Operating Pension and OPEB Credits (Costs) | 19 | - | 15 | 4 | |||||||
Interest Expense | (135) | (19) | (87) | (29) | |||||||
INCOME BEFORE INCOME TAXES | 200 | 5 | 291 | (96) | |||||||
Income Tax Benefit (Expense) | (1) | (10) | (52) | 61 | |||||||
NET INCOME (LOSS) | $ 199 | $ (5) | $ 239 | $ (35) | |||||||
Reconciling Items Excluded from Net Income (Loss) (b) | 85 | (7) | - | 92 | |||||||
OPERATING EARNINGS (non-GAAP) | $ 284 | $ (12) | $ 239 | $ 57 | |||||||
Earnings Per Share | |||||||||||
NET INCOME (LOSS) | $ 0.39 | $ (0.01) | $ 0.47 | $ (0.07) | |||||||
Reconciling Items Excluded from Net Income (Loss) (b) | 0.17 | (0.01) | - | 0.18 | |||||||
OPERATING EARNINGS (non-GAAP) | $ 0.56 | $ (0.02) | $ 0.47 | $ 0.11 | |||||||
(a) Includes activities at Energy Holdings, PSEG Long Island and the Parent as well as intercompany eliminations. | |||||||||||
(b) See Attachments 8 and 9 for details of items excluded from Net Income/(Loss) to compute Operating Earnings (non-GAAP). |
Attachment 2 | ||||||||||||
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED | ||||||||||||
Consolidating Statements of Operations | ||||||||||||
(Unaudited, $ millions, except per share data) | ||||||||||||
Year Ended December 31, 2019 | ||||||||||||
PSEG | PSEG Enterprise/ | PSE&G | PSEG | |||||||||
OPERATING REVENUES | $ 10,076 | $ (934) | $ 6,625 | $ 4,385 | ||||||||
OPERATING EXPENSES | ||||||||||||
Energy Costs | 3,372 | (1,484) | 2,738 | 2,118 | ||||||||
Operation and Maintenance | 3,111 | 490 | 1,581 | 1,040 | ||||||||
Depreciation and Amortization | 1,248 | 34 | 837 | 377 | ||||||||
Loss on Asset Dispositions | 402 | - | - | 402 | ||||||||
Total Operating Expenses | 8,133 | (960) | 5,156 | 3,937 | ||||||||
OPERATING INCOME | 1,943 | 26 | 1,469 | 448 | ||||||||
Income from Equity Method Investments | 14 | - | - | 14 | ||||||||
Net Gains (Losses) on Trust Investments | 260 | 5 | 2 | 253 | ||||||||
Other Income (Deductions) | 125 | (12) | 83 | 54 | ||||||||
Non-Operating Pension and OPEB Credits (Costs) | 177 | 6 | 150 | 21 | ||||||||
Interest Expense | (569) | (89) | (361) | (119) | ||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 1,950 | (64) | 1,343 | 671 | ||||||||
Income Tax Benefit (Expense) | (257) | 39 | (93) | (203) | ||||||||
NET INCOME (LOSS) | $ 1,693 | $ (25) | $ 1,250 | $ 468 | ||||||||
Reconciling Items Excluded from Net Income (Loss) (b) | (27) | 32 | - | (59) | ||||||||
OPERATING EARNINGS (non-GAAP) | $ 1,666 | $ 7 | $ 1,250 | $ 409 | ||||||||
Earnings Per Share | ||||||||||||
NET INCOME (LOSS) | $ 3.33 | $ (0.06) | $ 2.46 | $ 0.93 | ||||||||
Reconciling Items Excluded from Net Income (Loss) (b) | (0.05) | 0.07 | - | (0.12) | ||||||||
OPERATING EARNINGS (non-GAAP) | $ 3.28 | $ 0.01 | $ 2.46 | $ 0.81 | ||||||||
Year Ended December 31, 2018 | ||||||||||||
PSEG | PSEG Enterprise/ | PSE&G | PSEG | |||||||||
OPERATING REVENUES | $ 9,696 | $ (921) | $ 6,471 | $ 4,146 | ||||||||
OPERATING EXPENSES | ||||||||||||
Energy Costs | 3,225 | (1,492) | 2,520 | 2,197 | ||||||||
Operation and Maintenance | 3,069 | 441 | 1,575 | 1,053 | ||||||||
Depreciation and Amortization | 1,158 | 34 | 770 | 354 | ||||||||
Gain on Asset Dispositions | (54) | - | - | (54) | ||||||||
Total Operating Expenses | 7,398 | (1,017) | 4,865 | 3,550 | ||||||||
OPERATING INCOME | 2,298 | 96 | 1,606 | 596 | ||||||||
Income from Equity Method Investments | 15 | - | - | 15 | ||||||||
Net Gains (Losses) on Trust Investments | (143) | (2) | (1) | (140) | ||||||||
Other Income (Deductions) | 85 | (16) | 80 | 21 | ||||||||
Non-Operating Pension and OPEB Credits (Costs) | 76 | 2 | 59 | 15 | ||||||||
Interest Expense | (476) | (67) | (333) | (76) | ||||||||
INCOME BEFORE INCOME TAXES | 1,855 | 13 | 1,411 | 431 | ||||||||
Income Tax Expense | (417) | (7) | (344) | (66) | ||||||||
NET INCOME | $ 1,438 | $ 6 | $ 1,067 | $ 365 | ||||||||
Reconciling Items Excluded from Net Income (b) | 144 | 7 | - | 137 | ||||||||
OPERATING EARNINGS (non-GAAP) | $ 1,582 | $ 13 | $ 1,067 | $ 502 | ||||||||
Earnings Per Share | ||||||||||||
NET INCOME | $ 2.83 | $ 0.01 | $ 2.10 | $ 0.72 | ||||||||
Reconciling Items Excluded from Net Income (b) | 0.29 | 0.02 | - | 0.27 | ||||||||
OPERATING EARNINGS (non-GAAP) | $ 3.12 | $ 0.03 | $ 2.10 | $ 0.99 | ||||||||
(a) Includes activities at Energy Holdings, PSEG Long Island and the Parent as well as intercompany eliminations. | ||||||||||||
(b) See Attachments 8 and 9 for details of items excluded from Net Income/(Loss) to compute Operating Earnings (non-GAAP). |
Attachment 3 | ||||||||
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED | ||||||||
Capitalization Schedule | ||||||||
(Unaudited, $ millions) | ||||||||
December 31, | December 31, | |||||||
2019 | 2018 | |||||||
DEBT | ||||||||
Commercial Paper and Loans | $ 1,115 | $ 1,016 | ||||||
Long-Term Debt* | 15,108 | 14,462 | ||||||
Total Debt | 16,223 | 15,478 | ||||||
STOCKHOLDERS' EQUITY | ||||||||
Common Stock | 5,003 | 4,980 | ||||||
Treasury Stock | (831) | (808) | ||||||
Retained Earnings | 11,406 | 10,582 | ||||||
Accumulated Other Comprehensive Loss | (489) | (377) | ||||||
Total Stockholders' Equity | 15,089 | 14,377 | ||||||
Total Capitalization | $ 31,312 | $ 29,855 | ||||||
*Includes current portion of Long-Term Debt |
Attachment 4 | |||
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED | |||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
(Unaudited, $ millions) | |||
Year Ended December 31, | |||
2019 | 2018 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net Income | $ 1,693 | $ 1,438 | |
Adjustments to Reconcile Net Income to Net Cash Flows | |||
From Operating Activities | 1,686 | 1,475 | |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 3,379 | 2,913 | |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (3,145) | (3,916) | |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | (257) | 887 | |
Net Change in Cash, Cash Equivalents and Restricted Cash | (23) | (116) | |
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 199 | 315 | |
Cash, Cash Equivalents and Restricted Cash at End of Period | $ 176 | $ 199 |
Attachment 5 | ||||||||||
PUBLIC SERVICE ELECTRIC & GAS COMPANY | ||||||||||
Retail Sales | ||||||||||
(Unaudited) | ||||||||||
December 31, 2019 | ||||||||||
Electric Sales | ||||||||||
Three Months | Change vs. | Year | Change vs. | |||||||
Sales (millions kWh) | Ended | 2018 | Ended | 2018 | ||||||
Residential | 2,792 | (4%) | 13,356 | (3%) | ||||||
Commercial & Industrial | 6,438 | (4%) | 26,995 | (3%) | ||||||
Other | 100 | (9%) | 343 | (3%) | ||||||
Total | 9,330 | (4%) | 40,694 | (3%) | ||||||
Weather Data | ||||||||||
THI Hours - Actual | 476 | (47%) | 17,721 | (12%) | ||||||
THI Hours - Normal | 372 | 16,583 | ||||||||
Gas Sold and Transported | ||||||||||
Three Months | Change vs. | Year | Change vs. | |||||||
Sales (millions therms)* | Ended | 2018 | Ended | 2018 | ||||||
Firm Sales | ||||||||||
Residential Sales | 477 | (2%) | 1,504 | (2%) | ||||||
Commercial & Industrial | 316 | (2%) | 1,085 | (1%) | ||||||
Total Firm Sales | 793 | (2%) | 2,589 | (2%) | ||||||
Non-Firm Sales | ||||||||||
Commercial & Industrial | 295 | (4%) | 1,281 | 2% | ||||||
Total Non-Firm Sales | 295 | 1,281 | ||||||||
Total Sales | 1,088 | (2%) | 3,870 | 0% | ||||||
Weather Data | ||||||||||
Degree Days - Actual | 1,664 | (2%) | 4,662 | (2%) | ||||||
Degree Days - Normal | 1,575 | 4,600 | ||||||||
*CSG rate included in non-firm sales |
Attachment 6 | ||||||||
PSEG POWER LLC | ||||||||
Generation Measures(1) | ||||||||
(Unaudited) | ||||||||
GWhr Breakdown | GWhr Breakdown | |||||||
Three Months Ended | Year Ended | |||||||
December 31, | December 31, | |||||||
2019 | 2018 | 2019 | 2018 | |||||
Nuclear - NJ | 4,414 | 5,029 | 19,009 | 20,394 | ||||
Nuclear - PA | 2,602 | 2,458 | 11,147 | 10,837 | ||||
Total Nuclear | 7,016 | 7,487 | 30,156 | 31,231 | ||||
Fossil - Natural Gas - NJ | 3,065 | 3,195 | 11,591 | 11,525 | ||||
Fossil - Natural Gas - NY | 1,239 | 1,135 | 4,544 | 5,142 | ||||
Fossil - Natural Gas - MD | 1,173 | 974 | 4,661 | 2,190 | ||||
Fossil - Natural Gas - CT | 858 | (4) | 2,043 | 32 | ||||
Total Natural Gas(2) | 6,335 | 5,300 | 22,839 | 18,889 | ||||
Fossil - Coal | (6) | 1,436 | 3,861 | 5,743 | ||||
13,345 | 14,223 | 56,856 | 55,863 | |||||
% Generation by Fuel Type | % Generation by Fuel Type | |||||||
Three Months Ended | Year Ended | |||||||
December 31, | December 31, | |||||||
2019 | 2018 | 2019 | 2018 | |||||
Nuclear - NJ | 33% | 35% | 33% | 37% | ||||
Nuclear - PA | 19% | 17% | 20% | 19% | ||||
Total Nuclear | 52% | 52% | 53% | 56% | ||||
Fossil - Natural Gas - NJ | 23% | 22% | 20% | 21% | ||||
Fossil - Natural Gas - NY | 9% | 8% | 8% | 9% | ||||
Fossil - Natural Gas - MD | 9% | 7% | 8% | 4% | ||||
Fossil - Natural Gas - CT | 7% | 0% | 4% | 0% | ||||
Total Natural Gas(2) | 48% | 37% | 40% | 34% | ||||
Fossil - Coal | 0% | 11% | 7% | 10% | ||||
100% | 100% | 100% | 100% | |||||
(1)Excludes Solar, Kalaeloa and pumped storage. | ||||||||
(2)Includes several units that are dual fuel for oil. |
Attachment 7 | |||||||||||
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED | |||||||||||
Statistical Measures | |||||||||||
(Unaudited) | |||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||
Weighted Average Common Shares Outstanding (millions) | |||||||||||
Basic | 504 | 504 | 504 | 504 | |||||||
Diluted | 507 | 508 | 507 | 507 | |||||||
Stock Price at End of Period | $ 59.05 | $ 52.05 | |||||||||
Dividends Paid per Share of Common Stock | $ 0.47 | $ 0.45 | $ 1.88 | $ 1.80 | |||||||
Dividend Yield | 3.2% | 3.5% | |||||||||
Book Value per Common Share | $ 29.94 | $ 28.53 | |||||||||
Market Price as a Percent of Book Value | 197% | 182% |
Attachment 8 | |||||||||||
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED | |||||||||||
Consolidated Operating Earnings (non-GAAP) Reconciliation | |||||||||||
Reconciling Items | Three Months Ended | Year Ended | |||||||||
December 31, | December 31, | ||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||
($ millions, Unaudited) | |||||||||||
Net Income | $ 437 | $ 199 | $ 1,693 | $ 1,438 | |||||||
(Gain) Loss on Nuclear Decommissioning Trust (NDT) | |||||||||||
Fund Related Activity, pre-tax(PSEG Power) | (91) | 172 | (255) | 144 | |||||||
(Gain) Loss on Mark-to-Market (MTM), pre-tax (a)(PSEG Power) | (90) | 35 | (285) | 117 | |||||||
Plant Retirements and Dispositions, pre-tax (PSEG Power) | - | (54) | 402 | (51) | |||||||
Lease Related Activity, pre-tax (PSEG Enterprise/Other) | - | (12) | 58 | 8 | |||||||
Goodwill Impairment, pre-tax (PSEG Power) | 16 | - | 16 | - | |||||||
Income Taxes related to Operating Earnings (non-GAAP) reconciling items(b) | 58 | (56) | 37 | (74) | |||||||
Operating Earnings (non-GAAP) | $ 330 | $ 284 | $ 1,666 | $ 1,582 | |||||||
PSEG Fully Diluted Average Shares Outstanding (in millions) | 507 | 508 | 507 | 507 | |||||||
($ Per Share Impact - Diluted, Unaudited) | |||||||||||
Net Income | $ 0.86 | $ 0.39 | $ 3.33 | $ 2.83 | |||||||
(Gain) Loss on NDT Fund Related Activity, pre-tax(PSEG Power) | (0.18) | 0.33 | (0.50) | 0.28 | |||||||
(Gain) Loss on MTM, pre-tax (a)(PSEG Power) | (0.18) | 0.07 | (0.56) | 0.23 | |||||||
Plant Retirements and Dispositions, pre-tax (PSEG Power) | - | (0.11) | 0.79 | (0.10) | |||||||
Lease Related Activity, pre-tax (PSEG Enterprise/Other) | - | (0.01) | 0.11 | 0.02 | |||||||
Goodwill Impairment, pre-tax (PSEG Power) | 0.03 | - | 0.03 | - | |||||||
Income Taxes related to Operating Earnings (non-GAAP) reconciling items(b) | 0.11 | (0.11) | 0.08 | (0.14) | |||||||
Operating Earnings (non-GAAP) | $ 0.64 | $ 0.56 | $ 3.28 | $ 3.12 | |||||||
(a) Includes the financial impact from positions with forward delivery months. | |||||||||||
(b) Income tax effect calculated at the statutory rate except for lease related activity which is calculated at a combined leveraged lease effective tax rate and NDT related activity which is calculated at the statutory rate plus a 20% tax on income (losses) from qualified NDT funds. |
Attachment 9 | |||||||||||
PSEG Power Operating Earnings (non-GAAP) and Adjusted EBITDA (non-GAAP) Reconciliation | |||||||||||
Three Months Ended | Year Ended | ||||||||||
Reconciling Items | December 31, | December 31, | |||||||||
2019 | 2018 | 2019 | 2018 | ||||||||
($ millions, Unaudited) | |||||||||||
Net Income (Loss) | $ 159 | $ (35) | $ 468 | $ 365 | |||||||
(Gain) Loss on NDT Fund Related Activity, pre-tax | (91) | 172 | (255) | 144 | |||||||
(Gain) Loss on MTM, pre-tax (a) | (90) | 35 | (285) | 117 | |||||||
Plant Retirements and Dispositions, pre-tax | - | (54) | 402 | (51) | |||||||
Goodwill Impairment, pre-tax | 16 | - | 16 | - | |||||||
Income Taxes related to Operating Earnings (non-GAAP) reconciling items(b) | 58 | (61) | 63 | (73) | |||||||
Operating Earnings (non-GAAP) | $ 52 | $ 57 | $ 409 | $ 502 | |||||||
Depreciation and Amortization, pre-tax (c) | 94 | 93 | 372 | 346 | |||||||
Interest Expense, pre-tax (c) (d) | 34 | 26 | 114 | 72 | |||||||
Income Taxes (c) | 18 | - | 140 | 139 | |||||||
Adjusted EBITDA (non-GAAP) | $ 198 | $ 176 | $ 1,035 | $ 1,059 | |||||||
PSEG Fully Diluted Average Shares Outstanding (in millions) | 507 | 508 | 507 | 507 | |||||||
(a) Includes the financial impact from positions with forward delivery months. | |||||||||||
(b) Income tax effect calculated at the statutory rate except for NDT related activity which is calculated at the statutory rate plus a 20% tax on income (losses) | |||||||||||
(c) Excludes amounts related to Operating Earnings (non-GAAP) reconciling items. | |||||||||||
(d) Net of capitalized interest. | |||||||||||
PSEG Enterprise/Other | |||||||||||
Operating Earnings (non-GAAP) Reconciliation | |||||||||||
Reconciling Items | Three Months Ended | Year Ended | |||||||||
December 31, | December 31, | ||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||
($ millions, Unaudited) | |||||||||||
Net Income (Loss) | $ 2 | $ (5) | $ (25) | $ 6 | |||||||
Lease Related Activity, pre-tax | - | (12) | 58 | 8 | |||||||
Income Taxes related to Lease related activity(a) | - | 5 | (26) | (1) | |||||||
Operating Earnings (non-GAAP) | $ 2 | $ (12) | $ 7 | $ 13 | |||||||
PSEG Fully Diluted Average Shares Outstanding (in millions) | 507 | 508 | 507 | 507 | |||||||
(a) Income tax effect calculated at a combined leveraged lease effective tax rate. |
View original content to download multimedia:http://www.prnewswire.com/news-releases/pseg-announces-2019-results-301011659.html
SOURCE PSEG
UNIONDALE, N.Y., Feb. 25, 2020 /PRNewswire/ -- The pressures and challenges a utility faces when recovering from a major storm are magnified when its service area is hosting a premier international event such as the Olympic Games. Recently, PSEG Long Island's leadership team met and shared their storm-tested emergency planning best practices with executives from Tokyo's electric utility as it finalizes its plans to support the 2020 Summer Olympics through its stable and secure power supply.
Tokyo Electric Power Company (TEPCO) serves around 29 million customers through its subsidiary, TEPCO Power Grid. The Tokyo 2020 Olympic Games are expected to bring an additional 600,000 visitors from countries around the world to enjoy 17 days of high-profile, global athletic competition.
"We at PSEG Long Island were honored to be chosen as one of three American electric companies TEPCO's leadership visited, and we were happy to share what we have learned about emergency planning and storm response in our six years of operations here," said John O'Connell, PSEG Long Island's vice president of Electric Operations. "The Olympic Games are among the most significant sporting events in the world, and while TEPCO will do everything in its power to continue its record of outstanding electric service, it is essential to know exactly what everyone will do to safely and effectively handle a severe weather event, should it arise."
"The outcome of the meeting with PSEG Long Island was above and beyond our expectations. In particular, the rules and systems for disclosing power outage information to customers were very helpful for us," said Tomoo Geshi, general manager and assistant to the president of TEPCO. "Thanks to the meeting, we now have a clearer image of our goal."
PSEG Long Island's leaders welcomed TEPCO executives to Uniondale on Feb. 4, where they offered a deep dive into their strategy for success on Long Island. This included:
To learn more about PSEG Long Island's Emergency Restoration Plan, please visit https://www.psegliny.com/outages/restorationprocess.
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:
www.psegliny.com
PSEG Long Island on Facebook
PSEG Long Island on Twitter
PSEG Long Island on YouTube
PSEG Long Island on Flickr
Contact:
Media Relations Pager
516.229.7248
mediarelationsLI@pseg.com
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SOURCE PSEG Long Island
NEWARK, N.J., Feb. 18, 2020 /PRNewswire/ -- The Board of Directors of Public Service Enterprise Group (NYSE: PEG) today declared a quarterly common stock dividend for the first quarter of 2020 of $0.49 per share payable on March 31, 2020 to shareholders of record on March 10, 2020. This action represents a $0.02 per share, or 4.3% increase in the company's quarterly common stock dividend and brings the indicative annual dividend rate to $1.96 per share.
Ralph Izzo, Chairman, President and Chief Executive Officer, said, "We are pleased to be able to increase the cash return to our shareholders. This latest increase represents the 16th increase in the common dividend in the past 17 years and marks our 113th consecutive year of paying a common dividend to shareholders. PSEG's long history of paying a common dividend is aided by our strong balance sheet and business mix, which are expected to support consistent and sustainable growth in the common dividend."
All future decisions regarding dividends on the common stock are subject to approval by the Board of Directors.
Forward-Looking Statement
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.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at https://investor.pseg.com may be used to enroll to receive automatic email alerts regarding new postings.
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SOURCE PSEG
NEWARK, N.J., Dec. 2, 2019 /PRNewswire/ -- Public Service Enterprise Group (PSEG) today released its 2019 Sustainability Report, which includes several firsts for PSEG: Complete Sustainability Accounting Standards Board (SASB) disclosures, an ESG materiality assessment and map, and 12 new ESG and sustainability goals.
Also new in this year's report, PSEG has mapped its programs and initiatives to the United Nations' Sustainable Development Goals (SDGs), noting areas in which PSEG has made a significant contribution. The report also includes PSEG's commitment to adopting the Task Force on Climate Related Financial Disclosure (TCFD) framework for reporting ESG disclosures, beginning in 2020.
"Our 2019 Sustainability Report showcases PSEG's commitment to sustainability and performance on environmental, social and governance topics," PSEG Chairman, President and CEO Ralph Izzo said. "While our first century has been based on the mission to deliver universal access to electricity and natural gas – safely and reliably – our second century will be marked by going beyond this mission to deliver the innovative clean energy solutions our customers want."
The 2019 report, which can be accessed in full on PSEG's sustainability website, is a compendium of PSEG's annual performance in the area of sustainable development, as well as the principal activities and projects undertaken, including the organization's approach to sustainability, environmental stewardship, corporate governance, PSEG's impact on society and efforts to foster thriving communities.
New SASB Framework and Reporting
Consistency and transparency are critical for environmental, social and governance (ESG) planning and, as such, beginning with the 2019 Sustainability Report, PSEG has included a SASB table that details where the information set forth by the SASB Standards for the utility sector can be found in our public reporting. By following the SASB framework and reporting, PSEG aims to more simply and efficiently identify, manage, disclose and communicate financially material sustainability information to stakeholders.
12 New Long-Term ESG Goals
In addition to our vision of attaining net-zero carbon emissions from PSEG Power's generation fleet by 2050, assuming advances in technology and public policy, PSEG today announced and commenced public reporting on 12 new long-term ESG/sustainability goals. These new goals span improvements in areas such as health and safety and reliability, and reductions in areas such as methane and other air emissions.
Some of the new goals and their long-term targets include:
"PSEG has already achieved one of the lowest carbon emission rates among the largest U.S. power producers," Izzo said. "PSEG Power's fleet has reduced its carbon emission intensity by more than 40% since 2005, and is about half the emission intensity compared to the national average. The goals and commitments we announce today showcase our dedication to continuous improvement across all ESG measures."
Public Service Enterprise Group Inc. (PSEG) (NYSE: PEG) is a publicly traded diversified energy company with approximately 13,000 employees. Headquartered in Newark, N.J., PSEG's principal operating subsidiaries are: Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 12 consecutive years.
Visit PSEG at:
www.pseg.com
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
PSEG blog, Energize!
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at https://investor.pseg.com may be used to enroll to receive automatic email alerts.
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SOURCE Public Service Enterprise Group (PSEG)
NEWARK, N.J., Nov. 22, 2019 /PRNewswire/ -- Public Service Enterprise Group (PSEG) today announced several key organizational changes designed to lead the company's transformation toward a clean energy future.
Ralph A. LaRossa has been elected chief operating officer of PSEG. In this newly created position, LaRossa will be responsible for all operating functions of PSEG, including many of the functions within PSEG Services Corp. LaRossa also will continue in his role as president and COO of PSEG Power, the company's merchant generation business.
LaRossa was elected president and COO of PSEG Power in June 2017. Previously, he served as president and COO of Public Service Electric & Gas, PSEG's regulated utility business, since October 2006.
"Over his career with PSEG, Ralph has demonstrated the skills necessary to assume this key leadership role," PSEG Chairman, President and CEO Ralph Izzo said. "As president of PSE&G, Ralph oversaw the recovery from Superstorm Sandy and guided the utility through the largest capital program in its history," Izzo said. "As president of PSEG Power, he has been leading the company's transition to cleaner energy, including the drive to win public support for preservation of New Jersey's fleet of carbon-free nuclear plants."
Dave Daly, who will now report into LaRossa, has been named president and COO of PSEG Utilities and Clean Energy Ventures, with oversight of the company's utility operations, as well as development of its clean energy and renewable generation businesses. Daly also will continue as president of PSE&G, the company's regulated utility, and chairman of the board of PSEG Long Island.
"Dave is a strong leader with a proven track record," LaRossa said. "His skills will be essential as we guide our company into the future – continuing to drive operational excellence, meeting customer expectations and achieving our aggressive clean energy goals."
Kim Hanemann has been named senior vice president and COO of PSE&G. Hanemann will continue to oversee PSE&G's electric operations and will assume responsibility for gas operations, customer operations and asset management.
"Kim has demonstrated strong leadership in electric transmission and distribution operations and has been key to executing our multibillion-dollar infrastructure investments," Daly said. "Kim is well-respected across the organization and the industry. With her broad experience across utility operations and support services, I am confident she will continue to drive outstanding customer satisfaction and deliver strong operational results."
In other organizational changes:
Sheila Rostiac, senior vice president and chief human resources officer, will take on an additional role of chief diversity officer, merging the company's diversity and inclusion efforts within the Human Resources organization.
Lathrop Craig, vice president - ISO Operations, has been dedicated on assignment to lead PSEG's offshore wind ventures. Craig joined PSEG in 2000 and most recently was responsible for PSEG Energy Resources and Trade's power asset management functions and oversees power generation development.
Carlotta Chan has been promoted to vice president - Investor Relations. Chan joined PSEG in 2010 and has served as senior director - Investor Relations, advancing PSEG's investor outreach efforts and leading our financial communications for the company.
Daun Forester has been promoted to vice president - Trading & Origination / ISO Operations. Forester has been managing director - Power Trading and Origination for PSEG ER&T since 2014, responsible for Power's generation hedging program and capacity bidding strategies, as well as ER&T's marketing efforts and renewables obligations.
"Congratulations to everyone in their new roles," continued Izzo. "I am confident that these changes and the entire PSEG team will set us on a strong, long-term and sustainable path. I look forward to continuing to lead the team into the future."
All changes are effective Jan. 1, 2020.
Public Service Enterprise Group Inc. (PSEG) (NYSE: PEG) is a publicly traded diversified energy company with approximately 13,000 employees. Headquartered in Newark, N.J., PSEG's principal operating subsidiaries are: Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 12 consecutive years.
Visit PSEG at:
www.pseg.com
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
PSEG blog, Energize!
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at https://investor.pseg.com may be used to enroll to receive automatic email alerts.
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SOURCE PSEG
NEWARK, N.J., Nov. 20, 2019 /PRNewswire/ -- Public Service Enterprise Group Incorporated (PSEG) today announced that John P. Surma has been elected to its Board of Directors, effective Nov. 19, 2019.
Surma retired as chairman and CEO of U.S. Steel Corp. in September 2013, having served in that position since October 2004, and retired as executive chairman in December 2013. Earlier, he served as U.S. Steel's chief financial officer, chief operating officer and president.
"John's vast experience leading one of the nation's premier corporations, as well as his background in the energy industry, will be a tremendous asset to our board," PSEG Chairman, President and CEO Ralph Izzo said. "His expertise and integrity will be invaluable as we continue to position PSEG as an innovative, technology-minded industry leader dedicated to helping customers use less energy, while ensuring that energy is increasingly cleaner, reliable and resilient."
Before joining U.S. Steel, Surma held positions with USX Corp., Marathon Ashland Petroleum and Speedway Super America. He began his career with Price Waterhouse in 1976 and was admitted to the partnership in 1987.
Surma earned a bachelor's degree in accounting from Pennsylvania State University.
Surma currently is on the boards of Marathon Petroleum Corp.; its consolidated subsidiary, MPLX; Concho Resources; and Ingersoll-Rand. Previously, he was vice chair of the President's Advisory Committee for Trade Policy and Negotiations under President Obama. He was chairman of the Federal Reserve Bank of Cleveland from 2017 until 2018 and chairman of the National Safety Council.
Public Service Enterprise Group Inc. (PSEG) (NYSE: PEG) is a publicly traded diversified energy company with approximately 13,000 employees. Headquartered in Newark, N.J., PSEG's principal operating subsidiaries are: Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 12 consecutive years.
Visit PSEG at:
www.pseg.com
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
PSEG blog, Energize!
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at https://investor.pseg.com may be used to enroll to receive automatic email alerts.
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SOURCE PSEG
NEWARK, N.J., Nov. 19, 2019 /PRNewswire/ -- The Board of Directors of Public Service Enterprise Group (NYSE:PEG) today declared a $0.47 per share dividend on the outstanding common stock of the company for the fourth quarter of 2019.
All dividends for the fourth quarter are payable on or before December 31, 2019, to shareholders of record on December 10, 2019.
Forward-Looking Statement
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.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at https://investor.pseg.com may be used to enroll to receive automatic email alerts.
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SOURCE PSEG
NEWARK, N.J., Oct. 31, 2019 /PRNewswire/ -- Public Service Enterprise Group (NYSE: PEG) reported today Net Income for the third quarter of 2019 of $403 million, or $0.79 per share as compared to Net Income of $412 million, or $0.81, in the third quarter of 2018. Non-GAAP Operating Earnings for the third quarter of 2019 were $495 million, or $0.98 per share, compared to non-GAAP Operating Earnings for third quarter 2018 of $481 million, or $0.95 per share. Non-GAAP Operating Earnings for third quarter 2019 exclude the recognition of net unrealized losses on Nuclear Decommissioning Trust equity securities, Mark-to-Market losses, and an incremental, pre-tax loss associated with the disposition of the company's interests in two fossil generation plants.
Ralph Izzo, chairman, president and chief executive officer, said "PSEG delivered solid operating performance for the third quarter, and posted financial results that benefited from PSE&G's ongoing investment in New Jersey's energy infrastructure, which continues to offset the headwinds in the power business from lower energy prices. During the quarter, the New Jersey Board of Public Utilities (NJBPU) approved PSE&G's Energy Strong II settlement that authorizes investment in electric and gas system reliability and resiliency improvements over the next four years. We continue to eagerly pursue the Clean Energy Future filing, consistent with Governor Murphy's clean energy goals, to advance these important programs to cost-effectively reduce emissions."
"PSEG Power closed on the sale of its interests in the Keystone and Conemaugh generating units during the quarter, which continues the elimination of coal from PSEG Power's fuel mix by mid-2021. Earlier this week, PSEG exercised an option on Ørsted's Ocean Wind project, resulting in a period of exclusive negotiation for PSEG to potentially acquire a 25% equity interest in the project, subject to negotiations toward a joint venture agreement, advanced due diligence and any required regulatory approvals. The Ocean Wind project was the winner of New Jersey's recent offshore wind solicitation, to be built off the coast of Atlantic City and scheduled to come on-line in 2024. I am pleased for the opportunity to apply our expertise in developing energy infrastructure in New Jersey and expanding the state's resources of zero carbon generation toward our mutual goal of reducing carbon emissions. I am also pleased to report that PSEG was again named to the Dow Jones Sustainability Index – North America for the 12th consecutive year, one of only seven U.S. utility companies to be included."
The following table provides a reconciliation of PSEG's Net Income to non-GAAP Operating Earnings for the third quarter. See Attachment 10 for a complete list of items excluded from Net Income in the determination of non-GAAP Operating Earnings.
PSEG CONSOLIDATED RESULTS (unaudited) | |||||
Third Quarter Comparative Results | |||||
2019 and 2018 | |||||
Income | Diluted Earnings | ||||
($ millions) | Per Share | ||||
2019 | 2018 | 2019 | 2018 | ||
Net Income | $403 | $412 | $0.79 | $0.81 | |
Reconciling Items* | 92 | 69 | 0.19 | 0.14 | |
Non-GAAP Operating Earnings | $495 | $481 | $0.98 | $0.95 | |
Avg. Shares | 507M | 507M | |||
*See Attachment 10 |
Ralph Izzo went on to say, "Strong results at PSE&G helped to offset the decline at PSEG Power that resulted from lower power prices. We are narrowing our forecast of full-year, non-GAAP Operating Earnings to $3.20 to $3.30 per share from the prior $3.15 to $3.35 per share. We are affirming the mid-point of 2019 full-year guidance, and updating the contribution ranges from PSE&G and PSEG Power to reflect our financial results through the first three quarters of the year. Utility earnings continue to benefit from rate relief and a mid-year change to the pension plan has raised PSE&G's expected full-year results above the upper end of PSE&G's original guidance range to $1,225 million - $1,250 million. Weak power prices have negatively impacted PSEG Power's results toward the lower end of the original guidance, which has been updated to $395 million - $420 million. Guidance for Enterprise/Other is also updated to $5 million."
The following table outlines PSEG's updated expectations for non-GAAP Operating Earnings by subsidiary for 2019.
Original 2019E | Updated 2019E | |
PSE&G | $1,200 - $1,230 | $1,225 - $1,250 |
PSEG Power | $395 - $460 | $395 - $420 |
PSEG Enterprise/Other | $5 - $10 | $5 |
Non-GAAP Operating Earnings | $1,600 - $1,700 | $1,625 - $1,675 |
Non-GAAP Operating EPS | $3.15 - $3.35 | $3.20 - $3.30 |
E = Estimate |
Non-GAAP Operating Earnings Review and Outlook by Operating Subsidiary
See Attachments 10 and 11 for detail regarding the third quarter and year-to-date reconciliations for each of PSEG's businesses.
PSE&G
PSE&G reported Net Income of $344 million ($0.68 per share) for the third quarter of 2019 compared with Net Income of $278 million ($0.54 per share) for the third quarter of 2018.
The increase in PSE&G's Net Income for the third quarter reflects expanded investment in transmission and distribution investment programs, rate relief, and changes to pension plans that had a favorable impact in the quarter.
PSE&G's growth in transmission investment added $0.06 per share to quarter-over-quarter Net Income comparisons. The increase in transmission included a $0.01 per share positive adjustment for the 2019 estimated year end true up booked in the quarter. Electric margin was $0.03 higher than the year-ago quarter, driven by rate relief and higher weather normalized volume. Gas margin was $0.03 higher than the prior-year quarter driven by rate relief. Weather was lower by $0.01 per share compared to the significantly warmer summer experienced in 2018's third quarter. An increase in depreciation and interest expense of $0.01 per share each, related to PSE&G's expanded capital base, reduced Net Income comparisons versus the prior year's third quarter. Lower operation and maintenance (O&M) expense was a $0.01 per share favorable comparison. Changes to post-retirement benefit (OPEB) expenses, as well as a split and re-measurement of the pension plan that began on July 1, had a combined $0.03 per share positive impact on Net Income compared to the year-ago quarter. The effective tax rate for the quarter, recorded based on the average annual effective tax rate, resulted in a positive $0.01 per share impact. This is the result of timing between quarters, is related to the flow back of excess deferred taxes, and will reverse in the fourth quarter.
The New Jersey economy continues to experience positive growth in employment, as evidenced by the lowest unemployment rate in the last twenty years. PSE&G reached a 2019 system peak of 9,753 MW this past July compared to 2018's system peak of 9,978 MW. The temperature-humidity index, which is used to measure the impact of summer weather on sales, was 10% lower in the 2019 third quarter than one year ago, but nearly 12% higher than a normal summer. Weather normalized sales for the trailing 12 months, which provides longer-term trending data, remained relatively flat for electric and was 1% higher for gas. Residential electric and gas customer growth continues to trend higher at approximately 1% per year.
In October, PSE&G filed its annual transmission formula rate update with the Federal Energy Regulatory Commission. Residential customer bills will increase by approximately 2%, reflecting increased investment in transmission, changes in cost allocation and the completion of certain tax flow backs to customers which occurred in 2019.
PSE&G received final NJBPU approval of its Energy Strong II settlement in mid-September and will begin investing under this electric and gas resiliency enhancement program starting in the fourth quarter of 2019 and extending over the coming four years.
PSE&G invested approximately $2 billion for the nine months ended September 30 in electric and gas transmission and distribution capital projects. For the year, PSE&G expects to invest $2.7 billion of capital in its infrastructure.
PSE&G's Net Income for 2019 has been updated to a range now forecast to be $1,225 million - $1,250 million.
PSEG Power
PSEG Power reported Net Income of $53 million ($0.10 per share) for the third quarter of 2019 compared with Net Income of $125 million ($0.25 per share) for the third quarter of 2018. PSEG Power's non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA for the third quarter of 2019 were $145 million ($0.29 per share) and $322 million, respectively, compared to non-GAAP Operating Earnings of $194 million ($0.39 per share) and non-GAAP Adjusted EBITDA of $360 million for the third quarter of 2018. PSEG Power closed on the sale of its interests in the Keystone and Conemaugh generating plants during the third quarter, which resulted in a pre-tax loss of $402 million in the nine months ended September 30.
PSEG Power's Net Income in the third quarter was impacted by a decline in lower realized energy prices and lower capacity revenues that were partly offset by Zero Emission Certificate (ZEC) revenue earned in New Jersey since mid-April 2019.
Net Income comparison for the third quarter reflects a significant reduction in capacity revenues in PJM and ISO-New England of $0.10 per share. A full quarter of ZEC revenues contributed $0.07 per share. Re-contracting and the impact of lower spark spreads, which reduced results by $0.05 per share, were offset by lower costs to serve load, resulting in no net impact. Generation volumes were lower by $0.01 per share on cooler weather and weaker prices than last summer. Lower off-system gas sales reduced gas operations by $0.01 per share. Lower outage costs offset higher O&M expense related to the commercial in-service of Bridgeport Harbor 5. Higher depreciation and higher interest expense related to the addition of Bridgeport Harbor 5, combined with the elimination of depreciation expense related to the sale of Keystone and Conemaugh, reduced Net Income by $0.01 per share. Of note, the absence of tax benefits associated with a nuclear carryback claim and the settlement of two IRS audits in third quarter 2018 lowered the year over year Net Income comparison by $0.04 per share in third-quarter 2019.
The unfavorable weather compared to the year-ago quarter resulted in lower market demand. Combined with lower realized prices and lower volumes sold in PJM, New York and New England, total generation output declined by 2% compared to the third quarter of 2018. The addition of Bridgeport Harbor 5 was offset by lower output from the New Jersey combined cycle and nuclear fleet. PSEG Power's gas-fired CCGT fleet operated at an average capacity factor of 63% and produced 7.2 TWh of output during the third quarter, up by 3% over the year-ago quarter primarily reflecting production from the three new combined cycle gas turbines at Keys, Sewaren and Bridgeport Harbor. Pennsylvania coal generation output declined slightly from lower market demand to 1.3 TWh and operated at a 74% capacity factor in the quarter. For the quarter and year-to-date periods, PSEG Power's nuclear fleet operated at an average capacity factor of 91%, producing 7.8 TWh and 23.1 TWh, respectively, representing 53% of total fleet generation for the year-to-date period.
PSEG Power continues to forecast output for 2019 of 57 – 59 TWh. The remainder of expected production for the year of 13 – 14 TWh is hedged at an average price of $37 per MWh. PSEG Power has hedged approximately 85% - 90% of 2020's forecast output of 52 – 54 TWh at an average price of $37 per MWh. For 2021, PSEG Power has hedged 40% - 45% of forecast output of 52 – 54 TWh at an average price of $35 per MWh. The forecast for 2019 – 2021 volumes includes generation associated with the production of 1,800 MWs of CCGT capacity at Keys, Sewaren and Bridgeport Harbor 5, lower volumes consistent with current market conditions, and reflects the sale of PSEG Power's interest in the Keystone and Conemaugh generating units during the third quarter of 2019.
The updated forecast of PSEG Power's 2019 non-GAAP Operating Earnings is $395 million - $420 million, and the updated guidance for PSEG Power's non-GAAP Adjusted EBITDA has been lowered to $1,000 million - $1,050 million, from our original guidance of $1,030 million - $1,130 million.
PSEG Enterprise/Other
PSEG Enterprise/Other reported Net Income of $6 million ($0.01 per share) for the third quarter of 2019 compared to Net Income of $9 million ($0.02 per share) for the third quarter of 2018. The decrease in Net Income year over year reflects higher interest expense at the Parent.
For 2019, the forecast of PSEG Enterprise/Other Net Income is updated to $5 million.
The following attachments can be found on https://corporate.pseg.com.
Attachment 1 - Consolidating Statements of Operations – 3 months
Attachment 2 - Consolidated Statement of Operations – 9 months
Attachment 3 - Capitalization Schedule
Attachment 4 - Condensed Consolidated Statements of Cash Flows
Attachment 5 - Quarter-over-Quarter EPS Reconciliation
Attachment 6 - Year-over-Year EPS Reconciliation
Attachment 7 - Retail Sales – Electric and Gas
Attachment 8 - Generation Measures
Attachment 9 - Statistical Measures
Attachment 10 - Consolidated Operating Earnings (non-GAAP) Reconciliation
Attachment 11 - PSEG Power Operating Earnings (non-GAAP) and Adjusted EBITDA (non-GAAP) Reconciliation, PSEG Enterprise/Other Operating Earnings (non-GAAP) Reconciliation
Public Service Enterprise Group Inc. (PSEG) (NYSE: PEG) is a publicly traded diversified energy company with approximately 13,000 employees. Headquartered in Newark, N.J., PSEG's principal operating subsidiaries are: Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 12 consecutive years (https://corporate.pseg.com).
Non-GAAP Financial Measures
Management uses non-GAAP Operating Earnings in its internal analysis, and in communications with investors and analysts, as a consistent measure for comparing PSEG's financial performance to previous financial results. Non-GAAP Operating Earnings exclude the impact of returns (losses) associated with the Nuclear Decommissioning Trust (NDT), Mark-to-Market (MTM) accounting and material one-time items such as the revaluation of deferred tax liabilities and the impact of the charges associated with the anticipated sale of PSEG Power's interests in two fossil generating plants and lease related activity at Energy Holdings.
Management believes the presentation of non-GAAP Adjusted EBITDA for PSEG Power is useful to investors and other users of our financial statements in evaluating operating performance because it provides them with an additional tool to compare business performance across companies and across periods. Management also believes that non-GAAP Adjusted EBITDA is widely used by investors to measure operating performance without regard to items such as income tax expense, interest expense and depreciation and amortization, which can vary substantially from company to company depending upon, among other things, the book value of assets, capital structure and whether assets were constructed or acquired. Non-GAAP Adjusted EBITDA also allows investors and other users to assess the underlying financial performance of our fleet before management's decision to deploy capital. Non-GAAP Adjusted EBITDA excludes the same items as our non-GAAP Operating Earnings measure as well as income tax expense, interest expense and depreciation and amortization.
See Attachments 10 and 11 for a complete list of items excluded from Net Income in the determination of non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA. The presentation of non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA is intended to complement, and should not be considered an alternative to the presentation of Net Income, which is an indicator of financial performance determined in accordance with GAAP. In addition, non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA as presented in this release may not be comparable to similarly titled measures used by other companies.
Due to the forward looking nature of non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA guidance, PSEG is unable to reconcile these non-GAAP financial measures to the most directly comparable GAAP financial measure. Management is unable to project certain reconciling items, in particular MTM and NDT gains (losses), for future periods due to market volatility.
Forward-Looking Statements
Certain of the matters discussed in this release about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical constitute "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. When used herein, the words "anticipate," "intend," "estimate," "believe," "expect," "plan," "should," "hypothetical," "potential," "forecast," "project," variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in filings we make with the United States Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K. These factors include, but are not limited to:
All of the forward-looking statements made in this 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 release apply only as of the date of this release. 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.
The forward-looking statements contained in this release are intended to qualify for the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at https://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
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SOURCE PSEG
NEWARK, N.J., Sept. 25, 2019 /PRNewswire/ -- Despite clear and science-based warnings that humanity has a limited window within which to make drastic cuts to global carbon emissions, the world continues to move slowly in taking action to address climate change. Today, Public Service Enterprise Group Chairman, President and CEO Ralph Izzo launches his 5 Things to Tackle Climate Change – a climate strategy that fits on one hand.
The 5 Things in desperate need of attention and action to reduce the most damaging impacts of climate change are:
"You don't need to be a physicist or an engineer to see that we need to act on climate now to avoid the most damaging impacts of climate change in the future," Izzo said. "If we hope to mitigate the most damaging impacts of our changing climate, it's clear that there are five things we need to do – some more quickly than others."
Ralph Izzo's 5 Things can be found on LinkedIn and on Energize!, the company's blog.
About PSEG
Public Service Enterprise Group Incorporated (PSEG) (NYSE: PEG) is a publicly traded diversified energy company with approximately 13,000 employees. Headquartered in Newark, N.J., PSEG's principal operating subsidiaries are: Public Service Electric and Gas Company (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 12 consecutive years.
Visit PSEG at:
https://corporate.pseg.com/
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
PSEG blog, Energize!
Forward-Looking Statement
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.
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SOURCE PSEG
NEWARK, N.J., Sept. 23, 2019 /PRNewswire/ -- Public Service Enterprise Group's inclusion on the Dow Jones Sustainability Index (DJSI) for North America for the 12th year in a row is the latest recognition of the company's ongoing and longtime commitment to sustainable and ethical practices. PSEG was one of seven U.S. utility companies selected for the list.
The DJSI recognizes forward-thinking companies based on an appraisal of the company's strategy, management and performance in dealing with opportunities and risks deriving from environmental, social and governance factors. The DJSI tracks the performance of the 600 largest U.S. and Canadian companies in the S&P Global Broad Market Index and acknowledges the top 20 percent that lead the field in terms of sustainability.
"Sustainability is core to PSEG's strategy and Powering Progress vision for a clean energy future," said Ralph Izzo, PSEG's chairman, president and CEO. "Our inclusion on the Dow Jones Sustainability Index list for 12 years in a row is further validation of our efforts to provide a sustainable future for the customers and communities we serve. This acknowledgement supports what we at PSEG see every day – our long track record of continued success in addressing climate change."
Highlights of PSEG's sustainability leadership actions include:
For more on PSEG's Powering Progress vision, including details on its initiatives to foster clean energy and its vision of achieving net-zero carbon emissions from our power generation fleet by 2050, please visit: PSEG.com/PoweringProgress.
The DJSI assessment is conducted each year by sustainability investment specialist RobecoSAM. It is based on a comprehensive review of environmental performance, innovation management, corporate governance, risk management, stakeholder engagement and talent attraction and retention, which can be found at https://investor.pseg.com/pseg-esg-disclosures.
About PSEG
Public Service Enterprise Group Incorporated (PSEG) (NYSE: PEG) is a publicly traded diversified energy company with approximately 13,000 employees. Headquartered in Newark, N.J., PSEG's principal operating subsidiaries are: Public Service Electric and Gas Company (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 12 consecutive years.
Visit PSEG at:
https://corporate.pseg.com/
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
PSEG blog, Energize!
Forward-Looking Statement
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.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at https://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
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SOURCE PSEG
NEWARK, N.J., July 30, 2019 /PRNewswire/ -- Public Service Enterprise Group (NYSE: PEG) reported Net Income for the second quarter of 2019 of $153 million, or $0.30 per share, compared to Net Income of $269 million, or $0.53 per share, in the second quarter of 2018. Non-GAAP Operating Earnings for the second quarter of 2019 were $294 million, or $0.58 per share, compared to non-GAAP Operating Earnings for the second quarter of 2018 of $325 million, or $0.64 per share. Non-GAAP results for the second quarter of 2019 exclude the recognition of net unrealized gains on Nuclear Decommissioning Trust (NDT) equity securities, Mark to Market (MTM) gains, and charges associated with the anticipated sale of the company's interests in two fossil generation plants and lease related activity.
Ralph Izzo, chairman, president and chief executive officer commented, "We have had a constructive second quarter that has advanced our long-term strategy on several fronts. PSE&G has reached an agreement in principle with key parties in the Energy Strong II (ES II) infrastructure filing that will enable the continuation of increasing the resiliency and improving the reliability of critical energy infrastructure in New Jersey. Separately, parties in PSE&G's Clean Energy Future-Energy Efficiency (CEF-EE) filing have reached an agreement in principle that extends the matter into 2020, in anticipation of finalization of the state's Energy Master Plan, and that authorizes, in the interim, PSE&G to continue work on four of its existing, award-winning Energy Efficiency programs for an additional year."
"Earlier this year, on April 18, the New Jersey Board of Public Utilities (NJBPU) awarded Zero Emission Certificates to PSEG Power's three New Jersey nuclear units, helping to preserve the state's largest source of carbon free generation. In addition, PSEG Power completed its 1,800 MW combined cycle gas turbine (CCGT) construction program with the commercial operation of the Bridgeport Harbor 5 generating station in early June."
"In late June, PSEG Power announced the sale of its 776 megawatt interest in the Keystone and Conemaugh coal-fired generating units in Pennsylvania. The sale, expected to close later this year subject to customary closing conditions and regulatory approvals, disposes of a non-core asset and moves PSEG Power closer to eliminating all coal by mid-2021, when the Bridgeport Harbor 3 coal-fired generating plant is scheduled to be retired. The sale announcement resulted in an after-tax impairment charge of $284 million that reduced Net Income in the second quarter."
"As part of its Powering Progress initiative, PSEG recently committed to a goal of reducing PSEG Power's CO2 emissions 80% from 2005 levels by 2046, with a vision for net-zero CO2 emissions by 2050. In addition, starting in 2020, PSEG has committed to reporting annually on sustainability and climate using the Task Force on Climate-related Financial Disclosures (TCFD) framework, when PSEG will also issue its first Climate Report."
The table below provides a reconciliation of PSEG's Net Income to non-GAAP Operating Earnings for the second quarter. See Attachment 10 for a complete list of items excluded from Net Income in the determination of non-GAAP Operating Earnings.
PSEG CONSOLIDATED RESULTS (unaudited) | |||||||
Second Quarter Comparative Results | |||||||
2019 and 2018 | |||||||
Income | Diluted Earnings | ||||||
($ millions) | Per Share | ||||||
2019 | 2018 | 2019 | 2018 | ||||
Net Income | $153 | $269 | $0.30 | $0.53 | |||
Reconciling Items | 141 | 56 | 0.28 | 0.11 | |||
Non-GAAP Operating Earnings | $294 | $325 | $0.58 | $0.64 | |||
Avg. Shares | 507M | 507M |
Ralph Izzo added, "New Jersey continues to advance its Clean Energy agenda and recently issued a draft Energy Master Plan to reach 100% clean energy by 2050. Part of that path includes the development of a robust offshore wind industry in the state. In June, the NJBPU awarded the first of three planned solicitations to Ørsted's 1,100 MW Ocean Wind project. We expect to make a decision on our option to pursue an equity interest in the Ocean Wind project in the coming months."
"As outlined earlier this year, PSEG expects to grow non-GAAP Operating Earnings by approximately 4% over 2018 at the mid-point of our guidance of $3.15 - $3.35 per share."
The following table outlines PSEG's expectations for non-GAAP Operating Earnings by subsidiary for 2019:
2019 Non-GAAP Operating Earnings Guidance | ||
($ millions, except EPS) |
2019E | ||
PSE&G | $1,200 - $1,230 | |
PSEG Power | $395 - $460 | |
PSEG Enterprise/Other | $5 - $10 | |
Non-GAAP Operating Earnings | $1,600 - $1,700 | |
Non-GAAP Operating EPS | $3.15 - $3.35 | |
E = Estimate |
Results and Outlook by Operating Subsidiary
See Attachment 5 for detail regarding the quarter-over-quarter reconciliations for each of PSEG's businesses.
PSE&G
PSE&G reported Net Income of $227 million ($0.45 per share) for the second quarter of 2019 compared with Net Income of $231 million ($0.46 per share) for the second quarter of 2018.
PSE&G's results in the quarter were driven by continued investment in its infrastructure programs, rate relief, lower weather related demand, and an increase in the utility's effective tax rate compared to the higher level of tax reform benefits flowed back to customers during the first quarter of 2019. PSE&G's continued investment in Transmission added $0.04 per share to quarter over quarter Net Income comparisons. Weather impacted results by ($0.01) unfavorable as a result of a mild spring and cool early summer. Gas margin improved quarter-over-quarter Net Income comparisons by $0.02, benefiting from the 2018 distribution rate case settlement as well as the remaining recovery of investments made under the Gas System Modernization Program I (GSMP). Electric margin was flat compared to the year-ago quarter, as rate relief was offset by lower demand. Higher O&M expense reduced Net Income by $0.01 per share. In addition, higher depreciation and interest expense, reflecting the utility's expanded asset base, each reduced Net Income by $0.01 per share versus the second quarter of 2018. Non-operating pension and OPEB added $0.01 per share versus Q2 2018. The effect of flow through taxes in Q2 2019 had a negative $0.04 per share impact on Net Income compared with Q2 2018, reflecting the reversal of a benefit seen in Q1 2019 when the flow back of excess deferred taxes to customers had a larger impact on revenue and tax expense.
Weather for Q2 2019 was unfavorable compared with the colder weather experienced during the Q2 2018. Heating degree days were 23% lower, and the summer weather was cooler on an average, causing lower demand. On a trailing 12-month basis, which provides longer-term trending data, weather normalized electric and gas sales were both relatively flat. Residential electric and gas customer growth continues to trend higher at approximately 1% per year.
PSE&G is working with the NJBPU Staff, Rate Counsel, and other parties on finalizing a stipulation of settlement of the Energy Strong II proceeding, which we will then submit to the NJBPU for approval in the third quarter. The agreement provides for $842 million of investment for projects that commence in Q4 2019 and which are expected to be completed by December 2023, providing an annual level of spend comparable to the level of Energy Strong I. PSE&G would be eligible to recover $692 million on an accelerated basis, with the remaining $150 million recovered in a future rate case. The ES II program is split $741 million to electric and $101 million to gas. PSE&G's original filing of the ES II infrastructure plan outlined $2.5 billion of capital spend over five years.
The Energy Efficiency component of PSE&G's Clean Energy Future filing remains pending before the NJBPU. The parties in the CEF-EE filing have reached an agreement in principle to extend the matter into 2020; the agreement also authorizes PSE&G in the interim to continue work on four of its existing Energy Efficiency programs for an additional year. The CEF-EE filing is designed to achieve the electricity and gas energy savings goals outlined in 2018's Clean Energy Act, which requires the state's utilities to implement energy efficiency programs to achieve annual savings of 2% and 0.75% for electric and gas usage, respectively. The agreement covering an extension of both the CEF-EE matter and the four existing Energy Efficiency programs will require NJBPU approval.
PSE&G is on track to invest $2.7 billion in electric and gas infrastructure upgrades to its transmission and distribution facilities during 2019 to maintain reliability and increase resiliency. We continue to forecast over 90% of PSEG's planned capital investment will be directed to the utility over the 2019-2023 timeframe. Updating for the recent ES II agreement, PSE&G is narrowing its estimated capital spending range to $12 to $14.5 billion from $11 to $16 billion, which translates to a compound annual growth rate of 7.5% to 8.5%, from the starting point of $19 billion of year-end 2018 rate base.
PSE&G's forecast of Net Income for 2019 is unchanged at $1,200 million - $1,230 million.
PSEG Power
PSEG Power reported a Net Loss of $40 million ($0.08 per share) for the second quarter of 2019 compared with Net Income of $41 million ($0.08 per share) for the second quarter of 2018. PSEG Power's non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA for the second quarter of 2019 were $69 million ($0.13 per share) and $211 million, respectively, compared to non-GAAP Operating Earnings of $83 million ($0.16 per share) and non-GAAP Adjusted EBITDA of $210 million, respectively, for the second quarter of 2018.
PSEG Power's Net Income comparison for the second quarter reflects a decrease in capacity revenue of $0.01 per share compared with Q2 2018. Re-contracting and market impacts reduced results by $0.03 per share, reflecting an approximate $3 per MWh decline in the average hedge price compared with the year-ago quarter and lower realized margins. PSEG Power's three New Jersey nuclear plants were awarded Zero Emission Certificates starting on April 18, which added $0.05 compared with the year-ago quarter. Volume increases versus the year-ago quarter added $0.01 per share. Gas operations were lower by $0.02 per share versus the year-ago quarter, reflecting the absence of a cold April 2018 and reduced off-system sales on lower gas prices. Higher depreciation and higher interest expense together lowered Net Income comparisons by $0.04 per share versus the year-ago quarter. Taxes and other were a $0.01 per share benefit over Q2 2018.
Generation output increased by 0.8 TWh to a total of 13.1 TWh driven by the addition of new CCGT capacity compared with Q2 2018. PSEG Power's CCGT fleet produced 4.8 TWh of output, up 36%, primarily from the benefit of a full quarter of production from Keys and Sewaren, and the addition of Bridgeport Harbor 5 late in the second quarter. Lower spark spreads continued to pressure realized margins as infrastructure build-out in the Marcellus shale gas region continues to erode PSEG Power's gas cost advantage and power prices fell by more than gas prices. Coal generated 1.2 TWh, down slightly as a result of lower market demand. PSEG Power's nuclear fleet operated at an average capacity factor of 84.4% for the quarter, producing 7.1 TWh and representing 54% of total generation.
Lower prices for power and natural gas, as well as the expected sale of PSEG Power's interests in Keystone and Conemaugh, have prompted a reduction in projected volumes for the remainder of 2019, as well as 2020 and 2021, from our previous 60 – 62 TWh. The sale of Keystone and Conemaugh is expected to lower volumes by 1.2 TWh in 2019, and by 5 TWh in each of 2020 and 2021. PSEG Power is now forecasting output for the remainder of 2019 of 30 – 32 TWh, and has hedged approximately 85% – 90% of production at an average price of $38 per MWh. For 2020, PSEG Power has hedged 65% – 70% of forecast production of 52 – 54 TWh at an average price of $38 per MWh. PSEG Power is also forecasting output for 2021 of 52 – 54 TWh, with approximately 25% – 30% of this output hedged at an average price of $39 per MWh. The forecast for 2019 – 2021 volumes includes generation associated with the full-year production contribution of 1,300 MWs of gas-fired combined cycle capacity at the Keys Energy Center in Maryland and Sewaren in New Jersey, the recent addition of the 485 MW gas-fired combined cycle generating unit at Bridgeport Harbor 5, lower volumes from current market conditions, and reflects the announced sale of PSEG Power's interest in the Keystone and Conemaugh units.
On July 25, the Federal Energy Regulatory Commission (FERC) issued an order directing PJM to delay its August 2019 capacity auction until it can approve replacement auction rules.
The forecast of PSEG Power's 2019 non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA are unchanged at $395 - $460 million and $1,030 million - $1,130 million, respectively.
PSEG Enterprise/Other
PSEG Enterprise/Other reported a Net Loss of $34 million ($0.07 per share) for the second quarter of 2019 compared to a Net Loss of $3 million ($0.01 per share) for the second quarter of 2018.
Non-GAAP Operating Loss for the second quarter of 2019 was $2 million compared to non-GAAP Operating Earnings of $11 million ($0.02 per share) for the second quarter of 2018.
During the second quarter of 2019, Energy Holdings completed its annual review of estimated residual values embedded in its leveraged leases. An impairment of $32 million, after-tax, was recorded in Net Income as a result of expected future adverse market conditions related to the residual value of the coal-fired Powerton unit lease. This compares with an impairment of $14 million, after-tax, related to liquidity challenges facing NRG REMA in the year-ago quarter. Results this quarter also reflect lower investment income at Energy Holdings as well as higher interest expense at the parent versus the year-ago period.
For 2019, the forecast of PSEG Enterprise/Other Net Income remains unchanged at
$5 million to $10 million.
The following attachments can be found on https://corporate.pseg.com.
Attachment 1 - Consolidating Statements of Operations – 3 months
Attachment 2 - Consolidated Statement of Operations – 6 months
Attachment 3 - Capitalization Schedule
Attachment 4 - Condensed Consolidated Statements of Cash Flows
Attachment 5 - Quarter-over-Quarter EPS Reconciliation
Attachment 6 - Year-over-Year EPS Reconciliation
Attachment 7 - Retail Sales – Electric and Gas
Attachment 8 - Generation Measures
Attachment 9 - Statistical Measures
Attachment 10 - Consolidated Operating Earnings (non-GAAP) Reconciliation
Attachment 11 - PSEG Power Operating Earnings (non-GAAP) and Adjusted EBITDA (non-
GAAP) Reconciliation, PSEG Enterprise/Other Operating Earnings (non-GAAP) Reconciliation
Public Service Enterprise Group Inc. (PSEG) (NYSE: PEG) is a publicly traded diversified energy company with approximately 13,000 employees. Headquartered in Newark, N.J., PSEG's principal operating subsidiaries are: Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 11 consecutive years (https://corporate.pseg.com).
Non-GAAP Financial Measures
Management uses non-GAAP Operating Earnings in its internal analysis, and in communications with investors and analysts, as a consistent measure for comparing PSEG's financial performance to previous financial results. Non-GAAP Operating Earnings exclude the impact of returns (losses) associated with the Nuclear Decommissioning Trust (NDT), Mark-to-Market (MTM) accounting and material one-time items such as the revaluation of deferred tax liabilities and the impact of the charges associated with the anticipated sale of PSEG Power's interests in two fossil generating plants and lease related activity at Energy Holdings.
Management believes the presentation of non-GAAP Adjusted EBITDA for PSEG Power is useful to investors and other users of our financial statements in evaluating operating performance because it provides them with an additional tool to compare business performance across companies and across periods. Management also believes that non-GAAP Adjusted EBITDA is widely used by investors to measure operating performance without regard to items such as income tax expense, interest expense and depreciation and amortization, which can vary substantially from company to company depending upon, among other things, the book value of assets, capital structure and whether assets were constructed or acquired. Non-GAAP Adjusted EBITDA also allows investors and other users to assess the underlying financial performance of our fleet before management's decision to deploy capital. Non-GAAP Adjusted EBITDA excludes the same items as our non-GAAP Operating Earnings measure as well as income tax expense, interest expense and depreciation and amortization.
See Attachments 10 and 11 for a complete list of items excluded from Net Income in the determination of non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA. The presentation of non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA is intended to complement, and should not be considered an alternative to the presentation of Net Income, which is an indicator of financial performance determined in accordance with GAAP. In addition, non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA as presented in this release may not be comparable to similarly titled measures used by other companies.
Due to the forward looking nature of non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA guidance, PSEG is unable to reconcile these non-GAAP financial measures to the most directly comparable GAAP financial measure. Management is unable to project certain reconciling items, in particular MTM and NDT gains (losses), for future periods due to market volatility.
Forward-Looking Statements
Certain of the matters discussed in this release about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical constitute "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. When used herein, the words "anticipate," "intend," "estimate," "believe," "expect," "plan," "should," "hypothetical," "potential," "forecast," "project," variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in filings we make with the United States Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K. These factors include, but are not limited to:
All of the forward-looking statements made in this 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 release apply only as of the date of this release. 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.
The forward-looking statements contained in this release are intended to qualify for the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at https://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
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SOURCE PSEG
NEWARK, N.J., July 25, 2019 /PRNewswire/ -- As part of its Powering Progress vision for the future, PSEG announced that it expects to cut its power fleet's carbon emissions by 80% by 2046, from 2005 levels. PSEG also announced its vision of attaining net-zero carbon emissions by 2050 assuming advances in technology and public policy. In support of these carbon-reduction goals, PSEG also announced that it has no plans to build or acquire new fossil-fueled power plants. PSEG is committing to reporting annually on sustainability and climate using the Task Force on Climate-related Financial Disclosures (TCFD) framework, starting in 2020.
PSEG already has one of the lowest carbon emissions rates among the largest U.S. power producers, according to "Benchmarking Air Emissions of the 100 Largest Electric Power Producers in the United States," released by M.J. Bradley & Associates, Bank of America, CERES, Entergy, Exelon and the Natural Resources Defense Council. PSEG Power's fleet has reduced its carbon emission intensity by more than 40% since 2005 and is about half the emission intensity compared to the country overall. This has been achieved by maintaining its nuclear units, investing in highly efficient gas-fired generation units and renewables, and exiting coal-fired generation assets.
For more than a century, PSEG's mission has been to provide universal access to an around-the-clock supply of reliable, affordable power. Building on this mission, last year PSEG launched its Powering Progress vision for the future — a vision where customers universally use less energy, the energy they use is cleaner, and its delivery is more reliable and more resilient than ever. Today's announcement is the next step in PSEG's Powering Progress vision.
"The science of climate change is clear and we believe society must move beyond simply 'heeding warnings' to acting on them," PSEG Chairman, President and CEO Ralph Izzo said. "PSEG has a long history of taking ambitious action to enhance the lives of our customers and communities. As we share our vision to achieve net-zero carbon emissions by 2050, we recognize that there is no one magic bullet that will get us to a 100% carbon-free future. The energy industry has always relied on innovation, efficiency, smart policies and an all-of-the-above strategy to address its greatest challenges. Succeeding in a carbon-constrained future will not be any different."
Because PSEG believes that greater carbon reductions can be achieved with the right technology and supportive public policy advances over the next 30 years, the company established its vision of net-zero carbon emissions by 2050. PSEG already is New Jersey's largest supplier of low- and zero-carbon electricity and energy-saving solutions and has a long history of addressing climate change as an embedded part of its business and culture including:
"We know that climate change and the need to decarbonize our economy mean that this company and others like it must work toward a greener future," Izzo said. "We believe that members of PSEG's current workforce will be essential to maintain the safe, reliable and efficient operations that are a hallmark of our fleet – even as priorities shift to cleaner energy sources."
"Today's employees are part of the PSEG legacy and have a tremendous amount to offer as our company evolves to meet the needs of a clean energy future," he said.
About PSEG
Public Service Enterprise Group Incorporated (PSEG) (NYSE: PEG) is a publicly traded diversified energy company with approximately 13,000 employees. Headquartered in Newark, N.J., PSEG's principal operating subsidiaries are: Public Service Electric and Gas Company (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 11 consecutive years (https://corporate.pseg.com).
Visit PSEG at:
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PSEG on Twitter
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PSEG blog, Energize!
Forward-Looking Statement
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.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at https://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
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SOURCE PSEG
NEWARK, N.J., July 18, 2019 /PRNewswire/ -- Public Service Enterprise Group (NYSE: PEG) has announced that Margaret "Peggy" Pego, Senior Vice President of Human Resources and Chief Human Resources Officer, will retire at the end of 2019. Sheila Rostiac, Vice President Total Rewards and Talent Management, will transition to the Senior Vice President of Human Resources and Chief Human Resources Officer role beginning Sept. 2.
"I couldn't be more grateful to Peggy for her 45 years of dedicated service to our company," said Ralph Izzo, President, Chairman and CEO of PSEG. "Peggy will leave a lasting legacy of attracting, developing and retaining the high performing and diverse workforce that we have at PSEG today. Under her leadership, PSEG not only created its centralized Human Resources department, but also implemented culture-changing initiatives which have positively impacted countless employees and their families."
Rostiac is in her 19th year with PSEG, serving in her current role since 2016. She also has served as president of the PSEG Foundation and has held a variety of Human Resources, Accounting, and Finance roles. Outside of PSEG, she held key roles in global human resources at Schering-Plough Pharmaceuticals and financial roles with Jersey Central Power & Light and Arthur Andersen & Co.
"Sheila's promotion is well deserved and I look forward to her continued leadership in enhancing the employee experience, building strong union relationships and guiding our company into a new era," Izzo said, "all while ensuring the growth of PSEG's most important asset, a diverse and inclusive workforce."
About PSEG
Public Service Enterprise Group Incorporated (PSEG) (NYSE: PEG) is a publicly traded diversified energy company with approximately 13,000 employees. Headquartered in Newark, N.J., PSEG's principal operating subsidiaries are: Public Service Electric and Gas Company (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 11 consecutive years (https://corporate.pseg.com/).
Visit PSEG at:
https://corporate.pseg.com/
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PSEG blog, Energize!
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at https://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
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SOURCE PSEG
NEWARK, N.J., July 16, 2019 /PRNewswire/ -- The Board of Directors of Public Service Enterprise Group (NYSE:PEG) today declared a $0.47 per share dividend on the outstanding common stock of the company for the third quarter of 2019.
All dividends for the third quarter are payable on or before September 30, 2019, to shareholders of record on September 9, 2019.
Forward-Looking Statement
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.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at https://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
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SOURCE PSEG
NEWARK, N.J., July 16, 2019 /PRNewswire/ -- PSEG Power LLC has announced that Peter P. Sena III, PSEG Nuclear President and Chief Nuclear Officer, has accepted a position outside of the company and will be leaving PSEG, effective July 26. Eric Carr, Vice President of PSEG's Hope Creek Generating Station, will succeed Sena as PSEG Nuclear President and Chief Nuclear Officer.
"Eric Carr's promotion is the result of robust and thoughtful succession planning," said Ralph LaRossa, President and Chief Operating Officer of PSEG Power. "We are grateful to Pete for his service to PSEG and wish him well. We are confident that Eric will lead a stable transition of leadership and will carry on PSEG Nuclear's tradition of safety, reliability and operational excellence."
Carr has more than 20 years of experience in the nuclear industry. He joined PSEG in 2008 from PECO/Exelon's Peach Bottom nuclear plant, and has held numerous positions of increasing responsibility at PSEG's Salem and Hope Creek nuclear plants.
LaRossa continued, "PSEG Nuclear is a critical part of PSEG's industry-leading clean energy strategy and New Jersey's clean energy goals. We are confident that Eric will guide the plants into a sustainable future."
The Vice President of Hope Creek position will be filled by Ed Casulli, the current plant manager of Hope Creek. Casulli is a U.S. Navy veteran and has worked in a variety of roles at Hope Creek since he joined PSEG in 1997.
About PSEG Power
PSEG Power LLC is a multi-regional energy supply company that integrates the operations of its merchant nuclear and fossil generating assets with its power marketing businesses and fuel supply functions, primarily in the Northeast and Mid-Atlantic United States. PSEG Power is a nationally recognized industry leader on environmental issues. PSEG Nuclear LLC is one of four main subsidiaries of PSEG Power; it operates the Salem and Hope Creek nuclear generating stations in southern New Jersey and is a part-owner of the Peach Bottom nuclear generating station in Pennsylvania. PSEG Fossil operates the company's portfolio of natural gas- and oil-fired electric generating units. PSEG Energy Resources & Trade LLC is the trading arm of PSEG Power. PSEG Power Ventures LLC develops utility-scale solar facilities outside PSE&G's service territory through its subsidiary, PSEG Solar Source, and operates the Kalaeloa Cogeneration Plant in Hawaii.
PSEG Power is a subsidiary of Public Service Enterprise Group Inc. (PSEG) (NYSE:PEG), a diversified energy company (https://corporate.pseg.com/). PSEG has been named to the Dow Jones Sustainability Index for North America for 11 consecutive years.
Visit PSEG at:
https://corporate.pseg.com/
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
PSEG blog, Energize!
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at https://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
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SOURCE PSEG Power
BRIDGEPORT, Conn., June 25, 2019 /PRNewswire/ -- Today, PSEG Power announced that its 485-megawatt combined-cycle Bridgeport Harbor Station 5 is online and available to provide energy to thousands of homes and businesses in Connecticut and add resiliency to the grid.
PSEG's vision of the future is one where customers use less energy and the energy they use is cleaner and more reliable and resilient than ever. The natural gas-powered Bridgeport Harbor Station 5 delivers on this vision with one of the lowest carbon footprints per megawatt of energy produced among all PSEG Power's fossil units.
"PSEG is committed to producing cleaner energy and the safe and timely commissioning of Bridgeport Harbor Station Unit 5 is a testament to that effort," PSEG Power President and Chief Operating Officer, Ralph LaRossa said. "We are proud to reach this milestone and of the successful and extensive collaboration across the company and across our legislative and community partners."
PSEG has one of the lowest carbon emission rates among large power producers in the United States, according to the recently released report, "Benchmarking Air Emissions of the 100 Largest Electric Power Producers in the United States." Bridgeport Harbor Station 5, along with Keys Energy Center and Sewaren, continue PSEG's strategic plans to upgrade its generation fleet with newer, highly efficient and reliable systems as it transforms to a more sustainable, clean energy company.
The project also had a positive economic impact, adding hundreds of union construction jobs and hundreds of millions of dollars in investment into the city of Bridgeport, Connecticut. Further, PSEG Power is honored to be able to make an impact on the lives of residents by supporting numerous community service and cultural organizations in the city, including, but not limited to, the Barnum Festival, LifeBridge, Bridgeport Caribe Youth Leaders, the Cardinal Shehan Center, the University of Bridgeport, Bridgeport Hospital Foundation and the Discovery Museum. Additionally, the implementation of the Ready2Work program, a CEBA commitment, trained interested residents with the long-term skills to become successful tradesmen and -women in the local union construction trades, giving them a path to a long-term career with union membership.
For more information on the project and the plant, please visit the Bridgeport Harbor Station 5 website.
About PSEG Power
PSEG Power LLC is a multi-regional energy supply company that integrates the operations of its merchant nuclear and fossil generating assets with its power marketing businesses and fuel supply functions, primarily in the Northeast and Mid-Atlantic United States. PSEG Power maintains a fleet totaling approximately 11,900 megawatts of electric generating capacity and is a nationally recognized industry leader on environmental issues. PSEG Nuclear LLC is one of four main subsidiaries of PSEG Power; it operates the Salem and Hope Creek nuclear generating stations in southern New Jersey and is a part-owner of the Peach Bottom nuclear generating station in Pennsylvania. PSEG Fossil operates the company's portfolio of natural gas- and oil-fired electric generating units. PSEG Energy Resources & Trade LLC is the trading arm of PSEG Power. PSEG Power Ventures LLC develops utility-scale solar facilities outside PSE&G's service territory through its subsidiary, PSEG Solar Source, and operates the Kalaeloa Cogeneration Plant in Hawaii.
PSEG Power is a subsidiary of Public Service Enterprise Group Inc. (PSEG) (NYSE:PEG), a diversified energy company (www.pseg.com). PSEG has been named to the Dow Jones Sustainability Index for North America for 11 consecutive years.
Visit PSEG at:
https://corporate.pseg.com/
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
PSEG blog, Energize!
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at https://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
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SOURCE PSEG Power
NEWARK, N.J., June 17, 2019 /PRNewswire/ -- PSEG has one of the lowest carbon emissions rates of the nation's largest power producers, according to a new analysis released today.
PSEG is the 17th largest U.S. power producer, but ranks third among privately/investor-owned power producers in the U.S. with the lowest carbon emissions rates, according to the new report "Benchmarking Air Emissions of the 100 Largest Electric Power Producers in the United States," released by M.J. Bradley & Associates, Bank of America, CERES, Entergy, Exelon and NRDC.
PSEG, whose Salem and Hope Creek nuclear plants produce more than 90% of New Jersey's carbon-free electricity, also ranks among the top quartile nationwide for zero-carbon generation.
"Climate change represents a real threat to our society," Chairman, President & CEO Ralph Izzo said. "PSEG has long recognized the need to change and adapt to mitigate the impacts of climate change while providing universal access to safe, reliable and increasingly cleaner and more efficient electricity. And as we look toward a lower carbon future, common sense—and economics—dictate that energy efficiency and innovative new business models will play increasing roles, areas in which PSEG is determined to participate and thrive."
PSEG has a long history of addressing climate change as an embedded part of its business and culture.
About PSEG
Public Service Enterprise Group Incorporated (PSEG) (NYSE: PEG) is a publicly traded diversified energy company with approximately 13,000 employees. Headquartered in Newark, N.J., PSEG's principal operating subsidiaries are: Public Service Electric and Gas Company (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 11 consecutive years (https://corporate.pseg.com).
Visit PSEG at:
https://corporate.pseg.com/
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
PSEG blog, Energize!
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at https://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
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SOURCE PSEG
NEWARK, N.J., May 31, 2019 /PRNewswire/ -- Throughout its history, PSEG has strived to improve the lives of the individuals it serves. This dedication is demonstrated not only through its services, but also through the volunteer efforts of its 13,000-person workforce, which has a long tradition of serving the communities in which they live and work.
Today, in recognition of these efforts, PSEG and PSEG Long Island announce the launch of the Power of One, a community engagement initiative that recognizes both employees and citizens.
"Inspired by the tremendous spirit of volunteerism, we sought a way to increase recognition of exceptional efforts of service that take place every day," PSEG Chairman, President & CEO Ralph Izzo said. "At its core, service is about one person, one good deed at a time. Power of One honors and supports that service."
Power of One comprises two initiatives.
The first, A Celebration of Citizenship, is a company-wide program that recognizes employees for their volunteerism and acts of good will. The company will spotlight employees' service and award surprise micro-grants to non-profits in their honor. Power of One was inspired by the overwhelming, but often understated, level of volunteerism and community engagement within the workforce, which spends countless hours volunteering through both off-the-job and work-sponsored programs.
The second initiative, Bright Lights, is a program that recognizes those in New Jersey, Long Island, and Bridgeport, CT who volunteer and perform good deeds in the community. This program catches people in the act of doing good and awards surprise micro-grants in their honor to non-profit organizations.
"This is one of many programs that seeks to recognize and celebrate the good works of our employees, and we're thrilled to extend this honor to the residents of the communities we serve the most," PSEG Chief Diversity Officer and PSEG Foundation President Barb Short said.
Bright Lights in the community will be identified generally on social media and through the hashtags #PSEGPowerOfOne or #PowerOfOnePSEGLI in Long Island. To learn more about the Power of One, including the Bright Lights program, or PSEG's corporate citizenship work, please visit PSEG Power of One or PSEG Long Island Power of One.
About PSEG
Public Service Enterprise Group Inc. (PSEG) (NYSE: PEG) is a publicly traded diversified energy company with approximately 13,000 employees. Headquartered in Newark, N.J., PSEG's principal operating subsidiaries are: Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 11 consecutive years (https://corporate.pseg.com/).
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SOURCE PSEG
NEWARK, N.J., May 29, 2019 /PRNewswire/ -- Public Service Enterprise Group (PSEG) today held its Annual Investor Conference in New York, and reaffirmed its 2019 non-GAAP Operating Earnings guidance of $3.15 to $3.35 per share.
Speaking at the conference, Ralph Izzo, PSEG chairman, president and CEO, told the financial community that "PSEG's continuing long-term strategy to transition our business to a mostly regulated company with predictable cash flows is on track. Our successful capital investment programs in essential transmission and distribution infrastructure have improved reliability and resiliency for customers, supported New Jersey's economic growth, and provided a fair return for our shareholders. PSEG's capital spending program will continue to move the company to a more stable and predictable platform by directing over 90% of its planned $12-$17 billion capital program to regulated, critical energy infrastructure and clean energy investments over the 2019 to 2023 period."
"For 2019, we have forecast that our regulated operations will contribute approximately 75% of our non-GAAP Operating Earnings, and given the future capital allocation, PSE&G's contribution to the overall results is expected to increase over time. PSE&G's two pending investment proposals, Energy Strong II and the Clean Energy Future filings will further strengthen and enhance system reliability and resiliency, as well as support New Jersey's clean energy goals and give every customer the opportunity to reduce their energy bill and lower emissions."
"Our approach to capital allocation is also consistent with our commitment to environmental stewardship and achieving our climate goals. PSEG has committed to eliminating 13 million metric tons of CO2 equivalent emissions by 2030 from 2005 levels. We continue to exercise stringent cost discipline while producing solid operating results in order to keep customer bills as low as possible and maintain an efficient and low-cost generating fleet."
"We've made significant progress in the past year, settling our first rate case in over eight years, obtaining approval for the extension of the Gas System Modernization Program, and proposing two major investment programs, Energy Strong II and Clean Energy Future. PSEG Power is nearing completion of its construction program with the Bridgeport Harbor 5 unit expected to come online at mid-year following the additions of Keys and Sewaren in 2018. Combined with the New Jersey Board of Public Utilities' recent award of Zero Emission Certificates that will help preserve New Jersey's nuclear generation, Power's free cash flow is expected to improve. PSEG remains committed to our strategy to build long-term value for our shareholders as we continue to meet the evolving needs of our customers and the diverse communities we serve."
PSEG
Public Service Enterprise Group Inc. (PSEG) (NYSE: PEG) is a publicly traded diversified energy company with approximately 13,000 employees. Headquartered in Newark, N.J., PSEG's principal operating subsidiaries are: Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 11 consecutive years (https://corporate.pseg.com/).
Visit PSEG at:
https://corporate.pseg.com/
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
PSEG blog, Energize!
Forward-Looking Statements
Certain of the matters discussed in this release about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical constitute "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. When used herein, the words "anticipate," "intend," "estimate," "believe," "expect," "plan," "should," "hypothetical," "potential," "forecast," "project," variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in filings we make with the United States Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K. These factors include, but are not limited to:
All of the forward-looking statements made in this 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 release apply only as of the date of this release. 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.
The forward-looking statements contained in this release are intended to qualify for the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at https://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings. |
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SOURCE PSEG
FARMINGDALE, N.Y., May 2, 2019 /PRNewswire/ -- Long Island residents now have a new way to protect themselves from unexpected home repair bills. Beginning this month, residents can purchase repair and protection plans from HomeServe USA under the PSEG WorryFree brand.
HomeServe USA will offer PSEG WorryFree plans and home repair services to Long Island residents and administer the plans and services. HomeServe USA is an independent service provider that helps homeowners protect against the expense and inconvenience of water, sewer, electrical, heating, and cooling home repair emergencies by offering affordable protection coverage and installation services.
"We're delighted to offer Long Island residents the convenience and protection that WorryFree services can provide," said Joseph A. Forline, CEO of PSEG WorryFree Long Island. "Today, the WorryFree brand brings peace of mind to thousands of customers outside Long Island who protect their covered appliances from unexpected repair bills. Now Long Island residents can purchase similar services from HomeServe USA under the same WorryFree brand and experience that same peace of mind."
In the coming months, residents on Long Island, including PSEG Long Island electric customers, will see advertisements from PSEG WorryFree by HomeServe offering these protection and repair/replacement services. They will also see HomeServe vehicles with the PSEG WorryFree logo in their neighborhood.
"We are pleased to power the PSEG WorryFree brand for households on Long Island," said John Kitzie, HomeServe USA CEO. "On top of taking the hassle and financial burden out of an inconvenient home repair emergency, a PSEG WorryFree service plan gives homeowners comfort knowing that they will be protected if and when a covered home repair emergency strikes."
PSEG Long Island electric customers have no obligation to purchase PSEG WorryFree services from HomeServe USA, and their decision whether to purchase has no effect on their electric service from PSEG Long Island or its cost.
Detailed information about PSEG WorryFree services from HomeServe can be found by visiting WorryFreeLI.com. Homeowners on Long Island, including PSEG Long Island customers, can also sign up and get more information by calling HomeServe's toll-free customer line at 833.785.4492.
HomeServe USA
HomeServe USA Corp. (HomeServe) is a leading provider of home repair solutions serving more than 4 million customers across the US and Canada under the HomeServe, Home Emergency Insurance Solutions, Service Line Warranties of America (SLWA) and Service Line Warranties of Canada (SLWC) names.
Since 2003, HomeServe has been protecting homeowners against the expense and inconvenience of water, sewer, electrical, HVAC and other home repair emergencies by providing affordable repair coverage, installations and quality local service.
As an A+ rated Better Business Bureau Accredited Business, HomeServe is dedicated to being a customer-focused company supplying best-in-class repair plans and other services to consumers directly and through over 600 leading municipal, utility and association partners.
HomeServe is a proud sponsor of This Old House on PBS, working together to provide homeowners expert advice on maintaining, enhancing and protecting their homes. For more information about HomeServe, a Connecticut Top Workplace winner and recipient of thirty-three 2019 Stevie Awards for Sales & Customer Service, or to learn more about HomeServe's affordable repair plans, Long Island residents should go to WorryFreeLI.com.
To connect with HomeServe on Facebook and Twitter, please visit www.facebook.com/homeserveusa and www.twitter.com/homeserveusa.
PSEG
Public Service Enterprise Group Inc. (PSEG) (NYSE: PEG) is a publicly traded diversified energy company with approximately 13,000 employees. Headquartered in Newark, N.J., PSEG's principal operating subsidiaries are: Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 11 consecutive years (https://corporate.pseg.com/).
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PSEG blog, Energize!
PSEG Long Island and PSEG are not affiliated with HomeServe USA. Customers of PSEG Long Island have no obligation to purchase PSEG WorryFree services from HomeServe USA, and their decision whether to purchase has no effect on their electric service from PSEG Long Island, or its cost.
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SOURCE PSEG
NEWARK, N.J., May 2, 2019 /PRNewswire/ -- Public Service Enterprise Group (NYSE: PEG) reported today Net Income for the first quarter of 2019 of $700 million, or $1.38 per share as compared to Net Income of $558 million, or $1.10 per share, in the first quarter of 2018. Non-GAAP Operating Earnings for the first quarter of 2019 were $547 million, or $1.08 per share, compared to non-GAAP Operating Earnings for the first quarter of 2018 of $492 million, or $0.97 per share. Non-GAAP results for the first quarter exclude items such as the recognition of net unrealized gains on Nuclear Decommissioning Trust (NDT) equity securities, and Mark to Market (MTM) gains.
Ralph Izzo, chairman, president and chief executive officer commented that "we delivered a solid quarter to begin the year, reflecting the benefits of our continued investments to enhance New Jersey energy infrastructure and a full quarter inclusive of PSE&G's 2018 distribution rate case settlement. This year, earnings from PSE&G are expected to contribute approximately 75% of total forecast operating earnings, as we continue to execute on our $12-$17 billion capital investment programs. The addition of the Keys and Sewaren generating stations has added to Power's increasingly efficient and clean fleet, which continues to reliably supply the market with flexible, dispatchable generation."
The table below provides a reconciliation of PSEG's Net Income to non-GAAP Operating Earnings for the first quarter. See Attachment 8 for a complete list of items excluded from Net Income in the determination of non-GAAP Operating Earnings.
PSEG CONSOLIDATED RESULTS (unaudited) | |||||
First Quarter Comparative Results | |||||
2019 and 2018 | |||||
Income | Diluted Earnings | ||||
($ millions) | Per Share | ||||
2019 | 2018 | 2019 | 2018 | ||
Net Income | $700 | $558 | $1.38 | $1.10 | |
Reconciling Items | (153) | (66) | (0.30) | (0.13) | |
Non-GAAP Operating Earnings | $547 | $492 | $1.08 | $0.97 | |
Avg. Shares | 507M | 507M |
Ralph Izzo added, "We continue to align our business objectives with New Jersey's energy and environmental policy goals. Our current capital spending plans and proposed investments in Clean Energy and Energy Strong II are perfect examples of that alignment. Also key is the need to keep the customer bill as low as possible. On that front, PSE&G will return $380 million of additional tax reform savings in 2019 primarily related to excess accumulated deferred income taxes in transmission and distribution rates. These tax flow backs will further moderate customer bills, as the utility continues to improve the reliability and resiliency of its T&D system, modernize aging energy infrastructure, and advance the state's clean energy goals in a low interest rate environment."
"On April 18, the New Jersey Board of Public Utilities (BPU) voted to award Zero Emission Certificates, or ZECs, to PSEG's three New Jersey nuclear power plants: Hope Creek and Salem 1 and Salem 2. The BPU decision will preserve over 90% of New Jersey's carbon free source of power, save New Jersey electricity customers hundreds of millions of dollars in what would have been higher energy costs, save thousands of jobs, and prevent a significant increase in environmentally damaging air emissions."
"As we outlined earlier this year, PSEG expects to grow non-GAAP Operating Earnings by over 4% at the mid-point of our guidance of $3.15 - $3.35 per share. Notably, PSE&G will represent over 90% of our planned capital investment program over the 2019-2023 timeframe. This is projected to produce 7% to 9% compound annual growth in rate base over this period, from a starting point of $19 billion at year-end 2018."
The following table outlines PSEG's expectations for non-GAAP Operating Earnings by subsidiary for 2019:
2019 Non-GAAP Operating Earnings Guidance | |
($ millions, except EPS) | |
2019E | |
PSE&G | $1,200 - $1,230 |
PSEG Power | $395 - $460 |
PSEG Enterprise/Other | $5 - $10 |
Non-GAAP Operating Earnings | $1,600 - $1,700 |
Non-GAAP Operating EPS | $3.15 - $3.35 |
E = Estimate |
Results and Outlook by Operating Subsidiary
See Attachment 4 for detail regarding the quarter-over-quarter reconciliations for each of PSEG's businesses.
PSE&G
PSE&G reported Net Income of $403 million ($0.79 per share) for the first quarter of 2019 compared with Net Income of $319 million ($0.63 per share) for the first quarter of 2018.
PSE&G's results were driven by a full quarter of new transmission and distribution rates in effect, a reduction in operating and maintenance (O&M) expense, and a reduction in the utility's effective tax rate to reflect the flow back of tax reform benefits to customers. PSE&G's continued growth in Transmission investment added $0.03 per share to quarter over quarter Net Income comparisons. PSE&G implemented a $100 million annual increase in transmission revenue under the company's Federal Energy Regulatory Commission (FERC)-approved formula rate effective January 1, 2019. Transmission revenues are adjusted each year to reflect an update of the company's investment program for the coming year.
Gas margin, which includes a full quarter of rates implemented from the 2018 distribution rate case settlement as well as the recovery of investments made under the Gas System Modernization Program (GSMP), improved quarter-over-quarter Net Income comparisons by $0.08. Electric margin was $0.01 per share higher than the 2018 first quarter, also the result of implementing new distribution base rates. Lower distribution O&M expense added $0.01 per share from the absence of four Nor'easters experienced in 2018's first quarter. In addition, higher depreciation and interest expense, reflecting the utility's expanded asset base, each reduced Net Income by $0.01 per share versus the first quarter of 2018. Non-operating pension and OPEB added $0.01 per share versus Q1 2018. A lower effective tax rate offset by other items had a positive $0.04 per share Net Income impact compared with Q1 2018. The flow back of excess deferred taxes to customers, which reduces revenue as well as tax expense, will lower PSE&G's effective tax rate and lower customer bills.
Winter 2019 weather was 3% colder than winter 2018 and 2% colder than normal, but due to the gas weather-normalization clause, weather did not impact results compared with the first quarter of 2018. For the trailing 12-months ended March 31, weather-normalized electric sales were flat and weather-normalized firm gas sales were 3% higher, led by increased Commercial and Residential usage. Growth in the number of Residential customers continues to trend higher at approximately 1% per year.
PSE&G's capital program remains on schedule. PSE&G is expected to invest $2.7 billion in electric and gas infrastructure upgrades to its transmission and distribution facilities during 2019 to maintain reliability and increase resiliency. PSE&G continues to pursue its Energy Strong II (ES II) investment program before the BPU. Modeled after the BPU's Infrastructure Investment Program (IIP) initiative, the ES II infrastructure plan outlines $2.5 billion of capital spend over the coming five years. The Energy Efficiency component of PSE&G's Clean Energy Future filing is also pending before the BPU. This filing is designed to achieve the electricity and gas energy savings goals outlined in 2018's Clean Energy Act, which requires the state's utilities to implement energy efficiency programs to achieve annual savings of 2% and 0.75% for electric and gas usage, respectively.
PSE&G's forecast of Net Income for 2019 is unchanged at $1,200 million - $1,230 million.
PSEG Power
PSEG Power reported Net Income of $296 million ($0.59 per share) for the first quarter of 2019 compared with Net Income of $234 million ($0.46 per share) for the first quarter of 2018. PSEG Power's non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA for the first quarter of 2019 were $143 million ($0.29 per share) and $304 million, respectively, compared to non-GAAP Operating Earnings of $168 million ($0.33 per share) and non-GAAP Adjusted EBITDA of $313 million, respectively, for the first quarter of 2018.
PSEG Power's Net Income comparison for the first quarter reflects an increase in capacity revenue of $0.05 per share compared with Q1 2018. Re-contracting reduced results by $0.08 per share, reflecting an approximate $3 per MWh decline in the average hedge price compared with the year-ago quarter. Volume increases versus the year ago quarter added $0.01 per share. Gas operations were lower by $0.01 per share versus the year-ago quarter. The absence of early Spring outages incurred in Q1 2018 produced a favorable O&M comparison of $0.01 per share in Q1 2019. Higher depreciation and higher interest expense lowered Net Income comparisons by $0.04 per share versus the year-ago quarter. Taxes and other were a $0.02 per share benefit over Q1 2018.
Total generation output increased by 1.4 TWh to total 14.1 TWh driven by the addition of new combined cycle gas generation (CCGT) capacity compared with Q1 2018. Power's CCGT fleet produced 4.4 TWh of output, up 63% primarily from the addition of Keys and Sewaren. Lower spark spreads pressured realized margins as infrastructure build-out in the Marcellus shale gas region continues to erode Power's gas cost advantage. Coal generated 1.4 TWh, down slightly as a result of lower market demand in Connecticut. Power's nuclear fleet operated at an average capacity factor of 98% for the quarter, producing 8.2 TWh representing 58% of total generation.
Power continues to forecast output for 2019 of 60 - 62 TWh. For the remainder of 2019 Power has hedged approximately 80% - 85% of production at an average price of $37 per MWh. For 2020, Power has hedged 50% - 55% of forecast production of 60 – 62 TWh at an average price of $38 per MWh. Power is also forecasting output for 2021 of 60 – 62 TWh. Approximately 25% - 30% of Power's output in 2021 is hedged at an average price of $39 per MWh. The forecast for 2019 – 2021 includes generation associated with the full-year production contribution of 1,300 MWs of gas-fired combined cycle capacity at the Keys Energy Center in Maryland and Sewaren in New Jersey; the mid-2019 commercial operation of the 485 MW gas-fired combined cycle generating unit in Bridgeport Harbor, Connecticut; and the mid-2021 retirement of the 383 MW Bridgeport Harbor coal-fired generating station.
The forecast of Power's non-GAAP Operating Earnings for 2019 and non-GAAP Adjusted EBITDA remain unchanged at $395 million - $460 million and $1,030 million - $1,130 million, respectively.
PSEG Enterprise/Other
PSEG Enterprise/Other reported Net Income of $1 million ($0.00 per share) for the first quarter of 2019 compared to Net Income of $5 million ($0.01 per share) for the first quarter of 2018. Net Income for the first quarter of 2019 reflects ongoing contributions from PSEG Long Island partially offset by higher interest expense at the Parent.
For 2019, the forecast of PSEG Enterprise/Other Net Income remains unchanged at $5 million to $10 million.
The following attachments can be found on https://corporate.pseg.com/
Attachment 1 - Consolidating Statements of Operations – 3 months
Attachment 2 - Capitalization Schedule
Attachment 3 - Condensed Consolidated Statements of Cash Flows
Attachment 4 - Quarter-over-Quarter EPS Reconciliation
Attachment 5 - Retail Sales – Electric & Gas
Attachment 6 - Generation Measures
Attachment 7 - Statistical Measures
Attachment 8 - Consolidated Operating Earnings (non-GAAP) Reconciliation
Attachment 9 - PSEG Power Operating Earnings (non-GAAP) and adjusted EBITDA (non-GAAP) Reconciliation
Public Service Enterprise Group Inc. (PSEG) (NYSE: PEG) is a publicly traded diversified energy company with approximately 13,000 employees. Headquartered in Newark, N.J., PSEG's principal operating subsidiaries are: Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for
11 consecutive years (https://corporate.pseg.com).
Non-GAAP Financial Measures
Management uses non-GAAP Operating Earnings in its internal analysis, and in communications with investors and analysts, as a consistent measure for comparing PSEG's financial performance to previous financial results. Non-GAAP Operating Earnings exclude the impact of returns (losses) associated with the Nuclear Decommissioning Trust (NDT), Mark-to-Market (MTM) accounting and material one-time items such as the revaluation of deferred tax liabilities and the impact of the retirement of the Hudson and Mercer coal stations on Power.
Management believes the presentation of non-GAAP Adjusted EBITDA for Power is useful to investors and other users of our financial statements in evaluating operating performance because it provides them with an additional tool to compare business performance across companies and across periods. Management also believes that non-GAAP Adjusted EBITDA is widely used by investors to measure operating performance without regard to items such as income tax expense, interest expense and depreciation and amortization, which can vary substantially from company to company depending upon, among other things, the book value of assets, capital structure and whether assets were constructed or acquired. Non-GAAP Adjusted EBITDA also allows investors and other users to assess the underlying financial performance of our fleet before management's decision to deploy capital. Non-GAAP Adjusted EBITDA excludes the same items as our non-GAAP Operating Earnings measure as well as income tax expense, interest expense and depreciation and amortization.
See Attachments 8 and 9 for a complete list of items excluded from Net Income in the determination of non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA. The presentation of non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA is intended to complement, and should not be considered an alternative to the presentation of Net Income, which is an indicator of financial performance determined in accordance with GAAP. In addition, non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA as presented in this release may not be comparable to similarly titled measures used by other companies.
Due to the forward looking nature of non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA guidance, PSEG is unable to reconcile these non-GAAP financial measures to the most directly comparable GAAP financial measure. Management is unable to project certain reconciling items, in particular MTM and NDT gains (losses), for future periods due to market volatility.
Forward-Looking Statements
Certain of the matters discussed in this release about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical constitute "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. When used herein, the words "anticipate," "intend," "estimate," "believe," "expect," "plan," "should," "hypothetical," "potential," "forecast," "project," variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in filings we make with the United States Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K. These factors include, but are not limited to:
All of the forward-looking statements made in this 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 release apply only as of the date of this release. 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.
The forward-looking statements contained in this release are intended to qualify for the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at https://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
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SOURCE Public Service Enterprise Group
UNIONDALE, N.Y., April 24, 2019 /PRNewswire/ -- PSEG Long Island announced Monday that it won the 2019 ENERGY STAR Partner of the Year award for its efforts to help lower customers' energy usage and reduce their carbon footprint.
Each year, the federal Environmental Protection Agency, which administers the ENERGY STAR program, honors a group of businesses and organizations that have made outstanding contributions to protecting the environment through superior energy efficiency achievements.
The award was presented in Washington, D.C., on Thursday, April 11.
"We are proud to partner with ENERGY STAR to deliver the best energy-efficiency options to our 1.1 million customers," said Michael Voltz, PSEG Long Island director of Energy Efficiency. "Since 2014, it has been our mission to reduce overall electric demand on Long Island and in the Rockaways, and we have made some real progress. Whether they buy a few LED bulbs or a new ENERGY STAR certified refrigerator, our customers save money through our incentives, and then they save more every month on their bills. Better still, their efficiency means less electricity has to be generated, resulting in lower overall emissions."
"I applaud the 2019 ENERGY STAR Award Winners," said Bill Wehrum, EPA assistant administrator for air and radiation. "Their innovation and leadership enhance America's economic competitiveness. Reducing costly energy waste improves air quality and public health while protecting the environment."
PSEG Long Island's 2018 energy efficiency accomplishments include:
Independent annual evaluations by Opinion Dynamics Corporation have found PSEG Long Island's energy efficiency and renewable energy programs generate energy savings that are cost-effective. In its evaluation for 2017, Opinion Dynamics found that the PSEG Long Island Energy Efficiency Program generated $1.90 in benefits to the utility and its customers for every $1 in costs to operate the program, including rebates. To learn more about PSEG Long Island's energy efficiency programs, please visit www.psegliny.com/efficiency
About ENERGY STAR
EPA enables utilities to leverage ENERGY STAR as a common national platform, avoiding the creation of hundreds of independent utility programs across the nation, which could fragment the market and stall innovation. More than 700 utility, state and local governments, and nonprofits leverage ENERGY STAR in their efficiency programs, reaching roughly 95 percent of households in all 50 states and providing consistency and uniformity to the private market.
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:
www.psegliny.com
PSEG Long Island on Facebook
PSEG Long Island on Twitter
PSEG Long Island on YouTube
PSEG Long Island on Flickr
Contact: | Media Relations Pager |
516.229.7248 | |
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SOURCE PSEG Long Island
UNIONDALE, N.Y., April 22, 2019 /PRNewswire/ -- In the week leading up to Earth Day, more than 500 PSEG Long Island employees came together across five towns on Long Island to beautify local green spaces, and reduce Long Island's carbon footprint by helping customers lower their overall electrical demand. When they finished, volunteers had distributed 20,000 LED lightbulbs with the potential to save customers up to $200,000 in energy costs over the next year. The company also pledged to give away 1 million reusable shopping bags by Earth Day 2020, helping to reduce the number of single-use plastic bags that can threaten ecosystems if not properly recycled.
"Next year is the 50th anniversary of Earth Day, so over the next year, PSEG Long Island pledges to distribute 1 million reusable shopping bags so our customers can drastically cut back on plastic waste that can harm wildlife," said Daniel Eichhorn, president and COO of PSEG Long Island. "We are committed to providing our customers with greener energy, and to maintaining a strong presence in the communities where we live and work. From this Earth Day until next year, we'll continue to show our volunteer spirit and do our part to preserve the planet we all call home."
Starting on April 15, hundreds of PSEG Long Island volunteers poured into the City of Long Beach and the Towns of Oyster Bay, Huntington, Brookhaven and Islip. Employee volunteers planted trees, shrubs and flowers, laid down mulch and cleaned litter in local parks and green spaces, gave away energy efficient LED light bulbs, wildflower seed packets and reusable shopping bags. They also walked through business districts offering free lighting assessments to help save small business owners money and energy.
"I am fortunate that my employer, PSEG Long Island, allows me to volunteer in my own community where my family, friends, neighbors and I can enjoy the benefits," said Islip resident Danielle Vaupel, who volunteered to beautify Brookwood Hall Park in the Town of Islip.
"I'm proud to work for a company that wants to make a difference. PSEG Long Island isn't going to just one community. We are going to numerous communities so everyone can be involved in making an impact," said Regina Pizzonia, a Medford resident and PSEG Long Island employee who volunteered on Thursday in the Town of Brookhaven. "Earth Week is a time to give back to the earth. If we all did a little something every day, we wouldn't need an event to clean it up."
Protecting wildlife
PSEG Long Island strives to be environmentally friendly all year long. The long-endangered osprey is making a comeback on Long Island, and PSEG Long Island is committed to keeping them on the path to recovery. When crews discover osprey nests on top of utility poles, the company springs in to action to safely relocate them. The loose twigs of the nests and the birds' large wingspan can both create contact points with high-voltage electrical equipment, causing fires, outages, and injuring the animals.
So far this year, the energy company has relocated or elevated more than 20 osprey nests, working closely with state wildlife experts to ensure the work was completed before the raptors returned to raise their young. PSEG Long Island crews also sprang into action last year to provide extra insulation around the poles in Centerport where a pair of bald eagle fledglings were just beginning to test their flying skills.
Promoting energy-saving trees
A greener future for Long Island also means more trees. As it has for the past several years, PSEG Long Island proudly partnered with the Arbor Day Foundation and gave 1,000 of its customers a free tree to provide shade and wind protection for their homes. The Energy-Saving Trees program is designed to showcase how planting the right trees in the right locations can reduce utility bills up to 20 percent in the summer and promote ongoing system reliability. The 1,000 trees, which customers picked up on Saturday, April 13 at several PSEG Long Island office locations, are estimated to produce more than 1,531,357 kWh in energy savings within 20 years.
Serving the community
PSEG Long Island is committed to giving back to the people and communities it serves by actively supporting hundreds of local charity events each year through the company's Community Partnership Program. Last year, PSEG Long Island employees logged 26,000 service hours volunteering at 1,145 fundraising and community events to support more than 400 organizations. For more information on how PSEG Long Island supports the communities it serves, visit https://www.psegliny.com/inthecommunity/communitypartnership.
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:
www.psegliny.com
PSEG Long Island on Facebook
PSEG Long Island on Twitter
PSEG Long Island on YouTube
PSEG Long Island on Flickr
Contact: | Media Relations Pager |
516.229.7248 | |
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SOURCE PSEG Long Island
NEWARK, N.J., April 18, 2019 /PRNewswire/ -- Today, the New Jersey Board of Public Utilities (BPU) voted to award Zero Emission Certificates (ZECs) to PSEG's three New Jersey nuclear power plants, Hope Creek and Salem 1 and 2. In 2018, the New Jersey Legislature and Gov. Phil Murphy enacted legislation that established a Zero Emission Certificate program to preserve the plants that provide more than 90 percent of the state's carbon-free electricity.
Regarding the BPU decision, PSEG states: "We are pleased with the decision to award ZECs to PSEG to help support New Jersey's primary supply of zero-carbon electricity. The BPU just saved the people of the State hundreds of millions of dollars in what would have been higher energy costs, thousands of jobs lost and tons of environmentally damaging air emissions. Our next step is to review the BPU's order to better understand today's decision in greater detail. We appreciate the BPU's detailed review and consideration of PSEG Nuclear's ZEC applications."
PSEG
Public Service Enterprise Group Inc. (PSEG) (NYSE: PEG) is a publicly traded diversified energy company with approximately 13,000 employees. Headquartered in Newark, N.J., PSEG's principal operating subsidiaries are: Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 11 consecutive years (https://corporate.pseg.com/).
Visit PSEG at:
https://corporate.pseg.com/
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
PSEG blog, Energize!
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at https://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
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SOURCE PSEG
NEWARK, N.J., April 16, 2019 /PRNewswire/ -- The Board of Directors of Public Service Enterprise Group (NYSE:PEG) today declared a $0.47 per share dividend on the outstanding common stock of the company for the second quarter of 2019.
All dividends for the second quarter are payable on or before June 28, 2019, to shareholders of record on June 7, 2019.
Forward-Looking Statement
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.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at https://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
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SOURCE Public Service Enterprise Group
LOWER ALLOWAYS CREEK, N.J., April 15, 2019 /PRNewswire/ -- More than 1,000 contractors and craftspeople have arrived in Salem County to begin work on PSEG Nuclear's Salem Unit 1 reactor, which began a regularly scheduled refueling outage on Friday.
These contractors, working alongside 1,600 PSEG Nuclear employees, will perform approximately 14,000 refueling, maintenance and other activities during the period the Salem 1 reactor is offline.
"PSEG Nuclear's employees and contractors are committed to the safe, reliable and efficient operation of New Jersey's nuclear plants – which provide about 40 percent of the state's electricity," said Pete Sena, PSEG Nuclear president and chief nuclear officer. "We're proud of the work they do to ensure an around-the-clock supply of clean, affordable energy for all of our customers."
PSEG operators safely took Salem generating station unit 1 offline at 10 p.m. Friday to begin the station's 26th refueling outage.
Salem 1 is one of three nuclear units operated by PSEG in Salem County, New Jersey. The plants produce 40 percent of New Jersey's electricity – enough to power 3.8 million homes – and 90 percent of the state's carbon-free energy. Economic studies have shown that replacing the output of the plants with other sources of power generation would increase New Jersey electricity bills by about $400 million a year.
During an outage, a third of the reactor's fuel is replaced and additional work is performed to ensure operational efficiency and equipment reliability.
During the refueling outage, more than 1,000 contractors and craftspeople will live and shop locally, providing a major boost to the Salem county economy.
"The outages are a boon to the Salem County economy," said Jennifer Jones, executive director of the Salem County Chamber of Commerce. "All of the people that come into the area to help are potential customers for local merchants. Business increases dramatically at our shops, restaurants and hotels, which can make a big difference for our small business owners."
Gino DiMarco agrees. His family owns the Italian Kitchen, a popular restaurant minutes away from the nuclear plants.
"We get an influx of business during breakfast and dinner as workers come and go off shift," DiMarco said. "We also stay busy making lunchtime deliveries to the nuclear plants. It's an exciting time and we really enjoy it."
PSEG operates three nuclear units at its Salem County site, Salem units 1 and 2 and Hope Creek.
PSEG Nuclear is a subsidiary of PSEG Power, a multi-regional energy supply company and a subsidiary of Public Service Enterprise Group Inc. (PSEG) (NYSE:PEG), a diversified energy company (https://corporate.pseg.com/). PSEG Nuclear operates the Salem and Hope Creek nuclear generating stations in southern New Jersey, which together comprise the second-largest commercial nuclear generating facility in the country and provide enough power for more than 2.5 million homes. PSEG Nuclear is a part-owner of the Peach Bottom nuclear generating station in Pennsylvania.
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PSEG blog, Energize!
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SOURCE PSEG
UNIONDALE, N.Y., March 25, 2019 /PRNewswire/ -- PSEG Long Island used new, innovative technology to assist the Village of East Hampton with the safe removal of a large, nonviable tree in danger of falling on an electric transmission line and a nearby home.
The village was informed one of its trees was compromised and threatening to fall on a nearby home. The village reached out to the PSEG Long Island Vegetation Management department to assist in the removal since the tree had grown around the high-voltage transmission line.
"Friday, we used new innovative technology to safely access the tree near the live transmission line," said John O' Connell, vice president, Transmission and Distribution, PSEG Long Island. "We were pleased the village contacted us to help. This tree removal not only helps the village, it protects our equipment and provides a safe environment for nearby homes. PSEG Long Island is committed to providing our customers with excellent reliability and community service."
The ARS robotic truck allows PSEG Long Island to access the right-of-way and safely operate the truck without the human operator being close to energized power lines. The hydraulic boom is remotely operated and allows the operator to cut and grasp the limb being cut with greater control. In less than two minutes an operator can move the grapple saw to the cutting position, make the cut and, with full control, place it at the landing zone for processing. The ability to operate remotely reduces the risk of stepping on and touching potential hazards because operators no longer need to remain near the unit during operation.
"The village thanks PSEG Long Island for their work in East Hampton," said Scott Fithian, East Hampton Village's superintendent of public works.
For photos of the robotic truck at work, click here.
To see a video of the tree removal, click here.
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:
www.psegliny.com
PSEG Long Island on Facebook
PSEG Long Island on Twitter
PSEG Long Island on YouTube
PSEG Long Island on Flickr
Contact: | Media Relations Pager |
516.229.7248 | |
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SOURCE PSEG Long Island
NEWARK, N.J., March 14, 2019 /PRNewswire/ -- PSEG Solar Source today announced it has purchased two North Carolina solar farms being developed by BayWa r.e. Construction began last month on Five Forks Solar, which will be a 25.9 MW-dc facility when completed, and North Halifax Solar, which will be a 26.9 MW-dc facility. Both facilities are expected to go into service during the fourth quarter of 2019. The acquisition represents a total investment of approximately $65 million.
The Five Forks project is located in Warren County, N.C., about 60 miles northeast of Raleigh, N.C. The North Halifax project is located in Halifax County, N.C., about 80 miles northeast of Raleigh. Each project has a 10-year power purchase agreement with Virginia Electric Power Co. These are the fifth and sixth solar projects that PSEG Solar Source has undertaken with BayWa r.e., who will oversee the engineering, procurement and construction for the projects and also provide operational and maintenance services when the solar farms go into service.
"This project is another great opportunity for us to partner with BayWa r.e. They are a first-class developer," said Sarah Hetznecker, president of PSEG Solar Source. "We continue to pursue projects that will grow our renewable energy business. This acquisition is another example of PSEG's commitment to being a leading clean energy provider."
More than 75,000 monocrystalline solar panels will be installed at the Five Forks facility, while the North Halifax facility will require the installation of approximately 78,000 solar panels. The panels will be mounted on single-axis tracking systems that follow the sun's path to optimize generation.
"BayWa r.e. is proud of our continued relationship with PSEG in announcing these transactions. PSEG has been a leader in renewables investment and commitment to greening the PJM grid and our partnership continues to grow," said Jam Attari, CEO of BayWa r.e. Solar Projects LLC. "As a global renewable energy company, we're committed to delivering best-in-class projects that leave a positive footprint in the community, and provide a sustainable return on investment to key stakeholders and partners."
This latest purchase will bring the PSEG Solar Source portfolio to 25 utility-scale solar facilities located in 14 states, including eight in North Carolina. Those facilities have a total capacity of 414 MW-dc in operation, with these two projects adding 53 MW-dc in construction.
About BayWa r.e.
Across solar, wind and bioenergy at BayWa r.e, we r.e. think energy - how it is produced, how it can be stored and how it can be best used. We are a leading global renewable energy developer, service supplier, wholesaler and energy solutions provider. BayWa r.e. has brought over 2.4 GW of energy online, while managing over 5.5 GW of assets. Working with businesses worldwide, we are reducing carbon footprints and driving down energy costs. Learn more about us at: us.baywa-re.com
PSEG Solar Source
PSEG Solar Source is a subsidiary of PSEG Power, a merchant power generation company and a subsidiary of Public Service Enterprise Group Inc. (PSEG) (NYSE: PEG), a publicly traded diversified energy company. PSEG is a member of the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 11 consecutive years.
Disclaimer: PSEG Solar Source LLC is not the same company as PSE&G, the New Jersey-based electric and gas utility. PSEG Solar Source is not regulated by the New Jersey Board of Public Utilities. You do not have to purchase any PSEG Solar Source products in order to receive quality regulated services from PSE&G.
Visit PSEG at:
www.pseg.com
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
PSEG blog, Energize!
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at https://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
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SOURCE PSEG Solar Source
NEWARK, N.J., Feb. 27, 2019 /PRNewswire/ -- Public Service Enterprise Group (PSEG) reported 2018 Net Income of $1,438 million, or $2.83 per share, as compared to Net Income of $1,574 million, or $3.10 per share, for 2017. Non-GAAP Operating Earnings for the year 2018 were $1,582 million, or $3.12 per share, compared to $1,488 million, or $2.93 per share for 2017. The Net Income comparison for the full year reflects the absence of one-time items including the favorable impact of the Tax Cut and Jobs Act (Tax Act) in 2017, charges in 2017 related to the early retirement of the Hudson and Mercer generating units and higher charges in 2017 related to the REMA leveraged leases. Full year 2018 results include the recognition of net unrealized losses on Nuclear Decommissioning Trust (NDT) equity securities as a result of new accounting rules, partially offset by lower Mark to Market (MTM) losses and a gain related to the sale of the retired Hudson and Mercer generating units.
PSEG also reported Net Income for the fourth quarter of 2018 of $199 million, or $0.39 per share. This compares to Net Income of $956 million, or $1.88 per share in 2017's fourth quarter. Non-GAAP Operating Earnings for the fourth quarter of 2018 were $284 million, or $0.56 per share, compared to fourth quarter 2017 non-GAAP Operating Earnings of $289 million, or $0.57 per share. The Net Income comparison for the fourth quarter reflects the absence of one-time favorable impacts of the Tax Act in 2017 and includes the recognition of net unrealized losses on Nuclear Decommissioning Trust (NDT) equity securities as a result of new accounting rules, partially offset by lower MTM losses and gains related to the sale of the retired Hudson and Mercer generating units and the disposition of the REMA leveraged leases.
"We closed 2018 with solid operating and financial performance, with full-year non-GAAP Operating Earnings per share 6.5% above 2017 results" said Ralph Izzo, Chairman, President and Chief Executive Officer. "We achieved important regulatory and policy objectives during 2018 including the settlement of PSE&G's distribution base rate case, supporting the economic viability of our New Jersey nuclear units with the state's passage of Zero Emission Certificates (ZECs) that recognize their carbon free attributes, and the landmark filing of PSE&G's $3.6 billion Clean Energy Future proposal in support of New Jersey's Clean Energy policy goals. As we continue our progress in executing PSEG's $12-$17 billion capital program over the 2019 to 2023 period building critical energy infrastructure, including the Gas System Modernization Program II (GSMP II) and Energy Strong II (ES II), PSEG is also focused on our Powering Progress initiatives designed to bring the power of energy efficiency to more of our customers. Throughout 2018, our dedicated workforce responded to challenging weather and system conditions with operational excellence, and executed on a full regulatory and policy agenda. As a result of these efforts, we are well positioned to continue executing our capital investment programs to provide long-term benefits for our customers and to create value for our shareholders. The recent action by the Board of Directors to increase the common dividend by $0.08 to the indicative annual rate of $1.88 per share underscores our dual commitment to maintain financial strength and drive growth initiatives."
The tables below provide a reconciliation of PSEG's Net Income to non-GAAP Operating Earnings for the full year and fourth quarter. See Attachments 10 and 11 for a complete list of items excluded from Net Income in the determination of non-GAAP Operating Earnings.
PSEG CONSOLIDATED RESULTS (unaudited) | |||||
Full-Year Comparative Results | |||||
2018 and 2017 | |||||
Income | Diluted Earnings | ||||
($ millions) | Per Share | ||||
2018 | 2017 | 2018 | 2017 | ||
Net Income | $1,438 | $1,574 | $2.83 | $3.10 | |
Reconciling Items | 144 | (86) | 0.29 | (0.17) | |
Non-GAAP Operating Earnings | $1,582 | $1,488 | $3.12 | $2.93 | |
Avg. Shares | 507M | 507M | |||
PSEG CONSOLIDATED RESULTS (unaudited) | |||||
Fourth Quarter Comparative Results | |||||
2018 and 2017 | |||||
Income | Diluted Earnings | ||||
($ millions) | Per Share | ||||
2018 | 2017 | 2018 | 2017 | ||
Net Income | $199 | $956 | $0.39 | $1.88 | |
Reconciling Items | 85 | (667) | 0.17 | (1.31) | |
Non-GAAP Operating Earnings | $284 | $289 | $0.56 | $0.57 | |
Avg. Shares | 508M | 508M | |||
Ralph Izzo went on to say, "As we begin 2019, we continue to pursue our growth objectives through regulated infrastructure and Clean Energy investments at PSE&G and complete our combined cycle construction program at Power. For 2019, we expect to grow non-GAAP Operating Earnings by over 4% at the mid-point of our guidance of $3.15 - $3.35 per share. Notably, the earnings contribution of PSE&G will comprise approximately 75% of our 2019 Operating Earnings at the midpoint of our guidance, and continues to represent over 90% of our planned capital investment program over the 2019 – 2023 period. This capital investment is projected to produce 7% to 9% compound annual growth in rate base over this period, starting from a year-end 2018 rate base of $19 billion, which is over $2 billion higher than 2017's year-end rate base."
The following table outlines PSEG's 2018 non-GAAP Operating Earnings by subsidiary and expectations for 2019.
2019 Non-GAAP Operating Earnings Guidance and 2018 Non-GAAP Operating Earnings ($ millions, except EPS) | ||||
2019E | 2018A | |||
PSE&G | $1,200 - $1,230 | $1,067 | ||
PSEG Power | $395 - $460 | $502 | ||
PSEG Enterprise/Other | $5 - $10 | $13 | ||
Non-GAAP Operating Earnings | $1,600 - $1,700 | $1,582 | ||
Non-GAAP Operating EPS | $3.15 - $3.35 | $3.12 | ||
E = Estimate A= Actual | ||||
Results and Outlook by Operating Subsidiary
See Attachments 5 and 6 for detail regarding the quarter-over-quarter and year-over-year reconciliations for each of PSEG's businesses.
PSE&G
PSE&G reported Net Income of $239 million ($0.47 per share) for the fourth quarter of 2018 bringing full year Net Income to $1,067 million ($2.10 per share). In 2017, PSE&G reported Net Income of $220 million ($0.43 per share) and $973 million ($1.92 per share) for the fourth quarter and full year, respectively, compared with non-GAAP Operating Earnings of $210 million ($0.41 per share) and $963 million ($1.90 per share) for the fourth quarter and full-year 2017, respectively.
PSE&G's Net Income in the fourth quarter reflects new electric and gas rates put into effect on November 1, 2018 following the conclusion of the utility's first distribution base rate case since 2010, and the continued growth in earnings resulting from investment in Transmission and Distribution infrastructure. The New Jersey Board of Public Utilities (BPU) approved a settlement of the rate case last October that authorized a $212 million annual base revenue increase, a return on equity of 9.6% and a 54% equity percentage of capitalization. The base revenue increase is offset by a flow back to customers of an annual $225 million via a five-year tax adjustment clause which returns certain tax benefits (accumulated excess deferred income taxes) from lower corporate income tax rates resulting from the Tax Act in December 2017.
Growth in PSE&G's investment in transmission improved quarter-over-quarter Net Income comparisons by $0.04 per share. Gas margin improved by $0.06 per share as a result of rate relief and recovery of investment in gas distribution made under the Gas System Modernization Program. Electric margin improved by $0.02 per share reflecting rate relief, as well as higher volumes and demand. Changes to the accounting treatment of the non-service component of pension and other post-retirement benefit (OPEB) expenses resulted in a favorable $0.02 per share comparison over 2017's fourth quarter. These positives were partially offset by $0.05 of higher operating and maintenance expense in the quarter associated with increased tree trimming and higher corrective maintenance. In addition, depreciation expense increased by $0.02 per share reflecting higher plant balances, and taxes and other were $0.01 per share higher compared with 2017's fourth quarter.
For the full-year, weather-normalized residential electric sales were 0.6% higher and weather-normalized residential gas sales rose by 3.3%.
For the 17th year in a row, PSE&G was recognized as ReliabilityOne's Most Reliable Electric Utility in the Mid-Atlantic region, and was also awarded the 2018 Outstanding Customer Reliability Experience Award highlighting PSE&G's outage reporting and restoration communications.
PSE&G's Net Income for 2019 is forecasted at $1,200 million - $1,230 million reflecting incremental investments in Transmission and Distribution and a full year of rate relief.
PSEG Power
PSEG Power reported a Net Loss of $35 million ($0.07 per share) in the fourth quarter of 2018 versus Net Income of $610 million ($1.20 per share) in the fourth quarter of 2017. For the full year 2018, PSEG Power reported Net Income of $365 million ($0.72 per share) versus Net Income for the full year 2017 of $479 million ($0.94 per share).
PSEG Power reported non-GAAP Operating Earnings of $57 million ($0.11 per share) for the fourth quarter of 2018 and non-GAAP Adjusted EBITDA of $176 million bringing full year non-GAAP Operating Earnings to $502 million ($0.99 per share) and non-GAAP Adjusted EBITDA to $1,059 million. On a comparative basis, PSEG Power reported non-GAAP Operating Earnings of $100 million ($0.20 per share) and non-GAAP Adjusted EBITDA of $196 million for the fourth quarter of 2017 and non-GAAP Operating Earnings of $505 million ($1.00 per share) and non-GAAP Adjusted EBITDA of $1,172 million for the full year 2017.
Power's fourth quarter Net Loss includes net unrealized losses in NDT equity securities, MTM activity, and a gain related to the sale of the retired Hudson and Mercer generating units.
A scheduled increase in capacity prices in New England and PJM improved fourth quarter Net Income comparisons by $0.04 per share. The average price received on energy hedges declined in the quarter, as re-contracting led to a $0.09 reduction in results compared to last year's fourth quarter. The increase in generation output for the quarter improved Net Income comparisons by $0.03 per share. Gas operations declined by $0.02 per share, as higher natural gas prices lowered commodity margin and impacted off-system sales following the start-up of the Atlantic Sunrise gas pipeline that has enabled price convergence of Leidy gas with higher prices at Henry Hub. A decline in Power's O&M expense improved Net Income comparisons by $0.01 per share. Interest expense ($0.03 per share) and depreciation expense ($0.02 per share) both rose as a result of the two new combined cycle units in service at mid-year. Higher taxes reduced Net Income comparisons by $0.01 over the prior year's fourth quarter, as the absence of investment tax credits and other items offset the benefit of tax reform.
Output from Power's generating facilities in the fourth quarter increased by 19% over fourth quarter 2017, mainly from new capacity additions at Sewaren and Keys and from higher output at our other New Jersey combined cycle units. Quarterly comparisons were also influenced by increased demand in response to an extended period of cold weather that ran from mid-November to mid-December. Output of 56 TWh was at the high end of our forecast provided at the end of the third quarter, which called for full year output of 54 – 56 TWh. The nuclear fleet operated at an average capacity factor of 86.9% in the quarter, resulting in a full year capacity factor of 91.4%. For the year, nuclear production totaled 31.2 TWh. Power's gas-fired CCGT fleet operated at an average capacity factor of approximately 51% in the quarter resulting in a full-year capacity factor of 52%, producing 18.5 TWh of electricity for the year, up approximately 36% year-over-year. For the quarter, output from the coal fleet was up 10%, primarily from the Pennsylvania units, in response to higher weather related demand. For the full year, output from the coal fleet increased 7% to 5.7 TWh as an increase in gas prices improved its competitiveness.
Power is forecasting an increase in output for 2019 to 60 - 62 TWh, up 2 TWh since the third quarter 2018 update. Following completion of the recent Basic Generation Service (BGS) auction in New Jersey, approximately 80% - 85% of production for the year is hedged at an average price of $37 per MWh. For 2020, Power has hedged 55% - 60% of forecast production of 60 – 62 TWh at an average price of $38 per MWh. Power is also forecasting output for 2021 of 60 – 62 TWh. Approximately 15% - 20% of Power's output in 2021 is hedged at an average price of $42 per MWh. The forecast for 2019 – 2021 includes generation associated with the full-year production contribution of 1,300 MWs of gas-fired combined cycle capacity at the Keys Energy Center in Maryland and Sewaren in New Jersey; the mid-2019 commercial operation of the 485 MW gas-fired combined cycle generating unit in Bridgeport Harbor, Connecticut; and the mid-2021 retirement of the 383 MW Bridgeport Harbor coal-fired generating station.
For 2019, non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA at PSEG Power are forecast to be $395 million - $460 million and $1,030 million - $1,130 million, respectively. The Operating Earnings guidance for 2019 reflects the benefits of including a partial year of ZECs and the contribution from three new CCGT units, offset by lower pricing on re-contracting, lower capacity revenues, higher interest expense due to the absence of capitalized interest on construction, and higher taxes due to the absence of the nuclear carryback benefit in 2018.
PSEG Enterprise/Other
PSEG Enterprise/Other reported a Net Loss for the fourth quarter of 2018 of $5 million ($0.01 per share) compared to Net Income of $126 million ($0.25 per share) for the fourth quarter of 2017. For the full year, PSEG Enterprise/Other reported Net Income of $6 million, ($0.01 per share) compared to Net Income in 2017 of $122 million ($0.24 per share). The results for 2018 reflect the absence of a one-time, non-cash earnings benefit of $147 million related to the Tax Act and a decrease in Energy Holdings' deferred tax liabilities, partially offset by an after-tax charge related to REMA, LLC in 2017.
PSEG Enterprise/Other reported a non-GAAP Operating Earnings loss for the fourth quarter 2018 of $12 million ($0.02 per share) compared to a non-GAAP Operating Earnings loss of $21 million ($0.04 per share) in the year-ago quarter. The results for the fourth quarter brought PSEG Enterprise/Other non-GAAP Operating Earnings for the full year to $13 million ($0.03 per share) versus $20 million ($0.03 per share) in 2017.
The decline in fourth quarter non-GAAP Operating Earnings loss versus the fourth quarter 2017 primarily reflects the absence of certain tax charges at Holdings taken in the fourth quarter of 2017, lower overall tax expense in 2018 as a result of the Tax Act, and higher interest expense mostly offset by lower donations in 2018.
For 2019, non-GAAP Operating Earnings for PSEG Enterprise/Other are forecast to be at
$5 million – $10 million. The 2019 guidance for Enterprise/Other reflects continued PSEG Long Island results largely offset by higher interest expense.
The following attachments can be found on https://corporate.pseg.com.
Attachment 1 - Consolidating Statements of Operations – 3 months
Attachment 2 – Consolidated Statement of Operations – year ended December 31, 2018
Attachment 3 - Capitalization Schedule
Attachment 4 - Condensed Consolidated Statements of Cash Flows
Attachment 5 - Quarter-over-Quarter EPS Reconciliation
Attachment 6 – Year-over-Year EPS Reconciliation
Attachment 7 - Retail Sales – Electric & Gas
Attachment 8 - Generation Measures
Attachment 9 - Statistical Measures
Attachment 10 - Consolidated Operating Earnings (non-GAAP) Reconciliation
Attachment 11 – PSE&G Operating Earnings (non-GAAP), PSEG Power Operating Earnings (non-GAAP) and Adjusted EBITDA (non-GAAP) Reconciliation, PSEG Enterprise/Other Operating Earnings (non-GAAP) Reconciliation
Public Service Enterprise Group Inc. (PSEG) (NYSE: PEG) is a publicly traded diversified energy company with approximately 13,000 employees. Headquartered in Newark, N.J., PSEG's principal operating subsidiaries are: Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 11 consecutive years (https://corporate.pseg.com).
Non-GAAP Financial Measures
Management uses non-GAAP Operating Earnings in its internal analysis, and in communications with investors and analysts, as a consistent measure for comparing PSEG's financial performance to previous financial results. Non-GAAP Operating Earnings exclude the impact of returns (losses) associated with the Nuclear Decommissioning Trust (NDT), Mark-to-Market (MTM) accounting and material one-time items such as the revaluation of deferred tax liabilities and the impact of the retirement of the Hudson and Mercer coal stations on Power.
Management believes the presentation of non-GAAP Adjusted EBITDA for Power is useful to investors and other users of our financial statements in evaluating operating performance because it provides them with an additional tool to compare business performance across companies and across periods. Management also believes that non-GAAP Adjusted EBITDA is widely used by investors to measure operating performance without regard to items such as income tax expense, interest expense and depreciation and amortization, which can vary substantially from company to company depending upon, among other things, the book value of assets, capital structure and whether assets were constructed or acquired. Non-GAAP Adjusted EBITDA also allows investors and other users to assess the underlying financial performance of our fleet before management's decision to deploy capital. Non-GAAP Adjusted EBITDA excludes the same items as our non-GAAP Operating Earnings measure as well as income tax expense, interest expense and depreciation and amortization.
See Attachments 10 and 11 for a complete list of items excluded from Net Income in the determination of non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA. The presentation of non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA is intended to complement, and should not be considered an alternative to the presentation of Net Income, which is an indicator of financial performance determined in accordance with GAAP. In addition, non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA as presented in this release may not be comparable to similarly titled measures used by other companies.
Due to the forward looking nature of non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA guidance, PSEG is unable to reconcile these non-GAAP financial measures to the most directly comparable GAAP financial measure. Management is unable to project certain reconciling items, in particular MTM and NDT gains (losses), for future periods due to market volatility.
Forward-Looking Statements
Certain of the matters discussed in this release about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical constitute "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. When used herein, the words "anticipate," "intend," "estimate," "believe," "expect," "plan," "should," "hypothetical," "potential," "forecast," "project," variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in filings we make with the United States Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K and subsequent reports on Form 10Q and Form 8-K. These factors include, but are not limited to:
All of the forward-looking statements made in this 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 release apply only as of the date of this release. 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.
The forward-looking statements contained in this release are intended to qualify for the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at https://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
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SOURCE Public Service Enterprise Group (PSEG)
UNIONDALE, N.Y., Feb. 21, 2019 /PRNewswire/ -- PSEG Long Island urges customers to be alert for increasingly sophisticated scams that continue to target utility customers across the nation. In recent weeks, customers have reported phone scammers pretending to be PSEG Long Island employees, in some cases with caller ID reading "PSEG Long Island." The scammers demand payment for past-due bills or priority AMI install and threaten to have electric service shut off if payment isn't remitted immediately. In 2018 more than 4,088 scams were reported to PSEG Long Island, a 75 percent increase over 2017. In total, the utility has received reports of more than 10,000 scams over the past 5 years, with a 6 percent victim rate.
"To better protect customers, it is critically important we continue to raise awareness and educate the public about scams," said Rick Walden, vice president, customer operations, PSEG Long Island. "If you receive a call from anyone demanding immediate payment, do not give them any personal or account information. Hang up the phone and call PSEG Long Island at 1-800-490-0025."
With this scam, a call is generated with a phony PSEG Long Island caller ID and someone pretending to be a PSEG Long Island employee says that, without immediate payment via a pre-paid card (e.g. Green Dot Money Pak, Vanilla Reload Card) or bitcoin, their service will be shut off. If the victim takes the bait, the scammer gives them a telephone number to call after they have purchased the card or bitcoin. When customers call that number, they hear interactive voice response prompts that imitate those they would hear when calling the authentic PSEG Long Island customer service line. When the fake representative answers, they ask for the number on the back of the pre-paid card. After the scammers have that number, they take the money from the card – usually within minutes. If a bitcoin payment is demanded, the scammers will ask customers to deposit at a certain location.
PSEG Long Island would never require customers to use one specific payment type. The utility offers a variety of payment options, but it does not accept pre-paid debit cards or bitcoin. PSEG Long Island customers scheduled for disconnection due to nonpayment receive written notice on their bill at least 10 days in advance.
If you get a call
Know what PSEG Long Island will and won't discuss. A genuine PSEG Long Island representative will ask to speak to the Customer of Record. If that person is available, the representative will explain why they are calling and share the account name, address and current balance. If you do not receive this correct information from the person on the phone, you are likely not speaking with a PSEG Long Island representative.
If the Customer of Record is not available, the PSEG Long Island representative will not discuss the account at all and ask that a message be left for the Customer of Record to call PSEG Long Island at 1-800-490-0025.
Email scams
Phone scammers aren't the only ones trying to trick customers out of their money. PSEG Long Island also cautions customers to beware of emails that appear to be bills from the utility. These emails request personal information, leading to identity theft.
PSEG Long Island does not ask customers to provide personal information online without first logging into My Account. Do not provide any personal information requested by email. Do not download any attachments, and do not click on any links in the email. Open a browser window and visit www.psegliny.com to log into My Account to get accurate account information.
Unannounced visits
Recently, PSEG Long Island has received reports of door-to-door solicitors from solar companies and energy service companies impersonating PSEG Long Island employees or approved vendors. Reports have also been received of subjects impersonating PSEG Long Island employees to gain entry to homes and steal items.
PSEG Long Island employees should be wearing a PSEG Long Island ID badge and PSEG Long Island-branded clothing. If you doubt the identity of a visitor claiming to be from the utility, do not give them access to your home. Call 1-800-490-0025 to determine if PSEG Long Island employees are in the area. If you are unable to verify that PSEG Long Island employees are present, call 911.
Any customer who has doubts about the legitimacy of a call or an email — especially one in which payment is requested — should call the utility directly at 1-800-490-0025 or visit a local PSEG Long Island Customer Service Center. Service Centers are open Monday through Friday, 8:30 a.m. to 5 p.m., with locations listed on customer bills and online at: https://www.psegliny.com/page.cfm/Account/Payment/CustomerServiceCenters.
For more information on various payment scams in the PSEG Long Island service area and around the country, visit www.psegliny.com/scam.
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:
www.psegliny.com
PSEG Long Island on Facebook
PSEG Long Island on Twitter
PSEG Long Island on YouTube
PSEG Long Island on Flickr
Contact: | Media Relations Pager |
516.229.7248 | |
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SOURCE PSEG Long Island
NEWARK, N.J., Feb. 19, 2019 /PRNewswire/ -- The Board of Directors of Public Service Enterprise Group (NYSE: PEG) today declared a quarterly common stock dividend for the first quarter of 2019 of $0.47 per share payable on March 29, 2019 to shareholders of record on March 8, 2019. This action represents a $0.02 per share, or 4.4% increase in the company's quarterly common stock dividend and brings the indicative annual dividend rate to $1.88 per share.
Ralph Izzo, Chairman, President and Chief Executive Officer, said, "We are pleased to be able to increase the cash return to our shareholders. This latest increase represents the 15th increase in the common dividend in the past 16 years and marks our 112th consecutive year of paying a common dividend to shareholders. PSEG's long history of paying a common dividend is aided by our strong balance sheet and business mix, which are expected to support consistent and sustainable growth in the common dividend."
All future decisions regarding dividends on the common stock are subject to approval by the Board of Directors.
Forward-Looking Statement
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.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at https://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
Public Service Enterprise Group (NYSE: PEG) is a publicly traded diversified energy company with annual revenues of $9.1 billion and approximately 13,000 employees. Headquartered in Newark, N.J., PSEG's principal operating subsidiaries are: Public Service Electric and Gas Company (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 11 consecutive years. (www.pseg.com).
Visit PSEG at:
www.pseg.com
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
PSEG blog, Energize!
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SOURCE Public Service Enterprise Group
NEWARK, N.J., Jan. 15, 2019 /PRNewswire/ -- Public Service Enterprise Group (PSEG) today announced that Stuart J. Black, vice president and controller, is retiring. The company named Rose Chernick, vice president-finance, corporate strategy and planning, as Black's successor, effective March 11. Black will help transition the role's responsibilities to Chernick until his official retirement in May.
The company also announced the promotion of Scott Jennings, vice president – finance, PSE&G, to senior vice president - corporate planning, strategy and utility finance, also effective March 11. He will continue to lead finance for PSE&G and PSEG Long Island and assume additional responsibilities previously assigned to Chernick, including corporate strategy and planning.
Chernick and Jennings will continue to report to Dan Cregg, PSEG's executive vice president and chief financial officer.
"Stuart's strong financial acumen and deep understanding of our businesses have been invaluable to PSEG," Cregg said. "He has played a key role ensuring the highest standards of disclosure for the company's financial reporting to the SEC and our regulators. We thank Stuart for his many contributions over the last 17 years and wish him the best."
Black joined PSEG in 2002 as vice president – internal auditing services for PSEG Services Corp. In 2010, he was named vice president and assistant controller, PSEG Power, and, in July 2014, was named PSEG's controller.
"Rose and Scott are strategic leaders with established records of success and will continue to contribute to PSEG's financial strength," Cregg said. "Both have a deep and broad understanding of the opportunities and challenges that are impacting the industry. We congratulate them as they take on their new leadership positions in our company."
Chernick has been in her current role since October 2015. She joined PSEG in 2004 as a director in the accounting organization. In 2010, she was promoted to vice president and has since held a variety of positions of increasing responsibility. Chernick joined PSEG from NextEra Energy Resources (formerly FPL Energy).
She holds bachelor's degrees in finance and accounting and a master's degree in accounting, all from Florida Atlantic University.
Jennings has been with PSEG since 1998, when he joined the corporate accounting group. He has held a variety of leadership positions in finance, strategy and planning, business development, and mergers and acquisitions. Prior to joining PSEG, he worked in Deloitte's financial services and public utilities practice.
He holds a bachelor's degree in business administration and an MBA in accounting from Pace University.
Public Service Enterprise Group Inc. (PSEG) (NYSE: PEG) is a publicly traded diversified energy company with approximately 13,000 employees. Headquartered in Newark, N.J., PSEG's principal operating subsidiaries are: Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 11 consecutive years (www.pseg.com).
Visit PSEG at:
www.pseg.com
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
PSEG blog, Energize!
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at https://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
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SOURCE PSEG
NEWARK, N.J., Jan. 9, 2019 /PRNewswire/ -- PSEG Power, a subsidiary of Public Service Enterprise Group (PSEG), announced today the sale of the sites of its retired Hudson Generating Station in Jersey City/Secaucus and Mercer Generating Station in Hamilton Township to Hilco Redevelopment Partners (HRP) (www.hilcoredev.com), an operating company within Hilco Global. Both coal-burning power plants were built in the 1960s and retired in June 2017. PSEG is committed to being a leading clean energy provider. Last year, the company set the goal of eliminating 13 million metric tons of CO2-equivalent emissions by 2030 from 2005 levels.
After reviewing more than two dozen proposals, PSEG selected Chicago-headquartered HRP based on their strong environmental track record and demonstrated success in managing complex redevelopment projects, including retired coal plants. HRP envisions redeveloping the sites as state-of-the-art industrial parks to serve the growing need for regional warehouse distribution hubs in central and northern New Jersey.
"We hope these sites will continue to be productive assets for the communities that hosted the plants for decades," said John Paul Cowan, senior vice president of operations for PSEG Fossil. "That's why we sought out a buyer that understands the strategic value of both locations and will leverage the great labor pool in the surrounding areas. Hilco Redevelopment Partners has a track record of success taking on both the remediation of these types of industrial facilities and, most importantly, redeveloping them into economic engines for the people who live in and around the sites."
HRP also recently acquired retired coal power facilities from Exelon in Boston and NRG in Chicago.
"Our goal with every redevelopment project is to return economic vitality to these dormant industrial sites, giving them a new purpose and generating new strategic opportunities," HRP CEO Roberto Perez said. "The locations of both the Hudson and Mercer sites offer transformational opportunities to reposition underutilized land into modern industrial parks in one of the strongest warehouse/distribution center regions in the entire country."
HRP has several current transactions and ongoing development projects underway, including the following:
HRP's other projects include redevelopment of The Gauge, a decommissioned manufacturing facility in Waltham, Mass.; modernization of One North LaSalle, updating the tenant amenities of an art deco-era office building in Chicago's Central Loop; and the decommissioning and redevelopment of numerous other large industrial sites across the country.
"We're excited about this acquisition from PSEG," Hilco Global Chairman and CEO Jeff Hecktman said. "The Hilco Redevelopment team has developed a strong reputation for taking on these types of large-scale industrial development projects across the country, having previously purchased obsolete coal-fired power plants from NRG and Exelon. These are unique projects that require a special skill set in order to bring new economic development and jobs back to communities."
About Hilco Redevelopment Partners (HRP):
Hilco Redevelopment Partners (www.hilcoredev.com) is one of more than 20 operating companies within the metropolitan Chicago-based financial services holding company, Hilco Global. Hilco Redevelopment Partners is a principal investor in complex real estate projects across North America, specializing in the repositioning and redevelopment of obsolete, underutilized or decommissioned real estate properties.
About PSEG Power
PSEG Power LLC is a multi-regional energy supply company that integrates the operations of its merchant nuclear and fossil generating assets with its power marketing businesses and fuel supply functions, primarily in the Northeast and Mid-Atlantic United States. PSEG Power maintains a fleet totaling approximately 11,900 MWs of electric generating capacity and is a nationally recognized industry leader on environmental issues. PSEG Power is a subsidiary of Public Service Enterprise Group Inc. (PSEG) (NYSE:PEG), a diversified energy company (www.pseg.com). PSEG has been named to the Dow Jones Sustainability Index for North America for 11 consecutive years.
Want to know what's new at PSEG? Go to www.pseg.com/getnews and sign up to have our press releases sent right to your inbox.
Visit PSEG at:
www.pseg.com
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PSEG on LinkedIn
PSEG blog, Energize!
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SOURCE PSEG
NEWARK, N.J., Dec. 20, 2018 /PRNewswire/ -- Public Service Enterprise Group Incorporated (PSEG) today announced that Laura A. Sugg has been elected to its Board of Directors, effective Jan. 1, 2019.
Sugg is a retired energy executive with more than 30 years' experience in the oil and gas industry. She retired from ConocoPhillips as president of its Australasia division, where she was responsible for the company's multibillion-dollar exploration and production operations and LNG business in Australia and East Timor.
"Laura's success at leading a variety of functions within the energy industry will be a tremendous asset to our board," said Ralph Izzo, PSEG's chairman, president and chief executive officer. "I have witnessed Laura's principled leadership firsthand. Her expertise, wisdom and integrity will be invaluable as we continue to position PSEG as an innovative, technology-minded industry leader dedicated to helping customers use less energy, while ensuring that energy is increasingly cleaner, reliable and resilient."
Sugg joined Phillips Petroleum Co. in 1986, prior to its merger with Conoco in 2002. During her career, she has held leadership roles in engineering and operations, corporate planning, human resources and business development. In her previous role at ConocoPhillips, Sugg was the executive in charge of human resources for exploration and production, with responsibility for managing global compensation and benefits, leadership succession planning and all HR functions. She also led the merger integration teams of Conoco and Phillips Petroleum, including organization design, staffing and business plan development.
Sugg earned a bachelor's degree in chemical engineering from Oklahoma State University and began her career as a reservoir engineer in San Francisco and Alaska with Sohio Petroleum Co.
Currently, Sugg sits on the board of directors of Murphy Oil Corp., a global oil and gas exploration and production company, and Denbury Resources Inc., an independent oil and natural gas company.
Public Service Enterprise Group (NYSE: PEG) is a publicly traded diversified energy company with annual revenues of $9.1 billion and approximately 13,000 employees. Headquartered in Newark, N.J., PSEG's principal operating subsidiaries are: Public Service Electric and Gas Company (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 11 consecutive years. (www.pseg.com).
Visit PSEG at:
www.pseg.com
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
PSEG blog, Energize!
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at https://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
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SOURCE PSEG
NEWARK, N.J., Dec. 3, 2018 /PRNewswire/ -- Public Service Enterprise Group (NYSE:PEG) today published its 2018 Sustainability Report, updating stakeholders on its efforts to provide clean and affordable energy while supporting the diverse communities it serves. The 2018 Sustainability Report provides an accounting of the company's achievements that set a foundation for reshaping its business to meet the evolving needs of its customers and society.
The full report is available online at www.pseg.com/sustainability.
The 2018 Sustainability Report details PSEG's successes and future plans to provide clean, reliable and affordable energy by investing in cleaner natural gas generation, solar energy, energy efficiency, and improving its transmission and distribution systems. Highlights include:
PSEG's commitment to sustainability demands a reset of its core mission and business priorities, shifting its focus to reducing energy consumption to make energy more affordable for customers and reduce environmental impacts.
"At PSEG, we are reimagining our entire business model, from one that is based on selling as much gas and electricity as possible to one that aims to help customers save energy," said Ralph Izzo, PSEG's Chairman, President and CEO. "In the future, one of the utility's most important missions will be to help customers use less energy."
The company's commitment to providing sustainable energy is reflected in PSE&G's proposed Clean Energy Future program, which complements New Jersey Gov. Phil Murphy's green energy agenda.
"In October, PSE&G introduced the largest energy efficiency program ever proposed in New Jersey," Izzo said. "It aims to reduce our state's energy consumption by as much as 2 percent and reduce carbon emissions by approximately 30 million tons, while saving customers billions of dollars on their utility bills."
The Clean Energy Future initiative includes investments in energy efficiency, electric vehicle charging infrastructure, energy storage and smart meters. If approved as proposed, the programs would reduce carbon dioxide emissions equal to taking 380,000 cars off the road by 2025 – a reduction that would be nearly twice PSEG's current carbon emissions reduction goal.
The proposed energy efficiency programs would save enough electricity to power 5.5 million homes annually and save enough natural gas to supply 675,000 homes per year.
PSEG recognizes that, to be a socially responsible company, it must conduct business in a deliberate, conscientious manner. In 2018, PSEG established a new business function devoted to Corporate Citizenship & Culture – a change that recognizes the relevance of citizenship to the strategic business objectives of the company.
"Our new approach to corporate citizenship highlights the relevance of disclosure and informs stakeholders of both risks and opportunities," said Rick Thigpen, PSEG's Senior Vice President - Corporate Citizenship. "This report reflects our commitment to transparency and disclosure, and reflects our balanced approach to key environmental, social and governance (ESG) issues, including alignment with the U.N. Sustainable Development Goals and our newly established human rights practice."
PSEG's dedication to ESG practices has been recognized by a variety of independent organizations. PSEG was named to the 2018 Dow Jones Sustainability North America Index for the 11th consecutive year. The company was included on Forbes' 2018 list of America's Best Employers for Diversity and was among the companies recognized as "Companies of the Year" by the National Diversity Council.
In addition, PSE&G was selected by PA Consulting as the recipient of the 2018 Outstanding Customer Reliability Experience Award. PSE&G also received the ReliabilityOne™ Award for Outstanding Reliability Performance in the Mid-Atlantic Region for the 17th consecutive year.
Public Service Enterprise Group (NYSE: PEG) is a publicly traded diversified energy company with annual revenues of $9.1 billion and approximately 13,000 employees. Headquartered in Newark, N.J., PSEG's principal operating subsidiaries are: Public Service Electric and Gas Company (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 11 consecutive years. (www.pseg.com).
Visit PSEG at:
www.pseg.com
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
PSEG blog, Energize!
Want to know what's new at PSEG? Go to www.pseg.com/getnews and sign up to have our press releases sent right to your inbox.
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 its 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.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at http://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at http://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
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SOURCE PSEG
CHARLOTTE, N.C., Nov. 27, 2018 /PRNewswire/ -- More than 50 community, business and energy leaders attended a ribbon-cutting ceremony today for Duke Energy Renewables' Shoreham Solar Commons Project, a 24.9-megawatt (MW) facility near Brookhaven, N.Y.
Shoreham Solar Commons is located about 60 miles east of Manhattan, on the site of the former Tallgrass Golf Course. It was placed into service July 1, and the Long Island Power Authority (LIPA) is purchasing the power under a 20-year agreement.
"As we continue to provide affordable, renewable energy to customers across the United States, we are especially pleased to be here for our first renewables project in the state of New York," said Rob Caldwell, president, Duke Energy Renewables and Distributed Energy Technology. "The solar project will deliver tremendous economic and environmental benefits to the state and local community."
"The integration of this significant solar project into the Long Island Electric System not only provides clean energy to our rate payers, it also helps Long Island reduce its dependency on fossil fuels," said Paul Napoli, vice president of power markets, PSEG Long Island. "PSEG Long Island is pleased to support a clean renewable energy future on Long Island and assist New York State in the achievement of 50 percent renewable energy by 2030."
Duke Energy Renewables acquired the project from Invenergy, who constructed the project on the grounds of a former golf course.
"Our team was proud to manage the development and construction of Shoreham Solar Commons, and we look forward to providing world-class operations going forward to ensure the project delivers on its economic and environmental benefits." Alex George, Senior Vice President, Asset Management & Operations, Invenergy said. "With renewable energy projects across the state, Invenergy is proud to support Governor Cuomo's ambitious energy vision to provide affordable clean, renewable energy to more New Yorkers."
The project is expected to generate between $700,000 and $900,000 in annual tax revenue. The energy produced is estimated to displace 29,000 tons of greenhouse gas emissions annually and create nearly 1 million megawatt-hours of clean, renewable energy over its lifetime.
Duke Energy Renewables
Duke Energy Renewables primarily acquires, develops, builds and operates wind and solar electric generation facilities across the U.S. The portfolio includes nonregulated renewable energy, as well as energy storage assets.
Duke Energy Renewables' utility-scale wind and solar assets total about 2,900 megawatts (MW) – across 14 states – from 21 wind and 64 solar projects. The power produced by these projects is primarily sold through long-term contracts to utilities, electric cooperatives, municipalities, and commercial and industrial customers. Visit Duke Energy Renewables for more information.
Duke Energy Renewables is part of the Commercial Renewables business unit of Duke Energy (NYSE: DUK).
More information about the company is available at duke-energy.com. The Duke Energy News Center includes news releases, fact sheets, photos, videos and other materials. Duke Energy's illumination features stories about people, innovations, community topics and environmental issues. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook.
Invenergy
Invenergy drives innovation in energy. Invenergy and its affiliated companies develop, own, and operate large-scale renewable and other clean energy generation and storage facilities in the Americas, Europe and Asia. Invenergy's home office is located in Chicago and it has regional development offices in the United States, Canada, Mexico, Japan, Poland and Scotland.
Invenergy and its affiliated companies have successfully developed more than 20,400 megawatts of projects that are in operation, construction or contracted, including wind, solar, and natural gas power generation and advanced energy storage projects. Learn about Invenergy's commitment to social, environmental, and economic sustainability at: Invenergyllc.com/impact
PSEG Long Island
PSEG Long Island is committed to building an industry leading electric company dedicated to providing the people of long Island and the Rockaways with exceptional customer service, best-in-class reliability and storm response, and a strong level of involvement in the communities in which its employees live and work. PSEG Long Island is a subsidiary of Public Service Enterprise Group Incorporated (NYSE:PEG), a publicly traded diversified energy company with annual revenues of $9.1 billion and operates the Long Island Power Authority's transmission and distribution system under a 12-year contract.
Duke Energy media line: 800.559.3853
Invenergy media contact: 515-745-3215
PSEG Long Island media contact: 516-229-7248
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SOURCE Duke Energy
NEWARK, N.J., Nov. 20, 2018 /PRNewswire/ -- The Board of Directors of Public Service Enterprise Group (NYSE: PEG) today declared a $0.45 per share dividend on the outstanding common stock of the company for the fourth quarter of 2018.
All dividends for the fourth quarter are payable on or before December 31, 2018, to shareholders of record on December 7, 2018.
Public Service Enterprise Group (NYSE: PEG) is a publicly traded diversified energy company with annual revenues of $9.1 billion and approximately 13,000 employees. Headquartered in Newark, N.J., PSEG's principal operating subsidiaries are: Public Service Electric and Gas Company (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 11 consecutive years. (www.pseg.com).
Visit PSEG at:
www.pseg.com
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
PSEG blog, Energize!
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 its 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.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at http://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at http://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
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SOURCE PSEG
NEWARK, N.J., Oct. 29, 2018 /PRNewswire/ -- PSE&G today received approval from the New Jersey Board of Public Utilities of the settlement of its distribution base rate review. The settlement agreement keeps bills for the typical combined electric and gas residential customer stable and at levels that are 30 percent lower than customers paid in 2008. With today's approval, new rates will become effective on November 1.
The agreement provides for a net $13 million reduction in annual revenues after factoring in benefits from federal tax reform and other tax effects. Specifically, the company will receive an additional $212 million in annual revenues, including recovery of storm costs that had been deferred until now, but return $225 million in tax savings in large part due to tax reform.
"We're pleased that the BPU approved the agreement we had reached with Board staff, the Division of Rate Counsel, and several other parties," said Dave Daly, PSE&G president and COO. "The agreement will enable us to keep customer bills essentially flat while providing the ability to invest in our electric and gas systems." Daly said the agreement reflects the company's successful efforts to control costs as well as the impacts of recent federal tax reform.
The typical combined residential electric and gas customer can expect a reduction of 0.1 percent, or about $2 less per year. Commercial and industrial electric customers on average will see no bill change, while gas customers on average will see a reduction of 1-2 percent.
The settlement agreement provides for a distribution rate base of $9.5 billion, a return on equity of 9.6 percent and a 54 percent equity ratio.
In 2018, PSE&G customers will have benefitted from $262 million in annual rate reductions to reflect savings from lower tax rates enacted by federal tax reform.
Public Service Electric and Gas Company (PSE&G) is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE:PEG), a diversified energy company. In 2018, PSEG was named a member of the Dow Jones Sustainability North American Index for the 11th year in a row.
Visit PSEG at:
www.pseg.com
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
PSEG blog, Energize!
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 its 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.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at https://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
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SOURCE Public Service Electric & Gas (PSE&G)
NEWARK, N.J., Oct. 18, 2018 /PRNewswire/ -- Public Service Enterprise Group's recent inclusion on the Dow Jones Sustainability Index (DJSI) for North America for the 11th year in a row is the latest confirmation of the company's commitment to sustainable and ethical practices. Customers, employees and investors are increasingly demanding that environmental, social and governance (ESG) factors guide how a company conducts business.
The DJSI recognizes forward-thinking companies based on an appraisal of the company's strategy, management and performance in dealing with opportunities and risks deriving from environmental, social and governance factors. The DJSI tracks the performance of the 600 largest U.S. and Canadian companies in the S&P Global Broad Market Index and recognizes the top 20 percent that lead the field in terms of sustainability. PSEG was one of six U.S. utility companies selected for the list.
"Our inclusion on the Dow Jones Sustainability Index list for 11 straight years validates our efforts to provide a sustainable future for the customers and communities we serve," said Ralph Izzo, PSEG's chairman, president and CEO. "Sustainability is at the center of PSEG's vision and operations, driving innovation and investment as we move toward a clean energy future. This recognition reflects the dedication of PSEG's 13,000 employees to continuously pursue more sustainable ways to provide clean, affordable and reliable energy."
The DJSI assessment is conducted each year by sustainability investment specialist RobecoSAM. It is based on a comprehensive review of environmental performance, innovation management, corporate governance, risk management, stakeholder engagement, and talent attraction and retention.
Additional Recognition
PSEG's dedication to ESG practices has been acknowledged by a range of independent organizations:
In addition to the Dow Jones Sustainability Index, PSEG was also named to the America's Best Employers List by Forbes magazine for 2018. Forbes worked with research firm Statista to compile the definitive list of the best employers in America. Statista surveyed 30,000 American workers to gather opinions of their employers.
PSEG was included on FORTUNE's 2017 List of Most Admired Companies, ranking 8th among electric and gas companies in the United States.
Public Service Electric & Gas Co. (PSE&G) also was named 2017 Investor Owned Utility of the Year by the Smart Electric Power Alliance for its efforts to add solar power to New Jersey's energy mix. PSE&G was recognized for building solar farms on landfills and brownfields through its Solar 4 All program.
Moving Forward to a Sustainable Energy Future
As an example of the company's commitment to providing sustainable energy, PSE&G recently proposed a Clean Energy Future program. The proposal includes energy efficiency, electric vehicle charging infrastructure, battery storage and smart meter initiatives. If approved as proposed, the programs are expected to reduce carbon dioxide emissions by about 40 million tons over the lifetime of the programs, equivalent to removing about 380,000 cars annually by 2025, growing to about 800,000 cars annually by 2035. The centerpiece of the proposal is a suite of energy efficiency programs, which would save enough electricity to power 5.5 million homes annually and save enough natural gas to supply 675,000 homes per year.
To better serve its customers and investors, PSEG will be incorporating the Edison Electric Institute's (EEI) Version 1 environmental, social, governance and sustainability-related (ESG/sustainability) reporting template into its annual ESG reporting. This is part of an ongoing EEI-led initiative to help provide the financial community with more uniform and consistent ESG/sustainability data and information. EEI launched a pilot ESG/sustainability reporting template in December 2017.
PSEG's 2017 data can be found here: https://investor.pseg.com/pseg-esg-disclosures
Public Service Enterprise Group (NYSE: PEG) is a publicly traded diversified energy company with annual revenues of $9.1 billion and approximately 13,000 employees. Headquartered in Newark, N.J., PSEG's principal operating subsidiaries are: Public Service Electric and Gas Company (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 11 consecutive years. (www.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 its 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.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at http://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at http://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
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SOURCE PSEG
NEWARK, N.J., Sept. 27, 2018 /PRNewswire/ -- Public Service Electric and Gas Co. (PSE&G) on Wednesday proposed a Clean Energy Future program (CEF) with the New Jersey Board of Public Utilities to make critical investments in clean energy and advanced technology that would propel New Jersey's role as a national leader in energy efficiency and jump-start other clean energy priorities.
"PSE&G's proposed investments support New Jersey's clean energy goals, while putting our customers' needs at the forefront," said Ralph Izzo, chairman, president and chief executive officer of Public Service Enterprise Group. "The investments aim to keep bills lower than they were 10 years ago. In addition to providing safe, highly reliable service, utilities need to help their customers use less energy. This may be the only industry in America making a business case to sell you less of its product."
The filing supports the state's progressive clean energy leadership and is consistent with the Clean Energy legislation recently signed into law by Governor Murphy, which requires utilities to reduce customers' annual electric and gas consumption by 2 percent and 0.75 percent, respectively.
"Helping our customers use energy more efficiently is the only way to simultaneously lower bills, clean the environment and create jobs," Izzo added.
The proposal will also put New Jersey on the path to meeting the aggressive energy storage goals set forth in the law, and supports the state's policy to bolster electric vehicles (EVs), make the electric grid more resilient, and improve storm restoration response. PSE&G shares the state's vision with respect to these important issues.
"Clean Energy Future is expected to save customers about $7.4 billion," said Dave Daly, PSE&G president and chief operating officer.
"The lion's share of the investments will provide our customers with access to energy savings opportunities from 22 energy efficiency programs. These programs alone are expected to produce $5.7 billion in savings for participating customers over the program's lifetime. Utilities can and should ensure that the benefits of energy efficiency are available to all customers, regardless of income. Energy efficiency will help customers use less energy, ensure the energy they use is cleaner and lower their monthly bills."
If approved, CEF will build on PSE&G's momentum to modernize its utility infrastructure, save customers billions of dollars on their energy bills, improve energy efficiency, reduce emissions, create thousands of jobs and have a multibillion-dollar impact on the local economy during the next 20 years.
CEF also includes a plan to implement an advanced technology platform, called the Energy Cloud, which would modernize the way the utility serves customers in the future. When fully implemented, the Energy Cloud is expected to save customers another $1.7 billion over 20 years.
Investments and customer benefits
CEF represents a six-year commitment for energy efficiency, EVs, energy storage and the Energy Cloud program, which would create an advanced technology network and upgrade 2.2 million electric meters to smart meters.
CEF will introduce exciting new opportunities for customers including electric school buses, which are healthier for children, and smart meters, which provide real-time data and enable faster outage restoration. Businesses, such as hospitals, that have participated in PSE&G's energy efficiency programs to date have seen significant savings, up to $1.5 million a year. The programs will also reduce carbon dioxide emissions by about 40 million tons over the lifetime of the programs, equivalent to removing about 380,000 cars annually by 2025, growing to about 800,000 cars annually by 2035.
"Clean Energy Future is a win-win-win for New Jersey," Daly said. "It's aligned with what our customers want. It's aligned with the Governor's energy policy. And it benefits our state's economy.
"We have already heard from a diverse and growing list of New Jersey organizations that support the goals of PSE&G's Clean Energy Future programs," he added. "So far, we have received support from more than 80 organizations from across New Jersey, representing environmental advocates, clean energy service providers, large and small businesses, labor organizations, elected officials, nonprofit agencies and community leaders…and more support is arriving every day."
The nearly $2.8 billion energy efficiency plan includes $2.5 billion of investment and $283 million in other program costs. It will allow customers to use up-front rebates and other financial incentives to purchase more efficient appliances, smart thermostats and other equipment; get free and affordable energy audits, reports and system design advice; get free and low-cost energy efficiency kits, tools and installations; and seed funding for new energy-saving techniques. The plan has a special emphasis on hard-to-reach customers, such as low-income, multi-family, small business and local governments. One program, for example, will upgrade municipal streetlights in PSE&G's service territory with LED lights.
The $364 million EV program includes approximately $261 million of investment and $103 million in other program costs. The proposal jump-starts broader use of EVs by supporting nearly 40,000 EV chargers, the bulk of which are for residential use. It includes mixed-use and public DC fast-charging. CEF also supports EV innovation, including custom projects for airports, ports and other transit facilities and grants for school districts to buy and operate electric school buses.
Energy storage provides more flexibility and efficiency in electric systems, makes it easier to integrate renewables and provides backup so there are fewer outages. The $180 million proposal includes approximately $109 million of investments and $71 million in other program costs. It calls for 35 megawatts of energy storage capacity over six years through five programs: solar smoothing, distribution deferral, mobile storage for outage management, microgrids for critical facilities and peak reduction for public sector facilities. CEF will begin to put New Jersey on track to meet the Clean Energy legislation's goal of 600 megawatts of energy storage by 2021 and 2,000 megawatts by 2030.
PSE&G's Energy Cloud will produce an estimated $1.7 billion in customer savings and operational benefits over 20 years, more than double the cost. The nearly $800 million program includes an investment of approximately $721 million and $73 million in other program costs. It improves reliability, improves customer service and reduces the carbon footprint. This major undertaking includes a plan to educate customers about the many benefits of smart meters. If approved, PSE&G intends to install the smart meters by 2024.
More details about Energy Efficiency, Electric Vehicles, Energy Storage and Energy Cloud proposals can be found at www.pseg.com/PoweringProgress.
PSE&G CLEAN ENERGY FUTURE
New Jersey has the opportunity to be at the forefront of clean energy policy and a role model for the nation. Governor Murphy's progressive goals have opened the door for utilities, energy/environmental organizations and corporations to work together to develop, support and invest in transformative clean energy solutions.
As a first step, PSE&G has outlined its vision for a Clean Energy Future, with proposed programs that will help meet the growing consumer desires to use less energy, to ensure the energy they use is cleaner, and to lower their bills by managing the energy they use. If we are successful, we can save money for customers, create well-paying jobs for the people who will implement these programs, create wider use of clean energy sources and more economic growth.
However, we need to work together across the state with both public and private entities to make this a reality and advance Governor Murphy's energy and environmental goals. The following organizations and individuals are supportive of PSE&G's clean energy vision and directive reflective of the proposed wide-ranging blueprint for the future of energy in New Jersey.
ABB | Advanced Solar Products |
Peter Harb, Key Account Manager | Lyle Rawlings, President |
A.F. Mensah, Inc. | Alliance for Action |
Drew Adams, Head of Strategy | Jerry Keenan, Executive Vice President |
APPRISE | Atlantic Health Systems |
Jackie Berger, Ph.D., President & Co-Founder | Robert Peake, VP Facilities Management |
Bergen County's United Way | Burns & McDonnell |
Tom Toronto, Executive Director | Vern H. Mulkey, PE , Dir. of Projects |
BYD Motors | CHA |
Zachary Kahn, Director of | Michael Tsakaloyannis |
Government Relations — North America | Assoc. Vice President |
CMC Energy Services, Inc. | Christian Health Care Center |
Eileen McGinnis, President & CEO | Michael Doss, SR VP of Facilities |
Management and Business Dev. | |
Concord Engineering Group | Conti Solar |
Michael Fischette, CEO | Matt Skidmore, CEO |
County of Union | Deborah Hospital |
Amy C. Wagner | Joseph Chirichella, President & CEO |
Deputy Co. Manager/Director | |
Department of Economic Development | |
Eastern Metal Recycling | ecobee |
H. J. Cain, Business Development | Sarah Colvin, Director – Business Development |
Englewood Hospital | Eos Energy Storage |
Chris Weinberg, Director of Facilities | Michael Oster, CEO |
Essex Police Chief Assoc. & Chief of North Caldwell PD | Ferreira Construction/Vanguard Energy Partners |
Chief Mark Deuer | Nelson Ferreira – President & CEO |
Franklin Energy | GreenLife Energy Solutions |
Jason LaStella, Director –Business Dev. | Edward Ryan, President & Founder |
Greenlots | Greater Paterson Chamber of Commerce |
Scott Fisher, VP Market Development | James Dykes, President |
Goldman Copeland | Hackensack Meridian Health |
Charles Copeland, President & CEO | Kyle Tafuri, Director of Sustainability |
Landis + Gyr | Lime Energy |
Prasanna Venkatesan, | Adam Procell, President & CEO |
Executive VP & Head of Americas Region | |
Lincoln Park Coast Cultural District | MaGrann Associates |
Anthony Smith, Executive Director | Rich Selverian, President & CEO |
Maher Terminals | Mayor of Brooklawn |
Louis Allora, VP Engineering Services | Mayor Theresa Branella |
Mayor of Caldwell | Mayor of East Orange |
Mayor Ann Dassing | Mayor Ted Green |
Mayor of Haworth | Mayor of Orange |
Mayor John Smart | Mayor Dwayne Warren |
Mayor of South Orange | Mayor of Westfield |
Mayor Sheena Collum | Mayor Shelley Brindle |
Meadowlands Chamber of Commerce | Morris County Chamber of Commerce |
Jim Kirkos, President | Paul Boudreau, President |
Nest | Newark Arts Council |
Vince Faherty, | Jeremy Johnson, Executive Director |
Head of Northeast Energy Partnerships | |
Newark Alliance | North East Energy Conservation Inc. |
Kimberly McClain, President & CEO | Richard Palmesino, President |
New Jersey Energy Coalition | Newark Community Development Corp. |
Dr. Ed Salmon, Chair | Aisha Glover, President & CEO |
Newark Regional Chamber of Commerce | Nexant, Inc. |
Chip Hallock, President | John Gustafson, CEO |
New Jersey Institute of Technology | New Jersey Environmental Lobby |
Andrew Christ, Vice President | Anne Poole, President |
North Jersey Chamber of Commerce | Okonite |
Michelle Vernuccio, President | James Groome, Director Health, Safety & Engineering |
Partner Engineering & Science, Inc. | Petra Systems |
Steven Soussous – Principal | Marcelo Figueira, COO |
Dir. Blg. Engineer & Sustainability | |
Port Authority New York/New Jersey | Power Edison |
Christine Weydig | Shihab Kuran, President & CEO |
Dir. Env. Policy, Programs and Compliance | |
Princeton Power Systems | Proterra |
Marshall Cohen, Chairman of the Board | Eric J. McCarthy, SVP |
Govt. Relations, Public Policy & Legal Affairs | |
Performance Systems Development of NY, LLC. | Raritan Valley Community College |
Kathleen Greely, Senior Vice President | Brian O'Rourke, Director of Facilities |
Research and Development Council of NJ | Rider University |
Anthony Cicatiello, Executive Director | Kristine Brown, Associate VP |
Richards Manufacturing Co. | Riggs Distler |
Bruce Bier, CEO | Stephen Zemaitais, Jr. – President |
Siemens | Simple Energy |
Peter Biondo | Justin Segall, President & Founder |
Regional Vice President North Atlantic | |
Sigma Plastics | Somerset County Business Partnership |
Alan Teo, Chief Information Officer &VP | Michael V. Kerwin – President & CEO |
Southern NJ Development Council | Steven Winters Associates, Inc. |
Jane Asselta, Vice President | Marc Zuluaga, Managing Director |
St. Peter's University Hospital | Tata Consulting Services (TCS) |
Robert Mulcahy, VP of Facilities | Surya Kant |
President North America, UK & Europe |
Tendril | Township of Cherry Hill |
David Grant, Sales & Marketing | Lenore Rosner, Business Administrator |
R. G. Vanderweil Engineers, LLP. | Township of Woodbridge |
Jeffery M. Polo, Associate Principal | Caroline Ehrlich, Chief of Staff |
Union County College | Verizon Enterprise Solutions |
Robert E. Hogan, Director of Facilities | Jim Kilmer, Global Vice President |
Willdan Energy Solutions | |
Frank J. Evans, Senior VP, Eastern Region |
###
Public Service Electric and Gas Company (PSE&G) is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE:PEG), a diversified energy company. In 2018, PSEG was named a member of the Dow Jones Sustainability North American Index for the 11th year in a row.
Visit PSEG at:
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PSEG blog, Energize!
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 its 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.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at https://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
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SOURCE PSEG
UNIONDALE, N.Y., Sept. 25, 2018 /PRNewswire/ -- In order to further improve and advance Long Island's electric system, PSEG Long Island and ULC Robotics, a leading technology company based in Hauppauge, are deploying unmanned aerial vehicles (UAV) – or drones – to conduct the utility's inspections of power lines and other important equipment.
The two companies began working together in 2016 under a large-scale pilot program. This year, PSEG Long Island is expanding the role drones play in its operations.
"This week, we are using this innovative technology to asses a substation and right-of-way, as well as segments of our transmission and distribution system," says John O' Connell, vice president of transmission and distribution operations at PSEG Long Island. "Compared to using helicopters or ground-based observation, UAVs give us better data on the electric system, which directly improves system reliability and employee safety."
In addition to routine and challenging inspections of difficult-to-access infrastructure, PSEG Long Island is preparing to integrate the use of drones into its storm and emergency response efforts, which require accurate surveys of post-storm equipment damage for crews to be properly assigned.
O'Connell continued, "Storms appear to be happening more frequently in our region and getting more severe. This enhanced aerial data is going to help us further harden our system before major storms and assist with emergency response after storms. With more than 9,000 miles of overhead wires, this will allow us to better utilize our resources and more rapidly restore customers' power."
The drones being used for the inspections are developed and deployed by licensed UAV pilots and engineers at ULC Robotics. The UAV being used is 4.5 feet wide and weighs 25 pounds. ULC's pilots use a commercial-grade command and control system to operate the drones.
"UAV systems are a real game changer for utilities such as PSEG Long Island," says Tom Barracca, Manager of Business Development at ULC Robotics. "Whether we're helping to identify an outage waiting to happen or expediting post-storm electric service restoration, our pilots and engineers are helping PSEG Long Island keep the lights on."
PSEG Long Island operates the Long Island Power Authority's transmission and distribution system under a 12-year contract. PSEG Long Island is a subsidiary of Public Service Enterprise Group Incorporated (NYSE: PEG), a publicly traded diversified energy company with annual revenues of $9.1 billion.
Keep in Touch:
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PSEG Long Island on YouTube
PSEG Long Island on Flickr
Contact: Media Relations Hotline
516.229.7248
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SOURCE PSEG Long Island
NEWARK, N.J., Aug. 1, 2018 /PRNewswire/ -- Public Service Enterprise Group (NYSE: PEG) reported today Net Income for the second quarter of 2018 of $269 million, or $0.53 per share as compared to Net Income of $109 million, or $0.22 per share, in the second quarter of 2017. Non-GAAP Operating Earnings for the second quarter of 2018 were $325 million, or $0.64 per share, compared to non-GAAP Operating Earnings for the second quarter of 2017 of $316 million, or $0.62 per share. Prior-year results included costs related to the early retirement of the Hudson and Mercer generating stations.
Ralph Izzo, chairman, president and chief executive officer, said "PSEG's second quarter earnings benefited once again from expanded investment at PSE&G and ongoing focus on cost containment across PSEG. We recently reached several significant milestones, including obtaining final New Jersey Board of Public Utilities (BPU) approval of PSE&G's $1.9 billion, 5-year Gas System Modernization Program II (GSMP II); filing the utility's Energy Strong II infrastructure program; and completing construction of Power's newest generating stations at Keys and Sewaren. PSEG was also an active participant as New Jersey shaped its energy policy with the enactment of a wide ranging clean energy law that sets ambitious targets on energy efficiency, off-shore wind, battery storage and renewable portfolio standards that would require use of 50% of renewable energy by 2030. Governor Murphy also signed zero emission certificate (ZEC) legislation that will help preserve the benefits nuclear generation provides to New Jersey."
The table below provides a reconciliation of PSEG's Net Income to non-GAAP Operating Earnings for the second quarter. See Attachment 10 for a complete list of items excluded from Net Income in the determination of non-GAAP Operating Earnings.
PSEG CONSOLIDATED RESULTS (unaudited) | |||||
Second Quarter Comparative Results | |||||
2018 and 2017 | |||||
Income |
Diluted Earnings | ||||
($ millions) |
Per Share | ||||
2018 |
2017 |
2018 |
2017 | ||
Net Income |
$269 |
$109 |
$0.53 |
$0.22 | |
Reconciling Items* |
56 |
207 |
0.11 |
0.40 | |
Non-GAAP Operating Earnings |
$325 |
$316 |
$0.64 |
$0.62 | |
Avg. Shares |
507M |
507M | |||
*See Attachment 10 |
Ralph Izzo went on to say, "With solid financial results in the first half of 2018, we are re-affirming our non-GAAP Operating Earnings guidance for the year of $3.00 - $3.20 per share. The approval of PSE&G's GSMP II combined with two recently outlined investment programs (Energy Strong II filed in June, and Clean Energy Future (CEF) expected to be filed later in 2018) support PSEG's projected capital investment program of $14 billion to $17 billion over the 2018 to 2022 period. PSEG's strong balance sheet and financial flexibility will enable funding of this expanded capital program over the 5-year period without the need to issue equity."
The following table outlines PSEG's expectations for non-GAAP Operating Earnings by subsidiary for 2018.
2018 Non-GAAP Operating Earnings ($ millions, except EPS) | |
2018E | |
PSE&G |
$1,000 - $1,030 |
PSEG Power |
$485 - $560 |
PSEG Enterprise/Other |
$35 - $35 |
Non-GAAP Operating Earnings |
$1,520 - $1,625 |
Non-GAAP EPS |
$3.00 - $3.20 |
E = Estimate |
Non-GAAP Operating Earnings Review and Outlook by Operating Subsidiary
See Attachments 5 and 6 for detail regarding the second quarter and year-to-date reconciliations for each of PSEG's businesses.
PSE&G
PSE&G reported Net Income of $231 million ($0.46 per share) for the second quarter of 2018 compared with Net Income of $208 million ($0.41 per share) for the second quarter of 2017.
PSE&G's second quarter results reflect continued, successful execution of its infrastructure investment programs and ongoing control of operating expenses. PSE&G's growth in Transmission investment added $0.03 per share to quarter-over-quarter Net Income comparisons. Recovery of investments made to enhance system resiliency under Energy Strong and GSMP drove improved margin comparisons of $0.02 per share. Distribution O&M savings added $0.01 per share over second quarter 2017 results. Changes to the accounting treatment of the non-service component of pension and other post-retirement benefit (OPEB) expenses resulted in a favorable $0.02 per share comparison over 2017's second quarter. These favorable items were offset by an increase in depreciation expense of $0.01 per share, higher interest expense of $0.01 per share, and an increase in taxes and other items of $0.01 versus the second quarter of 2017.
Economic indicators for New Jersey continued to be generally positive, supported by gains in employment and housing data. Quarterly gas sales were higher, influenced by cold April temperatures. On a trailing 12-month basis, which provides longer-term trending data, weather normalized electric sales were relatively flat while gas sales were 2.7% higher, led by demand from the commercial sector. Residential electric and gas customer growth continues to trend higher at approximately 1% per year.
PSE&G received approval of its GSMP II from the BPU in May, and expects to begin this infrastructure replacement program in 2019 to invest $1.9 billion over five years. In early June, PSE&G filed with the BPU the second stage of its Energy Strong Program that proposed a $2.5 billion investment in New Jersey's infrastructure to further strengthen the utility's distribution systems to withstand storms, improve reliability, and significantly enhance grid resiliency and modernize an aging infrastructure.
PSE&G's pending electric and gas distribution base rate case filed in January 2018 is progressing. PSE&G expects to provide another routine update to its filing with the BPU in August. In addition, three public hearings were recently completed, and initial testimony from the BPU staff and intervenors is expected in early August.
In support of New Jersey's clean energy legislation enacted in late May, PSE&G continues to develop its CEF program, a $2.9 billion, six-year proposal aligned with NJ's energy policy goals. The CEF details PSE&G's broad range of planned investments in energy efficiency, electric vehicle infrastructure, and battery storage focused on achieving required savings in electric and gas usage in a cost efficient manner to broadly benefit our customer base.
PSE&G's forecast of Net Income for 2018 is unchanged at $1,000 million - $1,030 million.
PSEG Power
PSEG Power reported Net Income of $41 million ($0.08 per share) for the second quarter of 2018 compared with a Net Loss of $97 million ($0.19 per share) for the second quarter of 2017. PSEG Power's non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA for the second quarter of 2018 were $83 million ($0.16 per share) and $210 million, respectively, compared to non-GAAP Operating Earnings of $97 million ($0.19 per share) and non-GAAP Adjusted EBITDA of $261 million for the second quarter of 2017.
PSEG Power's Net Income comparison for the second quarter reflects an increase in capacity prices of $0.03 per share. Re-contracting and lower market demand reduced results by $0.08 per share compared with the second quarter of 2017. Higher gas send out in response to cold April weather added $0.01, but was offset by $0.01 per share of lower generation volume. Higher O&M expense of $0.02 per share reflects Power's full ownership share of the Hope Creek nuclear refueling outage in Q2 2018 compared with its co-ownership share of the Salem nuclear refueling outage in Q2 2017, along with other planned fossil maintenance. Lower depreciation from cost savings associated with the early retirement of Hudson and Mercer generating stations along with lower interest added $0.01 per share versus the year-ago quarter. A reduction in the corporate tax rate from the Tax Cut and Jobs Act and other tax items improved Net Income comparisons by $0.03 per share in the second quarter.
Generation output declined by 5% compared with Q2 2017 reflecting the planned refueling at Hope Creek and other scheduled maintenance outages. Power's gas-fired CCGT fleet operated at an average capacity factor of 46% and produced 3.5 TWh of output during the second quarter of 2018, down by 11% over the year-ago quarter, reflecting the outages and lower market demand. Coal generation output remained constant at 1.4 TWh and operated at an 81% capacity factor in the quarter. For the year-to-date period, Power's nuclear fleet operated at an average capacity factor of 92.9%, producing 15.8 TWh representing 63% of total generation.
Power's forecast of total output for 2018 is now slightly lower at 53 – 55 TWh from its prior estimate of 55 – 57 TWh. For the remainder of 2018, Power has hedged 90% - 95% of total forecasted production of 28 – 30 TWh at an average price of $38 per MWh. For 2019, Power has hedged 65% - 70% of forecasted production of 57 – 59 TWh at an average price of $37 per MWh. For 2020, Power has hedged 35% - 40% of output forecasted to be 62 – 64 TWh at an average price of $36 per MWh. The forecasted output for 2018 – 2020 includes generation associated with 1,300 MW of new, gas-fired combined cycle capacity at the Keys Energy Center in Maryland and Sewaren 7 in New Jersey, as well as the mid-2019 commercial start-up of the 485 MW gas-fired CCGT at Bridgeport Harbor, Connecticut.
In May, New Jersey legislation enabling zero emission certificates was signed into law by Governor Murphy in an effort to preserve the economic viability of nuclear power resources that produce over 90% of the state's carbon free generation. The legislation calls for the BPU (within a 330-day period from enactment) to establish a collection process for a customer charge, determine eligibility and certification of need, and ultimately select nuclear plants to potentially receive ZECs starting in April 2019. The BPU will rank nuclear plant applicants based on considerations that impact fuel diversity, air quality, and other environmental attributes. Power estimates that if all of its New Jersey nuclear units are selected, it could be eligible to receive ZEC revenues of approximately $200 million per year during each 3-year cycle.
In June 2018, the Federal Energy Regulatory Commission (FERC) issued an order finding that PJM's current capacity market is unjust and unreasonable because it allows resources supported by out-of-market payments to suppress capacity prices. FERC established a new proceeding to address an alternative approach in which PJM would: (1) modify PJM's minimum offer price rule (MOPR) so that it would apply to new and existing resources that receive out-of-market payments, regardless of resource type; and (2) establish an option that would allow, on a resource-specific basis, resources receiving out-of-market support to be removed from the PJM capacity market, along with a commensurate amount of load, for some period of time. We intend to continue to participate in this proceeding.
In July 2018, the State of New Jersey made significant changes to its income tax laws, including imposing a temporary surtax on corporate taxable income of 2.5% effective January 1, 2018 and 2019, and 1.5% in 2020 and 2021. The surcharge provides an exemption for public utilities; as such PSE&G is not expected to be impacted by this change. For the full-year 2018, the tax surcharge is expected to have a modest negative impact on results at Power, and to a lesser extent on Enterprise/Other, as each begins to accrue the surcharge starting July 1, 2018.
The forecast of Power's non-GAAP Operating Earnings for 2018 and non-GAAP Adjusted EBITDA remain unchanged at $485 million - $560 million and $1,075 million - $1,180 million, respectively.
PSEG Enterprise/Other
PSEG Enterprise/Other reported Net Loss of $3 million ($0.01 per share) for the second quarter of 2018 compared to a Net Loss of $2 million for the second quarter of 2017.
Non-GAAP Operating Earnings for the second quarter of 2018 were $11 million ($0.02 per share) compared to non-GAAP Operating Earnings of $11 million ($0.02 per share) in the second quarter of 2017.
The net loss for the second quarter of 2018 includes a pre-tax charge of $20 million related to ongoing liquidity challenges facing NRG REMA compared to a similar pre-tax charge of $22 million in the year-ago quarter. Results this quarter also reflect higher parent interest expense, offset by tax benefits at PSEG.
For 2018, the forecast of PSEG Enterprise/Other non-GAAP Operating Earnings remains unchanged at $35 million.
About PSEG:
Public Service Enterprise Group (NYSE:PEG) is a publicly traded diversified energy company with annual revenue of $9.1 billion in 2017. Its operating subsidiaries are: Public Service Electric and Gas Company (PSE&G), PSEG Power LLC, and PSEG Long Island.
PSE&G is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability.
PSEG Power LLC is an independent power producer that generates and sells electricity in the PJM, New York and New England wholesale power markets.
Non-GAAP Financial Measures
Management uses non-GAAP Operating Earnings in its internal analysis, and in communications with investors and analysts, as a consistent measure for comparing PSEG's financial performance to previous financial results. Non-GAAP Operating Earnings exclude the impact of returns (losses) associated with the Nuclear Decommissioning Trust (NDT), Mark-to-Market (MTM) accounting and material one-time items such as the revaluation of deferred tax liabilities and the impact of the retirement of the Hudson and Mercer coal stations on Power.
Management believes the presentation of non-GAAP Adjusted EBITDA for Power is useful to investors and other users of our financial statements in evaluating operating performance because it provides them with an additional tool to compare business performance across companies and across periods. Management also believes that non-GAAP Adjusted EBITDA is widely used by investors to measure operating performance without regard to items such as income tax expense, interest expense and depreciation and amortization, which can vary substantially from company to company depending upon, among other things, the book value of assets, capital structure and whether assets were constructed or acquired. Non-GAAP Adjusted EBITDA also allows investors and other users to assess the underlying financial performance of our fleet before management's decision to deploy capital. Non-GAAP Adjusted EBITDA excludes the same items as our non-GAAP Operating Earnings measure as well as income tax expense, interest expense and depreciation and amortization.
See Attachments 10 and 11 for a complete list of items excluded from Net Income in the determination of non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA. The presentation of non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA is intended to complement, and should not be considered an alternative to the presentation of Net Income, which is an indicator of financial performance determined in accordance with GAAP. In addition, non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA as presented in this release may not be comparable to similarly titled measures used by other companies.
Due to the forward looking nature of non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA guidance, PSEG is unable to reconcile these non-GAAP financial measures to the most directly comparable GAAP financial measure. Management is unable to project certain reconciling items, in particular MTM and NDT gains (losses), for future periods due to market volatility.
The following attachments can be found on www.pseg.com.
Attachment 1 - Consolidating Statements of Operations – 3 months
Attachment 2 - Consolidated Statement of Operations – 6 months
Attachment 3 - Capitalization Schedule
Attachment 4 - Condensed Consolidated Statements of Cash Flows
Attachment 5 - Quarter-over-Quarter EPS Reconciliation
Attachment 6 - Year-over-Year EPS Reconciliation
Attachment 7 - Retail Sales and Revenues – Electric and Gas
Attachment 8 - Generation Measures
Attachment 9 - Statistical Measures
Attachment 10 - Consolidated Operating Earnings (non-GAAP) Reconciliation
Attachment 11 - PSEG Power Operating Earnings (non-GAAP) and Adjusted EBITDA (non-GAAP) Reconciliation, PSEG Enterprise/Other Operating Earnings (non-GAAP) Reconciliation
Forward Looking Statement
Certain of the matters discussed in this report about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical constitute "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. When used herein, the words "anticipate," "intend," "estimate," "believe," "expect," "plan," "should," "hypothetical," "potential," "forecast," "project," variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in filings we make with the United States Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K. These factors include, but are not limited to:
All of the forward-looking statements made in this report 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 report apply only as of the date of this report. 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.
The forward-looking statements contained in this report are intended to qualify for the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at https://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
Visit PSEG at: www.pseg.com; PSEG blog, Energize!; PSEG My Alerts!
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SOURCE Public Service Enterprise Group (PSEG)
NEWARK, N.J., June 22, 2018 /PRNewswire/ -- Rick Thigpen, vice president - state governmental affairs for PSEG, has been promoted to senior vice president - corporate citizenship. He will report directly to Ralph Izzo, chairman, president and CEO, PSEG. In this new position, Thigpen will continue to have responsibility for PSEG's state governmental affairs organization, and will also oversee the federal affairs and corporate citizenship and culture departments. He will remain chairman of the PSEG Foundation.
Thigpen joined PSEG in 2007. Prior to joining PSEG, he was a co-founding partner of 1868 Public Affairs LLC. Previously, he had been a practicing attorney, the District Director for Congressman Donald Payne Sr. and Executive Director of the New Jersey Democratic State Committee. Thigpen was a former assistant to the President of the NAACP State Conference for Public Affairs, a member of the board of the Regional Plan Association, and a national board member of the American Association of Blacks in Energy (AABE). He has a law degree from Columbia University and graduated from Brown University with a degree in political science.
"Rick has had tremendous success communicating complex energy issues to policy makers and elected officials in Trenton, as well as giving counsel to our corporate philanthropy and federal efforts," said Izzo. "Uniting these three areas under his leadership will result in enhanced strategic coordination. Rick has also been an important voice for PSEG's diversity and inclusion efforts, and I have valued his counsel and guidance. He will be a strong addition to my leadership team."
Karen Reif, senior director - continuous improvement, has been elected vice president - renewables and energy solutions, reporting to Dave Daly, president and COO, PSE&G. In this role she will oversee PSE&G's clean energy strategy.
Reif established the continuous improvement function for PSEG, which is responsible for developing sustainable, repeatable and quantifiable business improvements that are based on industry best practices. She has been with PSEG since 1995 mostly in the information technology department, holding leadership roles in strategy, application implementation, quality assurance, process management and program management. Prior to joining PSEG, Reif was a consultant with Scott, Madden & Associates.
Reif holds a BA degree in Economics and International Studies from Emory University and an MBA (MSIA) degree from Carnegie Mellon University.
Reif replaces Courtney McCormick, who will become vice president - internal auditing services, PSEG. She will report administratively to Dan Cregg, executive vice president and CFO, PSEG, and functionally to Susan Tomasky, a member of the PSEG Board of Directors and chair of the audit committee. McCormick replaces Christine Neely who has been named vice president -procurement, PSEG, reporting to Derek DiRisio, president, PSEG Services Corp. Neely replaces Brian Clark who has been named vice president - construction, PSEG Power, and will report to Ralph LaRossa, president and COO, PSEG Power. Clark replaces Kevin Cellars, who has announced his intention to retire.
"PSEG is fortunate to have talented leaders with strong records of success," Izzo said. "By taking on new roles, they can bring their different perspectives and experiences to benefit our business."
All changes take effect July 2, 2018.
Public Service Enterprise Group (NYSE: PEG) is a publicly traded diversified energy company with annual revenues of $9.1 billion and approximately 13,000 employees. Headquartered in Newark, N.J., PSEG's principal operating subsidiaries are: Public Service Electric and Gas Company (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 10 consecutive years. (www.pseg.com).
Visit PSEG at:
www.pseg.com
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
PSEG blog, Energize!
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at http://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at http://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
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SOURCE PSEG
NEWARK, N.J., June 8, 2018 /PRNewswire/ -- Building on the success of its Energy Strong program, Public Service Electric and Gas (PSE&G) today proposed to invest an additional $2.5 billion during the next five years to further strengthen the utility's electric and gas systems to withstand storms, improve reliability and significantly enhance resiliency.
If approved by the New Jersey Board of Public Utilities (BPU), the proposed program will enable PSE&G to continue its momentum to modernize its infrastructure by launching the second phase of Energy Strong that will:
"We have a proven track record of making infrastructure improvements on time and on budget," said Dave Daly, PSE&G president and COO. "But there is much more work to be done to harden our electric and gas systems against severe weather and enhance reliability.
"Our electric infrastructure has served us well, yet it is aging and needs replacement. The next phase of Energy Strong will mean less frequent outages, faster restoration for customers who experience outages, better estimates of restoration times, improved customer service and improved worker safety. And, building greater redundancy in our gas system will help ensure that we can deliver warmth in winter despite supply curtailments that can impact our system."
The continuation of Energy Strong will make New Jersey's energy networks smarter, more reliable and resilient while also creating an estimated 3,150 jobs annually. About $1.5 billion of the $2.5 billion proposal is for electric improvements with $1 billion for gas. This work is expected to start in March 2019, pending BPU approval.
Modest Impact on Customer Bills
Pointing to lower gas bills and stable electric bills, PSE&G said making these added investments now will have a modest impact on residential customer bills. The total cumulative cost for a typical residential electric customer who uses 750 kilowatt-hours per summer month and 7,200 kilowatt-hours annually will be an average of about $4 more per month. A residential gas heating customer who uses 165 therms in a winter month and 1,010 therms annually would pay an average of about $5 more per month. The total impact for a combined electric and gas residential customer would be about 1 percent per year over the 5-year period.
"We are making sure that our customers remain satisfied both with the quality and cost of the service we provide," Daly said. "The typical residential combined customer bill is down about 20 percent from 2010. We can make these added investments and still keep energy bills affordable." PSE&G gas bills are the second lowest in the region and electric bills are lower than average, allowing our customers to get better service at a lower cost than most of the region.
Key provisions of PSE&G's Energy Strong II proposal include:
Electric
Gas
Click here to view the PSE&G Energy Strong II Fact Sheet
Click here to view the PSE&G Energy Strong II Proposed Project List
Public Service Electric and Gas Company (PSE&G) is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE:PEG), a diversified energy company.
Visit PSEG at:
www.pseg.com
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
PSEG blog, Energize!
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 its website: http://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.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at http://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at http://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
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SOURCE PSE&G
NEWARK, N.J., May 31, 2018 /PRNewswire/ -- PSEG today outlined a plan to invest $14 billion to $17 billion over the next five years.
PSEG's infrastructure program, an expansion of previously disclosed plans to invest $11.5 billion to $13.2 billion over the five-year period ending in 2022, includes a proposal for a significant increase in the utility's investments in energy efficiency, as well as the first major investment in electric vehicle infrastructure. These investments will help New Jersey achieve its clean energy goals, maintain its momentum to modernize its infrastructure and underscore New Jersey's environmental leadership.
The program, if approved, provides an opportunity for annual growth of 8 percent to 10 percent in PSE&G's rate base.
"This ambitious program is all about continuing the positive momentum that the people of PSEG have built over the last 115 years," said PSEG Chairman, President and CEO Ralph Izzo. "It is the most significant investment program in PSEG's history, marking a strong commitment to modernization of our infrastructure and a clean energy future. This will help meet growing consumer desire to use less energy, to ensure the energy they use is cleaner, and to lower bills."
The company outlined its game-changing clean energy proposal to invest $2.9 billion in energy efficiency and other programs that will reduce energy bills and combat climate change. The proposal includes:
PSEG estimates that the energy efficiency program will generate approximately 5,000 sustainable direct and indirect jobs over the six-year life of the program, reduce CO2 emissions by 24 million tons and reduce energy use by 40 million MWh of electricity and 675 million therms of natural gas.
"This energy efficiency program would be a win-win for the state," Izzo said. "This program will put New Jersey at the forefront of clean energy policy and will align the utility's incentives with the rising expectations of our customers."
PSE&G expects to file its clean energy plan with the New Jersey Board of Public Utilities later this year.
In addition to the clean energy investments, PSE&G's five-year investment program, which continues the company's momentum to modernize its transmission and distribution system, includes:
"Even as we have made significant investments in improving the gas, electric delivery and transmission systems, typical residential customer bills are about 21 percent lower that they were at the start of this decade," Izzo said. "Lower natural gas prices and interest rates make this the ideal time to make these needed investments and still keep bills reasonable."
PSEG further announced that PSEG Power, the company's merchant generation and power marketing business, will continue to transition to a more efficient, productive and clean power generation fleet.
PSEG Power has retired approximately 4,000 MW of less-efficient generation (coal and peakers) over the last five years and is currently constructing three highly efficient combined-cycle power plants – two that are expected to come online this year (Sewaren, New Jersey, and Prince George's County, Maryland) and one in 2019 (Bridgeport, Connecticut).
"PSEG Power is helping combat climate change by preserving nuclear generation as a carbon-free resource and developing new highly efficient, combined-cycle plants to displace coal and older, less-efficient gas plants," Izzo said.
The announcement was made Thursday at the PSEG Analyst Conference at the New York Stock Exchange.
Public Service Enterprise Group (NYSE: PEG) is a publicly traded diversified energy company with annual revenues of $9.1 billion and approximately 13,000 employees. Headquartered in Newark, N.J., PSEG's principal operating subsidiaries are: Public Service Electric and Gas Company (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 10 consecutive years. (www.pseg.com).
Visit PSEG at:
www.pseg.com
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
PSEG blog, Energize!
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 its website: http://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.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at http://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at http://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
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SOURCE PSEG
NEWARK, N.J., May 22, 2018 /PRNewswire/ -- Public Service Electric & Gas Company (PSE&G) is moving forward with the next phase of its Gas System Modernization Program (GSMP II) following today's approval of a multi-party settlement by the New Jersey Board of Public Utilities (BPU). Through GSMP II, PSE&G will invest $1.875 billion to continue the accelerated replacement of aging gas pipes, supporting a safe, clean and reliable gas system. The work, which will create some 3,200 jobs, entails replacing 875 miles of pipes and other gas infrastructure improvements through 2023.
"Providing quality service requires keeping an eye on the future. This acceleration enhances safety, helps protect the environment and saves customers money over the long run," said David Daly, PSE&G president and COO. "Our teams have already replaced hundreds of miles of aging gas infrastructure across the state, and with the approval of GSMP II, we can continue the momentum of our critical work to modernize our system, limit greenhouse gas emissions, maintain service reliability and create jobs and other economic benefits in New Jersey."
The infrastructure upgrades under GSMP II will:
Under GSMP, by December 2018, PSE&G will have completed the replacement of more than 450 miles of vintage, high-risk pipe. PSE&G plans to begin neighborhood work related to GSMP II in early 2019.
"This period of low natural gas prices also provides a perfect opportunity to upgrade our gas system with minimal cost impact on customers. Since 2009, residential gas heating bills are down about 50 percent," Daly noted. "We thank all of the parties involved for their thoughtful participation and review in this matter."
In 2017, the BPU approved new rules that support longer-term infrastructure programs of up to five years. This agreement culminates 10 months of formal discovery, review and discussions, including public hearings before the BPU.
PSE&G has just under 4,000 miles of cast-iron gas pipes, which is more than any other utility in the nation. At this new pace, the utility can replace its cast-iron and unprotected steel pipes with modern ones in 25 years. Pipes installed before 1960 are the most leak-prone. They make up 25 percent of PSE&G's network, yet account for 65 percent of leaks, excluding third-party damages.
Public Service Electric and Gas Company (PSE&G) is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE:PEG), a diversified energy company.
Visit PSEG at:
www.pseg.com
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
PSEG blog, Energize!
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 its website: http://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.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at http://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at http://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
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SOURCE Public Service Electric & Gas Company (PSE&G)
NEWARK, N.J., April 30, 2018 /PRNewswire/ -- Public Service Enterprise Group (NYSE: PEG) reported today Net Income for the first quarter of 2018 of $558 million, or $1.10 per share as compared to Net Income of $114 million, or $0.22 per share, in the first quarter of 2017. Non-GAAP Operating Earnings for the first quarter of 2018 were $492 million, or $0.97 per share, compared to non-GAAP Operating Earnings for the first quarter of 2017 of $466 million, or $0.92 per share. Prior year results included costs related to the early retirement of the Hudson and Mercer generating stations and a reserve for the impairment of leveraged leases.
Ralph Izzo, chairman, president and chief executive officer, commented that "we have begun 2018 with solid results. Our service area experienced four consecutive Nor'easters in March that wreaked havoc on trees and power lines. PSEG employees, once again, rose to the challenge, efficiently and safely completing PSE&G and PSEG-Long Island customer restorations and then assisting neighboring utilities with their restoration efforts. The diversity of PSEG's generating fleet was also responsive to the extremes in weather that ranged from the near-zero temperatures experienced in January to the very mild weather in February."
The table below provides a reconciliation of PSEG's Net Income to non-GAAP Operating Earnings for the first quarter. See Attachment 8 for a complete list of items excluded from Net Income in the determination of non-GAAP Operating Earnings.
PSEG CONSOLIDATED RESULTS (unaudited) | |||||
First Quarter Comparative Results | |||||
2018 and 2017 | |||||
Income |
Diluted Earnings | ||||
($ millions) |
Per Share | ||||
2018 |
2017 |
2018 |
2017 | ||
Net Income |
$558 |
$114 |
$1.10 |
$0.22 | |
Reconciling Items* |
(66) |
352 |
(0.13) |
0.70 | |
Non-GAAP Operating Earnings |
$492 |
$466 |
$0.97 |
$0.92 | |
Avg. Shares |
507M |
508M | |||
*See Attachment 8 |
Ralph Izzo went on to say, "We are re-affirming our non-GAAP Operating Earnings guidance for 2018 of $3.00 - $3.20 per share. PSEG continues to focus on its strategic investment program of $13 billion to $15 billion over the 2018 to 2022 period. The recent settlement of the second phase of PSE&G's Gas System Modernization Program (GSMP II) is aligned with our investment goals. PSEG's financial flexibility will enable it to fund its capital program over the 5-year period without the need for equity issuance."
The following table outlines PSEG's expectations for non-GAAP Operating Earnings by subsidiary for 2018.
2018 Non-GAAP Operating Earnings Guidance ($ millions, except EPS) | |
2018E | |
PSE&G |
$1,000 - $1,030 |
PSEG Power |
$485 - $560 |
PSEG Enterprise/Other |
$35 - $35 |
Non-GAAP Operating Earnings |
$1,520 - $1,625 |
Non-GAAP EPS |
$3.00 - $3.20 |
E = Estimate |
Non-GAAP Operating Earnings Review and Outlook by Operating Subsidiary
See Attachment 4 for detail regarding the quarter-over-quarter reconciliations for each of PSEG's businesses.
PSE&G
PSE&G reported Net Income of $319 million ($0.63 per share) for the first quarter of 2018 compared with Net Income of $299 million ($0.59 per share) for the first quarter of 2017.
PSE&G's first quarter results reflect continued successful execution of its infrastructure investment programs and costs related to winter storm activity and higher depreciable plant. Growth in PSE&G's investment in Transmission added $0.03 per share to quarter- over-quarter Net Income comparisons. Recovery of investments made under the Gas System Modernization Program (GSMP) improved quarter-over-quarter Net Income comparisons by $0.02 and weather added $0.01 per share. PSE&G experienced higher costs associated with restoring service to customers following four separate storms that occurred over a 30-day period. The increase in storm costs, when combined with a change in pension accounting standards for non-service costs, increased O&M by $0.01 per share. In addition, higher depreciation expense reflecting the utility's expanded asset base, reduced Net Income by $0.01 per share versus the first quarter of 2017.
Weather-normalized electric sales to Residential and Commercial customers rose by 0.4% compared with Q1 2017. Weather normalized gas sales were higher by 1.6% in the quarter, led by increased Residential and Commercial usage. Residential customer growth continues to trend higher at 0.8% per year.
PSE&G implemented a revised $64 million annual increase in transmission revenue under the company's FERC-approved formula rate effective January 1, 2018 after incorporating a $148 million decrease in its revenue requirement associated with the reduction in the Federal corporate tax rate. Transmission revenues are adjusted each year to reflect an update of the company's investment program for the coming year.
PSE&G has reached a settlement of its GSMP II filing with the Staff of the New Jersey Board of Public Utilities (BPU), Rate Counsel and other parties, which remains subject to BPU approval. Modeled after the BPU's recently enacted Infrastructure Investment Program (IIP) initiative, the agreement will allow PSE&G to invest $1.9 billion over five years beginning in 2019 to continue and accelerate the replacement of cast iron and unprotected steel mains in addition to other improvements to the gas system. The settlement provides five-year project visibility to efficiently plan labor, materials, vendors and permitting. Approximately $1.6 billion of the total program will be eligible for semi-annual rate roll-ins, with the remaining $300 million to be addressed in a future base rate case. The return on equity for GSMP II investment will be determined in PSE&G's pending base rate case. As part of the settlement, PSE&G agreed to file a base rate case no later than five years from commencement of GSMP II, as well as maintain a base level of gas distribution capital spending of $155 million and achieve certain leak reduction targets.
PSE&G's pending electric and gas distribution base rate case filed in January 2018 is progressing. The company is scheduled to provide a routine update to its filing with the BPU in May. In response to the BPU's recent order regarding the Tax Cut and Jobs Act of 2017, PSE&G filed to lower its electric and gas revenue requirement by $114 million annually effective April 1 to reflect the reduction in the federal corporate tax rate from 35% to 21%. Overall, tax reform has reduced PSE&G's transmission and distribution revenue requirements by approximately $262 million per year, providing customers with rate savings as the utility continues to invest in improving the reliability and resiliency of its T&D system and advancing the state's clean energy goals.
Earlier in April, the New Jersey Legislature passed a Clean Energy bill requiring the state's utilities to implement energy efficiency programs that would achieve annual savings of 2% and 0.75% for electric and gas usage, respectively. Once the Clean Energy bill is signed by Governor Murphy, PSE&G expects it will make a filing with the BPU to outline a broader range of planned investments and proposed programs to achieve the state's targeted energy savings goals in a cost efficient manner to benefit the most customers.
PSE&G's forecast of Net Income for 2018 is unchanged at $1,000 million - $1,030 million.
PSEG Power
PSEG Power reported Net Income of $234 million ($0.46 per share) for the first quarter of 2018 compared with a Net Loss of $170 million ($0.34 per share) for the first quarter of 2017. PSEG Power's non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA for the first quarter of 2018 were $168 million ($0.33 per share) and $313 million, respectively, compared to non-GAAP Operating Earnings of $150 million ($0.30 per share) and non-GAAP Adjusted EBITDA of $359 million for the first quarter of 2017.
PSEG Power's Net Income comparison for the first quarter reflects an increase in capacity prices of $0.01 per share. Re-contracting and lower market demand reduced results by $0.06 per share versus first quarter 2017. Planned maintenance increased O&M expense and reduced Net Income comparisons by $0.01 per share. Lower depreciation from cost savings associated with the early retirement of Hudson and Mercer generating stations last June along with lower interest added $0.02 per share versus the year-ago quarter. A reduction in the corporate tax rate from the recently enacted Tax Cut and Jobs Act and other tax items improved first quarter Net Income comparisons by $0.07 per share.
Generation output declined modestly compared with Q1 2017. Output was affected by severe winter weather at the start of the year. In conjunction with an unseasonably warm February and higher planned outage hours at the Bergen and Linden CCGTs, Power's gas-fired CCGT fleet operated at an average capacity factor of 37% and produced 2.7 TWh of output. A higher price for gas favored a shift to more production from coal and a doubling of peaking output. Higher prices for gas had a favorable impact on the coal fleet which generated 1.5 TWh in the quarter. Power's nuclear fleet operated at an average capacity factor of 99.5% for the quarter, producing 8.4 TWh representing 66% of total generation. Of note, Hope Creek achieved a breaker-to-breaker run of 517 continuous days of production before entering its planned refueling and maintenance outage on April 13.
Power continues to forecast an improvement in output for 2018 to 55 – 57 TWh. For the remainder of 2018, Power has hedged 80% - 85% of total forecast production at an average price of $38 per MWh. For 2019, Power has hedged 60% - 65% of forecast production of 59 – 61 TWh at an average price of $37 per MWh. For 2020, output is forecast to be 63 – 65 TWh at an average price of $36 per MWh. The forecasted increase in output for 2018 – 2020 includes generation associated with the mid-2018 commercial start–up of 1,300 MWs of gas-fired combined cycle capacity at the Keys Energy Center in Maryland and Sewaren in New Jersey, and the mid-2019 commercial start-up of the 485 MW gas-fired CCGT at Bridgeport Harbor, Connecticut.
The Federal Energy Regulatory Commission (FERC) has issued an order resolving the Power cost based bidding matter that has been pending at FERC since 2014. In accordance with the order, Power has recorded an incremental $5 million pretax charge to income in the first quarter that will conclude the issue.
The forecast of Power's non-GAAP Operating Earnings for 2018 and non-GAAP Adjusted EBITDA remain unchanged at $485 million - $560 million and $1,075 million - $1,180 million, respectively.
PSEG Enterprise/Other
PSEG Enterprise/Other reported Net Income of $5 million ($0.01 per share) for the first quarter of 2018 compared to a Net Loss of $15 million ($0.03 per share) for the first quarter of 2017.
Net Income for the first quarter of 2018 reflects the absence of tax benefits in the year-ago quarter at PSEG Energy Holdings and higher interest expense at the Parent. The Net Loss in the first quarter of 2017 included a $55 million pre-tax charge related to continuing liquidity issues facing NRG REMA, LLC, partially offset by tax benefits at PSEG Energy Holdings.
For 2018, the forecast of PSEG Enterprise/Other Net Income remains unchanged at $35 million.
About PSEG:
Public Service Enterprise Group (NYSE:PEG) is a publicly traded diversified energy company with annual revenue of $9.1 billion. Its operating subsidiaries are: Public Service Electric and Gas Company (PSE&G), PSEG Power LLC, and PSEG Long Island.
PSE&G is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability.
PSEG Power LLC is an independent power producer that generates and sells electricity in the PJM, New York and New England wholesale power markets.
Non-GAAP Financial Measures
Management uses non-GAAP Operating Earnings in its internal analysis, and in communications with investors and analysts, as a consistent measure for comparing PSEG's financial performance to previous financial results. Non-GAAP Operating Earnings exclude the impact of returns (losses) associated with the Nuclear Decommissioning Trust (NDT), Mark-to-Market (MTM) accounting and material one-time items such as the revaluation of deferred tax liabilities and the impact of the retirement of the Hudson and Mercer coal stations on Power.
Management believes the presentation of non-GAAP Adjusted EBITDA for Power is useful to investors and other users of our financial statements in evaluating operating performance because it provides them with an additional tool to compare business performance across companies and across periods. Management also believes that non-GAAP Adjusted EBITDA is widely used by investors to measure operating performance without regard to items such as income tax expense, interest expense and depreciation and amortization, which can vary substantially from company to company depending upon, among other things, the book value of assets, capital structure and whether assets were constructed or acquired. Non-GAAP Adjusted EBITDA also allows investors and other users to assess the underlying financial performance of our fleet before management's decision to deploy capital. Non-GAAP Adjusted EBITDA excludes the same items as our non-GAAP Operating Earnings measure as well as income tax expense, interest expense and depreciation and amortization.
See Attachments 8 and 9 for a complete list of items excluded from Net Income in the determination of non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA. The presentation of non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA is intended to complement, and should not be considered an alternative to the presentation of Net Income, which is an indicator of financial performance determined in accordance with GAAP. In addition, non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA as presented in this release may not be comparable to similarly titled measures used by other companies.
Due to the forward looking nature of non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA guidance, PSEG is unable to reconcile these non-GAAP financial measures to the most directly comparable GAAP financial measure. Management is unable to project certain reconciling items, in particular MTM and NDT gains (losses), for future periods due to market volatility.
The following attachments can be found on www.pseg.com.
Attachment 1 - Consolidating Statements of Operations – 3 months
Attachment 2 - Capitalization Schedule
Attachment 3 - Condensed Consolidated Statements of Cash Flows
Attachment 4 - Quarter-over-Quarter EPS Reconciliation
Attachment 5 - Retail Sales – Electric & Gas
Attachment 6 - Generation Measures
Attachment 7 - Statistical Measures
Attachment 8 – Reconciliation of non-GAAP Consolidated Operating Earnings
Attachment 9 – Reconciliation of non-GAAP Operating Earnings for PSE&G, PSEG Power, PSEG Enterprise/Other and non-GAAP Adjusted EBITDA for PSEG Power
Forward-Looking Statements
Certain of the matters discussed in this presentation about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical constitute "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. When used herein, the words "anticipate," "intend," "estimate," "believe," "expect," "plan," "should," "hypothetical," "potential," "forecast," "project," variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in filings we make with the United States Securities and Exchange Commission (SEC) including our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K. These factors include, but are not limited to:
All of the forward-looking statements made in this presentation 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 presentation apply only as of the date of this presentation. 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.
The forward-looking statements contained in this presentation are intended to qualify for the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at http://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at http://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
Visit PSEG at:
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SOURCE Public Service Enterprise Group (PSEG)
NEWARK, N.J., April 23, 2018 /PRNewswire/ -- Public Service Electric and Gas Company (PSE&G) today announced a $1.875 billion settlement with the Staff of the New Jersey Board of Public Utilities (BPU), the New Jersey Division of Rate Counsel and other parties to continue the accelerated replacement of aging gas pipes, supporting a safe, clean and reliable gas system well into the future. The settlement agreement is pending approval by the BPU.
In a filing with the BPU in July 2017, PSE&G sought approval to continue to accelerate the replacement of the cast iron and unprotected steel gas mains throughout its service territory. The settlement will enable the utility to replace 875 miles of gas mains and make other improvements to its gas system over the five-year period.
"By year end, we expect to have replaced hundreds of miles of aging gas pipes under the first phase of our Gas System Modernization Program," said David Daly, PSE&G president and COO. "This agreement means we can continue the next phase of this important work, which will result in improved safety and reliability of gas service and reduced methane emissions. It will also ensure we have the critical infrastructure needed to grow New Jersey's economy for years to come.
"Together with our contractors, we have demonstrated we can manage a larger-scale, longer-duration program safely and cost-effectively," Daly added. "We thank all of the parties involved for their thoughtful participation and review in this matter."
In addition to PSE&G, the BPU staff and NJ Rate Counsel, parties supporting the settlement include: the Environmental Defense Fund, Local Union 94 of the International Brotherhood of Electrical Workers, Local 855 of the United Association of Journeymen and Apprentices of the Plumbing and Pipefitting Industry, the Engineers Labor-Employment Cooperative, New Jersey Laborers – Employers Cooperation and Education Trust, Ferreira Construction, and Creamer-Sanzari Joint Venture.
In 2017, the BPU approved new rules that support longer-term infrastructure programs of up to five years. This agreement culminates nearly nine months of formal discovery, review and discussions, including public hearings before the BPU.
The mains and service lines will be replaced with strong, durable plastic piping, which is much less likely to have leaks and release methane gas. The new elevated pressure systems also enable the installation of excess flow valves that automatically shut off gas flow if a service line is damaged, and better support the use of high-efficiency appliances. The five-year program is also expected to create about 3,200 sustained jobs.
Since 2009, residential gas heating bills are down about 50 percent because of the lower cost of natural gas supply. Continued low gas prices make this the ideal time to accelerate this work.
Under the settlement, PSE&G's return on equity on the investment will be determined as part of the utility's base distribution rate review currently under way. The average annual bill impact for a typical residential customer is expected to be less than a 2 percent increase, or about $17, per year over the five-year program.
PSE&G has just under 4,000 miles of cast-iron gas pipes, which is more than any other utility in the nation. At this new pace, the utility can replace its cast-iron and unprotected steel pipes with modern ones in 25 years. Pipes installed before 1960 are the most leak-prone. They make up 25 percent of PSE&G's network, yet account for 65 percent of leaks, excluding third-party damages. The five-year pipe replacement program would reduce greenhouse gas emissions equal to taking 30,000 vehicles off the road.
Public Service Electric and Gas Company (PSE&G) is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE: PEG), a diversified energy company.
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PSEG blog, Energize!
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 its website: http://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.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at http://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at http://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
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SOURCE Public Service Electric & Gas (PSE&G)
NEWARK, N.J., April 17, 2018 /PRNewswire/ -- The Board of Directors of Public Service Enterprise Group (NYSE: PEG) today declared a $0.45 per share dividend on the outstanding common stock of the company for the second quarter of 2018.
All dividends for the second quarter are payable on or before June 29, 2018, to shareholders of record on June 8, 2018.
Forward-Looking Statement
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: http://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.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at http://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at http://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
Visit PSEG at:
www.pseg.com
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PSEG blog, Energize!
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SOURCE Public Service Enterprise Group (PSEG)
HANCOCKS BRIDGE, N.J., April 13, 2018 /PRNewswire/ -- PSEG Nuclear's Hope Creek Generating Station was safely taken offline today just after midnight for its scheduled refueling and maintenance outage. The operation marked a new record for the plant's longest continuous production run of 517 consecutive days online.
For the first time in its 32-year operating history, Hope Creek also achieved what is known as a "breaker-to-breaker" run, meaning the station had been operating nonstop since reconnecting to the regional power grid on November 11, 2016, following its previous refueling outage. Operating nonstop 24/7 throughout 2017, Hope Creek set a new generation record last year when it produced 10.6 million megawatt hours of electricity.
"Concentrating on safe, event-free operations and our equipment reliability helped Hope Creek set these records and a new standard for excellence," said Pete Sena, PSEG Nuclear President and Chief Nuclear Officer. "This success is the direct result of our dedicated employees who work around the clock to keep the power flowing for New Jersey and the region."
While the plant is offline, employees will replace a quarter of the reactor's secure, onsite fuel and perform nearly 14,000 inspections, tests and maintenance activities. PSEG Nuclear also is investing $41 million in capital equipment upgrades to improve reliability and ensure safe operations.
To support the extensive list of work, approximately 1,000 contractors and craftspeople representing 10 different trade unions are working with PSEG employees during the outage. While in the Salem County area, these workers will live and shop locally giving a major boost to the local economy.
"Our normally quiet community buzzes with activity whenever PSEG Nuclear has a refueling outage," said Jennifer Jones, executive director, Salem County Chamber of Commerce. "PSEG Nuclear, its employees and the thousand contractors who support the refueling outage are vital to the Salem County business community because they are spending money at local hotels, restaurants and stores."
Hope Creek is a single unit boiling water reactor with a net generation of 1218 megawatts - providing enough electricity for a million homes. The plant is located on a 740-acre site in Salem County, New Jersey, alongside PSEG Nuclear's Salem Unit 1 & Unit 2 Generating Station. Collectively, the three plants make up the second largest commercial nuclear power generating facility in the United States. They supply 40 percent of New Jersey's energy, while also helping to produce more than 90 percent of the state's carbon-free electricity.
PSEG Nuclear is a part of PSEG Power, one of the nation's largest independent power producers and a subsidiary of Public Service Enterprise Group Incorporated (PSEG)(NYSE: PEG), a diversified energy company.
Visit PSEG at:
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PSEG blog, Energize!
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 its website: http://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.
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SOURCE PSEG Nuclear
TRENTON, N.J., March 29, 2018 /PRNewswire/ -- The PSEG Foundation recently awarded a two-year, $200,000 grant to expand programs for active-duty service members and veterans and advance the development of science, technology, engineering and math (STEM) courses at Thomas Edison State University.
The funding will support substantial improvements to the university's existing Military and Veteran Portal (MVP) and Career Enhancement Initiative. The university plans to expand career advising and job placement resources offered through the MVP that meet the needs of veterans and service members. In addition, the grant will support the development of simulations and virtual laboratories in online STEM courses offered by the university.
"This support from the PSEG Foundation will play a critical role in the development of innovative programs designed for our active-duty service members and veterans to promote the achievement of their personal aspirations and career goals," said John Thurber, vice president for public affairs at the university. "Funding of these initiatives will allow the institution to foster a pathway of success for our students and continue to prepare a strong pipeline of STEM-educated adults for today's workforce."
Support for the Career Enhancement Initiative will bring improved functionality to the MVP by focusing on degree completion, as well as connecting users with career advisement and specific job opportunities based on their interests and training. Since its launch in 2014, the portal has enabled more than 5,000 service members and veterans to understand how their military training can be transferred and applied as credit to a college degree, view potential degree programs aligned with their training and estimate the cost of their education - all before they apply for admission.
The university's implementation of STEM/Nuclear Energy Engineering laboratory simulation technology in online courses will assist in meeting the needs of adult students, increasing student retention and degree achievement, while expanding the academic rigor of the entire STEM curriculum.
"Our country's veterans and active military professionals are exceptional leaders and trained professionals who add tremendous value to our workforce," said Barb Short, PSEG chief diversity officer and senior director, corporate citizenship and culture. "As a company of colleagues dedicated to service and operational excellence, we're proud to continue our longstanding partnership with Thomas Edison State University and support the university's career initiatives dedicated to service members and veterans."
Check out PSEG's Energize! blog post, "Offering veterans pathway to better career," to watch a short video and learn more about how the longstanding partnership between PSEG and Thomas Edison State University has proved to be life changing for three U.S. veterans.
About the PSEG Foundation
The PSEG Foundation (501c3) is the philanthropic arm of Public Service Enterprise Group (NYSE:PEG). The Foundation generally supports and invests in programs in three areas: community and the environment, education and safety. The Foundation provides grants to organizations in communities served by PSEG and its subsidiaries.
Public Service Enterprise Group (NYSE: PEG) is a publicly traded diversified energy company with annual revenues of $9.1 billion and approximately 13,000 employees. Headquartered in Newark, N.J., PSEG's principal operating subsidiaries are: Public Service Electric and Gas Company (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 10 consecutive years. (www.pseg.com).
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About Thomas Edison State University
Thomas Edison State University provides flexible, high-quality, collegiate learning opportunities for self-directed adults. One of New Jersey's senior public institutions of higher education, the University offers associate, bachelor's, master's and doctoral degrees. Students earn degrees through a wide variety of rigorous and high-quality academic methods that can be customized to meet their individual needs. Identified by The New York Times as "the college that paved the way for flexibility," Thomas Edison State University is a national leader in the assessment of adult learning and a pioneer in the use of educational technologies. The University is home to The John S. Watson Institute for Public Policy. The New Jersey State Library is an affiliate of Thomas Edison State University. Learn more at www.tesu.edu.
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SOURCE PSEG Foundation
NEWARK, N.J., March 27, 2018 /PRNewswire/ -- PSEG Solar Source today announced that its PSEG Cork Oak Solar Energy Center successfully began operations in December 2017.
The 26.2-megawatt (dc) facility has a 10-year power purchase agreement with Virginia Electric and Power Co. and is located about 90 miles northeast of Raleigh in Halifax, N.C. It is the third project PSEG Solar Source has developed in collaboration with BayWa r.e.
"We remain focused on growing our solar business by partnering with top-notch organizations like BayWa r.e., on projects like Cork Oak," said Diana Drysdale, president of PSEG Solar Source. "This solar farm can power 5,000 homes and will increase the region's supply of clean energy. It is another step forward, toward a more sustainable future for all of us."
BayWa r.e. was the project's engineering, procurement and construction contractor and now operates the facility for PSEG Solar Source. The project was initiated by Geenex Solar, a developer based in Charlotte, N.C.
PSEG Solar Source completed the acquisition of the project from BayWa r.e. in January 2017.
"This continued revitalization of America's energy grid would not have been possible without the important contribution of partners like PSEG and Geenex, and the strong support of the local community," said Jam Attari, CEO of BayWa r.e. Solar Projects.
PSEG Solar Source now has 23 utility-scale solar facilities in operation in 14 states, including six in North Carolina. Solar Source has a total installed capacity of 414 MWs (dc).
About PSEG Solar Source:
PSEG Solar Source is a subsidiary of PSEG Power, a merchant power generation company which is part of the Public Service Enterprise Group (PSEG) family of companies. PSEG (NYSE:PEG) is a publicly traded diversified energy company with annual revenues of $9.1 billion. Its other main subsidiaries are Public Service Electric and Gas Company (PSE&G), a regulated New Jersey gas and electric utility, and PSEG Long Island, which operates the transmission and distribution assets of the Long Island Power Authority (LIPA).
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SOURCE PSEG Solar Source
NEWARK, N.J., March 22, 2018 /PRNewswire/ -- PSEG Solar Source today announced that its PSEG Sunflower Solar Energy Center successfully began operations in December. The 21-megawatt (dc) facility can power about 4,000 homes.
The solar plant has a 10-year power purchase agreement with Virginia Electric and Power Co. and is located about 90 miles northeast of Raleigh in Halifax, N.C. It is the sixth solar farm PSEG Solar Source has developed in North Carolina, the fourth in collaboration with BayWa r.e.
"The Halifax community has been very supportive, it has been great to do business in this area of North Carolina," said Diana Drysdale, president of PSEG Solar Source. "And the folks at BayWa r.e. and Geenex have been a pleasure to work with. The Sunflower Solar Energy Center will meet the electricity needs of 4,000 homes, allowing them to shift to cleaner energy. This project moves us closer to the green energy future we all want."
BayWa r.e. was the project's engineering, procurement and construction contractor and now operates the facility for PSEG Solar Source. The project was initiated by Geenex Solar, a developer based in Charlotte, N.C.
PSEG Solar Source completed the acquisition of the project from BayWa r.e. in January 2017.
"North Carolina and the Halifax community continue to strongly support efforts that contribute to the local economy and development of a sustainable source of energy," said Jam Attari, CEO of BayWa r.e. Solar Projects. "The ongoing commitment of PSEG Solar Source to invest in these local development efforts has been tremendous."
PSEG Solar Source now has 23 utility-scale solar facilities in operation in 14 states, including six in North Carolina. Solar Source has a total installed capacity of 414 MWs-(dc).
About PSEG Solar Source:
PSEG Solar Source is a subsidiary of PSEG Power, a merchant power generation company which is part of the Public Service Enterprise Group (PSEG) family of companies. PSEG (NYSE: PEG) is a publicly traded diversified energy company with annual revenues of $9.1 billion. Its other main subsidiaries are Public Service Electric and Gas Company (PSE&G), a regulated New Jersey gas and electric utility, and PSEG Long Island, which operates the transmission and distribution assets of the Long Island Power Authority (LIPA).
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SOURCE PSEG Solar Source
NEWARK, N.J., Feb. 28, 2018 /PRNewswire/ -- PSEG (NYSE: PEG) today announced its new climate goal – to eliminate 13 million tons of CO2-equivalent emissions by 2030 – in conjunction with the release of the company's 2017 Sustainability Report. The report is available online at www.pseg.com/sustainability.
The report provides an in-depth look at how the company's investments in solar energy, energy efficiency and infrastructure projects are improving the reliability and resiliency of its electric and gas systems. The updated report also outlines PSEG's efforts to reduce environmental impacts and be socially responsible while creating business opportunities and well-paying jobs.
The report details PSEG's work toward a cleaner energy future. Those efforts include:
"Our experience demonstrates that it is possible to power the economy, provide good jobs for people and protect the environment – all at the same time," said Ralph Izzo, PSEG's Chairman, President and CEO. "By setting high standards, we have established PSEG as a national model in carbon free energy, in reliability and resiliency – leadership that positions us to help our business partners meet their own sustainability goals, as well."
PSEG is also piloting an Environmental, Social and Governance (ESG) criteria template, as part of a program among Edison Electric Institute members. The goal of the program is to provide greater uniformity and consistency regarding sustainability reporting.
The 2017 Corporate Sustainability Report is the company's seventh, and includes an assessment of its business operations, initiatives, social impact agenda and philanthropic efforts using the United Nation's 17 Sustainable Development Goals (SDGs). The update includes a table summarizing the topics most relevant to PSEG's core business and provides links to sections where the company discusses its approach and contributions.
The company's new climate goal is to eliminate 13 million tons of CO2-equivalent emissions by 2030, with 2005 serving as the baseline. The reduction is the equivalent of taking 2.8 million cars off the road. Previously, PSEG established a goal of reducing its GHG emissions by 25 percent from 2005 levels by 2025. PSEG met that goal in 2011, 14 years ahead of schedule. The company's new goal is a continuation of its success to further reduce emissions and provide more low-carbon energy.
"Making New Jersey and the communities we serve more sustainable -- better places to work and live -- is central to our mission," Izzo said. "We approach that challenge with the help of a skilled, dedicated workforce, with a proud Public Service tradition and with a vision based on safe, reliable, economic and greener energy."
In 2017, PSEG was named to the Dow Jones Sustainability North America Index for the 10th consecutive year. The company was named to Forbes' 2018 list of America's Best Employers for Diversity. Its utility, PSE&G, was named 2017 Investor-Owned Utility of the Year by the Smart Electric Power Alliance for its efforts that add solar power to New Jersey's energy mix by building solar farms on landfills and brownfields.
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Forward-Looking Statement
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: http://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.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at http://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at http://investor.pseg.commay be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
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SOURCE Public Service Enterprise Group (PSEG)
NEWARK, N.J., Feb. 23, 2018 /PRNewswire/ -- Public Service Enterprise Group (PSEG) reported 2017 Net Income of $1,574 million, or $3.10 per share, as compared to Net Income of $887 million, or $1.75 per share, for 2016. Non-GAAP Operating Earnings for the year 2017 were $1,488 million, or $2.93 per share, compared to $1,475 million, or $2.90 per share for 2016. Compared to 2016, Net Income for 2017 benefited from a revaluation of deferred tax liabilities associated with a reduction in the Federal corporate tax rate, lower reserves for leveraged lease impairments, and gains on Nuclear Decommissioning Trust (NDT) offset by higher expenses associated with the retirement of the Hudson and Mercer generating stations.
PSEG also reported Net Income for the fourth quarter of 2017 of $956 million, or $1.88 per share. This compares to a Net Loss of $98 million, or $0.19 per share, for the 2016 fourth quarter. Non-GAAP Operating Earnings for the fourth quarter of 2017 were $289 million, or $0.57 per share, compared to fourth quarter 2016 non-GAAP Operating Earnings of $279 million, or $0.54 per share. Net Income for the fourth quarter of 2017 reflects a revaluation of deferred tax liabilities associated with a reduction in the Federal corporate tax rate and NDT and Mark-to-Market activity. The Net Loss in the fourth quarter of 2016 reflects incremental depreciation expense and other expenses associated with the early retirement of the Hudson and Mercer generating stations in addition to NDT and Mark-to-Market activity.
"We ended 2017 on a strong note with operating earnings for the year above the mid-point of our guidance," said Ralph Izzo, Chairman, President and Chief Executive Officer. "Successful execution of PSE&G's capital program and strong operations at PSEG Power contributed to our full year results. The successes of 2017 were the result of the outstanding effort of our dedicated workforce, and position us well as we seek to continue to execute on our strategy to provide long-term value to our shareholders by meeting the needs of our customers and the communities we serve. The recent action by the Board of Directors to increase the common dividend by 4.7% to the indicative annual rate of $1.80 per share is recognition of our financial strength and commitment to growth."
The tables below provide a reconciliation of PSEG's Net Income to non-GAAP Operating Earnings for the full year and fourth quarter. See Attachment 11 for a complete list of items excluded from Net Income in the determination of non-GAAP Operating Earnings.
PSEG CONSOLIDATED RESULTS (unaudited) | |||||
Full-Year Comparative Results | |||||
2017 and 2016 | |||||
Income |
Diluted Earnings | ||||
($ millions) |
Per Share | ||||
2017 |
2016 |
2017 |
2016 | ||
Net Income |
$1,574 |
$887 |
$3.10 |
$1.75 | |
Reconciling Items* |
(86) |
588 |
(0.17) |
1.15 | |
Non-GAAP Operating Earnings |
$1,488 |
$1,475 |
$2.93 |
$2.90 | |
Avg. Shares |
507M |
508M | |||
*See Attachment 11 |
PSEG CONSOLIDATED RESULTS (unaudited) | |||||
Fourth Quarter Comparative Results | |||||
2017 and 2016 | |||||
Income/(Loss) |
Diluted Earnings | ||||
($ millions) |
Per Share | ||||
2017 |
2016 |
2017 |
2016 | ||
Net Income/(Loss) |
$956 |
$ (98) |
$1.88 |
$(0.19) | |
Reconciling Items* |
(667) |
377 |
(1.31) |
0.73 | |
Non-GAAP Operating Earnings |
$289 |
$279 |
$0.57 |
$0.54 | |
Avg. Shares |
508M |
508M | |||
*See Attachment 11 |
Ralph Izzo went on to say, "We enter 2018 from a position of financial strength aided by a strong balance sheet, continued execution of our strategic growth objectives and tax reform. For 2018, we forecast 6% growth in non-GAAP Operating Earnings at the mid-point of our guidance of $3.00 - $3.20 per share. This is possible, despite the challenges we continue to face in wholesale power markets especially at our nuclear plants, due to continued growth at PSE&G and a $0.16 per share benefit to the bottom line of our unregulated businesses from a reduction in the federal tax rate."
The following table outlines PSEG's 2017 non-GAAP Operating Earnings by subsidiary and expectations for 2018.
2018 Non-GAAP Operating Earnings Guidance and | ||||
2017 Non-GAAP Operating Earnings | ||||
($ millions, except EPS) | ||||
2018E |
2017A | |||
PSE&G |
$1,000 - $1,030 |
$963 | ||
PSEG Power |
$485 - $560 |
$505 | ||
PSEG Enterprise/Other |
$35 - $35 |
$20 | ||
Non-GAAP Operating Earnings |
$1,520 - $1,625 |
$1,488 | ||
Non-GAAP EPS |
$3.00 - $3.20 |
$2.93 | ||
E = Estimate A= Actual |
Non-GAAP Operating Earnings Review and Outlook by Operating Subsidiary
See Attachments 5 and 6 for detail regarding the quarter-over-quarter and year-over-year reconciliations for each of PSEG's businesses.
PSE&G
PSE&G reported Net Income of $220 million ($0.43 per share) for the fourth quarter bringing full year Net Income to $973 million ($1.92 per share). Non-GAAP Operating Earnings for the fourth quarter of 2017 were $210 million ($0.41 per share) bringing non-GAAP Operating Earnings for the full year to $963 million ($1.90 per share). On a comparative basis, PSE&G reported Net Income of $193 million ($0.38 per share) and $889 million ($1.75 per share) for the fourth quarter and full year 2016, respectively.
PSE&G's Net Income in the fourth quarter reflects continued growth in earnings on its increased level of investment in Transmission and Distribution infrastructure.
Growth in PSE&G's investment in transmission improved quarter-over-quarter Net Income comparisons by $0.03 per share. Recovery of investment in gas distribution made under PSE&G's Energy Strong and Gas System Modernization Programs increased quarter-over-quarter Net Income by $0.01 per share. Colder than normal weather as compared to more normal weather conditions in the year-ago quarter improved Net Income by $0.01 per share. An increase in O&M expenses associated with preventative and corrective maintenance reduced quarter over quarter Net Income by $0.02 per share.
Electric sales, on a weather-normalized basis, declined 0.9% in the fourth quarter compared to the year-ago quarter as a decline in Residential and Industrial sales more than offset growth in Commercial sales. For the year, weather-normalized electric sales declined 0.4%. Weather-normalized gas sales for the quarter declined 1.0% as a reduction in sales to Residential customers was partially offset by growth in sales to Commercial and Industrial customers. For the year, growth in weather-normalized gas sales of 1.2% was led by growth from Commercial and Industrial customers.
PSE&G, in January 2018, filed a distribution base rate case as required by the NJ Board of Public Utilities (BPU) as a condition of approval in 2014 of its Energy Strong Program. The filing reflected an approximate one percent increase in revenues ($95 million) primarily to recover investments made to strengthen electric and gas distribution systems. In its filing, PSE&G requested that these rates take into account an approximate $130 million reduction in the revenue requirement as a result of the federal corporate income tax rate reduction from 35% to 21% provided in the Tax Cuts and Jobs Act (the Tax Act), a one-time credit for estimated excess income taxes collected between January 1, 2018 and the time the rates go into effect, and the flow back to customers of certain additional tax benefits. The filing will be updated to incorporate the full impact of the Tax Act including the potential impacts of a recent BPU order requiring utilities to reflect the reduction in the federal tax rate in bills effective April 1, 2018. PSE&G anticipates the new base rates will take effect in the fourth quarter of 2018.
In January 2018, PSE&G filed a revised 2018 Annual Transmission Formula Rate with the Federal Energy Regulatory Commission (FERC) reducing the 2018 transmission annual revenue requirement by $148 million to reflect the lower federal corporate income tax rate. Combined, the lower federal tax requirement reduces PSE&G's annual distribution and transmission revenue requirement by approximately $275 million.
PSE&G's $3.1 billion investment in 2017 to upgrade and expand its transmission and distribution system led to a 12.5% increase in rate base to $17 billion at year-end.
For the 16th year in a row, PSE&G's work to protect and strengthen the system yielded recognition as the most reliable electric utility in the Mid-Atlantic region.
PSE&G's Net Income for 2018 is forecasted at $1,000 million - $1,030 million.
PSEG Power
PSEG Power reported Net Income of $610 million ($1.20 per share) in the fourth quarter of 2017 versus a Net Loss of $302 million ($0.59 per share) for the fourth quarter of 2016. For the full year 2017, PSEG Power reported Net Income of $479 million ($0.94 per share) versus Net Income for the full year 2016 of $18 million ($0.04 per share).
PSEG Power reported non-GAAP Operating Earnings of $100 million ($0.20 per share) for the fourth quarter of 2017 and non-GAAP Adjusted EBITDA of $196 million bringing full year non-GAAP Operating Earnings to $505 million ($1.00 per share) and non-GAAP Adjusted EBITDA to $1,172 million. On a comparative basis, PSEG Power reported non-GAAP Operating Earnings of $69 million ($0.13 per share) and non-GAAP Adjusted EBITDA of $155 million for the fourth quarter of 2016 and non-GAAP Operating Earnings of $514 million ($1.01 per share) and non-GAAP Adjusted EBITDA of $1,201 million for the full year 2016.
Power's fourth quarter Net Income includes a one-time, non-cash benefit of $588 million associated with a revaluation of deferred tax liabilities stemming from the reduction in the federal income tax rate to 21%. The company's fourth quarter results also reflect an improvement in margins.
An increase in capacity prices in New England and PJM improved quarterly Net Income comparisons by $0.02 per share. A 2% increase in generation output improved Net Income comparisons by $0.01 per share as higher gas send-out due to colder than normal weather improved quarterly Net Income comparisons by $0.01 per share. A decline in the average price received on energy hedges was partially offset by an increase in market prices on unhedged output resulting in a decline in quarter-over-quarter Net Income of $0.01 per share. A decline in O&M expense improved Net Income comparisons by $0.03 per share. A decline in depreciation, interest and taxes combined to improve fourth quarter Net Income comparisons by $0.01 per share.
Output from Power's generating facilities in the fourth quarter was 2% greater than output in the year-ago quarter. Quarterly comparisons were influenced by the timing of nuclear plant refueling outages and increased demand in response to colder than normal weather. For the year, based on results for the fourth quarter, output of 51 TWh was stronger than our forecast provided at the end of the third quarter, which called for full year output of 49 – 50 TWh. The nuclear fleet operated at an average capacity factor of 89.9% in the quarter, resulting in a full year capacity factor of 93.9%, and producing record electric output for the year of 31.8 TWh. Power's gas-fired CCGT fleet operated at an average capacity factor of ~40% in the quarter resulting in a full-year capacity factor of ~47% producing 13.6 TWh of electric energy for the year. For the quarter, output from the coal fleet declined slightly as the result of outage work at the Keystone station. For the full year, output from the coal fleet increased 12% to 5.3 TWh as an increase in gas prices improved its competitiveness.
Power is forecasting an improvement in output for 2018 to 55- 57 TWh. Following completion of the recent Basic Generation Service (BGS) auction in NJ, approximately 80% - 85% of production for the year is hedged at an average price of $40 per MWh. For 2019, Power has hedged 55% - 60% of forecast production of 59 – 61 TWh at an average price of $38 per MWh. Power is forecasting a further increase in output for 2020 to 63 – 65 TWh. Approximately 25% - 30% of Power's output in 2020 is hedged at an average price of $38 per MWh. The forecast of output for 2018 and 2019 has improved since our last forecast with an increase in spark spreads. The forecast for 2018 – 2020 includes generation associated with the mid-2018 commercial start-up of 1300 MWs of new, gas-fired combined cycle capacity at the Keys Energy Center in Maryland and Sewaren in New Jersey, and the mid-2019 commercial operation of the 485 MW gas-fired combined cycle generating unit in Bridgeport Harbor, Connecticut.
For 2018, non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA at PSEG Power are forecast to be $485 million - $560 million and $1,075 million - $1,180 million, respectively.
PSEG Enterprise/Other
PSEG Enterprise/Other reported Net Income for the fourth quarter of 2017 of $126 million ($0.25 per share) compared to Net Income of $11 million ($0.02 per share) for the fourth quarter of 2016. For the full year, PSEG Enterprise/Other reported Net Income of $122 million, ($0.24 per share) compared to a Net Loss in 2016 of $20 million ($0.04 per share). The results for 2017 include a one-time, non-cash earnings benefit of $147 million related to the reduction in the federal corporate income tax rate and a decrease in Energy Holdings' deferred tax liabilities partially offset by an after-tax charge taken earlier in the year related to on-going challenges facing NRG REMA, LLC. The results for 2016 reflect after-tax charges for lease-related impairments.
PSEG Enterprise/Other reported a non-GAAP operating loss in the fourth quarter 2017 of $21 million ($0.04 per share) compared to non-GAAP Operating Earnings of $17 million ($0.03 per share) in the year-ago quarter. The results for the fourth quarter brought PSEG Enterprise/Other non-GAAP Operating Earnings for the full year to $20 million ($0.03 per share) versus $72 million ($0.14 per share) in 2016.
The decline in non-GAAP Operating Earnings year-over-year reflects the impact of a $15 million after-tax contribution to the PSEG Foundation as well as certain tax items at the Parent and PSEG Energy Holdings in fourth quarter of 2017 and the absence of certain tax items that occurred in the fourth quarter of 2016 at Energy Holdings.
For 2018, non-GAAP Operating Earnings for PSEG Enterprise/Other are forecast to be $35 million.
###
About PSEG:
Public Service Enterprise Group (NYSE: PEG) is a publicly traded diversified energy company with annual revenue of $9.1 billion. Its operating subsidiaries are: Public Service Electric and Gas Company (PSE&G), PSEG Power LLC, and PSEG Long Island.
PSE&G is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability.
PSEG Power LLC is an independent power producer that generates and sells electricity in the PJM, New York and New England wholesale power markets.
Non-GAAP Financial Measures
Management uses non-GAAP Operating Earnings in its internal analysis, and in communications with investors and analysts, as a consistent measure for comparing PSEG's financial performance to previous financial results. Non-GAAP Operating Earnings exclude the impact of returns (losses) associated with the Nuclear Decommissioning Trust (NDT), Mark-to-Market (MTM) accounting and material one-time items such as the revaluation of deferred tax liabilities and the impact of the retirement of the Hudson and Mercer coal stations on Power.
Management believes the presentation of non-GAAP Adjusted EBITDA for Power is useful to investors and other users of our financial statements in evaluating operating performance because it provides them with an additional tool to compare business performance across companies and across periods. Management also believes that non-GAAP Adjusted EBITDA is widely used by investors to measure operating performance without regard to items such as income tax expense, interest expense and depreciation and amortization, which can vary substantially from company to company depending upon, among other things, the book value of assets, capital structure and whether assets were constructed or acquired. Non-GAAP Adjusted EBITDA also allows investors and other users to assess the underlying financial performance of our fleet before management's decision to deploy capital. Non-GAAP Adjusted EBITDA excludes the same items as our non-GAAP Operating Earnings measure as well as income tax expense, interest expense and depreciation and amortization.
See Attachment 12 for a complete list of items excluded from Net Income in the determination of non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA. The presentation of non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA is intended to complement, and should not be considered an alternative to the presentation of Net Income, which is an indicator of financial performance determined in accordance with GAAP. In addition, non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA as presented in this release may not be comparable to similarly titled measures used by other companies.
Due to the forward looking nature of non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA guidance, PSEG is unable to reconcile these non-GAAP financial measures to the most directly comparable GAAP financial measure. Management is unable to project certain reconciling items, in particular MTM and NDT gains (losses), for future periods due to market volatility.
The following attachments can be found on www.pseg.com:
Attachment 1 - Consolidating Statements of Operations – 3 months
Attachment 2 – Consolidated Statement of Operations – year ended December 31, 2017
Attachment 3 - Capitalization Schedule
Attachment 4 - Condensed Consolidated Statements of Cash Flows
Attachment 5 - Quarter-over-Quarter EPS Reconciliation
Attachment 6 – Year-over-Year EPS Reconciliation
Attachment 7 - Retail Sales and Revenues – Electric
Attachment 8 - Retail Sales and Revenues – Gas
Attachment 9 - Generation Measures
Attachment 10 - Statistical Measures
Attachment 11 – Consolidated Operating Earnings (non-GAAP) Reconciliation
Attachment 12 – PSE&G Operating Earnings (non-GAAP), PSEG Power Operating Earnings (non-GAAP) and Adjusted EBITDA (non-GAAP) Reconciliation, PSEG Enterprise/Other Operating Earnings (non-GAAP) Reconciliation
Forward-Looking Statements
Certain of the matters discussed in this presentation about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical constitute "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. When used herein, the words "anticipate," "intend," "estimate," "believe," "expect," "plan," "should," "hypothetical," "potential," "forecast," "project," variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in filings we make with the United States Securities and Exchange Commission (SEC) including our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K. These factors include, but are not limited to:
All of the forward-looking statements made in this presentation 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 presentation apply only as of the date of this presentation. 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.
The forward-looking statements contained in this presentation are intended to qualify for the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at http://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at http://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
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SOURCE Public Service Enterprise Group (PSEG)
NEWARK, N.J., Feb. 13, 2018 /PRNewswire/ -- PSEG announced today that Barb Short will be the company's new Chief Diversity Officer. In addition, Short will head the PSEG Foundation and oversee the company's community involvement as Senior Director, PSEG Corporate Citizenship and Culture. She will replace Ellen Lambert, who has retired. In her retirement, Lambert plans to volunteer with the United Nations to improve maternal health and survivability during and after pregnancy.
Short comes to PSEG from CECP: The CEO Force for Good, where she served as Managing Director, Corporate Leadership. Short will begin Feb. 15 and will report to Derek DiRisio, President, PSEG Services Corp.
"Ellen has done a great job focusing our company on building a culture that values Diversity and Inclusion," DiRisio said. "Barb's experience in nonprofits and various New Jersey corporations will allow her to build on that foundation overall, as well as take our D&I efforts to a new level -- an area that is very important to our employees, community leaders, customers and shareholders. Barb has had the opportunity to lead best practice initiatives in both the Diversity and Inclusion and Corporate Social Responsibility areas, and I look forward to seeing her implement those practices at PSEG."
At CECP, Short helped to reposition and strengthen the organization, as she served as an adviser to its Fortune 500 executives on their corporate societal investment strategies through oversight of CECP's best-in-class annual Summit and events, launching new initiatives focused on building a culture of purpose and workforce equity, and leading one-on-one and team engagements. She previously served as Director, Global Inclusion and Corporate Social Responsibility at Quest Diagnostics, and President, Quest Diagnostics Foundation. Short has held roles in corporate communications and marketing with several New Jersey companies, as well as with leading organizations focused on equity and inclusion.
"PSEG stands as a leader in societal investment in our state, in our communities and among its large corporate peers," Short said. "This kind of distinction, from competitive global rankings to demonstrated employee caring, is earned over time, through the talent, leadership and caring of many. As a corporate peer who has admired PSEG's leadership and as a longtime customer who has been grateful for its dedication and professionalism in the field, I'm honored to call PSEG's 13,000 dedicated workers my caring colleagues."
PSEG has a more-than-100-year history of giving back to the communities where it operates – led by active employee involvement. Short will help guide the PSEG Foundation, recently named one of the state's top three foundations by New Jersey Monthly Magazine. She also will oversee PSEG's employee programs dedicated to a more inclusive workforce and volunteerism in our communities. PSEG, a publicly traded company (NYSE: PEG), was named to Forbes' 2018 list of American's Best Employers for Diversity and has been consistently recognized for its commitment to military personnel and their families. PSEG has been named to the Dow Jones Sustainability North America Index for the 10th year in a row.
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SOURCE PSEG
NEWARK, N.J., Feb. 2, 2018 /PRNewswire/ -- PSEG Energy Solutions today announced that it has received approval to operate as a retail electricity supplier in the state of Maryland. PSEG Energy Solutions currently offers competitive electric supply to commercial and industrial customers in Pennsylvania and New Jersey. The company plans to continue to expand throughout the Mid-Atlantic and Northeast.
"We are excited to soon be offering our products and services in Maryland," said Thomas Chamberlin, Managing Director, PSEG Energy Solutions. "Working closely with energy brokers, we deliver competitive prices and great customer service, backed by a name that can be trusted – PSEG. PSEG Power operates one of the most balanced portfolios in the country. And it is that balance that enables PSEG Energy Solutions to provide the power our customers need, when they need it."
PSEG Energy Solutions works with medium and large commercial and industrial customers to find the best energy supply product to meet the needs of a customer – a locked-in, fixed price to ensure budget certainty, a price that is indexed and floats with energy markets, or some combination of the two.
PSEG Energy Solutions comprises a team of energy industry professionals with more than 100 years of combined experience in executive leadership, wholesale energy operations, customer care and sales from every part of the industry, including utilities, retail energy companies and energy consulting firms. For more information about PSEG Energy Solutions, visit PSEGEnergySolutions.com.
PSEG Energy Solutions is part of the PSEG family of companies. It is a wholly owned subsidiary of PSEG Energy Resources & Trade, which manages PSEG Power's generation portfolio. PSEG is a publicly traded company (NYSE:PEG) based in Newark, N.J.
Visit PSEG at:
www.pseg.com
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PSEG blog, Energize!
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 its website: http://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.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at http://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at http://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
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SOURCE PSEG Energy Solutions
NEWARK, N.J., Jan. 25, 2018 /PRNewswire/ -- In the aftermath of Superstorm Sandy, Public Service Electric and Gas Co. (PSE&G), with support from the New Jersey Board of Public Utilities, embarked on Energy Strong, a $1.2 billion program that is making electric and gas systems more resilient against severe weather. Under this program, PSE&G greatly expanded the use of advanced technology enabling remote monitoring and control of its electric system.
In recognition of this work, PSE&G was awarded the 2018 POWERGRID International and DistribuTECH Grid Optimization Project of the Year for its Energy Strong Advanced Technologies Program. In San Antonio this week, the award was presented at the DistribuTECH Conference attended by representatives from more than 300 electric, gas and water utilities around the world.
"When Superstorm Sandy hit, it was difficult to gauge just how bad the damage was until PSE&G crews were deployed to the scene," said Jorge Cardenas, PSE&G Vice President of Asset Management and Centralized Services. "Our investment in smart grid technologies has improved our ability to assess damage during storms, prevent power outages and get the lights back on faster when outages do occur."
The Energy Strong Advanced Technologies program included the expanded use of microprocessor relays, installation of Supervisory Control and Data Acquisition, or "SCADA," equipment at key substations and deployment of a centralized Distribution SCADA Master Station that enables remote control and visibility of distribution circuits. This enables rapid diagnosis of circuit conditions during severe weather events.
The end result is that customers experience fewer power outages, and if they do experience a loss of power electricity is restored more quickly.
Before this project, about 650,000 customers were served by an advanced technology system. Post-project, about 2.1 million customers, or 91 percent of all PSE&G customers, are now on the system and benefiting from a reduction in the number and duration of electric outages on blue-sky days and during storms.
Public Service Electric and Gas Company (PSE&G) is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE:PEG), a diversified energy company.
Visit PSEG at:
www.pseg.com
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PSEG on LinkedIn
PSEG blog, Energize!
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SOURCE PSE&G
NEWARK, N.J., Jan. 12, 2018 /PRNewswire/ -- Public Service Electric and Gas Co. (PSE&G) today filed its first regulatory rate review in more than eight years, asking for a small adjustment in electric and gas base delivery rates that would increase overall revenues by approximately 1 percent.
The increase is necessary to recover investments PSE&G made to strengthen its electric and gas distribution systems, making them more reliable and resilient. PSE&G is required to file the rate review as a condition of the approval by the New Jersey Board of Public Utilities of the company's Energy Strong program in 2014.
If approved as filed, the typical combined residential electric and natural gas customer will see an approximate 1 percent increase or about $19.70 in their annual bill. Even with this proposed increase, bills for the typical residential customer are expected to be more than 15 percent lower than they were in 2010.
"Our customer bills are already among the lowest in the state – and that won't change," said David Daly, PSE&G president and COO.
"As a result of strong cost control, our residential customer bills are lower today than they were eight years ago," Daly said. "Together with passing along savings from recent tax law changes, we've been able to minimize the impact on our customers."
Revenues from base rates are used to maintain and improve the electric and gas delivery infrastructure, such as pipes and wires, and provide customer services. Customer bills also contain separate charges for the electric and gas supply that is obtained by PSE&G on behalf of its customers.
"Since our last regulatory rate review in 2010, PSE&G has made significant capital investments to upgrade, modernize, and strengthen our electric and gas systems to make them more reliable and resilient," Daly said. "Our current electric and gas delivery rates do not reflect all the investments we have made to maintain the safe, highly reliable service our customers have come to expect. This rate review also addresses previously incurred storm costs that had been deferred until this time."
Proposal includes Green Enabling Mechanism
The rate filing also seeks BPU approval of a rate design change, called the Green Enabling Mechanism (GEM), a proposal to decouple revenues from sales volumes and thereby encourage energy efficiency. If approved, the GEM will remove the incentive to sell more energy and will instead encourage utility investments in energy efficiency, renewables and other clean energy technologies that will ultimately benefit all customers by bringing down bills and reducing emissions.
PSE&G anticipates that new base rates as well as the GEM will take effect October 1, 2018.
PSE&G
Public Service Electric and Gas Company (PSE&G) is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE: PEG), a diversified energy company.
Visit PSEG at:
www.pseg.com
PSEG on Facebook
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PSEG on LinkedIn
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 its website: http://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.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at http://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at http://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
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SOURCE PSE&G
NEWARK, N.J., December 22, 2017 /PRNewswire/ -- Public Service Enterprise Group (PSEG) today announced that Barry H. Ostrowsky, president and chief executive officer, RWJBarnabas Health, has been elected to its board of directors, effective Feb. 20.
Mr. Ostrowsky joined Saint Barnabas Medical Center in 1991 as executive vice president and general counsel and served in the same role when Barnabas Health was created in 1996. At Barnabas Health, he became president and chief operating officer in 2010 and president and chief executive officer in 2012. In April 2016, with the merger of Barnabas Health and Robert Wood Johnson Health System, he assumed his present position. He has 20 years of experience, strong leadership skills and broad knowledge of the health care industry.
"Barry's vast experience in leading one of the largest health care systems in our region through this challenging, dynamic and highly regulated environment, combined with his widely acclaimed prominence as a role model of corporate citizenship makes him an invaluable addition to our board of directors," said Ralph Izzo, PSEG's chairman, president and chief executive officer.
Prior to Mr. Ostrowsky's tenure at RWJBarnabas, he was a senior partner in the law firm of Brach, Eichler, Rosenberg, Silver, Bernstein, Hammer and Gladstone. He currently serves on the board of directors of RWJBarnabas Health, Cerebral Palsy of North Jersey, Public Media NJ, Inc. and the New Jersey Chamber of Commerce. He has played an active role in shaping the evolution of New Jersey's health care delivery system and worked closely with physicians, hospitals and insurers to improve the health and wellness of our state's diverse communities.
Public Service Enterprise Group (NYSE: PEG) is a publicly traded diversified energy company with annual revenues of approximately $9 billion. Its operating subsidiaries are: Public Service Electric and Gas Company (PSE&G), PSEG Power, and PSEG Long Island.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at http://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at http://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
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SOURCE Public Service Enterprise Group (PSEG)
NEWARK, N.J., Dec. 21, 2017 /PRNewswire/ -- Public Service Electric and Gas Company (PSE&G), New Jersey's largest utility, announced today that it will provide bill credits this winter that will lower monthly bills for a typical residential gas heating customer by about 17 percent during January and February. Customers will receive a credit on their PSE&G bill of approximately $50 over two months this winter.
A typical residential customer using 165 therms per month in January and February would normally pay about $300 for both months. This customer's bill for both winter months will be about $250 with the bill credit.
Since January 2009, annual bills for PSE&G's typical residential gas heating customers are 49 percent -- or $825 -- lower due to supply rate reductions.
"Low natural gas prices, our transportation and storage capabilities, and the way we manage our contracts have enabled us to pay less for natural gas," said Jorge Cardenas, PSE&G vice president of asset management and centralized services. "We are pleased to be able to pass these savings on to our residential customers."
PSE&G makes no profit on the sale of natural gas, and passes along what it pays to customers.
Public Service Electric and Gas Company (PSE&G) is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE:PEG), a diversified energy company.
Visit PSEG at:
www.pseg.com
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
PSEG blog, Energize!
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at http://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at http://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
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SOURCE PSE&G
NEWARK, N.J., Dec. 12, 2017 /PRNewswire/ -- Public Service Electric and Gas Company (PSE&G) has learned that its customers may be affected by a potential data breach involving the systems of TIO Networks, a subsidiary of PayPal Holdings.
PayPal notified PSE&G that there was unauthorized access to TIO Networks' system that stores customer information. TIO Networks processed payments made at automated kiosks in PSE&G's walk-in customer service centers between 2012 and 2017. TIO Networks also facilitated payments PSE&G customers made at third-party payment centers, such as local convenience stores, that accept utility bill payments.
TIO Networks has notified PSE&G that customer information for PSE&G's approximately 2.5 million customers may have been exposed as a result of the suspected breach. The customer information that may have been compromised includes utility account numbers and addresses. Customers paying by check via kiosk at one of PSE&G's Customer Service Centers also may have had their personal checking account number and routing number exposed.
"PSE&G takes the confidentiality of our customers' information very seriously and we regret any inconvenience that this may have caused our customers," said Greg Dunlap, vice president of customer operations. "We continue to work with PayPal and TIO Networks as they continue to investigate and to gain additional information about how our customers may be affected."
Customers who believe they may be impacted or have questions should visit www.tio.com or call 1-800-436-7734 for more information.
Public Service Electric and Gas Company (PSE&G) is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE: PEG), a diversified energy company.
Visit PSEG at:
www.pseg.com
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
PSEG blog, Energize!
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: http://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.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at http://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at http://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
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SOURCE PSE&G
UNIONDALE, N.Y., Nov. 29, 2017 /PRNewswire/ -- Responding to Governor Andrew M. Cuomo's leadership, PSEG Long Island has mobilized more than 50 employees and contractors to Puerto Rico, along with the requisite vehicles and equipment, to help in the effort to rebuild its electrical grid after Hurricane Maria caused severe damage in September.
"At PSEG Long Island, responding to crises and helping those in need, is what we do best," said Dan Eichhorn, president and COO of PSEG Long Island. "Our employees showed no hesitation when asked to volunteer and join NYPA and New York's other utilities to support Puerto Rico and reconstruct the electrical grid to provide safe electrical power. This is a prime example of our employees' commitment to always being there to help others in need, just as Long Islanders were supported after Superstorm Sandy."
PSEG Long Island vehicles were driven to Pennsauken, NJ and loaded on to a barge which transported the trucks and equipment to Puerto Rico. Personnel will fly down today to meet up with the equipment.
A small contingent of employees arrived in Puerto Rico in early November and they have been assessing the damage. The additional personnel are in the process of deploying and will assist in restoring power across the island just as soon as they arrive.
Mutual aid allows for the sharing of resources such as labor and equipment during emergencies.
PSEG Long Island operates the Long Island Power Authority's transmission and distribution system under a 12-year contract. PSEG Long Island is a subsidiary of Public Service Enterprise Group Incorporated (NYSE: PEG), a publicly traded diversified energy company with annual revenues of $9.1 billion.
Keep in Touch:
www.psegliny.com
PSEG Long Island on Facebook
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Psegliny.com/blog
Contact: Media Relations Pager
516.229.7248
mediarelationsLI@pseg.com
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SOURCE PSEG Long Island
NEWARK, N.J., Nov. 21, 2017 /PRNewswire/ -- The Board of Directors of Public Service Enterprise Group (NYSE: PEG) today declared a $0.43 per share dividend on the outstanding common stock of the company for the fourth quarter of 2017.
All dividends for the fourth quarter are payable on or before December 29, 2017, to shareholders of record on December 8, 2017.
Forward-Looking Statements
The statements contained in this communication about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements 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. When used herein, the words "anticipate," "intend," "estimate," "believe," "expect," "plan," "should," "hypothetical," "potential," "forecast," "project," variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could 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: http://investor.pseg.com/sec-filings. All of the forward-looking statements made in this communication 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 communication 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.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at http://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at http://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
Visit PSEG at:
www.pseg.com
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
PSEG blog, Energize!
PSEG on YouTube
PSEG My Alerts!
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SOURCE PSEG
NEWARK, N.J., Nov. 9, 2017 /PRNewswire/ -- With cold weather on the way, Public Service Electric & Gas Co. (PSE&G), New Jersey's largest utility, offers its top six ways you can help keep the heat in and your heating bills down this winter with little or no cost.
1. Lower your thermostat by just 1 degree. You will hardly notice and this may reduce your heating bill by as much as 3 percent. Save even more by lowering your thermostat 2 degrees during the day and 5 to 10 degrees at bedtime, if health conditions permit.
2. Everyone loves a cozy fire on cold days, but be sure to close fireplace dampers when you are not using it. This will help prevent warm air from escaping your home through the chimney.
3. Sunny out? Open curtains and blinds that face the sun to warm your home, and close them at night to avoid uncomfortable cold drafts.
4. Set your hot water heater to no more than 120 degrees. You'll still be able to enjoy a hot shower, while saving energy at the same time.
5. Rearrange the room. Move furniture and drapes away from heating registers, radiators and baseboard element covers. Open any register or baseboard dampers to allow for maximum heat.
6. Seal windows and door frames. Use weather stripping or caulk to seal cracks and prevent drafts. While you're at it, install draft guards beneath doors. Find them at your local hardware or home improvement store.
Public Service Electric and Gas Company (PSE&G) is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE: PEG), a diversified energy company.
Visit PSEG at:
www.pseg.com
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
PSEG blog, Energize!
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SOURCE PSE&G
NEWARK, N.J., Oct. 31, 2017 /PRNewswire/ -- (NYSE: PEG) Public Service Enterprise Group (PSEG) reported third quarter 2017 Net Income of $395 million or $0.78 per share as compared to Net Income of $327 million or $0.64 per share reported for the third quarter of 2016. Non-GAAP Operating Earnings for the third quarter of 2017 were $417 million or $0.82 per share as compared to non-GAAP Operating Earnings for the third quarter of 2016 of $444 million or $0.88 per share.
"We experienced solid results for the quarter, executing well on major initiatives," said Ralph Izzo, Chairman, President and Chief Executive Officer, "delivering reliable, efficient service, as we continue to upgrade our transmission system, replace cast-iron pipe and construct three new clean gas-fired combined cycle generating stations."
Management uses non-GAAP Operating Earnings in its internal analysis, and in communications with investors and analysts, as a consistent measure for comparing PSEG's financial performance to previous financial results. Non-GAAP Operating Earnings exclude the impact of returns(losses) associated with Nuclear Decommissioning Trust (NDT), Mark-to-Market (MTM) accounting and material one-time items.
The table below provides a reconciliation of PSEG's Net Income to non-GAAP Operating Earnings for the third quarter. See Attachment 11 for a complete list of items excluded from Net Income in the determination of non-GAAP Operating Earnings. The presentation of non-GAAP Operating Earnings is intended to complement, and should not be considered an alternative to, the presentation of Net Income, which is an indicator of financial performance determined in accordance with GAAP. In addition, non-GAAP Operating Earnings as presented in this release may not be comparable to similarly titled measures used by other companies.
PSEG CONSOLIDATED RESULTS (unaudited) | |||||
Third Quarter Comparative Results | |||||
2017 and 2016 | |||||
Income |
Diluted Earnings | ||||
($ millions) |
Per Share | ||||
2017 |
2016 |
2017 |
2016 | ||
Net Income |
$395 |
$327 |
$0.78 |
$0.64 | |
Reconciling Items* |
22 |
117 |
0.04 |
0.24 | |
Non-GAAP Operating Earnings |
$417 |
$444 |
$0.82 |
$0.88 | |
Avg. Shares |
507M |
508M |
*See Attachment 11 |
Ralph Izzo went on to say, "Despite the impact of abnormally cool weather on third quarter sales and earnings, we remain within our non-GAAP Operating Earnings guidance for the full year of $2.80 - $3.00 per share."
Non-GAAP Operating Earnings guidance by company for the full year remains unchanged:
2017 Non-GAAP Operating Earnings Guidance ($ millions, except EPS) | ||
2017 Estimate | ||
PSE&G |
$945 - $985 | |
PSEG Power |
$435 - $510 | |
PSEG Enterprise/Other |
$35 - $35 | |
Non-GAAP Operating Earnings |
$1,415 - $1,530 | |
Non-GAAP EPS |
$2.80 - $3.00 | |
Due to the forward looking nature of non-GAAP Operating Earnings guidance, PSEG is unable to reconcile this non-GAAP financial measure to the most directly comparable GAAP financial measure. Management is unable to project certain reconciling items, in particular MTM and NDT gains (losses), for future periods due to market volatility.
Non-GAAP Operating Earnings Review and Outlook by Operating Subsidiary
See Attachment 5 for detail regarding the quarter-over-quarter reconciliations for each of PSEG's businesses.
PSE&G
PSE&G reported Net Income of $246 million ($0.49 per share) for the third quarter of 2017 compared with Net Income of $255 million ($0.50 per share) for the third quarter of 2016.
Net Income growth in the third quarter associated with PSE&G's expanded investment in electric and gas transmission and distribution facilities was offset by the impact on sales of weather conditions which were substantially cooler than experienced in the year-ago quarter and cooler than normal.
Returns on PSE&G's expanded investment in transmission added $0.04 per share to Net Income in the quarter. Incremental revenue associated with recovery of PSE&G's Energy Strong investment infrastructure program of $0.02 per share was offset by a decline in electric demand-related revenues and weather-normalized electric sales. Net Income comparisons were also impacted by a decline in electric sales associated with weather conditions which were approximately 27% cooler than conditions experienced during the 2016 third quarter and 5% cooler than normal. The decline in electric sales reduced third quarter Net Income comparisons by $0.03 per share. An increase in depreciation expense of $0.01 per share associated with PSE&G's expanded capital base was offset by a decline in operating and maintenance expense. An absence of tax credits available in the year-ago third quarter and other items reduced Net Income comparisons by $0.02 per share.
Electric sales, as a result of cooler summer weather, declined 8.3% in the quarter. The decline was led by an approximate 13.9% decline in sales to residential customers and accompanied a decline in sales to commercial and industrial customers of 4.8% and 4.2%, respectively. On a trailing twelve-month basis, weather-normalized electric sales decreased by 0.1% year-over-year. Gas sales, on the same basis, increased 1.5% led by the commercial sector.
Electric sales comparisons for the quarter reflect warmer than normal weather experienced in the second half of September. The warm weather in the second half of September had a more modest impact on margins, as those sales are accrued at the lower non-summer billing rates.
PSE&G filed an update of its Formula Rate for transmission at the Federal Energy Regulatory Commission (FERC) in October 2017. The update, which reflects an increase in the level of PSE&G's investment in transmission and a true-up of prior year results, provides for a $212 million increase in annual transmission revenues effective January 1, 2018. The increase is due to planned capital improvements with a focus on improvements to system reliability.
PSE&G, following discussions with the staff of the NJ Board of Public Utilities (BPU) and Rate Counsel, and as approved by the BPU at its October 20, 2017 meeting, agreed to delay the filing of its base distribution rate case by one month to no later than December 1, 2017. The filing will be based upon three months of actual data and nine months of forecasted data with the test year ending June 2018 remaining unchanged.
PSE&G invested approximately $2.1 billion for the nine months ended September 30 in electric and gas transmission and distribution capital projects designed to provide more reliable, safe and resilient service to its 2.2 million customers. For the year, PSE&G currently expects to invest $3.1 billion of capital in its infrastructure. This is lower than the plan of $3.4 billion due to a delay in timing on certain projects and better than anticipated efficiencies.
The forecast of PSE&G's Net Income for 2017 remains unchanged at $945 - $985 million.
PSEG Power
PSEG Power reported Net Income of $136 million ($0.27 per share) for the third quarter of 2017 and non-GAAP Adjusted EBITDA of $356 million compared with Net Income of $139 million ($0.27 per share) and non-GAAP Adjusted EBITDA of $387 million for the third quarter of 2016. Non-GAAP Operating Earnings for the third quarter of 2017 were $158 million ($0.31 per share) compared with non-GAAP Operating Earnings for the third quarter of 2016 of $170 million ($0.34 per share).
Power's Net Income in the third quarter was impacted by a decline in energy prices and the effect of cooler than normal weather on demand and output, which offset a decline in operating and maintenance expense.
Non-GAAP Operating Earnings in the quarter increased $0.01 per share as the result of higher capacity prices in New England and PJM. Lower average prices on energy hedges and a decline in market prices combined to reduce non-GAAP Operating Earnings comparisons by $0.05 per share. A 6% decline in output associated with the impact of cooler than normal weather conditions on demand reduced non-GAAP Operating Earnings comparisons by $0.02 per share. A reduction in O&M expense associated with the June 1, 2017 retirement of the Hudson and Mercer coal stations and a decline in nuclear plant related costs improved non-GAAP Operating Earnings comparisons by $0.02 per share. A decline in depreciation expense associated with the retirement of Hudson and Mercer combined with a decline in interest expense and taxes to improve non-GAAP Operating Earnings comparisons by $0.01 per share.
Cooler than normal weather limited peak demand requirements and utilization of the gas-fired combined cycle and peaking fleets. The nuclear fleet's output increased 20% quarter-over-quarter to 8.2 TWh as the fleet's capacity factor improved to 96% from 80%. The improvement in performance reflects the absence of lengthy repair-related work at the Salem Station (including repair and replacement of baffle bolts) in the year-ago quarter and strong performance at Hope Creek in the current quarter. Power's gas-fired combined cycle fleet experienced a 29% decline in output to 3.7 TWh. An increase in the price of gas improved the competitive position of the base-load coal fleet as a decline in market demand sharply reduced utilization of the peaking fleet.
Power continues to forecast output for 2017 of 49 – 50 TWh. Approximately 86% of production for the remainder of the year of 11 TWh is hedged at an average price of $45 per MWh. Power has hedged approximately 70% - 75% of 2018's forecast output of 52 – 54 TWh at an average price of $41 per MWh. For 2019, Power has hedged 30% - 35% of forecast output of 58 – 60 TWh at an average price of $39 per MWh. The forecast of output for 2018 and 2019 remains unchanged from prior estimates.
The forecast increase in output in both 2018 and 2019 reflects the commercial start-up in mid-2018 of 1,300 MWs of new gas-fired combined cycle capacity at the Keys Energy Center in Maryland and Sewaren in New Jersey, and the mid-2019 commercial start-up of the 485 MW gas-fired combined cycle generating unit in Bridgeport Harbor, Connecticut.
Management believes non-GAAP Adjusted EBITDA is useful to investors and other users of our financial statements in evaluating operating performance because it provides them with an additional tool to compare business performance across companies and across periods. Management also believes that non-GAAP Adjusted EBITDA is widely used by investors to measure operating performance without regard to items such as income tax expense, interest expense and depreciation and amortization, which can vary substantially from company to company depending upon, among other things, the book value of assets, capital structure, whether assets were constructed or acquired and accounting methods. Non-GAAP Adjusted EBITDA also allows investors and other users to assess the underlying financial performance of our fleet before management's decision to deploy capital. Non-GAAP Adjusted EBITDA excludes the same items as our non-GAAP Operating Earnings measure as well as income tax expense, interest expense and depreciation and amortization. See Attachment 12 for a complete list of items excluded from Net Income in the determination of non-GAAP Adjusted EBITDA. The presentation of non-GAAP Adjusted EBITDA is intended to complement, and should not be considered an alternative to, the presentation of Net Income, which is an indicator of financial performance determined in accordance with GAAP. In addition, non-GAAP Adjusted EBITDA as presented in this release may not be comparable to similarly titled measures used by other companies.
Due to the forward looking nature of non-GAAP Adjusted EBITDA guidance, PSEG is unable to reconcile this non-GAAP financial measure to the most directly comparable GAAP financial measure. Management is unable to project certain reconciling items, in particular MTM and NDT gains (losses), for future periods due to market volatility.
The forecast range of Power's 2017 non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA remain unchanged at $435 – $510 million and $1,080 – $1,210 million, respectively.
PSEG Enterprise/Other
PSEG Enterprise/Other reported Net Income of $13 million ($0.02 per share) for the third quarter of 2017 compared to a Net Loss of $67 million ($0.13 per share) for the third quarter of 2016.
Non-GAAP Operating Earnings for the third quarter of 2017 were $13 million ($0.02 per share) compared with non-GAAP Operating Earnings of $19 million ($0.04 per share) during the third quarter of 2016.
The decrease in non-GAAP Operating Earnings year-over-year reflects the absence of certain tax items at PSEG Energy Holdings and Parent recognized in the third quarter of 2016 as well as higher interest expense at the Parent.
The forecast of PSEG Enterprise/Other full year non-GAAP Operating Earnings remains at $35 million.
Financing
PSEG closed the quarter ended September 30, 2017 with $278 million of cash on its balance sheet with debt at the end of the quarter representing approximately 49% of consolidated capital. PSEG Power had debt at the end of the quarter representing 31% of capital.
The following attachements can be found on www.pseg.com.
Attachment 1 - Consolidating Statements of Operations – 3 months
Attachment 2 – Consolidated Statement of Operations – 9 months
Attachment 3 - Capitalization Schedule
Attachment 4 - Condensed Consolidated Statements of Cash Flows
Attachment 5 - Quarter-over-Quarter EPS Reconciliation
Attachment 6 – Year-over-Year EPS Reconciliation
Attachment 7 - Retail Sales and Revenues – Electric
Attachment 8 - Retail Sales and Revenues – Gas
Attachment 9 - Generation Measures
Attachment 10 - Statistical Measures
Attachment 11 – Consolidated Operating Earnings (non-GAAP) Reconciliation
Attachment 12 – PSEG Power Operating Earnings (non-GAAP) and Adjusted EBITDA (non-GAAP) Reconciliation, PSEG Enterprise/Other Operating Earnings (non-GAAP) Reconciliation
About PSEG:
Public Service Enterprise Group (NYSE: PEG) is a publicly traded diversified energy company with annual revenues of $9.1 billion. Its operating subsidiaries are: Public Service Electric and Gas Company (PSE&G), PSEG Power LLC, and PSEG Long Island.
PSE&G is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability.
PSEG Power LLC is an independent power producer that generates and sells electricity in the PJM, New York and New England wholesale power markets.
Visit PSEG at:
www.pseg.com
PSEG My Alerts!
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
PSEG blog, Energize!
PSEG on YouTube
Forward-Looking Statement
Certain of the matters discussed in this presentation about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical constitute "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. When used herein, the words "anticipate," "intend," "estimate," "believe," "expect," "plan," "should," "hypothetical," "potential," "forecast," "project," variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in filings we make with the United States Securities and Exchange Commission (SEC) including our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K. These factors include, but are not limited to:
All of the forward-looking statements made in this presentation 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 presentation apply only as of the date of this presentation. 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.
The forward-looking statements contained in this presentation are intended to qualify for the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at http://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at http://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
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SOURCE Public Service Enterprise Group (PSEG)
UNIONDALE, N.Y., Oct. 26, 2017 /PRNewswire/ -- PSEG Long Island has made significant improvements to the transmission and distribution infrastructure, storm process, technology and customer communications since Superstorm Sandy made landfall five years ago.
Superstorm Sandy and the Nor'easter that followed caused nearly all of the service territory's 1.1 million customers to lose power. The entire service territory was declared a federal major disaster area. Power was lost as a result of flooding, downed and up-rooted trees, damaged switching and substations, and significantly damaged poles and electrical equipment.
"Our employees are working across Long Island and the Rockaways to continue to upgrade and strengthen the electric system to provide customers with safe reliable service," said John O'Connell, vice president of transmission and distribution, PSEG Long Island. "New up-to-date equipment is being installed across 320 circuits to modernize the electric grid and help to mitigate outages and curtail restoration time during storms."
More than $729 million of federal recovery funds was secured via an agreement between Governor Andrew M. Cuomo and the Federal Emergency Management Agency (FEMA), under the FEMA Hazard Mitigation Assistance Program. This project has permitted PSEG Long Island to execute substantial storm hardening improvements including flood mitigation, stronger infrastructure, and smarter transmission & distribution equipment.
The utility has also transformed its communications strategy and implemented a more robust vegetation management program to minimize storm damage and improve the experience for its customers.
Flood mitigation
Superstorm Sandy brought unprecedented storm surges and flooding that swept over all precautions put in place and caused tremendous damage to substations that provide electricity to individual neighborhoods. When the repairs and upgrades began, PSEG Long Island incorporated new storm surge prediction models to set new standards for elevating crucial equipment. The 12 substations affected by the storm have been upgraded and elevated to protect against flooding in the future.
Stronger infrastructure
In the months and years following Superstorm Sandy, PSEG Long Island evaluated the electric system and the damage that occurred to find ways to improve the design of the infrastructure to integrate new construction standards and help mitigate future storm damage. The improvements include, stronger poles-to withstand winds up to 135 mph, thicker insulated wires-to protect against tree limbs causing an electric problem in the event of contact, shorter cross arms-to move the lines closer together and help deflect falling limbs.
Smarter transmission & distribution equipment
Automatic switching units, a smarter technology, have been installed on targeted circuits across Long Island and the Rockaways. This automated technology transmits more data to the control room to help minimize the number of customers affected when equipment fails. By the time the FEMA-funded work is complete, PSEG Long Island expects to install up to 1,000 automatic switching units.
PSEG Long Island has also implemented a new outage management system (OMS) to improve the company's ability to identify and manage outage conditions all year long. The OMS also expands the ability to respond and coordinate resources in the aftermath of a major storm.
Sandy's strong winds brought down many trees across Long Island. Even smaller storms can bring vegetation in contact with overhead lines. To further minimize storm damage to the electric system, PSEG Long Island's tree trimming program works throughout the year to identify and trim tree limbs in rights of way and along easements that could potentially cause outages during or after a storm. Tree limbs that come in contact with electric lines remain a major cause of customer outages during storms. Since 2014, trees have been trimmed from more than 7,700 miles of distribution lines and 950 miles of transmission lines.
Communicating with our customers
Superstorm Sandy revealed a critical need for the utility to enhance communications with customers. To address this need, PSEG Long Island launched a new, voice-activated automated customer service telephone system to record and report outages to system operators. This system is easier for customers to use and makes the restoration process quicker and more efficient.
Customers now have access to a new enhanced outage map for both mobile and desktop devices. This map lets customers view outages, and get updates on estimated restoration time and crew locations. Customers can also report outages through social media, or sign up for My Alerts and receive outage updates via text, email and phone.
Communication means more than being there for customers when their power is out. PSEG Long Island's emergency response plan has increased focus on stakeholders at every level. Before, during and after a storm lands, there are coordination calls with municipalities, liaisons are located within the municipalities to enhance communications and scheduled media updates are released and coordinated. To better communicate with customers with extended outages in the hardest hit areas after a storm, the Customer Liaison program was created, making real people available to provide information about the restoration efforts and provide supplies such as ice and water to ease the inconvenience of an extended outage.
For more information on the PSEG Long Island storm process visit https://www.psegliny.com/page.cfm/CustomerService/StormCenter .
PSEG Long Island operates the Long Island Power Authority's transmission and distribution system under a 12-year contract. PSEG Long Island is a subsidiary of Public Service Enterprise Group Incorporated (NYSE:PEG), a publicly traded diversified energy company with annual revenues of $9.1 billion.
Contact: |
Media Relations Hotline |
516.229.7248 | |
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SOURCE PSEG Long Island
NEWARK, N.J., Oct. 26, 2017 /PRNewswire/ -- Five years after Superstorm Sandy left millions of New Jerseyans without power, Public Service Electric and Gas Co. (PSE&G) has completed strategic infrastructure investments that, in the event of another Sandy-like storm, will keep critical equipment out of floodwaters' way and the lights on for many.
Under its $1.2 billion Energy Strong program, PSE&G has raised and reinforced electric substations and switching stations, replaced vulnerable natural gas mains and added technology to prevent critical customers from losing power.
During Superstorm Sandy, 2 million of PSE&G's 2.2 million electric customers lost power.
"When the Energy Strong upgrades are complete, 490,000 PSE&G customers previously impacted would not lose power from flooding," said John Latka, senior vice president of electric and gas operations for PSE&G. "And customers who did lose power would be restored more quickly."
Energy Strong infrastructure projects completed to date include:
Click here to view video: Sandy: 5 Years Later
In addition to making New Jersey's energy system stronger, the work is benefiting the state's economy by creating thousands of jobs over the life of the program.
"Our Energy Strong investments have gone a long way in making our system better able to stand up to severe weather events," Latka said. "But there is much more to be done. We have aging equipment that needs focused replacement programs, and a need to make the grid smarter, raise more stations in flood prone areas, and protect more customers against weather and gas supply outages."
In addition to improving infrastructure, PSE&G has made significant changes to better communicate with customers before, during and after major storms.
"Since Superstorm Sandy, we've ramped up proactive and interactive communications with customers, and have more ways for people to stay informed about the status of repairs," Latka said.
New communication tools include two-way texting, email notifications and an enhanced outage map that provides customers detailed information about power outages in their neighborhood and across PSE&G's service area. Social media, including Facebook and Twitter, continues to evolve as an important way for the company to communicate with customers.
"We hope to never see the likes of Sandy again, but we feel confident that our investments will ensure that our customers, employees and systems are better ready to weather severe storms in the future," Latka said.
Public Service Electric and Gas Company (PSE&G) is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE: PEG), a diversified energy company.
Visit PSEG at:
www.pseg.com
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
PSEG blog, Energize!
Want to know what's new at PSEG? Go to www.pseg.com/getnews and sign up to have our press releases sent right to your inbox.
Forward-Looking Statements
The statements contained in this communication about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements 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. When used herein, the words "anticipate," "intend," "estimate," "believe," "expect," "plan," "should," "hypothetical," "potential," "forecast," "project," variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could 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: http://investor.pseg.com/sec-filings. All of the forward-looking statements made in this communication 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 communication 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.
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SOURCE PSE&G
NEWARK, N.J., Oct. 25, 2017 /PRNewswire/ -- Officials from Public Service Electric and Gas Company (PSE&G) and the Borough of Caldwell, N.J., today cut the ribbon on a solar storage project that will help keep the borough's wastewater treatment plant running during an extended power outage as a result of severe weather. The Caldwell solar storage system is one of three similar projects that are in service as part of PSE&G's Solar 4 All® program and the ribbon cutting comes nearly five years to the day that Superstorm Sandy made landfall in New Jersey, causing extensive damage and outages.
The Caldwell solar storage system combines a 2,682 panel, 896 kilowatt-dc solar system with 1 megawatt -hour batteries. During normal operation, the solar system provides electricity directly to the grid and can power about 165 homes annually. In the event of an extended power outage, the combined solar and battery system works in conjunction with the treatment plant's existing diesel back-up generators. During the day, the solar panels recharge the batteries and help power the wastewater treatment plant and at night, the batteries help keep the facility running.
"I'd like to thank PSE&G for choosing the Caldwell wastewater treatment plant as the location for this valuable solar project, which will not only provide power to the grid on a daily basis, but will also keep our plant up-and-running in the event of an emergency, such as a hurricane," said Borough of Caldwell Mayor Ann Dassing. "I'd like to also thank everyone from Caldwell who was involved for both bringing this opportunity to the borough's attention and for working alongside PSE&G to make it a reality."
The combination of the new solar storage system and the existing back-up generators will allow the Caldwell plant to operate for as long as 10 days without outside power, which will help keep wastewater from the facility out of local waterways. The solar storage system can also participate in PJM's frequency regulation market.
"The PSE&G solar storage project at the Caldwell wastewater treatment plant is a great example of how a public/private partnership can work to benefit the people of New Jersey," said New Jersey State Senator Richard J. Codey. "We are already a national leader when it comes to solar power, so it makes sense to take renewable energy a step further and use it in a way that helps make our state more resilient to storms."
"PSE&G has taken a number of major steps during the past several years to both harden our electric grid in the face of major storms and also make it more resilient," said Courtney McCormick – vice president renewables and energy solutions, PSE&G. "The Caldwell wastewater treatment plant and our other solar storage projects around the state are an important part of that work because they all demonstrate how well-suited solar storage is for ensuring the reliability and resiliency of critical pieces of infrastructure."
The Caldwell wastewater treatment plant solar storage system is part of a 3 megawatt-dc carve-out in the Solar 4 All program dedicated to developing projects that integrate solar with other technologies to reduce the impact solar has on the grid or increase reliability and grid resiliency for critical facilities during prolonged power outages. The two other PSE&G solar storage projects in service are located at Hopewell Valley Regional High School in Hopewell, N.J., and at Cooper University Hospital in Camden, N.J. The former allows the high school to serve as a warming or cooling station for the public during an extended power outage and the latter provides back-up power for refrigeration needed for vital pediatric medications at the hospital.
Advanced Solar Power of Flemington, N.J., was the engineering, procurement and construction contractor for the Caldwell project. Eos Energy Storage of Edison, N.J., supplied the batteries, Siemens AG integrated the batteries and solar system and A.F. Mensah of Princeton, N.J., is the storage system operator.
Solar 4 All is a 158 megawatt-dc community solar program that utilizes rooftops, parking lots, utility poles and landfills/ brownfields for large-scale, grid connected solar projects. There are currently 124 megawatts-dc of the 158 megawatt-dc total in-service.
About PSE&G
Public Service Electric and Gas Company (PSE&G) is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE:PEG), a diversified energy company.
Want to know what's new at PSEG? Go to www.pseg.com/getnews and sign up to have our press releases sent right to your inbox.
Visit PSEG at:
www.pseg.com
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
ENERGIZE! blog
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SOURCE PSE&G
NEWARK, N.J., Sept. 28, 2017 /PRNewswire/ -- PSEG Solar Source today announced it has acquired a 10.6 MWs-dc facility located in West Babylon, Long Island, from Solar Liberty Energy Systems Inc., representing an investment of $20 million to $25 million. The PSEG West Babylon Solar Center has completed construction and is expected to begin commercial operation in October.
"We are pleased to add New York to the growing number of states where PSEG Solar Source has a presence," said Diana Drysdale, president of PSEG Solar Source. "While this is our first project in New York, we are certainly open to exploring additional utility-scale solar opportunities in the Empire State. We look forward to working closely with the local community as we produce safe, clean and reliable solar energy for Long Island."
The facility includes almost 35,000 solar panels installed on a fixed tilt racking system. The project has 20-year power purchase agreements (PPAs) with the Long Island Power Authority (LIPA). Solar Liberty of New York developed and constructed the project and will operate the facility for PSEG Solar Source.
"We want to thank the local officials and community leaders in West Babylon who have helped every step of the way toward making this project a success," said Adam K. Rizzo, president of Solar Liberty. "New York has made a commitment to increasing clean energy and we are proud that this facility will play a part in fulfilling that commitment here on Long Island."
PSEG Solar Source's portfolio now includes 22 utility-scale solar facilities in 14 states. The company currently has 19 facilities with a total capacity of 349 MWs in operation with three projects totaling 58 MWs under construction.
About PSEG Solar Source:
PSEG Solar Source is a subsidiary of PSEG Power, a merchant power generation company which is part of the Public Service Enterprise Group (PSEG) family of companies. PSEG (NYSE: PEG) is a publicly traded diversified energy company with annual revenues of $9.1 billion. Its other main subsidiaries are Public Service Electric and Gas Company (PSE&G), a regulated New Jersey gas and electric utility, and PSEG Long Island, which operates the transmission and distribution assets of the Long Island Power Authority (LIPA).
Visit PSEG at:
www.pseg.com
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
PSEG blog, Energize!
About Solar Liberty:
Solar Liberty, headquartered in Buffalo, N.Y., was founded in 2003 and is committed to promoting energy independence through the widespread installation of solar electric systems with a focus on engineering for system optimization. Both NYSERDA and the Department of Energy awarded Solar Liberty with the 'Outstanding Achievement Award' for being the largest solar electric installer in New York State. Solar Liberty donates funds and solar equipment to the Solar Liberty Foundation (www.solarliberty.org) whose mission is to provide renewable energy resources to people in rural areas of less-developed nations.
Visit Solar Liberty at:
www.solarliberty.com
Forward-Looking Statements
The statements contained in this communication about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements 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. When used herein, the words "anticipate," "intend," "estimate," "believe," "expect," "plan," "should," "hypothetical," "potential," "forecast," "project," variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could 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: http://investor.pseg.com/sec-filings. All of the forward-looking statements made in this communication 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 communication 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.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at http://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at http://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
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SOURCE PSEG Solar Source
NEWARK, N.J., Sept. 13, 2017 /PRNewswire/ -- Marking a decade of sustainability leadership, Public Service Enterprise Group (PSEG) has been named to the Dow Jones Sustainability Index for North America for the 10th consecutive year.
The Dow Jones Sustainability Indices (DJSI) recognize forward-thinking companies based on an appraisal of the company's strategy, management and performance in dealing with opportunities and risks deriving from environmental, social and governance factors. The DJSI tracks the performance of the 600 largest U.S. and Canadian companies in the S&P Global Broad Market Index and recognizes the top 20 percent that lead the field in terms of sustainability. PSEG was one of seven American utility companies selected for the list.
"Our 13,000 employees work every day to build a sustainable energy future -- one that fosters economically viable and environmentally advantaged solutions for people and our planet," said Ralph Izzo, PSEG's chairman, president and CEO. "Securing a position on the list of North America's top sustainable companies for a decade is a strong endorsement of our efforts. We are well aware that our success depends on being responsive to the energy needs of our customers and the larger society around us."
In 2016, PSEG continued its focus on providing reliable and cleaner energy. PSE&G, the company's regulated utility, is in the midst of replacing 500 miles of aging natural gas pipe throughout New Jersey and has proposed accelerating the replacement of an additional 1,250 miles of gas lines. This important work not only enhances the safety and reliability of our energy infrastructure, it also reduces the release of methane, a potent greenhouse gas, and creates hundreds of jobs.
PSEG's commitment doesn't stop there:
In addition, PSEG is regularly recognized for the way it goes about its business, making the Forbes list of Most Admired Companies and Fortune's Just 100 List, which celebrates America's best corporate citizens.
Public Service Enterprise Group (NYSE: PEG) is a publicly traded diversified energy company with annual revenues of $9.1 billion. Its operating subsidiaries are: Public Service Electric and Gas Company (PSE&G), PSEG Power, and PSEG Long Island.
Visit PSEG at:
www.pseg.com
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
PSEG blog, Energize!
Forward-Looking Statements
The statements contained in this communication about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements 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. When used herein, the words "anticipate," "intend," "estimate," "believe," "expect," "plan," "should," "hypothetical," "potential," "forecast," "project," variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could 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: http://investor.pseg.com/sec-filings. All of the forward-looking statements made in this communication 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 communication 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.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at http://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at http://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
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SOURCE Public Service Enterprise Group (PSEG)
NEWARK, N.J., Aug. 23, 2017 /PRNewswire/ -- The New Jersey Board of Public Utilities (BPU) today approved a Public Service Electric and Gas Company (PSE&G) proposal to extend three popular energy efficiency programs and implement two new ones. PSE&G will invest $69 million to continue its Hospital Efficiency Program, Residential Multifamily Housing Efficiency Program and Direct Install Program and to begin a Smart Thermostat Program and Residential Data Analytics Program.
PSE&G's Hospital Efficiency Program has upgraded 35 hospitals by installing energy conserving equipment. The Residential Multifamily Housing Program has served more than 13,000 individual apartments and the Direct Install Program has helped more than 1,500 government facilities, non-profits, and small businesses become more energy efficient. The two new programs will help residential customers save money on their home energy bills by encouraging the purchase of smart thermostats and by providing selected customers with personalized energy reports.
"Energy efficiency remains a huge missed opportunity for too many of our customers," said Courtney McCormick – vice president, renewables and energy solutions, PSE&G. "So we are very happy that today's BPU approval will allow us to help even more hospitals, apartment buildings, government facilities, non-profits, small businesses and residential customers realize the benefits of energy efficiency to save energy and money while doing their part to reduce their impact on our environment."
Estimates show that the approved investment amount will save enough electricity to power 9,000 average size homes annually and save enough natural gas to supply more than 7,000 homes each year.
PSE&G's Hospital Efficiency Program helps hospitals and healthcare facilities upgrade outdated and unreliable heating, cooling, motors, lighting and other systems by providing expert advice, incentives and interest free on-bill financing. Upgrades substantially reduce energy consumption and operating costs. PSE&G will invest an additional $25 million in this program.
The Residential Multifamily Housing Program helps increase comfort and reduces energy costs by providing expert advice, incentives and interest free on-bill financing to install efficient heating and hot water systems and controls, lighting, insulation, refrigerators and more in apartment buildings. PSE&G will invest an additional $20 million in this program.
The Direct Install Program helps government agencies and non-profits, as well as small businesses located in Urban Enterprise Zones, reduce their energy consumption and bills by paying for 70 percent of project costs for lighting, heating and cooling systems upgrades, and by providing interest free on-bill financing for the balance of the cost. PSE&G will invest an additional $15 million for this program.
The Smart Thermostat Program is a new program that offers a $150 discount for qualified smart thermostats that will be available from a PSE&G online marketplace. PSE&G will invest $6.5 million in this program to make these powerful energy saving devices more broadly available to customers.
The Residential Home Energy Reporting Program will use a variety of data to analyze residential customers' energy consumption, identify energy savings opportunities and provide customized recommendations to lower their energy bills. Customers will receive personalized Home Energy Reports periodically throughout the year with the goal of providing meaningful energy savings for participants. PSE&G will invest $2.5 million for this new program.
About PSE&G
Public Service Electric and Gas Company (PSE&G) is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE: PEG), a diversified energy company.
Visit PSEG at:
www.pseg.com
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
ENERGIZE! blog
Forward-Looking Statements
The statements contained in this communication about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements 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. When used herein, the words "anticipate," "intend," "estimate," "believe," "expect," "plan," "should," "hypothetical," "potential," "forecast," "project," variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could 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: http://investor.pseg.com/sec-filings. All of the forward-looking statements made in this communication 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 communication 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.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at http://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at http://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
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SOURCE PSE&G
NEWARK, N.J., Aug. 7, 2017 /PRNewswire/ -- PSEG announced today the election of Karen Cleeve to Vice President, Corporate Communications. She will begin her new position on Aug. 9 and report to Derek DiRisio, President, PSEG Services Corp.
Cleeve joins PSEG from Conduent Inc., the world's largest provider of diversified business services. In her role as Head of Communications and Citizenship, she led strategies to create the Conduent brand, corporate reputation and culture, and drove communications efforts of corporate transformation initiatives to more than 90,000 employees globally. Prior to Conduent, Cleeve was Vice President, Communications at NRG Energy, where she led strategic internal and external communications teams and was responsible for positioning NRG by elevating corporate reputation, thought leadership and employee engagement.
"Karen brings nearly 20 years of communications leadership for corporate, product and thought leadership programs at leading technology enterprises, early-stage companies and public relations firms," DiRisio said. "We look forward to seeing her put that diverse experience to work here at PSEG."
Before joining NRG, Cleeve was Vice President at Ketchum in New York, and Vice President of Corporate Communications for Vonage. Previously, she served as Director at Burson-Marsteller, a public relations agency, and as Group Manager, Corporate Communications at Intuit Inc. Cleeve was a co-founder, Principal and Account Supervisor at Peppercom Inc., a mid-sized, New York-based public relations agency focused on strategic communications.
Cleeve graduated from Gettysburg College in Pennsylvania with a Bachelor of Arts degree in Communications.
Public Service Enterprise Group (NYSE: PEG) is a publicly traded diversified energy company with annual revenues of $9.1 billion. Its operating subsidiaries are: Public Service Electric and Gas Company (PSE&G), PSEG Power, and PSEG Long Island.
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SOURCE PSEG
NEWARK, N.J., Aug. 4, 2017 /PRNewswire/ -- PSEG has partnered with The Tyler Clementi Center at Rutgers University to expand its LGBTQ Youth Empowerment Initiative to the city of Camden. The goal of the program is to help create more inclusive school communities for the LGBTQ student population and their allies.
Through an initial $10,000 grant from the PSEG Foundation, the first LGBTQ Youth Empowerment Initiative began at Rutgers University-Newark in 2013 and has expanded to Camden this past May. This expansion is designed to encourage New Jersey public high schools across the state to participate in LGBTQ-affirming youth events. These workshops aim to improve the health and well-being, academic performance, and graduation rates among LGBTQ students.
"We are proud to help expand this important social initiative across the state," said Ellen Lambert, President of the PSEG Foundation. "We want to empower school leaders by providing them with the resources and tools they need to speak with their students and serve as a support system. In both school and work environments, we strive to create inclusive cultures that allow everyone to succeed."
"The Tyler Clementi Center is thrilled to be partnering with the PSEG Foundation on such an important initiative," said Maren Greathouse, director, Tyler Clementi Center. "While LGBTQ youth are more visible than ever in our schools, many continue to cope with social stigma, peer aggression/bullying, and fragmented support networks. This partnership with PSEG provided critical support to LGBTQ youth and their allies, and offered teachers and administrators with the professional development needed to carry on this work in their respective schools."
The workshops engaged students across South Jersey in meaningful discussions about identity development, coping strategies, constructive methods for responding to anti-LGBTQ violence, and improve overall relationships between LGBTQ students and allies. Students also were invited to participate in a statewide climate survey that measures school, home and neighborhood environment, overall health and academic aspirations – providing an in-depth snapshot of the experiences and needs of LGBTQ youth across New Jersey. Results of this study will be released in fall 2017.
Additional information on the specific workshop grant process will be announced in the near future.
About the Tyler Clementi Center
The Tyler Clementi Center at Rutgers University-New Brunswick studies the transition experience of students entering higher education, examining the impact of bias, peer aggression and institutional climate on students identifying with one or more stigmatized populations, including LGBTQ and gender non-conforming students, students of color, women, religious and ethnic minorities and other stigmatized identities and/or experiences. Through research and scholarship, best practice guidance and practical tools/interventions, the Tyler Clementi Center assists campus professionals in fostering institutional responsiveness and an affirming transition experience for all students entering higher education.
About the PSEG Foundation
The PSEG Foundation (501c3) is the philanthropic arm of Public Service Enterprise Group (NYSE:PEG). The Foundation generally supports and invests in programs in three areas: community and the environment, education and safety. The Foundation provides grants to organizations in communities served by PSEG and its subsidiaries.
To learn more about how PSEG supports an all-inclusive environment, check out how Antonio Fernandez, our Chief Compliance Officer, brings his whole self to work by reading his Energize! blog post.
Want to know what's new at PSEG? Go to www.pseg.com/getnews and sign up to have our press releases sent right to your inbox.
Visit PSEG at:
www.pseg.com
PSEG on Facebook
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PSEG on LinkedIn
PSEG blog, Energize!
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SOURCE PSEG Foundation
NEWARK, N.J., July 28, 2017 /PRNewswire/ -- (NYSE: PEG) Public Service Enterprise Group (PSEG) reported second quarter 2017 Net Income of $109 million or $0.22 per share as compared to Net Income of $187 million or $0.37 per share reported for the second quarter of 2016. Non-GAAP Operating Earnings for the second quarter of 2017 were $316 million or $0.62 per share as compared to Non-GAAP Operating Earnings for the second quarter of 2016 of $289 million or $0.57 per share. Net Income for the second quarter of 2017 was affected by accelerated depreciation associated with the June 1, 2017 retirement of the Hudson and Mercer coal/gas generating stations.
Ralph Izzo, Chairman, President and Chief Executive Officer said "PSEG's second quarter earnings demonstrate the benefits of our utility investment program and adherence to operating efficiently. We remain committed to providing customers with affordable and resilient energy in a manner that also provides investors with strong, sustainable returns on capital. That commitment includes improving New Jersey's aging infrastructure, as evidenced by our filing yesterday of a 5-year $2.7 billion extension of our Gas System Modernization Program."
Management uses non-GAAP Operating Earnings in its internal analysis, and in communications with investors and analysts, as a consistent measure for comparing PSEG's financial performance to previous financial results. Non-GAAP Operating Earnings exclude the impact of returns(losses) associated with Nuclear Decommissioning Trust (NDT), Mark-to-Market (MTM) accounting and material one-time items such as the previously noted Hudson and Mercer retirements.
The table below provides a reconciliation of PSEG's Net Income to non-GAAP Operating Earnings for the second quarter. See Attachment 11 for a complete list of items excluded from Net Income in the determination of non-GAAP Operating Earnings. The presentation of non-GAAP Operating Earnings is intended to complement, and should not be considered an alternative to, the presentation of Net Income, which is an indicator of financial performance determined in accordance with GAAP. In addition, non-GAAP Operating Earnings as presented in this release may not be comparable to similarly titled measures used by other companies.
PSEG CONSOLIDATED EARNINGS (unaudited) | |||||
Second Quarter Comparative Results | |||||
2017 and 2016 | |||||
Income |
Diluted Earnings | ||||
($ millions) |
Per Share | ||||
2017 |
2016 |
2017 |
2016 | ||
Net Income |
$109 |
$187 |
$0.22 |
$0.37 | |
Reconciling Items* |
207 |
102 |
0.40 |
0.20 | |
Non-GAAP Operating Earnings |
$316 |
$289 |
$0.62 |
$0.57 | |
Avg. Shares |
507M |
508M |
*See Attachment 11
GUIDANCE
Ralph Izzo went on to say, "We generated strong financial results in the first half of the year, and we are maintaining our non-GAAP Operating Earnings guidance for 2017 of $2.80 - $3.00 per share."
Non-GAAP Operating Earnings guidance by company for the full year remains unchanged:
2017 Non-GAAP Operating Earnings Guidance ($ millions, except EPS) | |
2017E | |
PSE&G |
$945 - $985 |
PSEG Power |
$435 - $510 |
PSEG Enterprise/Other |
$35 - $35 |
Non-GAAP Operating Earnings |
$1,415 - $1,530 |
Non-GAAP EPS |
$2.80 - $3.00 |
E: Estimate |
Due to the forward looking nature of non-GAAP Operating Earnings guidance, PSEG is unable to reconcile this non-GAAP financial measure to the most directly comparable GAAP financial measure. Management is unable to project certain reconciling items, in particular MTM and NDT gains (losses), for future periods due to market volatility.
Non-GAAP Operating Earnings Review and Outlook by Operating Subsidiary
See Attachments 5 and 6 for detail regarding earnings reconciliations for 2017's second quarter and year-to-date for each of PSEG's businesses.
PSE&G
PSE&G reported Net Income of $208 million ($0.41 per share) for the second quarter of 2017 compared with Net Income of $179 million ($0.35 per share) for the second quarter of 2016.
PSE&G's results for the second quarter reflect the benefits of its expanded investment program and regulatory mechanisms providing for recovery of costs and continued control of growth in operating expenses.
Growth in PSE&G's investment in transmission improved second quarter Net Income comparisons by $0.04 per share. Investments made to enhance system resiliency under the Energy Strong and Gas System Modernization Program (GSMP) drove improved margin and second quarter Net Income comparisons by $0.02 per share. An increase in depreciation expense was offset by a reduction in O&M and other expenses.
Economic conditions in New Jersey continue to show steady improvement, particularly in the level of employment. The impact on electric revenue in the quarter from weather was favorable given warmer than normal conditions which conversely reduced gas sales early in the quarter. On a weather-normalized basis, electric and gas sales declined modestly. On a trailing twelve month basis, weather-normalized electric sales increased 0.1% year-over-year. Gas sales, on the same basis, increased 0.4% with growth in demand from the commercial sector.
PSE&G has had significant advances on a number of fronts. The company filed for an extension of the Gas System Modernization Program. PSE&G is proposing to invest up to $540 million per year for five years beginning in 2019. This program would accelerate the pace of replacement of its aging cast iron and unprotected steel mains and associated services. The filing is consistent with the draft regulations that the NJ Board of Public Utilities (BPU) issued in June 2017 regarding infrastructure investment programs.
PSE&G reached an agreement in principle with BPU Staff and Rate Counsel related to its proposed extension of its investment in Energy Efficiency. PSE&G would invest $69 million (more than 90% of its original request) in energy efficiency equipment for hospitals, multi-family housing and other sectors as well as provide for new residential energy efficiency offerings for smart thermostats and data analytics. This agreement is subject to review by the BPU.
PSE&G continues to progress towards its 2017 plan to invest $3.4 billion in transmission and distribution infrastructure upgrades.
The forecast of PSE&G's Net Income for 2017 remains unchanged at $945 - $985 million.
PSEG Power
PSEG Power reported a Net Loss of $97 million ($0.19 per share) for the second quarter of 2017 and non-GAAP Adjusted EBITDA of $261 million compared with a Net Loss of $11 million ($0.02 per share) and non-GAAP Adjusted EBITDA of $250 million for the second quarter of 2016. Non-GAAP Operating Earnings for the second quarter of 2017 were $97 million ($0.19 per share) versus $91 million ($0.18 per share) for the second quarter of 2016.
PSEG Power's Net Loss for the second quarter of 2017 reflects the impact of incremental depreciation and other expenses of $387 million, pre-tax, associated with the retirement of the Hudson and Mercer coal-fired generating stations on June 1, 2017.
Power's operating results for the second quarter reflect on-going programs to reduce operating expenses and an increase in output which offset a decline in average hedge prices.
Non-GAAP Operating Earnings in the quarter increased $0.01 per share as the result of a June 1, 2017 increase in capacity prices. Growth in output also improved second quarter non-GAAP Operating Earnings comparisons by $0.01 per share. Lower average prices on energy hedges reduced Power's non-GAAP Operating Earnings in the second quarter by $0.03 per share. A reduction in O&M associated with fewer nuclear and fossil outage related days and the June 1 retirement of Hudson and Mercer improved non-GAAP Operating Earnings by $0.02 per share. A higher level of depreciation was offset by a decline in interest expense.
Output from Power's generating stations increased 4% in the second quarter. The improvement reflects a decline in nuclear refueling outage days to 46 from 76 outage related days in the year-ago quarter. The nuclear fleet's capacity factor improved to 89.6% in the quarter from 82.7% producing 7.6 TWh of energy. Power's gas-fired CCGT fleet operated at an average capacity factor of 55.3% versus 62.3% producing 4.0 TWh of energy. An increase in the price of gas improved the competitive performance of the coal fleet. During the quarter, the coal fleet operated at an average capacity factor of 32.6% versus 18.4% producing 1.4 TWh of energy.
Power continues to forecast output for 2017 of 49 – 50 TWh. Approximately 90% of production for the remainder of the year is hedged at an average price of $46 per MWh. Power has hedged approximately 65% - 70% of its forecast production for 2018 of 52 – 54 TWh at an average price of $41 per MWh. For 2019, Power has hedged 25% - 30% of its forecast production of 58 – 60 TWh at an average price of $41 per MWh. Power continues to assume Basic Generation Service (BGS) volumes will represent approximately 11 TWh of deliveries in 2017.
The forecast increase in output in both 2018 and 2019 reflects the commercial start-up in mid-2018 of 1,300 MWs of new gas-fired combined cycle capacity at the Keys Energy Center in Maryland and Sewaren in New Jersey, and the mid-2019 commercial start-up of the 485 MW gas-fired combined cycle generation unit in Bridgeport Harbor, Connecticut.
Management believes non-GAAP Adjusted EBITDA is useful to investors and other users of our financial statements in evaluating operating performance because it provides them with an additional tool to compare business performance across companies and across periods. Management also believes that non-GAAP Adjusted EBITDA is widely used by investors to measure operating performance without regard to items such as income tax expense, interest expense and depreciation and amortization, which can vary substantially from company to company depending upon, among other things, the book value of assets, capital structure and whether assets were constructed or acquired. Non-GAAP Adjusted EBITDA also allows investors and other users to assess the underlying financial performance of our fleet before management's decision to deploy capital. Non-GAAP Adjusted EBITDA excludes the same items as our non-GAAP Operating Earnings measure as well as income tax expense, interest expense and depreciation and amortization. See Attachment 12 for a complete list of items excluded from Net Income/(Loss) in the determination of non-GAAP Adjusted EBITDA. The presentation of non-GAAP Adjusted EBITDA is intended to complement, and should not be considered an alternative to the presentation of Net Income/(Loss), which is an indicator of financial performance in accordance with GAAP. In addition, non-GAAP Adjusted EBITDA as presented in this release may not be comparable to similarly titled measures used by other companies.
Due to the forward looking nature of non-GAAP Adjusted EBITDA guidance, PSEG is unable to reconcile this non-GAAP financial measure to the most directly comparable GAAP financial measure. Management is unable to project certain reconciling items, in particular MTM and NDT gains(losses), for future periods due to market volatility.
The forecast range of Power's 2017 non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA are unchanged at $435 million - $510 million and $1,080 - $1,210 million, respectively.
PSEG Enterprise/Other
PSEG Enterprise/Other reported a Net Loss of $2 million for the second quarter of 2017 versus Net Income of $19 million ($0.04 per share) during the second quarter of 2016. Non-GAAP Operating Earnings for the second quarter of 2017 were $11 million ($0.02 per share) compared to $19 million ($0.04 per share) for the second quarter of 2016.
The Net Loss for the second quarter of 2017 includes a pre-tax charge of $22 million related to on-going liquidity challenges facing NRG REMA, LLC (REMA) and deterioration in market conditions affecting the residual value of the leveraged lease portfolio. The decrease in non-GAAP Operating Earnings quarter-over-quarter reflects the absence of certain tax items recorded in 2016 at PSEG Energy Holdings and higher Parent interest expense.
The forecast of PSEG Enterprise/Other non-GAAP Operating Earnings for 2017 remains unchanged at $35 million.
Financing
PSEG closed the quarter ended June 30, 2017 with $430 million of cash on its balance sheet with debt at the end of the quarter representing approximately 49% of consolidated capital.
The following attachments can be found on www.pseg.com.
Attachment 1 - Consolidating Statements of Operations – 3 months
Attachment 2 – Consolidated Statement of Operations – 6 months
Attachment 3 - Capitalization Schedule
Attachment 4 - Condensed Consolidated Statements of Cash Flows
Attachment 5 - Quarter-over-Quarter EPS Reconciliation
Attachment 6 – Year-over-Year EPS Reconciliation
Attachment 7 - Retail Sales and Revenues – Electric
Attachment 8 - Retail Sales and Revenues – Gas
Attachment 9 - Generation Measures
Attachment 10 - Statistical Measures
Attachment 11 – Consolidated Operating Earnings (non-GAAP) Reconciliation
Attachment 12 – PSEG Power Operating Earnings (non-GAAP) and Adjusted EBITDA (non-GAAP) Reconciliation, PSEG Enterprise/Other Operating Earnings (non-GAAP) Reconciliation
About PSEG:
Public Service Enterprise Group (NYSE: PEG) is a publicly traded diversified energy company with annual revenues of $9.1 billion. Its operating subsidiaries are: Public Service Electric and Gas Company (PSE&G), PSEG Power LLC, and PSEG Long Island.
Public Service Electric and Gas Company (PSE&G) is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability.
PSEG Power LLC is an independent power producer that generates and sells electricity in the PJM, New York and New England wholesale power markets.
Visit PSEG at:
www.pseg.com
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
PSEG blog, Energize!
FORWARD-LOOKING STATEMENT
Certain of the matters discussed in this presentation about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical constitute "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. When used herein, the words "anticipate," "intend," "estimate," "believe," "expect," "plan," "should," "hypothetical," "potential," "forecast," "project," variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in filings we make with the United States Securities and Exchange Commission (SEC) including our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K. These factors include, but are not limited to:
All of the forward-looking statements made in this presentation 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 presentation apply only as of the date of this presentation. 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.
The forward-looking statements contained in this presentation are intended to qualify for the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at http://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at http://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
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SOURCE Public Service Enterprise Group
NEWARK, N.J., July 27, 2017 /PRNewswire/ -- Public Service Electric and Gas Company (PSE&G), New Jersey's largest utility, today unveiled a proposal for the second phase of its natural gas infrastructure modernization program. If approved by the New Jersey Board of Public Utilities (BPU), the program will enable PSE&G to continue to accelerate the replacement of its aging cast-iron and unprotected steel gas pipes – installing 1,250 miles of new gas mains over a five-year period. The proposed cost is about $540 million a year, or $2.7 billion in total.
"Through the success of our current modernization program, we've demonstrated we can manage a larger-scale, longer-duration program safely and cost-effectively," said Ralph LaRossa, PSE&G president and COO. "Today's proposal would give us the ability to replace more aging gas pipes at an accelerated pace, ensuring we can continue to provide customers with safe, reliable natural gas service now, and for many years to come. The filing is also in line with the BPU's proposed rules on supporting longer-term infrastructure programs."
PSE&G has just under 4,000 miles of cast-iron gas pipes, which is more than any other utility in the nation. At the pace proposed today, the utility can replace in 20 years its cast-iron and unprotected steel pipes with new, modern plastic pipes.
Pipes installed before 1960 are the most leak-prone. They make up 25 percent of PSE&G's network, yet account for 65 percent of leaks, excluding third-party damages. The five-year pipe replacement program would reduce greenhouse gas emissions equal to taking 43,000 vehicles off the road.
Today's proposal is a continuation of work the utility is performing under its Gas System Modernization Program that is replacing 510 miles of gas mains over three years. Since January 2016, PSE&G has replaced 286 miles of pipes. PSE&G employees and contractors have performed the work safely, on schedule and on budget.
Benefits of the work include improved safety and reliability of gas service, reduction in methane emissions and creation of jobs. Since 2009, PSE&G's residential customers' gas heating bills are down 50 percent because of the lower cost of natural gas.
"We can get this work done now without a big pinch in customers' pockets," LaRossa said.
The upgrades will take place across PSE&G's service territory in 11 counties, concentrating on urban areas established in the early 1900s, where much of the utility's cast-iron and unprotected steel gas pipes are located. PSE&G works with municipalities to determine when replacements will be done.
The New Jersey BPU has proposed new rules that would permit utilities to seek approval for infrastructure programs for up to five years. The BPU announced the rules on June 30, two months after a public hearing at which about two dozen contractors, suppliers, labor officials and industry groups voiced support for longer-term utility infrastructure programs.
"Longer-term replacement programs like this one enable us to hire and train a stable workforce, knowing we will have sustained work for them," said J. Fletcher Creamer Jr., Chief Executive Officer of J. Fletcher Creamer & Son. "The filing also supports the key components of the recent BPU rule proposal that would allow for up to five years of infrastructure investments – greater efficiency in project planning, construction schedules, more jobs and greater system resiliency and reliability."
In addition to ensuring the continued safety and reliability of the gas system, the proposed program would create almost 3,000 full time jobs per year for the duration of the program.
"New Jersey's economic health is uniquely tied to the health of its infrastructure," said Raymond M. Pocino, Vice President – Laborers' International Union of North America (LIUNA) and Eastern Regional Manager. "Because of this, the modernization of PSE&G's aging gas infrastructure will be a long-term, positive investment that will increase the state's job growth and yield both economic and environmental benefits for years to come."
Enhanced safety is an important benefit of the work. When lines are replaced, gas meters located inside the home or business are moved outside. This allows PSE&G and other first-responders to shut off gas more quickly in the event of an emergency, facilitates routine safety inspections and provides easier access for meter readings. Also, excess flow valves are installed in the individual lines that run from the mains to customers. These valves automatically shut off gas when a service line is damaged.
The upgraded lines will operate on elevated pressure to support the expanded use of high-efficiency appliances, improving customer satisfaction, and reducing customer's energy bills and emissions through improved efficiency.
More information, including a video of how the work is performed, is available at www.pseg.com/gaswork
Public Service Electric and Gas Company (PSE&G) is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE: PEG), a diversified energy company.
Visit PSEG at:
www.pseg.com
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
PSEG blog, Energize!
Forward-Looking Statements
The statements contained in this communication about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements 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. When used herein, the words "anticipate," "intend," "estimate," "believe," "expect," "plan," "should," "hypothetical," "potential," "forecast," "project," variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could 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: http://investor.pseg.com/sec-filings. All of the forward-looking statements made in this communication 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 communication 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.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at http://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at http://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
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SOURCE PSE&G
NEWARK, N.J., July 18, 2017 /PRNewswire/ -- The Board of Directors of Public Service Enterprise Group (NYSE: PEG) today declared a $0.43 per share dividend on the outstanding common stock of the company for the third quarter of 2017.
All dividends for the third quarter are payable on or before September 29, 2017, to shareholders of record on September 8, 2017.
Forward-Looking Statements
The statements contained in this communication about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements 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. When used herein, the words "anticipate," "intend," "estimate," "believe," "expect," "plan," "should," "hypothetical," "potential," "forecast," "project," variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could 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: http://investor.pseg.com/sec-filings. All of the forward-looking statements made in this communication 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 communication 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.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at http://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at http://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
View original content with multimedia:http://www.prnewswire.com/news-releases/pseg-declares-regular-quarterly-dividend-for-third-quarter-of-2017-300489896.html
SOURCE Public Service Enterprise Group (PSEG)
NEWARK, N.J., June 27, 2017 /PRNewswire/ -- The Smart Electric Power Alliance (SEPA) has named Public Service Electric and Gas Company (PSE&G) its 2017 Investor Owned Utility of the Year. In announcing the award, SEPA recognized PSE&G for its ongoing commitment to increasing the amount of solar power in New Jersey and specifically lauded the utility's work to build solar farms on landfills and brownfields in the state through its Solar 4 All® program.
Solar 4 All is PSE&G's 158 megawatt-dc (MW-dc) universal solar initiative that uses traditional solar farms as well as rooftops, parking lots, utility poles and landfills/brownfields for large-scale, universal solar projects that provide solar electricity directly to the PSE&G electric grid. The New Jersey Board of Public Utilities (BPU) initially approved the program in 2009 for 80MW-dc and has subsequently extended the program twice, once in 2013 for 45MW-dc and most recently in 2016 for an additional 33MW-dc.
"PSE&G's utility-owned, grid connected Solar 4 All program created a model that can be replicated across the country and will drive further transformation across the industry," said SEPA President and CEO Julia Hamm. "Moving towards a clean energy future involves rethinking how we interact with our environment and this program has done just that."
There are currently 123MW-dc of the program's 158MW-dc total in service comprised of 174,000 pole-attached solar units and 31 centralized solar projects. Nine of the centralized projects are on landfill or brownfield sites, transforming 190 acres of mostly unused land into solar farms that provide more than 52MW-dc of universal solar electricity, which is enough to power about 8,500 homes annually.
"As a national leader in landfill and brownfield solar development, we are honored to be recognized by SEPA as their 2017 Investor Owned Utility of the Year," said Courtney McCormick, PSE&G vice president – renewables and energy solutions. "By building solar projects that are connected directly to the grid, our Solar 4 All program is ensuring that all of our electric customers truly share both the costs and the benefits of solar power. Further, by focusing much of our efforts on landfill and brownfield solar development we are aligning with New Jersey public policy, helping to save scarce open space in our state and giving new purpose to sites that would otherwise have limited opportunities for development."
PSE&G is currently selecting three or four additional landfill and brownfield sites to build an additional 33MW-dc of solar capacity between now and 2020, with work on the first project expected to begin later this year.
"It's great to see utilities embracing solar and showing that it can be deployed in creative ways and in innovative locations," said judge Tom Hunt, senior vice president at Clean Energy Collective, SEPA's 2016 Innovative Partner of the Year.
Now in their ninth year, the SEPA Power Players Awards recognize utilities, their industry partners, individuals and other stakeholders on the front lines of energy transformation in the United States. Chosen by an independent panel of seven judges with diverse experience in the electric power industry, PSE&G and winners in six other categories will be honored at an awards dinner Wednesday, July 26, 2017 during SEPA's Grid Evolution Summit: A National Town Meeting in Washington, D.C.
About PSE&G
Public Service Electric and Gas Company (PSE&G) is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of+ the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE:PEG), a diversified energy company.
Visit PSEG at:
www.pseg.com
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
PSEG blog, Energize!
About SEPA
The Smart Electric Power Alliance is an educational nonprofit working to facilitate the utility industry's transition to a clean energy future through education, research, standards and collaboration. SEPA offers a range of research initiatives and resources, as well as conferences, educational events and professional networking opportunities. SEPA is founder and co-sponsor of Solar Power International and winner of the Keystone Policy Center's 2016 Leadership in Energy Award. For more information, visit www.sepapower.org.
Follow SEPA on Twitter, Facebook and LinkedIn.
Forward-Looking Statements
The statements contained in this communication about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements 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. When used herein, the words "anticipate," "intend," "estimate," "believe," "expect," "plan," "should," "hypothetical," "potential," "forecast," "project," variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could 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: http://investor.pseg.com/sec-filings. All of the forward-looking statements made in this communication 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 communication 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.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at http://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at http://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
SOURCE PSE&G
UNIONDALE, N.Y., June 23, 2017 /PRNewswire/ -- PSEG announced today that Daniel Eichhorn was named President and COO PSEG Long Island effective October 2, 2017. Eichhorn is currently Vice President – Customer Services of PSEG Long Island. Eichhorn succeeds David Daly, who was elected President and COO of PSE&G, New Jersey's oldest and largest gas and electric company. Daly has led PSEG Long Island since October 2013.
"I have enjoyed the last several years working with the men and women of PSEG Long Island, as we enhanced our customer service and invested in improving the reliability of the electric system," said Daly. "Leaving this job is made easier knowing that I am being replaced by Dan Eichhorn, who has the same strong commitment to providing safe, reliable and economical electricity to the residents and businesses on Long Island."
The company also announced today that as of October 2, 2017, Daly will assume the role as Chairman of the PSEG Long Island Board, replacing Ralph LaRossa who was elected President and COO of PSEG Power, the company's regional merchant generation company.
"I have had a great mentor in Dave Daly, and will continue to build on his efforts at making PSEG Long Island a valued member of the community," said Eichhorn. "I am honored to be asked to lead a tremendous organization of men and women who work tirelessly, every day, to meet or exceed the expectations of our Long Island customers."
Eichhorn joined PSEG Long Island in October 2013, charged with improving the utilities' customer satisfaction and overseeing the development of the new customer services organization. He also directs marketing and marketing strategy, customer contact, meter-to-cash functions, and solar and energy efficiency programs.
Prior to this position, Eichhorn spent 25 years with PSE&G in New Jersey and has a broad background in electric and gas operations, customer operations and the appliance service business. His responsibilities included assessing and implementing new customer technology, oversight of all call center operations and oversight of the company's 16 customer service centers. Eichhorn received a Bachelor of Science degree in Electrical Engineering and a Master of Business Administration in Finance from Drexel University.
Daly was named President and COO of PSEG Long Island in October 2013, and oversaw the transition to PSEG management of LIPA's electric system. Prior to this role, Daly served as Vice President-Asset Management and Centralized Services at PSE&G. Daly joined PSE&G in 1983 and held a variety of positions of increasing responsibility in utility operations and support services. He has an electrical engineering degree from the State University of New York Maritime College, and an MBA from Rutgers University.
PSEG Long Island operates the Long Island Power Authority's transmission and distribution system under a 12-year contract. PSEG Long Island is a subsidiary of Public Service Enterprise Group Incorporated (NYSE: PEG), a publicly traded diversified energy company with annual revenues of $9.1 billion.
Keep in Touch:
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Psegliny.com/blog
Contact: Media Relations Pager
516.229.7248
mediarelationsLI@pseg.com
SOURCE PSEG Long Island
NEWARK, N.J., June 23, 2017 /PRNewswire/ -- Public Service Enterprise Group (NYSE: PEG) announced today the election of Ralph LaRossa as President and Chief Operating Officer (COO) of PSEG's merchant generation business, PSEG Power effective October 2, 2017. LaRossa is currently President and COO of PSEG's utility business, Public Service Electric and Gas Company (PSE&G). In his new role, LaRossa succeeds Bill Levis who in December 2016 had announced his plans to retire.
PSEG also announced David M. Daly has been elected to succeed Ralph LaRossa as President and COO of PSE&G effective October 2, 2017. Daly will also assume the role of Chairman of the Board of PSEG Long Island currently held by Ralph LaRossa. Daly is currently President and COO of PSEG Long Island.
LaRossa, 54, was elected President and COO of PSE&G in October 2006. Since then, he has successfully led the utility through significant growth in its transmission and distribution businesses which now account for more than two-thirds of PSEG's consolidated annual revenues, with a culture focused on safety and compliance. LaRossa also led PSEG's efforts to garner a 12-year contract to manage the LIPA transmission and distribution system, which is now in its fourth year.
Ralph Izzo, Chairman, President and Chief Executive Officer of PSEG, said "In his career at PSE&G, Ralph has demonstrated the right skills to step into this key leadership role. For the past decade, Ralph has successfully led PSE&G through the largest capital program in its history. During this period he led the recovery from Superstorm Sandy and maintained a focus on operational reliability and the needs of our customers. Ralph has demonstrated strong leadership and is respected across PSEG and the industry as he assumes this role at PSEG Power." Izzo said the timing of the appointments in advance of the effective date allows ample opportunity for a smooth transition in executive leadership at PSEG Power and PSE&G. Izzo added, "Moreover, the broadening of Ralph's background is consistent with our long-term succession planning efforts."
Izzo also noted, "Dave has demonstrated strong leadership capabilities at PSEG Long Island, and has been instrumental in achieving improvements in utility operations and customer satisfaction. I am confident that under Dave, the PSE&G team will continue to meet customer expectations by maintaining a focus on service quality through programs that modernize and upgrade the system."
Reacting to his new responsibilities, LaRossa said "I thoroughly appreciate the trust that Ralph Izzo and the Board have placed in me. I look forward to this new role working with the dedicated men and women of PSEG Power. I will do this with a close eye on operating safely and efficiently as we complete construction of PSEG Power's three new gas-fired combined cycle generators."
Daly, in reacting to his appointment, said "This is an extraordinary honor. I look forward to working with the great men and women of PSE&G, and plan to maintain our commitment to shareholder value, safe and reliable service and the highest levels of community involvement."
Mr. LaRossa joined PSE&G in 1985 as an associate engineer and advanced through a variety of management positions in the utility's gas and electric operations. In addition to his role at PSE&G, on January 1, 2014, Mr. LaRossa was appointed Chairman of the Board of PSEG Long Island, a subsidiary of PSEG. He is a graduate of Stevens Institute of Technology and has completed the Harvard Business School's Program for Management Development.
Daly, 55, was named President and COO of PSEG Long Island in October 2013, and has overseen the transition to PSEG management of PSEG Long Island. Prior to his appointment, Daly served as vice president-asset management and centralized services at PSE&G. Initially hired at PSE&G in 1983, Daly has held a variety of positions in utility operations and support services. He has an electrical engineering degree from the State University of New York Maritime College, and a Master of Business Administration from Rutgers University.
"Bill Levis's leadership at PSEG Power occurred during a time when the industry faced tremendous challenges. I greatly value his contribution to our success during these past 10 years," said Izzo. "I, along with the rest of the company, thank him and wish him well in his retirement."
Public Service Enterprise Group (NYSE: PEG) is a publicly traded diversified energy company with annual revenues of $9.1 billion. Its operating subsidiaries are: Public Service Electric and Gas Company (PSE&G), PSEG Power, and PSEG Long Island. www.pseg.com.
Public Service Electric and Gas Company (PSE&G) is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability.
PSEG Power LLC is an independent power producer that generates and sells electricity in the PJM, New York and New England wholesale power markets.
Forward-Looking Statements
The statements contained in this communication about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements 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. When used herein, the words "anticipate," "intend," "estimate," "believe," "expect," "plan," "should," "hypothetical," "potential," "forecast," "project," variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could 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: http://investor.pseg.com/sec-filings. All of the forward-looking statements made in this communication 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 communication 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.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at http://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at http://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
SOURCE Public Service Enterprise Group (PSEG)
NEWARK, N.J., June 1, 2017 /PRNewswire/ -- Public Service Electric and Gas Co. (PSE&G) today filed for a modest increase in residential gas bills that would take effect this fall. If approved by the New Jersey Board of Public Utilities, this would be the first gas supply rate increase in nine years.
While the proposed gas rates would take effect this fall, bills for PSE&G's residential electric customers are dropping 2.5 percent today just in time for summer. The lower bills are the result of the Basic Generation Service auction held in February for customers who receive their electric supply from PSE&G. The typical customer who uses 750 kilowatt-hours per summer month and 7,200 kilowatt-hours annually will pay $4 less per summer month, or $32 less per year.
Under the gas supply filing made today, a residential gas heating customer who uses 165 therms in a winter month and 1,010 therms annually would pay about $5 – or 3.6 percent more in a winter month. This same customer would pay about $31 more per year.
"We work hard to keep our bills as stable as possible for customers," said Jorge Cardenas, vice president of asset management and centralized services. "By efficiently managing our gas supply contracts and purchases, we have kept our increase as small as possible."
Even with the modest increase, residential gas bills are still 50 percent lower than they were in 2008. Under the proposal, the rate residential customers pay will increase to 37 cents from 34 cents per therm.
"While the cost of natural gas is still historically low when compared to a decade ago, costs for the 2017-2018 period have increased," Cardenas said. "Overall gas prices are higher due to decreased production levels, as compared to last year. The costs for gas from the Marcellus shale region also are higher due to an increase in demand as a result of several pipeline expansions that are now accessing the Marcellus region as a supply source."
Cardenas added, "During the past nine years, PSE&G has provided significant savings to our customers as the cost of natural gas has steadily dropped. As a result, even with the proposed modest increase, the typical customer will pay about $824 less per year than they did in 2008 – in addition to monthly bill credits that have been implemented in the last few years."
PSE&G makes no profit on the sale of natural gas, passing along what it pays to its customers. If the price of natural gas increases, the BPU allows the state's natural gas utilities, including PSE&G, to recover those costs. Conversely, reductions in the gas supply price may be implemented at any time if market conditions warrant.
PSE&G
Public Service Electric and Gas Company (PSE&G) is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE:PEG), a diversified energy company.
Visit PSEG at:
Forward-Looking Statements
The statements contained in this communication about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements 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. When used herein, the words "anticipate," "intend," "estimate," "believe," "expect," "plan," "should," "hypothetical," "potential," "forecast," "project," variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could 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: http://investor.pseg.com/sec-filings. All of the forward-looking statements made in this communication 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 communication 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.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at http://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at http://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
SOURCE PSE&G
UNIONDALE, N.Y., June 1, 2017 /PRNewswire/ -- PSEG Long Island continues to upgrade its infrastructure, technology and communications to maintain best-in-class electric reliability. These continued improvements have prepared the energy grid to meet peak demand during extreme heat situations in the upcoming summer months.
"Our customers deserve and expect to have reliable service, regardless of the weather conditions," said John O'Connell, Vice President of Transmission and Distribution at PSEG Long Island. "We continuously inspect our system and work throughout the year to proactively make upgrades and improvements so when extreme weather conditions affect the service territory, we can continue to deliver safe and reliable service to our customers."
Our efforts focus on substation improvements, transmission and distribution improvements, as well as circuit and equipment inspections, including helicopter inspections across Long Island and the Rockaways.
System Improvements include:
The implementation of the storm hardening program funded by FEMA to strengthen Long Island's distribution system also continues. Improvements include upgrading poles to withstand winds up to 135 mph, installing stronger and more resistant wires, tree trimming to clear conductors and reduce the risk of damage to equipment and installing automated switching equipment to help reduce the number of customers affected by an outage.
Since funding was secured by LIPA in 2014, storm hardening and reliability work has been completed on more than 80 circuits, covering more than 270 circuit miles, from the Rockaways to Shelter Island. FEMA reliability work is planned for more than 300 circuits, which will cover 1,025 circuit miles across the service territory.
To further minimize storm damage to the electric system, arborists from PSEG Long Island's Tree Trimming program work throughout the year to identify and trim tree limbs in rights of way and along easements that could potentially cause outages during or after a storm. In 2016, the utility trimmed a record 3,250 transmission and distribution miles. In 2014-16, PSEG Long Island reduced the number of tree-related outages by approximately 50 percent on circuits that were trimmed.
PSEG Long Island has also continued to improve the customer service experience through technology advancements. In 2016, PSEG Long Island redesigned its customer bill and My Account dashboard for residential and commercial customers. The utility also updated the Balanced Billing program to provide customers a consistent and predictable payment for 12 consecutive months. The utility is also continuing to add new ways for customers to pay their bill with the launch of its new pay-by-text option for customers already enrolled in My Alerts and registered in My Account. PSEG Long Island's new outage map includes more information, such as the type of crew assigned to a job, the cause of the outage and icons indicating where shelters, command centers and additional resources are located.
PSEG Long Island operates the Long Island Power Authority's transmission and distribution system under a 12-year contract. PSEG Long Island is a subsidiary of Public Service Enterprise Group Incorporated (NYSE:PEG), a publicly traded diversified energy company with annual revenues of $9.1 billion.
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SOURCE PSEG Long Island
NEWARK, N.J., May 31, 2017 /PRNewswire/ -- Public Service Electric and Gas Co. (PSE&G), New Jersey's largest utility, has made significant infrastructure investments that are in service for the first time this season, ensuring the utility is better prepared than ever to meet customer demand for safe, reliable electricity this summer.
"PSE&G customers are benefiting from the $2.8 billion in electric and gas investments the utility made this past year," said John Latka, senior vice president of electric and gas operations at PSE&G. "These investments, along with our highly skilled and dedicated workforce, play a big role in making us one of the most reliable utilities in the country, and the most reliable in the Mid-Atlantic region 15 years running."
Notable projects completed since the start of last summer include:
In addition to these electric distribution upgrades, phase 2 of the $1.2 billion Bergen to Linden corridor upgrade is fully energized and completed on schedule. This portion represents the upgrade from Bayway station in Elizabeth, to Linden station. When complete in 2018, the 345-kilovolt (kV) line will run from Ridgefield to Linden, maintaining reliability by relieving congestion on other regional transmission lines.
The 2017 forecasted summer peak is 10,057 megawatts. Last year's peak was 9,800 megawatts, set on August 12. PSE&G's all-time summer peak was 11,108 megawatts, set on August 2, 2006.
PSE&G expects to have no problem delivering the additional power, but utility crews are at the ready to respond to service interruptions should they occur. The utility's rigorous preparedness program for summer includes conducting annual hurricane and tropical storm drills, employee training, developing emergency summer operating plans, and performing summer peak reliability analysis, helicopter and climbing inspections of transmission circuits, infrared inspections, system reinforcements and transmission line work.
PSE&G
Public Service Electric and Gas Company (PSE&G) is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE: PEG), a diversified energy company.
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Forward-Looking Statements
The statements contained in this communication about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements 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. When used herein, the words "anticipate," "intend," "estimate," "believe," "expect," "plan," "should," "hypothetical," "potential," "forecast," "project," variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could 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: http://investor.pseg.com/sec-filings. All of the forward-looking statements made in this communication 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 communication 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.
SOURCE Public Service Electric and Gas Co. (PSE&G)
MOUNT LAUREL, N.J., May 24, 2017 /PRNewswire/ -- Ralph Izzo, president, chairman and chief executive officer of Public Service Enterprise Group (PSEG), today called for a set of statewide regulatory reforms that would create financial incentives for utilities to help their customers reduce at-home energy use, as well as expand access to renewable energy and new energy-saving technologies.
He also encouraged New Jersey utility regulators to consider longer-term approval of energy infrastructure projects, which would lead to additional job creation.
Izzo delivered his remarks at a state energy forum sponsored by the Chamber of Commerce Southern New Jersey.
"Customers' demands are changing," Izzo said. "They want more reliability, they want more resilient power, they want cleaner energy and they want access to smart technology to better understand their energy usage – all while keeping bills affordable."
In order to meet these competing demands, utilities and the regulatory framework that governs them must adapt from a system that encourages utilities to sell as much energy as possible to a new system that provides incentives for the utility to promote greater energy efficiency, Izzo said.
"Energy efficiency is the critical component that will drive the utility of the future," Izzo said. "The cheapest kilowatt remains the one that is not needed."
"While New Jersey has set aggressive goals for renewables, we have only taken baby steps in the area of energy efficiency," he said.
The universal reach of utilities, touching every home and business in their service territory, means that investment in energy efficiency at the utility level would ensure all customers, at every income level, would reap the benefits of those programs.
Similarly, utilities can help promote universal access to renewable energy sources, such as solar energy. PSEG has already spent more than $1 billion on solar projects in New Jersey and 13 other states.
"While the sun is free, we need to remember that converting it to energy is not," Izzo said. "We need to invest in renewables in a way that helps match those who pay for the attributes of renewables (all ratepayers and taxpayers) with those who reap the benefits of those investments."
Izzo also discussed the role utilities can play in helping increase the speed of adoption and depth of penetration of new technology.
"The utility, with its network and strong customer relations, can be the ultimate sales channel for new energy products and services," he said.
Izzo also called for a new look at how New Jersey regulates the long-term modernization of gas and electric infrastructure. He said the state can improve the efficiency and effectiveness of the long-term project-approval process without reducing regulatory oversight.
New Jersey's Board of Public Utilities typically approves infrastructure projects – such as PSE&G's programs to flood-proof electric substations or replace aging cast-iron gas mains – in three-year increments. A longer-term approval would allow utilities to plan their purchasing and hiring more efficiently and lead to creation of more jobs, Izzo said.
As New Jersey strives to meet changing customer demands, Izzo warned that if New Jersey nuclear plants are allowed to close, the state will move backward in the areas of reliability, clean air and affordable electric bills.
"If done right, the future of energy in New Jersey is one where we use less energy, the energy we use is cleaner and more reliable, and bills are affordable," Izzo said.
Public Service Enterprise Group (NYSE: PEG) is a publicly traded diversified energy company with annual revenues of $9.1 billion. Its operating subsidiaries are: Public Service Electric and Gas Company (PSE&G), PSEG Power, and PSEG Long Island.
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SOURCE Public Service Enterprise Group (PSEG)
NEWARK, N.J., May 24, 2017 /PRNewswire/ -- Public Service Enterprise Group (NYSE:PEG) subsidiary company, PSEG Power, today reported its results from the PJM Capacity Auction for the planning year 2020/2021. The company cleared approximately 7,800 megawatts (MWs) at a weighted average clearing price of $174 per megawatt-day. This was the first planning year that all capacity clearing the auction had to meet PJM's capacity performance requirements.
About PSEG:
PSEG Power LLC is an independent power producer that generates and sells electricity in the PJM, New York and New England wholesale power markets.
PSEG Power LLC is a subsidiary of Public Service Enterprise Group (PSEG), a diversified energy company (www.pseg.com).
Forward-Looking Statements
The statements contained in this communication about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements 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. When used herein, the words "anticipate," "intend," "estimate," "believe," "expect," "plan," "should," "hypothetical," "potential," "forecast," "project," variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could 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: http://investor.pseg.com/sec-filings. All of the forward-looking statements made in this communication 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 communication 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.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at http://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at http://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
SOURCE Public Service Enterprise Group (PSEG)
UNIONDALE, N.Y., May 2, 2017 /PRNewswire/ -- Last week, in celebration of National Volunteer Week (April 23-29), PSEG Long Island employees gave back to their communities by participating in more than 30 service events. Projects included teaching electrical safety to children, cooking meals at soup kitchens, cleaning up gardens and green spaces, and collecting clothing for those in need. The week's events culminated with more than 800 PSEG Long Island employees and family members joining fellow Long Islanders walking for a cause together at the March of Dimes' Walk for Babies event at Jones Beach.
"PSEG Long Island is continually working to make Long Island and the Rockaways a better place to live and work," said Dan Eichhorn, Vice President, Customer Services, PSEG Long Island. "Along with providing safe and reliable service, our employees are dedicated and proud to volunteer their time in local communities throughout the year."
National Volunteer Week is an annual, nationwide celebration of people working to improve their communities through volunteer service. Some of PSEG Long Island's National Volunteer Week projects included:
Giving back to communities across Long Island is one of PSEG Long Island's core values. Through the utility's Community Partnership Program (CPP), PSEG Long Island raised more than $200,000 for local charities in 2016. Last year, employees participated in more than 740 different volunteer events across the service territory, and spent nearly 18,000 hours giving back to the community.
Photos from Volunteer Week 2017, https://www.flickr.com/photos/psegli/albums/72157679918757504 .
For more information on the CPP program or to request a presentation, visit www.psegliny.com/community.
PSEG Long Island operates the Long Island Power Authority's transmission and distribution system under a 12-year contract. PSEG Long Island is a subsidiary of Public Service Enterprise Group Incorporated (NYSE: PEG), a publicly traded diversified energy company with annual revenues of $9.1 billion.
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Contact: |
Media Relations Hotline |
516.229.7248 | |
SOURCE PSEG Long Island
NEWARK, N.J., April 28, 2017 /PRNewswire/ -- Public Service Enterprise Group (NYSE: PEG) reported today Net Income for the first quarter of 2017 of $114 million, or $0.22 per share as compared to Net Income of $471 million, or $0.93 per share, in the first quarter of 2016. Non-GAAP Operating Earnings for the first quarter of 2017 were $466 million, or $0.92 per share, compared to non-GAAP Operating Earnings for the first quarter of 2016 of $463 million, or $0.91 per share. Net Income for the first quarter of 2017 was affected by accelerated depreciation associated with the early retirement of the Hudson and Mercer coal-gas generating stations and a reserve for the impairment of our leveraged leases.
Ralph Izzo, chairman, president and chief executive officer, commented that "we are off to a good start for the year. Our investment program and control of O&M continue to contribute to the growth in results of our regulated utility business and helps offset the impact of a decline in energy prices on earnings at PSEG Power. Our regulated utility business is expected to grow to represent 66% of non-GAAP Operating Earnings for the full year."
Management uses non-GAAP Operating Earnings in its internal analysis, and in communications with investors and analysts, as a consistent measure for comparing PSEG's financial performance to previous results. Non-GAAP Operating Earnings exclude the impact of returns (losses) associated with the Nuclear Decommissioning Trust (NDT), Mark-to-Market (MTM) accounting and material one-time items such as the previously noted Hudson and Mercer retirements and lease impairment.
The tables below provide a reconciliation of PSEG's Net Income to non-GAAP Operating Earnings for the first quarter. See Attachment 9 for a complete list of items excluded from Net Income in the determination of non-GAAP Operating Earnings. The presentation of non-GAAP Operating Earnings is intended to complement, and should not be considered an alternative to, the presentation of Net Income, which is an indicator of financial performance determined in accordance with GAAP. In addition, non-GAAP Operating Earnings as presented in this release may not be comparable to similarly titled measures used by other companies.
PSEG CONSOLIDATED RESULTS (unaudited) | |||||
First Quarter Comparative Results | |||||
2017 and 2016 | |||||
Income |
Diluted Earnings | ||||
($ millions) |
Per Share | ||||
2017 |
2016 |
2017 |
2016 | ||
Net Income |
$114 |
$471 |
$0.22 |
$0.93 | |
Reconciling Items* |
352 |
(8) |
0.70 |
(0.02) | |
Non-GAAP Operating Earnings |
$466 |
$463 |
$0.92 |
$0.91 | |
Avg. Shares |
508M |
508M | |||
*See Attachment 9 |
Ralph Izzo went on to say, "We are re-affirming our non-GAAP Operating Earnings guidance for 2017 of $2.80 - $3.00 per share. By delivering on our strategic investment program, we are building an energy company that meets the needs of our shareholders and provides a sustainable energy future for our customers."
The following table outlines PSEG's expectations for non-GAAP Operating Earnings by subsidiary for 2017.
2017 Non-GAAP Operating Earnings Guidance ($millions, except EPS) | |
2017E | |
PSE&G |
$945 - $985 |
PSEG Power |
$435 - $510 |
PSEG Enterprise/ |
|
Other |
$35 - $35 |
Non-GAAP Operating Earnings |
$1,415 - $1,530 |
Non-GAAP EPS |
$2.80 - $3.00 |
E = Estimate |
Due to the forward looking nature of non-GAAP Operating Earnings guidance, PSEG is unable to reconcile this non-GAAP financial measure to the most directly comparable GAAP financial measure. Management is unable to project certain reconciling items, in particular MTM and NDT gains (losses), for future periods due to market volatility.
Non-GAAP Operating Earnings Review and Outlook by Operating Subsidiary
See Attachment 4 for detail regarding the quarter-over-quarter reconciliations for each of PSEG's businesses.
PSE&G
PSE&G reported Net Income of $299 million ($0.59 per share) for the first quarter of 2017 compared with Net Income of $262 million ($0.52 per share) for the first quarter of 2016.
PSE&G's first quarter results reflect the on-going successful execution of its growth initiatives and control of operating expenses.
Growth in PSE&G's investment in transmission improved quarter-over-quarter Net Income comparisons by $0.03 per share. Revenue recovery of investments made to enhance system resiliency under the Energy Strong and Gas System Modernization Programs improved quarter-over-quarter Net Income comparisons by $0.02 per share. A reduction in O&M expense improved quarter-over-quarter Net Income comparisons by $0.02 per share.
PSE&G implemented a $121 million increase in transmission revenue under the company's FERC-approved formula rate on January 1, 2017. Transmission revenues are adjusted each year to reflect an update of the company's investment program. PSE&G's investment in transmission is expected to grow to represent approximately $7.6 billion of rate base at the end of 2017, or 45% of the company's year-end 2017 consolidated rate base. Gas distribution revenue increased by $16 million with the completion of gas main replacement work approved under the Energy Strong and GSMP investment programs.
Actual and weather-normalized electric sales were approximately 1.5% higher than a year ago due to an increase in sales to a large industrial customer whose contracted generation supply was off-line during most of the quarter. Residential sales comparisons were flat, and sales to the commercial sector increased 0.8%. Actual and weather-normalized firm gas sales increased 3.0% in the first quarter. The increase is higher than our forecasted rate of growth, and may be attributable in part to imprecision in weather normalization calculations during extreme weather conditions. The increase is in line with growth trends experienced prior to 2016.
PSE&G filed with the NJ Board of Public Utilities (BPU) in March 2017 for the extension of existing Energy Efficiency programs and the addition of new programs. The programs, if approved, would represent a capital investment of approximately $74 million. As part of the petition, PSE&G is also seeking recovery of additional administrative and information technology system enhancement costs. The petition has been deemed complete, and a decision is pending.
PSE&G invested $752 million of capital expenditures during the first quarter of 2017 and is on-track for its full-year capital investment program of $3.4 billion in its transmission and distribution infrastructure.
The forecast of PSE&G's Net Income for 2017 remains unchanged at $945 - $985 million.
PSEG Power
PSEG Power reported a Net Loss of $170 million ($0.34 per share) for the first quarter of 2017 compared with Net Income of $192 million ($0.38 per share) for the first quarter of 2016. PSEG Power's non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA for the first quarter of 2017 were $150 million ($0.30 per share) and $359 million respectively compared to non-GAAP Operating Earnings of $184 million ($0.36 per share) and non-GAAP Adjusted EBITDA of $409 million for the first quarter of 2016.
Management believes non-GAAP Adjusted EBITDA is useful to investors and other users of our financial statements in evaluating operating performance because it provides them with an additional tool to compare business performance across companies and across periods. Management also believes that non-GAAP Adjusted EBITDA is widely used by investors to measure operating performance without regard to items such as income tax expense, interest expense and depreciation and amortization, which can vary substantially from company to company depending upon, among other things, the book value of assets, capital structure and whether assets were constructed or acquired. Non-GAAP Adjusted EBITDA also allows investors and other users to assess the underlying financial performance of our fleet before management's decision to deploy capital. Non-GAAP Adjusted EBITDA excludes the same items as our non-GAAP Operating Earnings measure as well as income tax expense, interest expense and depreciation and amortization. See Attachment 10 for a complete list of items excluded from Net Income/(Loss) in the determination of non-GAAP Adjusted EBITDA. The presentation of non-GAAP Adjusted EBITDA is intended to complement, and should not be considered an alternative to the presentation of Net Income/(Loss), which is an indicator of financial performance determined in accordance with GAAP. In addition, non-GAAP Adjusted EBITDA as presented in this release may not be comparable to similarly titled measures used by other companies.
PSEG Power's Net Loss for the first quarter reflects the impact of incremental depreciation and other expenses of $564 million, pre-tax, associated with the decision to retire the Hudson and Mercer coal-fired generating stations on June 1, 2017.
A decline in the average price received on energy hedges reduced Power's quarter-over-quarter non-GAAP Operating Earnings by $0.09 per share. Non-GAAP quarterly Operating Earnings comparisons were also reduced by $0.01 per share as a result of a decline in output and by a $0.01 per share increase in the reserve related to a FERC investigation of Power's cost-based bids begun in 2014. These two items were offset by a $0.02 per share quarter-over-quarter improvement in non-GAAP Operating Earnings on off-system gas sales. A reduction in O&M as a result of cost control at the nuclear stations improved quarter-over-quarter non-GAAP Operating Earnings comparisons by $0.03 per share.
Output from Power's generating facilities was 2.8% lower in the first quarter compared to year-ago levels. Quarterly comparisons were affected by one fewer day of operation in 2017 relative to the year-ago period (due to leap year), and the adverse impact of above normal temperatures during the first two months of the year on energy demand, pricing and volatility. The nuclear fleet operated at an average capacity factor of 100% producing 8.4 TWh of energy. Power's gas-fired CCGT fleet experienced a decline in its average capacity factor during the quarter to 41.8% from 51.7%. For the quarter, the CCGT fleet produced 3.0 TWh of energy and the coal-fired fleet produced 1.4 TWh of energy.
Based on the mild winter, Power is forecasting output for 2017 of 49 – 50 TWh – modified from its prior forecast of output for the year of 49 – 51 TWh. Approximately 90% of production for the remainder of the year is hedged at an average price of $46 per MWh. Power has hedged approximately 55% - 60% of its forecast production for 2018 of 52 – 54 TWh at an average price of $41 per MWh. For 2019, Power has hedged 20% - 25% of its forecast production of 58 – 60 TWh at an average price of $42 per MWh. Power continues to assume BGS volumes will represent approximately 11 TWh in 2017 – consistent with 2016 deliveries.
The forecast increase in output for both 2018 and 2019 reflects the commercial start-up in mid-2018 of 1,300 MWs of new gas-fired combined cycle capacity at the Keys Energy Center in Maryland and Sewaren in New Jersey, and the mid-2019 commercial start-up of the 485 MW gas-fired combined cycle power plant at Bridgeport Harbor, Connecticut.
The forecast of Power's non-GAAP Operating Earnings for 2017 and non-GAAP Adjusted EBITDA remain unchanged at $435 - $510 million and $1,080 million - $1,210 million respectively.
Due to the forward looking nature of non-GAAP Adjusted EBITDA guidance, PSEG is unable to reconcile this non-GAAP financial measure to the most directly comparable GAAP financial measure. Management is unable to project certain reconciling items, in particular MTM and NDT gains (losses), for future periods due to market volatility.
PSEG Enterprise/Other
PSEG Enterprise/Other reported a Net Loss of $15 million ($0.03 per share) for the first quarter of 2017 compared to Net Income of $17 million ($0.03 per share) for the first quarter of 2016. Non-GAAP Operating Earnings for the first quarter of 2017 were $17 million ($0.03 per share) compared to $17 million ($0.03 per share) for the first quarter of 2016. The Net Loss for the first quarter of 2017 reflects the impact of a pre-tax charge of $55 million associated with continuing liquidity issues facing NRG REMA, LLC. Non-GAAP Operating Earnings were unchanged quarter-over-quarter and reflect contractual payments associated with the operation of PSEG Long Island and certain tax items at PSEG Energy Holdings.
The forecast of PSEG Enterprise/Other full year non-GAAP Operating Earnings for 2017 remains unchanged at $35 million.
The following attachments can be found on www.pseg.com
Attachment 1 - Consolidating Statements of Operations – 3 months
Attachment 2 - Capitalization Schedule
Attachment 3 - Condensed Consolidated Statements of Cash Flows
Attachment 4 - Quarter-over-Quarter EPS Reconciliation
Attachment 5 - Retail Sales and Revenues – Electric
Attachment 6 - Retail Sales and Revenues – Gas
Attachment 7 - Generation Measures
Attachment 8 - Statistical Measures
Attachment 9 – Consolidated Operating Earnings (non-GAAP) Reconciliation
Attachment 10 – PSEG Power Operating Earnings (non-GAAP) and Adjusted EBITDA (non-GAAP) Reconciliation, PSEG Enterprise/Other Operating Earnings (non-GAAP) Reconciliation
Forward-Looking Statements
Certain of the matters discussed in this presentation about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical constitute "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. When used herein, the words "anticipate," "intend," "estimate," "believe," "expect," "plan," "should," "hypothetical," "potential," "forecast," "project," variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in filings we make with the United States Securities and Exchange Commission (SEC) including our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K. These factors include, but are not limited to:
All of the forward-looking statements made in this presentation 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 presentation apply only as of the date of this presentation. 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.
The forward-looking statements contained in this presentation are intended to qualify for the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at http://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at http://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
SOURCE Public Service Enterprise Group (PSEG)
NEWARK, N.J., April 18, 2017 /PRNewswire/ -- Public Service Enterprise Group's (PSEG) success in adjusting to changing market dynamics and customer demands has produced strong financial results, PSEG Chairman, President and CEO Ralph Izzo told shareholders at the company's annual meeting, held today in Newark.
Izzo outlined the company's $15 billion, five-year capital spending program, which will upgrade the company's energy infrastructure. This program includes spending $4.7 billion during 2017 to improve the efficiency and reliability of the company's utility, Public Service Electric & Gas (PSE&G), and its wholesale generator, PSEG Power. This capital expenditure represents a record amount for PSEG to invest in any one year.
Izzo said these investments are being made as the utility industry is evolving due to the low cost of natural gas, the continued growth of renewables and changing customer demands.
"In response, we have increased investment in our utility and regulated assets, increasing PSE&G's percentage of our 2016 earnings," Izzo said. "Today, the utility represents more than 60 percent of earnings, and its share is forecast to continue to grow this year."
Izzo told shareholders that the company's strategy and the strength of its financial position successfully delivered double-digit growth in rate base and earnings in 2016 at PSE&G.
"Our results once again reflect the strength and stability of our business model," he said. "We are executing well on our capital investments, to the benefit of customers, shareholders and New Jersey's economy."
Strong financial performance has also allowed PSEG to steadily increase its dividend. In February, the company raised its indicative annual dividend to $1.72 per share for 2017, from $1.64 per share in 2016. PSEG has now paid dividends for 110 consecutive years – putting it among a select group of companies.
Significant utility investments include the Gas System Modernization Program, which replaces aging cast-iron and steel gas mains, and the Energy Strong program implemented after Superstorm Sandy, which fortifies PSE&G's electric and gas distribution systems against the next damaging storm. In October, the New Jersey Board of Public Utilities approved an $80 million extension to PSE&G's Solar 4 All program, allowing an additional 33 megawatts of solar development on landfills and brownfields. Utility investments account for more than 80 percent of PSEG's planned capital expenditures over the next five years. The utility's investment program is expected to yield 7% - 9% growth in rate base through the end of the decade.
Growth of the utility is offsetting the challenges to PSEG Power, which are primarily due to falling electricity prices, Izzo added. The company is monitoring the impact lower wholesale electricity prices, resulting from persistently low-priced natural gas, are having on the finances of the company's nuclear facilities.
"Our management team is committed to the continued implementation of disciplined cost control at these facilities and advocates for policies that recognize nuclear power as a source of safe, clean energy and an essential piece of a diverse, reliable energy portfolio," Izzo said.
To read the speech in its entirety, please click here.
About PSE&G
Public Service Enterprise Group (NYSE: PEG) is a publicly traded diversified energy company with annual revenues of $9.1 billion. Its operating subsidiaries are: Public Service Electric and Gas Company (PSE&G), PSEG Power, and PSEG Long Island.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at http://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at http://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
Forward Looking Statements
The statements contained in this communication about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements 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. When used herein, the words "anticipate," "intend," "estimate," "believe," "expect," "plan," "should," "hypothetical," "potential," "forecast," "project," variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could 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: http://investor.pseg.com/sec-filings. All of the forward-looking statements made in this communication 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 communication 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.
SOURCE Public Service Enterprise Group (PSEG)
NEWARK, N.J., April 18, 2017 /PRNewswire/ -- The Board of Directors of Public Service Enterprise Group (NYSE: PEG) today declared a $0.43 per share dividend on the outstanding common stock of the company for the second quarter of 2017.
All dividends for the second quarter are payable on or before June 30, 2017, to shareholders of record on June 9, 2017.
Forward-Looking Statement
The statements contained in this communication about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements 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. When used herein, the words "anticipate," "intend," "estimate," "believe," "expect," "plan," "should," "hypothetical," "potential," "forecast," "project," variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could 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: http://investor.pseg.com/sec-filings. All of the forward-looking statements made in this communication 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 communication 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.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at http://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at http://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
SOURCE Public Service Enterprise Group (PSEG)
NEWARK, N.J., March 28, 2017 /PRNewswire/ -- Public Service Enterprise Group (PSEG) today hosted its 11th annual Supplier Diversity Procurement Fair at the Robert Treat Hotel in Newark, connecting New Jersey's diverse business community with the state's largest utilities. The event provides attendees the opportunity to network with prospective clients looking for specific products and services.
PSEG's Supplier Diversity Program achieved record results in 2016 with $472 million or 17 percent of PSEG's total supplier spend directed at minority-, women- and veteran-owned businesses, according to Derek DiRisio, president-PSEG Services Corporation. The company also helped the New Jersey economy in 2016 by spending nearly $2 billion with other New Jersey-based firms.
"Our spending with diverse suppliers in 2016 was almost $200 million more than we spent just two years earlier," DiRisio said. "Our partnerships with diverse suppliers are critical to our company's competitiveness, our quality and, ultimately, our success. Supplier diversity has been a part of the PSEG culture for more than 25 years, and we're proud that we've been able to do more with this business community than ever before – and that is reflected in our numbers."
Participation from organizations such as the New Jersey Business & Industry Association, New Jersey Board of Public Utilities (BPU) Supplier Diversity Development Council, and other large companies such as New Jersey Natural Resources, AT&T and Consolidated Edison, allows attendees to make new connections and strengthen their business.
"Hosting an annual Supplier Diversity Procurement Fair like this one provides PSEG with an important opportunity to connect with our business community – to begin new relationships and strengthen existing ones with regional diverse suppliers, particularly those who are headquartered here in New Jersey," said Brian Clark, PSEG's vice president-procurement. "Continuing to develop our relationships with diverse suppliers will remain a goal of ours in 2017 and beyond."
Jill Draper, president of Marketsmith Inc., a women-owned and WBE-certified integrated marketing services agency headquartered in Cedar Knolls, N.J., told the audience that clients such as PSEG, who seek out diverse suppliers, have helped her company become one of the fastest-growing integrated marketing services agencies in the U.S.
"When Marketsmith was named PSE&G's and PSEG Long Island's agency of record for the New Jersey and Long Island service areas one year ago, we used the responses of real consumers to underscore how much more the company does than merely turn the lights on," Draper said. "This event is a strong testimonial to PSEG's commitment to providing the business community with broader access to economic opportunities. And that, in turn, translates to career opportunities for our workforce."
The event was co-sponsored by PSEG's partners, the New York & New Jersey Minority Supplier Development Council and the New Jersey BPU Supplier Diversity Development Council. These advocacy organizations are committed to assisting small minority-, women- and veteran-owned businesses develop relationships with companies throughout the region.
Public Service Enterprise Group (PEG) is a publicly traded diversified energy company with annual revenues of $9.1 billion. Its operating subsidiaries are: Public Service Electric and Gas Company (PSE&G), PSEG Power, and PSEG Long Island.
Want to know what's new at PSEG? Go to www.pseg.com/getnews and sign up to have our press releases sent right to your inbox.
Visit PSEG at:
www.pseg.com
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
PSEG blog, Energize!
SOURCE Public Service Enterprise Group (PSEG)
NEWARK, N.J., March 13, 2017 /PRNewswire/ -- Public Service Electric and Gas Company (PSE&G), New Jersey's largest electric and gas utility, is preparing for the approaching storm system that is predicted to bring heavy snow and strong winds to the Northeast on Tuesday.
"The amount of snow and high winds associated with this storm may bring down trees and power lines," said John Latka, senior vice president of electric and gas operations for PSE&G. "We take every storm with the potential for outages seriously, and have additional personnel scheduled and on standby, with auxiliary equipment at the ready."
The utility also has extra personnel on hand to respond as quickly as possible and handle emergency requests. Both PSE&G's appliance service business and call centers are prepared to respond to customer "no heat" calls as temperatures remain low during the next several days.
In anticipation of the storm, PSE&G is taking the following steps to ensure that the utility is ready to respond to resulting power outages:
PSE&G urges its customers to be cautious during and after the storm:
Customers should report downed wires or power outages by calling PSE&G's Customer Service line at 1-800-436-PSEG. Also, customers can report outages at www.pseg.com or by texting "OUT" to 4PSEG (47734). The utility's mobile-friendly website includes an "Outage Map" that is updated every 15 minutes and displays the location and status of power outages in PSE&G's service area.
Public Service Electric and Gas Company (PSE&G) is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE:PEG), a diversified energy company.
Visit PSEG at:
www.pseg.com
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
PSEG blog, Energize!
Want to know what's new at PSEG? Go to www.pseg.com/getnews and sign up to have our press releases sent right to your inbox.
SOURCE PSE&G
NEW YORK, March 6, 2017 /PRNewswire/ -- (NYSE: PEG) -- Public Service Enterprise Group (PSEG) today said that it plans to invest approximately $15 billion over the next five years upgrading its energy infrastructure. PSEG reaffirmed its 2017 earnings guidance of $2.80 to $3.00 per share.
Speaking at the company's Annual Investor Conference in New York, Ralph Izzo, PSEG chairman, president and CEO, told the financial community that the company's strategy and strength of its financial position successfully delivered double-digit growth in rate base and earnings in 2016 at PSE&G. In February, the company announced a 4.9 percent increase in the dividend, marking the 13th increase in PSEG's dividend in the last 14 years.
PSEG expects the utility to represent approximately two-thirds of its non-GAAP operating earnings in 2017 and its share is forecast to continue to grow. Over the next five years, the utility projects a baseline $12.3 billion infrastructure program which will deliver high-single digit rate base growth. Extensions and expansions of the baseline investment program should expand PSE&G's five year capital program to $13.8 billion and a 9 percent growth rate. PSE&G has further identified potential opportunities that could address public policy and customer needs for long-term reliability.
"Together, these investment programs could extend our existing forecast of a baseline of 7 percent and up to 9 percent compound annual growth in the utility's rate base well into the next decade," Izzo said. "By investing in energy efficiency while making improvements to our electric and gas infrastructure, we think utilities can help customers save on their monthly energy bills and still provide a stable rate of return for their investors."
Izzo explained that PSE&G has the potential to become a model utility of the future -- an energy company that meets societal demands for enhanced grid resiliency, investment in renewables and universal access to energy-efficient technology. These long-term opportunities to invest in the utility of the future are not reflected in current capital expenditure plans, but have the potential to bring significant gains to both customers and shareholders.
"Recent growth in the utility has offset the challenges to our business from low electricity prices this year," Izzo said. "As energy markets continue to evolve in response to the low-priced natural gas environment, PSEG Power is meeting the challenge by increasing the efficiency and performance of its plants while lowering costs."
Power's plants, with locational and fuel-cost advantages, generate free cash flow that can be used for re-investment. As Power's investments decline with the completion of three clean, highly efficient combined-cycle gas plants in the PJM and New England markets, more cash will be available to help fund expanded investment at PSE&G.
"We continue to work toward a future with universal access to more reliable, resilient, cleaner and affordable energy," Izzo said. "By delivering on our strategic investment program, we are building an energy company that provides strong growth for our shareholders and a sustainable energy future for our customers."
The conference will be webcast live beginning at 8 a.m. To listen, register at: http://edge.media-server.com/m/p/fhfjs7es.
Forward-Looking Statements
The statements contained in this communication about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements 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. When used herein, the words "anticipate," "intend," "estimate," "believe," "expect," "plan," "should," "hypothetical," "potential," "forecast," "project," variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could 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: http://investor.pseg.com/sec-filings. All of the forward-looking statements made in this communication 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 communication 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.
Due to the forward looking nature of non-GAAP Operating Earnings guidance, PSEG is unable to reconcile this non-GAAP financial measure to the most directly comparable GAAP financial measure. Management is unable to project certain reconciling items, in particular MTM and NDT gains (losses), for future periods due to market volatility.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at http://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at http://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
SOURCE Public Service Enterprise Group (PSEG)
NEWARK, N.J., Feb. 24, 2017 /PRNewswire/ -- (NYSE: PEG) Public Service Enterprise Group (PSEG) reported 2016 Net Income of $887 million, or $1.75 per share as compared to Net Income of $1,679 million, or $3.30 per share for 2015. Non-GAAP Operating Earnings for the year 2016 were $1,475 million or $2.90 per share compared to 2015 non-GAAP Operating Earnings of $1,476 million or $2.91 per share. Net Income for 2016 was largely impacted by expenses associated with the early retirement of coal-gas units at the Hudson and Mercer generating stations and reserves for a leveraged lease impairment. Net Income for 2015 includes insurance proceeds for the recovery of storm costs.
PSEG also reported a Net Loss for the fourth quarter of 2016 of $98 million, or $0.19 per share. This compares to fourth quarter 2015 Net Income of $309 million, or $0.60 per share. Non-GAAP Operating Earnings for the fourth quarter of 2016 were $279 million, or $0.54 per share compared to fourth quarter 2015 non-GAAP Operating Earnings of $255 million, or $0.50 per share. Net Loss in the fourth quarter reflects the impact of incremental depreciation expense and other expenses of $555 million pre-tax associated with the early retirement of the Hudson and Mercer coal/gas-fired generating stations.
"We delivered strong results in 2016 with full year non-GAAP Operating Earnings solidly within the range of our guidance" said Ralph Izzo, chairman, president and chief executive officer. "Continued growth at our regulated utility and a disciplined approach to expenses across Enterprise supported results. The Board's recent decision to increase the common dividend by 4.9% to the indicative annual level of $1.72 per share represents confidence in our firm's investment strategy and an acknowledgment of our strong financial condition."
Management uses non-GAAP Operating Earnings in its internal analysis, and in communications with investors and analysts, as a consistent measure for comparing PSEG's financial performance to previous financial results. Non-GAAP Operating Earnings exclude the impact of returns (losses) associated with the Nuclear Decommissioning Trust (NDT), Mark-to-Market (MTM) accounting and material one-time items such as the previously noted Hudson and Mercer retirements and lease impairment.
The tables below provide a reconciliation of PSEG's Net Income to non-GAAP Operating Earnings for the full year and fourth quarter. See Attachment 11 for a complete list of items excluded from Net Income in the determination of non-GAAP Operating Earnings. The presentation of non-GAAP Operating Earnings is intended to complement, and should not be considered an alternative to, the presentation of Net Income, which is an indicator of financial performance determined in accordance with GAAP. In addition, non-GAAP Operating Earnings as presented in this release may not be comparable to similarly titled measures used by other companies.
PSEG CONSOLIDATED RESULTS (unaudited) | |||||
Full-Year Comparative Results | |||||
2016 and 2015 | |||||
Income |
Diluted Earnings | ||||
($ millions) |
Per Share | ||||
2016 |
2015 |
2016 |
2015 | ||
Net Income |
$ 887 |
$1,679 |
$1.75 |
$3.30 | |
Reconciling Items* |
588 |
(203) |
1.15 |
(0.39) | |
Non-GAAP Operating Earnings |
$1,475 |
$1,476 |
$2.90 |
$2.91 | |
Avg. Shares |
508M |
508M | |||
*See Attachment 11 |
PSEG CONSOLIDATED RESULTS (unaudited) | |||||
Fourth Quarter Comparative Results | |||||
2016 and 2015 | |||||
Income/(Loss) |
Diluted Earnings | ||||
($ millions) |
Per Share | ||||
2016 |
2015 |
2016 |
2015 | ||
Net Income/(Loss) |
$(98) |
$309 |
$(0.19) |
$0.60 | |
Reconciling Items* |
377 |
(54) |
0.73 |
(0.10) | |
Non-GAAP Operating Earnings |
$279 |
$255 |
$0.54 |
$0.50 | |
Avg. Shares |
508M |
508M | |||
*See Attachment 11 |
Ralph Izzo went on to say, "We continue to pursue opportunities to enhance earnings and reduce financial risk. Actions to transition our business mix in response to changing market conditions have supported earnings. For 2017, we forecast non-GAAP Operating Earnings of $2.80 - $3.00 per share. Based on the growth in our regulated utility's investment program, PSE&G's Net Income is forecast to grow 8.5% at the mid-point of 2017's guidance to represent 66% of our forecast non-GAAP Operating Earnings. Our investment program, coupled with the impact from retirement of Hudson and Mercer (which is excluded from our non-GAAP Operating Earnings) is expected to improve the resiliency of our infrastructure and the economic efficiency of our generating fleet. Our ultimate goal is to provide an attractive earnings and dividend profile as we also deliver value to the customer. Our balance sheet remains strong, and we are well positioned to meet our goals."
The following table outlines PSEG's 2016 non-GAAP Operating Earnings by subsidiary and expectations for 2017.
2017 Non-GAAP Operating Earnings Guidance and 2016 Non-GAAP Operating Earnings ($ millions, except EPS)
| |||||
2017E |
2016A | ||||
PSE&G |
$945 - $985 |
$889 | |||
PSEG Power |
$435 - $510 |
$514 | |||
PSEG Enterprise/ |
|||||
Other |
$35 - $35 |
$72 | |||
Non-GAAP Operating Earnings |
$1,415 - $1,530 |
$1,475 | |||
Non-GAAP EPS |
$2.80 - $3.00 |
$2.90 | |||
E = Estimate A= Actual |
|||||
Due to the forward looking nature of non-GAAP Operating Earnings guidance, PSEG is unable to reconcile this non-GAAP financial measure to the most directly comparable GAAP financial measure. Management is unable to project certain reconciling items, in particular MTM and NDT gains (losses), for future periods due to market volatility.
Non-GAAP Operating Earnings Review and Outlook by Operating Subsidiary
See Attachments 5 and 6 for detail regarding the quarter-over-quarter and year-over-year reconciliations for each of PSEG's businesses.
PSE&G
PSE&G reported Net Income of $193 million ($0.38 per share) for the fourth quarter bringing full year Net Income to $889 million ($1.75 per share). On a comparative basis, PSE&G reported Net Income of $156 million ($0.31 per share) and $787 million ($1.55 per share) for the fourth quarter and full year 2015, respectively.
PSE&G's Net Income in the fourth quarter continued to benefit from a return on its expanded investment in transmission and distribution infrastructure.
Growth in PSE&G's investment in transmission, and the absence of an adjustment to Net Income for bonus depreciation in the year-ago quarter improved quarter-over-quarter Net Income comparisons by $0.06 per share. More normal weather conditions relative to unseasonably mild weather in the year-ago quarter improved Net Income by $0.01 per share. A decline in O&M of $0.03 per share and other expenses was offset by an increase in depreciation expense and taxes.
PSE&G implemented a $121 million increase in revenue under the company's transmission formula rate on January 1, 2017. Transmission revenues are adjusted each year to reflect an update of the company's investment program. PSE&G's investment in transmission grew to $6.7 billion of rate base at the end of 2016, or 44% of the company's consolidated rate base of $15.2 billion at the end of the year.
Electric sales, on a weather-normalized basis, were flat in the fourth quarter compared to the year-ago period as an increase in demand from the commercial sector offset a decline in sales to residential and industrial customers. For the year, the continued degradation of the industrial sector and increases in efficiency offset the impact of residential customer growth on sales. Weather-normalized firm gas sales declined slightly during the fourth quarter compared to the year-ago quarter and declined 1.9% for the full year.
PSE&G invested $2.8 billion during 2016 to upgrade and expand its transmission and distribution system. PSE&G upgraded 177 miles of gas pipes in more than 80 towns as it continues work under its three-year $905 million Gas System Modernization Program. Upgrades to the electric distribution system continue under the $1.2 billion Energy Strong infrastructure program.
For the 15th year in a row, PSE&G's work to protect and strengthen the system yielded recognition as the most reliable electric utility in the Mid-Atlantic.
PSE&G's Net Income for 2017 is forecasted at $945 million - $985 million.
PSEG Power
PSEG Power reported a Net Loss of $302 million ($0.59 per share) in the fourth quarter of 2016 versus Net Income of $149 million ($0.29 per share) for the fourth quarter of 2015. For the full year 2016, PSEG Power reported Net Income of $18 million ($0.04 per share) versus Net Income for the full year 2015 of $856 million ($1.68 per share).
PSEG Power reported non-GAAP Operating Earnings of $69 million ($0.13 per share) for the fourth quarter of 2016 and non-GAAP Adjusted EBITDA of $155 million bringing full year non-GAAP Operating Earnings to $514 million ($1.01 per share) and non-GAAP Adjusted EBITDA to $1,201 million. On a comparative basis, PSEG Power reported non-GAAP Operating Earnings of $95 million ($0.19 per share) and non-GAAP Adjusted EBITDA of $218 million for the fourth quarter of 2015 and non-GAAP Operating Earnings of $653 million ($1.29 per share) and non-GAAP Adjusted EBITDA of $1,435 million for the full year 2015.
Management believes non-GAAP Adjusted EBITDA is useful to investors and other users of our financial statements in evaluating operating performance because it provides them with an additional tool to compare business performance across companies and across periods. Management also believes that non-GAAP Adjusted EBITDA is widely used by investors to measure operating performance without regard to items such as income tax expense, interest expense and depreciation and amortization, which can vary substantially from company to company depending upon, among other things, the book value of assets, capital structure and whether assets were constructed or acquired. Non-GAAP Adjusted EBITDA also allows investors and other users to assess the underlying financial performance of our fleet before management's decision to deploy capital. Non-GAAP Adjusted EBITDA excludes the same items as our non-GAAP Operating Earnings measure as well as income tax expense, interest expense and depreciation and amortization. See Attachment 12 for a complete list of items excluded from Net Income in the determination of non-GAAP Adjusted EBITDA. The presentation of non-GAAP Adjusted EBITDA is intended to complement, and should not be considered an alternative to the presentation of Net Income, which is an indicator of financial performance determined in accordance with GAAP. In addition, non-GAAP Adjusted EBITDA as presented in this release may not be comparable to similarly titled measures used by other companies.
Power's Net Loss for the fourth quarter reflects the impact of incremental depreciation and other expenses of $555 million pre-tax associated with the decision to retire the Hudson and Mercer coal/gas-fired generating stations on June 1, 2017. The company's fourth quarter results also reflect the impact of a decline in energy prices on output and margins.
A decline in the average price received on energy hedges reduced Power's quarter-over-quarter non-GAAP Operating Earnings by $0.05 per share. A reduction in output was partially offset by an improvement in off-system gas sales resulting in a net reduction of $0.01 per share in quarterly Net Income(Loss) comparisons. An increase in O&M expense of $0.03 per share associated with the cost of a planned refueling at Power's 100% owned Hope Creek nuclear station was offset by a decline in taxes and other items.
Output from Power's generating facilities was 7.6% lower in the fourth quarter compared to year-ago levels. Quarterly comparisons were affected by the refueling outage at Hope Creek, major maintenance on the gas-fired CCGTs during the shoulder period in the market and lower demand. For the year, output was 6.7% lower. The nuclear fleet operated at an average capacity factor of 86.9% producing 29.6 TWh of energy (57% of total energy output for 2016). Power's gas-fired CCGT fleet operated at an average capacity factor of 57.2% for the year producing 16.4 TWh of energy (32% of 2016's total energy output). The coal-fired fleet (primarily Keystone and Conemaugh) generated 4.8 TWh of energy during the year (9% of 2016's total energy output) with the remaining output produced from Power's peaking generating assets.
Power is forecasting output for 2017 of 49 - 51 TWh – a slight change from 51.5 TWh of energy produced in 2016. Following completion of the Basic Generation Service (BGS) auction in New Jersey in February 2017, Power enters the year with 100% of its 2017 baseload generation hedged. Approximately 80% - 85% of anticipated annual production is hedged at an average price of $46 per MWh. Power has hedged approximately 50 - 55% of its forecast generation in 2018 of 55 TWh at an average price of $43 per MWh. For 2019, Power has hedged 15 - 20% of forecast production of 60 TWh at an average price of $43 per MWh. Power assumes BGS volumes will represent approximately 11TWh in 2017 – consistent with 2016 deliveries of 11.1TWh under the BGS contract.
The forecast increase in output for 2018 and 2019 reflects the commercial start-up in mid-2018 of 1,300 MWs of new gas-fired combined cycle capacity at the Keys Energy Center in Maryland and Sewaren in New Jersey, and the mid-2019 commercial start-up of the 485 MW gas-fired combined cycle power plant at Bridgeport Harbor, Connecticut.
Power's non-GAAP Operating Earnings for 2017 are forecast at $435 - $510 million. The forecast represents non-GAAP Adjusted EBITDA for the full year 2017 of $1,080 – $1,210 million.
Due to the forward looking nature of non-GAAP Adjusted EBITDA guidance, PSEG is unable to reconcile this non-GAAP financial measure to the most directly comparable GAAP financial measure. Management is unable to project certain reconciling items, in particular MTM and NDT gains (losses), for future periods due to market volatility.
PSEG Enterprise/Other
PSEG Enterprise/Other reported Net Income for the fourth quarter of 2016 of $11 million ($0.02 per share) compared to Net Income of $4 million for the fourth quarter of 2015. For the full year, PSEG Enterprise/Other reported a Net Loss of $20 million, ($0.04 per share) compared to Net Income in 2015 of $36 million ($0.07 per share). Net Income for the fourth quarter and full year 2016 include pre-tax charges of $10 million and $147 million, respectively related to an impairment of leveraged lease residual values and an estimated loss as a result of liquidity issues currently facing NRG REMA.
Non-GAAP Operating Earnings for PSEG Enterprise/Other in the fourth quarter 2016 were $17 million ($0.03 per share) compared to $4 million in the year-ago quarter. The results for the fourth quarter brought PSEG Enterprise/Other non-GAAP Operating Earnings for the full year to $72 million ($0.14 per share) versus $36 million ($0.07 per share) in 2015.
The increase in non-GAAP Operating Earnings quarter-over-quarter reflects the absence of certain corporate expenditures as well as certain tax items at PSEG Energy Holdings and contractual payments associated with the operation of PSEG Long Island.
For 2017, non-GAAP Operating Earnings for PSEG Enterprise/Other are forecast to be $35 million.
Capital Expenditures
PSEG currently plans to invest approximately $10.2 billion over 2017 – 2019 primarily in PSE&G (77%) and PSEG Power (23%).
Pension Expense
PSEG, at the end of 2016, merged its three qualified defined benefit pension plans and the pension plans' assets into one plan. As a result, total net periodic benefit costs are expected to decrease by approximately $48 million (net of amounts capitalized) in 2017 from what they would have been without the merger of the plans, and total periodic benefit expense in 2017 is also expected to be $22 million lower than 2016's level of expense. This is due to a change in the amortization period for gains and losses for the merged plan which resulted in lower amortization than that of the individual plans.
The following attachments can be found on www.pseg.com:
Attachment 1 - Consolidating Statements of Operations -- 3 months
Attachment 2 - Consolidating Statements of Operations -- 12 months year ended
Attachment 3 - Capitalization Schedule
Attachment 4 - Condensed Consolidated Statements Of Cash Flows
Attachment 5 - Quarter-over-Quarter EPS Reconciliation
Attachment 6 - Year-over-Year EPS Reconciliation
Attachment 7 - Retail Sales and Revenues - electric
Attachment 8 - Retail Sales and Revenues - gas
Attachment 9 - Generation Measures
Attachment 10 - Statistical Measures
Attachment 11 – Consolidated Operating Earnings (non-GAAP) Reconciliation
Attachment 12 – PSEG Power Operating Earnings (non-GAAP) and Adjusted EBITDA, PSEG Enterprise/Other Reconciliation
FORWARD-LOOKING STATEMENTS
Certain of the matters discussed in this report about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical constitute "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. When used herein, the words "anticipate," "intend," "estimate," "believe," "expect," "plan," "should," "hypothetical," "potential," "forecast," "project," variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in filings we make with the United States Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K and available on our website: http://www.pseg.com. These factors include, but are not limited to:
All of the forward-looking statements made in this report 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 report apply only as of the date of this report. 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.
The forward-looking statements contained in this report are intended to qualify for the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at http://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at http://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
SOURCE PSE&G
NEWARK, N.J., Feb. 23, 2017 /PRNewswire/ -- Public Service Electric and Gas (PSE&G) announced today that it will extend its bill credit for residential gas customers next month, saving customers another $12 on their bills for March usage.
PSE&G provided bill credits for January and February usage, saving the typical residential gas customer about $25. By extending the credit through March, this customer could save a total of $37.
A typical residential heating customer using 165 therms in March and receiving their supply from PSE&G would see a credit of $12, or a nearly 9 percent reduction, in their one-month bill. Depending on meter reading schedules, many customers will see some of the reduction in March with the remainder in their April bills.
The Jan-Mar. bill credits are in addition to a 3 percent annual bill decrease that took effect Oct. 1, 2016 that is saving the typical customer $26 a year. Since January 2009, annual bills for PSE&G's typical residential gas heating customers are 53 percent – or $892 – lower due to supply rate reductions.
"This is the third time we have lowered the price of gas for residential customers this winter heating season," said Jorge Cardenas, PSE&G vice president of asset management and centralized services. "The cost of natural gas continues to be low, and we are happy to pass along these additional savings to our customers."
PSE&G makes no profit on the sale of natural gas, and passes along what it pays to customers. Last winter, PSE&G gave back $152 million to customers in the form of bill credits. The utility will be returning an estimated $47 million to customers this winter with the credit extension announced today.
Public Service Electric and Gas Company (PSE&G) is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE:PEG), a diversified energy company (www.pseg.com).
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SOURCE Public Service Electric and Gas (PSE&G)
NEWARK, N.J., Feb. 21, 2017 /PRNewswire/ -- The Board of Directors of Public Service Enterprise Group (NYSE: PEG) today declared a quarterly common stock dividend for the first quarter of 2017 of $0.43 per share payable on March 31, 2017 to shareholders of record on March 10, 2017. This action represents a $0.02 per share, or 4.9%, increase in the company's quarterly common stock dividend and brings the indicative annual dividend rate to $1.72 per share.
"We are pleased to be able to increase the cash return to our shareholders. This represents the 13th increase in the common dividend in the past 14 years and the 110th consecutive year PSEG or its predecessor company will be paying a dividend to the holders of its common stock," said Ralph Izzo, PSEG chairman, president and chief executive officer. "This latest increase is supported by our business mix and our strong balance sheet which are expected to support consistent and sustainable growth in the dividend."
All future decisions regarding dividends on the common stock are subject to approval by the Board of Directors.
Forward-Looking Statement
The statements contained in this communication about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical, are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Although we believe that our expectations are based on information currently available and on reasonable assumptions, we can give no assurance they will be achieved. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. A discussion of some of these risks and uncertainties is contained 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: http://www.pseg.com. These documents address in further detail our business, industry issues and other factors that could cause actual results to differ materially from those indicated in this communication. In addition, any forward-looking statements included herein represent our estimates only as of the date hereof and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even if our internal estimates change, unless otherwise required by applicable securities laws.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at http://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at http://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
Want to know what's new at PSEG? Go to www.pseg.com/getnews and sign up to have our press releases sent right to your inbox.
SOURCE Public Service Enterprise Group (PSEG)
NEWARK, N.J., Feb. 16, 2017 /PRNewswire/ -- PSEG Power announced today that John Scarlata, vice president of gas supply for PSEG Energy Resources & Trade (PSEG ER&T), is retiring after nearly 42 years with the company. His retirement will be effective March 3, 2017. The company also announced that David F. Caffery has been elected to replace Scarlata as vice president of gas supply, PSEG ER&T, effective March 6, 2017. Caffery has been director of portfolio management and regulatory for PSEG ER&T since March 2007.
"John has been a valued employee, colleague and friend for more than four decades -- not just for our company, but for the gas industry as a whole," said Shahid Malik, president, PSEG ER&T. "John found creative ways to increase value for our shareholders and for our customers and is widely respected. David is also highly respected in the gas industry and I have great confidence that he will be able to build on John's success. He inherits a strong team and has significant experience in this business that will stand him in good stead."
In his new position, Caffery will have overall responsibility for PSEG ER&T's gas portfolio, including responsibility for long-term capacity acquisition, gas trading, and regulatory matters related to gas supply and pricing as well as fuels acquisition.
Caffery joined the company in 1977 as an associate engineer of fuel services, later promoted to manager of gas supply in 1998.
Caffery is a member of the American Gas Association, Delta Mu Delta (National Business Honor Society), and the Society of Gas. He graduated from Lafayette College with a bachelor's degree in civil engineering and received his master of business administration degree in Finance from Fairleigh Dickinson University.
About PSEG Power
PSEG Power LLC is an independent power producer that generates and sells electricity in the wholesale market, with a fleet totaling approximately 12,000 MWs of electric generating capacity. It is a nationally recognized industry leader on environmental issues. PSEG Fossil LLC is one of four main subsidiaries of PSEG Power, and operates the company's portfolio of natural gas, coal and oil-fired electric generating units.
PSEG Power is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE: PEG), a diversified energy company (www.pseg.com).
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SOURCE PSEG Power
NEWARK, N.J., Feb. 10, 2017 /PRNewswire/ -- Public Service Electric and Gas Co. (PSE&G) today said that residential electric bills will drop 2.6 percent on June 1 as a result of the recent Basic Generation Service supply auction, approved today by the New Jersey Board of Public Utilities.
The monthly bill for a PSE&G residential customer who uses the statewide average of 650 kilowatt-hours per month will be $112.62, or $3 less per month on June 1 than today. Last year, this same customer paid $116.08 per month.
"We commend the Board of Public Utilities for once again approving this efficient and competitive way to secure electricity on behalf of our customers," said Jorge Cardenas, PSE&G vice president of asset management and centralized services. "Our customers are benefitting from the lower costs of energy and capacity, even as PSE&G is upgrading its transmission and distribution systems to maintain reliability."
In addition to lower electric bills, most PSE&G customers also receive gas service and are benefitting from lower gas bills this winter. PSE&G lowered the price of residential gas supply on October 1, 2016 to 34 cents per therm -- its lowest rate in 16 years.
The utility is also providing bill credits to residential gas customers for usage from January to February 2017 – saving the typical residential gas customer $25 during the two-month period.
Public Service Electric and Gas Company (PSE&G) is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE: PEG), a diversified energy company.
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SOURCE PSE&G
NEWARK, N.J., Feb. 1, 2017 /PRNewswire/ -- As one of New Jersey's largest cities, Newark is home to people from different economic backgrounds, races and cultures. But what would it look like as just 100 people? PSEG partnered with The 100 People Foundation to create a special photography and video interview project that captures the diversity of Newark.
The 100 people featured in the project are all residents of the city of Newark, and together they proportionally represent the city by age, gender, ethnic background and ward of residence. People like Ramonita Rivera, matriarch and ambassador of the Puerto Rican Day Parade; Pedro Irizarry, a Newark ambassador with the Newark Downtown District; Kevin Blyth Sampson, a community-based artist; Yolanda Stokes, a community engagement organizer; and Eric Boston, a PSEG substation supervisor, were nominated by their neighbors and peers for outstanding contributions to the community.
PSEG Chairman Ralph Izzo formally presented Newark Mayor Ras Baraka with the gift to the city during an event held on Jan. 31 at the newly remodeled Hahne & Co. building in downtown Newark. The portraits of the 100 People will hang in the lobby of the building for the next several months and is open to the public.
"The story of Newark is a story of its people – interlaced by a shared vision of hope," said Mayor Ras J. Baraka. "Ours is an American story of rich cultural heritages and citizens with exceptional gifts and skills. These photographs capture this spirit, and we welcome this showcase of the beautiful people of our great City."
"You can't view the 100 pictures and read the stories behind them without being struck by the breadth and depth of talent here in the city. The pride in Newark and the great hope for the future shines through all of them," said Ralph Izzo, chairman of PSEG. "PSEG has been part of this community for nearly 114 years and we are proud to bestow this gift of the 100 People Project to Newark as a celebration of the rich diversity of its citizens."
The complete project also can be viewed by visiting 100people.org/Newark.
PSEG Foundation
The PSEG Foundation (501c3) is the philanthropic arm of Public Service Enterprise Group (NYSE: PEG). The Foundation invests in programs that align with our giving focus areas: Sustainable Neighborhoods, STEM Education, Safety and Preparedness and PSEG Employee Engagement/Volunteerism. The PSEG family of companies also provides funding to improve the quality of life in the communities we serve. Through our corporate giving, we support dinners and other events across our service and operating territories, as well as sponsorships for sports, arts and entertainment. PSEG (NYSE: PEG) is a diversified energy company based in Newark, New Jersey. PSEG has three main subsidiaries: PSE&G, New Jersey's largest and oldest combined gas and electric delivery company; PSEG Power, a merchant power generation company; and PSEG Long Island, operator of the Long Island Power Authority's transmission and distribution system.
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SOURCE PSEG Foundation
UNIONDALE, N.Y., Jan. 30, 2017 /PRNewswire/ -- In 2016, residents and businesses across Long Island and the Rockaways that participated in PSEG Long Island's energy efficiency programs saved more than 305,000 megawatt-hours (MWh) of electricity, equivalent to more than $55 million per year in bill savings. Along with providing customers significant savings every month, the amount of energy saved is also good for the environment, equating to taking more than 45,000 cars off the road.
"Customers who participate in PSEG Long Island's energy efficiency programs help make Long Island a cleaner and greener place to live," said Dan Eichhorn, vice president of customer services, PSEG Long Island. "Becoming more energy efficient is something that our customers have complete control over and we are excited to see that so many of them are embracing our programs and the positive results they provide."
Since PSEG Long Island's start in January 2014, residential customers have purchased more than nine million ENERGY STAR® light bulbs and fixtures with incentives provided by PSEG Long Island, including more than 3.4 million in 2016 alone. LEDs and CFLs use 70–90 percent less energy than traditional incandescent bulbs and last at least 15 times longer. More than 150 retailers on Long Island currently provide in-store rebates through PSEG Long Island.
Changing out lightbulbs is just one of the many steps Long Islanders took to become more efficient in 2016, others accomplishments include:
PSEG Long Island is proud to offer a host of energy efficiency programs to help its customers become more energy efficient. These range from discounts on LED light bulbs, to rebates on more-efficient large appliances, to free home energy audits that give customized recommendations on how to save energy in each home. For more information on PSEG Long Island's available rebates and incentives, as well as energy saving tips, please visit https://www.psegliny.com/savemoney.
PSEG Long Island operates the Long Island Power Authority's transmission and distribution system under a 12-year contract. PSEG Long Island is a subsidiary of Public Service Enterprise Group Incorporated (NYSE: PEG), a publicly traded diversified energy company with annual revenues of approximately $10.4 billion.
Contact: Media Relations Hotline
516.229.7248
mediarelationsLI@pseg.com
SOURCE PSEG Long Island
NEWARK, N.J., Jan. 24, 2017 /PRNewswire/ -- PSE&G announced today that its ILR Solar Farm is in service, supplying renewable energy directly to the utility's energy grid. The 7.75 megawatt-dc universal solar power plant covers 21 acres of the closed ILR Landfill with 23,834 solar panels that will generate enough electricity to power more than 1,200 average-size New Jersey homes annually.
Industrial Land Reclaiming, Inc. owns the ILR Landfill and PSE&G will operate the solar farm as part of its Solar 4 All® program.
"The development of universal solar projects like this one benefits New Jersey and our customers," said Courtney McCormick - vice president, renewables and energy solutions - PSE&G. "Transforming this property into a solar power plant adds to New Jersey's renewable energy resources without reducing the state's open space, and connecting the solar panels directly to the PSE&G energy grid ensures that all of our electric customers share both the costs and the benefits of solar energy."
The ILR Solar Farm is one of 31 Solar 4 All universal solar power plants that are in service and the ninth built on a landfill or brownfield site. The Solar 4 All program has utilized more than 190 acres of landfill and brownfield space by installing more than 174,000 solar panels, capable of generating 52.5 megawatts-dc of solar energy, which is enough to power about 8,500 homes annually.
Since 2009, PSE&G has invested more than $500 million on the Solar 4 All program and created more than 2,000 jobs. PSE&G estimates that at the height of construction, there were approximately 70 people onsite working on the ILR Solar Farm in a range of jobs, including dock builders, electricians, engineers, heavy equipment operators, ironworkers and laborers.
Vanguard Energy Partners of Branchburg, N.J., a national solar construction firm, was the engineering, procurement and construction contractor for the ILR Solar Farm.
Solar 4 All is a 158 megawatt-dc program that utilizes rooftops, parking lots, utility poles and landfills/ brownfields for universal solar projects. There are currently 124 megawatts-dc in service.
In November 2016, the New Jersey Board of Public Utilities approved a second extension to the Solar 4 All program that authorizes PSE&G to invest up to $80 million over the next three years to build an additional 33 megawatts-dc of solar farms exclusively on landfills and brownfields in PSE&G's electric service territory. PSE&G expects that the 33 megawatts-dc will be enough capacity for three or four additional solar farms. By 2020, Solar 4 All will have 158 megawatts-dc in service, of which more than 85 megawatts-dc will be built on landfills and brownfields.
To learn more about the ILR Solar Farm go to https://energizepseg.com/
About PSE&G
Public Service Electric and Gas Company (PSE&G) is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE: PEG), a diversified energy company.
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ENERGIZE! blog
SOURCE PSE&G
NEWARK, N.J., Jan. 23, 2017 /PRNewswire/ -- PSEG Solar Source today announced it has acquired two North Carolina solar facilities from BayWa r.e., with a total capacity of 47 MWs-dc, representing a total investment of $74.6 million. The PSEG Cork Oak Solar Energy Center and the PSEG Sunflower Solar Energy Center are under construction and scheduled to begin operation later this year.
The two facilities have a 10-year power purchase agreement with Virginia Electric and Power Co. and are located about 90 miles northeast of Raleigh in Halifax, N.C. These are the second and third projects PSEG Solar Source has developed in collaboration with BayWa r.e..
"It's a pleasure to work with a top-notch organization like BayWa r.e. on these projects, which will provide North Carolina with more safe, clean and reliable energy," said Diana Drysdale, president of PSEG Solar Source. "These are important transactions for us, as we continue to expand our solar portfolio across the country."
BayWa r.e. developed the project and is the engineering, procurement and construction contractor for both projects and will operate the facilities for PSEG Solar Source when each goes into operation. Almost 149,000 poly-crystalline Trina Solar panels will be installed at the two facilities, which will use SMA inverters.
"BayWa r.e. is delighted to complete another transaction with PSEG Solar Source. We look forward to growing our relationship with PSEG Solar Source over the coming months and years," said Jam Attari, CEO of BayWa r.e. Solar Projects.
PSEG Solar Source now has 21 utility-scale solar facilities in 13 states, including five in North Carolina. The company currently has 326 MWs in operation and another 70 MWs under construction.
About PSEG Solar Source:
PSEG Solar Source is a subsidiary of PSEG Power, a merchant power generation company which is part of the Public Service Enterprise Group (PSEG) family of companies. PSEG (NYSE:PEG) is a publicly traded diversified energy company with annual revenues of $10.4 billion. Its other main subsidiaries are Public Service Electric and Gas Company (PSE&G), a regulated New Jersey gas and electric utility, and PSEG Long Island, which operates the transmission and distribution assets of the Long Island Power Authority (LIPA).
Disclaimer: PSEG Solar Source LLC is not the same company as PSE&G, the New Jersey-based electric and gas utility. PSEG Solar Source is not regulated by the New Jersey Board of Public Utilities. You do not have to purchase any PSEG Solar Source products in order to receive quality regulated services from PSE&G.
About BayWa r.e.:
BayWa r.e. Solar Projects, a wholly owned subsidiary of BayWa r.e. GmbH, is responsible for the BayWa group's solar project business in North America. Founded in 2009 and based in Munich, BayWa r.e. acts as a holding company for various business interests in the areas of solar, wind energy, bio-energy and geothermal energy globally as part of BayWa AG, a $17 Billion global company founded in 1923.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at http://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at http://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
Forward-Looking Statement
The statements contained in this communication about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical, are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Although we believe that our expectations are based on information currently available and on reasonable assumptions, we can give no assurance they will be achieved. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. A discussion of some of these risks and uncertainties is contained 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: http://www.pseg.com. These documents address in further detail our business, industry issues and other factors that could cause actual results to differ materially from those indicated in this communication. In addition, any forward-looking statements included herein represent our estimates only as of the date hereof and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even if our internal estimates change, unless otherwise required by applicable securities laws.
SOURCE PSEG Solar Source
NEWARK, N.J., Dec. 28, 2016 /PRNewswire/ -- PSEG today announced that Bill Levis has informed the company of his intention to retire as president and COO of PSEG Power effective in the third quarter of 2017. He is also a member of PSEG's Executive Officer Group (EOG).
"Bill's leadership at Power occurred during a time when the industry faced tremendous challenges. I have greatly valued his counsel during these past 10 years," said Ralph Izzo, chairman, president and CEO, PSEG. "I, along with the rest of the company, thank him and wish him well in his retirement."
Levis joined PSEG in 2007 after having worked at Exelon in nuclear operations and before that held positions with Ontario Hydro and Carolina Power and Light. He graduated from the Naval Academy and retired from the Navy reserve as a commander.
Levis has served on the executive committee of the Nuclear Energy Institute (NEI), on the board of directors of the Nuclear Electric Insurance Limited (NEIL) and as a member of the Institute of Nuclear Power operators (INPO). Levis is also active in several community groups including the Philadelphia Archdiocese Catholic Charities Appeal and the CEO Council for Growth, based in Philadelphia.
PSEG's existing succession planning process will provide for the orderly transition of Levis' roles and responsibilities in connection with his retirement, and PSEG has indicated that they will not be making any announcements until closer to Levis' retirement date.
Public Service Enterprise Group (NYSE: PEG) is a publicly traded diversified energy company with annual revenues of $10.4 billion. Its operating subsidiaries are: Public Service Electric and Gas Company (PSE&G), PSEG Power, and PSEG Long Island.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at http://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at http://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
Forward-Looking Statement
The statements contained in this communication about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical, are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Although we believe that our expectations are based on information currently available and on reasonable assumptions, we can give no assurance they will be achieved. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. A discussion of some of these risks and uncertainties is contained 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: http://www.pseg.com. These documents address in further detail our business, industry issues and other factors that could cause actual results to differ materially from those indicated in this communication. In addition, any forward-looking statements included herein represent our estimates only as of the date hereof and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even if our internal estimates change, unless otherwise required by applicable securities laws.
SOURCE Public Service Enterprise Group
NEWARK, N.J., Dec. 22, 2016 /PRNewswire/ -- Public Service Electric and Gas (PSE&G), New Jersey's largest utility, has been recognized for outstanding customer satisfaction for the second year by Cogent Reports, a division of Market Strategies International, a leading nationwide research firm.
Named a 2016 Customer Champion, PSE&G was one of 11 combined utilities nationwide who ranked highest in brand trust, product experience and operational satisfaction. Cogent surveyed more than 58,000 residential utility customers to determine the Engaged Customer Relationship (ECR) score for 130 utilities. PSE&G achieved an overall ECR score of 739 (on a 1,000-point scale), improving 29 points from last year with gains in all three areas.
"We are pleased to designate PSE&G a 2016 Customer Champion. Their customers have rated them among the best utilities in the country," said Chris Oberle, senior vice president, Market Strategies International. "PSE&G customers have said they trust and appreciate their effective communications, community support, safe and reliable service and energy management offerings. So, they have gone beyond building great operations and are now leading the industry on building strong customer relationships."
"Based on the research, consumers want great brand and product experiences in addition to quality service," said Greg Dunlap, PSE&G vice president-customer operations. "Safe, reliable service is no longer enough. They also expect us to help control their energy costs, make it easier to do business with us and use innovative tools and resources to communicate with them. The survey shows that our efforts to enhance the customer experience are being recognized."
In the past year, PSE&G has strived to improve brand trust and product experience by increasing enrollments in its myAlerts texting service, introducing the ability to pay monthly bills by text and sending 8.5 million weather-related email alerts to keep customers informed during challenging weather. The increase in operational satisfaction can be attributed to frequent communications about PSE&G's efforts to upgrade its infrastructure, such as the $905 million Gas System Modernization Program under way in communities across the state. In 2017, the utility plans to introduce an enhanced customer web site and bill, in addition to upgrading systems in its call centers.
Public Service Electric and Gas Company (PSE&G) is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE: PEG), a diversified energy company.
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SOURCE Public Service Electric and Gas (PSE&G)
NEWARK, N.J., Dec. 21, 2016 /PRNewswire/ -- Public Service Electric and Gas Company (PSE&G), New Jersey's largest utility, announced today that it will provide bill credits this winter that will lower monthly bills by about 9 percent during January and February for a typical residential gas heating customer. Those customers will see a total bill credit of approximately $25 this winter.
The bill credits are in addition to a 3 percent annual bill decrease that took effect Oct. 1 that is saving the typical customer $26.40 a year. Since January 2009, annual bills for PSE&G's typical residential gas heating customers are 52 percent -- or $879 -- lower due to supply rate reductions.
"The cost of natural gas continues to be low," said Jorge Cardenas, PSE&G vice president of asset management and centralized services. "In addition, our transportation capabilities and the way we manage our contracts have enabled us to pass these savings along to our customers as the temperature drops."
PSE&G makes no profit on the sale of natural gas, and passes along what it pays to customers. Last winter, PSE&G gave back $152 million to customers in the form of bill credits. The utility will be returning about $36 million to customers with the credit announced today.
PSE&G
Public Service Electric and Gas Company (PSE&G) is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE: PEG), a diversified energy company.
Visit PSEG at:
www.pseg.com
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
PSEG blog, Energize!
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at http://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at http://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
SOURCE PSE&G
NEWARK, N.J., Dec. 19, 2016 /PRNewswire/ -- Forbes Magazine has named Public Service Enterprise Group to its JUST 100 list – which celebrates America's best corporate citizens.
PSEG's JUST 100 accolade was based on its success in creating jobs, conducting business in an ethical manner, the strength of its retirement and health benefits, and caring about the communities in which it operates.
The company's investments to improve its transmission and distribution systems alone are creating 6,000 jobs a year, for 10 years. PSEG also scored well in the rankings for its record of being free from scandal and legal controversy and its advanced corporate governance practices. Additionally, Forbes also cited the company for scoring well on several measures that evaluate health and retirement benefits, including one of the highest ranking 401k plans in the industry.
"We're honored to be included in this inaugural list of 100 socially responsible businesses," said Ralph Izzo, PSEG's Chairman, President and CEO. "It is proof to our commitment to balance the demands of our customers and society as a whole with the needs of our employees and shareholders, and a testament to the good work of our 13,000 employees."
The new JUST 100 List of America's Best Corporate Citizens, is a collaboration between Forbes and Paul Tudor Jones' JUST Capital to identify the companies in each industry that excel at serving all stakeholders, beyond just the bottom line. The rankings detail the performance, on an industry-relative basis, of the largest 897 publicly-traded companies in the U.S. It ranked companies according to ten metrics: worker pay and benefits, worker treatment, supply chain impact, community well-being, domestic job creation, product attributes, customer treatment, leadership and ethics, environmental impact and investor alignment.
"The JUST 100 celebrates the best of American business," said Martin Whittaker, CEO of JUST Capital. "These amazing companies show that in America today the best companies do right by all their stakeholders – and by listening to the voice of the American people. We salute all of the JUST 100 companies and look forward to working with them to help more companies understand that JUST behavior and commercial success can go hand-in-hand."
"The JUST 100 List is the most authoritative, unbiased source of data about how corporations perform on the things people in the U.S. care about most. The list combines powerful insights into how Americans feel about corporate behavior with an unprecedented view of how our leading corporations stack up," said Forbes editor Randall Lane. "We're thrilled to partner with JUST Capital in recognizing the companies that are leading the way in exhibiting JUST corporate behavior."
PSEG was one of three New Jersey-headquartered companies included on the list along with Johnson & Johnson and Verisk Analytics. PSEG was one of three utilities recognized on the JUST 100, along with Exelon and Dominion Resources.
This is the latest accolade PSEG has received. It has made the Dow Jones Sustainability List, which recognizes forward-looking companies, for nine consecutive years. The company recently received the "Extraordinary Good Works" award from the Commerce and Industry Association of New Jersey for its commitment to veterans, support of STEM education and employee volunteer programs. Its New Jersey utility, PSE&G, was recently named the most reliable utility in the Mid-Atlantic region for the 15th year in a row by PA Consulting. For the 2nd consecutive year, PSE&G has been named a Residential Customer Champion by Cogent reports, a division of Market Strategies International (MSI).
For the complete list and more information about the JUST 100 ranking, visit: www.forbes.com/just100
Public Service Enterprise Group (NYSE: PEG) is a publicly traded diversified energy company with annual revenues of $10.4 billion. Its operating subsidiaries are: Public Service Electric and Gas Company (PSE&G), PSEG Power, and PSEG Long Island.
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About JUST Capital
The JUST Capital Foundation (justcapital.com) is an independent nonprofit 501(c)(3), founded in 2013, that is establishing the definitive source of information and rankings on how large publicly traded corporations measure up against the American people's definition of JUST business behavior. The organization's mission is to leverage the power of the markets to drive positive change on the issues Americans care most about. Chaired and co-founded by Paul Tudor Jones II, and led by a staff with a breadth of finance, social sector, and technology experience, the Foundation's board includes Ray Chambers, Jeff Walker, Marc Morial, Ann Veneman, Dan Hesse, Deepak Chopra, and Arianna Huffington, amongst others.
About Forbes Media
Forbes Media is a global media, branding and technology company, with a focus on news and information about business, investing, technology, entrepreneurship, leadership and affluent lifestyles. The company publishes Forbes, Forbes Asia, and Forbes Europe magazines as well as Forbes.com. The Forbes brand today reaches 98 million people worldwide with its business message each month through its magazines and 37 licensed local editions around the globe, Forbes.com, TV, conferences, research and social and mobile platforms. Forbes Media's brand extensions include conferences, real estate, education, financial services and technology license agreements.
SOURCE PSEG
NEWARK, N.J., Dec. 13, 2016 /PRNewswire/ -- Working closely with Environmental Defense Fund and Google Earth Outreach, Public Service Electric & Gas (PSE&G), New Jersey's largest utility, is reducing methane leaks from its natural gas distribution system much faster than before, thanks to new technology developed by EDF, Google and Colorado State University. The technology is helping the utility prioritize which aging pipes are replaced first during its three-year, $905 million gas infrastructure replacement program.
The key breakthrough is measuring the volume of gas escaping, and not just the number of leaks. Using data gathered by a specially-equipped Google Street View mapping car, PSE&G was able to reduce methane emissions from targeted areas by 83 percent, and do it more quickly than otherwise possible. PSE&G achieved this emission reduction by replacing 35 percent fewer miles of pipe than if the utility had not used the data gathered by EDF and Google. The typical cost of replacing a mile of gas line on PSE&G's system is about $1.5 million to $2.0 million.
Leaks like those targeted by the project don't usually pose an immediate safety threat. But leaking natural gas – which is mostly methane – has a powerful effect on the climate. That's because methane has more than 80 times the warming power of carbon dioxide over a 20-year timeframe. These leaks are a persistent challenge for utilities, particularly in the Northeast, where natural gas infrastructure is older.
"Reducing methane emissions is one of the quickest ways we have to protect the climate. PSE&G deserves a lot of credit for making this a priority. It takes courage to invite an environmental group to come sniffing around for leaks on their system," said EDF President Fred Krupp. "By tackling these leaks faster, PSE&G will achieve a lot more environmental benefit for their infrastructure dollars. That's good for their customers, and good for New Jersey."
EDF and partners began publicly testing their new way to measure natural gas leaks in 2014. Intrigued by the methodology, PSE&G asked to collaborate with EDF to measure leaks in portions of their natural gas distribution system slated for replacement. By 2018, PSE&G plans to replace up to 510 miles of aging cast-iron and unprotected steel gas lines, under a program approved a year ago by the New Jersey Board of Public Utilities.
"Under our $905 million program, we are accelerating the modernization of our gas system, replacing 170 miles of pipe each year versus an average of 54 miles in the past," said Ralph LaRossa, president and COO of PSE&G. "Reducing methane is a serious challenge for utilities, but also a big opportunity. Using the data from EDF, we are able to keep safety paramount, while achieving more environmental value, at less cost and more quickly than before, which benefits both our customers and the climate."
Maps of the project areas and more data on the results are online here.
PSE&G gave EDF information on the location and type of gas lines in target areas. A Google Street View car spent six months gathering millions of readings over hundreds of miles of roadway in some of the most densely populated areas in New Jersey, including parts of Bergen, Essex, Hudson and Passaic counties. The team used algorithms refined over several years to assess the vast data stream. PSE&G replaced sections with the highest company rankings first, and used EDF's ranking to prioritize the rest, locking in methane reductions quickly while keeping safety the top consideration.
The mapping cars found an average of about one leak for every mile of gas line within grid areas where leak flow rate was quantified. The maps represent a snapshot in time and may not reflect current leaks. A number of the leaks identified through this collaborative project have already been repaired or eliminated through the replacement of cast iron pipes, including all leaks deemed hazardous by PSE&G's existing leak grading system.
"We are excited that new technology powered by Google can play an important role here, to advance the measurement, analysis, and communication of environmental information," said Karin Tuxen-Bettman, program manager for Google Earth Outreach. "Making this information more accessible can make a meaningful difference in people's lives."
A two-minute video on the EDF/Google Earth Outreach mapping project is here.
Utilities in New York and California are already publishing dynamic maps of their natural gas leaks. Sharing geographically-attributed leak data can help regulators and ratepayers track utilities' leak management performance, and ensure cost-efficient emission reductions. For its part, PSE&G is leading the way in using leak data to make better management decisions, demonstrating that new and improved data can maximize the benefits of pipeline replacement programs.
Environmental Defense Fund (edf.org), a leading international nonprofit organization, creates transformational solutions to the most serious environmental problems. EDF links science, economics, law, and innovative private-sector partnerships. Connect with us on Twitter, Facebook, and our Energy Exchange blog.
Public Service Electric and Gas Company (PSE&G) is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE:PEG), a diversified energy company.
Want to know what's new at PSEG? Go to www.pseg.com/getnews and sign up to have our press releases sent right to your inbox.
Visit PSEG at:
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PSEG blog, Energize!
Forward-Looking Statement
The statements contained in this communication about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical, are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Although we believe that our expectations are based on information currently available and on reasonable assumptions, we can give no assurance they will be achieved. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. A discussion of some of these risks and uncertainties is contained 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: http://www.pseg.com. These documents address in further detail our business, industry issues and other factors that could cause actual results to differ materially from those indicated in this communication. In addition, any forward-looking statements included herein represent our estimates only as of the date hereof and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even if our internal estimates change, unless otherwise required by applicable securities laws.
SOURCE PSE&G
NEWARK, N.J., Dec. 1, 2016 /PRNewswire/ --
With cold weather just around the corner, PSE&G reminds customers that the Low Income Home Energy Assistance Program (LIHEAP) is now accepting applications for the 2016- 2017 heating season. LIHEAP is a program run by the State of New Jersey Department of Community Affairs that helps low-income residents with their heating and medically-necessary cooling bills.
"We want to spread the word that there is help available for low income families who struggle to pay their utility bills," said Greg Dunlap, PSE&G's Vice President of Customer Operations. "Under LIHEAP, those who are income eligible may receive an average of $300 toward their heating bills."
LIHEAP eligibility is based solely on last month's household gross income and household size. To be eligible for LIHEAP benefits, the applicant's household gross income must meet monthly income guidelines listed on the chart below. For example, a family of four with a monthly income of $4,050 or less per month may be eligible and should apply.
LIHEAP
To receive LIHEAP assistance, customers may pay their heating costs directly, pay their landlord according to their usage, or have their heating included in their rent. Homeowners and those who rent are both eligible and should apply.
For more information or, to download a LIHEAP application or find out where to apply, visit www.pseg.com/help or call 1-800-510-3102. Applications are also available at the PSE&G's 16 walk-in Customer Service Centers listed on your bill. Remember, applications and copies of all requested documents must be submitted by mail or in person to the designated agency in your county by April 30, 2017.
Representatives from state LIHEAP intake agencies are available some days at the following PSE&G Customer Service Centers to help income-eligible people complete the applications. You can apply at a location in the county in which you live.
Bergen County
Greater Bergen Community Action Inc. at PSE&G Hackensack Customer Service Center
214 Hudson Street, Hackensack, NJ 07601
Monday, Wednesday & Thursday, 9:00 a.m.– 3:00 p.m.
Essex County
La Casa de Don Pedro at PSE&G Newark Customer Service Center
80 Park Plaza, Newark, NJ 07102
Monday, Wednesday & Friday, 8:30 a.m.– 4:00 p.m.
Maximum 50 clients daily for application drop-off
La Casa de Don Pedro at PSE&G West Orange Customer Service Center
59 Main Street, West Orange, NJ 07052
Monday, Wednesday, Friday 8:30 a.m. – 4:00 p.m.
Maximum 50 clients daily for application drop-off
Hudson County
B.E.O.F. at PSE&G Bayonne Customer Service Center
608 Broadway, Bayonne, NJ 07002
Monday – Friday, 9:00 a.m. – 3:00 p.m.
P.A.C.O. at PSE&G Jersey City Customer Service Center
35 Journal Square, Store #2, Jersey City, NJ 07306
Monday-Friday, 9:00 a.m. – 4:00 p.m.
P.A.C.O. at PSE&G Union City Customer Service Center
4808 Bergenline Avenue, Union City, NJ 07087
Monday-Friday, 9:00 a.m. – 4:00 p.m.
UNIVERSAL SERVICE FUND (USF)
The LIHEAP application is also an application for the Universal Service Fund (USF). USF is a program created by the State of New Jersey that can lower the amount low-income households pay for gas and electric bills with a monthly credit of $5 to $150. Applications for USF are accepted year-round.
OTHER PROGRAMS
PSE&G households who are not eligible for low income programs and are behind in their PSE&G bill should visit www.pseg.com/help for other programs like the TRUE Grant, PAGE Grant, or NJ SHARES. Seniors over age of 65 or disabled adults collecting Social Security Title II Disability may be eligible for the New Jersey Lifeline Credit program. NJ Lifeline provides a $225 yearly credit on your PSE&G bill.
Public Service Electric and Gas Company (PSE&G) is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE:PEG), a diversified energy company.
Want to know what's new at PSEG? Go to www.pseg.com/getnews and sign up to have our press releases sent right to your inbox.
Visit PSEG at:
www.pseg.com
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
PSEG blog, Energize!
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SOURCE PSE&G
UNIONDALE, N.Y., Dec. 1, 2016 /PRNewswire/ -- PSEG Long Island today announced the launch of its updated and mobile-friendly outage map. With people always on the move, the utility's new outage map provides customers with the most up-to-date information regardless of the device they use.
PSEG Long Island's upgraded and interactive outage map makes viewing and reporting outages easier for customers. The new map makes it easier to locate outages by location, Town, or Village and provides the number of customers served in the service territory and a selected area, the number affected by an outage, as well as the estimated restoration time.
"Nobody wants to be without power, but when the unexpected happens, we know that providing our customers with information quickly and efficiently will help keep them updated with actionable data to make the decisions that are best for their families and businesses," said Dan Eichhorn, vice president of customer services at PSEG Long Island. "Our new outage map is a quick, easy way for customers to access important information, regardless of the device they're using."
Customers will now have access to more information on the map, including the type of crew assigned to a job and the cause of the outage, if available. During severe storms, the utility can update the map with icons indicating where shelters, command centers and additional resources, such as ice and water, are located across the service territory.
A new feature of the outage map is the "One-click Text OUT" button, available to customers who visit the map from a mobile device and that have already registered for My Alerts. With one click, a customer can create a text message that reads OUT to 773454 (PSEGLI) in their default SMS application. All the customer will need to do is click SEND on their device to report their outage.
The new outage map can be found online in our Storm Center at www.psegliny.com/stormcenter or directly by visiting https://outagemap.psegliny.com/.
PSEG Long Island's mobile-friendly outage map is one of several new program enhancements. All of the recent upgrades and developments are designed to make it easier and more convenient for its customers to do business with the utility.
PSEG Long Island operates the Long Island Power Authority's transmission and distribution system under a 12-year contract. PSEG Long Island is a subsidiary of Public Service Enterprise Group Incorporated (NYSE:PEG), a publicly traded diversified energy company with annual revenues of approximately $10.4 billion.
Contact: Media Relations Hotline
516.229.7248
mediarelationsLI@pseg.com
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SOURCE PSEG Long Island
NEWARK, N.J., Nov. 30, 2016 /PRNewswire/ -- Public Service Electric and Gas Company (PSE&G) announced today that the New Jersey Board of Public Utilities (BPU) has approved an extension to the utility's Solar 4 All® program. The approval authorizes PSE&G to invest up to $80 million over the next three years to build an additional 33 megawatts-dc of solar farms on landfills and brownfields in PSE&G's electric service territory.
With this new approval, Solar 4 All is now a 158 megawatt-dc program that utilizes rooftops, parking lots, utility poles and landfills/ brownfields for universal solar projects.
This is the second extension to Solar 4 All. The BPU originally approved the program in 2009, allowing PSE&G to install 80 megawatts-dc of solar capacity. The first BPU-approved extension was in 2013 allowing PSE&G to build an additional 42 megawatts-dc of solar capacity on landfills, brownfields, and 3 megawatts-dc in solar pilot programs for storm hardening and grid resiliency. Of the 158 megawatts-dc currently approved there are 115 megawatts-dc in service, with an additional 10 megawatts-dc expected to be in service by the end of the year.
PSE&G has invested more than $500 million in the program that benefits PSE&G electric customers by supplying solar power directly to the electric grid in a way that is about 40 percent less expensive than typical residential net-metered solar projects.
"We have said all along that we wanted to do more through the Solar 4 All program, so we are thankful that the BPU approved this extension and excited to continue our efforts to help New Jersey reach its renewable energy goals," said Courtney McCormick, vice president – renewables and energy solutions, PSE&G. "Solar 4 All creates jobs, aligns with the New Jersey Energy Master Plan and helps the environment by directly increasing the amount of solar power in the state. And by building these universal solar projects and connecting them directly to the PSE&G electric grid, we are also ensuring that all of our electric customers truly share both the costs and the benefits of solar power."
By the end of 2016, the Solar 4 All program will have about 53 megawatts-dc of solar capacity built on nine landfill and brownfield sites. These projects fill more than 190 acres of landfill and brownfield space with 175,000 solar panels that can power about 8,500 homes annually. With the latest 33 megawatt-dc approval, Solar 4 All will have 86 megawatts-dc of landfill and brownfield solar in total in service by the end of 2019.
"Utilizing landfills and brownfields for universal solar development makes sense for PSE&G customers and for New Jersey as a whole," added McCormick. "We are taking land that would otherwise remain undeveloped and giving it a new life and new purpose, saving scarce open space in New Jersey and connecting all of those solar panels directly to the electric grid our customers use."
About PSE&G
Public Service Electric and Gas Company (PSE&G) is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE: PEG), a diversified energy company.
Visit PSEG at:
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at http://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at http://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
Want to know what's new at PSEG? Go to www.pseg.com/getnews and sign up to have our press releases sent right to your inbox.
Forward-Looking Statement
The statements contained in this communication about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical, are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Although we believe that our expectations are based on information currently available and on reasonable assumptions, we can give no assurance they will be achieved. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. A discussion of some of these risks and uncertainties is contained 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: http://www.pseg.com. These documents address in further detail our business, industry issues and other factors that could cause actual results to differ materially from those indicated in this communication. In addition, any forward-looking statements included herein represent our estimates only as of the date hereof and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even if our internal estimates change, unless otherwise required by applicable securities laws.
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SOURCE Public Service Electric and Gas (PSE&G)
NEWARK, N.J., Nov. 21, 2016 /PRNewswire/ -- PSEG Solar Source today announced it has acquired a 6.6 MW-dc solar energy facility from BayWa r.e. Solar Projects representing an investment of $12.2 million. The PSEG Hemlock Solar Energy Center is under construction and scheduled to begin operations later this year.
The PSEG Hemlock Solar Energy Center has a 15-year power purchase agreement with Virginia Electric and Power Co. The facility occupies 48 acres that are under a 35-year lease with a private landowner and is located in Northampton County, N.C., about 90 miles northeast of Raleigh.
"We are very pleased to team up with BayWa r.e. on this project, which will bring more clean energy resources to North Carolina," said Diana Drysdale, president of PSEG Solar Source. "This acquisition represents another milestone in growing our business and illustrates PSEG's commitment to providing a sustainable energy future."
BayWa r.e. is the engineering, procurement and construction contractor and will operate the project for PSEG Solar Source upon completion. The facility will use approximately 20,500 poly-crystalline Trina Solar panels with SMA inverters.
"BayWa r.e. is excited to have partnered with PSEG in the continuing transformation to a greener and lower cost grid," said Jam Attari, CEO of BayWa r.e. Solar Projects. "This world class facility could not have been completed without the tireless support and involvement from the Northhampton County community and our partners."
PSEG Solar Source owns two other solar facilities in North Carolina. The PSEG Turkey Creek Solar Center is being built about five miles away, also in Northampton County; the PSEG Meadows Solar Center is located in Martin County, N.C., and went online in June.
PSEG Solar Source now has 20 utility-scale projects in 13 states. The company currently has 215 MW-dc in operation with another 135 MW-dc in construction and on schedule to be operational by the end of the year.
About PSEG Solar Source:
PSEG Solar Source is a subsidiary of PSEG Power, a merchant power generation company which is part of the Public Service Enterprise Group (PSEG) family of companies. PSEG (NYSE:PEG) is a publicly traded diversified energy company with annual revenues of $10.4 billion. Its other main subsidiaries are Public Service Electric and Gas Company (PSE&G), a regulated New Jersey gas and electric utility, and PSEG Long Island, which operates the transmission and distribution assets of the Long Island Power Authority (LIPA).
Disclaimer: PSEG Solar Source LLC is not the same company as PSE&G, the New Jersey-based electric and gas utility. PSEG Solar Source is not regulated by the New Jersey Board of Public Utilities. You do not have to purchase any PSEG Solar Source products in order to receive quality regulated services from PSE&G.
About BayWa r.e.:
BayWa r.e. Solar Projects, a wholly owned subsidiary of BayWa r.e. GmbH, is responsible for the BayWa group's solar project business in North America. Founded in 2009 and based in Munich, BayWa r.e. acts as a holding company for various business interests in the areas of solar, wind energy, bio-energy and geothermal energy globally as part of BayWa AG, a $17 Billion global company founded in 1923.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at http://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at http://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
Forward-Looking Statement
The statements contained in this communication about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical, are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Although we believe that our expectations are based on information currently available and on reasonable assumptions, we can give no assurance they will be achieved. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. A discussion of some of these risks and uncertainties is contained 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: http://www.pseg.com. These documents address in further detail our business, industry issues and other factors that could cause actual results to differ materially from those indicated in this communication. In addition, any forward-looking statements included herein represent our estimates only as of the date hereof and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even if our internal estimates change, unless otherwise required by applicable securities laws.
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SOURCE PSEG Solar Source
NEWARK, N.J., Nov. 15, 2016 /PRNewswire/ -- The Board of Directors of Public Service Enterprise Group (NYSE: PEG) today declared a $0.41 per share dividend on the outstanding common stock of the company for the fourth quarter of 2016.
All dividends for the fourth quarter are payable on or before December 30, 2016, to shareholders of record on December 9, 2016.
Forward-Looking Statement
The statements contained in this communication about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical, are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Although we believe that our expectations are based on information currently available and on reasonable assumptions, we can give no assurance they will be achieved. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. A discussion of some of these risks and uncertainties is contained 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: http://www.pseg.com. These documents address in further detail our business, industry issues and other factors that could cause actual results to differ materially from those indicated in this communication. In addition, any forward-looking statements included herein represent our estimates only as of the date hereof and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even if our internal estimates change, unless otherwise required by applicable securities laws.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at http://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at http://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
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SOURCE PSEG
NEWARK, N.J., Nov. 14, 2016 /PRNewswire/ -- According to the U.S. Federal Trade Commission, more than 3 million consumers filed fraud complaints last year. Phone scams are among the most common complaints. To combat these con artists, Public Service Electric and Gas Company (PSE&G), New Jersey's largest utility, joined forces with more than 80 energy companies across North America to educate people how to spot a scam. The collaborative designated the third Wednesday in November "Utilities United Against Scams Day."
How the most common payment scam works:
Scam red flags:
"If a caller directs you to go to a local store to purchase a prepaid card to pay your bill, it is likely a scam," said Greg Dunlap, PSE&G vice president of customer operations. "If you receive a call and are in doubt, hang up and call us at the phone number listed on our website or your PSE&G bill."
The only way to protect against these scams is for customers to be cautious. Before terminating service, PSE&G alerts customers in a number of ways: messages on their bill, letters and phone calls. While the utility accepts credit cards, prepaid cards and money transfers to pay bills, PSE&G would never demand a specific type of payment and threaten immediate service termination.
"Hiding behind an untraceable phone, scammers know it is doubtful they'll be caught," said Dunlap. "By educating people how to spot a scam, our Utilities United collaborative aims to spare many would-be victims and make the thieves' underhanded jobs a lot harder."
Report all scam attempts by calling your utility and local police department, and file a complaint with the FTC at www.ftc.gov/complaint.
PSE&G
Public Service Electric and Gas Company (PSE&G) is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE:PEG), a diversified energy company.
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PSEG blog, Energize!
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SOURCE PSE&G
UNIONDALE, N.Y., Nov. 14, 2016 /PRNewswire/ -- PSEG Long Island has joined more than 80 electric and gas utility companies across the United States and Canada to work together to protect customers from the long-running payment scam targeting customers of utility service providers.
The Utilities United Against Scams collaborative was organized to encourage customers to be aware of the ongoing payment scams affecting residential and commercial utility customers across the country. These scams demand immediate payment via a pre-paid card and threaten termination of service if payment is not received.
"Scammers target utility customers across North America every day and attempt to deceive payments and money by impersonating utility employees," said Dan Eichhorn, vice president, customer services, PSEG Long Island. "PSEG Long Island is proud to work with fellow utilities, today and every day, to bring awareness of scams to as many customers as possible. The fact that just one customer could be impacted by a scam is one too many."
Under this scam on Long Island, a customer receives an unsolicited phone call from an individual who falsely claims to be a PSEG Long Island representative. The scammer warns that PSEG Long Island will disconnect the customer's electric service if they fail to make a payment – usually within a short timeframe.
Red flags for scam activity
The only way to protect against these scams is for customers to be cautious when contacted by someone threatening service termination if they do not receive immediate payment via a pre-paid credit card. Before terminating service, PSEG Long Island alerts customers in a number of ways: messages on bills, letters and phone calls. The utility offers a number of payment options, and would never require a customer to use one specific type of payment.
"If you receive a call from anyone demanding immediate payment, do not give them any personal or account information," said Dan Eichhorn, vice president, customer services, PSEG Long Island. "Hang up the phone, and call the number listed on PSEG Long Island's website and bills: 1-800-490-0025 and report scamming activity to your local police department."
PSEG Long Island is working with local and national law enforcement to investigate reported scams and is also reaching out to its contacts at local community service agencies asking them to spread the word to their clients.
For more information, visit www.psegliny.com/scam, like PSEG Long Island on Facebook and follow on Twitter @PSEGLI.
PSEG Long Island operates the Long Island Power Authority's transmission and distribution system under a 12-year contract. PSEG Long Island is a subsidiary of Public Service Enterprise Group Incorporated (NYSE:PEG), a publicly traded diversified energy company with annual revenues of approximately $10.4 billion.
Contact: Media Relations Hotline
516.229.7248
mediarelationsLI@pseg.com
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SOURCE PSEG Long Island
NEWARK, N.J., Nov. 4, 2016 /PRNewswire/ -- PSEG Solar Source today announced it has acquired a 16.8 MW-dc solar energy facility from Ecoplexus Inc. The PSEG Turkey Creek Solar Energy Center is located in Northampton County, N.C. about 95 miles northeast of Raleigh.
The PSEG Turkey Creek Solar Energy Center has a power purchase agreement with Virginia Electric and Power Company. It sits on approximately 75 acres under a 35-year lease with a private landowner. This is the second project in which PSEG Solar Source and Ecoplexus have been partners. The two companies collaborated on the PSEG Meadows Solar Center in Martin County, N.C. which went online in June.
"We are delighted to work with a top-flight developer like Ecoplexus as we continue to grow our business and expand our solar portfolio across the country," said Diana Drysdale, President of PSEG Solar Source. "This purchase is another example of PSEG's commitment to providing a sustainable energy future. When operational, this facility will power 2,400 homes."
Ecoplexus is the engineering, procurement and construction contractor and will operate the project for PSEG Solar Source upon completion. Construction is underway and commercial operations are expected to begin later this year. The facility will use approximately 50,000 mono-crystalline Trina Solar panels with Power Electronics inverters.
"Ecoplexus is very pleased to build upon its successful partnership with PSEG in bringing new clean energy online for the state of North Carolina," said John Gorman, CEO of Ecoplexus. "The Turkey Creek project will create approximately 185 construction jobs in addition to adding to the tax base of Northhampton County community."
PSEG Solar Source now has 19 utility-scale projects in 13 states. The company currently has 215 MW-dc in operation with another 128 MW-dc in construction and on schedule to be operational by the end of the year.
Ecoplexus has developed and completed 67 projects totaling more than 200 MW, across California, North Carolina, Colorado, Georgia and Japan.
About PSEG Solar Source:
PSEG Solar Source is a subsidiary of PSEG Power, a merchant power generation company which is part of the Public Service Enterprise Group (PSEG) family of companies. PSEG (NYSE:PEG) is a publicly traded diversified energy company with annual revenues of $10.4 billion. Its other main subsidiaries are Public Service Electric and Gas Company (PSE&G), a regulated New Jersey gas and electric utility, and PSEG Long Island, which operates the transmission and distribution assets of the Long Island Power Authority (LIPA).
Disclaimer: PSEG Solar Source LLC is not the same company as PSE&G, the New Jersey-based electric and gas utility. PSEG Solar Source is not regulated by the New Jersey Board of Public Utilities. You do not have to purchase any PSEG Solar Source products in order to receive quality regulated services from PSE&G.
About Ecoplexus Inc.
Ecoplexus develops and operates utility scale solar PV projects for the wholesale and retail market in the U.S., and internationally. The Company has constructed and financed over sixty projects to date, representing approximately $350 million in project value. Customers include eight major utilities including PG&E, Duke, Progress, Xcel Energy, and Georgia Power and approximately fifteen municipalities in the US, as well as major International utilities.
With a large construction and development pipeline of over 1 GW in the U.S., Japan, Latin America and Turkey, representing over $750 million in project value, Ecoplexus is actively developing or buying renewable energy assets at every stage. The Company also provides operation and maintenance (O&M) services for investor/owners for approximately 55 projects. For more information about Ecoplexus, please visit www.ecoplexus.com.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at http://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at http://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
Forward-Looking Statement
The statements contained in this communication about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical, are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Although we believe that our expectations are based on information currently available and on reasonable assumptions, we can give no assurance they will be achieved. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. A discussion of some of these risks and uncertainties is contained 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: http://www.pseg.com. These documents address in further detail our business, industry issues and other factors that could cause actual results to differ materially from those indicated in this communication. In addition, any forward-looking statements included herein represent our estimates only as of the date hereof and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even if our internal estimates change, unless otherwise required by applicable securities laws.
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SOURCE PSEG Solar Source
NEWARK, N.J., Nov. 2, 2016 /PRNewswire/ -- PSEG Solar Source today announced it has acquired a 10.5 MW-dc solar energy facility from Obsidian Renewables for an investment of $21 million. The facility, to be called the PSEG Lake County Solar Energy Center, is located in Lake County, Oregon about 140 miles southeast of Bend, OR.
The PSEG Lake County Solar Energy Center has a 20-year power purchase agreement with PacificCorp, a subsidiary of Berkshire Hathaway Energy. It sits on approximately 65 acres under a 35-year lease with a private landowner.
"We are pleased to partner with Obsidian Renewables and Swinerton Builders on this project which expands our solar footprint to include Oregon where we will deliver enough clean, reliable energy to power about 2,000 Oregon homes," said Diana Drysdale, president of PSEG Solar Source. "This acquisition is another example of PSEG's Solar Source's commitment to growing our renewable energy business."
Swinerton Builders is the engineering, procurement and construction contractor and will operate the project for PSEG Solar Source upon completion. Construction is underway and commercial operations are expected to commence later this year. The facility will use approximately 32,000 SolarWorld mono-crystalline panels with SMA inverters.
"This has been a wonderful project to develop," said Obsidian's CEO David Brown. "The support we have had from Lake County, from the State of Oregon, and from labor, suppliers and consultants has been remarkable. We are very proud to be associated with Swinerton and PSEG on this project."
"We are pleased with the strong support received from the local communities and businesses, as well as the high level of craftsmanship provided by the local workforce," said George Hershman, Swinerton's Senior Vice President and General Manager. "We look forward to contributing to Oregon's continued growth in renewable energy."
This is PSEG Solar Source's 19th utility-scale project in 13 states. The company currently has 215 MW-dc in operation with another 128 MW-dc in construction and on schedule to be operational by the end of the year.
About PSEG Solar Source:
PSEG Solar Source is a subsidiary of PSEG Power, a merchant power generation company which is part of the Public Service Enterprise Group (PSEG) family of companies. PSEG (NYSE: PEG) is a publicly traded diversified energy company with annual revenues of $10.4 billion. Its other main subsidiaries are Public Service Electric and Gas Company (PSE&G), a regulated New Jersey gas and electric utility, and PSEG Long Island, which operates the transmission and distribution assets of the Long Island Power Authority (LIPA).
Disclaimer: PSEG Solar Source LLC is not the same company as PSE&G, the New Jersey-based electric and gas utility. PSEG Solar Source is not regulated by the New Jersey Board of Public Utilities. You do not have to purchase any PSEG Solar Source products in order to receive quality regulated services from PSE&G.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at http://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at http://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
Forward-Looking Statement
The statements contained in this communication about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical, are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Although we believe that our expectations are based on information currently available and on reasonable assumptions, we can give no assurance they will be achieved. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. A discussion of some of these risks and uncertainties is contained 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: http://www.pseg.com. These documents address in further detail our business, industry issues and other factors that could cause actual results to differ materially from those indicated in this communication. In addition, any forward-looking statements included herein represent our estimates only as of the date hereof and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even if our internal estimates change, unless otherwise required by applicable securities laws.
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SOURCE PSEG Solar Source
NEWARK, N.J., Oct. 31, 2016 /PRNewswire/ -- (NYSE – PEG) Public Service Enterprise Group (PSEG) reported third quarter 2016 Net Income of $327 million or $0.64 per share as compared to Net Income of $439 million or $0.87 per share reported for the third quarter of 2015. Non-GAAP Operating Earnings for the third quarter of 2016 were $444 million or $0.88 per share as compared to non-GAAP Operating Earnings for the third quarter of 2015 of $403 million or $0.80 per share.
Ralph Izzo, chairman, president and chief executive officer said "PSEG's performance for the third quarter continues to demonstrate the benefits from our expanded investment program. A focus on controlling costs supported results as demand was aided by the warmer than normal weather experienced this past summer. Net Income was also impacted by our decision to retire the Hudson and Mercer coal-fired generating stations in 2017. Retirement of these units continues the evolution of PSEG Power's assets into a portfolio of reliable, low-cost, flexible assets capable of competing in today's energy market. This decision will allow us to meet market conditions and aids PSEG Power's future cash flow and return profile."
Management uses non-GAAP Operating Earnings in its internal analysis, and in communications with investors and analysts, as a consistent measure for comparing PSEG's financial performance to previous financial results. Non-GAAP Operating Earnings exclude the impact of returns (losses) associated with the Nuclear Decommissioning Trust (NDT), Mark-to-Market (MTM) accounting and material one-time items. The table below provides a reconciliation of PSEG's Net Income to non-GAAP Operating Earnings for the third quarter. See Attachment 11 for a complete list of items excluded from Net Income in the determination of non-GAAP Operating Earnings. The presentation of non-GAAP Operating Earnings is intended to complement, and should not be considered an alternative to, the presentation of Net Income, which is an indicator of financial performance determined in accordance with GAAP. In addition, non-GAAP Operating Earnings as presented in this release may not be comparable to similarly titled measures used by other companies.
PSEG CONSOLIDATED RESULTS (unaudited) | |||||
Third Quarter Comparative Results | |||||
2016 and 2015 | |||||
Income |
Diluted Earnings | ||||
($ millions) |
Per Share | ||||
2016 |
2015 |
2016 |
2015 | ||
Net Income |
$327 |
$439 |
$0.64 |
$0.87 | |
Reconciling Items* |
117 |
(36) |
0.24 |
(0.07) | |
Non-GAAP Operating Earnings |
$444 |
$403 |
$0.88 |
$0.80 | |
Avg. Shares |
508M |
508M | |||
*See Attachment 11 |
Ralph Izzo went on to say, "We are making a slight adjustment to the upper end of our guidance. Strong third quarter results weren't sufficient to offset the lack of a winter, and we are adjusting our guidance for 2016's non-GAAP Operating Earnings to $2.80 - $2.95 per share from $2.80 - $3.00 per share."
Non-GAAP Operating Earnings guidance by company for the full year is as follows:
2016 Non-GAAP Operating Earnings Guidance | ||
2016 Estimate | ||
PSE&G |
$900 - $935 | |
PSEG Power |
$460 - $500 | |
PSEG Enterprise/Other |
$65 - $65 | |
Non-GAAP Operating Earnings |
$1,425 - $1,500 | |
Non-GAAP EPS |
$2.80 - $2.95 | |
Due to the forward looking nature of non-GAAP Operating Earnings guidance, PSEG is unable to reconcile this non-GAAP financial measure to the most directly comparable GAAP financial measure. Management is unable to project certain reconciling items, in particular MTM and NDT gains (losses), for future periods due to market volatility.
Non-GAAP Operating Earnings Review and Outlook by Operating Subsidiary
See Attachment 5 for detail regarding the quarter-over-quarter reconciliations for each of PSEG's businesses.
PSE&G
PSE&G reported Net Income of $255 million ($0.50 per share) for the third quarter of 2016 compared with Net Income of $222 million ($0.44 per share) for the third quarter of 2015.
The improvement in Net Income for the third quarter reflects growth from expanded investment in electric and gas transmission and distribution facilities.
Returns on PSE&G's expanded investment in transmission added $0.03 per share to Net Income in the quarter. Incremental revenue associated with PSE&G's Energy Strong investment infrastructure program added $0.02 per share to Net Income in the quarter. Third quarter Net Income comparisons also benefited by an increase in electric demand associated with weather conditions which were approximately 30% warmer than normal and 9% warmer than conditions experienced during the 2015 third quarter. The increase in demand associated with the warmer than normal weather added $0.01 per share to third quarter Net Income. An increase in depreciation and O&M and other items was offset by a decline in taxes and other items.
Electric demand in the third quarter was influenced by weather which was hotter than normal, and warmer than the weather conditions experienced in the year-ago period. Weather normalized sales for the third quarter – led by an increase in the residential sector – are estimated to have increased 0.1% for the quarter.
PSE&G's capital program remains on schedule. PSE&G invested approximately $2.1 billion through September 30 as part of its planned capital investment for 2016 of $3.0 billion in upgrades to the electric and gas distribution and transmission system.
PSE&G has reached a settlement with key parties providing for an extension of its existing landfill/brownfield solar program. The settlement provides for an investment of approximately $80 million to construct 33MWs of grid-connected solar facilities over three years. The settlement is subject to review/approval by the NJ Board of Public Utilities (BPU). PSE&G is also requesting approval from the BPU to partner with NJ Transit in the development of a new $270 million substation that both would utilize, and would enhance the reliability and resilience of facilities damaged by Superstorm Sandy. It is estimated that the new substation would enter service by the end of 2020.
PSE&G filed an update of its Formula Rate for transmission at the Federal Energy Regulatory Commission in October 2016. The update, which reflects an increase in the level of PSE&G's investment in transmission, would provide for a $121 million increase in annual transmission revenues effective January 1, 2017.
The forecast of PSE&G's Net Income for 2016 remains at $900 - $935 million.
PSEG Power
PSEG Power reported Net Income of $139 million ($0.27 per share) for the third quarter of 2016 and non-GAAP Adjusted EBITDA of $397 million compared with Net Income of $206 million ($0.40 per share) and non-GAAP Adjusted EBITDA of $401 million for the third quarter of 2015. Non-GAAP Operating Earnings for the third quarter of 2016 was $170 million ($0.34 per share) compared with non-GAAP Operating Earnings for the third quarter of 2015 of $170 million ($0.33 per share).
Management believes non-GAAP Adjusted EBITDA is useful to investors and other users of our financial statements in evaluating operating performance because it provides them with an additional tool to compare business performance across companies and across periods. Management also believes that non-GAAP Adjusted EBITDA is widely used by investors to measure operating performance without regard to items such as income tax expense, interest expense, depreciation and amortization and major maintenance at Power's fossil generation facilities, which can vary substantially from company to company depending upon, among other things, the book value of assets, capital structure, whether assets were constructed or acquired and accounting methods. Non-GAAP Adjusted EBITDA also allows investors and other users to assess the underlying financial performance of our fleet before management's decision to deploy capital. Non-GAAP Adjusted EBITDA excludes the same items as our Operating Earnings measure as well as income tax expense, interest expense, depreciation and amortization and major maintenance expense. See Attachment 12 for a complete list of items excluded from Net Income in the determination of non-GAAP Adjusted EBITDA. The presentation of non-GAAP Adjusted EBITDA is intended to complement, and should not be considered an alternative to, the presentation of Net Income, which is an indicator of financial performance determined in accordance with GAAP.
Power's Net Income in the third quarter includes one-time charges amounting to $67 million ($0.13 per share) related to the early retirement of the Hudson and Mercer generation stations. Power's operating results for the third quarter reflect the impact of the known decline in average prices on energy hedges and a decline in operating costs.
A decline in the average price on energy hedges partially offset by a lower cost to serve load combined to reduce quarter-over-quarter Net Income by $0.02 per share. A decline in output during the quarter reduced Net Income by $0.01 per share. A reduction in O&M expense improved Net Income comparisons by $0.03 per share. An increase in depreciation associated with Power's capital program was more than offset by a decline in interest expense and other items which combined to improve quarter-over-quarter Net Income by $0.01 per share.
Output at Power's generation facilities declined 4% in the quarter. The average capacity factor for the nuclear fleet was 80% in the third quarter versus an average capacity factor of 95% in the year-ago quarter, as output from the nuclear fleet declined 12% to 6.9 TWh from 7.8 TWh. An extension of the Salem 1 refueling outage through the month of July to repair degraded baffle bolts and an unplanned outage at Salem 2 due to transformer issues were the primary causes for the reduction in nuclear output in the third quarter. Output from the gas-fired combined cycle fleet declined slightly to 5.2 TWh from 5.4 TWh. The warmer than normal weather conditions spurred an increase in demand for Power's coal-fired generating stations and peaking fleet, which together experienced an increase in output during the quarter to 2.0 TWh from 1.6 TWh.
Power is maintaining its forecast of output for 2016 of 50 – 52 TWh. The forecast for output in 2017 and 2018 has been reduced by approximately 3 – 4%. The revised forecast takes into account the impact of low gas prices on the dispatch of the Keystone/Conemaugh coal-fired generation stations, and the retirement of the Hudson and Mercer coal-fired generation stations in mid-2017. Approximately 75% – 80% of anticipated production in the fourth quarter of 2016 of 11 – 12 TWh is hedged at an average price of $48 per MWh. For 2017, Power has hedged 65% – 70% of its revised forecast of 51 – 53 TWh of output at an average price of $47 per MWh. For 2018, Power has hedged approximately 25% – 30% of its revised forecast of 56 – 58 TWh of output at an average price of $45 per MWh. The hedge data continues to assume BGS hedges will cover 11 – 12 TWh of output.
The forecast of Power's non-GAAP Operating Earnings for 2016 is now $460 – $500 million. The forecast represents non-GAAP Adjusted EBITDA for the full year of $1,270 – $1,335 million.
PSEG Enterprise/Other
PSEG Enterprise/Other reported a Net Loss of $67 million ($0.13 per share) for the third quarter of 2016 compared to Net Income of $11 million ($0.03 per share) for the third quarter of 2015.
Non-GAAP Operating Earnings for the third quarter of 2016 were $19 million ($0.04 per share) compared with non-GAAP Operating Earnings of $11 million ($0.03 per share) during the third quarter of 2015.
During the third quarter of 2016, Energy Holdings completed its review of estimated residual values embedded in the NRG REMA, LLC leveraged leases. As a result of current and expected future market conditions, an impairment of $86 million, after-tax, related to the residual value of these leases was recorded in Net Income. The increase in non-GAAP Operating Earnings quarter-over-quarter reflects certain tax items at PSEG Energy Holdings and contractual payments associated with the operation of PSEG Long Island.
The forecast of PSEG Enterprise/Other full year non-GAAP Operating Earnings remains $65 million.
Financing
PSEG closed the quarter ended September 30, 2016 with $450 million of cash on its balance sheet with debt at the end of the quarter representing approximately 45% of consolidated capital. PSEG Power had debt at the end of the quarter representing 28% of capital.
The following attachments can be found on www.pseg.com:
Attachment 1 - Consolidating Statements of Operations – 3 months
Attachment 2 - Consolidating Statements of Operations – 9 months
Attachment 3 - Capitalization Schedule
Attachment 4 - Condensed Consolidated Statements of Cash Flows
Attachment 5 - Quarter-over-Quarter EPS Reconciliation
Attachment 6 - Year-over-Year EPS Reconciliation
Attachment 7 - Retail Sales and Revenues – Electric
Attachment 8 - Retail Sales and Revenues – Gas
Attachment 9 - Generation Measures
Attachment 10 - Statistical Measures
Attachment 11 – Consolidated Operating Earnings (non-GAAP) Reconciliation
Attachment 12 – PSEG Power Adjusted EBITDA (non-GAAP) Reconciliation
Forward-Looking Statement
Certain of the matters discussed in this report about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical constitute "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. When used herein, the words "anticipate," "intend," "estimate," "believe," "expect," "plan," "should," "hypothetical," "potential," "forecast," "project," variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in filings we make with the United States Securities and Exchange Commission (SEC) including our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K and available on our website: http://www.pseg.com. These factors include, but are not limited to:
All of the forward-looking statements made in this report 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 or results of operations. Readers are cautioned not to place undue reliance on these forward-looking statements in making any investment decision. Forward-looking statements made in this report apply only as of the date of this report. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even if internal estimates change, unless otherwise required by applicable securities laws.
The forward-looking statements contained in this report are intended to qualify for the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at http://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at http://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings. |
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SOURCE PSEG
NEWARK, N.J., Oct. 28, 2016 /PRNewswire/ -- Today, New Jersey Governor Chris Christie joined PSE&G President and COO Ralph LaRossa at a Hackensack substation to highlight the infrastructure investments made since Superstorm Sandy left millions of people without power in the state four years ago tomorrow. Two-thirds of the equipment at the substation, which flooded during Sandy, has been raised 4.5 feet, and the remaining switchgear will be raised in the spring, ensuring more reliable service during future storms.
"Sandy was the second-worst natural disaster in American history that shook the lives of just about everyone," Governor Christie said. "Unseen before in modern New Jersey, this superstorm interrupted 71 percent of New Jersey's electric distribution system, cut power for 2.8 million residential and commercial customers and taught us difficult lessons about energy reliability and utility infrastructure. Over the last four years, under my administration, PSE&G has made significant progress raising and rebuilding switching and substations like Hackensack, as well as making other improvements, to increase the resiliency of New Jersey's infrastructure and create a distribution grid that is far stronger and smarter than before."
During Sandy, 2 million of PSE&G's 2.2 million electric customers lost power. "Hackensack is one of 29 switching and substations that are being raised or rebuilt to make them more resilient against storms," LaRossa said. "Because of our infrastructure investments to date, if a Sandy-like storm were to occur today, about 225,000 customers impacted by flooded substations and switching stations during Sandy would not lose power. And customers who did lose power would be restored more quickly. We appreciate the support of the Governor and the BPU in getting this program started."
LaRossa added, "This work is also benefitting New Jersey's economy by creating thousands of jobs over the life of the program."
The newly fortified stations are part of PSE&G's $1.2 billion, multi-year Energy Strong program to make its infrastructure more reliable and resilient to severe weather. When the Energy Strong upgrades are complete, 460,000 PSE&G customers previously impacted would not lose power from flooding and all PSE&G electric customers would experience faster restoration times.
"When our Energy Strong program is complete, more than 250 hospitals and other critical customers who lost power during Sandy would either stay in service or have their restoration time greatly reduced," said LaRossa.
Since Superstorm Sandy, PSE&G has invested $74 million in technology to reduce the number and duration of outages for hospitals and other critical customers. For example, when the Somerset Medical Center in Somerville experienced an outage during bad weather last year, the new technology enabled technicians to remotely switch them back into service in just 10 minutes – one-fifth of the time it would have taken without the upgrade. Also benefiting from this work are 400,000 customers and businesses in close proximity to critical customers where the technology has been installed.
In addition to Energy Strong electric upgrades, PSE&G has made great strides ensuring a more reliable and resilient natural gas system during flooding. The utility has installed 240 miles of new, sturdy and durable plastic natural gas pipes in flood-prone areas. Approximately 90,000 customers served by those pipes are no longer at risk of losing gas service from floodwaters seeping into these previously leak-prone mains. In addition, the danger of leaks of methane gas has been virtually eliminated in the new pipes.
The Energy Strong programs also provide the capability to remotely restore large numbers of customers. The program gives PSE&G the ability to remotely make changes on the circuits so they can be worked safely in the field, significantly improving crew productivity and restoration times.
Public Service Electric and Gas Company (PSE&G) is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE:PEG), a diversified energy company.
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SOURCE PSE&G
NEWARK, N.J., Oct. 27, 2016 /PRNewswire/ -- Public Service Electric and Gas Company (PSE&G) today announced a $75,000 grant from the PSEG Foundation to foster a partnership between Habitat for Humanity Newark & Greater Elizabeth (Habitat) and the New Jersey Board of Public Utilities' (BPU) Comfort Partners Program. The goal is to increase the energy efficiency and livability of homes in Newark, where PSE&G is headquartered.
Habitat, particularly through its Neighborhood Revitalization Program identifies and remediates home weatherization issues and provides rehabilitation, home preservation, and critical repairs as well as support for broader community development issues. The BPU's Comfort Partners Program offers free energy-saving improvements and energy education for income-eligible families. PSE&G is one of six utilities in the state that help administer the Comfort Partners initiative.
"Over the last 15 years the New Jersey Comfort Partners Program has helped over 100,000 lower income residents and families save money on their energy bills by improving the efficient use of energy within their homes," said Richard S. Mroz, President of the NJ Board of Public Utilities. "The Comfort Partners Program is one of many Board approved energy efficiency programs that in totality have invested more than $3.1 billion in nearly 1.5 million energy saving projects that have reduced electric use by approximately 7% - enough energy savings compounded over 15 years to power about 3.1 million homes."
Courtney McCormick, vice president - renewables and energy solutions for PSE&G noted that, "PSE&G has a long-standing commitment to helping our customers save money and use energy more wisely. As a Newark-based company, it is especially rewarding when we can help in the neighborhoods and homes right in our own backyard. This grant and partnership will enable us to provide needed improvements to make homes safe, comfortable and affordable for families in Newark."
The partnership and PSEG Foundation grant will allow the Habitat program and the Comfort Partners Program to work together to make repairs to homes that may not fit the criteria of either one program alone because too much repair work is required.
Jeffrey J. Farrell, CEO of Habitat Newark & Greater Elizabeth, said he is looking forward to the program expanding into other neighborhoods. It focuses on critical home repairs, such as roof repair/replacement, siding repair/replacement and window replacement with the goal of maintaining healthy living for low income families, seniors and veterans.
"There is a misperception in the community that Habitat for Humanity is just about building homes for our Partner Families," Farrell said. "But the mission is much broader. While, yes, we are certainly committed to ensuring families have safe homes and can achieve the American Dream of home ownership, we are equally committed to building and safeguarding neighborhoods."
"This generous grant opens the door for so much new opportunity in the neighborhoods we serve," Farrell added. "We will leverage this funding to the greatest extent possible, urging other partners and sponsors to join in the effort. It is our full intention for this program to make a lasting, permanent mark on Newark."
Habitat has an immediate goal of replacing roofs on 10 homes, replacing windows on eight homes and repairing or replacing siding on four homes. The organization will also match the $75,000 PSEG Foundation grant, while marketing the program to other potential funders.
About Habitat for Humanity Newark & Greater Elizabeth
Habitat for Humanity Newark & Greater Elizabeth, founded in 1986, is an ecumenical Christian ministry dedicated to building simple, decent homes with low-income families in Essex and Union counties. Using volunteer labor and tax-deductible donations of money and materials, Habitat has helped many low income families move into new homes. Partner families contribute up to 400 hours of "sweat equity" on their home or other homes financed with zero interest loans. Habitat also has a growing Neighborhood Revitilization Program. For more information please visit www.HabitatNewark.org.
About PSE&G
Public Service Electric and Gas Company (PSE&G) is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE:PEG), a diversified energy company (www.pseg.com).
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SOURCE PSE&G
NEWARK, N.J., Oct. 26, 2016 /PRNewswire/ -- PSEG and The Tyler Clementi Center at Rutgers University have partnered to help provide incentives to New Jersey public high schools interested in offering the LGBTQ Youth Empowerment Initiative to their LGBTQ student population and allies.
Through a $10,000 grant from the PSEG Foundation, the Tyler Clementi Center at Rutgers University will fund The LGBTQ Youth Empowerment Initiative. The Initiative is designed to encourage New Jersey public high schools to apply for grants to partner with the Tyler Clementi Center on day-long youth events to help improve the health and well-being, academic performance, and graduation rates among LGBTQ students.
"We are proud to be part of such a critically important social initiative that will help school leaders feel empowered to speak to students about their needs and develop resources to help bridge the gap between trusted adults and LGBTQ students," said Ellen Lambert, President of the PSEG Foundation. "In both school and work environments, we strive to create inclusive cultures that allow everyone to succeed."
"The Tyler Clementi Center is thrilled to be partnering with the PSEG Foundation on such an important initiative. While LGBTQ youth are more visible than ever in our schools, many continue to cope with social stigma, peer aggression/bullying, and fragmented support networks," said Maren Greathouse, director, Tyler Clementi Center. "This partnership with PSEG will provide critical support to LGBTQ youth and their allies, and prepare teachers and administrators to carry on this work in their respective schools."
The workshops will help engage all students in meaningful discussions about identity development, coping strategies, constructive methods for responding to anti-LGBTQ violence, and improve overall relationships between LGBTQ students and allies. Students will be invited to participate in a statewide climate survey that measures school, home and neighborhood environment, overall health and academic aspirations -- providing an in-depth snapshot of the experiences and needs of LGBTQ youth across New Jersey.
Additional information on the specific workshop grant process will be announced in the near future.
About the Tyler Clementi Center
The Tyler Clementi Center at Rutgers University- New Brunswick studies the transition experience of students entering higher education, examining the impact of bias, peer aggression and institutional climate on students identifying with one or more stigmatized populations- including LGBTQ and gender non-conforming students, students of color, women, religious and ethnic minorities and other stigmatized identities and/or experiences. Through research and scholarship, best practice guidance and practical tools/interventions, the Tyler Clementi Center assists campus professionals in fostering institutional responsiveness and an affirming transition experience for all students entering higher education.
About the PSEG Foundation
The PSEG Foundation (501c3) is the philanthropic arm of Public Service Enterprise Group (NYSE:PEG). The Foundation generally supports and invests in programs in three areas: community and the environment, education and safety. The Foundation provides grants to organizations in communities served by PSEG and its subsidiaries.
To learn more about how PSEG supports an all-inclusive environment, check out how Antonio Fernandez, our Chief Compliance Officer, brings his whole self to work by reading his Energize! blog post.
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SOURCE PSEG
NEWARK, N.J., Oct. 20, 2016 /PRNewswire/ -- PSEG announced today that it named Federal Energy Regulatory Commission (FERC) Chief of Staff Larry Gasteiger, chief, federal regulatory policy. Gasteiger will report to Tamara Linde, PSEG's executive vice president and general counsel. Gasteiger will join PSEG in late October.
Gasteiger served as Chief of Staff at FERC culminating a noteworthy 19-year tenure at FERC in which he held a variety of leadership roles. He previously served as the Acting Director of the Office of Enforcement from August 2014 to April 2015 after having served as the Deputy Director from 2009 to 2014. Before he joined the Office of Enforcement, Mr. Gasteiger was the Director of the Division of Tariffs and Market Development - East in the Office of Energy Market Regulation. Prior to that, he held several other positions at the Commission, including Deputy Associate General Counsel, Legal Advisor to Chairman Joseph T. Kelliher, and attorney in the FERC's Solicitor's Office.
"We are very pleased to have Larry join PSEG," said Linde. "Larry, with his wide-ranging and rich federal regulatory background, will add significant value to our already strong FERC team. In particular, his experience working on a variety of topics from compliance to formulating policies to achieve the Commission's goals on electric reliability and energy infrastructure further enhances our ability to be prepared for the future needs of our investors and industry."
"I'm excited to join PSEG, and become part of a well-respected diversified energy company that has been providing reliable, safe and economic energy to its customers for over 100 years," Gasteiger said. "I look forward to working with the PSEG team and helping to build on this proud tradition for the energy needs of the next 100 years."
Before joining FERC in 1997, Mr. Gasteiger was an attorney in the General Counsel's Office at the Commodity Futures Trading Commission, and from 1989 to 1991 he served as a law clerk for the Honorable Edwin M. Kosik in the United States District Court for the Middle District of Pennsylvania.
Gasteiger is a graduate of the University of Pennsylvania and the Dickinson School of Law. He is a former Board Member of the Northeast Chapter of the Energy Bar Association and former Board Member and Secretary of the Saint Ambrose School. He resides in Fairfax County, Virginia.
Public Service Enterprise Group (NYSE: PEG) is a publicly traded diversified energy company with annual revenues of approximately $11 billion. Its operating subsidiaries are: Public Service Electric and Gas Company (PSE&G), PSEG Power, and PSEG Long Island.
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SOURCE PSEG
NEWARK, N.J., Oct. 5, 2016 /PRNewswire/ -- PSEG announced today that its Hudson Generation Station in Jersey City, N.J., and its Mercer Generation Station in Hamilton Township, N.J., will be retired on June 1, 2017.
"The sustained low prices of natural gas have put economic pressure on these plants for some time. In that context, we could not justify the significant investment required to upgrade these plants to meet the new reliability standards," said Bill Levis, president and chief operating officer-PSEG Power. "The plants have been infrequently called on to run and neither plant cleared the last two PJM capacity auctions. The plants' capacity payments have been critical to their profitability and PSEG's ability to continue to invest in modernizing them."
PSEG stressed that it is committed to treating the approximately 200 employees at Hudson and Mercer fairly during the process of retiring the existing units.
"These plants have played a critical role in powering the growth and economic expansion of New Jersey and PSEG is grateful to our employees who have played a part in building and running them for the past 50 years," said Levis. "We will work with our union and PSEG leadership to ensure that the plants continue to operate safely through their retirement dates and to place as many employees as possible within PSEG's family of companies."
PSEG remains committed to meeting the long-term energy needs of New Jersey and the region and currently is investing more than $600 million in a new state-of-the-art combined-cycled gas plant in Sewaren, N.J., as well as new plants in Connecticut and Maryland. Currently, PSEG Power has gas facilities representing nearly 4,000 MWs of generating capacity in New Jersey and owns 3,740 MWs of nuclear generation, of which approximately 2,500 MWs are located in New Jersey.
PSEG has long been an advocate for fuel diversity, both in its generation fleet and in the PJM pool. With the announced closing of the coal plants, New Jersey's energy now will be split almost evenly between nuclear and natural gas, with a small but growing amount of renewable energy. "We continue to believe that it is unwise for New Jersey to become too overly dependent on one source of energy," said Levis. "With the continued low cost of natural gas, it is important that we recognize and support the full value of non-carbon, non-polluting nuclear and renewable energy."
PSEG noted that it is evaluating all options for future use of the sites.
The decision to retire the Hudson and Mercer plants early triggers certain changes in accounting treatment that will have a material effect on PSEG's and PSEG Power's reported results. In the third quarter of 2016, PSEG and PSEG Power expect to recognize one-time charges in Energy Costs and Operation and Maintenance expense ranging from an estimated $40 million to $70 million and $35 million to $77 million, respectively, related to the cost of shutting down these units, including coal and other materials and supplies, inventory reserve adjustments, employee-related continuance, and severance benefits costs.
In addition to these one-time charges, there will be ongoing annual incremental non-cash charges to earnings of $560 million to $580 million in 2016 and $940 million to $960 million in 2017 due to the shortening of the expected economic useful lives of the Hudson and Mercer plants. These charges are detailed in the Form 8K that PSEG and PSEG Power filed today and will be discussed in more detail when PSEG reports third quarter earnings on October 31, 2016.
Mercer Generation Station was opened in 1960. It currently has a capacity of 632 MWs. Hudson Generation Station was opened in 1968 and had a capacity of 620 MWs. The 200 employees are roughly split between the two locations.
Public Service Enterprise Group (NYSE: PEG) is a publicly traded diversified energy company with annual revenues of $10.4 billion. Its operating subsidiaries are: Public Service Electric and Gas Company (PSE&G), PSEG Power, and PSEG Long Island.
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Forward-Looking Statement
The statements contained in this communication about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical, are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Although we believe that our expectations are based on information currently available and on reasonable assumptions, we can give no assurance they will be achieved. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. A discussion of some of these risks and uncertainties is contained 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: http://www.pseg.com. These documents address in further detail our business, industry issues and other factors that could cause actual results to differ materially from those indicated in this communication. In addition, any forward-looking statements included herein represent our estimates only as of the date hereof and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even if our internal estimates change, unless otherwise required by applicable securities laws.
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SOURCE Public Service Enterprise Group (PSEG)
WELLINGTON, Colo., Sept. 29, 2016 /PRNewswire/ -- PSEG Solar Source, Platte River Power Authority and juwi today joined to dedicate the PSEG Rawhide Flats Solar Center. The 36.3 MW-dc (30 MW-ac) facility is located 25 miles north of Fort Collins, Colo.
The PSEG Rawhide Flats Solar Center was built on a 190-acre site leased from the power authority at the Rawhide Energy Station and will generate enough electricity to meet the needs of 8,000 Colorado homes.
"We're pleased to partner with Platte River Power Authority to bring emission-free energy to its customers and in helping Colorado achieve its renewable energy goals," said Diana Drysdale, president of PSEG Solar Source. "By investing in solar projects like this one, we at PSEG are doing our part to lay the foundation for a clean, green and economically vibrant energy future for everyone."
PSEG Solar Source has a 25-year power purchase agreement with Platte River, a wholesale generation and transmission provider.
"This facility is a significant step in the continued diversification of our generation portfolio," said Jason Frisbie, Platte River general manager and CEO. "It reduces the risk of depending on any single source of fuel and increases our renewable resources."
juwi developed the project and served as its engineering, procurement and construction contractor. The facility will use approximately 117,000 polycrystalline panels.
"We are thrilled to be a part of energizing one of the largest solar projects in our home state here in Colorado," said Michael Martin, president of juwi. "We look forward to the successful operation of the Rawhide Flats project and to continued partnerships with clean energy leaders like Platte River and PSEG Solar Source."
The Rawhide Flats facility has been in startup mode for the past week and should shortly begin commercial operations. Once it begins commercial operations, PSEG Solar Source will have 15 facilities in service in 11 states with a total capacity of 215 MWs. It has two facilities, totaling 100 MWs, in construction which it expects to have in service within the next two months.
This latest addition to PSEG Solar Source's portfolio represents an investment of more than $54 million.
About PSEG Solar Source:
PSEG Solar Source is a subsidiary of PSEG Power, a merchant power generation company which is part of the Public Service Enterprise Group (PSEG) family of companies. PSEG (NYSE: PEG) is a publicly traded diversified energy company with annual revenues of $10.4 billion. Its other main subsidiaries are Public Service Electric and Gas Company (PSE&G), a regulated New Jersey gas and electric utility, and PSEG Long Island, which operates the transmission and distribution assets of the Long Island Power Authority (LIPA).
Disclaimer: PSEG Solar Source LLC is not the same company as PSE&G, the New Jersey-based electric and gas utility. PSEG Solar Source is not regulated by the New Jersey Board of Public Utilities. You do not have to purchase any PSEG Solar Source products in order to receive quality regulated services from PSE&G.
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About Platte River Power Authority:
Platte River Power Authority is a not-for-profit utility that generates and delivers safe, reliable, environmentally responsible, and competitively priced energy and services to its owner communities of Estes Park, Fort Collins, Longmont, and Loveland. Platte River's generation portfolio includes thermal, hydro, wind and solar resources. More information can be found at www.prpa.org.
About juwi Inc.:
juwi Inc. (juwi) is a privately-held renewable energy company based in Boulder, Colo. juwi's primary business is the development, design, construction, operation and maintenance of utility-scale (1 MW and larger) solar energy generation facilities in North America. To date, juwi has developed and built large-scale solar projects in 14 states in the United States, totaling more than 300 MWs of operating capacity. It has also developed numerous operating large-scale wind energy projects in North America.
Forward-Looking Statement
The statements contained in this communication about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical, are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Although we believe that our expectations are based on information currently available and on reasonable assumptions, we can give no assurance they will be achieved. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. A discussion of some of these risks and uncertainties is contained 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: http://www.pseg.com. These documents address in further detail our business, industry issues and other factors that could cause actual results to differ materially from those indicated in this communication. In addition, any forward-looking statements included herein represent our estimates only as of the date hereof and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even if our internal estimates change, unless otherwise required by applicable securities laws.
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SOURCE PSEG Solar Source
NEWARK, N.J., Sept. 23, 2016 /PRNewswire/ -- PSE&G announced today that customers will pay 7.2 percent less this year under new natural gas supply rates approved by the New Jersey Board of Public Utilities. The state's largest utility is reducing its basic gas supply rate to 34 cents from 40 cents – the lowest rate in 16 years. The new rates take effect Oct. 1, 2016.
In addition to new supply rates, the BPU approved other changes to gas bills, including the weather normalization clause which is adjusted each fall. With these adjustments factored in, annual gas bills are down about 3 percent overall, for a savings of $26.40 for the typical customer.
Overall bills are lower even as PSE&G is making significant improvements to make its infrastructure more reliable and resilient.
"When we proposed our Energy Strong program, we said we could begin to make our electric and gas systems more resilient and resistant to extreme weather with minimal impact on customer bills," said Jorge Cardenas, PSE&G vice president of asset management and centralized services. "Thanks to continued low natural gas prices, we have been able to replace vulnerable gas pipes in flood-prone areas and make other critical upgrades and still keep bills stable."
Under the gas rates approved today, a typical residential heating customer* will pay $857 a year, down from $883 based on rates in effect on September 1, 2016 and assuming the customer receives supply service from PSE&G.
Since January 2009, the utility has decreased residential gas bills by 51 percent through supply rate reductions for an annual savings of $854 for PSE&G's typical residential gas heating customer. In addition, PSE&G gave back $152 million to customers -- in the form of bill credits -- during the last winter heating season.
* based on a residential customer using 165 therms in a winter month and, 1,010 therms per year
PSE&G
Public Service Electric and Gas Company (PSE&G) is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE:PEG), a diversified energy company.
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SOURCE PSE&G
NEWARK, N.J., Sept. 12, 2016 /PRNewswire/ -- Public Service Enterprise Group (PSEG) was named to the Dow Jones Sustainability North America Index for the ninth consecutive year. The Dow Jones Sustainability Indices (DJSI) recognize forward-thinking companies based on an appraisal of the company's strategy, management and its performance in dealing with opportunities and risks deriving from environmental, social and governance factors.
"We're pleased to be recognized as a corporate sustainability leader. PSEG is a 113-year-old company committed to the long-term health of our business, as well as the long-term health of the communities we work and live in," said Ralph Izzo, PSEG's chairman, president and CEO. "Our mission is to provide safe, reliable, economic and greener energy as we create good jobs and support the economy."
The Gas System Modernization Program (GSMP) of our regulated utility, PSE&G, calls for replacement of more than 500 miles of aging gas pipes throughout New Jersey and is a great example of the company's mission. This important work not only enhances the safety and reliability of our energy infrastructure, it also reduces the release of methane, a potent greenhouse gas, and creates hundreds of jobs.
PSEG is also a leader in expanding customer access to energy efficiency and renewable solar power. Since 2009, PSEG has invested more than $1 billion to directly develop or finance clean solar power. This includes 28 grid-connected community solar facilities in New Jersey and a portfolio of 17 utility-scale solar operations across 12 states. In 2015, PSE&G received approval to invest an additional $95 million in energy efficiency programs for its utility customers, an essential part of building a sustainable future.
"With 2016 likely to be the hottest year on record, investors are again reminded that companies' environmental and sustainability efforts are crucial to their financial outcomes," said David Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Index. "The Dow Jones Sustainability Indices are comprehensive benchmarks of companies that meet the RobecoSAM's sustainability standards and give investors tools to develop global allocations that reflect sustainability factors."
Public Service Enterprise Group (NYSE: PEG) is a publicly traded diversified energy company with annual revenues of $10.4 billion. Its operating subsidiaries are: Public Service Electric and Gas Company (PSE&G), PSEG Power, and PSEG Long Island.
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SOURCE Public Service Enterprise Group (PSEG)
UNIONDALE, N.Y., Sept. 2, 2016 /PRNewswire/ -- PSEG Long Island is closely monitoring Tropical Storm Hermine and the possibility it could impact our service territory this weekend and into early next week. The storm could bring the potential for heavy rain and strong winds as it sweeps up the east coast and possibly lingers into next week.
In anticipation of the storm, PSEG Long Island is ensuring that all available personnel are prepared to respond throughout the Labor Day weekend and into next week. The utility is also ensuring that additional supplies, including poles and transformers, are on hand.
"Depending on the track of the storm, Hermine may stall off Long Island's coast, bringing prolonged periods of wind and rain to our service territory," said John O'Connell, PSEG Long Island vice president of transmission and distribution operations. "In addition to having additional personnel and equipment at the ready, we are installing barriers at a number of substations to keep water out. We have already elevated several substations above flood level in preparation for this kind of severe weather."
PSEG Long Island urges its customers to be cautious if they see downed lines. Downed wires should always be considered "live." Do not approach or drive over a downed line and do not touch anything that it might be in contact with.
BE PREPARED AND STAY IN TOUCH
PSEG Long Island operates the Long Island Power Authority's transmission and distribution system under a 12-year contract. PSEG Long Island is a subsidiary of Public Service Enterprise Group Incorporated (NYSE:PEG), a publicly traded diversified energy company with annual revenues of approximately $10.4 billion.
Contact: Media Relations Hotline
516.229.7248
mediarelationsLI@pseg.com
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SOURCE PSEG Long Island
NEWARK, N.J., Sept. 2, 2016 /PRNewswire/ -- Public Service Electric and Gas Company (PSE&G), New Jersey's largest electric and gas utility, is closely monitoring Tropical Storm Hermine and the possibility it could impact our service territory beginning Sunday. The storm could bring the potential for heavy rain and strong winds as it sweeps up the east coast and possibly lingers into next week.
In anticipation of the storm, PSE&G is ensuring that all available personnel are ready to respond beginning early tomorrow morning. The utility is also ensuring that additional supplies, including poles and transformers, are on hand.
"Depending on the track of the storm, Hermine may stall off the New Jersey coast, bringing prolonged periods of wind and rain to our service territory," said John Latka, PSE&G senior vice president-electric and gas operations. "In addition to having additional personnel and equipment at the ready, we are installing barriers at a number of substations to keep water out. We have already elevated several switching and substations above flood level in preparation for this kind of severe weather."
PSE&G urges its customers to be cautious if they see downed lines. Downed wires should always be considered "live." Do not approach or drive over a downed line and do not touch anything that it might be in contact with.
To report downed wires or power outages, customers should call PSE&G's Customer Service line at 1-800-436-PSEG. Customers can also report power outages and view the status of their outage by logging in to My Account on www.pseg.com, PSE&G's mobile-friendly website.
PSE&G offers the following tips to customers to prepare:
PSE&G offers its customers a number of ways to stay in touch and stay informed before, during and after a storm. These tools can be found at www.pseg.com in the "Outage Center," under "How you can stay connected."
Public Service Electric and Gas Company (PSE&G) is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE:PEG), a diversified energy company (www.pseg.com).
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SOURCE Public Service Electric and Gas Company (PSE&G)
NEWARK, N.J., Aug. 31, 2016 /PRNewswire/ -- Public Service Electric and Gas Company (PSE&G), New Jersey's largest utility, is urging customers to be alert to scams demanding immediate bill payment via a pre-paid card.
"During the last several days, we've seen an uptick in the number of phone scams being reported," said Greg Dunlap, vice president of Customer Operations for PSE&G. "Scammers can – and do – target anyone. But they tend to more often target small business customers, because they have larger bills than residential customers, but don't have all of the checks and balances to prevent fraud that large business customers typically have."
Here is how this latest payment scam works:
The only way to protect against these scams is for customers to be cautious when contacted by someone threatening service termination if they do not receive immediate payment via a pre-paid credit card. Before terminating service, PSE&G alerts customers in a number of ways: messages on their bill, letters and phone calls. The utility offers a number of payment options, and would never require a customer to use one specific type of payment.
"If you receive a call from anyone demanding immediate payment, do not give them any personal or account information," said Dunlap. "Hang up the phone, and call the number listed on PSE&G's website and bills: 1-800-436-PSEG (7734)."
PSE&G
Public Service Electric and Gas Company (PSE&G) is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE:PEG), a diversified energy company.
Want to know what's new at PSEG? Go to www.pseg.com/getnews and sign up to have our press releases sent right to your inbox.
Visit PSEG at:
www.pseg.com
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
PSEG blog, Energize!
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SOURCE Public Service Electric and Gas Company (PSE&G)
UNIONDALE, N.Y., Aug. 31, 2016 /PRNewswire/ -- PSEG Long Island is urging its customers to be alert to payment scams demanding immediate payment via a pre-paid card.
"While we may have seen a decrease in the number of scams reported to us by our customers on Long Island and in the Rockaways, the fact that just one of our customers could be impacted by a scam is one too many," said Dan Eichhorn, vice president, customer services, PSEG Long Island.
Here is how this latest payment scam works:
The only way to protect against these scams is for customers to be cautious when contacted by someone threatening service termination if they do not receive immediate payment via a pre-paid credit card. Before terminating service, PSEG Long Island alerts customers in a number of ways: messages on their bill, letters and phone calls. The utility offers a number of payment options, and would never require a customer to use one specific type of payment.
"If you receive a call from anyone demanding immediate payment, do not give them any personal or account information," said Eichhorn. "Hang up the phone, and call the number listed on PSEG Long Island's website and bills: 1-800-490-0025 and report scamming activity to your local police department."
PSEG Long Island is working with local and national law enforcement to investigate the matter and is also reaching out to its contacts at local community service agencies asking them to spread the word to their clients.
PSEG Long Island operates the Long Island Power Authority's transmission and distribution system under a 12-year contract. PSEG Long Island is a subsidiary of Public Service Enterprise Group Incorporated (NYSE: PEG), a publicly traded diversified energy company with annual revenues of approximately $10.4 billion.
Contact:
Media Relations Hotline
516.229.7248
mediarelationsLI@pseg.com
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SOURCE PSEG Long Island
UNIONDALE, N.Y., Aug. 29, 2016 /PRNewswire/ -- PSEG Long Island today launched a completely redesigned and enhanced bill, the first of several new technology and customer service improvements to be implemented this year. Customers will see the updates first hand when they receive their next bill, including a larger and easier to read format with more helpful, relevant information and more detailed energy-use information.
"PSEG Long Island is continuously listening to our customers on how to improve their experience when doing business with us, and customers wanted to see a change in the design," said Dan Eichhorn, vice president of Customer Services at PSEG Long Island. "We worked to create a new bill that would be easier to read, while retaining all the information that customers need to fully understand their bill and electric usage."
PSEG Long Island started from scratch to design and develop the new bill format and content. New features include a larger size and a change from black and white to full color format. The amount due and due date are now highlighted prominently in the upper right hand corner, as well as in the same location on the detachable pay stub, which has been moved from the top of the page to the bottom. A detailed, informative and color-rich graph on the front of the bill illustrates historical energy usage, average monthly temperatures and which months were actual or estimated meter readings. On the back of the bill, customers will find detailed percentage breakdowns of energy charges, as well as definitions, so customers know exactly what factors come together to make up their electric bill.
For more information on the new bill enhancements including a video highlighting all the new features, visit https://www.psegliny.com/bill.
Along with redesigning the bill, PSEG Long Island is currently working on several other program enhancements. Over the next six months, PSEG Long Island will deliver a number of upgrades and developments designed to make it easier and more convenient for its customers to do business with the utility. Customers will soon see an upgraded My Account platform; the ability to pay by text; and a totally revamped balanced billing program, which will allow customers to have a more consistent and predictable balanced payment for 12 consecutive months.
PSEG Long Island operates the Long Island Power Authority's transmission and distribution system under a 12-year contract. PSEG Long Island is a subsidiary of Public Service Enterprise Group Incorporated (NYSE:PEG), a publicly traded diversified energy company with annual revenues of approximately $10.4 billion.
Contact: |
Media Relations Hotline |
516.229.7248 | |
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SOURCE PSEG Long Island
NEWARK, N.J., Aug. 22, 2016 /PRNewswire/ -- PSEG announced today that Brian Clark has been elected to vice president, procurement, PSEG Services Corp. Clark has been with PSEG Power for 17 years, most recently as senior director SERVCO and Fossil support services. He has extensive experience in both services and operational management.
Clark starts his position on Monday, Aug. 29 and will report to Derek DiRisio, president, PSEG Services Corp.
As head of procurement, Clark will be responsible for development and execution of the company-wide procurement strategy and will lead a diverse professional team that strategically secures PSEG's nearly $5 billion annual spend.
"Brian will be responsible for taking our procurement function to the next level – putting efficient processes in place to ensure we get the best quality materials and services for the best possible price," said DiRisio. "Brian has a track record of building strong teams and organizations and a real enthusiasm for continuous improvement. I look forward to working with him and having him as a member of my leadership team."
Among the other positions he has held at PSEG Fossil are plant manager of both the Bergen and Sewaren generation stations and manager, Maplewood Testing Center. Positions he held at PSEG Nuclear include commercial director of nuclear development; director of business support and nuclear finance; and manager, materials and logistics.
Clark and his family are active in supporting the March of Dimes organization. He is a volunteer coach for various sports in his local community and a past recipient of the Betty Flood Award (Outstanding Volunteer Award given by PSEG). Clark received an MBA with a concentration in finance from the University of Delaware and a BS in business administration from the University of South Carolina Aiken.
Public Service Enterprise Group (NYSE: PEG) is a publicly traded diversified energy company with annual revenues of $10.4 billion. Its operating subsidiaries are: Public Service Electric and Gas Company (PSE&G), PSEG Power, and PSEG Long Island.
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Visit PSEG at:
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PSEG blog, Energize!
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SOURCE Public Service Enterprise Group (PSEG)
NEWARK, N.J., July 29, 2016 /PRNewswire/ -- (NYSE: PEG) Public Service Enterprise Group (PSEG) reported second quarter 2016 Net Income of $187 million or $0.37 per share as compared to Net Income of $345 million or $0.68 per share reported for the second quarter of 2015. Operating Earnings for both the second quarter of 2016 and 2015 were $289 million or $0.57 per share.
Ralph Izzo, chairman, president and chief executive officer said, "PSEG's second quarter earnings benefited from its expanded investment program and an alignment of costs with current power market dynamics. We remain focused on investments that meet customers' demand for reliable, efficient, and clean energy as well as drive long-term value creation."
Management uses Operating Earnings in its internal analysis, and in communications with investors and analysts, as a consistent measure for comparing PSEG's financial performance to previous financial results. Operating Earnings exclude the impact of returns(losses) associated with Nuclear Decommissioning Trust (NDT), Mark-to-Market (MTM) accounting and material one-time items. The table below provides a reconciliation of PSEG's Net Income to Operating Earnings for the second quarter. See Attachment 12 for a complete list of items excluded from Net Income in the determination of Operating Earnings. The presentation of Operating Earnings is intended to complement, and should not be considered an alternative to, the presentation of Net Income, which is an indicator of financial performance determined in accordance with GAAP. In addition, Operating Earnings as presented in this release may not be comparable to similarly titled measures used by other companies.
PSEG CONSOLIDATED EARNINGS (unaudited) | |||||
Second Quarter Comparative Results | |||||
2016 and 2015 | |||||
Income |
Diluted Earnings | ||||
($ millions) |
Per Share | ||||
2016 |
2015 |
2016 |
2015 | ||
Operating Earnings |
$289 |
$289 |
$0.57 |
$0.57 | |
Reconciling Items* |
(102) |
56 |
(0.20) |
0.11 | |
Net Income |
$187 |
$345 |
$0.37 |
$0.68 | |
Avg. Shares |
508M |
508M | |||
*See Attachment 12. |
Ralph Izzo went on to say, "We are maintaining our Operating Earnings guidance for 2016 of $2.80 - $3.00 per share. However, reaching the upper end of guidance will be difficult even with improvements seen in the power markets, expectations for warm summer weather, normal operations and management of O&M for the remainder of the year. We remain focused on meeting the needs of our customers and maximizing shareholder value by delivering on the promise of our investment program."
Operating Earnings guidance by company has been adjusted to reflect results for the first half of the year as guidance for the full year remains unchanged:
Operating Earnings Guidance ($ millions, except EPS) | |
2016E | |
PSE&G |
$900 - $935 |
PSEG Power |
$460 - $525 |
PSEG Enterprise/Other |
$65 - $65 |
Total |
$1,425 - $1,525 |
Earnings Per Share |
$2.80 - $3.00 |
Operating Earnings Review and Outlook by Operating Subsidiary
See Attachment 6 for detail regarding the quarter-over-quarter reconciliations for each of PSEG's businesses. Due to the forward looking nature of Operating Earnings guidance, PSEG is unable to reconcile this non-GAAP financial measure to the most directly comparable GAAP financial measure. Management is unable to project certain reconciling items, in particular MTM and NDT gains (losses), for future periods due to market volatility.
PSE&G
PSE&G reported Net Income of $179 million ($0.35 per share) for the second quarter of 2016 compared with Net Income of $167 million ($0.33 per share) for the second quarter of 2015.
PSE&G's results for the second quarter reflect the impact of revenue growth associated with an expansion of its capital investment program.
The New Jersey economy continues to show steady growth with employment improving from a year-ago. Weather-normalized electric sales for the 12 months ended June 30, 2016 were slightly lower by (0.2%) compared to the prior period as growth in the number of customers was offset by a continued decline in usage per customer due to increased energy efficiency measures and a decrease in the Industrial sector.
Returns on PSE&G's expanded investment in transmission added $0.03 per share to earnings in the quarter. An increase in depreciation and O&M ($0.02 per share) was partially offset by a decline in taxes and other items of $0.01 per share.
PSE&G's capital program remains on schedule. PSE&G invested approximately $1.4 billion in the first half of the year as part of its planned capital investment for 2016 of $3.0 billion in upgrades to the electric and gas distribution and transmission system.
PSE&G, in May 2016, filed a petition with the New Jersey Board of Public Utilities (BPU) requesting an extension of its existing landfill/brownfield solar program to construct 100-MW of grid-connected solar facilities. The program represents a capital investment of up to $240 million over a 5-year period. Parties to the proceeding have agreed to a procedural schedule under which we could see a decision by the BPU during the fourth quarter of the year. PSE&G has also increased its estimate of Distribution capital expenditures over 2016 – 2018 by $300 million to address new business requests and replace certain aging equipment and infrastructure. The expansion of capital spending under these programs could represent an increase of over $500 million in PSE&G's planned $12 billion capital spending program over the 5-year period ended 2020.
Finally, as part of its annual BGSS filing with the BPU, PSE&G has proposed a reduction in its basic gas supply rate to 34 cents per therm from 40 cents per therm. If approved, the rate reduction would be effective on October 1, 2016.
The forecast of PSE&G's Operating Earnings for 2016 has been adjusted upward to $900 - $935 million from $875 - $925 million.
PSEG Power
PSEG Power reported a Net Loss of $11 million ($0.02 per share) for the second quarter of 2016 and adjusted EBITDA of $272 million compared with Net Income of $166 million ($0.33 per share) and adjusted EBITDA of $301 million for the second quarter of 2015. Operating Earnings for the second quarter of 2016 were $91 million ($0.18 per share) versus $110 million ($0.22 per share) for the second quarter of 2015.
Management uses Adjusted EBITDA in its internal analysis, and in communications with investors and analysts, regarding Power's financial performance as compared to previous financial results. Adjusted EBITDA excludes the same items as our Operating Earnings measure as well as income tax expense, interest expense, depreciation and amortization and major maintenance at Power's fossil generation facilities. See Attachment 12 for a complete list of items excluded from Net Income in the determination of Adjusted EBITDA. The presentation of Adjusted EBITDA is intended to complement, and should not be considered an alternative to, the presentation of Net Income, which is an indicator of financial performance determined in accordance with GAAP.
Power's operating results for the second quarter reflect the impact of the known decline in PJM capacity revenues and average prices on energy hedges in addition to the margin effect of an extended refueling outage at Salem 1.
A decline in capacity revenue associated with the June 2015 retirement of peaking capacity in PJM reduced quarter-over-quarter income by $0.02 per share. A decline in the average price on energy hedges as well as lower market prices and gas volumes combined to reduce quarter-over-quarter income by $0.03 per share. A decline in output during the quarter was primarily associated with fossil units due to weak weather-related demand and pricing which reduced income by $0.01 per share. A reduction in O&M expense improved Power's quarter-over-quarter income by $0.07 per share. An increase in depreciation expense was offset by a decline in interest expense. However, an absence in 2016 of tax credits received in the year-ago quarter and other tax items contributed to a reduction in quarter-over-quarter income of $0.05 per share.
Output at Power's generation facilities declined 6% in the quarter. The average capacity factor for the nuclear fleet was 83% in the quarter versus an average capacity factor of 86% in the year-ago quarter as output from the nuclear fleet declined to 7.0 TWh from 7.1 TWh. An extended refueling outage at Salem 1 to repair degraded baffle bolts was the primary cause for the decline in the nuclear fleet's operations. The impact of the outage at Salem was largely offset by an increase in output at Peach Bottom associated with completion of an extended power uprate capital program on both units which added 130 MWs of capacity to Power's interest. The extension of the Salem 1 outage into July and an unplanned outage at Salem 2 will have a continuing effect on third quarter performance. Output from the gas-fired combined cycle fleet declined slightly to 4.4 TWh from 4.6 TWh given mild weather conditions relative to the year-ago quarter. Low gas prices reduced the dispatch of Power's coal-fired fleet during the quarter with output declining to 0.9 TWh from 1.3 TWh.
Power is reducing its forecast of output for 2016 to 50 – 52 TWh from its prior forecast of 52 – 54 TWh. The revised range incorporates the impact of the extended outage at Salem 1 as well as the impact of an unplanned outage at Salem 2. Approximately 75% - 80% of anticipated production for the second half of 2016 of 25 – 26 TWh is hedged at an average price of $50 MWh. For 2017, Power has hedged 55% - 60% of its forecast generation of 53 – 55 TWh at an average price of $48 per MWh. For 2018, approximately 25% - 30% of forecast generation of 58 – 60 TWh is hedged at an average price of $46 per MWh. The hedge data for 2016 continues to assume BGS hedges represent 11 – 12 TWh of output.
The forecast range of Power's Operating Earnings for 2016 has been lowered to $460 million - $525 million from $490 - $540 million. The forecast of Operating Earnings represents Adjusted EBITDA for the full year of $1,270 - $1,375 million.
PSEG is unable to reconcile forecasted Adjusted EBITDA to the most directly comparable GAAP financial measure. Management is unable to project certain reconciling items, in particular MTM and NDT gains(losses), for future periods due to market volatility.
PSEG Enterprise/Other
PSEG Enterprise/Other reported Net Income of $19 million ($0.04 per share) for the second quarter of 2016 versus Net Income of $12 million ($0.02 per share) during the second quarter of 2015. The increase in quarter-over-quarter income reflects contractual payments associated with the operation of PSEG Long Island and certain tax items at PSEG Energy Holdings. The forecast of PSEG Enterprise/Other Operating Earnings for 2016 has been increased to $65 million from $60 million.
Financing
PSEG closed the quarter ended June 30, 2016 with $648 million of cash on its balance sheet with debt at the end of the quarter representing approximately 45% of consolidated capital. PSEG Power, during the quarter, issued $700 million of 3.0% Senior Notes due June 2021.
The following attachments can be found on www.pseg.com:
Attachment 1 - Operating Earnings and Per Share Results by Subsidiary
Attachment 2 - Consolidating Statements of Operations – 3 months
Attachment 3 - Consolidating Statements of Operations – 6 months
Attachment 4 - Capitalization Schedule
Attachment 5 - Condensed Consolidated Statements of Cash Flows
Attachment 6 - Quarter-over-Quarter EPS Reconciliation
Attachment 7 - Year-over-Year EPS Reconciliation
Attachment 8 - Retail Sales and Revenues – Electric
Attachment 9 - Retail Sales and Revenues – Gas
Attachment 10 - Generation Measures
Attachment 11 - Statistical Measures
Attachment 12 - Reconciliation of Operating Earnings to Net Income and to Adjusted EBITDA
FORWARD-LOOKING STATEMENT
Certain of the matters discussed in this report about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical constitute "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. When used herein, the words "anticipate," "intend," "estimate," "believe," "expect," "plan," "should," "hypothetical," "potential," "forecast," "project," variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in filings we make with the United States Securities and Exchange Commission (SEC) including our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K and available on our website: http://www.pseg.com. These factors include, but are not limited to:
All of the forward-looking statements made in this report 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 or results of operations. Readers are cautioned not to place undue reliance on these forward-looking statements in making any investment decision. Forward-looking statements made in this report apply only as of the date of this report. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even if internal estimates change, unless otherwise required by applicable securities laws.
The forward-looking statements contained in this report are intended to qualify for the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
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SOURCE Public Service Enterprise Group (PSEG)
EWING, N.J., July 27, 2016 /PRNewswire/ -- Officials from The College of New Jersey (TCNJ) and Public Service Electric and Gas Company (PSE&G) today marked the completion of a five-station electric vehicle (EV) charging system at the Ewing, N.J., college. The TCNJ EV charging system is located in the Metzger Parking Garage and is part of a PSE&G pilot program designed to help spur the adoption of electric vehicles in the utility's electric service territory.
"The College of New Jersey is proud to partner with PSE&G on this innovative project that further advances our longstanding and broad-based environmental sustainability goals," said TCNJ President R. Barbara Gitenstein. "Through the generous support of PSE&G, we are now able to provide our faculty and staff with access to electric vehicle charging stations, reaffirming our commitment to reducing our carbon footprint in a fiscally responsible way," she added.
As part of the pilot program, TCNJ is committed to immediately utilizing the five charging stations for faculty and staff who own and drive electric vehicles to the school. In return, PSE&G provided the EV charging equipment free-of-charge and TCNJ paid for the installation of the units and will pay for ongoing maintenance and electricity costs.
"As the mileage range of electric vehicles continues to increase, we can expect that they will become more popular both across the country and in New Jersey," said Courtney McCormick, vice president-renewables and energy solutions, PSE&G. "By partnering with organizations like The College of New Jersey, PSE&G is helping to provide the needed infrastructure to support EV owners now while also demonstrating to potential owners that EVs are a viable option in the future."
The PSE&G pilot program currently has 60 EV charging stations in service at 11 customer locations around the state, including TCNJ, with the ultimate goal of having 120 charging stations in the program.
In addition to providing a convenient charging option for EV drivers, the PSE&G pilot program also allows the utility to collect real-world data about how the chargers are used. This will allow PSE&G to better understand the impact that large-scale EV charging could have on the electric grid, identify areas of potential high-EV charger density and plan for infrastructure upgrades and modifications that may be needed.
Through its Climate Action Plan, TCNJ maintains an aggressive portfolio of sustainability initiatives. As a public institution, the college seeks to identify programs and targeted investments in this area that are fiscally responsible, balancing environmental sustainability with tuition costs, diversity initiatives and other priority social objectives. Other sustainability initiatives underway at TCNJ include the "Knowledge is Power," an energy conservation program; establishment of a sustainable community garden; creation of a ride share mobile application; construction of all LEED Silver rated buildings; and five academic programs focused on environmentalism, including an environmental studies minor. The EV charging station partnership with PSE&G is well-aligned with these goals, complementing current and planned initiatives to reduce waste, enhance efficiency and incorporate environmental awareness across all curricula as part of the college's interdisciplinary academic programming model.
About The College of New Jersey
The College of New Jersey (TCNJ) is a highly selective institution that is recognized for its academic excellence, maintaining the fifth highest four-year graduation rate among all public colleges and universities. Founded in 1855 as the New Jersey State Normal School, TCNJ has become an exemplar of the best in public higher education and is consistently acknowledged as one of the top comprehensive colleges in the nation. TCNJ is rated the No. 1 public institution in the northern region of the country by U.S. News & World Report and was named a best value in public higher education by the Princeton Review in 2015. TCNJ was awarded a Phi Beta Kappa chapter in 2006—an honor shared by less than 10 percent of colleges and universities nationally.
About PSE&G
Public Service Electric and Gas Company (PSE&G) is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the Reliability One Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE:PEG), a diversified energy company.
Visit PSEG at:
www.pseg.com
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
PSEG blog, Energize!
Want to know what's new at PSEG? Go to www.pseg.com/getnews and sign up to have our press releases sent right to your inbox.
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SOURCE Public Service Electric and Gas Company (PSE&G)
NEWARK, N.J., July 19, 2016 /PRNewswire/ -- The Board of Directors of Public Service Enterprise Group (NYSE:PEG) today declared a $0.41 per share dividend on the outstanding common stock of the company for the third quarter of 2016.
All dividends for the third quarter are payable on or before September 30, 2016, to shareholders of record on September 9, 2016.
Forward-Looking Statement
The statements contained in this communication about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical, are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Although we believe that our expectations are based on information currently available and on reasonable assumptions, we can give no assurance they will be achieved. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. A discussion of some of these risks and uncertainties is contained 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: http://www.pseg.com. These documents address in further detail our business, industry issues and other factors that could cause actual results to differ materially from those indicated in this communication. In addition, any forward-looking statements included herein represent our estimates only as of the date hereof and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even if our internal estimates change, unless otherwise required by applicable securities laws.
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SOURCE Public Service Enterprise Group (PSEG)
PERTH AMBOY, N.J., July 19, 2016 /PRNewswire/ -- Representatives from the Jewish Renaissance Foundation (JRF), PSEG and the New Jersey Board of Public Utilities (BPU) today announced a $250,000 PSEG grant that will be used to integrate the JRF's Building Healthy Communities initiative with the BPU's Comfort Partners Program in the northeastern Middlesex County municipalities of Perth Amboy, South Amboy, Sayreville, Woodbridge, Edison, Metuchen, Carteret, and Highland Park.
"Our combined resources and capacities have created a powerful partnership that will yield significant improvements, not only for individual homeowners in need, but it will also significantly increase the value of the surrounding properties," said the Honorable Wilda Diaz, Mayor of the City of Perth Amboy. "I want to thank the leadership and vision of PSE&G, the BPU & the Jewish Renaissance Foundation for their continued efforts and investments into municipalities like Perth Amboy."
The JRF's Building Healthy Communities program works from a comprehensive social determinant of health framework to improve the well-being of low-income residents who live within the City of Perth Amboy and the Central Jersey region. Comfort Partners offers free energy-saving improvements and energy education for income-eligible families. PSE&G, the utility arm of PSEG, is one of six utilities in the state that help administer the Comfort Partners program.
"As New Jersey's oldest and largest electric and gas utility, we have a long-standing commitment to energy efficiency and to being active participants in the communities that we serve," said Courtney McCormick, vice president – renewables and energy solutions, PSE&G. "Our work takes us into neighborhoods and homes across our territory, and we know that families face many challenges. This partnership with the Jewish Renaissance Foundation and the BPU will allow us to work together to provide more energy efficiency solutions that allow our customers to save money and use energy more wisely."
"This collaboration among the BPU, PSE&G, the Jewish Renaissance Foundation and its Civic Justice Corps program will allow us to help even more families realize energy savings, improve community well-being and in some cases provide life-saving measures, while at the same time furthering conservation goals of the Christie Administration's Energy Master Plan," BPU Commissioner Mary-Anna Holden said. "This energy conservation program will help not only lower prices for all ratepayers and improve our environment but will provide local jobs and on-the-job training."
As a component of Building Healthy Communities, the JRF currently operates Project Healthbuild, which offers eligible low income and senior households in Middlesex County with certain "building envelope" improvements, particularly those related to structural and life and safety issues. At the same time, the BPU's Comfort Partners Program offers income-eligible households with comprehensive, personalized energy education and counseling; installation of health and safety measures and installation of energy efficiency measures like weather-stripping, HVAC equipment, energy efficient lighting, and moisture removal. The PSEG grant will provide the funding to enable these two individual programs to combine their offerings and resources in order to enroll homes that may have been beyond the scope of work for either program individually.
"We know that low-income populations are far more likely to live in aging, deteriorating housing conditions that increases their chances to be exposed to mold, asbestos and other hazards contributing to their poor health conditions," states Dr. Alan Goldsmith, JRF's President. "The goal of Project Healthbuild is to work with our community-based and grantmaking partners such as The PSEG Foundation to reaching underserved and high-risk households in order to implement evidence-based interventions proven to identify and remove housing hazards that in turn improve their overall physical and economic well-being."
JRF will also incorporate its Civic Justice Corps (CJC) program into the integrated energy efficiency effort. Civic Justice Corps is an intensive training program that provides an equal mix of classroom instruction along with on-the-job training and similar worksite experiences for un- and under-employed young adults and adult residents. The Project Healthbuild/Comfort Partners integration will include a pilot training initiative to educate Civic Justice Corps participants as to industry-based assessment, remediation and hazard control measures addressing key residential health and safety dangers.
"Project Healthbuild sites and related renovation activities serve as 'portable labs' where CJC participants, under our direct supervision, are dispersed in worksite opportunities to practically apply the vocational skills learned in the classroom," states Alexandra Mansonet-Cross, JRF's Chief Executive Officer.
About the Jewish Renaissance Family of Organizations
The Jewish Renaissance Family of Organizations (JRFO) is an interconnected array of health care and social services agency, an academic and enrichment program, and a community redevelopment organization. The JRFO provides services in Perth Amboy, Newark and the surrounding areas. With a growing staff of 300 professionals, the JRFO serves and cares for over 50,000 individuals in over 30 communities in New Jersey and beyond. Refer to www.jrfnj.org for further information.
PSE&G
Public Service Electric and Gas Company (PSE&G) is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE:PEG), a diversified energy company.
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SOURCE Public Service Electric and Gas (PSE&G)
NEWARK, N.J., June 30, 2016 /PRNewswire/ -- PSEG announced today that Rich Lopriore, president of PSEG Fossil is retiring as of July 1, 2016 capping 43 distinguished years in the electric generation industry.
Lopriore joined PSEG in May 2007. He oversaw operations for 13 generation facilities spanning four states. Under Lopriore's leadership, $1.5 billion coal plant BET projects and nine LM6000 peaking units were constructed, and PSEG began the construction of three combined cycle plants: a 775mw combined-cycle plant in Keyes, Maryland; a 540mw plant in Bridgeport, Connecticut; and a 540mw plant in Sewaren, New Jersey.
Upon arriving at PSEG, Lopriore instituted an in-depth Operational Excellence Model (OEM), one of the first programs in the nation to drive standardization across a Fossil fleet. The program resulted in consistent improvement in operating results, reliability and fleet performance and the achievement of all-time generation records.
"Through the implementation of the OEM and a disciplined approach to continuous improvement, Rich Lopriore took PSEG Fossil to new levels of excellence in the key areas of safety, environmental compliance and generation operations," said Bill Levis, president PSEG Power. "We will miss Rich's inspirational leadership and strong determination to conquer any challenge put before him."
Lopriore also revamped PSEG Fossil's training program. Two industry-first, award-winning mobile training trailers were developed to take training directly to the work sites reducing costs and increasing productivity.
Prior to joining PSEG Fossil, Lopriore held numerous positions at Exelon beginning in 1999 as plant manager of Byron Stations, vice president for the mid-west BWRs, and ending as senior vice president – mid-Atlantic operations for Exelon Nuclear, responsible for oversight of the Limerick, Peach Bottom, Oyster Creek and Three Mile Island stations. Prior to Exelon, Lopriore held several key management positions at the Brunswick Nuclear Plant in North Carolina, including plant manager.
Lopriore received his Bachelor of Science degree from Southern Vermont College and is a member of the American Nuclear Society. He also served in the National Guard and holds a GE BWR Certification. Following his retirement, he will live in Massachusetts.
PSEG has not named a replacement.
Public Service Enterprise Group (NYSE: PEG) is a publicly traded diversified energy company with annual revenues of $10.4 billion. Its operating subsidiaries are: Public Service Electric and Gas Company (PSE&G), PSEG Power, and PSEG Long Island.
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SOURCE Public Service Enterprise Group (PSEG)
NEWARK, N.J., June 20, 2016 /PRNewswire/ -- On the first official day of summer, Public Service Electric & Gas (PSE&G), New Jersey's largest utility, reminds customers that higher temperatures can also lead to more usage and higher electric bills. Customers can save energy and money this summer by following a few easy and inexpensive tips.
Prepared for Additional Power Demand
PSE&G expects to have no problem delivering the additional power required during the hot-weather months, but utility crews will be ready to respond to service interruptions should they occur. PSE&G's rigorous, year-round preparedness program for summer includes conducting employee training; developing emergency summer operating plans; performing summer peak reliability analysis; helicopter and climbing inspections of transmission circuits; infrared inspections for "hot-spots" on transmission lines; and system reinforcements and transmission line work.
Payment Assistance Available
If your energy bills become unmanageable, a number of payment assistance programs are available for low and moderate income customers, as well as senior citizens and people with disabilities. Also, PSE&G offers customers the option of setting up a no-cost, equal payment plan. More information on these programs can be found at www.pseg.com/help.
How to Report an Outage and Stay Informed
To report downed wires or power outages, call PSE&G's Customer Service line at 1-800-436-PSEG. Also, customers can report outages online by logging into My Account at pseg.com or by texting "OUT" to 4PSEG (47734). The utility's mobile-friendly website includes an "Outage Map" that is updated every 15 minutes and displays the location and status of power outages in PSE&G's service area.
Public Service Electric and Gas Company (PSE&G) is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE:PEG), a diversified energy company.
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SOURCE Public Service Electric and Gas (PSE&G)
WOODBRIDGE, N.J., June 14, 2016 /PRNewswire/ -- Today, New Jersey Governor Chris Christie, Senate President Steve Sweeney and Woodbridge Mayor John McCormac joined PSEG Chairman and CEO Ralph Izzo for a groundbreaking and dedication event highlighting PSEG's ongoing investments to provide New Jersey and the region with cleaner, more reliable and resilient energy.
New Jersey's leaders lent a hand to PSEG and union workers to break ground on Sewaren 7, a new, highly-efficient, clean, 540 megawatt (MW) combined-cycle plant. They also helped commemorate the new, elevated Sewaren Switching Station, the first elevated station placed into service as part of PSE&G's Energy Strong program to protect and strengthen its electric and gas system against severe weather events. Together, these investments promote New Jersey's economic growth while supporting the policies and goals of the New Jersey Energy Master Plan.
"New Jersey, in so many ways, became stronger after Sandy," said New Jersey Governor Chris Christie. "What's happened here in Sewaren is a great example of how we are working to ensure New Jersey's communities and infrastructure are better prepared to withstand extreme weather situations. PSEG is building a new more efficient natural gas plant to serve the state and the utility part of its business has raised and rebuilt an electric switching station designed to provide resiliency against future storms as it delivers reliable power to the people in this area."
"Superstorm Sandy's storm surge devastated the Sewaren section of Woodbridge, including our generating stations and the adjacent electric switching station," said Ralph Izzo, PSEG chairman and CEO. "Our employees worked diligently to get both back online and restore power to our customers in the aftermath of the storm. However, it was clear we needed to make our systems more resilient in the wake of severe weather. Today, we're proud to have the governor's support for these significant investments, which will increase the resiliency of our entire energy system – our power plants, our distribution lines and transmission facilities. Together, these projects ensure that we're ready to weather the next storm – even the next Sandy."
The new Sewaren 7 power plant will replace the existing plant with more efficient, cleaner technology. Sewaren 7 represents an investment of more than $600 million and is targeted to be operational in time for summer of 2018.The new plant will bring cleaner generating capacity to the region and support electric system reliability for the next 40 years. The project is expected to generate about 350 jobs during the two-year construction phase.
PSE&G has spent $125 million over the last three years hardening and upgrading its Sewaren Switching Station which was devastated by Sandy. These improvements, part of PSE&G's Energy Strong program, included raising electric distribution equipment above new FEMA flood guidelines, as well as, installing new, elevated transmission facilities needed to maintain electric system reliability. At the height of construction, the project employed 150 laborers, electricians, operating engineers and tradesmen.
"These investments are creating jobs while making New Jersey's energy infrastructure stronger. Customers get better reliability and cleaner, more efficient power and hundreds of much needed jobs are created," said Senate President Stephen Sweeney. "Between the work being done to harden the utility's electric system and the construction of a new power plant, hundreds of skilled workers are being put to work across a dozen trades."
"PSEG's commitment to Woodbridge Township has brought tremendous economic benefits in terms of job creation, community contribution and tax revenue, and increased resiliency in the electric substation that serves more than 100,000 Woodbridge Township residents," said Woodbridge Mayor John E. McCormac. "Woodbridge Township welcomes PSEG's economic investment at the Sewaren site and looks forward to the opening of the new Sewaren 7."
Public Service Enterprise Group (NYSE: PEG) is a publicly traded diversified energy company with annual revenues of $10.4 billion. Its operating subsidiaries are: Public Service Electric and Gas Company (PSE&G), PSEG Power, and PSEG Long Island.
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SOURCE Public Service Enterprise Group (PSEG)
NEWARK, N.J., June 7, 2016 /PRNewswire/ -- IDG's CIO has named PSEG to its 2016 CIO 100. The 29th annual award program recognizes organizations around the world that exemplify the highest level of operational and strategic excellence in information technology (IT). PSEG was recognized for its innovative use of analytic software technologies that support the company's industry-leading PSEG Fossil Monitoring & Diagnostic (M&D) Center.
The M&D Center is a predictive analytics tool that will eventually detect live operational or equipment problems across 14 power plants in four states (currently, 10 plants are being monitored across three states). Its ability to monitor plant efficiency in real-time, adjust to maximize power generation output, and recommend preventative maintenance activities has increased the safety, cost-efficiency and run time of the fossil fleet.
"The cost to maintain reliability has changed over the years. Our new M&D Center is helping us mitigate issues before having to take a plant offline to perform maintenance," said Richard P. Lopriore, president-PSEG Fossil. "The power business of the future must be cost-competitive, and what I call 'diagnostic-based maintenance' will continue to increase reliability, reduce forced outages, and improve plant productivity."
"We are honored to be recognized by CIO for this innovative approach to using big-data analytics to improve the performance of our fossil fleet," said Joseph Santamaria, PSEG chief information officer. "Collecting performance data from multiple plants and power generation units allows the models to be self-improving, which leads to more precise failure prediction and better efficiency. An outstanding PSEG Fossil and IT team, working with numerous vendors, drove this project to success."
More than 90,000 live data points from 10,000 sensors monitoring vibration, temperature, oil, motor, ultrasound, leak detection, and pressure feed the M&D Center's predictive analytics model. These sensors eliminate the need for manual inspection and measurement, increasing employee safety by reducing exposure to dangerous operating environments. The Center's advanced pattern recognition software uses this data for early warning maintenance detection, predicting problems before they appear.
"Delivering innovation and business value are top priorities for CIOs everywhere, and our CIO 100 awards program celebrates the leading IT organizations that excel at both," said Maryfran Johnson, Editor in Chief of CIO Events. "Our 2016 winners are raising the bar even higher this year with their outstanding work in digital transformation, customer focus and IT-business collaboration."
Executives from the winning companies will be recognized at The CIO 100 Symposium & Awards Ceremony, to be held Tuesday evening, August 16, at the Terranea Resort in Rancho Palos Verdes, California.
PSEG Power LLC is an independent power producer that generates and sells electricity in the wholesale market, with a fleet totaling 11,782 MWs of electric generating capacity. It is a nationally recognized industry leader on environmental issues. PSEG Fossil LLC is one of four main subsidiaries of PSEG Power, and operates the company's portfolio of natural gas, coal and oil-fired electric generating units.
PSEG Power is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE:PEG), a diversified energy company with annual revenues of $10.4 billion. Its operating subsidiaries are: Public Service Electric and Gas Company (PSE&G), PSEG Power, and PSEG Long Island.
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About the CIO 100
Recipients of this year's CIO 100 Award were selected through a three-step process. First, companies filled out an online application form detailing their innovative IT and business initiatives. Next, a team of external judges (many of them former CIOs) reviewed the applications in depth, looking for leading-edge IT practices and measurable results. Finally, CIO editors reviewed the judges' evaluations and selected the final 100.
Coverage of the 2016 CIO 100 Awards will be available online at CIO.com on August 1, 2016 and in the August issue of CIO's digital magazine.
Follow CIO on Twitter: @CIOonline #CIO100
Follow IDG Enterprise on Twitter: @IDGEnterprise
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SOURCE Public Service Enterprise Group (PSEG)
NEWARK, N.J., June 1, 2016 /PRNewswire/ -- PSE&G today proposed to reduce residential natural gas bills this year by another 7.4 percent, saving customers $64 per year. In its annual filing with the New Jersey Board of Public Utilities, PSE&G said it would reduce its basic gas supply rate this winter to 34 cents from 40 cents – the lowest rate in 16 years.
"Our rates have been about 20 percent less than other utilities in the region over the past two years," said Jorge Cardenas, PSE&G vice president of asset management and centralized services. "In addition, to put this proposed rate reduction into perspective, in 2009 PSE&G's gas supply rate was $1.19 per therm. This year that rate would drop to 34 cents per therm. That is a huge savings."
As proposed, a typical residential heating customer* would see their annual bill reduced to $806 from $870 for a savings of $64 or 7.4 percent. This same customer would see their monthly winter bill reduced to $128 from $139, for a savings of $11 or about 8 percent. The new rates would take effect Oct. 1, 2016.
"As the price of natural gas continues to decline, we are pleased to once again pass these savings on to our residential customers," said Cardenas. "In addition to lower prices, PSE&G manages its portfolio of gas pipeline and storage agreements to lower gas costs and help keep gas bills affordable."
PSE&G makes no profit on the sale of natural gas. The company passes along what it pays to customers. Costs for natural gas supply account for approximately half of a customer's bill.
*based on a customer using 165 therms in a winter month, and 1,010 therms per year
PSE&G
Public Service Electric and Gas Company (PSE&G) is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE: PEG), a diversified energy company.
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SOURCE Public Service Electric and Gas Company (PSE&G)
NEWARK, N.J., May 24, 2016 /PRNewswire/ -- Summer will be here soon, and Public Service Electric and Gas Co. (PSE&G), New Jersey's largest utility, has made significant infrastructure investments that are in service for the first time this year, ensuring the utility is better prepared than ever to meet customer demand for safe, reliable electricity this summer.
"PSE&G customers are benefiting from the $2.7 billion in electric and gas investments the utility made last year," said John Latka, senior vice president of electric and gas operations at PSE&G. "Equipment has been replaced, facilities upgraded and additional redundancies added system-wide in order to maintain reliability."
Notable projects completed since last summer include:
In addition to these electric distribution upgrades, PSE&G is energizing two transmission reliability projects. PJM Interconnection, the regional grid operator, determined that these reliability projects were needed to maintain reliability by relieving congestion on other regional transmission systems.
Bergen to Linden Corridor Upgrade
Phase 1 of the $1.2 billion Bergen to Linden corridor upgrade will be fully energized and completed on schedule by June 1. This portion represents the upgrade from Ridgefield to Jersey City. When complete in 2018, the 345-kilovolt (kV) line will run from Ridgefield to Linden, maintaining reliability by relieving congestion on other regional transmission systems.
Sewaren-Metuchen Conversion Project
The Sewaren-Metuchen 230kV conversion project, expected to be in service in June, runs from PSE&G switching station in Woodbridge to its switching station in Edison. The project replaces an existing 138kV transmission line. The new, higher voltage line will eliminate electric system capacity issues in central New Jersey, providing better power quality in the region.
The 2016 forecasted summer peak is 10,090 megawatts. Last year's peak was 9,579 megawatts, set on July 20th, and PSE&G's all-time summer peak was 11,108 megawatts, set on August 2, 2006.
PSE&G expects to have no problem delivering the additional power, but utility crews are at the ready to respond to service interruptions should they occur. The utility's rigorous preparedness program for summer includes conducting employee training, developing emergency summer operating plans, and performing summer peak reliability analysis, helicopter and climbing inspections of transmission circuits, infrared inspections, system reinforcements and transmission line work.
"These significant investments in transmission and distribution facilities – along with our highly trained and skilled workforce – are what keep PSE&G among the most reliable utilities in the nation, year after year," Latka said.
PSE&G
Public Service Electric and Gas Company (PSE&G) is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE:PEG), a diversified energy company.
Visit PSEG at:
www.pseg.com
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
PSEG blog, Energize!
Want to know what's new at PSEG? Go to www.pseg.com/getnews and sign up to have our press releases sent right to your inbox.
Forward-Looking Statement
The statements contained in this communication about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical, are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Although we believe that our expectations are based on information currently available and on reasonable assumptions, we can give no assurance they will be achieved. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. A discussion of some of these risks and uncertainties is contained 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: http://www.pseg.com. These documents address in further detail our business, industry issues and other factors that could cause actual results to differ materially from those indicated in this communication. In addition, any forward-looking statements included herein represent our estimates only as of the date hereof and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even if our internal estimates change, unless otherwise required by applicable securities laws.
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SOURCE PSE&G
UNIONDALE, N.Y., May 24, 2016 /PRNewswire/ -- Throughout the last two years, PSEG Long Island has invested millions of dollars to significantly upgrade and maintain best-in-class electric reliability. These investments have allowed PSEG Long Island to achieve and maintain the best reliability of all overhead systems in New York. The continued improvements prepared the system to meet peak demand during extreme heat situations in the upcoming summer months.
The upgrades included substation, transmission and distribution improvements, as well as circuit and equipment inspections, including helicopter inspections across Long Island and the Rockaways.
"The investments we've made are critical and allow us to continue providing our customers reliable service each and every day, even in extreme weather conditions," said John O'Connell, PSEG Long Island vice president of transmission and distribution. "We continuously monitor and identify areas where we can upgrade the equipment or complete preventive maintenance work, increasing performance and delivering the reliable, resilient service our customers expect."
PSEG Long Island has invested more than $500 million in infrastructure upgrades, making the system more reliable and resilient. Some of the recent major improvements include:
The implementation of the storm hardening program funded by FEMA to strengthen Long Island's distribution system also continues. The multi-year program focuses on strengthening main-line primary wires that were most damaged by Hurricane Irene and Superstorm Sandy. This work includes tree removal, strengthening the poles, installing stronger wires that are more resistant to tree damage and new automatic switching devices.
To further minimize storm damage to the electric system, arborists from PSEG Long Island's Tree Trimming program work throughout the year to identify and trim tree limbs in rights of way and along easements that could potentially cause outages during or after a storm. Tree limbs that come in contact with electric lines remain a major cause of customer outages during storms. In 2014-15, as a direct result of its move to the industry best practice clearance standard, PSEG Long Island reduced the number of tree-related outages by approximately 60 percent on circuits that were trimmed.
O'Connell continued, "With the ongoing improvements and surplus capacity, we are prepared to meet the summertime demand of our customers and stand at the ready to promptly restore power in the event of any outages."
PSEG Long Island has also continued to improve the customer service experience through technology advancements. In 2015, a new mobile site, My Account and MyAlerts service was launched. My Account allows customers to do business with the utility from nearly anywhere without having to download an app. The new mobile site enables customers to report an outage and check the status of a current outage from their smart devices. Through the MyAlerts service, customers have the option of signing up for several billing, account and outage alerts that can be sent to their email address or text-enabled device to keep informed about an outage.
PSEG Long Island operates the Long Island Power Authority's transmission and distribution system under a 12-year contract. PSEG Long Island is a subsidiary of Public Service Enterprise Group Incorporated (NYSE:PEG), a publicly traded diversified energy company with annual revenues of approximately $10.4 billion.
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SOURCE PSEG Long Island
UNIONDALE, N.Y., May 19, 2016 /PRNewswire/ -- In celebration of National Electrical Safety Month, PSEG Long Island and the International Brotherhood of Electrical Workers Local 1049 worked together to demonstrate the hazards of electricity and electrical equipment to more than 80 third grade students from Smithtown Central School District. The joint event was held at IBEW Local 1049's headquarters in Holtsville.
Electricity is essential to modern life, yet it can sometimes be taken for granted. The Electrical Safety Day presentations and events provided an opportunity for children to learn how to be safe around electricity and the dangers of handling it improperly. The interactive demonstrations helped teach children what to do in dangerous situations and what precautions should be taken to avoid getting hurt.
"The Electrical Safety Day event is a great opportunity to teach our youngest customers how to stay safe around electricity and electrical equipment," said Dan Eichhorn, vice president, customer services, PSEG Long Island. "Through PSEG Long Island's partnership with Local 1049, we are able to help promote electrical safety education through a variety of channels and highlight why safety is our top priority year-round."
"May is National Electrical Safety Month and, together with PSEG Long Island, it is our goal to educate young people on how to prevent accidental electrocutions," said Don Daley, Business Manager, IBEW Local 1049. "Electrocutions rank high among all causes of accidental injury in the United States and we want to teach safe practices to our Long Island neighbors. Let's make safety a daily habit."
There were several stations at the event, including electric safety demonstrations, a demonstration of a pole top rescue, videos on how power is generated, touch-a-truck and more. Through these stations children learned safety tips that they could take back to their family and friends including:
The safety of PSEG Long Island's employees and customers is always the top priority. The utility is excited to continue these presentations to children. For information on having a presenter speak at your school, camp or event, please complete the Community Partnership Program request form on PSEG Long Island's website at https://www.psegliny.com/page.cfm/Community or send a request to CommunityLI@pseg.com.
PSEG Long Island operates the Long Island Power Authority's transmission and distribution system under a 12-year contract. PSEG Long Island is a subsidiary of Public Service Enterprise Group Incorporated (NYSE:PEG), a publicly traded diversified energy company with annual revenues of approximately $10.4 billion.
The International Brotherhood of Electrical Workers (IBEW) Local Union 1049 represents approximately 2000 proud members who perform utility work for PSEG Long Island and their contractors. IBEW Local 1049 is committed to being the best, most qualified, dedicated and competitive workforce. They are working men and women who serve their fellow Long Islanders with pride, dedication and distinction.
Contact: Media Relations Hotline
516.229.7248
mediarelationsLI@pseg.com
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SOURCE PSEG Long Island
LIVERMORE, Calif., May 17, 2016 /PRNewswire/ -- Federal Chief Sustainability Officer Christine Harada today joined with PSEG Solar Source, the U.S. Department of Energy/National Nuclear Security Administration (DOE/NNSA), Lawrence Livermore National Laboratory (LLNL) and juwi solar Inc. (JSI) to dedicate the PSEG Lawrence Livermore Solar Center.
The solar center occupies 10 acres in the northwest corner of the Laboratory site, which is about 40 miles east of San Francisco. It has 12,720 solar panels with a capacity of 3.9-megawatts-dc (3.3-megawatt-ac). The Western Area Power Administration has a 20-year contract to purchase the electricity the solar farm produces. At its peak, the solar facility provides about 5 percent of the electricity used by the Laboratory – a premier research institution with the mission of applying science and technology to national security.
"I congratulate the Department of Energy and the National Nuclear Security Administration for their commitment to increase renewable energy generation on America's public lands," said Christine Harada, Federal Chief Sustainability Officer for the White House Council on Environmental Quality.
"This effort is a great example of the federal government leading by example. The Lawrence Livermore Solar Center will provide the DOE with cost-effective solar power for years to come, a great accomplishment in support of the Administration's climate vision for our country."
PSEG Solar Source operates 13 facilities in nine states with a total capacity of 152 MWs and has another four solar facilities under construction, which will expand its portfolio to 315 MWs.
"We are delighted to be part of a project that will provide clean energy to one of world's leading research and development institutions," said Diana Drysdale, president of PSEG Solar Source. "By investing in solar projects like this one, we are doing our part to lay the foundation for a clean, green and economically vibrant energy future for everyone."
Dozens of Laboratory employees attended the dedication and were given tours of the solar farm.
"LLNL is proud to be the majority end user of this clean, green energy and is proud to be the first NNSA facility to employ solar power onsite in the western region," said Mark Martinez, the Lab's Principal Associate Director, Operations & Business Directorate. "This project is a large contributor for the Lab in its efforts to meet the DOE goal for renewables for this year."
JSI was the engineering, procurement and construction contractor for the Livermore project and operates the facility for PSEG Solar Source.
"Our partnership with PSEG Solar Source has been tremendously successful in developing resources that will provide emission-free energy for decades," said Mike Martin, juwi's president and CEO.
The solar farm is expected to generate approximately 6,300 MWh annually and represents the DOE/NNSA's largest purchase of solar energy from an onsite facility.
About PSEG Solar Source:
PSEG Solar Source is a subsidiary of PSEG Power, a merchant power generation company which is part of the Public Service Enterprise Group (PSEG) family of companies. PSEG (NYSE:PEG) is a publicly-traded diversified energy company with annual revenues of $10.4 billion. Its other main subsidiaries are Public Service Electric and Gas Company (PSE&G), a regulated NJ gas and electric utility and PSEG Long Island, which operates the transmission and distribution assets of the Long Island Power Authority (LIPA).
Disclaimer: PSEG Solar Source LLC is not the same company as PSE&G, the New Jersey based electric and gas utility. PSEG Solar Source is not regulated by the New Jersey Board of Public Utilities. You do not have to purchase any PSEG Solar Source products in order to receive quality regulated services from PSE&G.
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About the Lawrence Livermore National Laboratory:
Founded in 1952, Lawrence Livermore National Laboratory is a national security laboratory, with a mission to ensure national security and apply science and technology to the important issues of our time. Lawrence Livermore National Laboratory is managed by Lawrence Livermore National Security, LLC for the U.S. Department of Energy's National Nuclear Security Administration.
About juwi solar Inc.:
juwi Inc. (juwi) is a privately-held renewable energy company based in Boulder, Colorado. juwi's primary business is the development, design, construction, operation and maintenance of utility-scale (1 MW and larger) solar energy generation facilities in North America. To date juwi has developed and built large-scale solar projects in thirteen different states in the United States, totaling more than 250 MWs of operating capacity.
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SOURCE PSEG Solar Source
NEWARK, N.J., May 11, 2016 /PRNewswire/ -- Newark has been the home of PSEG's corporate headquarters since the company was founded in 1903. This year, PSEG is giving back to its home city by supporting Newark's 350th anniversary.
"For 350 years, America's third-oldest, and New Jersey's largest city has been the state's center for industry, education, commerce, and the arts," said Ralph Izzo, Chairman of PSEG and Vice Chairman of the Newark 350 committee. "PSEG has been part of this community for more than 100 years and Newark's 350th anniversary is the perfect time for everyone in Newark to celebrate the city's accomplishments and the rich diversity of it its citizens."
In celebration of Newark's 350th, PSEG and the PSEG Foundation have committed more than $500,000 to organizations and events throughout the city that celebrate the richness of Newark's history and current residents.
Upcoming events include: Founders Weekend Festival (Military Park, Newark - May 13, 14 and 15), True Diversity Series film and discussion featuring Akeelah and the Bee (NJ Performing Arts Center, May 22 at 3 p.m.), and Library Day (Newark Public Library, September). More information on additional events will be shared as they become available.
Additionally, the PSEG Foundation is partnering with the 100 People Foundation to create a vibrant portrait of current Newark residents. Through a series of 100 photographs and on-camera interviews, the 100 People Foundation will celebrate the city's rich history and culture, and create a legacy gift for the city to mark this major milestone.
PSEG also will be showcasing art featuring the City of Newark or work done by local Newark artists in PSEG's corporate headquarters lobby during the summer as well as at the Downtown Newark Farmer's Market located in the Plaza.
PSEG will focus several of its PSEG Foundation supported programs to Newark residents this summer. This includes the distribution of emergency planning kits to Newark seniors in July through the Jewish Family Services of Essex.
PSEG is encouraging all of its employees to support Newark 350 as well. The PSEG Foundation matched donations by employees during the Newark 350 Day of Giving on May 3, helping five legacy projects that will generate long lasting benefits for the city.
Efforts for Newark 350 are in addition to PSEG's ongoing commitment to Newark, which remains as strong as ever. PSEG's positive impact on the city includes 1,700 employees who work and spend money in Newark as well as 170 employees who live in the city. PSEG bought more than $57 million worth of goods and services from Newark-based businesses in 2015 and contributed more than $2 million to Newark based organizations and charities.
To read more about PSEG's support of Newark, read the latest PSEG Energize! blog post at https://energizepseg.com/2016/05/10/happy-350th-birthday-newark
PSEG Foundation
The PSEG Foundation (501c3) is the philanthropic arm of Public Service Enterprise Group (NYSE: PEG). The Foundation invests in programs that align with our giving focus areas: Sustainable Neighborhoods, STEM Education, Safety and Preparedness and PSEG Employee Engagement/Volunteerism. The PSEG family of companies also provides funding to improve the quality of life in the communities we serve. Through our corporate giving, we support dinners and other events across our service and operating territories, as well as sponsorships for sports, arts and entertainment. PSEG (NYSE: PEG) is a diversified energy company based in Newark NJ. PSEG has three main subsidiaries: PSE&G, NJ's largest and oldest combined gas and electric delivery company, PSEG Power, a merchant power generation company and PSEG Long Island, operator of the Long Island Power Authority's transmission and distribution system.
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SOURCE Public Service Enterprise Group (PSEG)
NEWARK, N.J., May 11, 2016 /PRNewswire/ -- Public Service Electric and Gas Company (PSE&G) today announced that it has filed a request with the New Jersey Board of Public Utilities (NJBPU) to extend its successful Solar 4 All program. If approved, the extension will allow PSE&G to invest approximately $275 million to design and construct an additional 100 megawatts-dc (MW-dc) of grid-connected solar capacity on landfills and brownfields in its New Jersey electric service territory by the end of 2021.
Approval of the 100MW-dc extension would nearly triple the amount of landfill and brownfield solar that PSE&G will own and operate in New Jersey from 53MW-dc to 153MW-dc. PSE&G expects that the extension would also create approximately 575 direct jobs in New Jersey during construction time.
Solar 4 All is a 125 MW-dc universal solar* program that utilizes rooftops, parking lots, utility poles and landfills/ brownfields for large-scale, grid connected solar projects. The program benefits PSE&G electric customers by connecting solar power directly to the electric grid for all customers to use. In addition to reclaiming and reusing brownfield and landfill sites as viable solar resources, landfill solar projects are also about 40 percent less expensive than typical residential net-metered solar projects, which will further help New Jersey meet its renewable energy goals in a cost effective, efficient manner.
"For the past several years our Solar 4 All program has helped to advance public policy by greatly increasing the amount of solar power in the state, and helping New Jersey reach its aggressive renewable energy goals," said Ralph LaRossa, president and chief operating officer, PSE&G. "If approved, the extension would build on this success by allowing us to develop additional grid connected, universal solar on dormant landfills and brownfields, which is a key component of New Jersey's Energy Master Plan."
The NJBPU initially approved the program in 2009 for 80MW-dc and extended it in 2013 for an additional 45MW-dc of solar capacity. The program currently has 115MW-dc in service through 174,000 pole attached solar units and 28 centralized solar projects, which is enough to power just over 18,000 average-size homes annually. The remaining 10MW-dc of the currently approved 125MW-dc total will be in service by the end of 2016.
"PSE&G's Solar 4 All projects have been a job engine for New Jersey. PSE&G's solar investments have not just had an impact on New Jersey's economy but also a hugely positive impact in the lives of hundreds of New Jersey men and woman working in the clean energy sector," said Eddie Gant, Business Manager of IBEW Local 351, and, President of State Electrical Construction Division representing over 10,000 electrical workers. "Every Solar 4 All project creates good jobs in a wide range of trades. This is good for the environment and it is putting people in New Jersey to work at the same time."
Solar 4 All has already utilized 170 acres of landfill and brownfield space by installing more than 150,000 solar panels at eight landfill and brownfield solar farms. By the end of 2016 there will be nine of these solar farms in service that will generate more than 53MW-dc-dc of solar power, which is enough to power about 8,500 homes annually. PSE&G expects to build approximately 10 additional solar farms with the additional 100MW-dc if approved.
"PSE&G is already a national leader in landfill and brownfield solar development," said Courtney McCormick – vice president, renewables and energy solutions, PSE&G. "We have identified dozens of landfills in our electric service territory that would be prime candidates for solar development, so the approval of the requested Solar 4 All extension would allow us to return even more of these sites to good use by building grid connected solar farms on land that would otherwise have very limited development options."
*universal solar is a grid-connected solar system that provides solar capacity to the entire grid
About PSE&G
Public Service Electric and Gas Company (PSE&G) is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE:PEG), a diversified energy company.
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ENERGIZE! blog
Forward-Looking Statement
The statements contained in this communication about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical, are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Although we believe that our expectations are based on information currently available and on reasonable assumptions, we can give no assurance they will be achieved. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. A discussion of some of these risks and uncertainties is contained 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: http://www.pseg.com. These documents address in further detail our business, industry issues and other factors that could cause actual results to differ materially from those indicated in this communication. In addition, any forward-looking statements included herein represent our estimates only as of the date hereof and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even if our internal estimates change, unless otherwise required by applicable securities laws.
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SOURCE Public Service Electric & Gas Company (PSE&G)
NEWARK, N.J., May 2, 2016 /PRNewswire/ -- In the United States, on average 400 people die from electrocution and 4,400 are injured each year. Most of these deaths and injuries can be prevented. May is National Electric Safety Month and Public Service Electric and Gas Company (PSE&G), New Jersey's largest utility, takes this opportunity to remind customers of a dozen ways to avoid electrical safety hazards.
To learn more about potential electrical hazards and how to use electricity safely, contact the Electrical Safety Foundation International at www.esfi.org.
Public Service Electric and Gas Company (PSE&G) is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE:PEG), a diversified energy company.
Want to know what's new at PSEG? Go to www.pseg.com/getnews and sign up to have our press releases sent right to your inbox.
Visit PSEG at:
www.pseg.com
PSEG on Facebook
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PSEG on LinkedIn
PSEG blog, Energize!
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SOURCE PSE&G
UNIONDALE, N.Y., May 2, 2016 /PRNewswire/ -- May is National Electrical Safety Month and PSEG Long Island is working across the service territory to remind its customers that being safe around electric lines and equipment and being aware of electrical dangers in and around the home is a year-round commitment. Through partnerships with schools, youth groups and community organizations, the utility is using its Electric Safety Education Program to help its customers be safe around electricity. The program shares presentations and tips for children on how electricity works and how to use it wisely and safely.
Electricity is safe and reliable when used properly. Like any other source of energy, it can be hazardous if used without caution and care. With more than 10 presentations currently scheduled, the utility anticipates reaching more than 2,500 children and families during Electrical Safety Month. In the presentations, the Electric Safety Education team creates scenarios to teach children and families what to do in dangerous situations and what precautions should be taken to avoid getting hurt.
"National Electrical Safety Month is promoted in May, but safety is always PSEG Long Island's top priority," said Dan Eichhorn, vice president, customer services, PSEG Long Island. "From informational videos, email and social media updates and onsite presentations, we partner with our customers to promote electrical safety education through a variety of channels. Additionally, we work hard to make sure our customers know how to be prepared for storms and how to stay in touch with us to report outages and unsafe conditions."
In addition to its program for school age children, the PSEG Foundation partnered with Sesame Workshop to develop the Let's Get Ready and Here for Each Other apps to help prepare preschool children for emergencies.
Let's Get Ready! Planning Together for Emergencies helps adults explain to young children various ways they can be physically and emotionally prepared for an emergency. Resources include a free Sesame Street Let's Get Ready Mobile App (available on iOS, Android, and Kindle) and an online toolkit with video and downloadable resources (http://www.sesamestreet.org/ready) for parents, caregivers, educators and children.
Here for Each Other: Helping Families After Emergencies helps adults and children cope with disasters. These resources provide ways to talk as a family about what happened, while remaining hopeful for better things to come. With this information families can create a comfortable and caring environment, no matter where they are, even when they are not surrounded by their familiar things. Resources include an online toolkit which contains Sesame Street videos, highlighting the importance of asking questions, showing comfort, and coping with emotions. Additional downloadable resources include a family and community guide.
The safety of PSEG Long Island's customers is a top priority. The utility is excited to continue these presentations to children. For information on having a presenter speak at your school, camp or event, please complete the Community Partnership Program request form on PSEG Long Island's website at https://www.psegliny.com/page.cfm/Community or send a request to CommunityLI@pseg.com.
PSEG Long Island operates the Long Island Power Authority's transmission and distribution system under a 12-year contract. PSEG Long Island is a subsidiary of Public Service Enterprise Group Incorporated (NYSE: PEG), a publicly traded diversified energy company with annual revenues of approximately $10.4 billion.
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SOURCE PSEG Long Island
NEWARK, N.J., April 29, 2016 /PRNewswire/ -- Public Service Enterprise Group (PSEG) reported today Net Income for the first quarter of 2016 of $471 million, or $0.93 per share as compared to Net Income of $586 million, or $1.15 per share, in the first quarter of 2015. Operating Earnings for the first quarter of 2016 were $463 million, or $0.91 per share, compared to Operating Earnings for the first quarter of 2015 of $529 million, or $1.04 per share.
"We delivered solid operations this quarter executing on our five-year $16 billion capital program," said Ralph Izzo, chairman, president and chief executive officer. "We experienced extremes in weather conditions in the first quarter of 2016 compared to the first quarter of 2015 which hurt demand and margins. However, continued growth in investment and strong operations helped us withstand these short-term challenges as we focus on growing a reliable, efficient, clean energy infrastructure platform capable of meeting customer requirements."
PSEG believes that the non-GAAP financial measure of "Operating Earnings" provides a consistent and comparable measure of performance of its businesses to help shareholders understand performance trends. Operating Earnings exclude gains/(losses) associated with Nuclear Decommissioning Trust (NDT), Mark-to-Market (MTM) accounting as well as other material one-time items. The table below provides a reconciliation of PSEG's Net Income to Operating Earnings (a non-GAAP measure) for the first quarter. See Attachment 10 for a complete list of items excluded from Net Income in the determination of Operating Earnings.
PSEG CONSOLIDATED EARNINGS (unaudited) | |||||
First Quarter Comparative Results | |||||
2016 and 2015 | |||||
Income |
Diluted Earnings | ||||
($ millions) |
Per Share | ||||
2016 |
2015 |
2016 |
2015 | ||
Operating Earnings |
$463 |
$529 |
$0.91 |
$1.04 | |
Reconciling Items |
8 |
57 |
0.02 |
0.11 | |
Net Income |
$471 |
$586 |
$0.93 |
$1.15 | |
Avg. |
508M |
508M |
Ralph Izzo went on to say, "We are maintaining operating earnings guidance for the full year of $2.80 - $3.00 per share. Our guidance assumes normal weather for the remainder of the year. As we move forward, the weather and market conditions, especially during the third quarter, will be important for both PSEG Power and PSE&G. Current market conditions and the absence of a winter require that we maintain our relentless focus on identifying efficiencies and maintaining strong operating performance."
The following table outlines expectations for operating earnings in 2016 by subsidiary:
2016 Operating Earnings Guidance |
||
2016 Estimate | ||
PSE&G |
$875 - $925 | |
PSEG Power |
$490 - $540 | |
PSEG Enterprise/Other |
$60 - $60 | |
Operating Earnings |
$1,425 - $1,525 | |
Earnings Per Share |
$2.80 - $3.00 | |
Operating Earnings Review by Subsidiary
See Attachment 5 for detail regarding the quarter-over-quarter reconciliations for each of PSEG's businesses.
PSE&G
PSE&G reported operating earnings of $262 million ($0.52 per share) for the first quarter of 2016 compared with operating earnings of $242 million ($0.47 per share) for the first quarter of 2015.
PSE&G's first quarter results reflect the impact of revenue growth associated with an expansion of its capital investment program which more than offset the effect of unfavorable weather comparisons on electric and gas demand.
Returns from PSE&G's expanded investment in transmission added $0.04 per share to earnings in the quarter. First quarter also benefited from recovery on PSE&G's investment in distribution under the Energy Strong program which improved quarter-over-quarter earnings comparisons by $0.01 per share.
Weather was warmer than normal during the first quarter of 2016 and significantly warmer than conditions experienced last year. The negative impact of the extreme differences in weather on gas demand and revenue quarter-over-quarter was largely offset by the gas weather-normalization clause. A decline in electric sales and revenue as a result of the extreme differences in weather reduced quarter-over-quarter earnings comparisons by $0.02 per share. An increase in O&M expense due to the absence of insurance recovery of storm costs received in the year-ago quarter was more than offset by lower taxes which together added $0.02 per share to quarter-over-quarter earnings.
Economic indicators continue to improve. Employment in New Jersey has increased for 28 consecutive months as the housing market has also experienced an improvement. However, weather-normalized electric sales are estimated to have declined 1.8% in the first quarter. Weather-normalized electric sales for the trailing twelve month period were flat for the period ended March 2016. In terms of weather-normalized gas demand, a 0.3% decline in sales for the first quarter was led by a 1.5% decline in heating demand from the residential sector, influenced by the large weather adjustment quarter over quarter. On a trailing 12 month basis, gas sales increased by 1.8%.
PSE&G's capital program remains on schedule. PSE&G invested approximately $725 million in the first quarter as part of its planned capital investment for 2016 of $3.0 billion in upgrades to the electric and gas distribution and transmission system.
The forecast of PSE&G's operating earnings for 2016 remains unchanged at $875 - $925 million.
PSEG Power
PSEG Power reported operating earnings of $184 million ($0.36 per share) for the first quarter of 2016 and adjusted EBITDA of $416 million compared with operating earnings of $278 million ($0.55 per share) for the first quarter of 2015 and adjusted EBITDA of $626 million. Net Income for the first quarter of 2016 was $192 million versus $335 million for the first quarter of 2015.
PSEG believes that the non-GAAP financial measure of "Adjusted EBITDA" is useful in evaluating Power's operating performance because it provides investors with additional information to compare our business performance to other companies and understand performance trends.
Adjusted EBITDA excludes the same items as our Operating Earnings measure as well as income tax expense, interest expense, depreciation and amortization and major maintenance expense at Power's fossil generation facilities. See Attachment 10 for a complete list of items excluded from Net Income in the determination of Adjusted EBITDA.
PSEG Power's first quarter results were impacted by extremely mild weather conditions in comparison to the year-ago period. Significantly lower weather-related demand hurt sales comparisons and wholesale market prices for energy during the first quarter. Power's results, in addition, reflect the impact of the known decline in capacity revenues and average prices on energy hedges. The decline in revenue was greater than a decline in quarter-over-quarter operating expenses.
A decline in capacity revenue associated with the retirement of peaking capacity in June 2015 reduced quarter-over-quarter earnings by $0.04 per share. A decline in output due to milder weather coupled with lower average prices on energy hedges reduced quarter-over-quarter earnings by $0.09 per share. A weather-related decline in total gas send-out to commercial and industrial customers and lower prices in the marketplace and a lack of volatility combined to reduce quarter-over-quarter earnings on gas sales by $0.12 per share. Lower O&M expense improved quarter-over-quarter earnings by $0.05 per share and a reduction in interest expense added $0.01 per share to earnings.
Output from Power's fleet declined 9% in the quarter as a result of reduced demand and lower wholesale market energy prices. Output from the coal fleet during the first quarter declined to 1 TWh from 2.5 TWh in the year-ago quarter. Output from the combined cycle fleet declined 0.2 TWh to 3.7 TWh. The nuclear fleet, however, experienced an improvement in output of 0.6 TWh to 8.4 TWh operating at an average capacity factor of 99.7% in the quarter. The nuclear fleet's performance benefited from an improvement in availability at Salem as well as an increase in capacity at Peach Bottom associated with completion of the extended power uprate work.
Power is reducing its forecast of output for 2016 to 52 – 54 TWh from its prior forecast of 54 – 56 TWh. The revised range incorporates the impact on output of the abnormally warm weather in the first quarter. The range also incorporates an anticipated extension of the Salem 1 refueling outage, which began on April 14, to inspect, repair and replace damaged baffle bolts within the reactor vessel, subject to the results of an ongoing inspection. Approximately 70% - 75% of anticipated production for the April – December period of 40 TWh is hedged at an average price of $49 per MWh. For 2017, Power has hedged 50% - 55% of its forecast generation of 54 – 56 TWh at an average price of $49 per MWh. For 2018, approximately 20% - 25% of forecast generation of 59 – 61 TWh is hedged at an average price of $49 per MWh. The hedge data for 2016 continues to assume BGS hedges represent 11 – 12 TWh.
Power's operating earnings for 2016 are forecast at $490 - $540 million. The forecast of operating earnings and adjusted EBITDA for the full year of $1,320 million - $1,400 million remains unchanged.
PSEG Enterprise/Other
PSEG Enterprise/Other reported operating earnings of $17 million ($0.03 per share) for the first quarter of 2016 compared with operating earnings of $9 million ($0.02 per share) for the first quarter of 2015. The increase in operating earnings quarter-over-quarter reflects contractual payments associated with the operation of PSEG Long Island and certain tax items at PSEG Energy Holdings.
The forecast of PSEG Enterprise/Other full year operating earnings for 2016 remains unchanged at $60 million.
The following attachments can be found on www.pseg.com:
Attachment 1 - Operating Earnings and Per Share Results by Subsidiary
Attachment 2 - Consolidating Statements of Operations – 3 months
Attachment 3 - Capitalization Schedule
Attachment 4 - Condensed Consolidated Statements of Cash Flows
Attachment 5 - Quarter-over-Quarter EPS Reconciliation
Attachment 6 - Generation Measures – Retail Sales and Revenues – Electric
Attachment 7 - Retail Sales and Revenues – Retail Sales and Revenues – Gas
Attachment 8 - Retail Sales and Revenues – Generation Measures
Attachment 9 - Statistical Measures
Attachment 10 - Reconciliation of Operating Earnings to Net Income and to Adjusted EBITDA
Forward Looking Statement
Certain of the matters discussed in this report about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical constitute "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. When used herein, the words "anticipate," "intend," "estimate," "believe," "expect," "plan," "should," "hypothetical," "potential," "forecast," "project," variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in filings we make with the United States Securities and Exchange Commission (SEC) including our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K and available on our website: http://www.pseg.com. These factors include, but are not limited to:
All of the forward-looking statements made in this report 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 or results of operations. Readers are cautioned not to place undue reliance on these forward-looking statements in making any investment decision. Forward-looking statements made in this report apply only as of the date of this report. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even if internal estimates change, unless otherwise required by applicable securities laws.
The forward-looking statements contained in this report are intended to qualify for the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
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SOURCE Public Service Enterprise Group (PSEG)
UNIONDALE, N.Y., April 28, 2016 /PRNewswire/ -- PSEG Long Island today hosted its inaugural Supplier Diversity Procurement Fair, connecting Long Island's diverse business community with PSEG Long Island, Business Advocacy Organizations and Corporate Partners.
"PSEG Long Island collaborates regularly with new diverse suppliers that are best suited to help us achieve our company objectives and strong commitments to our customers, our communities and the State," said David Daly, PSEG Long Island president and COO. "The diversity fair was created to expand and advance our current pool of diverse suppliers through education and mentoring."
Today's event provided a unique opportunity for representatives from New York State Minority and Women's Business Enterprises (MWBE) to learn more about doing business with PSEG Long Island, meet one-on-one with state representatives to better understand the objectives of New York State's supplier diversity development efforts and an opportunity to meet other suppliers currently working with PSEG Long Island. PSEG Long Island's Supplier Diversity Program achieved record results in 2015, with more than $31.5 million of business directed at minority and women's companies.
Daly continued, "As we increase our investments making our infrastructure more reliable and resilient, we are also creating jobs and business opportunities for a diverse group of suppliers. Building a supplier list that represents our diverse customer base helps us accomplish more as partners than we could on our own."
"Doyle Security Services has enjoyed a great partnership-relationship with PSEG Long Island," said Mario Doyle, president of Doyle Security Services. "The team at PSEG Long Island has continually looked for ways to support our firm's growth."
Approximately, 300 people, representing more than 250 companies attended today's fair and participated in the workshops and networking sessions. Involvement of this magnitude will support PSEG Long Island's commitment to build on its robust list of diverse suppliers. From 2014 to 2015, the utility was able to increase its partnerships with 58 diverse suppliers to 123.
The event was co-sponsored by PSEG Long Island partners, the New York & New Jersey Minority Supplier Development Council, Inc., Division of Minority and Women's Business Development - Empire State Development Corp., Women Presidents' Educational Organization, and the Nassau County office of Minority Affairs. These organizations are committed to assisting small, minority, and women-owned businesses develop relationships with companies throughout the region.
PSEG Long Island operates the Long Island Power Authority's transmission and distribution system under a 12-year contract. PSEG Long Island is a subsidiary of Public Service Enterprise Group Incorporated (NYSE: PEG), a publicly traded diversified energy company with annual revenues of approximately $10.4 billion.
Contact: |
Media Relations Hotline |
516.229.7248 | |
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SOURCE PSEG Long Island
UNIONDALE, N.Y., April 26, 2016 /PRNewswire/ -- PSEG Long Island, in partnership with New York State Urban Forestry Council and the Arbor Day Foundation, provided 1,000 of its customers with a free tree through the Energy-Saving Trees program. Designed to conserve energy through strategic planting, the program will help PSEG Long Island customers save up to 20 percent on their summer energy bills once the trees are full grown, while also improving air quality and reducing storm water run-off for all residents across the company's service territory.
"The Energy-Saving Trees program brings multiple benefits to Long Island, helping our customers save money on their energy bills and helping to improve the environment," said Michael Voltz, Director of Energy Efficiency and Renewables, PSEG Long Island. "The program also helps our customers better understand how the right trees in the right location can reduce their utility bills and promote ongoing system reliability."
PSEG Long Island customers reserved their free trees at www.arborday.org/pseglongisland, an online tool that helps customers estimate the annual energy savings that will result from planting trees in the most strategic location near their homes or businesses. All customers that participated will receive one tree and are expected to care for and plant them in the location provided by the online tool, taking into account utility wires and obstructions. The types of trees offered include the following: Black Tupelo, Eastern Redbud, Black Tupelo, Scarlet Oak, and American Linden.
The program was launched on April 6, 2016 and ran for approximately three weeks, with all 1,000 trees reserved for customers across the PSEG Long Island service territory. Four distribution sites were established at PSEG Long Island offices in Roslyn, Hicksville, Brentwood and Riverhead, for customers to claim their trees on April 30, 2016.
"Energy savings is just one of the many benefits that trees provide," said David Moore, President of the NYS Urban Forestry Council. "We hope this program will not only save folks money on their power bills, but also help beautify their homes and enrich the local environment."
The 1,000 trees are estimated to produce more than 1,531,357 kWh in energy savings within 20 years.
Mary Kramarchyk, New York State Urban Forestry Program Manager said, "Planting trees for energy conservation is a priority of the urban forestry program throughout New York State. This project is a small step toward restoring the canopy lost to recent storms and to neighborhoods with very low tree cover."
The "Energy-Saving Trees" online tool was created by the Arbor Day Foundation and the Davey Institute, a division of Davey Tree Expert Co., and uses peer-reviewed scientific research from the USDA Forest Service's i-Tree software to calculate estimated benefits. In addition to providing approximate energy savings, the tool also estimates the trees' other benefits, including cleaner air, reduced carbon dioxide emissions and improved storm water management.
PSEG Long Island operates the Long Island Power Authority's transmission and distribution system under a 12-year contract. PSEG Long Island is a subsidiary of Public Service Enterprise Group Incorporated (NYSE:PEG), a publicly traded diversified energy company with annual revenues of approximately $10.4 billion.
The Arbor Day Foundation is a nonprofit conservation and education organization of one million members, with the mission to inspire people to plant, nurture and celebrate trees. More information on the Foundation and its programs can be found at arborday.org, or by visiting us on Facebook, Twitter or our blog.
Contact:
Media Relations Hotline
516.229.7248
mediarelationsLI@pseg.com
SOURCE PSEG Long Island
NEWARK, N.J., April 19, 2016 /PRNewswire/ -- PSEG's ability to effectively execute on billions of dollars of capital investments is providing customers with more reliable, affordable and cleaner energy, PSEG Chairman, President and CEO Ralph Izzo today told shareholders at the company's annual meeting in Newark. The bulk of these investments will be made in New Jersey.
"We have continued to make progress growing the business, with our dedicated employees again contributing in countless ways," Izzo said. "Our strong balance sheet anchors all of our efforts. We are executing well on our strategy which has produced a stable investment pipeline. PSEG's investment programs have strengthened the company and New Jersey's economy by creating thousands of jobs a year, improving the state's energy infrastructure and providing environmental benefits."
Izzo said the company increased earnings for 2015 despite a difficult energy market. "Our strong financial condition has allowed us to continue our 100-plus-year history of dividend payments," he said.
Izzo detailed the company's $16 billion, five-year capital spending program, the bulk of which is in the transmission system. "In the last two years, we completed four major transmission projects that have improved the flow of power across New Jersey and made an important contribution to system reliability. In effect, we are re-wiring New Jersey to support reliability well into the future, creating thousands of jobs," he said.
The utility also obtained approval to invest $905 million over three years in its Gas System Modernization Program to accelerate replacement of aging cast iron gas mains – reducing methane emissions, enhancing safety and creating about 500 jobs. PSE&G's $1.2 billion Energy Strong program, designed to harden and improve resiliency of its electric and gas systems against severe storms, has been well underway since 2014.
Noting that reliability is fundamental, Izzo said that in 2015, PSE&G was named the Mid-Atlantic region's most reliable electric utility for the 14th consecutive year and also was named the "Utility of the Year" by Electric Light & Power magazine. "Awards like these belong to the men and women of Public Service because of all they do to be there for our customers every day, in all kinds of weather and conditions," he said.
"PSEG Long Island also made significant gains in reliability and customer responsiveness, yielding a 52-point increase and a 70-point increase, respectively, in residential and business customer satisfaction compared to a year ago, according to J.D. Power," Izzo added.
Izzo also pointed to PSEG Power's regionally competitive generation business with three recent investments in new, clean and efficient gas-fired capacity. PSEG Power is constructing and operating three new combined-cycle gas plants: a 755-megawatt (MW) facility at the Keys Energy Center in Maryland; a 540-MW facility on its existing Sewaren station in New Jersey; and a 485-MW facility on its existing Bridgeport Harbor station site, in Bridgeport, Connecticut. Together, these three plants represent an investment of approximately $2 billion.
"The addition of this new generating capacity will transform our fleet, making our gas fleet larger than our nuclear fleet and contributing to growth in generation, improvements in reliability and a reduction in emissions," said Izzo. "PSEG Power is focused on providing the most value from its diverse, low-cost and environmentally advantaged asset base."
"We are promoting sustainability through our focus on clean energy," Izzo added. "Since 2009, PSE&G has invested more than $800 million to develop or help finance approximately 200 MW of solar power."
PSEG Solar Source's portfolio of projects also continues to grow. In 2015, Solar Source completed projects in California and Maryland and will build solar projects in Colorado, North Carolina and Utah – increasing the portfolio to 315 MW of clean, renewable energy, with 17 facilities in 12 states.
In 2015, PSE&G received approval to invest $95 million to extend its existing energy efficiency offerings, including its award-winning programs for hospitals and multi-family dwellings. "Energy efficiency is key to a sustainable future. We want to help all of our customers achieve the benefits of energy efficiency," Izzo said.
Izzo concluded, "We are executing well on our capital investments, to the benefit of customers, shareholders and the New Jersey economy."
Public Service Enterprise Group (NYSE: PEG) is a publicly traded diversified energy company with annual revenues of $10.4 billion. Its operating subsidiaries are: Public Service Electric and Gas Company (PSE&G), PSEG Power, and PSEG Long Island.
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Forward-Looking Statement
The statements contained in this communication about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical, are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Although we believe that our expectations are based on information currently available and on reasonable assumptions, we can give no assurance they will be achieved. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. A discussion of some of these risks and uncertainties is contained 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: http://www.pseg.com. These documents address in further detail our business, industry issues and other factors that could cause actual results to differ materially from those indicated in this communication. In addition, any forward-looking statements included herein represent our estimates only as of the date hereof and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even if our internal estimates change, unless otherwise required by applicable securities laws.
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SOURCE Public Service Enterprise Group (PSEG)
NEWARK, N.J., April 19, 2016 /PRNewswire/ -- The Board of Directors of Public Service Enterprise Group (NYSE: PEG) today declared a $0.41 per share dividend on the outstanding common stock of the company for the second quarter of 2016.
All dividends for the second quarter are payable on or before June 30, 2016, to shareholders of record on June 9, 2016.
Forward-Looking Statement
The statements contained in this communication about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical, are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Although we believe that our expectations are based on information currently available and on reasonable assumptions, we can give no assurance they will be achieved. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. A discussion of some of these risks and uncertainties is contained 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: http://www.pseg.com. These documents address in further detail our business, industry issues and other factors that could cause actual results to differ materially from those indicated in this communication. In addition, any forward-looking statements included herein represent our estimates only as of the date hereof and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even if our internal estimates change, unless otherwise required by applicable securities laws.
Want to know what's new at PSEG? Go to www.pseg.com/getnews and sign up to have our press releases sent right to your inbox.
CONTACT: Kate Vossen
973-430-8136
Katherine.Vossen@pseg.com
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SOURCE PSEG
NEWARK, N.J., April 18, 2016 /PRNewswire/ -- April is National Safe Digging Month and Public Service Electric and Gas Co. (PSE&G), New Jersey's largest utility, reminds customers, contractors and excavators to call 811 to request a mark-out before digging to avoid hitting underground pipelines, conduits, wires and cables. The service is free, and absolutely critical to avoiding injuries and disruptions to vital utility services.
Nationwide, every six minutes, someone damages an underground utility line when digging without first calling 811, according to the Common Ground Alliance, the national association that promotes safe digging practices. In 2015, PSE&G responded to more than 360,000 utility mark-out requests called into the New Jersey 811 call center. Despite the high number of mark-out requests, almost 30 percent of damages to PSE&G facilities were the result of people digging without first calling 811.
PSE&G has more than 8,200 circuit miles of underground electric lines, and about 35,000 miles of buried natural gas distribution lines. Striking an underground electric or natural gas pipe can cause serious injury and service interruptions, resulting in repair costs and fines. Every digging project, even a small project like planting a tree or building a deck with hand tools, requires a call to 811.
When you call 811, you are automatically connected to the New Jersey one-call center, which collects information about your digging project. The one-call center then provides the information to the utility companies, who send representatives to mark the locations of underground lines in the immediate vicinity of the planned work location with flags, paint or both. Once lines have been properly marked and your request becomes valid, you are free to carefully dig around the marked areas.
In New Jersey, the marks are valid for 45 business days. The call must be made whether you are hiring a professional or planning to do the job yourself.
Important information to consider:
If you accidentally damage gas piping or smell gas when excavating, call 911 immediately from a safe area. Call before you dig is more than a good idea — it's the law.
Public Service Electric and Gas Company (PSE&G) is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE:PEG), a diversified energy company.
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SOURCE Public Service Electric and Gas Company (PSE&G)
UNIONDALE, N.Y., April 18, 2016 /PRNewswire/ -- April is National Safe Digging Month and PSEG Long Island is reminding customers and contractors the importance of calling 811 to request a mark-out before digging to avoid hitting underground pipelines, conduits, wires and cables. Calling 811 is not only a free, safe and smart practice to avoid injuries and disruptions to vital utility services, it is also a requirement by New York State.
Nationwide, every six minutes, someone damages an underground utility line because of digging without first calling 811, according to the Common Ground Alliance, the national association that promotes the 811 phone number and safe digging practices. PSEG Long Island responded to more than 150,000 electric utility mark-out requests that were called into the New York 811 Call Center in 2015. Despite the record number of calls, nearly 40 percent of the damages to the electric facilities in 2015 were caused by someone that did not call 811 for a mark-out.
PSEG Long Island has more than 5,000 circuit miles of underground electric distribution and transmission lines across Long Island and in the Rockaways. In addition to the electric service lines, there are buried communications cables and natural gas, water and sewer lines, among other utilities. Even areas across the service territory that are not served by a particular service may still have utility lines running below ground.
Striking an underground electric or natural gas pipe can cause serious injury, damages and service interruptions. Every digging project, no matter how large or small, warrants a call to 811. Installing a mailbox, building a deck, planting a tree and laying a patio are all examples of digging projects where a call to 811 should be one of the first steps. Whether you are a professional or planning to do the job yourself, a call to New York 811 must be made.
Calling New York 811 automatically connects you to the New York One-Call Center, which collects information about your digging project. The one-call center then provides the information to the utility companies, who will send representatives to mark the locations of underground lines in the immediate vicinity of the planned work location with flags, paint or both. Once lines have been properly marked and you receive confirmation, you can begin your project.
Here is important information to consider:
Additional information, including a damage prevention booklet on safe excavating practices and the protection of underground facilities, can be found online at http://newyork-811.com.
PSEG Long Island operates the Long Island Power Authority's transmission and distribution system under a 12-year contract. PSEG Long Island is a subsidiary of Public Service Enterprise Group Incorporated (NYSE:PEG), a publicly traded diversified energy company with annual revenues of approximately $11 billion.
Keep in Touch:
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Contact: Media Relations Hotline
516.229.7248
mediarelationsLI@pseg.com
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SOURCE PSEG Long Island
NEWARK, N.J., April 12, 2016 /PRNewswire/ -- The PSEG Foundation has awarded a $200,000 grant to HomeFront to support its efforts to end homelessness for Central New Jersey families. The two-year award will help support HomeFront's programs providing homeless families with a safe haven, a vision for a better future for parents and their children, and the tools and skills they need to achieve that self-sustaining life.
In recognition of the grant, HomeFront is renaming the summer-reading program for the kids residing in the Family Preservation Center, HomeFront's family shelter program. The reading program will now be referred to as the "PSEG Brighter Summer of Reading Program." This title and the gratitude behind it will be shown with a big, bright banner, designed and painted in the studio housing ArtSpace, HomeFront's innovative art therapy program.
"PSEG is committed to brightening the future of its communities with more than just electricity, so we are delighted but not surprised at their generosity," said HomeFront Founder and Executive Director Connie Mercer.
"HomeFront provides such an important service to the community and by supporting them, we are able to do something to help them reach out and help families in need," said Ellen Lambert, President of the PSEG Foundation.
PSEG volunteers visited HomeFront on Thursday, April 7 to tour the new HomeFront Family Campus, where the grant money will be put to work. The 42,000-square-foot campus is a temporary home for 38 homeless families. There, parents work toward high school equivalency diplomas, receive computer training and employment counseling, and take classes in parenting, cooking and nutrition, and other life skills.
In the Educational Excellence Center, kids are tutored and helped with their homework, and a library is open to parents and children. HomeFront has devised these on-campus activities and facilities to further its effort to break the cycle of poverty and homelessness one family at a time.
"Renaming our reading program is just a small gesture," said Mercer. "But it's emblematic of our emphasis on education and literacy, which are vital to our families' future success and independence. And that's what PSEG and HomeFront are working toward together."
PSEG Foundation
The PSEG Foundation (501c3) is the philanthropic arm of Public Service Enterprise Group (NYSE: PEG). The Foundation invests in programs that align with our giving focus areas: Sustainable Neighborhoods, STEM Education, Safety and Preparedness and PSEG Employee Engagement/Volunteerism. The PSEG family of companies also provides funding to improve the quality of life in the communities we serve. Through our corporate giving, we support dinners and other events across our service and operating territories, as well as sponsorships for sports, arts and entertainment. PSEG (NYSE: PEG) is a diversified energy company based in Newark NJ. PSEG has three main subsidiaries: PSE&G, NJ's largest and oldest combined gas and electric delivery company, PSEG Power, a merchant power generation company and PSEG Long Island, operator of the Long Island Power Authority's transmission and distribution system.
Want to know what's new at PSEG? Go to www.pseg.com/getnews and sign up to have our press releases sent right to your inbox.
Visit PSEG at:
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HomeFront
HomeFront provides emergency shelter with intensive case management and affordable housing for families; tutoring and enrichment programs for children; and life skills and self-advocacy training for adults. For more information about how you can help, visit www.homefrontnj.org or call 609-989-9417.
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SOURCE PSEG Foundation
NEWARK, N.J., April 11, 2016 /PRNewswire/ -- In recognition of National Work Zone Awareness Week, Public Service Electric and Gas Company (PSE&G) urges customers to stay alert when driving near work zones. When driving in and around work zones drivers must be attentive and alert to changes – changes that a distracted driver may not notice in time to prevent an accident.
"Every day we have hundreds of employees working in the street to keep the lights on and homes safe and warm," said John Latka, senior vice president of electric and gas operations for PSE&G. "To ensure their safety and yours, please slow down and pay full attention when driving through work zones."
PSE&G crews are continuously working on projects to improve electric reliability and ensure that we can continue to support a safe, clean and reliable gas system well into the future. To ensure traffic moves safely, PSE&G employees, local police, and licensed and approved contractors provide cones, flagmen and signage at work sites, as needed, to minimize interruptions.
National Work Zone Awareness Week is an annual spring campaign to encourage safe driving through work zones. Driver-related factors that affect work zone crashes include speeding, in-vehicle distractions and inattentive or aggressive driving. In 2014, the most recent year for which national data is available, distracted driving was a factor in 16 percent of fatal crashes in work zones, while speeding was a factor in 29 percent.
For additional information on how to stay safe in work zones and this year's National Work Zone Awareness Week, visit http://www.ops.fhwa.dot.gov/wz/outreach/wz_awareness.htm.
Public Service Electric and Gas Company (PSE&G) is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE:PEG), a diversified energy company.
Visit PSEG at:
www.pseg.com
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PSEG on LinkedIn
PSEG blog, Energize!
Want to know what's new at PSEG? Go to www.pseg.com/getnews and sign up to have our press releases sent right to your inbox.
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SOURCE Public Service Electric and Gas Company (PSE&G)
UNIONDALE, N.Y., April 11, 2016 /PRNewswire/ -- In recognition of National Work Zone Awareness Week, PSEG Long Island urges customers to stay alert when driving near work zones. Driving in and around work zones requires drivers to constantly be prepared for changes – changes that a distracted driver may not notice in time to prevent a crash.
"Across our service territory every day, we have hundreds of personnel out on the roads improving the reliability and resiliency of the electric grid and ensuring customers that have lost power get restored quickly," said John O'Connell, vice president of transmission & distribution at PSEG Long Island. "To keep them safe and to ensure you get to where you're going safely, we owe them our full attention when driving through work zones."
PSEG Long Island Electric Line and Tree Trim Crews are regularly working on electric reliability and FEMA improvement projects to meet the growing needs of our customers and strengthen the system across Long Island and the Rockaways. To ensure traffic moves safely, PSEG Long Island licensed and approved contractors provide cones, flagmen and signage at the work site, as needed, to minimize interruptions.
National Work Zone Awareness Week is an annual spring campaign to encourage safe driving through work zones. Driver-related factors that affect work zone crashes include speeding, in-vehicle distractions and inattentive or aggressive driving. In 2014, the most recent year for which national data are available, distracted driving was a factor in 16 percent of fatal crashes in work zones, while speeding was a factor in 29 percent.
O'Connell continued, "When driving through work zones, please slow down. Following the rules of the road and respecting the work zone will make it easier to expect the unexpected."
For more information on PSEG Long Island Reliability and FEMA projects visit https://www.psegliny.com/page.cfm/AboutUs/CurrentInitiatives or for additional information on this year's National Work Zone Awareness Week, visit http://www.ops.fhwa.dot.gov/wz/outreach/wz_awareness.htm.
PSEG Long Island operates the Long Island Power Authority's transmission and distribution system under a 12-year contract. PSEG Long Island is a subsidiary of Public Service Enterprise Group Incorporated (NYSE: PEG), a publicly traded diversified energy company with annual revenues of approximately $11 billion.
CONTACT: Media Relations Hotline: 516.229.7248, mediarelationsLI@pseg.com
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SOURCE PSEG Long Island
NEWARK, N.J., March 24, 2016 /PRNewswire/ -- Public Service Enterprise Group (PSEG) today hosted its 10th annual Supplier Diversity Procurement Fair, connecting New Jersey's diverse business community with the state's largest utilities. The event provides attendees the opportunity to network with prospective clients looking for specific products and services.
PSEG's Supplier Diversity Program achieved record results in 2015 with more than $380 million or 14 percent of PSEG's total supplier spend directed at minority, women and veteran-owned businesses, according to Ralph LaRossa, PSE&G's president. The company also helped the New Jersey economy in 2015 by spending more than $1.6 billion with other New Jersey based firms.
"Our spending with diverse suppliers has more than doubled over the last 10 years," said LaRossa. "Supplier diversity remains one of our most important programs, closely aligned with our strong commitments to our customers, our communities and the state of New Jersey. We've increased our investments to make our infrastructure more reliable and resilient, and in the process have created thousands of good-paying local jobs and a wealth of business opportunities in the state."
Participation from organizations such as the New Jersey Business & Industry Association, New Jersey Board of Public Utility Supplier Diversity Development, and other large companies such as New Jersey Resources, AT&T and Consolidated Edison, allows attendees to make new connections and strengthen their business.
Kurus Elavia, CEO of Gateway Security Inc., a minority-owned Newark firm that provides physical security services to PSEG, told the audience that PSEG's increased investment over the last year has helped his company grow and become the predominate security provider in Newark.
"Our recent award from an industry leader like PSEG was a strong addition to our top-line growth, creating career opportunities for our workforce and enhancing our brand capability within the energy and infrastructure market sector," said Elavia. "Having PSEG on our customer list translates to new opportunities and serves as strong testimonial for Gateway's capability to serve and protect other industries in New Jersey."
The event was co-sponsored by PSEG's partners, the New York & New Jersey Minority Supplier Development Council and the New Jersey BPU Supplier Diversity Development Council. These advocacy organizations are committed to assisting small, minority, and women-owned businesses develop relationships with companies throughout the region.
Public Service Enterprise Group (NYSE: PEG) is a publicly traded diversified energy company with annual revenues of $10.4 billion. Its operating subsidiaries are: Public Service Electric and Gas Company (PSE&G), PSEG Power, and PSEG Long Island.
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SOURCE Public Service Enterprise Group (PSEG)
NEWARK, N.J., March 21, 2016 /PRNewswire/ -- PSEG Solar Source today announced it has acquired a 37.8 MW-dc solar energy facility from juwi Inc. (juwi). The facility, to be called the PSEG San Isabel Solar Energy Center, is located in Las Animas County, Colorado about 165 miles south of Denver. This latest addition represents an investment of over $60 million and will increase the capacity of PSEG Solar Source's portfolio to 315 MW-dc.
The PSEG San Isabel Solar Energy Center has a 25-year power purchase agreement with Tri-State Generation and Transmission Association, Inc., a wholesale electricity generation and transmission provider. It sits on approximately 300 acres and has a 25-year lease with a private landowner.
"Over the last few months, we have substantially increased our portfolio of cost-effective, community based solar solutions and brought the benefits of renewable energy to communities across the country," said Diana Drysdale, president of PSEG Solar Source. "With the PSEG San Isabel Solar Energy Center, we are expanding our presence in Colorado and will deliver enough clean, reliable energy to power over 9,600 local homes."
juwi developed the project and will act as its the engineering, procurement and construction contractor and operator. The facility will use approximately 121,000 poly-crystalline panels with tier one inverters. Construction is underway and commercial operations are expected to begin by the end of the year.
"We are proud to have developed another utility-scale solar project in our home state of Colorado that will provide affordable and clean energy for Tri-State and its members," said Michael Martin, president of juwi. "The PSEG San Isabel Solar Energy Center is the latest example of a tremendously successful partnership between juwi and Solar Source, helping to bring a more sustainable future for all."
This is PSEG Solar Source's 17th utility-scale project in 12 states and the second in Colorado. Its other projects are located in Arizona, California, Delaware, Florida, Maryland, New Jersey, North Carolina, Ohio, Texas, Utah and Vermont.
About PSEG:
PSEG Solar Source is a subsidiary of PSEG Power, a merchant power generation company which is part of the Public Service Enterprise Group (PSEG) family of companies. PSEG (NYSE: PEG) is a publicly-traded diversified energy company with annual revenues of $10.4 billion. Its other main subsidiaries are Public Service Electric and Gas Company (PSE&G), a regulated NJ gas and electric utility and PSEG Long Island, which operates the transmission and distribution assets of the Long Island Power Authority (LIPA).
Disclaimer: PSEG Solar Source LLC is not the same company as PSE&G, the New Jersey based electric and gas utility. PSEG Solar Source is not regulated by the New Jersey Board of Public Utilities. You do not have to purchase any PSEG Solar Source products in order to receive quality regulated services from PSE&G.
Visit PSEG at:
www.pseg.com
PSEG on Facebook
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PSEG on LinkedIn
PSEG blog, Energize!
Want to know what's new at PSEG? Go to www.pseg.com/getnews and sign up to have our press releases sent right to your inbox.
Forward-Looking Statement
The statements contained in this communication about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical, are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Although we believe that our expectations are based on information currently available and on reasonable assumptions, we can give no assurance they will be achieved. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. A discussion of some of these risks and uncertainties is contained 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: http://www.pseg.com. These documents address in further detail our business, industry issues and other factors that could cause actual results to differ materially from those indicated in this communication. In addition, any forward-looking statements included herein represent our estimates only as of the date hereof and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even if our internal estimates change, unless otherwise required by applicable securities laws.
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SOURCE PSEG Solar Source
NEWARK, N.J., March 16, 2016 /PRNewswire/ -- PSE&G, New Jersey's oldest and largest gas and electric utility, and PSEG Long Island today named Marketsmith, Inc., of Cedar Knolls, NJ as the utilities' agency of record for the New Jersey and Long Island service areas.
As agency of record, Marketsmith will lead the brand's consumer outreach strategy and provide creative, media planning and buying, direct mail, digital and production services.
"We commenced a highly competitive bidding process with one goal in mind: finding the partner who will help us connect with our customers and serve them better," said Kathy Fitzgerald, vice president of corporate communications at PSEG. "Marketsmith understands and embraces our commitment to listen, engage and solve. We look forward to taking advantage of the agency's comprehensive and innovative analytic and communications tools."
Marketsmith is a full service marketing agency that focuses on developing and executing data-driven campaigns designed to communicate precisely and succinctly.
"We know better than anybody how important it is to connect with consumers," said Monica C. Smith, founder and CEO of Marketsmith, Inc. "We look forward to strengthening the company's bond with its customers and helping identify ways to inform and engage, making it easier for customers to do business with them."
The companies expect to begin working together immediately.
###
About PSE&G
Public Service Electric and Gas Company (PSE&G) is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE:PEG), a diversified energy company.
About PSEG Long Island
PSEG Long Island operates the Long Island Power Authority's transmission and distribution system under a 12-year contract. PSEG Long Island is a subsidiary of Public Service Enterprise Group Incorporated (NYSE:PEG), a publicly traded diversified energy company with annual revenues of $10.4 billion.
Want to know what's new at PSEG? Go to www.pseg.com/getnews and sign up to have our press releases sent right to your inbox.
About Marketsmith, Inc.
For more than 15 years, Marketsmith, Inc. has been empowering Direct Marketers to make more informed decisions, maximizing growth and profitability. Marketsmith, Inc. is the leading-edge provider of direct response omnichannel marketing strategy, customer insight, and analysis. The agency received numerous awards and recognition, including being ranked #4 on Crain's New York's 2015 Fast 50 List and #97 on the Inc. 500 2015 List. Marketsmith places more than $200 million of media spend per year across TV, radio, print, digital and direct response and drives more than $1.5 billion annually at retail. Marketsmith has successfully launched and managed initiatives for both large and small brands, across multiple industries. Under the leadership of Founder and CEO Monica C. Smith, the firm has been recognized as the 5th Fastest-Growing Women-Led Business on the Inc. 500, along with receiving the New Jersey Technology Council's 2014 Impact Company of the Year Award. For more information, please visit: www.marketsmithinc.com
Visit PSEG at:
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SOURCE Public Service Enterprise Group (PSEG)
NEWARK, N.J., March 16, 2016 /PRNewswire/ -- People haven't thought of PSEG as a solar company, but to a growing extent, it is. There isn't a cleaner or more inexhaustible power source and we recognize how critical it is to meet the demand for cleaner energy.
So we are following Thomas Edison's advice and have invested more than $1 billion over the last seven years in solar technology – yielding a rich and growing harvest of green energy and jobs on the path to a more sustainable future. The company has dedicated the largest part of this investment to develop or help finance solar installations in New Jersey. PSEG's efforts are playing an important role in helping the Garden State achieve its renewable energy goals – benefiting all of our customers, creating jobs and growing a new industry.
Check out the latest Energize! blog post which details how PSEG is putting its money on solar.
Public Service Enterprise Group (NYSE: PEG) is a publicly traded diversified energy company with annual revenues of $10.4 billion. Its operating subsidiaries are: Public Service Electric and Gas Company (PSE&G), PSEG Power, and PSEG Long Island.
Visit PSEG at:
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PSEG blog, Energize!
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SOURCE Public Service Enterprise Group
NEW YORK, March 11, 2016 /PRNewswire/ -- (NYSE: PEG) – Public Service Enterprise Group (PSEG) today said that it plans to invest $16 billion over the next five years to provide customers with more reliable, affordable and cleaner energy. The bulk of the investments will be made in New Jersey. The company's investments in its electric and gas utility and its competitive power generation fleet are expected to support another year of strong operating earnings. PSEG reaffirmed its 2016 earnings guidance of $2.80-$3.00 per share.
Speaking at the company's Annual Investor Conference in New York, Ralph Izzo, PSEG chairman, president and CEO, told the financial community that the company's strategy has produced a stable investment pipeline, dividend growth and operating earnings at the upper end of 2015 guidance. PSEG's focus on maintaining a solid balance sheet has allowed it to finance its capital program without the need to issue equity. PSEG's investment programs have strengthened the company and New Jersey's economy by creating thousands of jobs a year, improving the state's energy infrastructure and providing environmental benefits.
"PSE&G is expected to deliver double-digit earnings growth in 2016 and accounts for more than 60 percent of PSEG's consolidated earnings," Izzo said. "PSE&G's current five-year, $12 billion capital program is expected to provide best-in-class, high single-digit rate base growth through the end of 2020. The potential expansion of existing infrastructure programs could result in additional capital investment of $2 billion at PSE&G, delivering double-digit growth in rate base through the end of the decade.
"We're replacing and upgrading critical transmission lines, making our systems more resilient through our Energy Strong program, and modernizing 510 miles of older gas mains," Izzo said. "We are focused on future energy needs and these necessary upgrades will help to ensure the reliability and safety of our electric and gas systems for our 2.2 million customers for the future."
Izzo also pointed to the growth of PSEG Power. Over the last year, PSEG Power announced plans to invest more than $2 billion in the development of three new combined-cycle gas plants in the PJM and New England markets.
"PSEG Power's capital program is focused on growth investments of efficient, clean, gas generation which enhance our fleet's competitive market position. The addition of Keys, Sewaren and Bridgeport Harbor will bring PSEG Power's fleet to more than 13,000 MWs of generating capacity. Combined with our already low-cost nuclear fleet, we are extremely well positioned in terms of location, diversity of both fuel and technology and clean energy," added Izzo.
Izzo also noted PSEG Power's growing investment in its Solar Source subsidiary, which substantially increased its portfolio through acquisitions during the last 12 months. "Solar Source now has 16 utility-scale projects in 12 states, with a total capacity of approximately 277 MWs with continued growth expected throughout 2016," he said.
"Our focus on providing efficient, clean and reliable energy supports a variety of public policy priorities, serves our customers' needs and delivers strong growth for shareholders," said Izzo. "By delivering on our strategic investment program, we are building an energy company that will serve our customers far into the future."
The conference will be webcast live beginning at 8:00 a.m. To listen, register at: http://edge.media-server.com/m/p/rcathopo.
Public Service Enterprise Group (NYSE: PEG) is a publicly traded diversified energy company with annual revenues of $10.4 billion. Its operating subsidiaries are: Public Service Electric and Gas Company (PSE&G), PSEG Power, and PSEG Long Island.
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Forward Looking Statements
The statements contained in this communication about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical, are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Although we believe that our expectations are based on information currently available and on reasonable assumptions, we can give no assurance they will be achieved. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. A discussion of some of these risks and uncertainties is contained 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: http://www.pseg.com. These documents address in further detail our business, industry issues and other factors that could cause actual results to differ materially from those indicated in this communication. In addition, any forward-looking statements included herein represent our estimates only as of the date hereof and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even if our internal estimates change, unless otherwise required by applicable securities laws.
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SOURCE Public Service Enterprise Group (PSEG)
NEWARK, N.J., March 8, 2016 /PRNewswire/ -- An unexpected job loss, illness or injury can propel anyone into a financial crisis. Public Service Electric and Gas Co. (PSE&G) wants to make people aware of NJ SHARES – a statewide energy fund that provides temporary financial aid to help people in emergency situations pay their utility bills.
NJ SHARES provides grants to residential energy customers who are experiencing a financial crisis, have exhausted all other available sources of assistance, and are behind on their utility bills but have demonstrated a good faith effort to pay their bills.
"The NJ SHARES program helps people who are not eligible for low income energy assistance programs," said Jim Jacob, president and CEO of NJ SHARES. "The program serves as a safety net, offering assistance to New Jersey residents who have experienced a temporary crisis and cannot meet their current payments."
Grant amounts can be up to $700 for heating -- gas or electric, and up to $500 for electric service. NJ SHARES grants can only be used toward continuance or restoration of service.
NJ SHARES is funded by utilities and the generous donations from their customers. PSE&G matches customer donations dollar for dollar. For information about eligibility, where to apply or how to donate, visit www.njshares.org or call 1-866-NJSHARES (1-866-657-4273).
NJ SHARES partners with community-based and government agencies operating in more than 300 locations across the state. Follow NJ SHARES on Facebook at www.facebook.com/njshares.
There are a number of other programs available to help customers pay their bills. For more information on these programs, visit www.pseg.com/help or call 1-800-510-3102.
PSE&G
Public Service Electric and Gas Company (PSE&G) is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE:PEG), a diversified energy company.
Visit PSEG at:
www.pseg.com
PSEG on Facebook
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PSEG on LinkedIn
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SOURCE Public Service Electric and Gas Company (PSE&G)
NEWARK, N.J., March 7, 2016 /PRNewswire/ -- More than 80 percent of New Jersey households use natural gas as the main source of heat -- among the highest rates of natural gas use for residential heating in the nation. Natural gas is not dangerous when it's sealed up tight inside pipes and used in the right way. However, if you smell gas, hear hissing, or suspect a leak, Public Service Electric and Gas Company (PSE&G), New Jersey's largest utility, reminds customers to act fast.
When you suspect a gas leak you should:
If you suspect a gas leak do NOT:
"Natural gas is a clean-burning and safe source of energy, but it can be dangerous when there is a faulty appliance or improper use," said Joe Forline, vice president of gas operations for PSE&G. "Safety is our number one priority, and we respond rapidly to gas leaks and emergencies 24/7. It is important for customers to know to act quickly if they smell or hear gas leaking."
The best way to stay safe is to prevent gas line damages. According to a recent study, about 40 percent of natural gas line damages involve lines cut because of errors by contractors, construction workers or residents. Most of these incidents are avoidable.
Contractors, excavators and customers should always call 811 to request a mark-out before digging to avoid hitting underground pipelines, conduits, wires and cables. This service is free, and critical to avoid injuries and disruptions to vital utility services. Every digging project, even a small project like planting a tree or building a deck, requires a call to 811.
More information about gas safety is available at www.pseg.com/safetytips.
Public Service Electric and Gas Company (PSE&G) is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE:PEG), a diversified energy company.
Want to know what's new at PSEG? Go to www.pseg.com/getnews and sign up to have our press releases sent right to your inbox.
Visit PSEG at:
www.pseg.com
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PSEG blog, Energize!
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SOURCE Public Service Electric and Gas Company (PSE&G)
NEWARK, N.J., Feb. 26, 2016 /PRNewswire/ -- PSEG announced today that it named a nuclear industry veteran, Peter Sena, President of PSEG Nuclear. Sena will report to William Levis, President of PSEG's Power business. Robert Braun, Chief Nuclear Officer, will report to Sena. Sena will join PSEG in late March.
Sena served as Chief Nuclear Officer at First Energy Corporation culminating a 15-year career in a variety of leadership roles at First Energy nuclear operations. Most recently, he was Senior Vice President of Operations, COO at NextEra.
"We are very pleased to have Pete join PSEG as President of the Nuclear business," said Levis. "His proven track record of creating sustainable excellence at multiple nuclear facilities over the years -- which was recognized by INPO Excellence awards multiple times -- will be a tremendous asset to our business. His broad experience in the industry both as a representative on key task forces and as a leader at First Energy and NextEra makes him an ideal candidate for the role."
"I'm excited to join PSEG Nuclear at such a critical time in the market," Sena said. "I look forward to working with this team to help realize the full potential of the PSEG nuclear operations."
In his early career, he was an Engineering Officer with the U.S. Naval Nuclear Propulsion program for six years as well as serving as a Resident Inspector with the Nuclear Regulatory Commission.
Sena is a graduate of Penn State with a degree in Fuel Science and recently served as a Penn State Nuclear Engineering Advisory Board Member and currently serves on the Auburn University's Advisory Board. In addition, he has recently served on the INPO Executive Advisory Committee and the Nuclear Energy Institute (NEI) Nuclear Strategic Issues Advisory Committee where he was the Industry Executive Sponsor of the NEI post Fukishima flooding response initiative.
Public Service Enterprise Group (NYSE: PEG) is a publicly traded diversified energy company with annual revenues of approximately $11 billion. Its operating subsidiaries are: Public Service Electric and Gas Company (PSE&G), PSEG Power, and PSEG Long Island.
Visit PSEG at:
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PSEG blog, Energize!
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SOURCE Public Service Enterprise Group (PSEG)
UNIONDALE, N.Y., Feb. 24, 2016 /PRNewswire/ -- PSEG Long Island is prepared for today's rain and blustery winds, after performing system checks on critical transmission & distribution equipment and ensuring the availability of critical materials, fuel and other supplies. A full complement of personnel will be on hand to deal with any outages caused by the predicted high winds and potential flooding. Contractors, including tree crews, will also be available to assist the utility's own skilled workforce if necessary.
"A storm of the magnitude that is forecasted to impact our service territory has the potential to blow over trees and pull down wires," said John O'Connell, vice president of Transmission & Distribution at PSEG Long Island. "The conditions that we may face could make it difficult for our crews on the roads and we can't send crews up in buckets to make electric repairs in extremely windy conditions. We will respond to any service interruptions experienced by our customers as quickly and safely as possible."
BE PREPARED AND STAY IN TOUCH
Additionally, PSEG Long Island also recommends customers have an emergency kit that includes:
At PSEG Long Island, employee and customer safety is first and foremost. Remember, safety is always the only choice.
PSEG Long Island operates the Long Island Power Authority's transmission and distribution system under a 12-year contract. PSEG Long Island is a subsidiary of Public Service Enterprise Group Incorporated (NYSE:PEG), a publicly traded diversified energy company with annual revenues of approximately $11 billion.
Keep in Touch:
www.psegliny.com
PSEG Long Island on Facebook
PSEG Long Island on Twitter
PSEG Long Island on YouTube
PSEG Long Island on Flickr
Contact: Media Relations Hotline
516.229.7248
mediarelationsLI@pseg.com
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SOURCE PSEG Long Island
NEWARK, N.J., Feb. 23, 2016 /PRNewswire/ -- PSEG Solar Source today announced that it has acquired a 36.3 MW-dc solar energy facility from juwi Inc. (juwi). The facility, to be called the PSEG Larimer Solar Energy Center, is located 25 miles north of Fort Collins, Colorado. This latest addition to PSEG Solar Source's portfolio represents an investment of over $54 million.
The PSEG Larimer Solar Energy Center has a 25-year power purchase agreement with the Platte River Power Authority (PRPA), a wholesale generation and transmission provider. The facility was originally called Rawhide Flats Solar by PRPA. It will be built on a 290-acre site leased from the power authority and provide enough electricity to power 7,800 Colorado homes.
"We are delighted to be a part of an initiative that contributes to growing Colorado's clean energy supply," said Diana Drysdale, president of PSEG Solar Source. "This solar energy project illustrates our commitment to developing renewable resources and moves us one step closer to a sustainable future. It also exemplifies the vital role of strong partnerships in advancing some of society's most important goals."
juwi developed the project and is acting as its engineering, procurement and construction contractor. Construction is underway and commercial operations are expected to begin by the end of the year. The facility will use approximately 117,000 polycrystalline panels.
"Commencement of construction on this project was an important milestone for us, particularly since it represents the first utility-scale solar project that we successfully developed in our home state of Colorado," said Michael Martin, president of juwi. "We are pleased to work with PSEG Solar Source to add another project to its portfolio and look forward to the day it will begin producing affordable and clean energy for the Platte River Power Authority and all of its owner communities."
With this acquisition, PSEG Solar Source now has 16 utility-scale projects in 12 states with a total capacity of 277 MW-dc. Its other projects are located in Arizona, California, Delaware, Florida, Maryland, New Jersey, North Carolina, Ohio, Texas, Utah and Vermont.
About PSEG:
PSEG Solar Source is a subsidiary of PSEG Power, a merchant power generation company which is part of the Public Service Enterprise Group (PSEG) family of companies. PSEG (NYSE: PEG) is a publicly-traded diversified energy company with annual revenues of approximately $11 billion. Its other main subsidiaries are Public Service Electric and Gas Company (PSE&G), a regulated NJ gas and electric utility and PSEG Long Island, which operates the transmission and distribution assets of the Long Island Power Authority (LIPA).
Disclaimer: PSEG Solar Source LLC is not the same company as PSE&G, the New Jersey based electric and gas utility. PSEG Solar Source is not regulated by the New Jersey Board of Public Utilities. You do not have to purchase any PSEG Solar Source products in order to receive quality regulated services from PSE&G.
Want to know what's new at PSEG? Go to www.pseg.com/getnews and sign up to have our press releases sent right to your inbox.
Visit PSEG at:
www.pseg.com
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
PSEG blog, Energize!
Forward-Looking Statement
The statements contained in this communication about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical, are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Although we believe that our expectations are based on information currently available and on reasonable assumptions, we can give no assurance they will be achieved. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. A discussion of some of these risks and uncertainties is contained 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: http://www.pseg.com. These documents address in further detail our business, industry issues and other factors that could cause actual results to differ materially from those indicated in this communication. In addition, any forward-looking statements included herein represent our estimates only as of the date hereof and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even if our internal estimates change, unless otherwise required by applicable securities laws.
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SOURCE PSEG Solar Source
NEWARK, N.J., Feb. 16, 2016 /PRNewswire/ -- The Board of Directors of Public Service Enterprise Group (NYSE: PEG) today declared a quarterly common stock dividend for the first quarter of 2016 of $0.41 per share, raising the Company's quarterly common stock dividend by 5.1%, or $0.02 per outstanding share of the Company's common stock. The increase in the quarterly dividend brings the indicative annual dividend rate to $1.64 per share.
The Board declared that the common stock dividend is payable March 31, 2016 to shareowners of record at the close of business on March 10, 2016. The ex-dividend date is March 8, 2016.
"We are pleased to be able to increase the cash return to our shareholders. This represents the fifth consecutive annual increase in the common dividend and extends PSEG's long history of paying a common dividend," said Ralph Izzo, PSEG chairman, president and chief executive officer. "This latest increase is supported by our business mix, continued positive cash flow from our generation business and our strong balance sheet which are expected to yield consistent and sustainable dividend growth."
All future changes in the common dividend are subject to approval by the Board of Directors.
Forward-Looking Statement
The statements contained in this communication about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical, are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Although we believe that our expectations are based on information currently available and on reasonable assumptions, we can give no assurance they will be achieved. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. A discussion of some of these risks and uncertainties is contained 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: http://www.pseg.com. These documents address in further detail our business, industry issues and other factors that could cause actual results to differ materially from those indicated in this communication. In addition, any forward-looking statements included herein represent our estimates only as of the date hereof and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even if our internal estimates change, unless otherwise required by applicable securities laws.
Want to know what's new at PSEG? Go to www.pseg.com/getnews and sign up to have our press releases sent right to your inbox.
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SOURCE Public Service Enterprise Group (PSEG)
NEWARK, N.J., Feb. 11, 2016 /PRNewswire/ -- Public Service Electric and Gas Company (PSE&G), New Jersey's largest utility, is monitoring its gas system and has additional personnel on staff and standby to ensure it can meet the heating demands of customers. The utility is prepared to quickly respond to emergency "no heat" calls and electric outages during the frigid weather predicted for this weekend.
"Throughout the weekend we will operate and manage our gas distribution system to ensure our customers have the gas they need to keep their homes warm and businesses running," said Joe Forline, vice president of gas operations for PSE&G. "Over the past several years we have replaced critical feeds in our gas distribution system. This and other infrastructure investments have strengthened our system's performance and reliability."
Since Tuesday, the utility has received about 2,000 "no heat" calls from customers. "We expect that number to spike this weekend when people are home and furnaces are working extra hard," said Forline. "Customers should be aware that although their heating systems may be working properly, the frigid temperatures make it difficult for furnaces to maintain the same thermostat setting."
If your heating system is not working properly or if you need to report a "no heat" incident, schedule an appointment by calling 800-436-PSEG (7734) or online through My Account.
Your safety is important to us, so please:
While annual bills for PSE&G's typical gas heating customer are 55 percent lower than they were in 2009 due to supply rate reductions and gas bill credits, PSE&G is always looking to help you better manage your usage and keep your costs low.
Use these tips to stay warm, and save money on your bills:
More energy saving tips and tools are available at www.pseg.com/saveenergy.
Public Service Electric and Gas Company (PSE&G) is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE:PEG), a diversified energy company.
Want to know what's new at PSEG? Go to www.pseg.com/getnews and sign up to have our press releases sent right to your inbox.
Visit PSEG at:
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PSEG blog, Energize!
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SOURCE Public Service Electric and Gas Company (PSE&G)
BRIDGEPORT, Conn., Feb. 11, 2016 /PRNewswire/ -- PSEG Power Connecticut announced today that it has cleared 485 MWs of Installed Summer Capacity from a new gas-fired combined-cycle power plant in the ISO-New England Forward Capacity Auction. PSEG Power Connecticut expects to begin construction of the clean, natural gas-fired plant in 2017. The plant, which represents an investment of more than $550 million, is targeted to be completed and supplying needed energy to the Connecticut region for the year beginning June 2019. The plant will be located at PSEG Power Connecticut's existing Bridgeport Harbor Station site.
"This is a true win for Bridgeport – not only adding new clean energy to the grid, but creating jobs, tax revenue, and general economic activity within the region," said Richard P. Lopriore, president of PSEG Fossil. "We look forward to providing reliable energy to Connecticut and the region for many years to come."
The plant will create 350 construction jobs and approximately 20 permanent jobs, add tax revenue to the City of Bridgeport, as well as other economic benefits. The plant primarily will run on natural gas, but also will be able to run on ultra-low-sulfur distillate (ULSD) fuel oil as a back-up fuel, ensuring fuel diversity and exceptional dependability.
"We are pleased that PSEG Power will be making further investments in power generation in our city," said Bridgeport Mayor Joe Ganim. "The new plant will result in jobs and tax-base generation, adding more than $5 million in additional tax revenue per year to the city."
PSEG Power Connecticut, the City of Bridgeport, and several community groups and environmental organizations also announced today that they have agreed to a Community Environmental Benefit Agreement (CEBA) associated with the plant.
The agreement supports the objectives of Connecticut's Environmental Justice Act. Implementing the agreement is conditioned on receiving key permits necessary for construction. Among the components of the CEBA, if all conditions are met, PSEG Power Connecticut agreed to finalize plans to retire Bridgeport Harbor Station Unit 3; establish a $2 million fund to support projects and improvements focused on creating environmental benefits for Bridgeport residents; assign a Community Liaison Officer to be the main point of contact with community groups and work with the community to support local and regional hiring. In the CEBA, the City agrees to express its unqualified support for the new gas-fired combined cycle plant.
"This is a great example of the City, community groups, and a local business working together for the benefit of all," Ganim said. "Along with PSEG's investment in this power plant and the potential for additional renewable generation, the company will be investing in local civic groups and community projects, as well as charting a course for the future of this significant property that doesn't involve coal. This is a real win for all parties."
"This agreement strengthens PSEG's partnership with the City of Bridgeport and the community," Lopriore said. "We wish to thank Mayor Ganim and his administration, as well as leaders of the community, for helping develop and negotiate this agreement."
PSEG Power Connecticut's Bridgeport Harbor and New Haven Harbor stations are part of PSEG Power LLC's generating fleet.
PSEG Power LLC is an independent power producer that generates and sells electricity in the wholesale market, with a fleet totaling 11,782 MWs of electric generating capacity. It is a nationally recognized industry leader on environmental issues. PSEG Fossil LLC is one of four main subsidiaries of PSEG Power, and operates the company's portfolio of natural gas, coal and oil-fired electric generating units.
PSEG Power is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE:PEG), a diversified energy company (www.pseg.com).
Want to know what's new at PSEG? Go to www.pseg.com/getnews and sign up to have our press releases sent right to your inbox.
Visit PSEG at:
www.pseg.com
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
PSEG blog, Energize!
Forward-Looking Statement
The statements contained in this communication about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical, are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Although we believe that our expectations are based on information currently available and on reasonable assumptions, we can give no assurance they will be achieved. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. A discussion of some of these risks and uncertainties is contained 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: http://www.pseg.com. These documents address in further detail our business, industry issues and other factors that could cause actual results to differ materially from those indicated in this communication. In addition, any forward-looking statements included herein represent our estimates only as of the date hereof and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even if our internal estimates change, unless otherwise required by applicable securities laws.
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SOURCE PSEG Power Connecticut
NEWARK, N.J., Feb. 4, 2016 /PRNewswire/ -- Public Service Electric and Gas Company (PSE&G) today announced that its L&D Solar Farm is interconnected to the grid and supplying solar power to PSE&G electric customers. The 12.93 megawatt-dc solar farm is PSE&G's largest to date and one of the largest landfill solar farms in the United States. It is comprised of 41,720 solar panels that cover 53 acres of landfill space spanning the towns of Eastampton, Lumberton and Mount Holly, NJ. The L&D Solar Farm will generate enough electricity to power 2,000 average-size New Jersey homes annually.
Waste Management of New Jersey, Inc. owns the L&D Landfill and PSE&G owns and operates the solar farm as part of its Solar 4 All® Program. The engineering, procurement and construction contractor for the L&D Solar Farm is juwi, one of the world's largest and most experienced renewable energy companies.
"The L&D Solar Farm is another great example of how landfill-based community solar can increase renewable energy in New Jersey while also giving new purpose to land that would otherwise have very limited development opportunities," said Courtney McCormick, vice president - renewables and energy solutions for PSE&G. "We have identified dozens of additional landfills that are suitable for solar development and stand ready and willing to return more of these sites to productive use through solar development."
The L&D Solar Farm is the 28th grid-connected centralized Solar 4 All project and the eighth built on a landfill or brownfield site. The Solar 4 All program has now utilized 170 acres of landfill and brownfield space by installing more than 150,000 solar panels, capable of generating 45 megawatt-dc of solar power, which is enough to power about 7,500 homes annually.
"Waste Management is proud to be part of this project with PSE&G," said Tara Hemmer, vice president of Waste Management's Greater Mid-Atlantic Area. "The L&D Solar Farm is an environmental and economic asset for the region that expands the use of clean, renewable energy in New Jersey."
Since 2009, PSE&G has invested more than $500 million on the Solar 4 All program and created more than 2,000 jobs. At the height of construction, there were approximately 190 people onsite working on the L&D solar project in a range of jobs, including electricians, engineers, carpenters, heavy equipment operators and laborers.
"We are excited to have deployed our engineering and construction expertise to a significant landfill redevelopment application," said Michael Martin, CEO of juwi. " juwi, Waste Management, PSE&G and other local stakeholders worked diligently and in harmony to maximize this project on landfill space in a manner that honors important environmental considerations and requirements.""
Solar 4 All is a 125 MW-dc community solar program that utilizes rooftops, parking lots, utility poles and landfills/ brownfields for large-scale, grid connected solar projects. There are currently 114 megawatts-dc of the 125 MW-dc total in service.
About PSE&G
Public Service Electric and Gas Company (PSE&G) is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE: PEG), a diversified energy company.
Want to know what's new at PSEG? Go to www.pseg.com/getnews and sign up to have our press releases sent right to your inbox.
Visit PSEG at:
www.pseg.com
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
ENERGIZE! blog
About Waste Management
Waste Management, based in Houston, Texas, is the leading provider of comprehensive waste management services in North America. Through its subsidiaries, the company provides collection, transfer, recycling and resource recovery, and disposal services. It is also a leading developer, operator and owner of landfill gas-to-energy facilities in the United States. The company's customers include residential, commercial, industrial, and municipal customers throughout North America. To learn more information about Waste Management visit www.wm.com or www.thinkgreen.com.
About juwi Inc.
juwi Inc. (juwi) is a privately-held solar energy generation company based in Boulder, Colorado. juwi's primary business is the development, design, construction, operation and maintenance of utility-scale (1 MW and larger) solar energy generation facilities in North America. To date juwi has developed and built large-scale solar projects in eleven different states in the United States, totaling more than 200 MWs of operating capacity. juwi also provides operations, monitoring, and maintenance services customized for each solar facility and to each owner's needs and is currently performing these services for 225 MWs of solar facilities in the United States.
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SOURCE Public Service Electric and Gas Company (PSE&G)
NEWARK, N.J., Feb. 3, 2016 /PRNewswire/ -- The Association of Energy Service Professionals (AESP) has named Public Service Electric and Gas Company's (PSE&G's) Residential Multifamily Housing Program as the winner of the 2016 Energy Award for Outstanding Achievement in Residential Program Design & Implementation. PSE&G accepted the award yesterday at AESP's 26th National Conference & Expo in Phoenix, AZ.
PSE&G's $74 million Residential Multifamily Housing Program funds the installation of energy efficiency measures for eligible multifamily facilities in the utility's New Jersey service territory. The program provides participants with construction funding upfront and building owners repay their share of the project cost over a number of years on their monthly PSE&G bill interest free. To date more than 250 buildings with more than 10,000 individual living units have participated in the program resulting in reduced energy use and utility cost savings, as well as improved resident safety and comfort.
"We've made a specific effort to target customer groups like multifamily buildings which tend to need energy efficiency improvements but lack the upfront capital to do the work," said Courtney McCormick, vice president - renewables and energy solutions for PSE&G. "We are honored that AESP has recognized our efforts to save energy by helping multifamily property owners make critical energy efficient improvements to their facilities while providing building residents with a safer, healthier environment."
Founded in 1989 as a not-for-profit association, AESP is a member-based association dedicated to improving the delivery and implementation of energy efficiency, energy management and distributed renewable resources. AESP provides professional development programs, a network of energy practitioners, and promotes the transfer of knowledge and experience.
About PSE&G
Public Service Electric and Gas Company (PSE&G) is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the Reliability One Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE:PEG), a diversified energy company.
Want to know what's new at PSEG? Go to www.pseg.com/getnews and sign up to have our press releases sent right to your inbox.
Visit PSEG at:
www.pseg.com
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
PSEG blog, Energize!
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SOURCE Public Service Electric and Gas Company (PSE&G)
NEWARK, N.J., Feb. 2, 2016 /PRNewswire/ -- PSEG Solar Source today announced it has acquired a 25.9 MW-dc solar energy facility from Ecoplexus for an investment of more than $40 million. The facility, to be called the PSEG Meadows Solar Energy Center, is located in Martin County, North Carolina about 80 miles east of Raleigh.
The PSEG Meadows Solar Energy Center has a 15-year power purchase agreement with Virginia Electric and Power Company, a subsidiary of Dominion Resources. It sits on approximately 105 acres under a 35-year lease with a private landowner.
"We are pleased to extend our portfolio into North Carolina and be able to provide enough clean, reliable energy to power 3,800 North Carolina homes," said Diana Drysdale, president of PSEG Solar Source. "The PSEG Meadows Solar Energy Center is another example of utility-scale solar becoming increasingly cost-competitive with other sources of energy and one step closer to providing a sustainable future for all."
Ecoplexus is the engineering, procurement and construction contractor and will operate the project for PSEG Solar Source upon completion. Construction is underway and commercial operations are expected to commence within the next several months. The facility will use approximately 152,000 Solar Frontier thin film solar panels with tier 1 inverters.
"With this partnership, we look forward to bringing online a generation facility that will provide cost-effective solar power. Together with PSEG, we are pleased to provide the benefits of solar energy to Virginia Electric and Power Company's customers," said John Gorman, CEO of Ecoplexus.
This is PSEG Solar Source's fifteenth utility-scale project in eleven states. Its other projects are located in Arizona, California, Delaware, Florida, Maryland, New Jersey, Ohio, Texas, Utah and Vermont. The acquisition will increase the capacity of PSEG Solar Source's portfolio to 241 MW-dc.
About PSEG:
PSEG Solar Source is a subsidiary of PSEG Power, a merchant power generation company which is part of the Public Service Enterprise Group (PSEG) family of companies. PSEG (NYSE: PEG) is a publicly-traded diversified energy company with annual revenues of approximately $11 billion. Its other main subsidiaries are Public Service Electric and Gas Company (PSE&G), a regulated NJ gas and electric utility and PSEG Long Island, which operates the transmission and distribution assets of the Long Island Power Authority (LIPA).
Disclaimer: PSEG Solar Source LLC is not the same company as PSE&G, the New Jersey based electric and gas utility. PSEG Solar Source is not regulated by the New Jersey Board of Public Utilities. You do not have to purchase any PSEG Solar Source products in order to receive quality regulated services from PSE&G.
Want to know what's new at PSEG? Go to www.pseg.com/getnews and sign up to have our press releases sent right to your inbox.
Visit PSEG at:
www.pseg.com
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
PSEG blog, Energize!
About Ecoplexus:
Ecoplexus develops and operates distributed generation solar PV projects for the wholesale and retail distributed generation markets in the U.S., Japan, and Turkey. The Company has constructed and financed over 50 projects to date, representing over $250 million in project value. Customers include eight major utilities including PSEG, PG&E, Duke, Progress, Xcel Energy, and Georgia Power and approximately 15 municipalities.
With greater than 1 GW between construction and pipeline in the U.S., Japan and Turkey, representing over $1 billion in project value, Ecoplexus is actively developing or buying renewable energy assets at every stage. The Company also provides operation and maintenance (O&M) services for investor/owners, including two Fortune 500 companies, for approximately 40 projects. For more information about Ecoplexus, please visit www.ecoplexus.com.
Forward-Looking Statement
The statements contained in this communication about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical, are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Although we believe that our expectations are based on information currently available and on reasonable assumptions, we can give no assurance they will be achieved. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. A discussion of some of these risks and uncertainties is contained 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: http://www.pseg.com. These documents address in further detail our business, industry issues and other factors that could cause actual results to differ materially from those indicated in this communication. In addition, any forward-looking statements included herein represent our estimates only as of the date hereof and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even if our internal estimates change, unless otherwise required by applicable securities laws.
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SOURCE PSEG Solar Source
NEWARK, N.J., Jan. 21, 2016 /PRNewswire/ -- Public Service Electric and Gas Company (PSE&G), New Jersey's largest electric and gas utility, is preparing for the approaching storm system that could bring snow, freezing rain and high winds to the company's service territory. The utility is scheduling additional personnel in the field, fueling trucks and has spare poles and other equipment available.
"While snow and wind normally don't pose a serious problem, icing on lines and trees can increase the possibility of downed wires and power outages," said John Latka, senior vice president of electric and gas operations for PSE&G. "Those types of conditions also make it difficult for our crews to get around, and we can't go up in buckets to make repairs if there are high winds. We will respond to outages and no-heat calls around the clock -- as quickly and safely as possible."
In advance of the storm, PSE&G advises customers to prepare an emergency kit that includes:
PSE&G urges its customers to be cautious during and after the storm:
To report downed wires or power outages, call PSE&G's Customer Service line at 1-800-436-PSEG. Also, customers can report outages by logging into their PSE&G account online or by texting "OUT" to 4PSEG (47734). The utility's mobile-friendly website includes an "Outage Map" that is updated every 15 minutes and displays the location and status of power outages in PSE&G's service area.
Public Service Electric and Gas Company (PSE&G) is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE:PEG), a diversified energy company.
Want to know what's new at PSEG? Go to www.pseg.com/getnews and sign up to have our press releases sent right to your inbox.
Visit PSEG at:
www.pseg.com
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
PSEG blog, Energize!
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SOURCE Public Service Electric and Gas Company (PSE&G)
UNIONDALE, N.Y., Jan. 21, 2016 /PRNewswire/ -- PSEG Long Island is closely monitoring the impending winter storm, forecasted to bring heavy snow and high winds across the entire service territory Saturday morning into Sunday. In preparation for the approaching storm system, PSEG Long Island is performing system checks on critical transmission & distribution equipment and performing logistics checks to ensure the availability of critical materials, fuel and other supplies.
"We are monitoring the forecast closely and our emergency preparedness plans are activated," said John O'Connell, vice president of Transmission & Distribution at PSEG Long Island. "While snow and wind normally don't pose a serious problem to the electric system, icing on lines and trees can increase the possibility of downed wires and power outages. While the forecasted conditions may make it difficult for our crews to get around, our customers should be comforted knowing our crews stand at the ready to begin restoring service, in the event of any outages, as safely and quickly as conditions allow."
PSEG Long Island will have additional personnel on hand to deal with any weather-related outages. Contractors, including tree crews, will be available to assist the utility's own skilled workforce if necessary.
BE PREPARED AND STAY IN TOUCH
Additionally, PSEG Long Island also recommends customers have an emergency kit that includes:
At PSEG Long Island, employee and customer safety is first and foremost. Remember, safety is always the only choice.
PSEG Long Island operates the Long Island Power Authority's transmission and distribution system under a 12-year contract. PSEG Long Island is a subsidiary of Public Service Enterprise Group Incorporated (NYSE:PEG), a publicly traded diversified energy company with annual revenues of approximately $11 billion.
Keep in Touch:
www.psegliny.com
PSEG Long Island on Facebook
PSEG Long Island on Twitter
PSEG Long Island on YouTube
PSEG Long Island on Flickr
Contact:
Media Relations Hotline
516.229.7248
mediarelationsLI@pseg.com
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SOURCE PSEG Long Island
NEWARK, N.J., Jan. 20, 2016 /PRNewswire/ -- PSEG Solar Source today announced that it has acquired ownership interests in two solar facilities from juwi Inc.(juwi): a 3.9 MW-dc project in Livermore, California; and a 62.7 MW-dc project in Millard County, Utah. Together, these acquisitions represent an investment of close to $110 million and increase the capacity of PSEG Solar Source's portfolio to 214.6 MW-dc.
The PSEG Pavant II Solar Energy Center will be located on 415 acres about 110 miles south of Salt Lake City. When completed, the 62.7 MW-dc facility will represent Solar Source's largest solar facility, capable of producing more than twice the amount of clean energy than any other Solar Source project. It has a 20-year power purchase agreement (PPA) with PacifiCorp and its commercial operations are expected to commence at the end of the year.
"We are excited to add such a large solar installment to our fleet and extend our presence into Utah providing safe, clean and reliable energy for so many residents," said Diana Drysdale, president of PSEG Solar Source. "We continue to pursue opportunities to grow our business by working with best-in-class partners like juwi."
The 3.9 MW-dc facility, to be named PSEG Lawrence Livermore Solar Energy Center, is currently under construction by juwi and is located on the grounds of the Lawrence Livermore National Laboratory, about 45 miles east of San Francisco in Livermore, California. It is scheduled to go into service in the first quarter of 2016 after the testing and commissioning process is completed and has a 20-year PPA with Western Area Power Authority (WAPA), acting on behalf of the United States Department of Energy.
WAPA is one of four power marketing authorities within the Department of Energy. It markets and transmits electricity from 57 power plants with 10,500 MW of generating capacity. Its service area encompasses a 15-state region of the central and western U.S. and provides retail electric service to 40 million consumers in the West.
"We are pleased to be building our second large-scale solar project in the state of Utah and our first one in California," said Mike Martin, juwi's President and CEO. "Our partnership with PSEG Solar Source has been tremendously successful over the years, and we are proud that companies like PSEG continue to dedicate significant resources and efforts to the renewable energy industry."
juwi is the engineering, procurement and construction contractor for the Livermore and Pavant II projects and will also operate both on behalf of PSEG Solar Source.
PSEG Solar Source has 14 utility solar facilities operating in 10 states now including Utah, Maryland, Arizona, California, Delaware, Florida, Ohio, Texas, Vermont and New Jersey.
About PSEG:
PSEG Solar Source is a subsidiary of PSEG Power, a merchant power generation company which is part of the Public Service Enterprise Group (PSEG) family of companies. PSEG (NYSE:PEG) is a publicly-traded diversified energy company with annual revenues of approximately $11 billion. Its other main subsidiaries are Public Service Electric and Gas Company (PSE&G), a regulated NJ gas and electric utility and PSEG Long Island, which operates the transmission and distribution assets of the Long Island Power Authority (LIPA).
Disclaimer: PSEG Solar Source LLC is not the same company as PSE&G, the New Jersey based electric and gas utility. PSEG Solar Source is not regulated by the New Jersey Board of Public Utilities. You do not have to purchase any PSEG Solar Source products in order to receive quality regulated services from PSE&G.
About juwi Inc.:
juwi Inc. (juwi) is a privately-held solar energy generation company based in Boulder, Colorado. juwi's primary business is the development, design, construction, operation and maintenance of utility-scale (1 MW and larger) solar energy generation facilities in North America. To date juwi has developed and built large-scale solar projects in eleven different states in the United States, totaling more than 200 MWs of operating capacity. juwi also provides operations, monitoring, and maintenance services customized for each solar facility and to each owner's needs and is currently performing these services for 225 MWs of solar facilities in the United States.
Forward-Looking Statement
The statements contained in this communication about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical, are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Although we believe that our expectations are based on information currently available and on reasonable assumptions, we can give no assurance they will be achieved. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. A discussion of some of these risks and uncertainties is contained 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:http://www.pseg.com. These documents address in further detail our business, industry issues and other factors that could cause actual results to differ materially from those indicated in this communication. In addition, any forward-looking statements included herein represent our estimates only as of the date hereof and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even if our internal estimates change, unless otherwise required by applicable securities laws.
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SOURCE PSEG Solar Source
UNIONDALE, N.Y., Jan. 19, 2016 /PRNewswire/ -- PSEG Long Island announced today that customers participating in energy efficiency programs in 2015 will save more than $60 million and 307,582,000 kilowatt hours (kWh) per year. The amount of energy saved is good for the environment, too, as it results in the elimination of the carbon dioxide emissions of the total energy consumed by more than 19,300 average Long Island homes.
"We work hard every day to help our customers understand that the cheapest, cleanest energy is the energy that they don't use," said Dan Eichhorn, vice president of customer services, PSEG Long Island. "We offer award winning energy efficiency programs and we make sure our customers know that we can help them reap all of the rewards – saving money and protecting the environment for future generations."
PSEG Long Island offers rebates on a variety of ENERGY STAR® products. In 2015, residential customers purchased more than 3 million ENERGY STAR light bulbs and fixtures with incentives provided by PSEG Long Island. By upgrading a single incandescent light bulb to a LED, customers can save approximately $230 over the lifetime of each bulb.
More than 12,000 residential customers took advantage of the rebates on many ENERGY STAR certified washers, dryers, refrigerators and more. Along with participating in the rebate programs, more than 34,000 PSEG Long Island customers scheduled an in-home energy assessment or completed one online themselves. Customers also recycled more than 5,000 appliances, including old working refrigerators, freezers, room air conditioners and dehumidifiers. Combined, all of the residential programs will save customers nearly 200 million kWh and $40 million per year.
Residential customers were not the only customers to save money and energy in 2015. Commercial customers completed more than 3,200 energy efficient projects, resulting in savings of more than 112 million kWh and electric bill savings of $20 million per year. Approximately 2,200 of the completed projects were for small- and medium-sized businesses. The Commercial Efficiency Program provides businesses with a solution to save energy and lower operating costs, freeing up capital to improve the bottom line.
Eichhorn continued, "Each of these projects benefits the companies financially and helps to protect the environment from additional greenhouse gas emissions. The Commercial Efficiency Program in 2015 eliminated greenhouse gas emissions equivalent to 16,000 passenger cars not driven for one year."
PSEG Long Island's Energy Efficiency Programs provide residential and commercial customers with energy efficient solutions to help Long Islanders save energy, and often lead to greater comfort, convenience, and profitability.
Independent annual evaluations by Opinion Dynamics Corporation have found PSEG Long Island's Energy Efficiency and Renewable Energy Programs to generate energy savings that are cost-effective. In their evaluation for 2014, Opinion Dynamics found that the Commercial Efficiency Program has a benefit/cost ratio of 3.2, which means that the program generated $3.20 in benefits to the utility and its ratepayers for every $1.00 in costs to operate the program, including rebates.
For more information on PSEG Long Island's available residential and commercial rebates and incentives, as well as energy saving tips, please visit https://www.psegliny.com/savemoney.
PSEG Long Island operates the Long Island Power Authority's transmission and distribution system under a 12-year contract. PSEG Long Island is a subsidiary of Public Service Enterprise Group Incorporated (NYSE:PEG), a publicly traded diversified energy company with annual revenues of approximately $11 billion.
Keep in Touch:
www.psegliny.com
PSEG Long Island on Facebook
PSEG Long Island on Twitter
PSEG Long Island on YouTube
PSEG Long Island on Flickr
Contact: |
Media Relations Hotline |
516.229.7248 | |
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SOURCE PSEG Long Island
PSEG Cork Oak Solar Energy Center (subscriber access)
Status: (subscriber access)
Parent Entities:
PSEG Solar Source
PSEG Hemlock Solar Energy Center (subscriber access)
Status: (subscriber access)
Parent Entities:
PSEG Solar Source
PSEG San Isabel Solar Energy Center (subscriber access)
Status: (subscriber access)
Parent Entities:
PSEG Solar Source
PSEG Sunflower Solar Energy Center (subscriber access)
Status: (subscriber access)
Parent Entities:
PSEG Solar Source
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