NEWARK, N.J., Aug. 3, 2021 /PRNewswire/ -- Public Service
Enterprise Group (NYSE: PEG) reported a Net Loss for the second
quarter of 2021 of $177 million, or
$0.35 per share, compared to Net
Income of $451 million, or
$0.89 per share, in the second
quarter of 2020. Non-GAAP Operating Earnings for the second
quarter of 2021 were $356 million, or
$0.70 per share, compared to non-GAAP
Operating Earnings for the second quarter of 2020 of $404 million, or $0.79 per share. Non-GAAP results for the
second quarter exclude items shown in Attachments 8 and 9.
For the second quarter of 2021, PSEG Power recorded a pre-tax
impairment of approximately $519
million at its New England asset group, partially offset by
a pre-tax gain of approximately $62
million from the sale of PSEG Power's ownership interest in
Solar Source LLC.
Ralph Izzo, chairman, president
and chief executive officer, commented, "We continue to make great
progress on a number of fronts to position ourselves for the
future. We had a strong operating quarter that once again
produced non-GAAP Operating Earnings in line with our expectations
for the year. Our GAAP results for the quarter reflect an
asset impairment charge related to the quarterly assessment of the
likelihood and timing of potential asset sales in connection with
exploring strategic alternatives for PSEG Power's non-nuclear
generating assets. As part of this transition, PSEG recently
completed the sale of the 467 MW-dc Solar Source portfolio, and we
are in advanced discussions regarding the potential sale of the
fossil fleet."
"The marketing of the fossil assets has garnered a significant
level of interest from numerous qualified buyers in a competitive
process, which is advancing as expected. We announced the
exploration of strategic alternatives last July with the intention
of simplifying PSEG's business mix to be primarily a regulated
electric and gas utility, complemented by a significantly
contracted, carbon-free energy infrastructure company through the
retention of our nuclear fleet and investments in regional offshore
wind. Over the past year we have eliminated uncertainty in
many areas, and continue to favorably position the company for the
future," said Izzo.
"We are also pleased with our recent announcement of PSE&G's
agreement with the New Jersey
Board of Public Utilities (BPU) and the Division of Rate Counsel to
voluntarily reduce its annual transmission revenue requirement,
which includes a reduction in its base return on equity on its
transmission formula rate to 9.90% from 11.18%", Izzo
continued. "This agreement is a balanced resolution that
delivers timely savings to customers and resolves a significant
regulatory uncertainty for PSE&G. Pending approval from
the Federal Energy Regulatory Commission (FERC), the settlement is
anticipated to save a typical electric residential customer
approximately 3% on their monthly bills upon implementation."
On June 14, New Jersey lifted its Public Health Emergency
Order in effect since March 2020. The continued re-opening of
the New Jersey economy has lifted
commercial activity and resulted in a rebound in demand.
Electric sales adjusted for weather were up nearly 4% over the
second quarter of 2020, led by an 11% increase in Commercial sales,
offset by a 5% decline in Residential sales as people gradually
return to work outside the home.
Also in June, PSEG furthered its leadership position in the
industry by accelerating our Net Zero carbon emissions vision by 20
years to 2030 and expanding the goal to include direct greenhouse
gas (GHG) emissions (for scope 1) and indirect GHG emissions (for
scope 2) from operations at both PSEG Power and PSE&G. In
establishing our Net Zero by 2030 vision, we assumed advances in
technology, public policy, customer behavior and offsets.
Scope 1 emissions include power generation, methane leaks,
vehicle fleet emissions, sulfur hexafluoride and refrigerant
leaks. Scope 2 emissions include both gas and electric
purchased energy for our PSE&G facilities and line
losses.
The following table provides a reconciliation of PSEG's Net
Income/(Loss) to non-GAAP Operating Earnings for the second
quarter. See Attachments 8 and 9 for a complete list of items
excluded from Net Income/(Loss) in the determination of non-GAAP
Operating Earnings.
PSEG CONSOLIDATED
RESULTS (unaudited)
|
Second Quarter
Comparative Results
|
2021 and
2020
|
|
|
Income/(Loss)
|
|
Diluted
Earnings/(Loss)
|
|
($
millions)
|
|
Per Share
|
|
2021
|
2020
|
|
2021
|
2020
|
Net
Income/(Loss)
|
$(177)
|
$451
|
|
$(0.35)
|
$0.89
|
Reconciling
Items
|
533
|
(47)
|
|
1.05
|
(0.10)
|
Non-GAAP Operating
Earnings
|
$356
|
$404
|
|
$0.70
|
$0.79
|
|
Avg.
Shares
|
|
504M
*
|
507M
|
|
*Approximately
three million potentially dilutive shares were excluded from fully
diluted average shares outstanding used to calculate the diluted
GAAP loss per share for the quarter ended June 30, 2021 as their
impact was antidilutive to GAAP results. For non-GAAP per share
calculations, we used fully diluted average shares outstanding of
507 million, including the three million potentially dilutive
shares as they were dilutive to non-GAAP
results.
|
Ralph Izzo added, "We are raising
by $0.05 per share the bottom end of
PSEG's non-GAAP Operating Earnings guidance for full-year 2021 to a
range of $3.40 to $3.55 per share based on favorable results at
PSE&G and Power through the first half of the year. The
updated guidance also reflects an August
1 effective date to implement the Transmission rate
settlement, and the expectation that the fossil assets will
contribute to consolidated results through the end of the
year. PSE&G's planned capital spending of $2.7 billion is on schedule and on budget, as is
our consolidated, five-year, $14
billion to $16 billion capital
plan, which we intend to execute without the need to issue new
equity."
The following table outlines PSEG's expectations for non-GAAP
Operating Earnings by subsidiary:
2021 Non-GAAP
Operating Earnings Guidance
($ millions, except EPS)
|
|
|
|
2021E
|
PSE&G
|
$1,420 -
$1,470
|
PSEG
Power
|
$295 -
$370
|
PSEG
Enterprise/Other
|
($15)
|
Non-GAAP
Operating Earnings
|
$1,725 -
$1,800
|
Non-GAAP
Operating EPS
|
$3.40 -
$3.55
|
E =
Estimate
|
|
Results and
Outlook by Operating Subsidiary
|
|
PSE&G
|
Second Quarter
2021 and 2020 Comparative Results
|
($ millions,
except EPS)
|
|
PSE&G
|
2Q
2021
|
2Q
2020
|
Q/Q
Change
|
Net
Income
|
$309
|
$283
|
$26
|
Earnings Per
Share
|
$0.61
|
$0.56
|
$0.05
|
PSE&G reported Net Income of $309
million ($0.61 per share) for
the second quarter of 2021 compared with Net Income of $283 million ($0.56
per share) for the second quarter 2020.
PSE&G's second quarter results reflect revenue growth from
ongoing capital investment programs. Growth in transmission
rate base added $0.01 per share to
second quarter Net Income, partly offset by the timing of
Transmission O&M and true-ups from prior-year filings. Electric
margin added $0.02 per share to Net
Income compared to the year-earlier quarter, driven by Commercial
and Industrial demand. Gas margin added $0.01 per share, driven by Gas System
Modernization Program II rate roll-ins. Gas-related bad debt
expense, and operating and maintenance expense were both
$0.01 per share favorable compared to
the year-earlier quarter, driven by the timing of deferrals that
began last September. Distribution related depreciation
lowered Net Income by $0.01 per
share. Non-operating pension expense was $0.02 per share favorable compared with second
quarter 2020. Tax expense was $0.02 unfavorable compared to second quarter
2020, driven by the timing of adjustments to reflect PSE&G's
estimated annual effective tax rate.
The recently announced Transmission agreement, if approved by
the FERC, would reset the base return on equity for PSE&G's
formula rate to 9.90% (reduced from 11.18%) which will lower its
annual transmission revenue requirement by about $100 million per year (pre-tax). Combined
with other elements of the settlement, which has a requested
August 1, 2021 effective date, the
financial impact of this settlement agreement is expected to lower
PSE&G's Net Income by approximately $50
million - $60 million, or
$0.10 - $0.12 per share, on an annual basis in the first
12 months, once implemented.
Weather for Q2 2021 was significantly warmer compared with the
second quarter of 2020, with a Temperature Humidity Index that was
34% higher than normal and a significantly higher than normal
number of hours at 90°F or greater. The New Jersey economy continued to recover in the
second quarter, increasing total weather normalized electric sales
by approximately 4% compared to Q2 2020, at the height of the
COVID-19 economic restrictions. On a trailing 12-month basis,
weather normalized electric and gas sales were each higher by
approximately 1%, with residential electric and gas usage up by 4%
and 2%, respectively.
The Conservation Incentive Program, which started June 1 for electric sales, removes the variations
of weather, economic activity, efficiency and customer usage from
our financial results, resetting margins to a baseline level.
This new mechanism supports PSE&G's ability to maximize
customer participation in energy efficiency programs without losing
margin from lower sales. A similar program covering gas sales
will commence October 1 and replace
the weather normalization clause.
PSE&G's capital program remains on schedule. PSE&G
invested approximately $700 million
in the second quarter and $1.3
billion through June. This capital is part of 2021's
$2.7 billion electric and gas
infrastructure program to upgrade transmission and distribution
facilities, and enhance reliability and increase resiliency.
We continue to forecast over 90% of PSEG's planned capital
investment will be directed to the utility over the 2021-2025
timeframe.
PSE&G's forecast of Net Income for 2021 has been updated to
$1,420 million - $1,470 million, from $1,410 million - $1,470
million.
PSEG
Power
|
|
Second Quarter
2021 and 2020 Comparative Results
|
($ millions,
except EPS)
|
|
PSEG Power
|
2Q
2021
|
2Q
2020
|
Q/Q
Change
|
Net Income
(Loss)
|
$(483)
|
$170
|
$(653)
|
Earnings (Loss) Per
Share (EPS)
|
$(0.95)
|
$0.34
|
$(1.29)
|
Non-GAAP Operating
Earnings
|
$50
|
$123
|
$(73)
|
Non-GAAP
EPS
|
$0.10
|
$0.24
|
$(0.14)
|
Non-GAAP Adjusted
EBITDA
|
$159
|
$258
|
$(99)
|
PSEG Power reported a Net Loss of $483
million ($0.95 per share) for
the second quarter of 2021, non-GAAP Operating Earnings of
$50 million ($0.10 per share), and non-GAAP Adjusted EBITDA of
$159 million. This compares to
second quarter 2020 Net Income of $170
million, non-GAAP Operating Earnings of $123 million and non-GAAP Adjusted EBITDA of
$258 million.
PSEG Power's second quarter non-GAAP Operating Earnings were
affected by several items that combined lowered results by
$0.14 per share below the year-ago
quarter. Re-contracting and market impact reduced results by
$0.09 per share, reflecting seasonal
shape of hedging activity and higher cost to serve load versus the
year-ago quarter. Generating volume and Zero Emission
Certificates were each down by $0.01
per share, affected by lower nuclear output related to the spring
refueling outage at the 100%-owned Hope Creek nuclear plant.
PJM capacity revenue added $0.02 per share to the year-ago quarterly
comparison, following the slight stepdown in pricing with the new
June 1 energy year. Higher
O&M expense reduced results by $0.04 per share compared to last year's second
quarter primarily reflecting the planned Hope Creek refueling
outage and higher fossil operating expenses. Lower
depreciation expense, reflecting the sale of the Solar Source
portfolio and the early retirement of the Bridgeport Harbor
coal-fired generating station, combined with lower interest expense
added $0.02 per share versus the
year-ago quarter. Taxes and other items were $0.03 per share unfavorable, reflecting the
absence of the multi-year tax audit settlement included in
second-quarter 2020 results.
Total generation output declined by 1% to 12.6 TWh in the second
quarter as nuclear output declined due to the refueling outage at
Hope Creek and a subsequent forced outage. PSEG Power's CCGT
fleet produced 5.3 TWh of output, up 8%, in response to higher
market demand. The nuclear fleet operated at an average
capacity factor of 86% for the quarter, producing 7.2 TWh, down by
7% over Q2 2020, which represented 57% of total generation.
PSEG Power is forecasting generation output of 25 to 27 TWh
for the remaining two quarters of 2021, and has hedged 95% - 100%
of this production at an average price of $30 per MWh. Also during the quarter, PSEG
Power eliminated all coal from its generation mix with the early
retirement of Bridgeport Harbor Station Unit 3.
PSEG Power's quarterly impairment assessments related to its
strategic review of non-nuclear generating assets determined that
the ISO New England asset grouping showed an impairment as of
June 30, 2021. As a result,
PSEG Power recorded a pre-tax charge of approximately $519 million for this asset grouping. The
PJM and New York-ISO groupings did not show an impairment as of
June 30, 2021; however, a move of
these assets to held-for-sale, which would be effective upon an
anticipated sale agreement, would prompt an additional material
impairment to the fossil portfolio. In June 2021, PSEG completed the sale of PSEG Solar
Source, which resulted in a pre-tax gain on the sale of
approximately $62 million and income
tax expense of approximately $63
million, primarily due to the recapture of investment tax
credits on units that operated for less than five years.
The forecast of PSEG Power's non-GAAP Operating Earnings for
2021 has been updated to $295 million
- $370 million (from $280 million - $370
million). Our estimate of non-GAAP Adjusted EBITDA
remains unchanged at $850 million -
$950 million.
PSEG Enterprise/Other
PSEG Enterprise/Other reported a Net Loss of $3 million ($0.01
per share) for the second quarter of 2021, compared to a Net Loss
of $2 million ($0.01 per share) for the second quarter of
2020. The Net Loss for the second quarter of 2021 reflects
higher interest at the Parent partially offset by ongoing
contributions from PSEG Long Island. In June, PSEG Long
Island entered into a non-binding Term Sheet with the Long Island
Power Authority that would resolve all of the Authority's claims
related to Tropical Storm Isaias. The terms will guide
amendments to our Operations Services Agreement (OSA) and then be
submitted to New York State
authorities for approval later this year. The OSA contract
term will continue through 2025, with a mutual option to
extend.
For 2021, the forecast for PSEG Enterprise/Other remains
unchanged at a Net Loss of $15
million.
Public Service Enterprise Group Inc. (PSEG) (NYSE: PEG) is a
publicly traded diversified energy company with approximately
13,000 employees. Headquartered in Newark, N.J., PSEG's principal operating
subsidiaries are: Public Service Electric and Gas Co.
(PSE&G), PSEG Power and PSEG Long Island. PSEG is a
Fortune 500 company included in the S&P 500 Index and has been
named to the Dow Jones Sustainability Index for North America for 13 consecutive years
(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 returns (losses) associated with the Nuclear
Decommissioning Trust (NDT), Mark-to-Market (MTM) accounting and
material one-time items.
Management believes the presentation of non-GAAP Adjusted EBITDA
for PSEG Power is useful to investors and other users of our
financial statements in evaluating operating performance because it
provides them with an additional tool to compare business
performance across companies and across periods. Management also
believes that non-GAAP Adjusted EBITDA is widely used by investors
to measure operating performance without regard to items such as
income tax expense, interest expense and depreciation and
amortization, which can vary substantially from company to company
depending upon, among other things, the book value of assets,
capital structure and whether assets were constructed or acquired.
Non-GAAP Adjusted EBITDA also allows investors and other users to
assess the underlying financial performance of our fleet before
management's decision to deploy capital. Non-GAAP Adjusted EBITDA
excludes the same items as our non-GAAP Operating Earnings measure
as well as income tax expense, interest expense and depreciation
and amortization.
See Attachments 8 and 9 for a complete list of items excluded
from Net Income (Loss) in the determination of non-GAAP Operating
Earnings and non-GAAP Adjusted EBITDA. The presentation of non-GAAP
Operating Earnings and non-GAAP Adjusted EBITDA 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 and non-GAAP Adjusted EBITDA 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
and non-GAAP Adjusted EBITDA guidance, PSEG is unable to reconcile
these non-GAAP financial measures to the most directly comparable
GAAP financial measure. Management is unable to project certain
reconciling items, in particular MTM and NDT gains (losses), for
future periods due to market volatility.
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 generation, transmission and
distribution projects;
- lack of growth or slower growth in the number of customers or
the failure of our Conservation Incentive Program to fully address
a decline in customer demand;
- any equipment failures, accidents, severe weather events, acts
of war or terrorism or other incidents, including pandemics such as
the ongoing coronavirus pandemic, 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;
- any inability to maintain sufficient liquidity;
- the impact of cybersecurity attacks or intrusions;
- the impact of the ongoing coronavirus pandemic;
- the impact of our covenants in our debt instruments on our
operations;
- adverse performance of our nuclear decommissioning and defined
benefit plan trust fund investments and changes in funding
requirements;
- risks associated with the timeline and ultimate outcome of our
exploration of strategic alternatives relating to PSEG Power's
non-nuclear generating fleet;
- the failure to complete, or delays in completing, our proposed
investment in the Ocean Wind offshore wind project, or following
the completion of our initial investment in the project, the
failure to realize the anticipated strategic and financial benefits
of the project;
- fluctuations in wholesale power and natural gas markets,
including the potential impacts on the economic viability of our
generation units;
- our ability to obtain adequate fuel supply;
- market risks impacting the operation of our generating
stations;
- 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 generation
output and purchase of fuel;
- any inability of PSEG Power to meet its commitments under
forward sale obligations;
- reliance on transmission facilities to maintain adequate
transmission capacity for our power generation fleet;
- 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 programs may not be fully
approved by regulators and its capital investment may be lower than
planned;
- the absence of a long-term legislative or other solution for
our New Jersey nuclear plants that
sufficiently values them for their carbon-free, fuel diversity and
resilience attributes, or the impact of the current or subsequent
payments for such attributes being materially adversely modified
through legal proceedings;
- adverse changes in energy industry laws, policies and
regulations, including market structures and transmission planning
and transmission returns;
- risks associated with our ownership and operation of nuclear
facilities, including regulatory risks, such as compliance with the
Atomic Energy Act and trade control, environmental and other
regulations, as well as financial, environmental and health and
safety risks;
- changes in federal and state environmental regulations and
enforcement; and
- delays in receipt of, or an inability to receive, necessary
licenses and permits.
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.
From time to time,
PSEG, PSE&G and PSEG Power release important information via
postings on their corporate Investor Relations website
at https://investor.pseg.com. Investors and other interested
parties are encouraged to visit the Investor Relations website to
review new postings. You can sign up for automatic email alerts
regarding new postings at the bottom of the webpage
at https://investor.pseg.com.
|
CONTACT:
|
Investor
Relations
|
Media
Relations
|
Carlotta.Chan@pseg.com
|
Marijke.Shugrue@pseg.com
|
973-430-6565
|
908-531-4253
|
|
|
|
|
|
|
|
|
|
Attachment
1
|
PUBLIC SERVICE
ENTERPRISE GROUP INCORPORATED
|
Consolidating
Statements of Operations
|
(Unaudited, $
millions, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG
|
|
PSEG
Enterprise/
Other(a)
|
|
PSE&G
|
|
PSEG
Power
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
REVENUES
|
|
$
1,874
|
|
$
(20)
|
|
$ 1,514
|
|
$
380
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
Energy
Costs
|
|
606
|
|
(174)
|
|
509
|
|
271
|
|
|
Operation and
Maintenance
|
|
783
|
|
131
|
|
393
|
|
259
|
|
|
Depreciation and
Amortization
|
|
322
|
|
8
|
|
231
|
|
83
|
|
|
(Gains) Losses on
Asset Dispositions and Impairments
|
|
457
|
|
-
|
|
-
|
|
457
|
|
|
|
Total
Operating Expenses
|
|
2,168
|
|
(35)
|
|
1,133
|
|
1,070
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME
(LOSS)
|
|
(294)
|
|
15
|
|
381
|
|
(690)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Equity
Method Investments
|
|
6
|
|
-
|
|
-
|
|
6
|
|
Net Gains (Losses) on
Trust Investments
|
|
81
|
|
2
|
|
-
|
|
79
|
|
Other Income
(Deductions)
|
|
33
|
|
1
|
|
24
|
|
8
|
|
Net Non-Operating
Pension and OPEB Credits (Costs)
|
|
82
|
|
5
|
|
66
|
|
11
|
|
Interest
Expense
|
|
(147)
|
|
(22)
|
|
(101)
|
|
(24)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE
INCOME TAXES
|
|
(239)
|
|
1
|
|
370
|
|
(610)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Benefit
(Expense)
|
|
62
|
|
(4)
|
|
(61)
|
|
127
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS)
|
|
$
(177)
|
|
$
(3)
|
|
$
309
|
|
$
(483)
|
|
|
Reconciling Items
Excluded from Net Income (Loss)(b)
|
|
533
|
|
-
|
|
-
|
|
533
|
|
OPERATING EARNINGS
(non-GAAP)
|
|
$
356
|
|
$
(3)
|
|
$
309
|
|
$
50
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS)
|
|
$
(0.35)
|
|
$
(0.01)
|
|
$
0.61
|
|
$(0.95)
|
|
|
Reconciling Items
Excluded from Net Income (Loss)(b)
|
|
1.05
|
|
-
|
|
-
|
|
1.05
|
|
OPERATING EARNINGS
(non-GAAP)
|
|
$
0.70
|
|
$
(0.01)
|
|
$
0.61
|
|
$
0.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG
|
|
PSEG
Enterprise/
Other(a)
|
|
PSE&G
|
|
PSEG
Power
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
REVENUES
|
|
$
2,050
|
|
$
(89)
|
|
$ 1,456
|
|
$
683
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
Energy
Costs
|
|
595
|
|
(238)
|
|
510
|
|
323
|
|
|
Operation and
Maintenance
|
|
733
|
|
128
|
|
380
|
|
225
|
|
|
Depreciation and
Amortization
|
|
315
|
|
7
|
|
217
|
|
91
|
|
|
|
Total
Operating Expenses
|
|
1,643
|
|
(103)
|
|
1,107
|
|
639
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
|
407
|
|
14
|
|
349
|
|
44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Equity
Method Investments
|
|
3
|
|
-
|
|
-
|
|
3
|
|
Net Gains (Losses) on
Trust Investments
|
|
201
|
|
4
|
|
1
|
|
196
|
|
Other Income
(Deductions)
|
|
38
|
|
-
|
|
26
|
|
12
|
|
Net Non-Operating
Pension and OPEB Credits (Costs)
|
|
62
|
|
1
|
|
52
|
|
9
|
|
Interest
Expense
|
|
(151)
|
|
(23)
|
|
(98)
|
|
(30)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE
INCOME TAXES
|
|
560
|
|
(4)
|
|
330
|
|
234
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Benefit
(Expense)
|
|
(109)
|
|
2
|
|
(47)
|
|
(64)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS)
|
|
$
451
|
|
$
(2)
|
|
$
283
|
|
$
170
|
|
|
Reconciling Items
Excluded from Net Income (Loss)(b)
|
|
(47)
|
|
-
|
|
-
|
|
(47)
|
|
OPERATING EARNINGS
(non-GAAP)
|
|
$
404
|
|
$
(2)
|
|
$
283
|
|
$
123
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS)
|
|
$
0.89
|
|
$
(0.01)
|
|
$
0.56
|
|
$
0.34
|
|
|
Reconciling Items
Excluded from Net Income (Loss)(b)
|
|
(0.10)
|
|
-
|
|
-
|
|
(0.10)
|
|
OPERATING EARNINGS
(non-GAAP)
|
|
$
0.79
|
|
$
(0.01)
|
|
$
0.56
|
|
$
0.24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Includes
activities at Energy Holdings, PSEG Long Island and the Parent as
well as intercompany eliminations.
|
(b) See Attachments 8
and 9 for details of items excluded from Net Income/(Loss) 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, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG
|
|
PSEG
Enterprise/
Other(a)
|
|
PSE&G
|
|
PSEG
Power
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
REVENUES
|
|
$
4,763
|
|
$
(371)
|
|
$
3,587
|
|
$
1,547
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
Energy
Costs
|
|
1,635
|
|
(676)
|
|
1,358
|
|
953
|
|
|
Operation and
Maintenance
|
|
1,561
|
|
263
|
|
817
|
|
481
|
|
|
Depreciation and
Amortization
|
|
663
|
|
16
|
|
472
|
|
175
|
|
|
(Gains) Losses on
Asset Dispositions and Impairments
|
|
457
|
|
-
|
|
-
|
|
457
|
|
|
|
Total
Operating Expenses
|
|
4,316
|
|
(397)
|
|
2,647
|
|
2,066
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME
(LOSS)
|
|
447
|
|
26
|
|
940
|
|
(519)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Equity
Method Investments
|
|
9
|
|
-
|
|
-
|
|
9
|
|
Net Gains (Losses) on
Trust Investments
|
|
141
|
|
3
|
|
1
|
|
137
|
|
Other Income
(Deductions)
|
|
58
|
|
2
|
|
52
|
|
4
|
|
Non-Operating Pension
and OPEB Credits (Costs)
|
|
164
|
|
9
|
|
132
|
|
23
|
|
Interest
Expense
|
|
(293)
|
|
(43)
|
|
(199)
|
|
(51)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE
INCOME TAXES
|
|
526
|
|
(3)
|
|
926
|
|
(397)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Benefit
(Expense)
|
|
(55)
|
|
10
|
|
(140)
|
|
75
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS)
|
|
$
471
|
|
$
7
|
|
$
786
|
|
$
(322)
|
|
Reconciling Items
Excluded from Net Income(Loss)(b)
|
|
535
|
|
-
|
|
-
|
|
535
|
|
OPERATING EARNINGS
(non-GAAP)
|
|
$
1,006
|
|
$
7
|
|
$
786
|
|
$
213
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS)
|
|
$
0.93
|
|
$
0.01
|
|
$
1.55
|
|
$
(0.63)
|
|
|
Reconciling Items
Excluded from Net Income(Loss)(b)
|
|
1.05
|
|
-
|
|
-
|
|
1.05
|
|
OPERATING EARNINGS
(non-GAAP)
|
|
$
1.98
|
|
$
0.01
|
|
$
1.55
|
|
$
0.42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG
|
|
PSEG
Enterprise/
Other(a)
|
|
PSE&G
|
|
PSEG
Power
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
REVENUES
|
|
$
4,831
|
|
$
(411)
|
|
$
3,339
|
|
$
1,903
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
Energy
Costs
|
|
1,501
|
|
(716)
|
|
1,218
|
|
999
|
|
|
Operation and
Maintenance
|
|
1,487
|
|
255
|
|
766
|
|
466
|
|
|
Depreciation and
Amortization
|
|
639
|
|
15
|
|
439
|
|
185
|
|
|
|
Total
Operating Expenses
|
|
3,627
|
|
(446)
|
|
2,423
|
|
1,650
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
|
1,204
|
|
35
|
|
916
|
|
253
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Equity
Method Investments
|
|
6
|
|
-
|
|
-
|
|
6
|
|
Net Gains (Losses) on
Trust Investments
|
|
(20)
|
|
3
|
|
1
|
|
(24)
|
|
Other Income
(Deductions)
|
|
42
|
|
-
|
|
53
|
|
(11)
|
|
Non-Operating Pension
and OPEB Credits (Costs)
|
|
124
|
|
4
|
|
103
|
|
17
|
|
Interest
Expense
|
|
(304)
|
|
(46)
|
|
(194)
|
|
(64)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE
INCOME TAXES
|
|
1,052
|
|
(4)
|
|
879
|
|
177
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Benefit
(Expense)
|
|
(153)
|
|
(3)
|
|
(156)
|
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS)
|
|
$
899
|
|
$
(7)
|
|
$
723
|
|
$
183
|
|
|
Reconciling Items
Excluded from Net Income (Loss)(b)
|
|
25
|
|
-
|
|
-
|
|
25
|
|
OPERATING EARNINGS
(non-GAAP)
|
|
$
924
|
|
$
(7)
|
|
$
723
|
|
$
208
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS)
|
|
$
1.77
|
|
$
(0.02)
|
|
$
1.43
|
|
$
0.36
|
|
|
Reconciling Items
Excluded from Net Income (Loss)(b)
|
|
0.05
|
|
-
|
|
-
|
|
0.05
|
|
OPERATING EARNINGS
(non-GAAP)
|
|
$
1.82
|
|
$
(0.02)
|
|
$
1.43
|
|
$
0.41
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Includes
activities at Energy Holdings, PSEG Long Island and the Parent as
well as intercompany eliminations.
|
(b) See Attachments 8
and 9 for details of items excluded from Net Income/(Loss) to
compute Operating Earnings (non-GAAP).
|
|
|
|
|
|
|
|
Attachment
3
|
|
|
PUBLIC SERVICE
ENTERPRISE GROUP INCORPORATED
|
|
Capitalization
Schedule
|
|
(Unaudited, $
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June
30,
|
|
December
31,
|
|
|
|
|
|
|
2021
|
|
2020
|
|
DEBT
|
|
|
|
|
|
|
|
Commercial Paper and
Loans
|
|
|
$
1,450
|
|
$
1,063
|
|
|
Long-Term
Debt*
|
|
|
15,695
|
|
16,180
|
|
|
|
Total Debt
|
|
|
17,145
|
|
17,243
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
Common
Stock
|
|
|
5,026
|
|
5,031
|
|
|
Treasury
Stock
|
|
|
(899)
|
|
(861)
|
|
|
Retained
Earnings
|
|
|
12,273
|
|
12,318
|
|
|
Accumulated Other
Comprehensive Loss
|
|
|
(522)
|
|
(504)
|
|
|
|
Total Stockholders'
Equity
|
|
|
15,878
|
|
15,984
|
|
|
|
Total
Capitalization
|
|
|
$
33,023
|
|
$
33,227
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*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,
|
|
2021
|
|
2020
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
Net
Income
|
$
471
|
|
$
899
|
Adjustments to
Reconcile Net Income to Net Cash Flows
|
|
|
|
from Operating
Activities
|
578
|
|
765
|
NET CASH PROVIDED
BY (USED IN) OPERATING ACTIVITIES
|
1,049
|
|
1,664
|
|
|
|
|
NET CASH PROVIDED
BY (USED IN) INVESTING ACTIVITIES
|
(793)
|
|
(1,433)
|
|
|
|
|
NET CASH PROVIDED
BY (USED IN) FINANCING ACTIVITIES
|
(684)
|
|
60
|
|
|
|
|
Net Change in
Cash, Cash Equivalents and Restricted Cash
|
(428)
|
|
291
|
|
|
|
|
Cash, Cash
Equivalents and Restricted Cash at Beginning of
Period
|
572
|
|
176
|
Cash, Cash
Equivalents and Restricted Cash at End of Period
|
$
144
|
|
$
467
|
|
|
|
|
|
|
|
Attachment
5
|
PUBLIC SERVICE
ELECTRIC & GAS COMPANY
|
Retail
Sales
|
(Unaudited)
|
June 30,
2021
|
|
|
|
|
|
|
|
|
|
|
|
Electric
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months
|
|
Change vs.
|
|
Six
Months
|
|
Change vs.
|
|
|
Sales (millions
kWh)
|
Ended
|
|
2020
|
|
Ended
|
|
2020
|
|
|
Residential
|
3,209
|
|
(1)%
|
|
6,475
|
|
6 %
|
|
|
Commercial &
Industrial
|
6,149
|
|
10 %
|
|
12,417
|
|
3 %
|
|
|
Other
|
72
|
|
(4)%
|
|
171
|
|
(2)%
|
|
|
Total
|
9,430
|
|
6 %
|
|
19,063
|
|
4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas Sold and
Transported
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months
|
|
Change
vs.
|
|
Six
Months
|
|
Change
vs.
|
|
|
Sales (millions
therms)
|
Ended
|
|
2020
|
|
Ended
|
|
2020
|
|
|
Firm
Sales
|
|
|
|
|
|
|
|
|
|
Residential
Sales
|
201
|
|
(19)%
|
|
942
|
|
8 %
|
|
|
Commercial &
Industrial
|
159
|
|
(6)%
|
|
629
|
|
8 %
|
|
|
Total Firm
Sales
|
360
|
|
(14)%
|
|
1,571
|
|
8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Firm
Sales*
|
|
|
|
|
|
|
|
|
|
Commercial &
Industrial
|
203
|
|
14 %
|
|
363
|
|
(2)%
|
|
|
Total Non-Firm
Sales
|
203
|
|
|
|
363
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Sales
|
563
|
|
(6)%
|
|
1,934
|
|
6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
*Contract Service Gas
rate included in non-firm sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weather
Data*
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months
|
|
Change
vs.
|
|
Six
Months
|
|
Change
vs.
|
|
|
|
Ended
|
|
2020
|
|
Ended
|
|
2020
|
|
|
THI Hours -
Actual
|
5,532
|
|
37 %
|
|
5,569
|
|
37 %
|
|
|
THI Hours -
Normal
|
4,131
|
|
|
|
4,147
|
|
|
|
|
Degree Days -
Actual
|
444
|
|
(30)%
|
|
2,889
|
|
7 %
|
|
|
Degree Days -
Normal
|
493
|
|
|
|
3,029
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*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 Airport. Comparisons to normal are based on twenty-years of
historic data.
|
|
|
|
|
|
|
|
|
|
Attachment
6
|
|
PSEG POWER
LLC
|
|
Generation
Measures(1)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GWhr
Breakdown
|
|
GWhr
Breakdown
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
June
30,
|
|
June
30,
|
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
Nuclear -
NJ
|
4,396
|
|
4,902
|
|
9,747
|
|
10,004
|
|
Nuclear -
PA
|
2,853
|
|
2,879
|
|
5,747
|
|
5,812
|
|
|
Total
Nuclear
|
7,249
|
|
7,781
|
|
15,494
|
|
15,816
|
|
|
|
|
|
|
|
|
|
|
|
Fossil - Natural Gas
- NJ
|
1,845
|
|
1,689
|
|
3,628
|
|
3,670
|
|
Fossil - Natural Gas
- NY
|
1,400
|
|
1,135
|
|
2,381
|
|
2,158
|
|
Fossil - Natural Gas
- MD
|
1,355
|
|
1,262
|
|
2,364
|
|
2,456
|
|
Fossil - Natural Gas
- CT
|
790
|
|
878
|
|
1,781
|
|
1,830
|
|
|
Total Natural
Gas(2)
|
5,390
|
|
4,964
|
|
10,154
|
|
10,114
|
|
|
|
|
|
|
|
|
|
|
|
Fossil -
Coal
|
(3)
|
|
(6)
|
|
245
|
|
(13)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,636
|
|
12,739
|
|
25,893
|
|
25,917
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Generation by
Fuel Type
|
|
% Generation by
Fuel Type
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
June
30,
|
|
June
30,
|
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
Nuclear -
NJ
|
35%
|
|
38%
|
|
38%
|
|
39%
|
|
Nuclear -
PA
|
22%
|
|
23%
|
|
22%
|
|
22%
|
|
|
Total
Nuclear
|
57%
|
|
61%
|
|
60%
|
|
61%
|
|
|
|
|
|
|
|
|
|
|
|
Fossil - Natural Gas
- NJ
|
15%
|
|
13%
|
|
14%
|
|
14%
|
|
Fossil - Natural Gas
- NY
|
11%
|
|
9%
|
|
9%
|
|
8%
|
|
Fossil - Natural Gas
- MD
|
11%
|
|
10%
|
|
9%
|
|
10%
|
|
Fossil - Natural Gas
- CT
|
6%
|
|
7%
|
|
7%
|
|
7%
|
|
|
Total Natural
Gas(2)
|
43%
|
|
39%
|
|
39%
|
|
39%
|
|
|
|
|
|
|
|
|
|
|
|
Fossil -
Coal
|
0%
|
|
0%
|
|
1%
|
|
0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100%
|
|
100%
|
|
100%
|
|
100%
|
|
|
|
|
|
|
|
|
|
|
|
(1)Indicates Period Net Generation;
negative value reflects more GWh required to operate plants than
were generated. Excludes Solar and Kalaeloa.
|
(2)Includes several units that are dual
fuel for oil.
|
|
|
|
|
|
|
|
|
Attachment
7
|
PUBLIC SERVICE
ENTERPRISE GROUP INCORPORATED
|
Statistical
Measures
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Weighted Average
Common Shares Outstanding (millions)*
|
|
|
|
|
|
|
|
|
Basic
|
|
504
|
|
504
|
|
504
|
|
504
|
Diluted
|
|
504
|
|
507
|
|
507
|
|
507
|
|
|
|
|
|
|
|
|
|
Stock Price at End of
Period
|
|
|
|
|
|
$59.74
|
|
$49.16
|
|
|
|
|
|
|
|
|
|
Dividends Paid per
Share of Common Stock
|
|
$0.51
|
|
$0.49
|
|
$1.02
|
|
$0.98
|
|
|
|
|
|
|
|
|
|
Dividend
Yield
|
|
|
|
|
|
3.4%
|
|
4.0%
|
|
|
|
|
|
|
|
|
|
Book Value per Common
Share
|
|
|
|
|
|
$31.53
|
|
$30.75
|
|
|
|
|
|
|
|
|
|
Market Price as a
Percent of Book Value
|
|
|
|
|
|
189 %
|
|
160 %
|
|
*Approximately three
million potentially dilutive shares were excluded from fully
diluted average shares outstanding used to calculate the diluted
GAAP loss per share for the quarter ended June 30, 2021 as their
impact was antidilutive to GAAP results.
|
|
|
|
|
|
|
|
|
Attachment
8
|
PUBLIC SERVICE
ENTERPRISE GROUP INCORPORATED
|
Consolidated
Operating Earnings (non-GAAP) Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciling
Items
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June
30,
|
|
June
30,
|
|
2021
|
|
2020
|
|
|
2021
|
|
2020
|
|
|
|
($ millions,
Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
(Loss)
|
|
$
(177)
|
|
$
451
|
|
|
$
471
|
|
$
899
|
|
|
(Gain) Loss on
Nuclear Decommissioning Trust (NDT)
|
|
|
|
|
|
|
|
|
|
|
|
Fund Related
Activity, pre-tax (PSEG Power)
|
|
(78)
|
|
(192)
|
|
|
(133)
|
|
27
|
|
|
(Gain) Loss on
Mark-to-Market (MTM), pre-tax (a)(PSEG Power)
|
|
285
|
|
107
|
|
|
332
|
|
-
|
|
|
Plant Retirements,
Dispositions and Impairments, pre-tax (PSEG Power)
|
|
457
|
|
-
|
|
|
457
|
|
-
|
|
|
Oil Lower of Cost or
Market (LOCOM) adjustment, pre-tax (PSEG Power)
|
|
-
|
|
(9)
|
|
|
-
|
|
11
|
|
|
Income Taxes related
to Operating Earnings (non-GAAP) reconciling
items(b)
|
|
(131)
|
|
47
|
|
|
(121)
|
|
(13)
|
|
Operating Earnings
(non-GAAP)
|
|
$
356
|
|
$
404
|
|
|
$
1,006
|
|
$
924
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG Fully Diluted
Average Shares Outstanding (in
millions)(c)
|
|
504
|
|
507
|
|
|
507
|
|
507
|
|
|
|
($ Per Share
Impact - Diluted, Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
(Loss)
|
|
$
(0.35)
|
|
$
0.89
|
|
|
$
0.93
|
|
$
1.77
|
|
|
(Gain) Loss on NDT
Fund Related Activity, pre-tax (PSEG Power)
|
|
(0.15)
|
|
(0.39)
|
|
|
(0.26)
|
|
0.05
|
|
|
(Gain) Loss on MTM,
pre-tax (a)(PSEG Power)
|
|
0.56
|
|
0.21
|
|
|
0.65
|
|
-
|
|
|
Plant Retirements,
Dispositions and Impairments, pre-tax (PSEG Power)
|
|
0.90
|
|
-
|
|
|
0.90
|
|
-
|
|
|
Oil LOCOM adjustment,
pre-tax (PSEG Power)
|
|
-
|
|
(0.02)
|
|
|
-
|
|
0.02
|
|
|
Income Taxes related
to Operating Earnings (non-GAAP) reconciling
items(b)
|
|
(0.26)
|
|
0.10
|
|
|
(0.24)
|
|
(0.02)
|
|
Operating Earnings
(non-GAAP)
|
|
$
0.70
|
|
$
0.79
|
|
|
$
1.98
|
|
$
1.82
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Includes the
financial impact from positions with forward delivery
months.
|
|
(b) Income tax effect
calculated at the statutory rate except for NDT related activity,
which records an additional trust tax of 20%, and the additional
investment tax credits (ITC) recapture related to the sale of PSEG
Solar Source.
|
|
(c) Approximately
three million potentially dilutive shares were excluded from fully
diluted average shares outstanding used to calculate the diluted
GAAP loss per share for the quarter ended June 30, 2021 as their
impact was antidilutive to GAAP results. For non-GAAP per share
calculations we used fully diluted average shares outstanding of
507 million, including the three million potentially dilutive
shares as they were dilutive to non-GAAP results.
|
|
|
|
|
|
|
|
|
Attachment
9
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG Power
Operating Earnings (non-GAAP) and Adjusted EBITDA (non-GAAP)
Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
Reconciling
Items
|
|
June
30,
|
|
June
30,
|
|
|
|
2021
|
|
2020
|
|
|
2021
|
|
2020
|
|
|
|
($ millions,
Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
(Loss)
|
|
$
(483)
|
|
$
170
|
|
|
$
(322)
|
|
$
183
|
|
|
(Gain) Loss on NDT
Fund Related Activity, pre-tax
|
|
(78)
|
|
(192)
|
|
|
(133)
|
|
27
|
|
|
(Gain) Loss on MTM,
pre-tax (a)
|
|
285
|
|
107
|
|
|
332
|
|
-
|
|
|
Plant Retirements,
Dispositions and Impairments, pre-tax
|
|
457
|
|
-
|
|
|
457
|
|
-
|
|
|
Oil LOCOM adjustment,
pre-tax
|
|
-
|
|
(9)
|
|
|
-
|
|
11
|
|
|
Income Taxes related
to Operating Earnings (non-GAAP) reconciling
items(b)
|
|
(131)
|
|
47
|
|
|
(121)
|
|
(13)
|
|
Operating Earnings
(non-GAAP)
|
|
$
50
|
|
$
123
|
|
|
$
213
|
|
$
208
|
|
|
Depreciation and
Amortization, pre-tax (c)
|
|
81
|
|
89
|
|
|
171
|
|
182
|
|
|
Interest Expense,
pre-tax (c) (d)
|
|
24
|
|
29
|
|
|
50
|
|
62
|
|
|
Income Taxes
(c)
|
|
4
|
|
17
|
|
|
46
|
|
7
|
|
Adjusted EBITDA
(non-GAAP)
|
|
$
159
|
|
$
258
|
|
|
$
480
|
|
$
459
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG Fully Diluted
Average Shares Outstanding (in
millions)(e)
|
|
504
|
|
507
|
|
|
507
|
|
507
|
|
|
(a) Includes the
financial impact from positions with forward delivery
months.
|
|
(b) Income tax effect
calculated at the statutory rate except for NDT related activity,
which records an additional trust tax of 20%, and the additional
ITC recapture related to the sale of PSEG Solar Source.
|
|
(c) Excludes amounts
related to Operating Earnings (non-GAAP) reconciling
items.
|
|
(d) Net of
capitalized interest.
|
|
(e) Approximately
three million potentially dilutive shares were excluded from fully
diluted average shares outstanding used to calculate the diluted
GAAP loss per share for the quarter ended June 30, 2021 as their
impact was antidilutive to GAAP results. For non-GAAP per share
calculations we used fully diluted average shares outstanding of
507 million, including the three million potentially dilutive
shares as they were dilutive to non-GAAP results.
|
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SOURCE PSEG