PSEG Hosts Financial Presentation
March 18 2009 - 7:30AM
PR Newswire (US)
Reaffirms 2009 Guidance of $3.00-$3.25 Per Share NEWARK, N.J.,
March 18 /PRNewswire-FirstCall/ -- Ralph Izzo, chairman, president
and chief executive officer of PSEG, spoke at a conference in New
York hosted by the company for the financial community. Izzo, and
members of his senior management team, described a company in solid
financial condition, a commitment to operational excellence, and a
strong balance sheet with a greatly reduced risk profile positioned
for organic growth opportunities -- especially utility related
capital projects at a fair return. Izzo said that PSEG's financial
strength and low dividend payout ratio (41%-44%) also provides the
opportunity for growth. PSEG recently declared a 3.1% increase in
its quarterly common dividend rate to a current annual rate of
$1.33 per share which is payable to shareholders on or before March
31, 2009. A copy of the presentation can be accessed at
http://www.pseg.com/investor. FORWARD-LOOKING STATEMENT Readers are
cautioned that statements contained in this press release about our
and our subsidiaries' future performance, including future
revenues, earnings, strategies, prospects and all other statements
that are not purely historical, are forward-looking statements for
purposes of the safe harbor provisions under The Private Securities
Litigation Reform Act of 1995. Although we believe that our
expectations are based on reasonable assumptions, we can give no
assurance they will be achieved. The results or events predicted in
these statements may differ materially from actual results or
events. Factors which could cause results or events to differ from
current expectations include, but are not limited to: -- Adverse
Changes in energy industry, policies and regulation, including
market rules that may adversely affect our operating results. --
Any inability of our energy transmission and distribution
businesses to obtain adequate and timely rate relief and/or
regulatory approvals from federal and/or state regulators. --
Changes in federal and/or state environmental regulations that
could increase our costs or limit operations of our generating
units. -- Changes in nuclear regulation and/or developments in the
nuclear power industry generally, that could limit operations of
our nuclear generating units. -- Actions or activities at one of
our nuclear units that might adversely affect our ability to
continue to operate that unit or other units at the same site. --
Any inability to balance our energy obligations, available supply
and trading risks. -- Any deterioration in our credit quality. --
Any inability to realize anticipated tax benefits or retain tax
credits. -- Increases in the cost of or interruption in the supply
of fuel and other commodities necessary to the operation of our
generating units. -- Delays or cost escalations in our construction
and development activities. -- Adverse investment performance of
our decommissioning and defined benefit plan trust funds and
changes in discount rates and funding requirements. -- Changes in
technology and/or increased customer conservation. For further
information, please refer to our Annual Report on Form 10-K,
including item 1A. Risk Factors, and subsequent reports on Form
10-Q and Form 8-K filed with the Securities and Exchange
Commission. These documents address in further detail our business,
industry issues and other factors that could cause actual results
to differ materially from those indicated in this release. In
addition, any forward-looking statements included herein represent
our estimates only as of today and should not be relied upon as
representing our estimates as of any subsequent date. While we may
elect to update forward-looking statements from time to time, we
specifically disclaim any obligation to do so, even if our
estimates change, unless otherwise required by applicable
securities laws. Public Service Enterprise Group (PSEG) (NYSE:PEG)
is a publicly traded diversified energy company with annual
revenues of more than $13 billion, and three principal
subsidiaries: PSEG Power, PSEG Energy Holdings, and Public Service
Electric and Gas Company (PSE&G). PSEG Power, one of the
largest independent power producers in the U.S. has three main
subsidiaries: PSEG Fossil, PSEG Nuclear, and PSEG Energy Resources
& Trade. PSEG Energy Holdings has two main unregulated
energy-related businesses: PSEG Global and PSEG Resources.
PSE&G, New Jersey's oldest and largest regulated gas and
electric delivery utility, serves nearly three-quarters of the
state's population. DATASOURCE: Public Service Enterprise Group
CONTACT: Jenn Kramer of Public Service Enterprise Group,
+1-973-430-6027 Web Site: http://www.pseg.com/
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