PSEG Declares 1.4% Increase In Quarterly Dividend
Annual rate goes to $1.44 from $1.42 per share
NEWARK, N.J., Feb. 19, 2013
NEWARK, N.J., Feb. 19, 2013 /PRNewswire/ --The board of directors of Public
Service Enterprise Group (NYSE: PEG) declared a 1.4% increase in the company's
common dividend today. Today's action continues PSEG's long history of paying
a common dividend. PSEG has paid annual dividends on an uninterrupted basis
(Logo: http://photos.prnewswire.com/prnh/20120830/MM62627LOGO )
The board increased the quarterly dividend to 36 cents per share, a 1.4%
increase over the company's existing quarterly dividend rate of 35.5 cents per
share. The first dividend in 2013 is payable on March 29, 2013, to
shareholders of record on March 8, 2013.
The board's action increases the indicated annual common stock dividend rate
to $1.44 per share from $1.42 per share.
Ralph Izzo, PSEG chairman, president and chief executive officer said, "We are
pleased to be in a financially sound position which enables us to continue to
increase the cash return to our shareholders. We have substantially reduced
the operating and financial risk at PSEG, and our cash flow remains strong.
This latest action by the Board represents the ninth increase in the dividend
over the past ten years. The increased contribution to earnings from our more
stable, regulated business along with continued cash flow from our generation
business should allow for future consideration of dividend increases." All
future changes in the common dividend are subject to board approval.
Forward Looking Statement
Certain of the matters discussed in this report constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements are subject to risks and
uncertainties, which could cause actual results to differ materially from
those anticipated. Such statements are based on management's beliefs as well
as assumptions made by and information currently available to management. When
used herein, the words "anticipate," "intend," "estimate," "believe,"
"expect," "plan," "should," "hypothetical," "potential," "forecast,"
"project," variations of such words and similar expressions are intended to
identify forward-looking statements. Factors that may cause actual results to
differ are often presented with the forward-looking statements themselves.
Other factors that could cause actual results to differ materially from those
contemplated in any forward-looking statements made by us herein are discussed
in Item 1A. Risk Factors, Item 7. Management's Discussion and Analysis of
Financial Condition and Results of Operations (MD&A), Item 8. Financial
Statements and Supplementary Data — Note 13. Commitments and Contingent
Liabilities, and other factors discussed in filings we make with the United
States Securities and Exchange Commission (SEC).
These factors include, but are not limited to:
oadverse changes in the demand for or the price of the capacity and energy
that we sell into wholesale electricity markets,
oadverse changes in energy industry law, policies and regulation, including
market structures and a potential shift away from competitive markets
toward subsidized market mechanisms, transmission planning and cost
allocation rules, including rules regarding how transmission is planned
and who is permitted to build transmission in the future, and reliability
oany inability of our transmission and distribution businesses to obtain
adequate and timely rate relief and regulatory approvals from federal and
ochanges in federal and state environmental regulations that could increase
our costs or limit our operations,
ochanges in nuclear regulation and/or general developments in the nuclear
power industry, including various impacts from any accidents or incidents
experienced at our facilities or by others in the industry, that could
limit operations of our nuclear generating units,
oactions or activities at one of our nuclear units located on a multi-unit
site that might adversely affect our ability to continue to operate that
unit or other units located at the same site,
oany inability to balance our energy obligations, available supply and
oany deterioration in our credit quality or the credit quality of our
counterparties, including in our leveraged leases,
oavailability of capital and credit at commercially reasonable terms and
conditions and our ability to meet cash needs,
ochanges in the cost of, or interruption in the supply of, fuel and other
commodities necessary to the operation of our generating units,
odelays in receipt of necessary permits and approvals for our construction
and development activities,
odelays or unforeseen cost escalations in our construction and development
oany inability to achieve, or continue to sustain, our expected levels of
oany equipment failures, accidents, severe weather events or other
incidents that impact our ability to provide safe and reliable service to
oincrease in competition in energy supply markets as well as competition
for certain rate-based transmission projects,
oany inability to realize anticipated tax benefits or retain tax credits,
ochallenges associated with recruitment and/or retention of a qualified
oadverse performance of our decommissioning and defined benefit plan trust
fund investments and changes in funding requirements, and
ochanges in technology and customer usage patterns.
All of the forward-looking statements made in this report are qualified by
these cautionary statements and we cannot assure you that the results or
developments anticipated by management will be realized or, even if realized,
will have the expected consequences to, or effects on, us or our business
prospects, financial condition or results of operations. Readers are cautioned
not to place undue reliance on these forward-looking statements in making any
investment decision. Forward-looking statements made in this report apply only
as of the date of this report. While we may elect to update forward-looking
statements from time to time, we specifically disclaim any obligation to do
so, even if internal estimates change, unless otherwise required by applicable
securities laws. The forward-looking statements contained in this report are
intended to qualify for the safe harbor provisions of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended.
Public Service Enterprise Group (NYSE: PEG) is a publicly traded diversified
energy company with annual revenues of more than $11 billion, and three
principal subsidiaries: PSEG Power, Public Service Electric and Gas Company
(PSE&G) and PSEG Energy Holdings.
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SOURCE Public Service Enterprise Group (PSEG)
Contact: Denise Denk, +1-973-430-6336
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