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February 19, 2014
05:15 EDTPEGPSEG Long Island, Local 1049 reach tentative agreement on contract extension
PSEG Long Island announced it reached a tentative agreement on a contract extension with its labor union, Local 1049 of the International Brotherhood of Electrical Workers. The proposed 21-month agreement, which is subject to a ratification vote by IBEW Local 1049 membership in the coming weeks, covers nearly 1,400 PSEG Long Island employees who operate and support the Long Island transmission and distribution system. The agreement calls for annual incremental increases in base wages of 2%, effective February 14, 2015, and 2.25%, effective February 14, 2016. Additionally, the agreement would deliver a lump sum bonus of $500 per member, to be paid February 1, 2015. The agreement replaces a contract that would have expired February 13, 2015, and will run through November 12, 2016.
News For PEG From The Last 14 Days
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March 2, 2015
09:31 EDTPEGPSEG reaffirms FY15 EPS view $2.75-$2.95, consensus $2.86
PSEG said that its five-year capital spending program of $13B is expected to yield a third year of sustained growth in operating earnings. Speaking at the company's Annual 2015 Investor Conference in New York, Ralph Izzo, PSEG chairman and CEO, told the financial community that the company expects to spend about $13B in capital investments through 2019, primarily on transmission and other critical infrastructure projects by its electric and gas utility, PSE&G. The utility's capital plan of $11B includes PJM-mandated transmission upgrades to relieve projected system overloads and maintain reliability for millions of customers. It also now includes $1.2B in upgrades, approved in May 2014, to make electric and gas systems more resilient and "Energy Strong" in the wake of severe storms.
09:29 EDTPEGPSEG has reached favorable entry point, says Argus
After PSEG announced that its 2014 revenue rose 9.2%, Argus expects the company to continue to benefit from what the firm sees as its strong cost controls, solid operating cash flow, growing financial strength, and favorable regulatory environment. The firm keeps a $47 price target and Buy rating on the shares.
08:11 EDTPEGPSE&G announces 5-year $1.6B proposal to replace gas infrastructure
Public Service Electric and Gas Company, New Jersey's largest utility, announced a proposal to invest $1.6B over the next 5 years to proactively modernize its gas systems supporting a safe, clean, reliable gas system well into the future. The utility requested the funding, about $320M per year, in a filing with the New Jersey Board of Public Utilities. PSE&G's Gas System Modernization Program would include replacing an average of approximately 160 miles of cast iron and unprotected steel gas mains, and about 11,000 unprotected steel service lines to homes and businesses per year, over five years. The mains and service lines would 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.
08:01 EDTPEGPSEG to hold a meeting
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February 20, 2015
07:40 EDTPEGPSEG reports Q4 PSE&G operating earnings 32c
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07:40 EDTPEGPSEG sees FY15 operating EPS $2.75-$2.95, consensus $2.76
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07:39 EDTPEGPSEG reports Q4 operating EPS 49c, consensus 46c
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February 19, 2015
15:32 EDTPEGNotable companies reporting before tomorrow's open
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February 18, 2015
07:13 EDTPEGNational Association of Regulatory Utility Commission to hold a meeting
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