While touting the benefits of a freshly approved $1 billion energy efficiency program in New Jersey, the head of power provider Public Service Enterprise Group Inc. reiterated his stance that nuclear generation and a price on carbon are critical to a clean energy future.
The new mobile app is the most recent example of the company’s commitment to improving customer service through innovation and technology advancements. The program will offer funding of up to $5,000 to a Chamber of Commerce or Business Improvement District. Public Service Electric and Gas, New Jersey’s largest utility, is well prepared to meet customer demand for safe, reliable electricity this summer.
The total number includes new outages resulting from this morning’s weather activity. PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED, (Unaudited, $ millions, except per share data), Net Non-Operating Pension and OPEB Credits (Costs), Reconciling Items Excluded from Net Income(b). Public Service Electric & Gas Co. is prepared for strong wind gusts, rain and possible thunderstorms forecasted for the service area today into Friday. These figures are adjusted for non-recurring items.
PSEG Long Island is prepared for the strong thunderstorms that may hit the service area this afternoon. The following table outlines PSEG's updated expectations for non-GAAP Operating Earnings in 2020 by subsidiary: 2020 Non-GAAP Operating Earnings Guidance, Results and Outlook by Operating Subsidiary, Third Quarter 2020 and 2019 Comparative Results. Approximately 3,800 of that total are outages reported during the storm period, which impacted 420,000 customers. Gas operations were $0.02 per share higher. PSEG Long Island continues to monitor the track and the potential impact Hurricane Isaias will have on its service territory early next week. We expect to begin marketing the non-nuclear assets later this year," said Izzo. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Our top priority is restoring the approximately 3,000 customers still without power. PSEG Long Island is prepared for storms that may pop up this afternoon and for the thunderstorms and wind forecasted for the service area tomorrow. Our top priority is restoring the approximately 24,000 customers still without power. PSEG Long Island is proud to celebrate dozens of its engineer employees for Engineers Week (Feb. 16 - 22, 2020). Strong winds are expected today with peak gusts up to 50 mph possible through the evening into Friday morning, along with the chance of heavy rain and thunderstorms.
PSEG Long Island’s Commercial Efficiency Program has saved corporate services company Broadridge Financial Solutions, Inc., nearly $700,000 on energy-efficient upgrades at its Heartland Industrial Park buildings in Brentwood over the past two years. So, the shares are expected to perform in line with the market in the near future. 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. 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. PSEG Long Island announced today it has launched a new mobile app that enables customers using Apple or Android devices to securely and easily manage electric accounts while on the go. 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.
PSEG Long Island is reporting 12,458 of its approximately 1.1 million customers across Long Island and the Rockaways are currently without service. The program offers financial incentives to local business owners for projects in a local business district that are expected to improve the economic stability and growth of a municipality. In unsure times like these, people find comfort in things they can count on, and one of those things is knowing that their safety and the safety of their communities remain a top priority for PSE&G – especially when it comes to our natural gas system. (b) See Attachments 8 and 9 for details of items excluded from Net Income/(Loss) to compute Operating Earnings (non-GAAP). © 2020 Insider Inc. and finanzen.net GmbH (Imprint). Electric margin was $0.01 per share favorable compared to the year-earlier quarter, driven by higher residential volumes. PSEG (PEG) came out with quarterly earnings of $0.96 per share, beating the Zacks Consensus Estimate of $0.95 per share. 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. PSE&G this week joins Utilities United Against Scams to recognize National Consumer Protection Week and to educate customers about how they can avoid falling victim to imposter utility scams. As of 4:30 p.m., 98% of customers affected have been restored. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Our employees and contractors will follow protocols guided by the CDC and New Jersey State Department of Health, as well as all directives from state and local governments. June and July are filled with occasions to celebrate, including graduations, birthdays and Father’s Day. Restoring power to customers remains our priority. This compares to earnings of … The utility's third quarter results reflected several items that largely reflect tax adjustments that are timing in nature. Public Service Electric & Gas continues to monitor the track and potential impact that Hurricane Zeta will have on New Jersey tomorrow and Friday. 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… These centers are open from 10 a.m. until 4 p.m. (or while supplies last), providing people with free water and ice.
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. 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. If we hope to mitigate the most damaging impacts of our changing climate, it’s clear to me that there are 5 Things we need to do – some more quickly than others. The majority of these tax items are expected to reverse over the coming quarters through 2021 and beyond. The technical argument in this post is incorrect. PSEG CONSOLIDATED RESULTS (unaudited) Third Quarter Comparative Results 2020 and 2019, 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. 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. (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. As of 10:54 a.m., PSEG Long Island reports 11,807 total customers without power. If the rising summer temperatures and high humidity are making work from home life or weekend relaxation uncomfortable, PSEG Long Island reminds customers that they can beat the heat at a lower overall cost with rebates on energy-efficient air source heat pumps (ASHP) that will reduce their energy bills for years to come. PSEG Long Island’s Commercial Efficiency Program has saved St. Edward the Confessor Church and School in Syosset more than $12,500 on new energy-efficient lighting. 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). CEF-EE investments will receive recovery of and on capital through a clause mechanism at the current authorized return on equity of 9.6%. Electric margin was $0.01 per share favorable compared to the year-earlier quarter, driven by higher residential volumes. PSEG Long Island is monitoring thunderstorms forecasted for later today and the remnants of Hurricane Laura expected to pass through the service area Saturday. 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.
PSE&G has a full complement of staff ready to respond, has performed system checks on critical transmission and distribution equipment, and performed logistics checks to ensure the availability of critical materials, fuel and other supplies.
And while these celebrations have evolved into car parades and other events to maintain safe social distancing, one thing remains the same: Metallic party balloons can start fires and cause power outages if they drift into overhead electrical wires and equipment. Strong winds and hazardous gusts caused significant damage in Nassau and Suffolk County, bringing down large branches and wires and affecting 13,944 of our 1.1 million customers. Public Service Electric & Gas, New Jersey’s largest utility, is more committed than ever to the health and safety of its customers.
The heavy rain, lightning, and gusty winds may cause tree limbs to break and pull down wires, causing outages. Ahead of this earnings release, the estimate revisions trend for PSEG was mixed.
Let’s get started - please select a site: I have service in New Jersey . In this new role, Park serves as PSEG’s chief litigation counsel and is responsible for the oversight, representation and counsel of PSEG and all of its subsidiary companies in connection with all litigation and government inquiries. Working 16-hour shifts, PSEG Long Island crews have made significant progress restoring customers impacted by the strong winds and hazardous gusts. 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.
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