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

PUBLIC SERVICE ENTERPRISE GROUP

(PEG)
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Public Service : PSEG Long Island's Customers Save $250 Million in Energy Costs

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01/12/2019 | 08:03am EDT

UNIONDALE, New York, Jan. 10 -- Public Service Electric and Gas Long Island, a subsidiary of Public Service Enterprise Group, issued the following news release:

* * *

- On National Cut Your Energy Costs Day, customers commended for saving nearly 1.4 billion kilowatt hours through energy efficiency programs since 2014

* * *

PSEG Long Island proudly announces that business and residential customers throughout Long Island and the Rockaways have saved an estimated $250 million on their bills over the past five years by taking advantage of PSEG Long Island's energy efficiency programs.

Customers upgraded lighting fixtures and lightbulbs, appliances, refrigeration, heating and cooling, and completed other energy efficiency modifications, earning $221 million in rebates in addition to the $250 million in energy savings. The upgrades have saved an estimated 1.4 billion kilowatt hours of energy since Jan. 1, 2014, which is significant--the equivalent of powering 172,645 homes for one year.

In recognition of National Cut Your Energy Costs Day - Jan. 10 - PSEG Long Island commends its customers for making a commitment to the environment by taking advantage of cost-effective, energy-saving upgrades to their homes and businesses. National Cut Your Energy Costs Day encourages people to look for ways to reduce energy costs and save on their energy bills.

"Since 2014, our customers have saved hundreds of millions of dollars by taking advantage of PSEG Long Island rebates and other energy efficiency programs and incentives," said Michael Voltz, director of energy efficiency and renewables, PSEG Long Island. "The savings is great for our customers' wallets, and also contributes to a cleaner environment."

Over the past five years, residential customers purchased more than 21 million ENERGY STAR lightbulbs and fixtures as well as 135,000 ENERGY STAR appliances. This resulted in customers earning $55 million in rebates and a total estimated annual energy savings of 778 million kilowatt hours.

In the past five years, PSEG Long Island residential customers also completed 28,000 Home Energy Assessments, both online and in person. Residents recycled 21,000 old, energy-wasting appliances and replaced washers and dryers, pool pumps, dehumidifiers, in-room air conditioners, and other home appliances with energy efficient models. To find out more about available assessment tools, visit: https://www.psegliny.com/saveenergyandmoney/homeefficiency/homeassessments.

Business customers have completed 17,500 projects, earning $137 million in rebates and incentives in the same time period. The installed energy conservation measures are expected to save 534 million kilowatt hours in annual energy savings this year alone.

Here are some simple tips that can help save money and energy on National Cut Your Energy Costs Day and every other day of the year:

* A single LED bulb will save a household approximately $230 over the lifetime of each bulb. According to the U.S. Department of Energy, lighting accounts for 15 percent of home electric use. Replacing incandescent light bulbs with energy efficient bulbs and fixtures will save energy and money.

* Items plugged into outlets can waste electricity just by being plugged in, even when they're turned off. This is sometimes referred to as "phantom power." A simple way to eliminate this avoidable usage is to unplug electronic devices when they're not in use or use an energy efficient power strip.

* Using timers and motion detectors on indoor and outdoor lighting to automatically turn lights on and off is another way to save energy.

Independent annual evaluations by Opinion Dynamics Corporation have found PSEG Long Island's energy efficiency and renewable energy programs generate energy savings that are cost-effective. In its evaluation for 2017, Opinion Dynamics found that the PSEG Long Island Energy Efficiency Program generated $1.90 in benefits to the utility and its customers for every $1 in costs to operate the program, including rebates.

For additional information and to learn how to cut energy use every day visit, https://www.psegliny.com/efficiency. Be part of the conversation on National Cut Your Energy Costs Day by using the hashtag: #CutYourEnergyCostsDay.

© 2019 Targeted News Service, source News Service

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Financials ($)
Sales 2019 10 389 M
EBIT 2019 2 606 M
Net income 2019 1 703 M
Debt 2019 16 024 M
Yield 2019 3,14%
P/E ratio 2019 17,05
P/E ratio 2020 17,26
EV / Sales 2019 4,46x
EV / Sales 2020 4,35x
Capitalization 30 331 M
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Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 62,9 $
Spread / Average Target 4,7%
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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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