PSEG Long Island Secures Five-Year Contract Extension for Electric Service

PSEG Long Island Secures Five-Year Contract Extension

PSEG Long Island, a subsidiary of Public Service Enterprise Group (PSEG), has been awarded a five-year extension by the Long Island Power Authority (LIPA) Board of Trustees. This contract renewal allows PSEG to continue its operation of the electric grid on Long Island and in the Rockaways, where it has served since 2014. The new agreement will take effect on January 1, 2026, and will be in place until December 31, 2030.

This extension is not just a formality; it underscores the strong partnership that PSEG Long Island has built with LIPA over the past decade. Ralph LaRossa, chair of the board, president, and CEO of PSEG, expressed pride in this collaboration, noting the positive track record built since 2014. Under PSEG’s management, the company has improved reliability metrics significantly, reducing outage frequency by 35%, the duration of outages by 21%, and momentary outages by 63%. Additionally, worker safety has seen remarkable improvements, with a more than 75% increase in safety according to OSHA standards.

Moreover, PSEG Long Island has maintained the lowest Department of Public Service (DPS) complaint rate among electric and combined utilities in New York for nine out of the past eleven years. The company has also topped the J.D. Power residential and business customer satisfaction scores, demonstrating its commitment to service excellence. Not to forget, PSEG has been able to keep customer rate increases to a minimum in comparison to its regional counterparts.

The next step following the Board's vote is securing the approval of the contract extension from both the New York State Comptroller and the New York State Attorney General. Once these approvals are received, PSEG Long Island can proceed with its plans to continue delivering reliable electric service with enhanced capabilities.

PSEG, with a focus on a sustainable energy future, has continuously worked towards creating a clean and reliable energy landscape. For 17 consecutive years, the company has been recognized on the Dow Jones Sustainability North America Index, showcasing its commitment to environmentally sound practices. Furthermore, it has been included in the U.S. News' Best Companies to Work For list for 2023-2024, reflecting its positive corporate culture.

As the energy landscape continues to evolve, PSEG Long Island remains committed to enhancing electric service delivery, ensuring reliability, and keeping customer satisfaction at the forefront of its operations. The company's proactive measures, such as reducing outages and maintaining safety standards, are all part of its broader goal to power a future where energy is utilized more efficiently and with minimal environmental impact. The next five years will be critical as PSEG Long Island implements its strategies and measures to further enhance its service capabilities across Long Island and in the Rockaways.

In summary, the contract extension signifies a robust commitment between PSEG and LIPA to ensure sustained and enhanced electric service for the communities they serve. As PSEG moves forward, residents and businesses alike can expect continued improvements and reliability in their electric service, reinforcing the trusted partnership that has developed over the years.