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MarketScreener Homepage  >  Equities  >  NASDAQ OMX COPENHAGEN  >  Orsted A/S    ORSTED   DK0060094928

ORSTED A/S

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Orsted A/S : PSE&G's $1 bln New Jersey energy efficiency plan approved

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09/23/2020 | 01:41pm EDT

Sept 23 (Reuters) - New Jersey regulators on Wednesday approved Public Service Electric and Gas Co's (PSE&G) plan to invest $1 billion on energy efficiency programs over the next three years.

Parent company Public Service Enterprise Group Inc (PSEG) Chief Executive Ralph Izzo told Reuters the investments would cut customer bills by about $1 billion and stimulate economic growth by creating up to 4,300 jobs that will help the state recover from the impact of the COVID-19 pandemic.

PSE&G is the biggest power and gas company in New Jersey.

Izzo said the investment will also drive "significant progress" toward achieving New Jersey Governor Phil Murphy’s clean energy agenda by avoiding 8 million metric tons of carbon dioxide (CO2) through 2050.

New Jersey wants all of its electricity to come from non carbon emitting sources, like renewables and nuclear, by 2050.

PSEG said in July that it expects to sell its non-nuclear generating plants in 2021. That generation includes more than 6,700 megawatts (MW) of fossil-fired generation in New Jersey, Connecticut, New York and Maryland, and over 400 MW of solar power in various states.

"Our CO2 emissions (from power plants) are going to drop to zero by the end of 2021 as we exit the fossil generation business," Izzo said, noting the only big power plants the company plans to keep are the nuclear reactors, which produce about 90% of the New Jersey's carbon-free energy.

Izzo also said PSEG would decide over the next month or so on whether to invest in Orsted A/S' planned 1,100-MW offshore wind farm off the coast of New Jersey, which is expected to cost about $1.6 billion and enter service in 2024.

(Reporting by Scott DiSavino Editing by Marguerita Choy)


Stocks mentioned in the article
ChangeLast1st jan.
ORSTED A/S 3.07% 973 Delayed Quote.41.22%
PUBLIC SERVICE ENTERPRISE GROUP, INC. 1.77% 59.72 Delayed Quote.1.13%
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Financials
Sales 2020 58 870 M 9 235 M 9 235 M
Net income 2020 14 323 M 2 247 M 2 247 M
Net Debt 2020 21 055 M 3 303 M 3 303 M
P/E ratio 2020 27,1x
Yield 2020 1,17%
Capitalization 409 B 64 000 M 64 115 M
EV / Sales 2020 7,30x
EV / Sales 2021 7,28x
Nbr of Employees 6 731
Free-Float 44,8%
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Technical analysis trends ORSTED A/S
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TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 23
Average target price 890,90 DKK
Last Close Price 973,00 DKK
Spread / Highest target 18,2%
Spread / Average Target -8,44%
Spread / Lowest Target -50,2%
EPS Revisions
Managers
NameTitle
Henrik Poulsen Chief Executive Officer
Thomas Thune Andersen Chairman
Marianne Wiinholt Chief Financial Officer
Benny Gøbel Non-Independent Director
Lene Skole-Sørensen Deputy Chairman
Sector and Competitors
1st jan.Capitalization (M$)
ORSTED A/S41.22%64 000
NEXTERA ENERGY22.25%145 873
ENEL S.P.A.-1.73%83 043
IBERDROLA, S.A.11.33%74 443
DOMINION ENERGY, INC.-2.26%66 972
DUKE ENERGY CORPORATION1.13%66 910