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MarketScreener Homepage  >  Equities  >  Nyse  >  Public Service Enterprise Group    PEG

PUBLIC SERVICE ENTERPRISE GROUP

(PEG)
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Public Service : PSE&G Prepared to Meet Heat Demand in Frigid Weather

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01/11/2019 | 02:59pm EST

(NEWARK, N.J. - January 11, 2019) Public Service Electric and Gas Company (PSE&G), New Jersey's largest utility, is monitoring its gas system and has assigned additional personnel to ensure it can meet the heating demands of customers. The utility is prepared to respond quickly to emergency 'no heat' calls and electric outages during the frigid weather predicted for the weekend.

'We understand just how essential heat is in cold weather and we're managing our gas distribution operations to ensure our customers have the gas they need to keep their homes warm and businesses running,' said Joe Forline, PSE&G vice president - gas operations. 'The infrastructure investments we've made to strengthen our gas system's performance are ensuring safe, reliable service.'

Since Jan. 1, the utility has received about 7,300 'no heat' calls from customers. 'We expect an additional 4,750 'no heat' calls today through Monday when people are home, and furnaces and boilers are working extra hard,' said Forline. 'Customers should be aware that although their heating systems may be working properly, the frigid temperatures make it difficult for furnaces to maintain the same thermostat setting.'

If your heating system is not working properly or if you need to report a 'no heat' incident, schedule an appointment online through My Account or by calling 800-436-PSEG (7734).

Your safety is important to us, so please:

  • If you smell gas, act fast. Open windows and doors. Go outside, at least 350 feet away from the source, or to a neighbor's house. Call the PSE&G gas safety line, 1-800-880-PSEG (7734), or call 911.
  • Never use a gas range to heat a room or apartment. The appliance will deplete oxygen from the air, which can cause asphyxiation or deadly carbon monoxide poisoning.
  • Remember to check your carbon monoxide and smoke detectors for proper operation and replace their batteries at least once every year. While CO poisoning is a year-round threat, it is much more common in cold weather when more fuel-heating appliances are in use.
  • If you are on life-sustaining medical equipment, ensure that you have alerted PSE&G in advance and notify your local police and fire departments. For more information, visit pseg.com/life.

###

Public Service Electric and Gas Company (PSE&G) is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE:PEG), a diversified energy company.

Disclaimer

PSEG - Public Service Enterprise Group Inc. published this content on 11 January 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 11 January 2019 19:58:08 UTC

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Financials ($)
Sales 2018 9 645 M
EBIT 2018 2 421 M
Net income 2018 1 571 M
Debt 2018 14 782 M
Yield 2018 3,19%
P/E ratio 2018 18,30
P/E ratio 2019 17,54
EV / Sales 2018 4,48x
EV / Sales 2019 4,25x
Capitalization 28 467 M
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Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 58,1 $
Spread / Average Target 3,2%
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Managers
NameTitle
Ralph Izzo Chairman, President & Chief Executive Officer
Ralph A. LaRossa Chief Operating Officer
Daniel J. Cregg Chief Financial Officer & Executive Vice President
Richard J. Swift Independent Director
Albert R. Gamper Independent Director
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