PSEG In Newark Reports ‘Strong Financial Results’ For The Year

NEWARK, NJ — Public Service Enterprise Group’s (PSEG) top executive gave a thumbs-up to the company’s financial results for the year as part of an earnings report released this week.

New Jersey’s largest gas and electric delivery public utility – which has a headquarters in Newark – successfully navigated last year's challenges, including inflation, supply chain disruptions, energy price spikes and a steep rise in interest rates, according to Ralph LaRossa, chair, president and chief executive officer of PSEG.

“We are pleased to report strong operating and financial results for 2022,” LaRossa said.

PSEG reported a full-year net income of $1.03 billion, or $2.06 per share, compared to a net loss of $648 million, or $1.29 per share, for full-year 2021.

According to LaRossa, PSEG is looking to clean energy as part of its financial future:

“We completed the sale of our fossil generating plants in February 2022, which simplified our business mix to approximately 90% regulated, and completed a $500 million share repurchase in May 2022. The passage of the Inflation Reduction Act last August will help to preserve the financial viability of our carbon-free nuclear fleet into the next decade, and creates valuable incentives in the near-term for our customers to transition to electric vehicles and advance New Jersey's decarbonization goals.”

During 2022, PSEG invested more than $3 billion upgrading its transmission and distribution infrastructure and in clean energy future programs, and plans to invest over $3.4 billion in these capital programs in 2023, the company noted.

In January 2023, PSEG announced it would sell its 25 percent equity interest in the Ocean Wind 1 offshore wind generation project to Ørsted. The sale is expected to close in the first half of 2023. PSEG said it has also decided not to exercise its option to purchase 50 percent of Ørsted's two Skipjack generating projects in Maryland or pursue an ownership interest in Ørsted's Ocean Wind 2 project or other offshore wind generation projects.

PSEG is evaluating its options for the potential sale of its 50 percent interest in Garden State Offshore Energy, which holds rights to an offshore wind lease area south of New Jersey, the company said Tuesday.

• See Related: PSEG Has 500 Open Jobs In Newark; 'Clean Energy' Fuels Hiring Push
• See Related: NJ To Require All-Electric Cars, 100% Clean Energy By 2035
• See Related: PSEG To Invest $166M In Electric Vehicle Charging Stations In NJ

GAS BILLS GOING DOWN

On Wednesday, PSEG announced that it is lowering gas bills for its residential customers effective March 1.

The gas supply rate will be reduced by 3 cents per therm to approximately 47 cents per therm, reflecting a decrease in natural gas market pricing, resulting in a 2.6 percent annual bill reduction for residential customers. When the rate decrease takes effect, a PSEG residential customer who uses 100 therms per month will have a monthly winter gas bill of about $113, or $3 less than it is now.

PSE&G’s gas bills will remain the “lowest in the state,” the company said.

The latest gas rate decrease follows a similar announcement made in January. Read More: NJ Gas Bills Will Drop In February, PSEG Says (Here's How Much)

Send local news tips and correction requests to eric.kiefer@patch.com. Learn more about advertising on Patch here. Find out how to post announcements or events to your local Patch site. Don’t forget to visit the Patch Newark Facebook page.