Unclear when court-granted surveys begin in power line project
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Yahoo
24-06-2025
- Yahoo
Unclear when court-granted surveys begin in power line project
It's not the news landowners were hoping to hear from federal court. "Obviously, we were very disappointed," executive director of River Valley Ranch Jon Bisset said. Last Friday, a judge ruled in favor of the Public Service Enterprise Group, granting them temporary access to more than 100 properties across Baltimore, Carroll and Frederick counties to conduct surveys required as part of their proposed Piedmont Reliability project. See more:
Yahoo
30-04-2025
- Yahoo
Public Service Enterprise Group (NYSE:PEG) Reports Q1 Earnings with US$3,222 Million Sales
Public Service Enterprise Group announced its first quarter 2025 earnings, showing growth in both sales and net income compared to the previous year. Additionally, a dividend of $0.63 per share was declared for the second quarter. Despite these favorable financial developments, the company's stock price moved flat over the last month against broader market trends. While the strong financial results and dividend declaration could have provided positive sentiment, this impact may have been counteracted by broader market declines, following a weak GDP report that influenced several major indices. Every company has risks, and we've spotted 2 warning signs for Public Service Enterprise Group (of which 1 is a bit concerning!) you should know about. Diversify your portfolio with solid dividend payers offering reliable income streams to weather potential market turbulence. The recent earnings growth and dividend declaration from Public Service Enterprise Group (NYSE:PEG), while showing robust internal financial health, did not spark immediate upward movements in its share price due to prevailing broader market conditions. Over a five-year period, however, the company's total return reached 94.28%, reflecting a strong performance when both share price appreciation and dividends are considered. This highlights a lengthy, positive growth trajectory despite short-term volatility, helping investors maintain confidence in its long-term prospects. Relative to the industry and market, PEG exceeded the US market return of 7.7% over the past year by achieving higher returns. Nevertheless, when compared to peer performance within the integrated utilities sector, the company closely matched the industry's 18% return, suggesting competitive positioning among its counterparts. The news of new clean energy investments and infrastructure improvements posits a potential uplift in future revenue and earnings forecasts. Analysts expect revenue to grow steadily, bolstered by these strategic investments, and aim for an earnings increase from US$1.8 billion in 2025 to US$2.4 billion by 2028. Accompanying these projections is a fair value price target of US$87.32, slightly above the current share price of US$82. Although this indicates limited short-term upside according to analyst expectations, the company's efforts could prove supportive of long-term shareholder value. Examine Public Service Enterprise Group's past performance report to understand how it has performed in prior years. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include NYSE:PEG. Have feedback on this article? Concerned about the content? with us directly. Alternatively, email editorial-team@ Sign in to access your portfolio
Yahoo
10-04-2025
- Yahoo
PSEG to file court order seeking temporary access to properties along MPRP to review land
The Public Service Enterprise Group, an energy company developing a transmission line that would cross three counties in Maryland, plans to file a court order on April 15 — the first of several filings — asking for temporary access to properties along the project route. PSEG needs to access properties in order to conduct field studies along the route of the Maryland Piedmont Reliability Project (MPRP), a 500,000-volt line that will extend for almost 70 miles across Frederick, Baltimore and Carroll counties. In Frederick County, the MPRP would run through the southeastern and southern parts of the county near New Market and Ijamsville, continue toward Buckeystown and Adamstown, and end at the Doubs substation. Maryland is requiring that PSEG conduct these studies, which will help illustrate the full environmental effects of the MPRP, to move the project forward. Thousands of residents and many elected officials from around Maryland have mobilized against the project and have expressed fear, anger and frustration about the MPRP cutting through properties or possibly hurting the environment. PSEG has a contract with PJM Interconnection, the company that coordinates electricity movement in 13 states and Washington, D.C., to build the MPRP to address anticipated increases in power demand. Part of this increased demand is due to new data centers to be sited in Maryland and Virginia, which are estimated to require up to 7,500 megawatts of electricity. Additionally, PJM has said that 11,000 megawatts of power generation across the grid have recently been deactivated while power demand continues growing. PSEG sent out about 800 letters in the fall to the owners of about 600 tracts of property who will be impacted by the MPRP route. Some of the land parcels have multiple owners. For months, land agents on behalf of PSEG have been reaching out to affected property owners to discuss the company temporarily accessing properties to conduct environmental surveys and field studies. Some owners have been offered compensation of $1,000 for a temporary right-of-entry. Most people have either not responded or denied PSEG's requests. Jason Kalwa, the project's director, said field data is used for most permits to confirm environmental conditions. He emphasized that gaining temporary access to properties through this court order would not be the same as PSEG using eminent domain. Eminent domain is a governmental power to seize private property for public use with just compensation. PSEG will not have access to the properties anymore after completing the field surveys. A judge would decide how much time to grant. 'The property owners are not giving up any other rights. This is temporary access. This is effectively to allow our experts, environmental and otherwise, to walk on the property, take an assessment of what they see there,' Kalwa said in an interview. '... It's not eminent domain. It gives us no permanent rights to the property. It merely gives us access to the property to conduct surveys, which are necessary for many types of permits out there.' PSEG is asking for a Certificate of Public Convenience and Necessity from the Maryland Public Service Commission as part of developing the MPRP. This certificate authorizes the construction or modification of a new generating station or high-voltage transmission lines and is necessary for the MPRP to move forward. 'The MPRP will prevent extensive, severe, and widespread thermal overloads and voltage collapse conditions (reliability violations) from occurring on the bulk transmission system that serves Maryland electric customers and the surrounding region,' PSEG said in its application. On March 26, the Power Plant Research Program, which is part of the Maryland Department of Natural Resources, said PSEG's certificate application is incomplete — it doesn't have enough information on alternative project routes or specific environmental and socioeconomic impacts. The Maryland Public Service Commission said on Jan. 10 that it would start making a procedural schedule to move the application forward once the Power Plant Research Program deemed the application as complete. The program said PSEG didn't provide 'any discussion detailing why each of the alternative routes other than the proposed route ... were rejected and instead, focuses on why the proposed route was selected.' The program also said the application doesn't adequately show the environmental and socioeconomic consequences of the MPRP's construction and operation. Specifically, the application doesn't include field studies, which are necessary to verify that the MPRP's impacts are correctly documented and appropriate mitigation actions are taken. The program said the application lacked these field-based surveys: * Wetland delineations * Forest stand delineations * Geotechnical surveys * Surveys on sensitive species project review areas * Maryland Historical Trust-required field surveys 'Without field-based information, [the program] cannot fully evaluate the Project's impacts to Maryland's socioeconomic and natural resources,' the program said in a letter to the Public Service Commission dated March 26. The Power Plant Research Program said it isn't opposed to scheduling a prehearing conference for PSEG's application to set a limited procedural schedule, but it still needs more information outlined in its letter to finish assessing PSEG's application. Once it's determined that the application is complete, further procedural dates can be scheduled. Need to seek judicial support The same day the program gave its letter to the commission, PSEG filed a response asking for a prehearing conference to be held to create a procedural schedule so the MPRP can be built by June 1, 2027 — the date that PJM said the MPRP has to start operating. To meet this deadline, PSEG has to start constructing the transmission line by January and therefore needs a Certificate of Public Convenience and Necessity by then. PSEG also wants the conference to be held to rule on more than 170 petitions to intervene, most of which were filed by people with properties on or near the MPRP route. A petition to intervene is a request to become a formal party in a case and be able to actively participate in the legal process and influence the outcome of a project. PSEG also asked the Public Service Commission to determine its application is complete for the purpose of setting a procedural schedule. The company said the information the Power Plant Research Program wants 'go to issues that [the program] would like to better understand and not as required information that is missing' under Maryland law. Still, PSEG anticipated that the Power Plant Research Program would ask for field studies, which is why the company has been trying to access properties. Its response says that where 'necessary and appropriate, the Company may also need to seek judicial support to conduct the surveys.' Bill Smith, a PSEG spokesperson, said the court filing PSEG plans to submit on April 15 will involve getting temporary access to about 90 properties. There will be multiple filings requesting temporary access if PSEG can't negotiate with the remaining property owners for voluntary rights-of-entry. The company is still willing to have discussions with landowners regarding compensation for rights-of-entry to avoid taking court action. Kalwa said PSEG is aware that some property owners are extremely hostile to the company and won't welcome the idea of company representatives walking on their land. 'The safety and security of our team, the contractors that work for us, members of the public are of utmost importance. ... We just ask for folks' patience throughout all of this. We understand it's difficult,' he said. 'For the folks that don't want to talk to us, if they could, if they'd be willing to have a conversation with us, I think they'll find us to be reasonable, and hopefully, that'll calm some of their fears.'
