1. PSEG Long Island's contract extended for five more years. 2. Contract extension supports ongoing electric grid operation in Long Island. 3. PSEG Long Island achieved high reliability and customer satisfaction since 2014. 4. Contract approval is pending from New York State officials. 5. PSEG focuses on sustainability and clean energy solutions.
The contract extension provides stable operational revenue and earnings visibility for PSEG, similar to how past long-term contracts boosted similar utilities' valuations.
The contract extension directly affects PSEG's financial stability and growth prospects, significantly influencing investor sentiment.
This contract secures five years of revenue, which can enhance investor confidence and stabilize future cash flows, similar to past utility contracts.
LIPA Board of Trustees awards PSEG Long Island extension of existing contract for five years continuing the successful partnership for the last 12 years.
NEWARK, N.J., Sept. 25, 2025 /PRNewswire/ -- The Long Island Power Authority Board of Trustees has awarded PSEG Long Island an extension on the existing contract to continue to operate the electric grid on Long Island and in the Rockaways for the next five years.
PSEG Long Island, a subsidiary of PSEG, has operated the electric grid on Long Island and in the Rockaways on behalf of LIPA since 2014. This current contract was set to expire in December 2025. The operations services agreement between LIPA and PSEG Long Island will be extended beginning Jan. 1, 2026, and run through Dec. 31, 2030.
"PSEG is proud to continue its successful partnership with LIPA for the next five years and continue to provide outstanding electric service on Long Island and in the Rockaways," said Ralph LaRossa, chair of the board, president and CEO of PSEG. "Since 2014, PSEG Long Island has become the No. 1 overhead electric service provider in the State of New York in reliability and customer satisfaction."
Now that the LIPA Board of Trustees has voted, the contract extension will need to be approved by the New York State Comptroller and the New York State Attorney General.
Since 2014, PSEG Long Island has:
PSEG is looking forward to continuing the successful partnership with LIPA over the next five years and continuing to improve reliability and customer satisfaction on Long Island and in the Rockaways.
About PSEG
Public Service Enterprise Group (PSEG) (NYSE: PEG) is a predominantly regulated infrastructure company focused on a clean energy future. Guided by its Powering Progress vision, PSEG aims to power a future where people use less energy, and it's cleaner, safer and delivered more reliably than ever. With a continued focus on sustainability, PSEG has appeared on the Dow Jones Sustainability North America Index for 17 consecutive years. PSEG is included on the 2023-2024 list of U.S. News' Best Companies to Work For. PSEG's businesses include Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island (https://corporate.pseg.com).
Forward-Looking Statements
The statements contained in this press release that are not purely historical are "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. Factors that may cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K filed with the Securities and Exchange Commission (SEC), and available on our website: https://investor.pseg.com. All of the forward-looking statements made in this press release 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, results of operations or cash flows. Readers are cautioned not to place undue reliance on these forward-looking statements in making any investment decision. Forward-looking statements made in this press release apply only as of the date hereof. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even in light of new information or future events, unless otherwise required by applicable securities laws.
CONTACTS:
Investor Relations
pseg-investorrelations@pseg.com
Media Relations
DL-ENT-pseg.communications@pseg.com
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SOURCE PSEG