Public Service Enterprise Group Inc

PEG

Equity

ISIN US7445731067 / Valor 964270

New York Stock Exchange, Inc (2024-12-26)

USD 85.40-0.45%

Public Service Enterprise Group Inc
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About company

Public Service Enterprise Group Inc, commonly known as PSE&G, is a diversified energy company with a long history dating back to its formation in 1903. Initially established through the merger of over 400 gas, electric, and transportation companies in New Jersey, PSE&G has evolved significantly over the years. The company underwent restructuring in the early 20th century, consolidating its various interests into Public Service Electric and Gas for its utility operations and Public Service Coordinated Transport for its transportation ventures, the latter eventually becoming Transport of New Jersey. Regulatory pressures in the mid-20th century led to further organizational changes, culminating in the company's re-establishment as a standalone entity in 1943 and its renaming to Public Service Electric and Gas Company in 1948. Today, PSE&G focuses on providing a range of energy services, including gas and electric utilities, to customers, leveraging its historical roots and extensive experience in the energy sector to meet the needs of its clientele in New Jersey and beyond.

Summarized from source with an LLMView SourceSector: Energy

Net Income

Public Service Enterprise Group Inc. reported a net income of $520 million for the third quarter of 2024, a significant increase from the $139 million reported in the same quarter of 2023. This translates to a diluted earnings per share of $1.04, compared to $0.27 in the third quarter of the previous year.

Non-GAAP Operating Earnings

The company achieved non-GAAP operating earnings of $448 million for the third quarter of 2024, up from $425 million in the third quarter of 2023. This resulted in non-GAAP operating earnings per share of $0.90, compared to $0.85 in the same period last year.

Revenue and Rate Case Settlement

Public Service Enterprise Group Inc. successfully resolved two major regulatory filings, including PSE&G’s base rate case, which was approved by the New Jersey Board of Public Utilities. This settlement is expected to provide an additional $505 million in annual revenues, effective from October 15, 2024.

Energy Efficiency Programs

The company expanded and extended its energy efficiency programs with the approval of the second phase of its Clean Energy Future-Energy Efficiency (CEF-EE II) programs. This includes a $1.9 billion investment program and an additional $1 billion for customer on-bill repayment for energy efficiency equipment purchases.

Full-Year 2024 Earnings Guidance

Public Service Enterprise Group Inc. narrowed its full-year 2024 non-GAAP operating earnings guidance to a range of $3.64 to $3.68 per share, reflecting the company's solid operating and financial results for the year-to-date period.

Summarized from source with an LLMView Source

Key figures

40.6%1Y

32.2%3Y

45.7%5Y

Performance

19.0%1Y

20.9%3Y

25.8%5Y

Volatility