pseg news

Employees donate their time and effort on behalf of many charitable causes and activities each year across Long Island and the Rockaways. On Valentine’s Day, PSEG Long Island employees will share the love the same way they do every day of the year: Going above and beyond to do good in the community.

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.

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). Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.

With the aim of becoming supply chain leader in the sector, the site is right adjacent to the PSEG nuclear facility, in Lower Alloways Creek. This compares to earnings of $0.98 per share a year ago. 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. PSEG (PEG) came out with quarterly earnings of $0.96 per share, beating the Zacks Consensus Estimate of $0.95 per share. Throughout the year, teams of PSEG Long Island employees visit the Interfaith Nutrition Network’s (INN) Mary Brennan Soup Kitchen in Hempstead to lend a helping hand in the community. Non-GAAP results for the third quarter exclude items shown in Attachments 8 and 9. Public Service Electric & Gas, New Jersey’s largest utility, reminds customers that proper handling and disposal of Mylar balloons prevents them from drifting into power lines and causing power outages. Public Service Electric & Gas Co. is prepared for the high winds and heavy rain forecasted for the service area tomorrow. 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.

Distribution related depreciation lowered Net Income by $0.01 per share. This exceeds our goal of 85% by Friday.

As of 8:45 a.m., PSEG Long Island reports 31,857 total customers without power. As of 4:45 p.m., PSE&G has restored service to about 558,400, or 97%, of the 575,000 customers affected by Tropical Storm Isaias. 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).

The utility's third quarter results reflected several items that largely reflect tax adjustments that are timing in nature. Customers can apply for the Low Income Home Energy Assistance Program (LIHEAP) until  July 31, 2020. 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. Investment in transmission added $0.04 per share to third quarter Net Income. 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. 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. 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. The pandemic has made many more Long Island families wonder where they are getting their next meal. Working 16-hour shifts, PSEG Long Island crews have made significant progress restoring customers impacted by the strong winds and hazardous gusts. The heavy rain, lightning and gusty winds may cause tree limbs to break and pull down wires, causing outages. 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. 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. Re-contracting and market impacts reduced results by $0.02 per share versus the year-ago quarter. Registration on or use of this site constitutes acceptance of our Terms of Service and Privacy Policy. This compares to earnings of $0.98 per share a year ago. Photo Caption: Valley Stream resident and PSEG Long Island employee Patricia Miles (right) helps Long Island Cares to dispense food boxes at her church to families who have become food insecure from the COVID-19 pandemic. View original content to download multimedia:http://www.prnewswire.com/news-releases/pseg-announces-2020-third-quarter-results-301163795.html. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock.

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. (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. Investment in transmission added $0.04 per share to third quarter Net Income. PSEG, which belongs to the Zacks Utility - Electric Power industry, posted revenues of $2.37 billion for the quarter ended September 2020, missing the Zacks Consensus Estimate by 6.06%. A cold front is expected to pass through the area tomorrow afternoon, bringing thunderstorms and strong winds with peak gusts up to 50 mph possible through the evening. 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. 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. (NEWARK, N.J. – August 13, 2020) In the dog days of summer you may not be thinking about your heating system, but chilly weather will be here before you know it. 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. Public Service Electric & Gas Co., New Jersey’s largest utility, is prepared for the forecasted weather that could bring thunderstorms and strong winds to the company’s service territory through Friday. 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.

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