PSEG Long Island Extends Contract to Enhance Electric Grid Services
PSEG Long Island Extends Contract to Enhance Electric Grid Services
The Long Island Power Authority (LIPA) Board of Trustees has officially granted PSEG Long Island a new contract extension, enabling them to manage the electric grid operations for an additional five years. This decision underscores their successful collaboration spanning over twelve years.
PSEG Long Island operates as a subsidiary of PSEG, having taken charge of the electric grid operations since 2014. Following the recent approval, this contract extension will now take effect starting in early 2026 and persist until the end of 2030, ensuring continuous quality service to the region.
Ralph LaRossa, the board chair, president, and CEO of PSEG, expressed the company’s pride in maintaining its partnership with LIPA. “We are excited to deliver exceptional electric service across Long Island and the Rockaways for another five years. PSEG Long Island has become the leading provider of overhead electric services in New York, recognized for reliability and customer satisfaction since 2014,” he stated.
The contract’s approval is pending verification by the New York State Comptroller and the New York State Attorney General, which is a standard procedure for such significant agreements.
Improvements and Achievements Since 2014
Since commencing operations on behalf of LIPA, PSEG Long Island has recorded notable improvements in service quality:
- There has been a remarkable 35% reduction in the frequency of outages, evidenced by the System Average Interruption Frequency Index (SAIFI).
- Additionally, the duration of outages has decreased by 21%, as measured by the System Average Interruption Duration Index (SAIDI).
- Momentary outages have dropped significantly, with a 63% reduction in the Momentary Average Interruption Frequency Index (MAIFI).
- PSEG Long Island has improved workforce safety by over 75%, as indicated by the OSHA Recordable Incident Rate.
- Throughout nine of the last eleven years, PSEG has maintained the lowest complaint rate among electric utilities in New York State.
- The company has achieved the most significant improvement in customer satisfaction rankings among residential and business groups in the nation according to J.D. Power.
- Customer rate increases have remained the lowest compared to other regional utilities, ensuring affordable services for its customers.
Looking Ahead for PSEG Long Island
As PSEG Long Island moves forward, the focus remains on enhancing reliability and customer satisfaction. The extension of their contract with LIPA allows them to continue making strides in providing top-notch electric services, ensuring that residents of Long Island enjoy a stable and dependable electrical supply.
About PSEG
PSEG, or Public Service Enterprise Group, operates under the vision of a clean energy future. As a predominantly regulated infrastructure company, it aims to foster an environment where energy consumption is minimal, and services are cleaner and delivered efficiently. Their commitment to sustainability is evident as they have been recognized on the Dow Jones Sustainability North America Index for 17 consecutive years. PSEG encompasses various businesses, including Public Service Electric and Gas Co. (PSEG), PSEG Power, and PSEG Long Island.
Frequently Asked Questions
What is the duration of the PSEG Long Island contract extension?
The contract extension runs for five years, from January 1, 2026, to December 31, 2030.
When did PSEG Long Island begin operating the electric grid?
PSEG Long Island has been overseeing the electric grid operations since 2014.
What improvements has PSEG Long Island made in service reliability?
Notable improvements include a 35% reduction in outage frequency and a 21% decrease in outage duration.
Why is the contract extension significant?
It reflects PSEG's commitment to providing reliable electric service and enhancing customer satisfaction on Long Island.
What is the overall vision of PSEG?
PSEG aims to create a clean energy future by ensuring minimal energy consumption and providing reliable service.
About The Author
Contact Thomas Cooper privately here. Or send an email with ATTN: Thomas Cooper as the subject to contact@investorshangout.com.
About Investors Hangout
Investors Hangout is a leading online stock forum for financial discussion and learning, offering a wide range of free tools and resources. It draws in traders of all levels, who exchange market knowledge, investigate trading tactics, and keep an eye on industry developments in real time. Featuring financial articles, stock message boards, quotes, charts, company profiles, and live news updates. Through cooperative learning and a wealth of informational resources, it helps users from novices creating their first portfolios to experts honing their techniques. Join Investors Hangout today: https://investorshangout.com/
The content of this article is based on factual, publicly available information and does not represent legal, financial, or investment advice. Investors Hangout does not offer financial advice, and the author is not a licensed financial advisor. Consult a qualified advisor before making any financial or investment decisions based on this article. This article should not be considered advice to purchase, sell, or hold any securities or other investments. If any of the material provided here is inaccurate, please contact us for corrections.