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PSEG to run most of New York's LIPA utility

Long Island Power Authority, a state-owned New York utility company that was criticized for its response during last year's Superstorm Sandy, will see most of its operations taken over by a private company, New York Governor Andrew Cuomo said on Monday.Public Service Enterprise Group Inc , a private utility in neighboring New Jersey, will take over management of LIPA's operations next year. Lawmakers faulted a bifurcated system where operations were partly run through a services agreement with UK power company National Grid Plc .Sandy in October left more than 90 percent of the 1.1 million LIPA customers on Long Island without power, some for more than two weeks.LIPA's services agreement with National Grid is due to expire at the end of 2013. PSE&G was already set to take over as the system's operator but the governor's proposal will see that role expanded to take over most of the company's operations."LIPA is broken and LIPA has to go away," Cuomo said at a press conference in the sta...

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  1. Millions Still Without Power as Recovery Efforts Continue

    More than 1.3 million homes and businesses in New York and 1.4 million in New Jersey were still without power on Friday, four days after Hurricane Sandy slammed into...

  2. Millions still without power in NY, NJ after Sandy

    More than 1.3 million homes and businesses in New York and 1.4 million in New Jersey were still without power on Friday, four days after Hurricane Sandy slammed into...

  3. PSEG 3rd-Quarter Net Up 18% on Fewer One-Time Costs

    Public Service Enterprise Group Inc.'s (PEG) third-quarter profit rose 18% as the electric-and-gas utility saw fewer one-time costs boost results, despite falling en...

  4. Looming Dividend Tax Hike

    PSEG CFO Caroline Dorsa fears the dividend tax hike will hurt business.

  5. U.S. Appeals Court Vacates EPA Cross-State Pollution Rule

    A federal appeals court Tuesday vacated the Environmental Protection Agency's latest rule limiting soot and smog-forming air pollution that crosses state lines.The U...

  6. High-Grade, Corporate-Bond Yields Notch Another Record Low

    Corporate-bond yields are again at levels never seen before.Driven by Friday's rally for the safety of Treasurys after weaker-than-expected U.S. April nonfarm payrol...

  7. PSEG 1Q Profit Falls 6.3% Amid Warmer Weather, Lower Energy Prices

    DOW JONES NEWSWIRESPublic Service Enterprise Group Inc.'s (PEG) first-quarter earnings fell 6.3% as the electric and gas utility's revenue was hurt by warmer-than-ty...

  8. Utilities Sector Wrap

    During trading today, the Utilities sector (XLU) showed little change while the S&P 500 fell 1.2%.The ETF is beating its 50-day moving average by 2% and its 200-day ...

  9. Kohl's Corporation, Itau Unibanco Among Stocks Down on High Volume Thursday

    These stocks are down on high volume today:Kohl's Corporation (NYSE:KSS) saw its price drop on above-normal volume today, as 9.4 million shares have changed hands or...

  10. PSEG 4Q Profit Rises 28% Amid Mark-To-Market Impacts

    DOW JONES NEWSWIRESPublic Service Enterprise Group Inc.'s (PEG) fourth-quarter earnings rose 28% amid mark-to-market impacts though the electric and gas utility was ...

  11. Wells Fargo Cuts Power Firms To Market Perform

    Wells Fargo on Tuesday cut its rating on NextEra Energy , Public Service Enterprise Group Inc. and Southern Co. to market perform from outperform. The move came as a...

  12. Judge to rule this week on Dynegy restructuring

    By Tom HalsWILMINGTON, Delaware (Reuters) - A Delaware court is likely to rule by Friday on whether Dynegy Inc's <DYN.N> proposed debt restructuring should be put ho...

  1. PSEG 1st-Quarter Net Falls 35% as Revenue Continues to Slide

    Public Service Enterprise Group Inc.'s (PEG) first-quarter earnings fell 35%, partly due to storm-restoration costs, while the New Jersey utility company's revenue w...

  2. PSEG 4th-Quarter Net Down 38% on Weaker Energy Prices, Storm Costs

    Public Service Enterprise Group Inc.'s (PEG) fourth-quarter earnings fell 38% as the electric-and-gas utility continued to face weaker energy prices and posted some ...

  3. PSEG Unveils $3.9 Billion Plan to Shore Up Infrastructure to Better Withstand Major Storms

    Public Service Enterprise Group Inc. (PEG) plans to spend $3.9 billion over the next 10 years to strengthen its electric and gas infrastructure in the wake of what t...

  4. PSEG Estimates Sandy, Nor'easter Costs of $250 Million to $300 Million

    Public Service Enterprise Group Inc. (PEG) estimated that restoring its distribution and transmission system after Hurricane Sandy and the subsequent Nor'easter will...

  5. PSEG Sees Sandy, Nor'easter Cost Of Up To $300 Mln

    Public Service Enterprise Group Inc. said Tuesday costs associated with superstorm Sandy and a subsequent Nor'easter totaled $250 million to $300 million. Sandy left...

  6. PSEG's Salem 2 Reactor Shut Down Sunday Due to Valve Issue on Non-Nuclear Side -South Jersey Times

    Public Service Enterprise Group Inc.'s (PEG) Salem 2 nuclear reactor in southern New Jersey shut down Sunday due to a valve issue on the non-nuclear side of the plan...

  7. Millions in Northeast Still in the Dark Days After Storm

    More than 2.5 million utility customers in New York, New Jersey and other states remained without electricity Saturday as utility company crews struggled to repair w...

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