$5.13 PER SHARE
NET INCOME
$3.48 PER SHARE
NON-GAAP OPERATING EARNINGS
Reaffirms 2024 Non-GAAP Operating Earnings
Guidance of $3.60 - $3.70 Per Share
NEWARK, N.J., Feb. 26,
2024 /PRNewswire/ -- Public Service Enterprise Group
(NYSE: PEG) reported the following results for the full-year and
fourth quarter of 2023:
PSEG Consolidated (unaudited)
|
Full Year
Comparative Results
|
|
|
Income
|
Diluted Earnings
Per Share
|
($ millions, except per
share amounts)
|
FY
2023
|
FY
2022
|
FY
2023
|
FY
2022
|
Net Income
|
$2,563
|
$1,031
|
$5.13
|
$2.06
|
Reconciling
Items
|
(821)
|
708
|
(1.65)
|
1.41
|
Non-GAAP Operating
Earnings
|
$1,742
|
$1,739
|
$3.48
|
$3.47
|
Average
Shares
|
|
|
500
|
501
|
PSEG Consolidated
(unaudited)
|
Fourth Quarter
Comparative Results
|
|
|
Income
|
Diluted Earnings
Per Share
|
($ millions, except per
share amounts)
|
4Q
2023
|
4Q
2022
|
4Q
2023
|
4Q
2022
|
Net Income
|
$546
|
$788
|
$1.10
|
$1.58
|
Reconciling
Items
|
(275)
|
(470)
|
(0.56)
|
(0.94)
|
Non-GAAP Operating
Earnings
|
$271
|
$318
|
$0.54
|
$0.64
|
Average
Shares
|
|
|
500
|
500
|
The tables above provide a reconciliation of PSEG's Net Income
to non-GAAP Operating Earnings for the fourth quarter and full
year. See Attachments 8 and 9 for a complete list of items
excluded from Net Income in the determination of non-GAAP Operating
Earnings.
"PSEG achieved solid operating and financial performance in
2023. Our non-GAAP results for the full year came in at the
high-end of our 2023 guidance range and marked the 19th consecutive
year that we delivered results that met or exceeded our
guidance. PSE&G efficiently completed its largest ever
capital investment plan in a single year – totaling $3.7 billion – focused on meeting our customers'
needs by modernizing our system infrastructure, maintaining our
best in the state reliability and resiliency, and expanding our
energy efficiency offerings to customers at every income level to
help them reduce their energy usage and bills," said Ralph LaRossa, PSEG's chair, president and
CEO.
PSEG made significant progress during 2023, executing on its
strategy to increase the predictability of the business and the
visibility of growth, and providing value to its customers,
including:
- Streamlining the business mix by retaining our 3,760 MW nuclear
fleet (which benefits from the nuclear production tax credit,
effective January 1, 2024, and helps
us finance regulated growth through 2028 without the need for new
equity) and exiting offshore wind generation with recovery of our
investment.
- Reaching a $900 million
settlement to extend our Gas System Modernization Program through
2025, and a $280 million settlement
to extend our award-winning Clean Energy Future-Energy Efficiency
(EE) program into mid-2024.
- Enabling the broad expansion of our EE programs through an
effective Conservation Incentive Program, which also offset the
2023 volumetric impacts of unseasonably mild winter and summer
weather.
- Lowering PSE&G's gas commodity charge from $0.47 to $0.40 per
therm for winter 2024, following the two previous supply charge
reductions during the winter of 2023.
- Placing into service over 1.5 million PSE&G smart
meters.
- Reaching new multi-year labor agreements with all of our
represented employees.
- Achieving a 93% capacity factor at PSEG Nuclear that included a
breaker-to-breaker run at Salem Unit 1, and producing approximately
32 TWh of carbon free, base-load power.
- Successfully reducing our pension variability, twice, through
the approval of a regulatory accounting order last February and a
billion-dollar lift-out in August.
- Being named to the Dow Jones Sustainability North America Index
for the 16th year in a row.
- Being recognized as #1 in Customer Satisfaction with
Residential and Business Electric Service in the East among Large
Utilities by J.D. Power in 2023.
Looking ahead, PSEG recently updated its five-year regulated
capital spending plan to $18 billion
to $21 billion, which supports our
outlook for compound annual growth in rate base (of 6% to 7.5%) and
for non-GAAP Operating Earnings (of 5% to 7%) over the 2024 to 2028
period.
In December 2023, PSE&G filed
its comprehensive electric and gas base rate case, as required,
with the New Jersey Board of
Public Utilities (BPU). A main component of the case is to
recover over $3 billion in capital
investments that were made to strengthen and modernize the state's
electric and gas infrastructure since PSE&G's last rate case in
2018. PSE&G's request is its first in six years and is among
the lowest proposed rate increases filed by a NJ public utility
over that time period.
PSE&G also submitted its Clean Energy Future–Energy
Efficiency II (CEF-EE II) filing to the BPU. The $3.1 billion proposal is aligned with
New Jersey's updated energy
efficiency framework covering the 30-month period from January 2025 through June
2027 and would be spent over a six-year period.
LaRossa added, "For 2024, we are reaffirming our non-GAAP
Operating Earnings guidance range of $3.60 to $3.70 per
share. The recent $0.12
increase to PSEG's 2024 indicative annual common dividend rate to
$2.40 per share also extends our
track record of providing dividend income to our investors for 117
consecutive years."
PSEG Results by Segment
Public Service
Electric and Gas
|
Fourth Quarter and
Full Year Comparative Results
|
|
($ millions, except per
share amounts)
|
4Q
2023
|
4Q
2022
|
FY
2023
|
FY
2022
|
Net Income
|
$291
|
$352
|
$1,515
|
$1,565
|
Net Income Per Share
(EPS)
|
$0.58
|
$0.70
|
$3.03
|
$3.12
|
Non-GAAP Operating
Earnings
|
$296
|
$352
|
$1,532
|
$1,565
|
Non-GAAP Operating
EPS
|
$0.59
|
$0.70
|
$3.06
|
$3.12
|
Consistent with management's guidance for full-year 2023
non-GAAP earnings, PSE&G's fourth quarter results
benefited from growth in incremental investments in Transmission
and Gas Distribution, which were offset by the expected decline in
pension income and lower OPEB related credits, as well as higher
depreciation, amortization and interest expense resulting from
higher investment (not yet reflected in rates), as well as higher
O&M costs in the quarter due to timing.
PSEG Power
& Other
|
Fourth Quarter and
Full Year Comparative Results
|
|
($ millions, except per
share amounts)
|
4Q
2023
|
4Q
2022
|
FY
2023
|
FY
2022
|
Net Income
(Loss)
|
$255
|
$436
|
$1,048
|
$(534)
|
Net Income (Loss) Per
Share (EPS)
|
$0.52
|
$0.88
|
$2.10
|
$(1.06)
|
Non-GAAP Operating
Earnings
|
$(25)
|
$(34)
|
$210
|
$174
|
Non-GAAP Operating
EPS
|
$(0.05)
|
$(0.06)
|
$0.42
|
$0.35
|
PSEG Power & Other results for the quarter reflect an
improvement in energy margin, offset by a reduction in capacity
revenues, and expected lower pension income and OPEB credits
compared with the fourth quarter of 2022.
###
PSEG will host a conference call to review its fourth
quarter and full year 2023 results, earnings guidance, and other
matters with the financial community at 11:00 a.m. ET today. Please register to
access this event by visiting:
https://investor.pseg.com/investor-news-and-events.
Media
Relations:
973-430-7734
|
Investor
Relations:
Carlotta Chan
973-430-6565
Carlotta.Chan@pseg.com
|
About PSEG
Public Service Enterprise Group (PSEG) (NYSE: PEG) is a
predominantly regulated infrastructure company focused on a clean
energy future. Guided by its Powering Progress vision, PSEG aims to
power a future where people use less energy, and it's cleaner,
safer, and delivered more reliably than ever. PSEG's commitment to
sustainability is demonstrated in our net-zero 2030 climate
vision and participation in the U.N. Race to Zero, as well as
our inclusion on the Dow Jones Sustainability North America Index.
PSEG's businesses include Public Service Electric and Gas Co.
(PSE&G), PSEG Power and PSEG Long Island
(https://corporate.pseg.com).
Non-GAAP Financial Measures
Management uses non-GAAP Operating Earnings in its internal
analysis, and in communications with investors and analysts, as a
consistent measure for comparing PSEG's financial performance to
previous financial results. Non-GAAP Operating Earnings exclude the
impact of gains (losses) associated with the Nuclear
Decommissioning Trust (NDT), Mark-to-Market (MTM) accounting and
other material infrequent items.
See Attachments 8 and 9 for a complete list of items excluded
from Net Income/(Loss) in the determination of non-GAAP Operating
Earnings. The presentation of non-GAAP Operating Earnings is
intended to complement and should not be considered an alternative
to the presentation of Net Income/(Loss), which is an indicator of
financial performance determined in accordance with GAAP. In
addition, non-GAAP Operating Earnings as presented in this release
may not be comparable to similarly titled measures used by other
companies.
Due to the forward-looking nature of non-GAAP Operating Earnings
guidance, PSEG is unable to reconcile this non-GAAP financial
measure to the most directly comparable GAAP financial measure
because comparable GAAP measures are not reasonably accessible or
reliable due to the inherent difficulty in forecasting and
quantifying measures that would be required for such
reconciliation. Namely, we are not able to reliably project without
unreasonable effort MTM and NDT gains (losses), for future periods
due to market volatility. These items are uncertain, depend on
various factors, and may have a material impact on our future GAAP
results.
Forward-Looking Statements
Certain of the matters discussed in this report about our and
our subsidiaries' future performance, including, without
limitation, future revenues, earnings, strategies, prospects,
consequences, and all other statements that are not purely
historical constitute "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements are subject to risks and
uncertainties, which could cause actual results to differ
materially from those anticipated. Such statements are based on
management's beliefs as well as assumptions made by and information
currently available to management. When used herein, the words
"anticipate," "intend," "estimate," "believe," "expect," "plan,"
"should," "hypothetical," "potential," "forecast," "project,"
variations of such words and similar expressions are intended to
identify forward-looking statements. Factors that may cause actual
results to differ are often presented with the forward-looking
statements themselves. Other factors that could cause actual
results to differ materially from those contemplated in any
forward-looking statements made by us herein are discussed in Item
1A. Risk Factors, Item 7. Management's Discussion and Analysis of
Financial Condition and Results of Operations (MD&A), Item 8.
Financial Statements and Supplementary Data—Note 13. Commitments
and Contingent Liabilities, and other filings we make with the
United States Securities and Exchange Commission (SEC), including
our subsequent reports on Form 10-Q and Form 8-K. These factors
include, but are not limited to:
- any inability to successfully develop, obtain regulatory
approval for, or construct transmission and distribution, and our
nuclear generation projects;
- the physical, financial and transition risks related to climate
change, including risks relating to potentially increased
legislative and regulatory burdens, changing customer preferences
and lawsuits;
- any equipment failures, accidents, critical operating
technology or business system failures, natural disasters, severe
weather events, acts of war, terrorism or other acts of violence,
sabotage, physical attacks or security breaches, cyberattacks or
other incidents that may impact our ability to provide safe and
reliable service to our customers;
- any inability to recover the carrying amount of our long-lived
assets;
- disruptions or cost increases in our supply chain, including
labor shortages;
- any inability to maintain sufficient liquidity or access
sufficient capital on commercially reasonable terms;
- the impact of cybersecurity attacks or intrusions or other
disruptions to our information technology, operational or other
systems;
- a material shift away from natural gas toward increased
electrification and a reduction in the use of natural gas;
- failure to attract and retain a qualified workforce;
- increases in the costs of equipment, materials, fuel, services
and labor;
- the impact of our covenants in our debt instruments and credit
agreements on our business;
- adverse performance of our defined benefit plan trust funds and
Nuclear Decommissioning Trust Fund and increases in funding
requirements and pension costs;
- any inability to extend certain significant contracts on terms
acceptable to us;
- development, adoption and use of Artificial Intelligence by us
and our third-party vendors;
- fluctuations in, or third-party default risk in wholesale power
and natural gas markets, including the potential impacts on the
economic viability of our generation units;
- our ability to obtain adequate nuclear fuel supply;
- changes in technology related to energy generation,
distribution and consumption and changes in customer usage
patterns;
- third-party credit risk relating to our sale of nuclear
generation output and purchase of nuclear fuel;
- any inability to meet our commitments under forward sale
obligations and Regional Transmission Organization rules;
- the impact of changes in state and federal legislation and
regulations on our business, including PSE&G's ability to
recover costs and earn returns on authorized investments;
- PSE&G's proposed investment projects or programs may not be
fully approved by regulators and its capital investment may be
lower than planned;
- our ability to receive sufficient financial support for our
New Jersey nuclear plants from the
markets, production tax credit and/or zero emission certificates
program;
- adverse changes in and non-compliance with energy industry
laws, policies, regulations and standards, including market
structures and transmission planning and transmission returns;
- risks associated with our ownership and operation of nuclear
facilities, including increased nuclear fuel storage costs,
regulatory risks, such as compliance with the Atomic Energy Act and
trade control, environmental and other regulations, as well as
operational, financial, environmental and health and safety
risks;
- changes in federal and state environmental laws and regulations
and enforcement;
- delays in receipt of, or an inability to receive, necessary
licenses and permits and siting approvals; and
- changes in tax laws and regulations.
All of the forward-looking statements made in this report are
qualified by these cautionary statements and we cannot assure you
that the results or developments anticipated by management will be
realized or even if realized, will have the expected consequences
to, or effects on, us or our business, prospects, financial
condition, results of operations or cash flows. Readers are
cautioned not to place undue reliance on these forward-looking
statements in making any investment decision. Forward-looking
statements made in this report apply only as of the date of this
report. While we may elect to update forward-looking statements
from time to time, we specifically disclaim any obligation to do
so, even in light of new information or future events, unless
otherwise required by applicable securities laws.
The forward-looking statements contained in this report are
intended to qualify for the safe harbor provisions of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended.
From time to time, PSEG
and PSE&G 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 or by navigating
to the Email Alerts webpage here. The information on
https://investor.pseg.com and
https://investor.pseg.com/resources/email-alerts/default.aspx is
not incorporated herein and is not part of this press release or
the Form 8-K to which it is an exhibit.
|
Attachment
1
|
Public Service
Enterprise Group Incorporated
|
|
Consolidating
Statements of Operations
|
|
(Unaudited, $
millions, except per share data)
|
|
|
|
|
Three Months Ended
December 31, 2023
|
|
|
|
|
PSEG
|
|
Eliminations
|
|
PSE&G
|
|
PSEG
Power &
Other(a)
|
|
|
|
|
|
|
|
|
|
|
OPERATING
REVENUES
|
$
2,605
|
|
$
(306)
|
|
$
1,853
|
|
$
1,058
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
|
|
Energy Costs
|
743
|
|
(306)
|
|
710
|
|
339
|
|
|
Operation and
Maintenance
|
871
|
|
-
|
|
495
|
|
376
|
|
|
Depreciation and
Amortization
|
292
|
|
-
|
|
252
|
|
40
|
|
|
Loss on Asset
Dispositions and Impairments
|
7
|
|
-
|
|
-
|
|
7
|
|
|
Total Operating
Expenses
|
1,913
|
|
(306)
|
|
1,457
|
|
762
|
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
692
|
|
-
|
|
396
|
|
296
|
|
|
|
|
|
|
|
|
|
|
Net Gains (Losses) on
Trust Investments
|
126
|
|
-
|
|
-
|
|
126
|
|
Net Other Income
(Deductions)
|
40
|
|
-
|
|
15
|
|
25
|
|
Net Non-Operating
Pension and OPEB Credits (Costs)
|
27
|
|
-
|
|
28
|
|
(1)
|
|
Interest
Expense
|
(198)
|
|
-
|
|
(129)
|
|
(69)
|
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE INCOME
TAXES
|
687
|
|
-
|
|
310
|
|
377
|
|
|
|
|
|
|
|
|
|
|
Income Tax
Expense
|
(141)
|
|
-
|
|
(19)
|
|
(122)
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
$
546
|
|
$
-
|
|
$
291
|
|
$
255
|
|
|
Reconciling Items
Excluded from Net Income (b)
|
(275)
|
|
-
|
|
5
|
|
(280)
|
|
OPERATING EARNINGS
(non-GAAP)
|
$
271
|
|
$
-
|
|
$
296
|
|
$
(25)
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
$
1.10
|
|
$
-
|
|
$
0.58
|
|
$
0.52
|
|
|
Reconciling Items
Excluded from Net Income (b)
|
(0.56)
|
|
-
|
|
0.01
|
|
(0.57)
|
|
OPERATING EARNINGS
(non-GAAP)
|
$
0.54
|
|
$
-
|
|
$
0.59
|
|
$
(0.05)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2022
|
|
|
|
PSEG
|
|
Eliminations
|
|
PSE&G
|
|
PSEG
Power &
Other(a)
|
|
|
|
|
|
|
|
|
|
|
OPERATING
REVENUES
|
$
3,139
|
|
$
(466)
|
|
$
2,030
|
|
$
1,575
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
|
|
Energy Costs
|
996
|
|
(466)
|
|
881
|
|
581
|
|
|
Operation and
Maintenance
|
868
|
|
-
|
|
489
|
|
379
|
|
|
Depreciation and
Amortization
|
278
|
|
-
|
|
238
|
|
40
|
|
|
Losses on Asset
Dispositions and Impairments
|
33
|
|
-
|
|
1
|
|
32
|
|
|
Total Operating
Expenses
|
2,175
|
|
(466)
|
|
1,609
|
|
1,032
|
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
964
|
|
-
|
|
421
|
|
543
|
|
|
|
|
|
|
|
|
|
|
Loss from Equity Method
Investments
|
(2)
|
|
-
|
|
-
|
|
(2)
|
|
Net Gains (Losses) on
Trust Investments
|
87
|
|
-
|
|
-
|
|
87
|
|
Net Other Income
(Deductions)
|
38
|
|
-
|
|
22
|
|
16
|
|
Net Non-Operating
Pension and OPEB Credits (Costs)
|
94
|
|
-
|
|
70
|
|
24
|
|
Interest
Expense
|
(178)
|
|
-
|
|
(108)
|
|
(70)
|
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE INCOME
TAXES
|
1,003
|
|
-
|
|
405
|
|
598
|
|
|
|
|
|
|
|
|
|
|
Income Tax
Expense
|
(215)
|
|
-
|
|
(53)
|
|
(162)
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
$
788
|
|
$
-
|
|
$
352
|
|
$
436
|
|
|
Reconciling Items
Excluded from Net Income(b)
|
(470)
|
|
-
|
|
-
|
|
(470)
|
|
OPERATING EARNINGS
(non-GAAP)
|
$
318
|
|
$
-
|
|
$
352
|
|
$
(34)
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
$
1.58
|
|
$
-
|
|
$
0.70
|
|
$
0.88
|
|
|
Reconciling Items
Excluded from Net Income(b)
|
|
(0.94)
|
|
-
|
|
-
|
|
(0.94)
|
|
OPERATING EARNINGS
(non-GAAP)
|
$
0.64
|
|
$
-
|
|
$
0.70
|
|
$
(0.06)
|
|
|
|
|
|
|
|
|
|
|
|
(a) Includes activities
at PSEG Power, PSEG Long Island, Energy Holdings, PSEG Services
Corporation and the Parent.
|
(b) See Attachments 8
and 9 for details of items excluded from Net Income (Loss) to
compute Operating Earnings (non-GAAP).
|
Attachment
2
|
|
Public Service
Enterprise Group Incorporated
|
|
Consolidating
Statements of Operations
|
|
(Unaudited, $
millions, except per share data)
|
|
|
|
|
Year Ended December
31, 2023
|
|
|
|
|
|
|
|
|
|
|
PSEG
|
|
Eliminations
|
|
PSE&G
|
|
PSEG
Power &
Other(a)
|
|
|
|
|
|
|
|
|
|
|
OPERATING
REVENUES
|
$
11,237
|
|
$
(1,103)
|
|
$
7,807
|
|
$
4,533
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
|
|
Energy Costs
|
3,260
|
|
(1,103)
|
|
3,010
|
|
1,353
|
|
|
Operation and
Maintenance
|
3,150
|
|
-
|
|
1,843
|
|
1,307
|
|
|
Depreciation and
Amortization
|
1,135
|
|
-
|
|
980
|
|
155
|
|
|
Loss on Asset
Dispositions and Impairments
|
7
|
|
-
|
|
-
|
|
7
|
|
|
|
Total Operating
Expenses
|
7,552
|
|
(1,103)
|
|
5,833
|
|
2,822
|
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
3,685
|
|
-
|
|
1,974
|
|
1,711
|
|
|
|
|
|
|
|
|
|
|
Income from Equity
Method Investments
|
1
|
|
-
|
|
-
|
|
1
|
|
Net Gains (Losses) on
Trust Investments
|
189
|
|
-
|
|
-
|
|
189
|
|
Net Other Income
(Deductions)
|
172
|
|
(4)
|
|
80
|
|
96
|
|
Net Non-Operating
Pension and OPEB Credits (Costs)
|
(218)
|
|
-
|
|
114
|
|
(332)
|
|
Interest
Expense
|
(748)
|
|
4
|
|
(493)
|
|
(259)
|
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE INCOME
TAXES
|
3,081
|
|
-
|
|
1,675
|
|
1,406
|
|
|
|
|
|
|
|
|
|
|
Income Tax
Expense
|
(518)
|
|
-
|
|
(160)
|
|
(358)
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
$
2,563
|
|
$
-
|
|
$
1,515
|
|
$
1,048
|
|
|
Reconciling Items
Excluded from Net Income(b)
|
(821)
|
|
-
|
|
17
|
|
(838)
|
|
OPERATING EARNINGS
(non-GAAP)
|
$
1,742
|
|
$
-
|
|
$
1,532
|
|
$
210
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
$
5.13
|
|
$
-
|
|
$
3.03
|
|
$
2.10
|
|
|
Reconciling Items
Excluded from Net Income (b)
|
(1.65)
|
|
-
|
|
0.03
|
|
(1.68)
|
|
OPERATING EARNINGS
(non-GAAP)
|
$
3.48
|
|
$
-
|
|
$
3.06
|
|
$
0.42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December
31, 2022
|
|
|
|
|
|
|
|
|
|
|
PSEG
|
|
Eliminations
|
|
PSE&G
|
|
PSEG
Power &
Other(a)
|
|
|
|
|
|
|
|
|
|
|
OPERATING
REVENUES
|
$
9,800
|
|
$
(1,401)
|
|
$
7,935
|
|
$
3,266
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
|
|
Energy Costs
|
4,018
|
|
(1,401)
|
|
3,270
|
|
2,149
|
|
|
Operation and
Maintenance
|
3,178
|
|
-
|
|
1,838
|
|
1,340
|
|
|
Depreciation and
Amortization
|
1,100
|
|
-
|
|
935
|
|
165
|
|
|
Losses on Asset
Dispositions and Impairments
|
123
|
|
-
|
|
-
|
|
123
|
|
|
|
Total Operating
Expenses
|
8,419
|
|
(1,401)
|
|
6,043
|
|
3,777
|
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
1,381
|
|
-
|
|
1,892
|
|
(511)
|
|
|
|
|
|
|
|
|
|
|
Income from Equity
Method Investments
|
14
|
|
-
|
|
-
|
|
14
|
|
Net Gains (Losses) on
Trust Investments
|
(265)
|
|
-
|
|
(2)
|
|
(263)
|
|
Net Other Income
(Deductions)
|
124
|
|
(1)
|
|
88
|
|
37
|
|
Net Non-Operating
Pension and OPEB Credits (Costs)
|
376
|
|
-
|
|
281
|
|
95
|
|
Interest
Expense
|
(628)
|
|
1
|
|
(427)
|
|
(202)
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE
INCOME TAXES
|
1,002
|
|
-
|
|
1,832
|
|
(830)
|
|
|
|
|
|
|
|
|
|
|
Income Tax Benefit
(Expense)
|
29
|
|
-
|
|
(267)
|
|
296
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS)
|
$
1,031
|
|
$
-
|
|
$
1,565
|
|
$
(534)
|
|
|
Reconciling Items
Excluded from Net Income (Loss)(b)
|
708
|
|
-
|
|
-
|
|
708
|
|
OPERATING EARNINGS
(non-GAAP)
|
$
1,739
|
|
$
-
|
|
$
1,565
|
|
$
174
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS)
|
$
2.06
|
|
$
-
|
|
$
3.12
|
|
$
(1.06)
|
|
|
Reconciling Items
Excluded from Net Income (Loss)(b)
|
1.41
|
|
-
|
|
-
|
|
1.41
|
|
OPERATING EARNINGS
(non-GAAP)
|
$
3.47
|
|
$
-
|
|
$
3.12
|
|
$
0.35
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Includes activities
at PSEG Power, PSEG Long Island, Energy Holdings, PSEG Services
Corporation and the Parent.
|
|
(b) See Attachments 8
and 9 for details of items excluded from Net Income (Loss) to
compute Operating Earnings (non-GAAP).
|
Attachment
3
|
Public Service
Enterprise Group Incorporated
|
Capitalization
Schedule
|
(Unaudited, $
millions)
|
|
|
|
December
31,
|
|
December
31,
|
|
2023
|
|
2022
|
DEBT
|
|
|
|
|
Commercial Paper and
Loans
|
$
949
|
|
$
2,200
|
|
Long-Term
Debt*
|
19,284
|
|
18,070
|
|
|
Total Debt
|
20,233
|
|
20,270
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
|
|
Common Stock
|
5,018
|
|
5,065
|
|
Treasury
Stock
|
(1,379)
|
|
(1,377)
|
|
Retained
Earnings
|
12,017
|
|
10,591
|
|
Accumulated Other
Comprehensive Loss
|
(179)
|
|
(550)
|
|
|
Total Stockholders'
Equity
|
15,477
|
|
13,729
|
|
|
Total
Capitalization
|
$
35,710
|
|
$
33,999
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Includes current
portion of Long-Term Debt
|
|
|
|
|
|
|
|
|
Attachment
4
|
Public Service
Enterprise Group Incorporated
|
Condensed
Consolidated Statements of Cash Flows
|
(Unaudited, $
millions)
|
|
|
|
|
Year Ended
December 31,
|
|
2023
|
|
2022
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
Net
Income
|
$
2,563
|
|
$
1,031
|
Adjustments to
Reconcile Net Income to Net Cash Flows
|
|
|
|
From
Operating Activities
|
1,243
|
|
472
|
NET CASH PROVIDED BY
(USED IN) OPERATING ACTIVITIES
|
3,806
|
|
1,503
|
|
|
|
|
NET CASH PROVIDED BY
(USED IN) INVESTING ACTIVITIES
|
(2,958)
|
|
(1,101)
|
|
|
|
|
NET CASH PROVIDED BY
(USED IN) FINANCING ACTIVITIES
|
(1,260)
|
|
(754)
|
|
|
|
|
Net Change in Cash,
Cash Equivalents and Restricted Cash
|
(412)
|
|
(352)
|
|
|
|
|
Cash, Cash
Equivalents and Restricted Cash at Beginning of
Period
|
511
|
|
863
|
Cash, Cash
Equivalents and Restricted Cash at End of Period
|
$
99
|
|
$
511
|
Attachment
5
|
Public Service
Electric & Gas Company
|
Retail
Sales
|
(Unaudited)
|
December 31,
2023
|
|
Electric
Sales
|
|
|
|
Three
Months
|
|
Change
vs.
|
|
Year
|
|
Change
vs.
|
|
|
Sales (millions
kWh)
|
Ended
|
|
2022
|
|
Ended
|
|
2022
|
|
|
Residential
|
2,805
|
|
5 %
|
|
13,076
|
|
(6 %)
|
|
|
Commercial &
Industrial
|
6,181
|
|
(5 %)
|
|
25,680
|
|
(3 %)
|
|
|
Other
|
96
|
|
(1 %)
|
|
337
|
|
(1 %)
|
|
|
Total
|
9,082
|
|
(2 %)
|
|
39,093
|
|
(4 %)
|
|
|
|
Gas Sold and
Transported
|
|
|
|
|
Three
Months
|
|
Change
vs.
|
|
Year
|
|
Change
vs.
|
|
|
Sales (millions
therms)
|
Ended
|
|
2022
|
|
Ended
|
|
2022
|
|
|
Firm
Sales
|
|
|
|
|
|
|
|
|
|
Residential
Sales
|
427
|
|
(9 %)
|
|
1,327
|
|
(11 %)
|
|
|
Commercial &
Industrial
|
285
|
|
(9 %)
|
|
955
|
|
(11 %)
|
|
|
Total Firm
Sales
|
712
|
|
(9 %)
|
|
2,282
|
|
(11 %)
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Firm
Sales*
|
|
|
|
|
|
|
|
|
|
Commercial &
Industrial
|
234
|
|
13 %
|
|
848
|
|
(13 %)
|
|
|
Total Non-Firm
Sales
|
234
|
|
|
|
848
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Sales
|
946
|
|
(4 %)
|
|
3,130
|
|
(12 %)
|
|
|
|
*Contract Service Gas
rate included in non-firm sales
|
|
Weather
Data*
|
|
|
|
Three
Months
|
|
Change
vs.
|
|
Year
|
|
Change
vs.
|
|
|
|
Ended
|
|
2022
|
|
Ended
|
|
2022
|
|
|
THI Hours -
Actual
|
690
|
|
103 %
|
|
17,820
|
|
(10 %)
|
|
|
THI Hours -
Normal
|
443
|
|
|
|
17,345
|
|
|
|
|
Degree Days -
Actual
|
1,325
|
|
(13 %)
|
|
3,633
|
|
(20 %)
|
|
|
Degree Days -
Normal
|
1,567
|
|
|
|
4,591
|
|
|
|
|
|
*Winter weather as
defined by heating degree days (HDD) to serve as a measure for the
need for heating. For each day, HDD is calculated as HDD = 65°F –
the average hourly daily temperature. Summer weather is measured by
the temperature-humidity index (THI), which takes into account both
the temperature and the humidity to measure the need for air
conditioning. Both measures use data provided by the National
Oceanic and Atmospheric Administration based on readings from
Newark Liberty International Airport. Comparisons to normal are
based on twenty years of historic data.
|
Attachment
6
|
|
Nuclear Generation
Measures
|
(Unaudited)
|
|
|
GWh
Breakdown
|
|
GWh
Breakdown
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
December
31,
|
|
December
31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Nuclear - NJ
|
4,676
|
|
4,681
|
|
20,500
|
|
20,172
|
Nuclear - PA
|
2,652
|
|
2,657
|
|
11,099
|
|
11,093
|
|
7,328
|
|
7,338
|
|
31,599
|
|
31,265
|
Attachment
7
|
Public Service
Enterprise Group Incorporated
|
Statistical
Measures
|
(Unaudited)
|
|
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Weighted Average Common
Shares Outstanding (millions)
|
|
|
|
|
|
|
|
Basic
|
498
|
|
497
|
|
498
|
|
498
|
Diluted
|
500
|
|
500
|
|
500
|
|
501
|
|
|
|
|
|
|
|
|
Stock Price at End of
Period
|
|
|
|
|
$61.15
|
|
$61.27
|
|
|
|
|
|
|
|
|
Dividends Paid per
Share of Common Stock
|
$0.57
|
|
$0.54
|
|
$2.28
|
|
$2.16
|
|
|
|
|
|
|
|
|
Dividend
Yield
|
|
|
|
|
3.7 %
|
|
3.5 %
|
|
|
|
|
|
|
|
|
Book Value per Common
Share
|
|
|
|
|
$31.07
|
|
$27.63
|
|
|
|
|
|
|
|
|
Market Price as a
Percent of Book Value
|
|
|
|
|
197 %
|
|
222 %
|
Attachment
8
|
Public Service
Enterprise Group Incorporated
|
Consolidated
Operating Earnings (non-GAAP) Reconciliation
|
|
Reconciling
Items
|
Three Months
Ended
|
Year
Ended
|
December
31,
|
December
31,
|
|
2023
|
|
2022
|
|
|
2023
|
|
2022
|
|
|
($ millions,
Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income
|
|
$
546
|
|
$ 788
|
|
|
$
2,563
|
|
$
1,031
|
|
|
(Gain) Loss on Nuclear
Decommissioning Trust (NDT)
|
|
|
|
|
|
|
|
|
|
|
|
Fund Related Activity,
pre-tax
|
|
(126)
|
|
(85)
|
|
|
(184)
|
|
270
|
|
|
(Gain) Loss on
Mark-to-Market (MTM), pre-tax(a)
|
|
(291)
|
|
(611)
|
|
|
(1,334)
|
|
635
|
|
|
Pension Settlement
Charges, pre-tax
|
|
6
|
|
-
|
|
|
338
|
|
-
|
|
|
Plant Retirements,
Dispositions and Impairments, pre-tax(b)
|
|
-
|
|
14
|
|
|
-
|
|
31
|
|
|
Lease Related Activity,
pre-tax
|
|
7
|
|
25
|
|
|
7
|
|
78
|
|
|
Exit Incentive Program
(EIP), pre-tax
|
|
4
|
|
-
|
|
|
29
|
|
-
|
|
|
Income Taxes related to
Operating Earnings (non-GAAP) reconciling items(c)
|
|
125
|
|
187
|
|
|
323
|
|
(306)
|
|
Operating Earnings
(non-GAAP)
|
|
$
271
|
|
$ 318
|
|
|
$
1,742
|
|
$
1,739
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG Fully Diluted
Average Shares Outstanding (in millions)
|
|
500
|
|
500
|
|
|
500
|
|
501
|
|
|
($ Per Share Impact - Diluted, Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income
|
|
$
1.10
|
|
$ 1.58
|
|
|
$
5.13
|
|
$ 2.06
|
|
|
(Gain) Loss on NDT Fund
Related Activity, pre-tax
|
|
(0.26)
|
|
(0.17)
|
|
|
(0.37)
|
|
0.54
|
|
|
(Gain) Loss on MTM,
pre-tax(a)
|
|
(0.58)
|
|
(1.22)
|
|
|
(2.67)
|
|
1.27
|
|
|
Pension Settlement
Charges, pre-tax
|
|
0.02
|
|
-
|
|
|
0.68
|
|
-
|
|
|
Plant Retirements,
Dispositions and Impairments, pre-tax(b)
|
|
-
|
|
0.03
|
|
|
-
|
|
0.06
|
|
|
Lease Related Activity,
pre-tax
|
|
0.01
|
|
0.05
|
|
|
0.01
|
|
0.15
|
|
|
EIP, pre-tax
|
|
0.01
|
|
-
|
|
|
0.06
|
|
-
|
|
|
Income Taxes related to
Operating Earnings (non-GAAP) reconciling items(c)
|
|
0.24
|
|
0.37
|
|
|
0.64
|
|
(0.61)
|
|
Operating Earnings
(non-GAAP)
|
|
$
0.54
|
|
$ 0.64
|
|
|
$
3.48
|
|
$ 3.47
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Includes the
financial impact from positions with forward delivery
months.
|
|
|
(b) Full year 2022
includes the results for fossil generation sold in February
2022.
|
|
|
(c) Income tax effect
calculated at the statutory rate except for qualified NDT related
activity, which records an additional 20% trust tax on income
(loss) from qualified NDT Funds, and lease related
activity.
|
|
Attachment
9
|
|
PSE&G Operating
Earnings (non-GAAP) Reconciliation
|
|
|
Three Months
Ended
|
Year
Ended
|
Reconciling
Items
|
December
31,
|
December
31,
|
|
|
2023
|
|
2022
|
|
|
2023
|
|
2022
|
|
|
($ millions,
Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income
|
|
$
291
|
|
$ 352
|
|
|
$
1,515
|
|
$
1,565
|
|
|
EIP, pre-tax
|
|
2
|
|
-
|
|
|
19
|
|
-
|
|
|
Pension Settlement
Charges, pre-tax
|
|
4
|
|
-
|
|
|
4
|
|
-
|
|
|
Income Taxes related to
Operating Earnings (non-GAAP) reconciling items
|
|
(1)
|
|
-
|
|
|
(6)
|
|
-
|
|
Operating Earnings
(non-GAAP)
|
|
$
296
|
|
$ 352
|
|
|
$
1,532
|
|
$
1,565
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG Fully Diluted
Average Shares Outstanding (in millions)
|
|
500
|
|
500
|
|
|
500
|
|
501
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG Power &
Other Operating Earnings (non-GAAP) Reconciliation
|
|
|
Three Months
Ended
|
Year
Ended
|
Reconciling
Items
|
December
31,
|
December
31,
|
|
|
2023
|
|
2022
|
|
|
2023
|
|
2022
|
|
|
($ millions,
Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
(Loss)
|
|
$
255
|
|
$ 436
|
|
|
$
1,048
|
|
$ (534)
|
|
|
(Gain) Loss on NDT Fund
Related Activity, pre-tax
|
|
(126)
|
|
(85)
|
|
|
(184)
|
|
270
|
|
|
(Gain) Loss on MTM,
pre-tax(a)
|
|
(291)
|
|
(611)
|
|
|
(1,334)
|
|
635
|
|
|
Pension Settlement
Charges, pre-tax
|
|
2
|
|
-
|
|
|
334
|
|
-
|
|
|
Plant Retirements,
Dispositions and Impairments, pre-tax(b)
|
|
-
|
|
14
|
|
|
-
|
|
31
|
|
|
Lease Related Activity,
pre-tax
|
|
7
|
|
25
|
|
|
7
|
|
78
|
|
|
EIP, pre-tax
|
|
2
|
|
-
|
|
|
10
|
|
-
|
|
|
Income Taxes related to
Operating Earnings (non-GAAP) reconciling
items(c)
|
|
126
|
|
187
|
|
|
329
|
|
(306)
|
|
Operating Earnings
(non-GAAP)
|
|
$
(25)
|
|
$
(34)
|
|
|
$
210
|
|
$ 174
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG Fully Diluted
Average Shares Outstanding (in millions)
|
|
500
|
|
500
|
|
|
500
|
|
501
|
|
|
|
|
(a) Includes the
financial impact from positions with forward delivery
months.
|
|
(b) Full year 2022
includes the results for fossil generation sold in February
2022.
|
|
(c) Income tax effect
calculated at the statutory rate except for qualified NDT related
activity, which records an additional 20% trust tax on income
(loss) from qualified NDT Funds, and lease related
activity.
|
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SOURCE PSEG