Non-GAAP Operating Earnings of $0.95 Per Share
Updating Full-Year Non-GAAP Operating Earnings Guidance to $3.05 - $3.15 Per Share and Adjusting Subsidiary Contribution Ranges
NJBPU Approves PSE&G’s Distribution Rate Case Settlement Agreement


Tuesday, October 30, 2018 7:39 am EDT



Public Service Enterprise Group (NYSE: PEG) reported today Net Income for the third quarter of 2018 of $412 million, or $0.81 per share as compared to Net Income of $395 million, or $0.78 per share, in the third quarter of 2017. Non-GAAP Operating Earnings for the third quarter of 2018 were $481 million, or $0.95 per share, compared to non-GAAP Operating Earnings for the third quarter of 2017 of $417 million, or $0.82 per share.

Ralph Izzo, chairman, president and chief executive officer, said “PSEG’s third quarter earnings benefited from continued investment in PSE&G capital programs and from lower corporate income taxes at PSEG Power. We have made significant progress to date in our regulatory and policy partnerships. PSE&G achieved several milestones including the recent Board of Public Utility Commission (BPU) approval of our distribution rate case settlement agreement. The BPU’s approval of the rate case settlement concludes the utility’s first distribution rate review since 2010, and is expected to provide PSE&G’s customers with long-term rate stability. In addition, PSE&G filed three Clean Energy Future investment programs totaling $3.6 billion over six years -- Energy Efficiency, Electric Vehicle Infrastructure and Energy Storage, and Energy Cloud initiatives including Advanced Metering Infrastructure (AMI), all continuing the alignment of PSEG’s capital investment plans with New Jersey’s energy policy goals. Power placed the Keys Energy Center and Sewaren 7 power plants into service mid-year, and continues to target completion of the CCGT construction program with Bridgeport Harbor 5 in mid-2019. In addition, the BPU process to implement the Zero Emission Certificate (ZEC) program legislated in May is underway, with three public hearings concluded earlier this month.”

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