$1.04 PER SHARE NET INCOME
$0.90 PER SHARE NON-GAAP OPERATING EARNINGS
PSE&G Distribution Base Rate Case Settlement Approved and Implemented
PSE&G's Energy Efficiency Programs Expanded and Extended
PSEG Narrows Full-Year 2024 Non-GAAP Operating Earnings Guidance
NEWARK, N.J., Nov. 4,
2024 /PRNewswire/ -- Public Service Enterprise Group (NYSE: PEG) reported
the following results for the third quarter of 2024:
|
PSEG Consolidated
(unaudited)
Third Quarter Comparative
Results
|
|
Income
|
Diluted Earnings
Per Share
|
|
($ millions, except
per share amounts)
|
3Q
2024
|
3Q
2023
|
3Q
2024
|
3Q
2023
|
|
Net Income
|
$520
|
$139
|
$1.04
|
$0.27
|
|
Reconciling
Items
|
(72)
|
286
|
(0.14)
|
0.58
|
|
Non-GAAP Operating
Earnings
|
$448
|
$425
|
$0.90
|
$0.85
|
|
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 posted solid operating and financial results for the third quarter and year-to-date period,
enabling us to narrow our original full-year 2024 non-GAAP Operating Earnings guidance from
$3.60 to $3.70 per share to a range of $3.64 to $3.68 per share," said Ralph LaRossa, chair,
president and CEO of PSEG.
"We are pleased to have successfully resolved two major regulatory filings in October, including
PSE&G's first base rate case in six years and the second phase of its Clean Energy
Future-Energy Efficiency (CEF-EE II) programs," LaRossa continued.
- "The New Jersey Board of Public Utilities (BPU) approved PSE&G's multiparty settlement
of its base electric and gas distribution rate case, with an effective date of October
15. The terms of the settlement provide for an additional $505 million in annual
revenues, including recovery of previously deferred costs and an incremental flow back
to customers of tax benefits due to accelerated deductions and prior federal tax rate
changes. The updated revenue requirement is based upon a distribution rate base of $17.8
billion, a return on equity (ROE) of 9.6% and a higher equity ratio of 55%. PSE&G
will also implement new pension and storm deferral mechanisms going forward."
- "The BPU also approved the settlement of PSE&G's CEF-EE II filing, that covers a
commitment period from January 2025 to June 2027. The approval authorizes an
investment program of $1.9 billion (net of administrative expenses) and an additional $1
billion program for customer on-bill repayment for purchases of EE equipment. Both
programs will be treated as rate base, and will be completed through ten energy
efficiency programs over approximately six years. This second phase of EE programs
will continue New Jersey's efforts to help all customers save energy, reduce utility
bills, lower carbon emissions and continue EE-related job training in lower and
middle-income communities."
LaRossa added, "Our merchant nuclear fleet continues to perform well, supplying New Jersey and the
PJM grid with reliable, carbon-free energy. We also continue to pursue long-term growth
opportunities at nuclear, including incremental output and long-term contracts at potentially
higher prices. The attributes of these nuclear facilities are helping to attract new
technology-based businesses to the state and the results of these long-term opportunities would
be incremental to PSEG's stated 5% to 7% long-term non-GAAP Operating Earnings growth rate."
"PSEG has continued to focus on increasing the predictability of our financial results as we
prioritize a solid balance sheet. This has enabled us to fund our five-year capital investment
plan totaling $19 billion to $22.5 billion without the need to issue new equity or sell assets
and provides the opportunity for consistent and sustainable dividend growth."
PSEG Results by Segment
|
Public Service
Electric and Gas
Third Quarter
Comparative Results
|
|
|
($ millions, except
per share amounts)
|
3Q
2024
|
3Q
2023
|
|
Net Income
|
$379
|
$401
|
|
Net Income Per Share
(EPS)
|
$0.76
|
$0.80
|
|
Non-GAAP Operating
Earnings
|
$379
|
$403
|
|
Non-GAAP Operating
EPS
|
$0.76
|
$0.80
|
PSE&G's third quarter results benefited from growth in Distribution margins resulting from
continued investment in infrastructure replacement and clean energy programs but were offset by
higher depreciation and interest expense in advance of the October rate effective date of our
distribution rate case approval.
PSE&G invested approximately $1 billion during the third quarter, bringing the year-to-date
capital spending to $2.7 billion, and is on track to modestly exceed its original full year 2024
investment plan to $3.5 billion.
|
PSEG Power &
Other
Third Quarter Comparative
Results
|
|
|
($ millions, except
per share amounts)
|
3Q
2024
|
3Q
2023
|
|
Net Income
(Loss)
|
$141
|
$(262)
|
|
Net Income (Loss)
Per Share (EPS)
|
$0.28
|
$(0.53)
|
|
Non-GAAP Operating
Earnings
|
$69
|
$22
|
|
Non-GAAP Operating
EPS
|
$0.14
|
$0.05
|
PSEG Power & Other results for the quarter reflect the expected improvement in second half 2024
energy margin contributions, and the positive impact of the federal nuclear production tax
credit, which took effect January 1, 2024.
PSEG will host a conference call to review its third 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 (Loss) 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 (Loss), 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;
- 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 September 30, 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG
|
|
Eliminations
|
|
PSE&G
|
|
PSEG
Power
&
Other(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
REVENUES
|
|
$
2,642
|
|
$
(81)
|
|
$
2,139
|
|
$
584
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
Energy Costs
|
|
899
|
|
(81)
|
|
839
|
|
141
|
|
|
Operation and
Maintenance
|
|
808
|
|
-
|
|
464
|
|
344
|
|
|
Depreciation and
Amortization
|
|
294
|
|
-
|
|
254
|
|
40
|
|
|
|
Total
Operating Expenses
|
|
2,001
|
|
(81)
|
|
1,557
|
|
525
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
|
641
|
|
-
|
|
582
|
|
59
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Equity
Method Investments
|
|
1
|
|
-
|
|
-
|
|
1
|
|
|
Net Gains (Losses)
on Trust Investments
|
|
89
|
|
-
|
|
-
|
|
89
|
|
|
Net Other Income
(Deductions)
|
|
37
|
|
(1)
|
|
18
|
|
20
|
|
|
Net Non-Operating
Pension and OPEB Credits (Costs)
|
|
18
|
|
-
|
|
20
|
|
(2)
|
|
|
Interest
Expense
|
|
(227)
|
|
1
|
|
(151)
|
|
(77)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE INCOME
TAXES
|
|
559
|
|
-
|
|
469
|
|
90
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax (Expense)
Benefit
|
|
(39)
|
|
-
|
|
(90)
|
|
51
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
|
$
520
|
|
$
-
|
|
$
379
|
|
$
141
|
|
|
Reconciling Items
Excluded from Net Income(b)
|
|
(72)
|
|
-
|
|
-
|
|
(72)
|
|
|
OPERATING
EARNINGS (non-GAAP)
|
|
$
448
|
|
$
-
|
|
$
379
|
|
$
69
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
|
$
1.04
|
|
$
-
|
|
$
0.76
|
|
$
0.28
|
|
|
Reconciling Items
Excluded from Net Income(b)
|
|
(0.14)
|
|
-
|
|
-
|
|
(0.14)
|
|
|
OPERATING
EARNINGS (non-GAAP)
|
|
$
0.90
|
|
$
-
|
|
$
0.76
|
|
$
0.14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended September 30, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG
|
|
Eliminations
|
|
PSE&G
|
|
PSEG
Power
&
Other(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
REVENUES
|
|
$
2,456
|
|
$
(89)
|
|
$
1,999
|
|
$
546
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
Energy Costs
|
|
831
|
|
(89)
|
|
765
|
|
155
|
|
|
Operation and
Maintenance
|
|
792
|
|
-
|
|
459
|
|
333
|
|
|
Depreciation and
Amortization
|
|
282
|
|
-
|
|
244
|
|
38
|
|
|
|
Total
Operating Expenses
|
|
1,905
|
|
(89)
|
|
1,468
|
|
526
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
|
551
|
|
-
|
|
531
|
|
20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Gains (Losses)
on Trust Investments
|
|
(40)
|
|
-
|
|
-
|
|
(40)
|
|
|
Net Other Income
(Deductions)
|
|
41
|
|
(2)
|
|
21
|
|
22
|
|
|
Net Non-Operating
Pension and OPEB Credits (Costs)
|
|
(302)
|
|
-
|
|
30
|
|
(332)
|
|
|
Interest
Expense
|
|
(185)
|
|
2
|
|
(128)
|
|
(59)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE
INCOME TAXES
|
|
65
|
|
-
|
|
454
|
|
(389)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Benefit
(Expense)
|
|
74
|
|
-
|
|
(53)
|
|
127
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS)
|
|
$
139
|
|
$
-
|
|
$
401
|
|
$
(262)
|
|
|
Reconciling Items
Excluded from Net
Income(Loss)(b)
|
|
286
|
|
-
|
|
2
|
|
284
|
|
|
OPERATING
EARNINGS (non-GAAP)
|
|
$
425
|
|
$
-
|
|
$
403
|
|
$
22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS)
|
|
$
0.27
|
|
$
-
|
|
$
0.80
|
|
$
(0.53)
|
|
|
Reconciling Items
Excluded from Net
Income(Loss)(b)
|
|
0.58
|
|
-
|
|
-
|
|
0.58
|
|
|
OPERATING
EARNINGS (non-GAAP)
|
|
$
0.85
|
|
$
-
|
|
$
0.80
|
|
$
0.05
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG
|
|
Eliminations
|
|
PSE&G
|
|
PSEG
Power
&
Other(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
REVENUES
|
|
$
7,825
|
|
$
(650)
|
|
$
6,335
|
|
$
2,140
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
Energy Costs
|
|
2,628
|
|
(650)
|
|
2,450
|
|
828
|
|
|
Operation and
Maintenance
|
|
2,415
|
|
-
|
|
1,395
|
|
1,020
|
|
|
Depreciation and
Amortization
|
|
874
|
|
-
|
|
758
|
|
116
|
|
|
|
Total
Operating Expenses
|
|
5,917
|
|
(650)
|
|
4,603
|
|
1,964
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
|
1,908
|
|
-
|
|
1,732
|
|
176
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Equity
Method Investments
|
|
2
|
|
-
|
|
-
|
|
2
|
|
|
Net Gains (Losses)
on Trust Investments
|
|
191
|
|
-
|
|
-
|
|
191
|
|
|
Net Other Income
(Deductions)
|
|
119
|
|
(4)
|
|
50
|
|
73
|
|
|
Net Non-Operating
Pension and OPEB Credits (Costs)
|
|
55
|
|
-
|
|
58
|
|
(3)
|
|
|
Interest
Expense
|
|
(650)
|
|
4
|
|
(430)
|
|
(224)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE INCOME
TAXES
|
|
1,625
|
|
-
|
|
1,410
|
|
215
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax (Expense)
Benefit
|
|
(139)
|
|
-
|
|
(241)
|
|
102
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
|
$
1,486
|
|
$
-
|
|
$
1,169
|
|
$
317
|
|
|
Reconciling Items
Excluded from Net Income(b)
|
|
(68)
|
|
-
|
|
-
|
|
(68)
|
|
|
OPERATING
EARNINGS (non-GAAP)
|
|
$
1,418
|
|
$
-
|
|
$
1,169
|
|
$
249
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
|
$
2.97
|
|
$
-
|
|
$
2.34
|
|
$
0.63
|
|
|
Reconciling Items
Excluded from Net Income(b)
|
|
(0.13)
|
|
-
|
|
-
|
|
(0.13)
|
|
|
OPERATING
EARNINGS (non-GAAP)
|
|
$
2.84
|
|
$
-
|
|
$
2.34
|
|
$
0.50
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG
|
|
Eliminations
|
|
PSE&G
|
|
PSEG
Power
&
Other(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
REVENUES
|
|
$
8,632
|
|
$
(797)
|
|
$
5,954
|
|
$
3,475
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
Energy Costs
|
|
2,517
|
|
(797)
|
|
2,300
|
|
1,014
|
|
|
Operation and
Maintenance
|
|
2,279
|
|
-
|
|
1,348
|
|
931
|
|
|
Depreciation and
Amortization
|
|
843
|
|
-
|
|
728
|
|
115
|
|
|
|
Total
Operating Expenses
|
|
5,639
|
|
(797)
|
|
4,376
|
|
2,060
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
|
2,993
|
|
-
|
|
1,578
|
|
1,415
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Equity
Method Investments
|
|
1
|
|
-
|
|
-
|
|
1
|
|
|
Net Gains (Losses)
on Trust Investments
|
|
63
|
|
-
|
|
-
|
|
63
|
|
|
Net Other Income
(Deductions)
|
|
132
|
|
(4)
|
|
65
|
|
71
|
|
|
Net Non-Operating
Pension and OPEB Credits (Costs)
|
|
(245)
|
|
-
|
|
86
|
|
(331)
|
|
|
Interest
Expense
|
|
(550)
|
|
4
|
|
(364)
|
|
(190)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE INCOME
TAXES
|
|
2,394
|
|
-
|
|
1,365
|
|
1,029
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax
Expense
|
|
(377)
|
|
-
|
|
(141)
|
|
(236)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
|
$
2,017
|
|
$
-
|
|
$
1,224
|
|
$
793
|
|
|
Reconciling Items
Excluded from Net Income(b)
|
|
(546)
|
|
-
|
|
12
|
|
(558)
|
|
|
OPERATING
EARNINGS (non-GAAP)
|
|
$
1,471
|
|
$
-
|
|
$
1,236
|
|
$
235
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
|
$
4.03
|
|
$
-
|
|
$
2.45
|
|
$
1.58
|
|
|
Reconciling Items
Excluded from Net Income(b)
|
|
(1.09)
|
|
-
|
|
0.02
|
|
(1.11)
|
|
|
OPERATING
EARNINGS (non-GAAP)
|
|
$
2.94
|
|
$
-
|
|
$
2.47
|
|
$
0.47
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
|
|
|
|
|
2024
|
|
2023
|
|
DEBT
|
|
|
|
|
|
|
|
Commercial Paper and
Loans
|
|
|
$
547
|
|
$
949
|
|
|
Long-Term
Debt*
|
|
|
21,360
|
|
19,284
|
|
|
|
Total Debt
|
|
|
21,907
|
|
20,233
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
Common Stock
|
|
|
5,036
|
|
5,018
|
|
|
Treasury
Stock
|
|
|
(1,405)
|
|
(1,379)
|
|
|
Retained
Earnings
|
|
|
12,606
|
|
12,017
|
|
|
Accumulated Other
Comprehensive Loss
|
|
|
(142)
|
|
(179)
|
|
|
|
Total Stockholders'
Equity
|
|
|
16,095
|
|
15,477
|
|
|
|
Total
Capitalization
|
|
|
$
38,002
|
|
$
35,710
|
|
|
|
|
|
|
|
|
|
|
|
|
*Includes current
portion of Long-Term Debt
|
|
|
|
|
|
|
|
|
Attachment
4
|
|
Public Service
Enterprise Group Incorporated
|
|
Condensed
Consolidated Statements of Cash
Flows
|
|
(Unaudited, $
millions)
|
|
|
|
|
|
Nine Months Ended
September 30,
|
|
2024
|
|
2023
|
|
Cash Flows From
Operating Activities
|
|
|
|
|
Net
Income
|
$
1,486
|
|
$
2,017
|
|
Adjustments to
Reconcile Net Income to Net Cash Flows
|
|
|
|
|
From
Operating Activities
|
280
|
|
1,079
|
|
Net Cash Provided
By (Used In) Operating
Activities
|
1,766
|
|
3,096
|
|
|
|
|
|
Net Cash Provided
By (Used In) Investing
Activities
|
(2,363)
|
|
(2,030)
|
|
|
|
|
|
Net Cash Provided
By (Used In) Financing
Activities
|
726
|
|
(1,477)
|
|
|
|
|
|
Net Change in
Cash, Cash Equivalents and Restricted
Cash
|
129
|
|
(411)
|
|
|
|
|
|
Cash, Cash
Equivalents and Restricted Cash at
Beginning of Period
|
99
|
|
511
|
|
Cash, Cash
Equivalents and Restricted Cash at End
of Period
|
$
228
|
|
$
100
|
|
|
|
|
|
|
|
|
Attachment
5
|
|
|
Public Service
Electric & Gas Company
|
|
Retail
Sales
|
|
(Unaudited)
|
|
September 30,
2024
|
|
|
|
|
|
|
|
|
|
|
|
Electric
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months
|
|
Change vs.
|
|
Nine
Months
|
|
Change vs.
|
|
|
Sales (millions
kWh)
|
Ended
|
|
2023
|
|
Ended
|
|
2023
|
|
|
Residential
|
4,635
|
|
3 %
|
|
11,093
|
|
8 %
|
|
|
Commercial &
Industrial
|
7,231
|
|
1 %
|
|
20,150
|
|
3 %
|
|
|
Other
|
71
|
|
(1 %)
|
|
242
|
|
0 %
|
|
|
Total
|
11,937
|
|
2 %
|
|
31,485
|
|
5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas Sold and
Transported
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months
|
|
Change
vs.
|
|
Nine
Months
|
|
Change
vs.
|
|
|
Sales (millions
therms)
|
Ended
|
|
2023
|
|
Ended
|
|
2023
|
|
|
Firm
Sales
|
|
|
|
|
|
|
|
|
|
Residential
Sales
|
89
|
|
(5 %)
|
|
945
|
|
5 %
|
|
|
Commercial &
Industrial
|
98
|
|
(4 %)
|
|
704
|
|
5 %
|
|
|
Total Firm
Sales
|
187
|
|
(5 %)
|
|
1,649
|
|
5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Firm
Sales*
|
|
|
|
|
|
|
|
|
|
Commercial &
Industrial
|
249
|
|
(11 %)
|
|
614
|
|
0 %
|
|
|
Total Non-Firm
Sales
|
249
|
|
|
|
614
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Sales
|
436
|
|
(8 %)
|
|
2,263
|
|
4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
*Contract Service
Gas rate included in non-firm sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weather
Data*
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months
|
|
Change
vs.
|
|
Nine
Months
|
|
Change
vs.
|
|
|
|
Ended
|
|
2023
|
|
Ended
|
|
2023
|
|
|
THI Hours -
Actual
|
13,437
|
|
(5 %)
|
|
19,335
|
|
13 %
|
|
|
THI Hours -
Normal
|
12,802
|
|
|
|
16,975
|
|
|
|
|
Degree Days -
Actual
|
3
|
|
(89 %)
|
|
2,515
|
|
9 %
|
|
|
Degree Days -
Normal
|
20
|
|
|
|
3,066
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*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
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
September
30,
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Nuclear - NJ
|
5,456
|
|
5,418
|
|
14,971
|
|
15,783
|
|
Nuclear - PA
|
2,631
|
|
2,706
|
|
8,323
|
|
8,447
|
|
|
8,087
|
|
8,124
|
|
23,294
|
|
24,230
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attachment
7
|
|
Public Service
Enterprise Group Incorporated
|
|
Statistical
Measures
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended September 30,
|
|
Nine Months Ended
September 30,
|
|
|
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Weighted Average
Common Shares Outstanding (millions)
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
498
|
|
498
|
|
498
|
|
497
|
|
Diluted
|
|
|
|
500
|
|
500
|
|
500
|
|
500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock Price at End
of Period
|
|
|
|
|
|
|
$89.21
|
|
$56.91
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends Paid per
Share of Common Stock
|
|
$0.60
|
|
$0.57
|
|
$1.80
|
|
$1.71
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend
Yield
|
|
|
|
|
|
|
|
2.7 %
|
|
4.0 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book Value per
Common Share
|
|
|
|
|
|
|
$32.33
|
|
$30.46
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market Price as a
Percent of Book Value
|
|
|
|
|
|
276 %
|
|
187 %
|
|
|
|
|
|
|
|
|
Attachment
8
|
|
|
Public Service
Enterprise Group Incorporated
|
|
Consolidated
Operating Earnings (non-GAAP)
Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
Reconciling
Items
|
Three Months
Ended
|
Nine Months
Ended
|
|
September
30,
|
September
30,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
|
($ millions,
Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income
|
$
520
|
|
$
139
|
|
$
1,486
|
|
$
2,017
|
|
|
(Gain) Loss on
Nuclear Decommissioning Trust (NDT)
|
|
|
|
|
|
|
|
|
|
Fund Related
Activity, pre-tax
|
(91)
|
|
42
|
|
(199)
|
|
(58)
|
|
|
(Gain) Loss on
Mark-to-Market (MTM),
pre-tax(a)
|
(23)
|
|
25
|
|
76
|
|
(1,043)
|
|
|
Pension Settlement
Charges, pre-tax
|
-
|
|
332
|
|
-
|
|
332
|
|
|
Lease Related
Activity, pre-tax
|
-
|
|
-
|
|
(4)
|
|
-
|
|
|
Exit Incentive
Program (EIP), pre-tax
|
-
|
|
5
|
|
-
|
|
25
|
|
|
Income Taxes related
to Operating Earnings (non-GAAP) reconciling
items(b)
|
42
|
|
(118)
|
|
59
|
|
198
|
|
|
Operating
Earnings (non-GAAP)
|
$
448
|
|
$
425
|
|
$
1,418
|
|
$
1,471
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG Fully
Diluted Average Shares Outstanding (in
millions)
|
500
|
|
500
|
|
500
|
|
500
|
|
|
|
($ Per Share
Impact - Diluted, Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income
|
$
1.04
|
|
$
0.27
|
|
$
2.97
|
|
$
4.03
|
|
|
(Gain) Loss on NDT
Fund Related Activity, pre-tax
|
(0.17)
|
|
0.09
|
|
(0.39)
|
|
(0.11)
|
|
|
(Gain) Loss on MTM,
pre-tax(a)
|
(0.05)
|
|
0.05
|
|
0.15
|
|
(2.09)
|
|
|
Pension Settlement
Charges, pre-tax
|
-
|
|
0.66
|
|
-
|
|
0.66
|
|
|
Lease Related
Activity, pre-tax
|
-
|
|
-
|
|
(0.01)
|
|
-
|
|
|
EIP, pre-tax
|
-
|
|
0.01
|
|
-
|
|
0.05
|
|
|
Income Taxes related
to Operating Earnings (non-GAAP) reconciling
items(b)
|
0.08
|
|
(0.23)
|
|
0.12
|
|
0.40
|
|
|
Operating
Earnings (non-GAAP)
|
$
0.90
|
|
$
0.85
|
|
$
2.84
|
|
$
2.94
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
Nine Months
Ended
|
|
Reconciling
Items
|
September
30,
|
September
30,
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
|
($ millions,
Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income
|
$
379
|
|
$
401
|
|
$
1,169
|
|
$
1,224
|
|
|
EIP, pre-tax
|
-
|
|
3
|
|
-
|
|
17
|
|
|
Pension Settlement
Charges, pre-tax
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Income Taxes related
to Operating Earnings (non-GAAP) reconciling
items(b)
|
-
|
|
(1)
|
|
-
|
|
(5)
|
|
|
Operating
Earnings (non-GAAP)
|
$
379
|
|
$
403
|
|
$
1,169
|
|
$
1,236
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG Fully
Diluted Average Shares Outstanding (in
millions)
|
500
|
|
500
|
|
500
|
|
500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG Power &
Other Operating Earnings (non-GAAP)
Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
Nine Months
Ended
|
|
Reconciling
Items
|
September
30,
|
September
30,
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
|
($ millions,
Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
(Loss)
|
$
141
|
|
$
(262)
|
|
$
317
|
|
$
793
|
|
|
(Gain) Loss on NDT
Fund Related Activity, pre-tax
|
(91)
|
|
42
|
|
(199)
|
|
(58)
|
|
|
(Gain) Loss on MTM,
pre-tax(a)
|
(23)
|
|
25
|
|
76
|
|
(1,043)
|
|
|
Pension Settlement
Charges, pre-tax
|
-
|
|
332
|
|
-
|
|
332
|
|
|
Lease Related
Activity, pre-tax
|
-
|
|
-
|
|
(4)
|
|
-
|
|
|
EIP, pre-tax
|
-
|
|
2
|
|
-
|
|
8
|
|
|
Income Taxes related
to Operating Earnings (non-GAAP) reconciling
items(b)
|
42
|
|
(117)
|
|
59
|
|
203
|
|
|
Operating
Earnings (non-GAAP)
|
$
69
|
|
$
22
|
|
$
249
|
|
$
235
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
|
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SOURCE PSEG