NEWARK, N.J., Nov. 2, 2021 /PRNewswire/ -- Public Service
Enterprise Group (NYSE: PEG) reported a Net Loss for the third
quarter of 2021 of $1,564 million, or
$3.10 per share, compared to Net
Income of $575 million, or
$1.14 per share, in the third quarter
of 2020. Non-GAAP Operating Earnings for the third quarter of
2021 were $495 million, or
$0.98 per share, compared to non-GAAP
Operating Earnings for the third quarter of 2020 of $488 million, or $0.96 per share. Non-GAAP results for the
third quarter exclude items shown in Attachments 8 and 9. As
previously noted, in connection with the Fossil sale announced in
August 2021, PSEG Power recorded a
pre-tax impairment loss of approximately $2,175 million in the third quarter, which
includes $13 million of employee
costs, environmental accruals and other items related to the Fossil
sale.
Ralph Izzo, Chairman, President
and Chief Executive Officer commented, "We delivered another solid
operating quarter and continue on schedule to close on the sale of
our Fossil units by year-end 2021 or early 2022, advancing our
progress to becoming a predominantly regulated electric and gas
utility complemented by contracted, zero-carbon energy and
infrastructure investments. PSEG also took significant steps
in the quarter to advance our climate leadership by accelerating
our Net-Zero vision to 2030, and signing onto the Race to Zero
campaign to establish science-based targets in alignment with the
1.5°C scenario across all three emission scopes. While our
GAAP results for the third quarter reflect the results of our
Fossil sale, our non-GAAP Operating Earnings of $0.98 per share are in line with PSEG's updated
full-year 2021 results, and were also influenced by the Fossil
sale."
The following table provides a reconciliation of PSEG's Net
Income/(Loss) to non-GAAP Operating Earnings for the third
quarter. See Attachments 8 and 9 for a complete list of items
excluded from Net Income/(Loss) in the determination of non-GAAP
Operating Earnings.
PSEG CONSOLIDATED
RESULTS (unaudited)
Third Quarter Comparative Results
2021 and 2020
|
|
|
|
|
|
Net
Income/(Loss)
|
|
Diluted
Earnings/(Loss)
|
|
($
millions)
|
|
Per Share
|
|
2021
|
2020
|
|
2021
|
2020
|
Net
Income/(Loss)
|
$(1,564)
|
$575
|
|
$(3.10)
|
$1.14
|
Reconciling
Items
|
2,059
|
(87)
|
|
4.08
|
(0.18)
|
Non-GAAP Operating
Earnings
|
$495
|
$488
|
|
$0.98
|
$0.96
|
|
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 September 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
our full-year 2021 non-GAAP Operating Earnings guidance to a range
of $3.55 to $3.70 per share (from $3.50 to $3.65 per
share) based on solid results through the first nine months of the
year. Our results for the third quarter and nine months ended
September 30 incorporate the planned
August 1 implementation of
PSE&G's transmission rate settlement announced in July, and
reflect PSEG Power's cessation of depreciation expense on the
Fossil assets upon their move to held for sale treatment in
August. The utility's planned $2.7
billion capital spending program for 2021 continues on
schedule as part of PSEG's five-year, $15-$17 billion
capital plan -- recently raised by $1
billion – which we still intend to execute without the need
to issue new equity. As we continue to execute our strategy
consistent with the significant financial announcements made at our
September 2021 PSEG Investor
Conference, we remain focused on providing our shareholders with
the premier opportunity to pursue sustainable growth in earnings
and dividends with an industry leading ESG platform."
The following table outlines PSEG's expectations for non-GAAP
Operating Earnings by subsidiary:
2021 Non-GAAP
Operating Earnings Guidance
($ millions, except EPS)
|
|
|
Updated
2021E
|
Prior
2021E
|
PSE&G
|
$1,430 -
$1,480
|
$1,420 -
$1,470
|
PSEG
Power
|
$365 -
$440
|
$350 -
$425
|
PSEG
Enterprise/Other
|
$(20)
|
($20)
|
Non-GAAP
Operating Earnings
|
$1,800 -
$1,875
|
$1,775 -
$1,850
|
Non-GAAP
Operating EPS
|
$3.55 -
$3.70
|
$3.50 -
$3.65
|
E =
Estimate
|
|
|
|
|
|
|
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Results and
Outlook by Operating Subsidiary
|
|
PSE&G
|
Third Quarter 2021
and 2020 Comparative Results
($ millions, except EPS)
|
|
PSE&G
|
3Q
2021
|
3Q
2020
|
Q/Q
Change
|
Net Income
|
$389
|
$313
|
$76
|
Earnings Per
Share
|
$0.77
|
$0.61
|
$0.16
|
PSE&G's third quarter results rose by $0.16 per share over third quarter 2020, and
reflect revenue growth from ongoing capital investment programs as
well as several one-time items. Growth in transmission rate
base added $0.01 per share to third
quarter Net Income after incorporating the August 1 implementation of PSE&G's
Transmission rate settlement lowering its return on equity for its
formula rate. Electric margin added $0.02 per share to Net Income compared to the
year-ago quarter – as the Conservation Incentive Program combined
with Energy Strong II roll-ins more than offset a reduction in
weather-normalized volumes. Gas results were $0.04 favorable compared to the year-ago quarter,
reflecting the absence of the weather normalization clause reversal
in the third quarter of 2020. Operation and maintenance
expense was $0.01 per share favorable
compared to the year-ago quarter. Non-operating pension
expense was $0.02 per share favorable
compared with the third quarter 2020. Tax expense was
$0.06 favorable compared to third
quarter 2020, driven by the timing of taxes to reflect PSE&G's
lower estimated annual effective tax rate due to higher tax flow
backs in 2021. This impact is expected to reverse in the
fourth quarter of 2021, when PSE&G finalizes its actual tax
rate for the year.
Weather during the third quarter, as measured by the Temperature
Humidity Index, was 4% warmer than the year-ago period, and 22%
warmer than normal, contributing to a third quarter and year to
date total number of hours at 90°F or greater that was 19% and 64%
above normal, respectively. Compared to the third quarter of
2020, the continued reopening of the New
Jersey economy is unwinding some of the shift in sales, as
residential electric sales, adjusted for weather, declined as more
people returned to work, school and other activities outside the
home, partly offset by higher commercial and industrial
sales. On a trailing 12-month basis, weather normalized
electric sales were flat and gas sales were up by nearly 2%.
Growth in the number of both electric and gas customers rose by
approximately 1.5% each versus the third quarter of 2020.
The Conservation Incentive Program, which is now in effect for
both electric (as of June 1) and gas
sales (as of October 1), removes the
variations of weather, economic activity, efficiency and customer
usage from our financial results, resetting margins to a baseline
level per customer. This new mechanism reduces earnings
volatility, supports PSE&G's ability to promote maximum
customer participation in energy efficiency programs without the
loss of margin from lower sales, and retains earnings upside
potential for customer growth.
PSE&G's capital program remains on schedule. PSE&G
invested approximately $670 million
in the third quarter and $1.95
billion for the nine months through September. 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.
During the fourth quarter of 2021, PSE&G intends to submit
an Infrastructure Advancement Program filing with the New Jersey Board of Public Utilities.
This jobs and economic stimulus focused infrastructure proposal, if
approved as filed, would direct approximately $848 million of investment over a four-year
period to improve the reliability of the "last mile" of our
electric distribution system; address aging substations and gas
metering and regulating stations; and invest in electric vehicle
charging infrastructure at our facilities to support the planned
electrification of the PSE&G fleet.
PSE&G has raised the forecast of Net Income for 2021 to
$1,430 million - $1,480 million, from $1,420 million - $1,470
million prior.
PSEG
Power
|
|
|
|
Third Quarter 2021
and 2020 Comparative Results
|
|
($ millions,
except EPS)
|
|
|
PSEG Power
|
3Q
2021
|
3Q
2020
|
Q/Q
Change
|
Net Income
(Loss)
|
$(1,933)
|
$254
|
$(2,187)
|
Earnings (Loss) Per
Share (EPS)
|
$(3.84)
|
$0.51
|
$(4.35)
|
Non-GAAP Operating
Earnings
|
$119
|
$167
|
$(48)
|
Non-GAAP
EPS
|
$0.23
|
$0.33
|
$(0.10)
|
Non-GAAP Adjusted
EBITDA
|
$237
|
$349
|
$(112)
|
PSEG Power reported a Net Loss of $1,933
million ($3.84 per share) for
the third quarter of 2021, non-GAAP Operating Earnings of
$119 million ($0.23 per share), and non-GAAP Adjusted EBITDA of
$237 million. This compares to
third quarter 2020 Net Income of $254
million ($0.51 per share),
non-GAAP Operating Earnings of $167
million ($0.33 per share), and
non-GAAP Adjusted EBITDA of $349
million.
PSEG Power's third quarter non-GAAP Operating Earnings were
$0.10 per share lower than third
quarter 2020 results. Re-contracting and power market impacts
reduced results by $0.11 per share,
as the seasonal shape of hedging activity and higher cost to serve
load versus the year-ago quarter lowered gross margin. The
sale of the Solar Source portfolio earlier in the year also lowered
gross margin results by $0.02
compared to the year-ago quarter. The retirement of
Bridgeport Harbor 3 on May 31, 2021,
Power's last coal unit, lowered New England capacity revenue by
$0.01 per share versus third quarter
2020. Gas operations were lower by $0.02 per share, reflecting the absence of a
pipeline refund received in last year's third quarter.
O&M expense lowered results by $0.01 per share compared to the year-ago quarter,
as higher nuclear costs were partly offset by lower solar
expenses. Lower depreciation expense associated with Fossil
assets moving to held for sale accounting status, the sale of the
Solar Source portfolio and the early retirement of Bridgeport
Harbor 3, combined with lower interest expense to add $0.08 per share versus the year-ago
quarter. Lastly, taxes and other items were $0.01 per share unfavorable compared with the
third quarter of 2020.
Total generation output of 14.9 TWh matched the output of third
quarter 2020. PSEG Power's CCGT fleet produced 6.8 TWh of
output in response to higher market prices. The nuclear fleet
operated at an average capacity factor of 94.8% for the quarter,
producing 8.1 TWh, which represented 54% of total generation.
For the balance of 2021, PSEG Power is forecasting total baseload
and combined cycle generation of 12 to 14 TWh, hedged 85% - 90% at
an average price of $32 per MWh.
Expected gross margin of over $1
billion for 2022, excluding Fossil results, is over 90%
hedged via forward energy sales, approximately $156 million of capacity revenues, and Zero
Emission Certificates. For 2022, 2023 and 2024, nuclear
output is forecast to be 31, 31, and 30 TWh, respectively.
Our ratable hedging approach, executed over a rolling three-year
basis, helps to stabilize gross margin from market
volatility. Consistent with that methodology, our projected
baseload output is currently over 90%, 75-80%, and 35-40% hedged at
prices averaging $29, $28, and $29 per
MWh for the years 2022, 2023, and 2024, respectively, which is in
line with the historical forward prices for those corresponding
years.
PSEG Power has raised the forecast for its non-GAAP Operating
Earnings for 2021 to $365 million -
$440 million, from $350 million - $425
million prior. Our estimate of non-GAAP Adjusted
EBITDA has also been raised to $870
million - $970 million, from
$850 million - $950 million prior.
PSEG Enterprise/Other
PSEG Enterprise/Other reported a Net Loss of $20 million, or $(0.03) per share, for the third quarter compared
to Net Income of $8 million, or
$0.02 per share, for the third
quarter of 2020. Non-GAAP Operating Loss for the third
quarter was $13 million or
$(0.02) per share, compared to
non-GAAP Operating Earnings of $8
million, or $0.02 per share,
for the third quarter of 2020. Results this quarter reflect
higher tax and O&M expenses at the parent versus the year-ago
period.
For 2021, the forecast for PSEG Enterprise/Other is unchanged at
a non-GAAP Operating Loss of $20
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/(Loss), 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 or other
disruptions to our information technology or other systems;
- 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 completion of
the sale of our fossil 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;
- disruptions or cost increase in our supply chain, including
labor shortages;
- 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;
- changes in tax laws and regulations, 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
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Attachment
1
|
PUBLIC SERVICE
ENTERPRISE GROUP INCORPORATED
|
Consolidating
Statements of Operations
|
(Unaudited, $
millions, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG
|
|
PSEG
Enterprise/
Other(a)
|
|
PSE&G
|
|
PSEG
Power
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
REVENUES
|
|
$
1,903
|
|
$
32
|
|
$ 1,820
|
|
$
51
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
|
|
Energy
Costs
|
|
860
|
|
(128)
|
|
698
|
|
290
|
|
Operation and
Maintenance
|
|
807
|
|
155
|
|
422
|
|
230
|
|
Depreciation and
Amortization
|
|
283
|
|
7
|
|
226
|
|
50
|
|
(Gains) Losses on
Asset Dispositions and Impairments
|
|
2,158
|
|
-
|
|
(4)
|
|
2,162
|
|
|
Total
Operating Expenses
|
|
4,108
|
|
34
|
|
1,342
|
|
2,732
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME
(LOSS)
|
|
(2,205)
|
|
(2)
|
|
478
|
|
(2,681)
|
|
|
|
|
|
|
|
|
|
|
|
Income from Equity
Method Investments
|
|
3
|
|
-
|
|
-
|
|
3
|
Net Gains (Losses) on
Trust Investments
|
|
(17)
|
|
-
|
|
-
|
|
(17)
|
Other Income
(Deductions)
|
|
35
|
|
(1)
|
|
20
|
|
16
|
Net Non-Operating
Pension and OPEB Credits (Costs)
|
|
82
|
|
3
|
|
67
|
|
12
|
Interest
Expense
|
|
(144)
|
|
(23)
|
|
(102)
|
|
(19)
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE
INCOME TAXES
|
|
(2,246)
|
|
(23)
|
|
463
|
|
(2,686)
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Benefit
(Expense)
|
|
682
|
|
3
|
|
(74)
|
|
753
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS)
|
|
$(1,564)
|
|
$
(20)
|
|
$
389
|
|
$(1,933)
|
|
Reconciling Items
Excluded from Net Income (Loss)(b)
|
|
2,059
|
|
7
|
|
-
|
|
2,052
|
OPERATING EARNINGS
(non-GAAP)
|
|
$
495
|
|
$
(13)
|
|
$
389
|
|
$
119
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS)
|
|
$
(3.10)
|
|
$
(0.03)
|
|
$
0.77
|
|
$
(3.84)
|
|
Reconciling Items
Excluded from Net Income (Loss)(b)
|
|
4.08
|
|
0.01
|
|
-
|
|
4.07
|
OPERATING EARNINGS
(non-GAAP)
|
|
$
0.98
|
|
$
(0.02)
|
|
$
0.77
|
|
$
0.23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG
|
|
PSEG
Enterprise/
Other(a)
|
|
PSE&G
|
|
PSEG
Power
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
REVENUES
|
|
$
2,370
|
|
$
(36)
|
|
$ 1,660
|
|
$
746
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
|
|
Energy
Costs
|
|
775
|
|
(178)
|
|
663
|
|
290
|
|
Operation and
Maintenance
|
|
767
|
|
145
|
|
409
|
|
213
|
|
Depreciation and
Amortization
|
|
317
|
|
8
|
|
218
|
|
91
|
|
(Gains) Losses on
Asset Dispositions and Impairments
|
|
(122)
|
|
-
|
|
-
|
|
(122)
|
|
|
Total
Operating Expenses
|
|
1,737
|
|
(25)
|
|
1,290
|
|
472
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
|
633
|
|
(11)
|
|
370
|
|
274
|
|
|
|
|
|
|
|
|
|
|
|
Income from Equity
Method Investments
|
|
4
|
|
-
|
|
-
|
|
4
|
Net Gains (Losses) on
Trust Investments
|
|
107
|
|
3
|
|
1
|
|
103
|
Other Income
(Deductions)
|
|
39
|
|
-
|
|
28
|
|
11
|
Net Non-Operating
Pension and OPEB Credits (Costs)
|
|
62
|
|
3
|
|
51
|
|
8
|
Interest
Expense
|
|
(149)
|
|
(24)
|
|
(97)
|
|
(28)
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE
INCOME TAXES
|
|
696
|
|
(29)
|
|
353
|
|
372
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Benefit
(Expense)
|
|
(121)
|
|
37
|
|
(40)
|
|
(118)
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
|
$
575
|
|
$
8
|
|
$
313
|
|
$
254
|
|
Reconciling Items
Excluded from Net Income(b)
|
|
(87)
|
|
-
|
|
-
|
|
(87)
|
OPERATING EARNINGS
(non-GAAP)
|
|
$
488
|
|
$
8
|
|
$
313
|
|
$
167
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
|
$
1.14
|
|
$
0.02
|
|
$
0.61
|
|
$
0.51
|
|
Reconciling Items
Excluded from Net Income(b)
|
|
(0.18)
|
|
-
|
|
-
|
|
(0.18)
|
OPERATING EARNINGS
(non-GAAP)
|
|
$
0.96
|
|
$
0.02
|
|
$
0.61
|
|
$
0.33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG
|
|
PSEG
Enterprise/
Other(a)
|
|
PSE&G
|
|
PSEG
Power
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
REVENUES
|
|
$
6,666
|
|
$
(339)
|
|
$ 5,407
|
|
$
1,598
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
|
|
Energy
Costs
|
|
2,495
|
|
(804)
|
|
2,056
|
|
1,243
|
|
Operation and
Maintenance
|
|
2,368
|
|
418
|
|
1,239
|
|
711
|
|
Depreciation and
Amortization
|
|
946
|
|
23
|
|
698
|
|
225
|
|
(Gains) Losses on
Asset Dispositions and Impairments
|
|
2,615
|
|
-
|
|
(4)
|
|
2,619
|
|
Total
Operating Expenses
|
|
|
8,424
|
|
(363)
|
|
3,989
|
|
4,798
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME
(LOSS)
|
|
(1,758)
|
|
24
|
|
1,418
|
|
(3,200)
|
|
|
|
|
|
|
|
|
|
|
|
Income from Equity
Method Investments
|
|
12
|
|
-
|
|
-
|
|
12
|
Net Gains (Losses) on
Trust Investments
|
|
124
|
|
3
|
|
1
|
|
120
|
Other Income
(Deductions)
|
|
93
|
|
1
|
|
72
|
|
20
|
Non-Operating Pension
and OPEB Credits (Costs)
|
|
246
|
|
12
|
|
199
|
|
35
|
Interest
Expense
|
|
(437)
|
|
(66)
|
|
(301)
|
|
(70)
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE
INCOME TAXES
|
|
(1,720)
|
|
(26)
|
|
1,389
|
|
(3,083)
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Benefit
(Expense)
|
|
627
|
|
13
|
|
(214)
|
|
828
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS)
|
|
$(1,093)
|
|
$
(13)
|
|
$
1,175
|
|
$
(2,255)
|
|
Reconciling Items
Excluded from Net Income (Loss)(b)
|
|
2,594
|
|
7
|
|
-
|
|
2,587
|
OPERATING EARNINGS
(non-GAAP)
|
|
$
1,501
|
|
$
(6)
|
|
$
1,175
|
|
$
332
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS)
|
|
$
(2.17)
|
|
$
(0.02)
|
|
$
2.33
|
|
$
(4.48)
|
|
Reconciling Items
Excluded from Net Income (Loss)(b)
|
|
5.15
|
|
0.01
|
|
-
|
|
5.14
|
|
Share
Differential(b)
|
|
(0.02)
|
|
-
|
|
(0.01)
|
|
(0.01)
|
OPERATING EARNINGS
(non-GAAP)
|
|
$
2.96
|
|
$
(0.01)
|
|
$
2.32
|
|
$
0.65
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG
|
|
PSEG
Enterprise/
Other(a)
|
|
PSE&G
|
|
PSEG
Power
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
REVENUES
|
|
$
7,201
|
|
$
(447)
|
|
$ 4,999
|
|
$
2,649
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
|
|
Energy
Costs
|
|
2,276
|
|
(894)
|
|
1,881
|
|
1,289
|
|
Operation and
Maintenance
|
|
2,254
|
|
400
|
|
1,175
|
|
679
|
|
Depreciation and
Amortization
|
|
956
|
|
23
|
|
657
|
|
276
|
|
(Gains) Losses on
Asset Dispositions and Impairments
|
|
(122)
|
|
-
|
|
-
|
|
(122)
|
|
Total
Operating Expenses
|
|
|
5,364
|
|
(471)
|
|
3,713
|
|
2,122
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
|
1,837
|
|
24
|
|
1,286
|
|
527
|
|
|
|
|
|
|
|
|
|
|
|
Income from Equity
Method Investments
|
|
10
|
|
-
|
|
-
|
|
10
|
Net Gains (Losses) on
Trust Investments
|
|
87
|
|
6
|
|
2
|
|
79
|
Other Income
(Deductions)
|
|
81
|
|
-
|
|
81
|
|
-
|
Non-Operating Pension
and OPEB Credits (Costs)
|
|
186
|
|
7
|
|
154
|
|
25
|
Interest
Expense
|
|
(453)
|
|
(70)
|
|
(291)
|
|
(92)
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE
INCOME TAXES
|
|
1,748
|
|
(33)
|
|
1,232
|
|
549
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Benefit
(Expense)
|
|
(274)
|
|
34
|
|
(196)
|
|
(112)
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
|
$
1,474
|
|
$
1
|
|
$
1,036
|
|
$
437
|
|
Reconciling Items
Excluded from Net Income(b)
|
|
(62)
|
|
-
|
|
-
|
|
(62)
|
OPERATING EARNINGS
(non-GAAP)
|
|
$
1,412
|
|
$
1
|
|
$
1,036
|
|
$
375
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
|
$
2.91
|
|
$
-
|
|
$
2.04
|
|
$
0.87
|
|
Reconciling Items
Excluded from Net Income(b)
|
|
(0.13)
|
|
-
|
|
-
|
|
(0.13)
|
OPERATING EARNINGS
(non-GAAP)
|
|
$
2.78
|
|
$
-
|
|
$
2.04
|
|
$
0.74
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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) and the impact of using
different share amounts (Share Differential) for calculating
earnings per share for PSEG's consolidated GAAP Net Loss versus
consolidated Operating Earnings (non-GAAP).
|
|
|
|
|
|
Attachment
3
|
|
|
PUBLIC SERVICE
ENTERPRISE GROUP INCORPORATED
|
|
Capitalization
Schedule
|
|
(Unaudited, $
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
|
|
|
2021
|
|
2020
|
|
DEBT
|
|
|
|
|
|
Commercial Paper and
Loans
|
$
3,705
|
|
$
1,063
|
|
|
Long-Term
Debt*
|
16,075
|
|
16,180
|
|
|
|
Total Debt
|
19,780
|
|
17,243
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
|
|
|
Common
Stock
|
5,039
|
|
5,031
|
|
|
Treasury
Stock
|
(898)
|
|
(861)
|
|
|
Retained
Earnings
|
10,452
|
|
12,318
|
|
|
Accumulated Other
Comprehensive Loss
|
(524)
|
|
(504)
|
|
|
|
Total Stockholders'
Equity
|
14,069
|
|
15,984
|
|
|
|
Total
Capitalization
|
$
33,849
|
|
$
33,227
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*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,
|
|
2021
|
|
2020
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
Net Income
(Loss)
|
$(1,093)
|
|
$
1,474
|
Adjustments to
Reconcile Net Income (Loss) to Net Cash Flows
|
|
|
|
From
Operating Activities
|
2,271
|
|
1,043
|
NET CASH PROVIDED
BY (USED IN) OPERATING ACTIVITIES
|
1,178
|
|
2,517
|
|
|
|
|
NET CASH PROVIDED
BY (USED IN) INVESTING ACTIVITIES
|
(1,583)
|
|
(1,855)
|
|
|
|
|
NET CASH PROVIDED
BY (USED IN) FINANCING ACTIVITIES
|
1,693
|
|
161
|
|
|
|
|
Net Change in
Cash, Cash Equivalents and Restricted Cash
|
1,288
|
|
823
|
|
|
|
|
Cash, Cash
Equivalents and Restricted Cash at Beginning of
Period
|
572
|
|
176
|
Cash, Cash
Equivalents and Restricted Cash at End of Period
|
$
1,860
|
|
$
999
|
|
|
|
|
|
|
Attachment
5
|
|
PUBLIC SERVICE
ELECTRIC & GAS COMPANY
|
Retail
Sales
|
(Unaudited)
|
September 30,
2021
|
|
|
|
|
|
|
|
|
|
|
|
Electric
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months
|
|
Change vs.
|
|
Nine
Months
|
|
Change vs.
|
|
|
Sales (millions
kWh)
|
Ended
|
|
2020
|
|
Ended
|
|
2020
|
|
|
Residential
|
4,681
|
|
(7%)
|
|
11,156
|
|
0%
|
|
|
Commercial &
Industrial
|
7,188
|
|
1%
|
|
19,605
|
|
3%
|
|
|
Other
|
73
|
|
(1%)
|
|
244
|
|
(2%)
|
|
|
Total
|
11,942
|
|
(2%)
|
|
31,005
|
|
2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas Sold and
Transported
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months
|
|
Change
vs.
|
|
Nine
Months
|
|
Change
vs.
|
|
|
Sales (millions
therms)
|
Ended
|
|
2020
|
|
Ended
|
|
2020
|
|
|
Firm
Sales
|
|
|
|
|
|
|
|
|
|
Residential
Sales
|
91
|
|
(4%)
|
|
1,033
|
|
6%
|
|
|
Commercial &
Industrial
|
97
|
|
8%
|
|
726
|
|
8%
|
|
|
Total Firm
Sales
|
188
|
|
2%
|
|
1,759
|
|
7%
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Firm
Sales*
|
|
|
|
|
|
|
|
|
|
Commercial &
Industrial
|
317
|
|
(1%)
|
|
680
|
|
(1%)
|
|
|
Total Non-Firm
Sales
|
317
|
|
|
|
680
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Sales
|
505
|
|
0%
|
|
2,439
|
|
5%
|
|
|
|
|
|
|
|
|
|
|
|
|
*Contract Service Gas
rate included in non-firm sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weather
Data*
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months
|
|
Change
vs.
|
|
Nine
Months
|
|
Change
vs.
|
|
|
|
Ended
|
|
2020
|
|
Ended
|
|
2020
|
|
|
THI Hours -
Actual
|
14,880
|
|
4%
|
|
20,449
|
|
11%
|
|
|
THI Hours -
Normal
|
12,225
|
|
|
|
16,372
|
|
|
|
|
Degree Days -
Actual
|
2
|
|
(95%)
|
|
2,891
|
|
5%
|
|
|
Degree Days -
Normal
|
24
|
|
|
|
3,053
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*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
|
PSEG POWER
LLC
|
Generation
Measures(1)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
GWhr
Breakdown
|
|
GWhr
Breakdown
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
September
30,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Nuclear -
NJ
|
5,332
|
|
5,487
|
|
15,079
|
|
15,491
|
Nuclear -
PA
|
2,770
|
|
2,700
|
|
8,517
|
|
8,512
|
|
Total
Nuclear
|
8,102
|
|
8,187
|
|
23,596
|
|
24,003
|
|
|
|
|
|
|
|
|
|
Fossil - Natural Gas
- NJ
|
2,988
|
|
3,008
|
|
6,616
|
|
6,678
|
Fossil - Natural Gas
- NY
|
1,493
|
|
1,478
|
|
3,874
|
|
3,636
|
Fossil - Natural Gas
- MD
|
1,292
|
|
1,276
|
|
3,656
|
|
3,732
|
Fossil - Natural Gas
- CT
|
993
|
|
956
|
|
2,774
|
|
2,786
|
|
Total Natural
Gas(2)
|
6,766
|
|
6,718
|
|
16,920
|
|
16,832
|
|
|
|
|
|
|
|
|
|
Fossil -
Coal
|
(1)
|
|
(2)
|
|
244
|
|
(16)
|
|
|
|
|
|
|
|
|
|
|
|
14,867
|
|
14,903
|
|
40,760
|
|
40,819
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Generation by
Fuel Type
|
|
% Generation by
Fuel Type
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
September
30,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Nuclear -
NJ
|
36%
|
|
37%
|
|
37%
|
|
38%
|
Nuclear -
PA
|
18%
|
|
18%
|
|
21%
|
|
21%
|
|
Total
Nuclear
|
54%
|
|
55%
|
|
58%
|
|
59%
|
|
|
|
|
|
|
|
|
|
Fossil - Natural Gas
- NJ
|
20%
|
|
20%
|
|
16%
|
|
16%
|
Fossil - Natural Gas
- NY
|
10%
|
|
10%
|
|
10%
|
|
9%
|
Fossil - Natural Gas
- MD
|
9%
|
|
9%
|
|
9%
|
|
9%
|
Fossil - Natural Gas
- CT
|
7%
|
|
6%
|
|
7%
|
|
7%
|
|
Total Natural
Gas(2)
|
46%
|
|
45%
|
|
42%
|
|
41%
|
|
|
|
|
|
|
|
|
|
Fossil -
Coal
|
0%
|
|
0%
|
|
0%
|
|
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
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Weighted Average
Common Shares Outstanding (millions)*
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
504
|
|
504
|
|
504
|
|
504
|
|
Diluted
|
|
|
|
504
|
|
507
|
|
504
|
|
507
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock Price at End of
Period
|
|
|
|
|
|
|
$60.90
|
|
$54.91
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends Paid per
Share of Common Stock
|
|
$0.51
|
|
$0.49
|
|
$1.53
|
|
$1.47
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend
Yield
|
|
|
|
|
|
|
|
3.3%
|
|
3.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
Book Value per Common
Share
|
|
|
|
|
|
|
$27.94
|
|
$31.43
|
|
|
|
|
|
|
|
|
|
|
|
|
Market Price as a
Percent of Book Value
|
|
|
|
|
|
218%
|
|
175%
|
|
|
|
|
*Approximately three
million potentially dilutive shares were excluded from fully
diluted average shares outstanding used to calculate the diluted
GAAP loss per share for the three months and nine months ended
September 30, 2021 as their impact was antidilutive to GAAP
results.
|
|
|
|
|
|
|
|
|
Attachment
8
|
|
PUBLIC SERVICE
ENTERPRISE GROUP INCORPORATED
|
Consolidated
Operating Earnings (non-GAAP) Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciling
Items
|
Three Months
Ended
|
Nine Months
Ended
|
September
30,
|
September
30,
|
|
2021
|
|
2020
|
|
|
2021
|
|
2020
|
|
|
|
($ millions,
Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
(Loss)
|
|
|
$(1,564)
|
|
$
575
|
|
|
$(1,093)
|
|
$1,474
|
|
|
(Gain) Loss on
Nuclear Decommissioning Trust (NDT)
|
|
|
|
|
|
|
|
|
|
|
|
Fund Related
Activity, pre-tax (PSEG Power)
|
|
17
|
|
(100)
|
|
|
(116)
|
|
(73)
|
|
|
(Gain) Loss on
Mark-to-Market (MTM), pre-tax (a)(PSEG Power)
|
|
666
|
|
82
|
|
|
998
|
|
82
|
|
|
Plant Retirements,
Dispositions and Impairments, pre-tax (PSEG Power)
|
|
2,175
|
|
(122)
|
|
|
2,632
|
|
(122)
|
|
|
Oil Lower of Cost or
Market (LOCOM) adjustment, pre-tax (PSEG Power)
|
|
-
|
|
-
|
|
|
-
|
|
11
|
|
|
Lease Related
Activity, pre-tax (PSEG Enterprise/Other)
|
|
10
|
|
-
|
|
|
10
|
|
-
|
|
|
Income Taxes related
to Operating Earnings (non-GAAP) reconciling
items(b)
|
|
(809)
|
|
53
|
|
|
(930)
|
|
40
|
|
Operating Earnings
(non-GAAP)
|
|
$
495
|
|
$
488
|
|
|
$
1,501
|
|
$1,412
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG Fully Diluted
Average Shares Outstanding (in
millions)(c)
|
|
504
|
|
507
|
|
|
504
|
|
507
|
|
|
|
($ Per Share
Impact - Diluted, Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
(Loss)
|
|
|
$
(3.10)
|
|
$1.14
|
|
|
$
(2.17)
|
|
$
2.91
|
|
|
(Gain) Loss on NDT
Fund Related Activity, pre-tax (PSEG Power)
|
|
0.03
|
|
(0.20)
|
|
|
(0.23)
|
|
(0.15)
|
|
|
(Gain) Loss on MTM,
pre-tax (a)(PSEG Power)
|
|
1.32
|
|
0.16
|
|
|
1.98
|
|
0.16
|
|
|
Plant Retirements,
Dispositions and Impairments, pre-tax (PSEG Power)
|
|
4.31
|
|
(0.24)
|
|
|
5.22
|
|
(0.24)
|
|
|
Oil LOCOM adjustment,
pre-tax (PSEG Power)
|
|
-
|
|
-
|
|
|
-
|
|
0.02
|
|
|
Lease Related
Activity, pre-tax (PSEG Enterprise/Other)
|
|
0.02
|
|
-
|
|
|
0.02
|
|
-
|
|
|
Income Taxes related
to Operating Earnings (non-GAAP) reconciling
items(b)
|
|
(1.60)
|
|
0.10
|
|
|
(1.84)
|
|
0.08
|
|
|
Share
Differential(c)
|
|
-
|
|
-
|
|
|
(0.02)
|
|
-
|
|
Operating Earnings
(non-GAAP)
|
|
$
0.98
|
|
$0.96
|
|
|
$
2.96
|
|
$
2.78
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, the additional investment tax
credit (ITC) recapture related to the sale of PSEG Solar Source,
and leveraged lease related activity, which is calculated at a
combined leveraged lease effective tax rate.
|
|
(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 three months and nine months ended
September 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. As a result of the use of different denominators
for non-GAAP Operating Earnings and GAAP Net Loss, a reconciling
line item, "Share Differential," has been added to the year to date
results to reconcile the two EPS calculations.
|
|
|
|
|
|
|
|
|
Attachment
9
|
|
PSEG Power
Operating Earnings (non-GAAP) and Adjusted EBITDA (non-GAAP)
Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
Nine Months
Ended
|
Reconciling
Items
|
September
30,
|
September
30,
|
|
|
|
2021
|
|
2020
|
|
|
2021
|
|
2020
|
|
|
|
($ millions,
Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
(Loss)
|
|
$(1,933)
|
|
$254
|
|
|
$(2,255)
|
|
$437
|
|
|
(Gain) Loss on NDT
Fund Related Activity, pre-tax
|
|
17
|
|
(100)
|
|
|
(116)
|
|
(73)
|
|
|
(Gain) Loss on MTM,
pre-tax (a)
|
|
666
|
|
82
|
|
|
998
|
|
82
|
|
|
Plant Retirements,
Dispositions and Impairments, pre-tax
|
|
2,175
|
|
(122)
|
|
|
2,632
|
|
(122)
|
|
|
Oil LOCOM adjustment,
pre-tax
|
|
-
|
|
-
|
|
|
-
|
|
11
|
|
|
Income Taxes related
to Operating Earnings (non-GAAP) reconciling
items(b)
|
|
(806)
|
|
53
|
|
|
(927)
|
|
40
|
|
Operating Earnings
(non-GAAP)
|
|
$
119
|
|
$167
|
|
|
$
332
|
|
$375
|
|
|
Depreciation and
Amortization, pre-tax (c)
|
|
47
|
|
89
|
|
|
218
|
|
271
|
|
|
Interest Expense,
pre-tax (c) (d)
|
|
18
|
|
28
|
|
|
68
|
|
90
|
|
|
Income Taxes
(c)
|
|
53
|
|
65
|
|
|
99
|
|
72
|
|
Adjusted EBITDA
(non-GAAP)
|
|
$
237
|
|
$349
|
|
|
$
717
|
|
$808
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG Fully Diluted
Average Shares Outstanding (in
millions)(e)
|
|
504
|
|
507
|
|
|
504
|
|
507
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Includes the
financial impact from positions with forward delivery
months.
|
|
|
|
|
|
|
|
|
|
|
(b) Income tax effect
calculated at the statutory rate except for qualified NDT related
activity, which records an additional 20% trust tax on income
(loss) from qualified NDT Funds and the additional investment tax
credit (ITC) recapture related to the sale of PSEG Solar
Source.
|
(c) Excludes amounts
related to Operating Earnings (non-GAAP) reconciling
items.
|
|
|
|
|
|
|
|
|
|
|
(d) Net of
capitalized interest.
|
|
|
|
|
|
|
|
|
|
|
(e) Approximately
three million potentially dilutive shares were excluded from fully
diluted average shares outstanding used to calculate the diluted
GAAP loss per share for the three months and nine months ended
September 30, 2021 as their impact was antidilutive to GAAP
results. For non-GAAP per share calculations, we used fully diluted
average shares outstanding of 507 million, including the three
million potentially dilutive shares as they were dilutive to
non-GAAP results.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG
Enterprise/Other
|
Operating Earnings
(non-GAAP) Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciling
Items
|
Three Months
Ended
|
Nine Months
Ended
|
September
30,
|
September
30,
|
|
2021
|
|
2020
|
|
|
2021
|
|
2020
|
|
|
|
($ millions,
Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
(Loss)
|
|
|
$
(20)
|
|
$
8
|
|
|
$
(13)
|
|
$
1
|
|
|
Lease Related
Activity, pre-tax
|
|
10
|
|
-
|
|
|
10
|
|
-
|
|
|
Income Taxes related
to Lease Related Activity(a)
|
|
(3)
|
|
-
|
|
|
(3)
|
|
-
|
|
Operating Earnings
(non-GAAP)
|
|
$
(13)
|
|
$
8
|
|
|
$
(6)
|
|
$
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG Fully Diluted
Average Shares Outstanding (in
millions)(b)
|
|
504
|
|
507
|
|
|
504
|
|
507
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Income tax effect
calculated at a combined leveraged lease effective tax
rate.
|
(b) 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 three months and nine months ended
September 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.
|
View original
content:https://www.prnewswire.com/news-releases/pseg-announces-2021-third-quarter-results-301413997.html
SOURCE PSEG