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Public Service Enterprise Group Reiterates FY19 Operating Earnings Outlook

Public Service Enterprise Group Inc. or PSEG (PEG) said that it held its Annual Investor Conference in New York on Wednesday. The company reaffirmed its fiscal 2019 adjusted operating earnings outlook in a range of $3.15 to $3.35 per share.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $3.27 per share for the year. Analysts' estimates typically exclude special items.

Ralph Izzo, PSEG chairman, president and CEO, told the financial community, "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, PSEG has forecast that its regulated operations will contribute about 75 percent of its adjusted operating earnings. Based on the future capital allocation, PSE&G's contribution to the overall results is expected to increase over time.

PSE&G said it'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.

The company noted that PSEG Power is nearing completion of its 1,800 MW combined cycle 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.

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