$0.87 PER SHARE NET INCOME
$0.63 PER SHARE NON-GAAP OPERATING EARNINGS
Reaffirms Full-Year 2024 Non-GAAP Operating Earnings Guidance
NEWARK, N.J., July 30, 2024
/PRNewswire/ -- Public Service Enterprise Group (NYSE: PEG) reported the following results for the second
quarter of 2024:
PSEG Consolidated (unaudited)
Second
Quarter Comparative Results
|
|
|
Income
|
Diluted Earnings
Per Share
|
|
($ millions, except per share amounts)
|
2Q 2024
|
2Q 2023
|
2Q 2024
|
2Q 2023
|
|
Net Income
|
$434
|
$591
|
$0.87
|
$1.18
|
|
Reconciling Items
|
(121)
|
(240)
|
(0.24)
|
(0.48)
|
|
Non-GAAP Operating Earnings
|
$313
|
$351
|
$0.63
|
$0.70
|
|
Average Shares
|
|
|
500
|
500
|
|
|
|
|
|
|
|
|
See Attachments 8 and 9 for a complete list of
items excluded from Net Income in the determination of non-GAAP Operating
Earnings.
|
"PSEG's financial results for the second quarter and first half are in line with our expectations for the
full year, enabling us to reaffirm our full-year 2024 non-GAAP Operating Earnings guidance range of $3.60 to
$3.70 per share," said Ralph LaRossa, PSEG's chair, president and CEO. "PSEG responded well to the
extreme conditions we experienced during the quarter, which included an early summer heat wave and one of
the strongest earthquakes in New Jersey history, with minimal system disruption. Our regulatory
calendar remains on track to conclude both our distribution base rate case and the Clean Energy
Future-Energy Efficiency II filing later this year. We are proud of PSE&G's suite of award-winning
energy efficiency offerings, and how they help to lower customer bills. Additionally, PSE&G
recently filed with the New Jersey Board of Public Utilities (BPU) to implement another gas supply cost
reduction this October, our third since January 2023, which will further help customer affordability this
winter."
LaRossa added, "PSEG Power successfully completed the scheduled refueling outage at our 100%-owned Hope Creek
nuclear unit and continues to pursue multiple growth opportunities that include capacity uprates, hydrogen
pilots, and potential sales to data centers – consistent with our efforts to increase the predictability of
our business and align with state economic development goals. Along those lines, PSE&G is
experiencing an increase in new business requests and feasibility studies from potential data center
customers across our service area compared with 2023 activity, which along with increased electric vehicle
charging, is expected to drive load growth and system investment needs in the future.
Through the first six months of the year, our results are as expected, recognizing that PSE&G's
distribution rate case remains pending, as well as the benefit of the new PTC which began in January
2024. We are also re-affirming our five-year, non-GAAP Operating Earnings growth outlook of 5% to 7%
through 2028, which does not reflect growth opportunities at our nuclear fleet. Importantly, our solid
balance sheet supports the execution of PSEG's five-year capital investment program of $19 billion to $22.5
billion over the same period – without the need to issue new equity or sell assets – and provides the
opportunity for consistent and sustainable dividend growth."
PSEG Results by Segment
|
Public Service Electric and Gas
Second
Quarter Comparative Results
|
|
|
($ millions, except per share amounts)
|
2Q 2024
|
2Q 2023
|
|
Net Income
|
$302
|
$336
|
|
Net Income Per Share (EPS)
|
$0.60
|
$0.67
|
|
Non-GAAP Operating Earnings
|
$302
|
$341
|
|
Non-GAAP Operating EPS
|
$0.60
|
$0.68
|
PSE&G's second quarter results benefited from incremental investment in Transmission, clause-based system
modernization and Energy Efficiency programs, which were offset by higher operation and maintenance costs,
as well as higher depreciation and interest expense. The year-over-year trajectory was expected as we
experience growing regulatory lag prior to the conclusion of our rate case later this year. PSE&G
invested approximately $0.9 billion during the second quarter, bringing our year-to-date capital spending to
$1.7 billion, which is on track with the full-year plan to invest $3.4 billion. The BPU recently
approved an approximate $300 million extension of PSE&G's existing Energy Efficiency program through
December 2024, and authorized the recovery of all previously deferred COVID-related expenses, including
carrying costs, over a five-year period starting in 2025.
|
PSEG Power & Other
Second Quarter
Comparative Results
|
|
|
($ millions, except per share amounts)
|
2Q 2024
|
2Q 2023
|
|
Net Income
|
$132
|
$255
|
|
Net Income Per Share (EPS)
|
$0.27
|
$0.51
|
|
Non-GAAP Operating Earnings
|
$11
|
$10
|
|
Non-GAAP Operating EPS
|
$0.03
|
$0.02
|
PSEG Power & Other results for the quarter primarily reflect the positive impact of the federal nuclear
production tax credit, which took effect January 1, 2024, offset by higher costs related to the scheduled
refueling outage at our 100%-owned Hope Creek nuclear plant. We continue to anticipate realizing most
of the increase in the 2024 gross margin over 2023's gross margin during the second half of the year,
concentrated in the fourth quarter.
PSEG will host a conference call to review its second quarter 2024 results, earnings guidance, and other
matters with the financial community at 11:00 a.m. ET today. Please register to access this event
by visiting: https://investor.pseg.com/investor-news-and-events.
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 16 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).
Non-GAAP Financial Measures
Management uses non-GAAP Operating Earnings in its internal analysis, and in communications with investors
and analysts, as a consistent measure for comparing PSEG's financial performance to previous financial
results. Non-GAAP Operating Earnings exclude the impact of gains (losses) associated with the Nuclear
Decommissioning Trust (NDT), Mark-to-Market (MTM) accounting and other material infrequent items.
See Attachments 8 and 9 for a complete list of items excluded from Net Income in the determination of
non-GAAP Operating Earnings. The presentation of non-GAAP Operating Earnings is intended to complement and
should not be considered an alternative to the presentation of Net Income, which is an indicator of
financial performance determined in accordance with GAAP. In addition, non-GAAP Operating Earnings as
presented in this release may not be comparable to similarly titled measures used by other companies.
Due to the forward-looking nature of non-GAAP Operating Earnings guidance, PSEG is unable to reconcile this
non-GAAP financial measure to the most directly comparable GAAP financial measure because comparable GAAP
measures are not reasonably accessible or reliable due to the inherent difficulty in forecasting and
quantifying measures that would be required for such reconciliation. Namely, we are not able to reliably
project without unreasonable effort MTM and NDT gains (losses), for future periods due to market volatility.
These items are uncertain, depend on various factors, and may have a material impact on our future GAAP
results.
Forward-Looking Statements
Certain of the matters discussed in this report about our and our subsidiaries' future performance,
including, without limitation, future revenues, earnings, strategies, prospects, consequences, and all other
statements that are not purely historical constitute "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. When used herein, the words "anticipate," "intend," "estimate," "believe," "expect," "plan,"
"should," "hypothetical," "potential," "forecast," "project," variations of such words and similar
expressions are intended to identify forward-looking statements. Factors that may cause actual results to
differ are often presented with the forward-looking statements themselves. Other factors that could cause
actual results to differ materially from those contemplated in any forward-looking statements made by us
herein are discussed in filings we make with the United States Securities and Exchange Commission (SEC),
including our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K. These factors
include, but are not limited to:
- any inability to successfully develop, obtain regulatory approval for, or construct transmission and
distribution, and our nuclear generation projects;
- the physical, financial and transition risks related to climate change, including risks relating to
potentially increased legislative and regulatory burdens, changing customer preferences and lawsuits;
- any equipment failures, accidents, critical operating technology or business system failures, natural
disasters, severe weather events, acts of war, terrorism or other acts of violence, sabotage, physical
attacks or security breaches, cyberattacks or other incidents that may impact our ability to provide
safe and reliable service to our customers;
- any inability to recover the carrying amount of our long-lived assets;
- disruptions or cost increases in our supply chain, including labor shortages;
- any inability to maintain sufficient liquidity or access sufficient capital on commercially reasonable
terms;
- the impact of cybersecurity attacks or intrusions or other disruptions to our information technology,
operational or other systems;
- a material shift away from natural gas toward increased electrification and a reduction in the use of
natural gas;
- failure to attract and retain a qualified workforce;
- increases in the costs of equipment, materials, fuel, services and labor;
- the impact of our covenants in our debt instruments and credit agreements on our business;
- adverse performance of our defined benefit plan trust funds and Nuclear Decommissioning Trust Fund and
increases in funding requirements and pension costs;
- any inability to extend certain significant contracts on terms acceptable to us;
- development, adoption and use of Artificial Intelligence by us and our third-party vendors;
- fluctuations in, or third-party default risk in wholesale power and natural gas markets, including the
potential impacts on the economic viability of our generation units;
- our ability to obtain adequate nuclear fuel supply;
- changes in technology related to energy generation, distribution and consumption and changes in customer
usage patterns;
- third-party credit risk relating to our sale of nuclear generation output and purchase of nuclear fuel;
- any inability to meet our commitments under forward sale obligations and Regional Transmission
Organization rules;
- the impact of changes in state and federal legislation and regulations on our business, including
PSE&G's ability to recover costs and earn returns on authorized investments;
- PSE&G's proposed investment projects or programs may not be fully approved by regulators and its
capital investment may be lower than planned;
- our ability to receive sufficient financial support for our New Jersey nuclear plants from the markets,
production tax credit and/or zero emission certificates program;
- adverse changes in and non-compliance with energy industry laws, policies, regulations and standards,
including market structures and transmission planning and transmission returns;
- risks associated with our ownership and operation of nuclear facilities, including increased nuclear
fuel storage costs, regulatory risks, such as compliance with the Atomic Energy Act and trade control,
environmental and other regulations, as well as operational, financial, environmental and health and
safety risks;
- changes in federal and state environmental laws and regulations and enforcement;
- delays in receipt of, or an inability to receive, necessary licenses and permits and siting approvals;
and
- changes in tax laws and regulations.
All of the forward-looking statements made in this report 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 report
apply only as of the date of this report. 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.
The forward-looking statements contained in this report are intended to qualify for the safe harbor
provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended.
|
Attachment 1
|
|
|
Public Service Enterprise Group
Incorporated
|
|
Consolidating Statements of
Operations
|
|
(Unaudited, $ millions, except per share
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG
|
|
Eliminations
|
|
PSE&G
|
|
PSEG Power
&
Other(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING REVENUES
|
|
$
2,423
|
|
$
(124)
|
|
$
1,863
|
|
$
684
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy Costs
|
|
732
|
|
(124)
|
|
683
|
|
173
|
|
|
|
|
Operation and Maintenance
|
|
824
|
|
-
|
|
466
|
|
358
|
|
|
|
|
Depreciation and Amortization
|
|
285
|
|
-
|
|
247
|
|
38
|
|
|
|
|
Total Operating
Expenses
|
|
1,841
|
|
(124)
|
|
1,396
|
|
569
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME
|
|
582
|
|
-
|
|
467
|
|
115
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Equity Method Investments
|
|
1
|
|
-
|
|
-
|
|
1
|
|
|
|
|
Net Gains (Losses) on Trust Investments
|
|
7
|
|
-
|
|
-
|
|
7
|
|
|
|
|
Net Other Income (Deductions)
|
|
47
|
|
(2)
|
|
16
|
|
33
|
|
|
|
|
Net Non-Operating Pension and OPEB Credits
(Costs)
|
|
18
|
|
-
|
|
19
|
|
(1)
|
|
|
|
|
Interest Expense
|
|
(218)
|
|
2
|
|
(141)
|
|
(79)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE INCOME TAXES
|
|
437
|
|
-
|
|
361
|
|
76
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax (Expense) Benefit
|
|
(3)
|
|
-
|
|
(59)
|
|
56
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
|
|
$
434
|
|
$
-
|
|
$
302
|
|
$
132
|
|
|
|
|
Reconciling Items Excluded from Net
Income(b)
|
|
(121)
|
|
-
|
|
-
|
|
(121)
|
|
|
|
|
OPERATING EARNINGS (non-GAAP)
|
|
$
313
|
|
$
-
|
|
$
302
|
|
$
11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
|
|
$
0.87
|
|
$
-
|
|
$
0.60
|
|
$
0.27
|
|
|
|
|
Reconciling Items Excluded from Net
Income(b)
|
|
(0.24)
|
|
-
|
|
-
|
|
(0.24)
|
|
|
|
|
OPERATING EARNINGS (non-GAAP)
|
|
$
0.63
|
|
$
-
|
|
$
0.60
|
|
$
0.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG
|
|
Eliminations
|
|
PSE&G
|
|
PSEG Power
&
Other(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING REVENUES
|
|
$
2,421
|
|
$
(143)
|
|
$
1,662
|
|
$
902
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy Costs
|
|
604
|
|
(143)
|
|
551
|
|
196
|
|
|
|
|
Operation and Maintenance
|
|
744
|
|
-
|
|
429
|
|
315
|
|
|
|
|
Depreciation and Amortization
|
|
279
|
|
-
|
|
240
|
|
39
|
|
|
|
|
Total Operating Expenses
|
|
1,627
|
|
(143)
|
|
1,220
|
|
550
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME
|
|
794
|
|
-
|
|
442
|
|
352
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Gains (Losses) on Trust Investments
|
|
57
|
|
-
|
|
-
|
|
57
|
|
|
|
|
Net Other Income (Deductions)
|
|
49
|
|
(1)
|
|
23
|
|
27
|
|
|
|
|
Net Non-Operating Pension and OPEB Credits
(Costs)
|
|
29
|
|
-
|
|
28
|
|
1
|
|
|
|
|
Interest Expense
|
|
(185)
|
|
1
|
|
(123)
|
|
(63)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE INCOME TAXES
|
|
744
|
|
-
|
|
370
|
|
374
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Expense
|
|
(153)
|
|
-
|
|
(34)
|
|
(119)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
|
|
$
591
|
|
$
-
|
|
$
336
|
|
$
255
|
|
|
|
|
Reconciling Items Excluded from Net
Income(b)
|
|
(240)
|
|
-
|
|
5
|
|
(245)
|
|
|
|
|
OPERATING EARNINGS (non-GAAP)
|
|
$
351
|
|
$
-
|
|
$
341
|
|
$
10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
|
|
$
1.18
|
|
$
-
|
|
$
0.67
|
|
$
0.51
|
|
|
|
|
Reconciling Items Excluded from Net
Income(b)
|
|
(0.48)
|
|
-
|
|
0.01
|
|
(0.49)
|
|
|
|
|
Share Differential(b)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
OPERATING EARNINGS (non-GAAP)
|
|
$
0.70
|
|
$
-
|
|
$
0.68
|
|
$
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Includes activities at PSEG Power, PSEG Long
Island, Energy Holdings, PSEG Services Corporation and the Parent.
|
|
|
|
|
|
|
|
|
|
|
(b) See Attachments 8 and 9 for details of items
excluded from Net Income to compute Operating Earnings (non-GAAP).
|
|
|
|
|
|
|
|
Attachment 2
|
|
|
|
Public Service Enterprise Group
Incorporated
|
|
Consolidating Statements of
Operations
|
|
(Unaudited, $ millions, except per share
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG
|
|
Eliminations
|
|
PSE&G
|
|
PSEG Power
&
Other(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING REVENUES
|
|
$
5,183
|
|
$
(569)
|
|
$
4,196
|
|
$
1,556
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy Costs
|
|
1,729
|
|
(569)
|
|
1,611
|
|
687
|
|
|
|
|
Operation and Maintenance
|
|
1,607
|
|
-
|
|
931
|
|
676
|
|
|
|
|
Depreciation and Amortization
|
|
580
|
|
-
|
|
504
|
|
76
|
|
|
|
|
|
Total Operating Expenses
|
|
3,916
|
|
(569)
|
|
3,046
|
|
1,439
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME
|
|
1,267
|
|
-
|
|
1,150
|
|
117
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Equity Method Investments
|
|
1
|
|
-
|
|
-
|
|
1
|
|
|
|
|
Net Gains (Losses) on Trust Investments
|
|
102
|
|
-
|
|
-
|
|
102
|
|
|
|
|
Net Other Income (Deductions)
|
|
82
|
|
(3)
|
|
32
|
|
53
|
|
|
|
|
Net Non-Operating Pension and OPEB Credits
(Costs)
|
|
37
|
|
-
|
|
38
|
|
(1)
|
|
|
|
|
Interest Expense
|
|
(423)
|
|
3
|
|
(279)
|
|
(147)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE INCOME TAXES
|
|
1,066
|
|
-
|
|
941
|
|
125
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax (Expense) Benefit
|
|
(100)
|
|
-
|
|
(151)
|
|
51
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
|
|
$
966
|
|
$
-
|
|
$
790
|
|
$
176
|
|
|
|
|
Reconciling Items Excluded from Net
Income(b)
|
|
4
|
|
-
|
|
-
|
|
4
|
|
|
|
|
OPERATING EARNINGS (non-GAAP)
|
|
$
970
|
|
$
-
|
|
$
790
|
|
$
180
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
|
|
$
1.93
|
|
$
-
|
|
$
1.58
|
|
$
0.35
|
|
|
|
|
Reconciling Items Excluded from Net
Income(b)
|
|
0.01
|
|
-
|
|
-
|
|
0.01
|
|
|
|
|
OPERATING EARNINGS (non-GAAP)
|
|
$
1.94
|
|
$
-
|
|
$
1.58
|
|
$
0.36
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG
|
|
Eliminations
|
|
PSE&G
|
|
PSEG Power
&
Other(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING REVENUES
|
|
$
6,176
|
|
$
(708)
|
|
$
3,955
|
|
$
2,929
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy Costs
|
|
1,686
|
|
(708)
|
|
1,535
|
|
859
|
|
|
|
|
Operation and Maintenance
|
|
1,487
|
|
-
|
|
889
|
|
598
|
|
|
|
|
Depreciation and Amortization
|
|
561
|
|
-
|
|
484
|
|
77
|
|
|
|
|
|
Total Operating Expenses
|
|
3,734
|
|
(708)
|
|
2,908
|
|
1,534
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME
|
|
2,442
|
|
-
|
|
1,047
|
|
1,395
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Equity Method Investments
|
|
1
|
|
-
|
|
-
|
|
1
|
|
|
|
|
Net Gains (Losses) on Trust Investments
|
|
103
|
|
-
|
|
-
|
|
103
|
|
|
|
|
Net Other Income (Deductions)
|
|
91
|
|
(2)
|
|
44
|
|
49
|
|
|
|
|
Net Non-Operating Pension and OPEB Credits
(Costs)
|
|
57
|
|
-
|
|
56
|
|
1
|
|
|
|
|
Interest Expense
|
|
(365)
|
|
2
|
|
(236)
|
|
(131)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE INCOME TAXES
|
|
2,329
|
|
-
|
|
911
|
|
1,418
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Expense
|
|
(451)
|
|
-
|
|
(88)
|
|
(363)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
|
|
$
1,878
|
|
$
-
|
|
$
823
|
|
$
1,055
|
|
|
|
|
Reconciling Items Excluded from Net
Income(b)
|
|
(832)
|
|
-
|
|
10
|
|
(842)
|
|
|
|
|
OPERATING EARNINGS (non-GAAP)
|
|
$
1,046
|
|
$
-
|
|
$
833
|
|
$
213
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
|
|
$
3.76
|
|
$
-
|
|
$
1.65
|
|
$
2.11
|
|
|
|
|
Reconciling Items Excluded from Net
Income(b)
|
|
(1.67)
|
|
-
|
|
0.02
|
|
(1.69)
|
|
|
|
|
OPERATING EARNINGS (non-GAAP)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
OPERATING EARNINGS (non-GAAP)
|
|
$
2.09
|
|
$
-
|
|
$
1.67
|
|
$
0.42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Includes activities at PSEG Power, PSEG Long
Island, Energy Holdings, PSEG Services Corporation and the Parent.
|
|
|
|
|
|
|
|
|
(b) See Attachments 8 and 9 for details of items
excluded from Net Income to compute Operating Earnings (non-GAAP).
|
|
|
|
|
|
|
|
|
|
|
Attachment 3
|
|
|
|
Public Service Enterprise Group
Incorporated
|
|
|
Capitalization Schedule
|
|
|
(Unaudited, $ millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
December 31,
|
|
|
|
|
|
|
|
2024
|
|
2023
|
|
|
DEBT
|
|
|
|
|
|
|
|
|
|
Commercial Paper and Loans
|
|
|
$
879
|
|
$
949
|
|
|
|
Long-Term Debt*
|
|
|
20,519
|
|
19,284
|
|
|
|
|
Total Debt
|
|
|
21,398
|
|
20,233
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Common Stock
|
|
|
5,020
|
|
5,018
|
|
|
|
Treasury Stock
|
|
|
(1,408)
|
|
(1,379)
|
|
|
|
Retained Earnings
|
|
|
12,385
|
|
12,017
|
|
|
|
Accumulated Other Comprehensive Loss
|
|
|
(173)
|
|
(179)
|
|
|
|
|
Total Stockholders' Equity
|
|
|
15,824
|
|
15,477
|
|
|
|
|
Total Capitalization
|
|
|
$
37,222
|
|
$
35,710
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Includes current portion of Long-Term
Debt
|
|
|
|
|
|
|
|
|
|
Attachment 4
|
|
Public Service Enterprise Group
Incorporated
|
|
Condensed Consolidated Statements of Cash
Flows
|
|
(Unaudited, $ millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June
30,
|
|
2024
|
|
2023
|
|
Cash Flows From Operating
Activities
|
|
|
|
|
Net Income
|
$
966
|
|
$
1,878
|
|
Adjustments to Reconcile Net Income to Net
Cash Flows
|
|
|
|
|
From Operating Activities
|
177
|
|
531
|
|
Net Cash Provided By (Used In) Operating
Activities
|
1,143
|
|
2,409
|
|
|
|
|
|
Net Cash Provided By (Used In) Investing
Activities
|
(1,612)
|
|
(1,119)
|
|
|
|
|
|
Net Cash Provided By (Used In) Financing
Activities
|
515
|
|
(1,204)
|
|
|
|
|
|
Net Change in Cash, Cash Equivalents and
Restricted Cash
|
46
|
|
86
|
|
|
|
|
|
Cash, Cash Equivalents and Restricted Cash at
Beginning of Period
|
99
|
|
511
|
|
Cash, Cash Equivalents and Restricted Cash at
End of Period
|
$
145
|
|
$
597
|
|
|
|
|
|
|
Attachment 5
|
|
Public Service Electric & Gas
Company
|
|
Retail Sales
|
|
(Unaudited)
|
|
June 30, 2024
|
|
|
|
|
|
|
|
|
|
|
|
Electric Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
|
|
Change vs.
|
|
Six Months
|
|
Change vs.
|
|
|
Sales (millions kWh)
|
Ended
|
|
2023
|
|
Ended
|
|
2023
|
|
|
Residential
|
3,369
|
|
20 %
|
|
6,458
|
|
12 %
|
|
|
Commercial & Industrial
|
6,377
|
|
8 %
|
|
12,919
|
|
4 %
|
|
|
Other
|
71
|
|
0 %
|
|
171
|
|
1 %
|
|
|
Total
|
9,817
|
|
12 %
|
|
19,548
|
|
7 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas Sold and Transported
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
|
|
Change vs.
|
|
Six Months
|
|
Change vs.
|
|
|
Sales (millions therms)
|
Ended
|
|
2023
|
|
Ended
|
|
2023
|
|
|
Firm Sales
|
|
|
|
|
|
|
|
|
|
Residential Sales
|
199
|
|
8 %
|
|
856
|
|
6 %
|
|
|
Commercial & Industrial
|
160
|
|
5 %
|
|
606
|
|
7 %
|
|
|
Total Firm Sales
|
359
|
|
7 %
|
|
1,462
|
|
6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Firm Sales*
|
|
|
|
|
|
|
|
|
|
Commercial & Industrial
|
191
|
|
(1 %)
|
|
365
|
|
9 %
|
|
|
Total Non-Firm Sales
|
191
|
|
|
|
365
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Sales
|
550
|
|
4 %
|
|
1,827
|
|
7 %
|
|
|
|
|
|
|
|
|
|
|
|
|
*Contract Service Gas rate included in non-firm
sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weather Data*
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
|
|
Change vs.
|
|
Six Months
|
|
Change vs.
|
|
|
|
Ended
|
|
2023
|
|
Ended
|
|
2023
|
|
|
THI Hours - Actual
|
5,893
|
|
99 %
|
|
5,898
|
|
100 %
|
|
|
THI Hours - Normal
|
4,152
|
|
|
|
4,173
|
|
|
|
|
Degree Days - Actual
|
402
|
|
20 %
|
|
2,512
|
|
10 %
|
|
|
Degree Days - Normal
|
489
|
|
|
|
3,046
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Winter weather as defined by heating degree
days (HDD) to serve as a measure for the need for heating. For each day, HDD is
calculated as HDD = 65°F – the average hourly daily temperature.
Summer weather
is measured by the temperature-humidity index (THI), which takes into account both
the temperature and the humidity to measure the need for air conditioning. Both
measures
use data provided by the National Oceanic and Atmospheric
Administration based on readings from Newark Liberty International Airport.
Comparisons to normal are based on twenty years of
historic data.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attachment 6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuclear Generation Measures
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GWh Breakdown
|
|
GWh Breakdown
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
June 30,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Nuclear - NJ
|
|
|
|
|
|
|
4,178
|
|
4,872
|
|
9,515
|
|
10,366
|
|
Nuclear - PA
|
|
|
|
|
|
|
2,828
|
|
2,855
|
|
5,692
|
|
5,741
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,006
|
|
7,727
|
|
15,207
|
|
16,107
|
|
|
|
|
|
|
|
|
|
Attachment 7
|
|
Public Service Enterprise Group
Incorporated
|
|
Statistical Measures
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
|
|
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Weighted Average Common Shares Outstanding
(millions)
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
498
|
|
497
|
|
498
|
|
497
|
|
Diluted
|
|
|
|
500
|
|
500
|
|
500
|
|
500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock Price at End of Period
|
|
|
|
|
|
|
$73.70
|
|
$62.61
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends Paid per Share of Common
Stock
|
|
$0.60
|
|
$0.57
|
|
$1.20
|
|
$1.14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend Yield
|
|
|
|
|
|
|
|
3.3 %
|
|
3.6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book Value per Common Share
|
|
|
|
|
|
|
$31.79
|
|
$30.29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market Price as a Percent of Book Value
|
|
|
|
|
|
|
232 %
|
|
207 %
|
|
|
|
|
|
|
|
Attachment 8
|
|
|
Public Service Enterprise Group
Incorporated
|
|
|
Consolidated Operating Earnings (non-GAAP)
Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciling Items
|
Three Months Ended
|
Six Months Ended
|
|
|
June 30,
|
June 30,
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
|
|
|
($ millions, Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
$
434
|
|
$
591
|
|
$
966
|
|
$ 1,878
|
|
|
|
|
(Gain) Loss on Nuclear Decommissioning Trust
(NDT)
|
|
|
|
|
|
|
|
|
|
|
|
Fund Related Activity, pre-tax
|
(13)
|
|
(58)
|
|
(108)
|
|
(100)
|
|
|
|
|
(Gain) Loss on Mark-to-Market (MTM),
pre-tax(a)
|
(159)
|
|
(296)
|
|
99
|
|
(1,068)
|
|
|
|
|
Lease Related Activity, pre-tax
|
-
|
|
-
|
|
(4)
|
|
-
|
|
|
|
|
Exit Incentive Program (EIP), pre-tax
|
-
|
|
9
|
|
-
|
|
20
|
|
|
|
|
Income Taxes related to Operating Earnings
(non-GAAP) reconciling items(b)
|
51
|
|
105
|
|
17
|
|
316
|
|
|
|
Operating Earnings (non-GAAP)
|
$
313
|
|
$
351
|
|
$
970
|
|
$ 1,046
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG Fully Diluted Average Shares Outstanding
(in millions)
|
500
|
|
500
|
|
500
|
|
500
|
|
|
|
|
|
($ Per Share Impact - Diluted,
Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
$
0.87
|
|
$
1.18
|
|
$
1.93
|
|
$
3.76
|
|
|
|
|
(Gain) Loss on NDT Fund Related Activity,
pre-tax
|
(0.03)
|
|
(0.12)
|
|
(0.22)
|
|
(0.20)
|
|
|
|
|
(Gain) Loss on MTM, pre-tax(a)
|
(0.32)
|
|
(0.59)
|
|
0.20
|
|
(2.14)
|
|
|
|
|
Lease Related Activity, pre-tax
|
-
|
|
-
|
|
(0.01)
|
|
-
|
|
|
|
|
EIP, pre-tax
|
-
|
|
0.02
|
|
-
|
|
0.04
|
|
|
|
|
Income Taxes related to Operating Earnings
(non-GAAP) reconciling items(b)
|
0.11
|
|
0.21
|
|
0.04
|
|
0.63
|
|
|
|
Operating Earnings (non-GAAP)
|
$
0.63
|
|
$
0.70
|
|
$
1.94
|
|
$
2.09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Includes the financial impact from positions
with forward delivery months.
|
|
|
|
|
|
|
|
|
|
|
|
(b) Income tax effect calculated at the
statutory rate except for qualified NDT related activity, which records an
additional 20% trust tax on income (loss) from qualified NDT Funds,
and lease
related activity.
|
|
|
|
|
|
|
|
|
|
Attachment 9
|
|
|
|
|
|
|
|
|
|
|
|
PSE&G Operating Earnings (non-GAAP)
Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
Six Months Ended
|
|
Reconciling Items
|
June 30,
|
June 30,
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
|
($ millions, Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
$
302
|
|
$
336
|
|
$
790
|
|
$
823
|
|
|
EIP, pre-tax
|
-
|
|
7
|
|
-
|
|
14
|
|
|
Income Taxes related to Operating Earnings
(non-GAAP) reconciling items(b)
|
-
|
|
(2)
|
|
-
|
|
(4)
|
|
|
Operating Earnings (non-GAAP)
|
$
302
|
|
$
341
|
|
$
790
|
|
$
833
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG Fully Diluted Average Shares Outstanding
(in millions)
|
500
|
|
500
|
|
500
|
|
500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG Power & Other Operating Earnings
(non-GAAP) Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
Six Months Ended
|
|
Reconciling Items
|
June 30,
|
June 30,
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
|
($ millions, Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
$
132
|
|
$
255
|
|
$
176
|
|
$ 1,055
|
|
|
(Gain) Loss on NDT Fund Related Activity,
pre-tax
|
(13)
|
|
(58)
|
|
(108)
|
|
(100)
|
|
|
(Gain) Loss on MTM, pre-tax(a)
|
(159)
|
|
(296)
|
|
99
|
|
(1,068)
|
|
|
Lease Related Activity, pre-tax
|
-
|
|
-
|
|
(4)
|
|
-
|
|
|
EIP, pre-tax
|
-
|
|
2
|
|
-
|
|
6
|
|
|
Income Taxes related to Operating Earnings
(non-GAAP) reconciling items(b)
|
51
|
|
107
|
|
17
|
|
320
|
|
|
Operating Earnings (non-GAAP)
|
$
11
|
|
$
10
|
|
$
180
|
|
$
213
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG Fully Diluted Average Shares Outstanding
(in millions)
|
500
|
|
500
|
|
500
|
|
500
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Includes the financial impact from positions
with forward delivery months.
|
|
|
|
|
|
|
|
|
|
(b) Income tax effect calculated at the
statutory rate except for qualified NDT related activity, which records an
additional 20% trust tax on income (loss) from qualified NDT Funds, and lease
related activity.
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/pseg-announces-second-quarter-2024-results-302209750.html
SOURCE PSEG