Non-GAAP Operating Earnings of $0.64 Per Share
Reaffirms Non-GAAP Operating Earnings Guidance $3.00 - $3.20 Per Share
PSEG Power Places Keys Energy Center and Sewaren 7 in Service

Progress Continues on PSEG’s $14 Billion to $17 Billion Capital Spending Program;

Supports PSE&G’s Rate Base Growth Projection of 8%-10% per year over 2018-2022


Wednesday, August 1, 2018 7:40 am EDT



(August 1, 2018 – Newark, NJ) Public Service Enterprise Group (NYSE: PEG) reported today Net Income for the second quarter of 2018 of $269 million, or $0.53 per share as compared to Net Income of $109 million, or $0.22 per share, in the second quarter of 2017. Non-GAAP Operating Earnings for the second quarter of 2018 were $325 million, or $0.64 per share, compared to non-GAAP Operating Earnings for the second quarter of 2017 of $316 million, or $0.62 per share. Prior-year results included costs related to the early retirement of the Hudson and Mercer generating stations.

Ralph Izzo, chairman, president and chief executive officer, said “PSEG’s second quarter earnings benefited once again from expanded investment at PSE&G and ongoing focus on cost containment across PSEG. We recently reached several significant milestones, including obtaining final New Jersey Board of Public Utilities (BPU) approval of PSE&G’s $1.9 billion, 5-year Gas System Modernization Program II (GSMP II); filing the utility’s Energy Strong II infrastructure program; and completing construction of Power’s newest generating stations at Keys and Sewaren. PSEG was also an active participant as New Jersey shaped its energy policy with the enactment of a wide ranging clean energy law that sets ambitious targets on energy efficiency, off-shore wind, battery storage and renewable portfolio standards that would require use of 50% of renewable energy by 2030. Governor Murphy also signed zero emission certificate (ZEC) legislation that will help preserve the benefits nuclear generation provides to New Jersey.”

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