$0.87 PER SHARE
NET INCOME
$0.63 PER SHARE
NON-GAAP OPERATING EARNINGS
Reaffirms Full-Year 2024 Non-GAAP Operating
Earnings Guidance
NEWARK, N.J.,
July 30,
2024 /PRNewswire/ -- Public Service Enterprise Group
(NYSE: PEG) reported the following results for the second quarter
of 2024:
PSEG Consolidated
(unaudited)
Second Quarter Comparative Results
|
|
|
Income
|
Diluted Earnings
Per Share
|
($ millions, except per
share amounts)
|
2Q
2024
|
2Q
2023
|
2Q
2024
|
2Q
2023
|
Net Income
|
$434
|
$591
|
$0.87
|
$1.18
|
Reconciling
Items
|
(121)
|
(240)
|
(0.24)
|
(0.48)
|
Non-GAAP Operating
Earnings
|
$313
|
$351
|
$0.63
|
$0.70
|
Average
Shares
|
|
|
500
|
500
|
|
|
|
|
|
|
|
See Attachments 8 and 9
for a complete list of items excluded from Net Income in the
determination of non-GAAP Operating Earnings.
|
"PSEG's financial results for the second quarter and first half
are in line with our expectations for the full year, enabling us to
reaffirm our full-year 2024 non-GAAP Operating Earnings guidance
range of $3.60 to $3.70 per share," said Ralph LaRossa, PSEG's chair, president and CEO.
"PSEG responded well to the extreme conditions we experienced
during the quarter, which included an early summer heat wave and
one of the strongest earthquakes in New
Jersey history, with minimal system disruption. Our
regulatory calendar remains on track to conclude both our
distribution base rate case and the Clean Energy Future-Energy
Efficiency II filing later this year. We are proud of
PSE&G's suite of award-winning energy efficiency offerings, and
how they help to lower customer bills. Additionally,
PSE&G recently filed with the New
Jersey Board of Public Utilities (BPU) to implement another
gas supply cost reduction this October, our third since
January 2023, which will further help
customer affordability this winter."
LaRossa added, "PSEG Power successfully completed the scheduled
refueling outage at our 100%-owned Hope Creek nuclear unit and
continues to pursue multiple growth opportunities that include
capacity uprates, hydrogen pilots, and potential sales to data
centers – consistent with our efforts to increase the
predictability of our business and align with state economic
development goals. Along those lines, PSE&G is
experiencing an increase in new business requests and feasibility
studies from potential data center customers across our service
area compared with 2023 activity, which along with increased
electric vehicle charging, is expected to drive load growth and
system investment needs in the future.
Through the first six months of the year, our results are as
expected, recognizing that PSE&G's distribution rate case
remains pending, as well as the benefit of the new PTC which began
in January 2024. We are also re-affirming our five-year,
non-GAAP Operating Earnings growth outlook of 5% to 7% through
2028, which does not reflect growth opportunities at our nuclear
fleet. Importantly, our solid balance sheet supports the
execution of PSEG's five-year capital investment program of
$19 billion to $22.5 billion over the same period – without the
need to issue new equity or sell assets – and provides the
opportunity for consistent and sustainable dividend growth."
PSEG Results by Segment
Public Service
Electric and Gas
Second Quarter Comparative Results
|
|
($ millions, except per
share amounts)
|
2Q
2024
|
2Q
2023
|
Net Income
|
$302
|
$336
|
Net Income Per Share
(EPS)
|
$0.60
|
$0.67
|
Non-GAAP Operating
Earnings
|
$302
|
$341
|
Non-GAAP Operating
EPS
|
$0.60
|
$0.68
|
PSE&G's second quarter results benefited from incremental
investment in Transmission, clause-based system modernization and
Energy Efficiency programs, which were offset by higher operation
and maintenance costs, as well as higher depreciation and interest
expense. The year-over-year trajectory was expected as we
experience growing regulatory lag prior to the conclusion of our
rate case later this year. PSE&G invested approximately
$0.9 billion during the second
quarter, bringing our year-to-date capital spending to $1.7 billion, which is on track with the
full-year plan to invest $3.4
billion. The BPU recently approved an approximate
$300 million extension of PSE&G's
existing Energy Efficiency program through December 2024, and authorized the recovery of all
previously deferred COVID-related expenses, including carrying
costs, over a five-year period starting in 2025.
PSEG Power &
Other
Second Quarter Comparative Results
|
|
($ millions, except per
share amounts)
|
2Q
2024
|
2Q
2023
|
Net Income
|
$132
|
$255
|
Net Income Per Share
(EPS)
|
$0.27
|
$0.51
|
Non-GAAP Operating
Earnings
|
$11
|
$10
|
Non-GAAP Operating
EPS
|
$0.03
|
$0.02
|
PSEG Power & Other results for the quarter primarily reflect
the positive impact of the federal nuclear production tax credit,
which took effect January 1, 2024,
offset by higher costs related to the scheduled refueling outage at
our 100%-owned Hope Creek nuclear plant. We continue to
anticipate realizing most of the increase in the 2024 gross margin
over 2023's gross margin during the second half of the year,
concentrated in the fourth quarter.
PSEG will host a conference call to review its second quarter
2024 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:
|
Investor
Relations:
|
Marijke
Shugrue
862-465-1445
Marijke.Shugrue@pseg.com
|
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. With a continued focus
on sustainability, PSEG has appeared on the Dow Jones
Sustainability North America Index for 16 consecutive years. PSEG
is included on the 2023-2024 list of U.S. News' Best Companies
to Work For. 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 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, 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
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 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
June 30, 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG
|
|
Eliminations
|
|
PSE&G
|
|
PSEG Power
& Other(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
REVENUES
|
|
$
2,423
|
|
$
(124)
|
|
$
1,863
|
|
$
684
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy Costs
|
|
732
|
|
(124)
|
|
683
|
|
173
|
|
|
|
|
Operation and
Maintenance
|
|
824
|
|
-
|
|
466
|
|
358
|
|
|
|
|
Depreciation and
Amortization
|
|
285
|
|
-
|
|
247
|
|
38
|
|
|
|
|
Total Operating Expenses
|
|
1,841
|
|
(124)
|
|
1,396
|
|
569
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
|
582
|
|
-
|
|
467
|
|
115
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Equity
Method Investments
|
|
1
|
|
-
|
|
-
|
|
1
|
|
|
|
Net Gains (Losses) on
Trust Investments
|
|
7
|
|
-
|
|
-
|
|
7
|
|
|
|
Net Other Income
(Deductions)
|
|
47
|
|
(2)
|
|
16
|
|
33
|
|
|
|
Net Non-Operating
Pension and OPEB Credits (Costs)
|
|
18
|
|
-
|
|
19
|
|
(1)
|
|
|
|
Interest
Expense
|
|
(218)
|
|
2
|
|
(141)
|
|
(79)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE INCOME
TAXES
|
|
437
|
|
-
|
|
361
|
|
76
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax (Expense)
Benefit
|
|
(3)
|
|
-
|
|
(59)
|
|
56
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
|
$
434
|
|
$
-
|
|
$
302
|
|
$
132
|
|
|
|
|
Reconciling Items
Excluded from Net Income(b)
|
|
(121)
|
|
-
|
|
-
|
|
(121)
|
|
|
|
OPERATING EARNINGS
(non-GAAP)
|
|
$
313
|
|
$
-
|
|
$
302
|
|
$
11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
|
$
0.87
|
|
$
-
|
|
$
0.60
|
|
$
0.27
|
|
|
|
|
Reconciling Items
Excluded from Net Income(b)
|
|
(0.24)
|
|
-
|
|
-
|
|
(0.24)
|
|
|
|
OPERATING EARNINGS
(non-GAAP)
|
|
$
0.63
|
|
$
-
|
|
$
0.60
|
|
$
0.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG
|
|
Eliminations
|
|
PSE&G
|
|
PSEG Power
& Other(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
REVENUES
|
|
$
2,421
|
|
$
(143)
|
|
$
1,662
|
|
$
902
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy Costs
|
|
604
|
|
(143)
|
|
551
|
|
196
|
|
|
|
|
Operation and
Maintenance
|
|
744
|
|
-
|
|
429
|
|
315
|
|
|
|
|
Depreciation and
Amortization
|
|
279
|
|
-
|
|
240
|
|
39
|
|
|
|
|
Total
Operating Expenses
|
|
1,627
|
|
(143)
|
|
1,220
|
|
550
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
|
794
|
|
-
|
|
442
|
|
352
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Gains (Losses) on
Trust Investments
|
|
57
|
|
-
|
|
-
|
|
57
|
|
|
|
Net Other Income
(Deductions)
|
|
49
|
|
(1)
|
|
23
|
|
27
|
|
|
|
Net Non-Operating
Pension and OPEB Credits (Costs)
|
|
29
|
|
-
|
|
28
|
|
1
|
|
|
|
Interest
Expense
|
|
(185)
|
|
1
|
|
(123)
|
|
(63)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE INCOME
TAXES
|
|
744
|
|
-
|
|
370
|
|
374
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax
Expense
|
|
(153)
|
|
-
|
|
(34)
|
|
(119)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
|
$
591
|
|
$
-
|
|
$
336
|
|
$
255
|
|
|
|
|
Reconciling Items
Excluded from Net Income(b)
|
|
(240)
|
|
-
|
|
5
|
|
(245)
|
|
|
|
OPERATING EARNINGS
(non-GAAP)
|
|
$
351
|
|
$
-
|
|
$
341
|
|
$
10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
|
$
1.18
|
|
$
-
|
|
$
0.67
|
|
$
0.51
|
|
|
|
|
Reconciling Items
Excluded from Net Income(b)
|
|
(0.48)
|
|
-
|
|
0.01
|
|
(0.49)
|
|
|
|
|
Share
Differential(b)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
OPERATING EARNINGS
(non-GAAP)
|
|
$
0.70
|
|
$
-
|
|
$
0.68
|
|
$
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 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, 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG
|
|
Eliminations
|
|
PSE&G
|
|
PSEG Power
& Other(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
REVENUES
|
|
$
5,183
|
|
$
(569)
|
|
$
4,196
|
|
$
1,556
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy Costs
|
|
1,729
|
|
(569)
|
|
1,611
|
|
687
|
|
|
|
|
Operation and
Maintenance
|
|
1,607
|
|
-
|
|
931
|
|
676
|
|
|
|
|
Depreciation and
Amortization
|
|
580
|
|
-
|
|
504
|
|
76
|
|
|
|
|
|
Total Operating
Expenses
|
|
3,916
|
|
(569)
|
|
3,046
|
|
1,439
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
|
1,267
|
|
-
|
|
1,150
|
|
117
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Equity
Method Investments
|
|
1
|
|
-
|
|
-
|
|
1
|
|
|
|
Net Gains (Losses) on
Trust Investments
|
|
102
|
|
-
|
|
-
|
|
102
|
|
|
|
Net Other Income
(Deductions)
|
|
82
|
|
(3)
|
|
32
|
|
53
|
|
|
|
Net Non-Operating
Pension and OPEB Credits (Costs)
|
|
37
|
|
-
|
|
38
|
|
(1)
|
|
|
|
Interest
Expense
|
|
(423)
|
|
3
|
|
(279)
|
|
(147)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE INCOME
TAXES
|
|
1,066
|
|
-
|
|
941
|
|
125
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax (Expense)
Benefit
|
|
(100)
|
|
-
|
|
(151)
|
|
51
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
|
$
966
|
|
$
-
|
|
$
790
|
|
$
176
|
|
|
|
|
Reconciling Items
Excluded from Net Income(b)
|
|
4
|
|
-
|
|
-
|
|
4
|
|
|
|
OPERATING EARNINGS
(non-GAAP)
|
|
$
970
|
|
$
-
|
|
$
790
|
|
$
180
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
|
$
1.93
|
|
$
-
|
|
$
1.58
|
|
$
0.35
|
|
|
|
|
Reconciling Items
Excluded from Net Income(b)
|
|
0.01
|
|
-
|
|
-
|
|
0.01
|
|
|
|
OPERATING EARNINGS
(non-GAAP)
|
|
$
1.94
|
|
$
-
|
|
$
1.58
|
|
$
0.36
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG
|
|
Eliminations
|
|
PSE&G
|
|
PSEG Power
& Other(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
REVENUES
|
|
$
6,176
|
|
$
(708)
|
|
$
3,955
|
|
$
2,929
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy Costs
|
|
1,686
|
|
(708)
|
|
1,535
|
|
859
|
|
|
|
|
Operation and
Maintenance
|
|
1,487
|
|
-
|
|
889
|
|
598
|
|
|
|
|
Depreciation and
Amortization
|
|
561
|
|
-
|
|
484
|
|
77
|
|
|
|
|
|
Total Operating
Expenses
|
|
3,734
|
|
(708)
|
|
2,908
|
|
1,534
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
|
2,442
|
|
-
|
|
1,047
|
|
1,395
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Equity
Method Investments
|
|
1
|
|
-
|
|
-
|
|
1
|
|
|
|
Net Gains (Losses) on
Trust Investments
|
|
103
|
|
-
|
|
-
|
|
103
|
|
|
|
Net Other Income
(Deductions)
|
|
91
|
|
(2)
|
|
44
|
|
49
|
|
|
|
Net Non-Operating
Pension and OPEB Credits (Costs)
|
|
57
|
|
-
|
|
56
|
|
1
|
|
|
|
Interest
Expense
|
|
(365)
|
|
2
|
|
(236)
|
|
(131)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE INCOME
TAXES
|
|
2,329
|
|
-
|
|
911
|
|
1,418
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax
Expense
|
|
(451)
|
|
-
|
|
(88)
|
|
(363)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
|
$
1,878
|
|
$
-
|
|
$
823
|
|
$
1,055
|
|
|
|
|
Reconciling Items
Excluded from Net Income(b)
|
|
(832)
|
|
-
|
|
10
|
|
(842)
|
|
|
|
OPERATING EARNINGS
(non-GAAP)
|
|
$
1,046
|
|
$
-
|
|
$
833
|
|
$
213
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
|
$
3.76
|
|
$
-
|
|
$
1.65
|
|
$
2.11
|
|
|
|
|
Reconciling Items
Excluded from Net Income(b)
|
|
(1.67)
|
|
-
|
|
0.02
|
|
(1.69)
|
|
|
|
OPERATING EARNINGS
(non-GAAP)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
OPERATING EARNINGS
(non-GAAP)
|
|
$
2.09
|
|
$
-
|
|
$
1.67
|
|
$
0.42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 to compute
Operating Earnings (non-GAAP).
|
|
|
|
|
|
|
|
|
|
|
Attachment
3
|
|
|
|
Public Service
Enterprise Group Incorporated
|
|
|
Capitalization
Schedule
|
|
|
(Unaudited, $
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June
30,
|
|
December
31,
|
|
|
|
|
|
|
|
2024
|
|
2023
|
|
|
DEBT
|
|
|
|
|
|
|
|
|
|
Commercial Paper and
Loans
|
|
|
$
879
|
|
$
949
|
|
|
|
Long-Term
Debt*
|
|
|
20,519
|
|
19,284
|
|
|
|
|
Total Debt
|
|
|
21,398
|
|
20,233
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
Common Stock
|
|
|
5,020
|
|
5,018
|
|
|
|
Treasury
Stock
|
|
|
(1,408)
|
|
(1,379)
|
|
|
|
Retained
Earnings
|
|
|
12,385
|
|
12,017
|
|
|
|
Accumulated Other
Comprehensive Loss
|
|
|
(173)
|
|
(179)
|
|
|
|
|
Total Stockholders'
Equity
|
|
|
15,824
|
|
15,477
|
|
|
|
|
Total
Capitalization
|
|
|
$
37,222
|
|
$
35,710
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*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,
|
|
2024
|
|
2023
|
Cash Flows From
Operating Activities
|
|
|
|
Net
Income
|
$
966
|
|
$
1,878
|
Adjustments to
Reconcile Net Income to Net Cash Flows
|
|
|
|
From
Operating Activities
|
177
|
|
531
|
Net Cash Provided By
(Used In) Operating Activities
|
1,143
|
|
2,409
|
|
|
|
|
Net Cash Provided By
(Used In) Investing Activities
|
(1,612)
|
|
(1,119)
|
|
|
|
|
Net Cash Provided By
(Used In) Financing Activities
|
515
|
|
(1,204)
|
|
|
|
|
Net Change in Cash,
Cash Equivalents and Restricted Cash
|
46
|
|
86
|
|
|
|
|
Cash, Cash
Equivalents and Restricted Cash at Beginning of
Period
|
99
|
|
511
|
Cash, Cash
Equivalents and Restricted Cash at End of Period
|
$
145
|
|
$
597
|
|
|
|
|
|
|
Attachment
5
|
Public Service
Electric & Gas Company
|
Retail
Sales
|
(Unaudited)
|
June 30,
2024
|
|
|
|
|
|
|
|
|
|
|
|
Electric
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months
|
|
Change
vs.
|
|
Six
Months
|
|
Change
vs.
|
|
|
Sales (millions
kWh)
|
Ended
|
|
2023
|
|
Ended
|
|
2023
|
|
|
Residential
|
3,369
|
|
20 %
|
|
6,458
|
|
12 %
|
|
|
Commercial &
Industrial
|
6,377
|
|
8 %
|
|
12,919
|
|
4 %
|
|
|
Other
|
71
|
|
0 %
|
|
171
|
|
1 %
|
|
|
Total
|
9,817
|
|
12 %
|
|
19,548
|
|
7 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas Sold and
Transported
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months
|
|
Change
vs.
|
|
Six
Months
|
|
Change
vs.
|
|
|
Sales (millions
therms)
|
Ended
|
|
2023
|
|
Ended
|
|
2023
|
|
|
Firm
Sales
|
|
|
|
|
|
|
|
|
|
Residential
Sales
|
199
|
|
8 %
|
|
856
|
|
6 %
|
|
|
Commercial &
Industrial
|
160
|
|
5 %
|
|
606
|
|
7 %
|
|
|
Total Firm
Sales
|
359
|
|
7 %
|
|
1,462
|
|
6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Firm
Sales*
|
|
|
|
|
|
|
|
|
|
Commercial &
Industrial
|
191
|
|
(1 %)
|
|
365
|
|
9 %
|
|
|
Total Non-Firm
Sales
|
191
|
|
|
|
365
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Sales
|
550
|
|
4 %
|
|
1,827
|
|
7 %
|
|
|
|
|
|
|
|
|
|
|
|
|
*Contract Service Gas
rate included in non-firm sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weather
Data*
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months
|
|
Change
vs.
|
|
Six
Months
|
|
Change
vs.
|
|
|
|
Ended
|
|
2023
|
|
Ended
|
|
2023
|
|
|
THI Hours -
Actual
|
5,893
|
|
99 %
|
|
5,898
|
|
100 %
|
|
|
THI Hours -
Normal
|
4,152
|
|
|
|
4,173
|
|
|
|
|
Degree Days -
Actual
|
402
|
|
20 %
|
|
2,512
|
|
10 %
|
|
|
Degree Days -
Normal
|
489
|
|
|
|
3,046
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*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
|
|
Six Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June
30,
|
|
June
30,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Nuclear - NJ
|
|
|
|
|
|
|
4,178
|
|
4,872
|
|
9,515
|
|
10,366
|
Nuclear - PA
|
|
|
|
|
|
|
2,828
|
|
2,855
|
|
5,692
|
|
5,741
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,006
|
|
7,727
|
|
15,207
|
|
16,107
|
|
|
|
|
|
|
|
|
|
Attachment
7
|
Public Service
Enterprise Group Incorporated
|
Statistical
Measures
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Weighted Average Common
Shares Outstanding (millions)
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
498
|
|
497
|
|
498
|
|
497
|
|
Diluted
|
|
|
|
500
|
|
500
|
|
500
|
|
500
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock Price at End of
Period
|
|
|
|
|
|
|
$73.70
|
|
$62.61
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends Paid per
Share of Common Stock
|
|
$0.60
|
|
$0.57
|
|
$1.20
|
|
$1.14
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend
Yield
|
|
|
|
|
|
|
|
3.3 %
|
|
3.6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Book Value per Common
Share
|
|
|
|
|
|
|
$31.79
|
|
$30.29
|
|
|
|
|
|
|
|
|
|
|
|
|
Market Price as a
Percent of Book Value
|
|
|
|
|
|
|
232 %
|
|
207 %
|
|
|
|
|
|
|
|
Attachment
8
|
|
|
Public Service
Enterprise Group Incorporated
|
|
|
Consolidated
Operating Earnings (non-GAAP) Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciling
Items
|
Three Months
Ended
|
Six Months
Ended
|
|
|
June
30,
|
June
30,
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
|
|
|
($ millions,
Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income
|
$
434
|
|
$
591
|
|
$
966
|
|
$
1,878
|
|
|
|
|
(Gain) Loss on Nuclear
Decommissioning Trust (NDT)
|
|
|
|
|
|
|
|
|
|
|
|
Fund Related Activity,
pre-tax
|
(13)
|
|
(58)
|
|
(108)
|
|
(100)
|
|
|
|
|
(Gain) Loss on
Mark-to-Market (MTM), pre-tax(a)
|
(159)
|
|
(296)
|
|
99
|
|
(1,068)
|
|
|
|
|
Lease Related Activity,
pre-tax
|
-
|
|
-
|
|
(4)
|
|
-
|
|
|
|
|
Exit Incentive Program
(EIP), pre-tax
|
-
|
|
9
|
|
-
|
|
20
|
|
|
|
|
Income Taxes related to
Operating Earnings (non-GAAP) reconciling
items(b)
|
51
|
|
105
|
|
17
|
|
316
|
|
|
|
Operating Earnings
(non-GAAP)
|
$
313
|
|
$
351
|
|
$
970
|
|
$
1,046
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG Fully Diluted
Average Shares Outstanding (in millions)
|
500
|
|
500
|
|
500
|
|
500
|
|
|
|
|
|
($ Per Share Impact
- Diluted, Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income
|
$
0.87
|
|
$
1.18
|
|
$
1.93
|
|
$
3.76
|
|
|
|
|
(Gain) Loss on NDT Fund
Related Activity, pre-tax
|
(0.03)
|
|
(0.12)
|
|
(0.22)
|
|
(0.20)
|
|
|
|
|
(Gain) Loss on MTM,
pre-tax(a)
|
(0.32)
|
|
(0.59)
|
|
0.20
|
|
(2.14)
|
|
|
|
|
Lease Related Activity,
pre-tax
|
-
|
|
-
|
|
(0.01)
|
|
-
|
|
|
|
|
EIP, pre-tax
|
-
|
|
0.02
|
|
-
|
|
0.04
|
|
|
|
|
Income Taxes related to
Operating Earnings (non-GAAP) reconciling
items(b)
|
0.11
|
|
0.21
|
|
0.04
|
|
0.63
|
|
|
|
Operating Earnings
(non-GAAP)
|
$
0.63
|
|
$
0.70
|
|
$
1.94
|
|
$
2.09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 lease related activity.
|
|
|
|
|
|
|
|
|
|
Attachment
9
|
|
|
|
|
|
|
|
|
|
|
PSE&G Operating
Earnings (non-GAAP) Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
Six Months
Ended
|
Reconciling
Items
|
June
30,
|
June
30,
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
|
($ millions,
Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Net
Income
|
$
302
|
|
$
336
|
|
$
790
|
|
$
823
|
|
|
EIP, pre-tax
|
-
|
|
7
|
|
-
|
|
14
|
|
|
Income Taxes related to
Operating Earnings (non-GAAP) reconciling
items(b)
|
-
|
|
(2)
|
|
-
|
|
(4)
|
|
Operating Earnings
(non-GAAP)
|
$
302
|
|
$
341
|
|
$
790
|
|
$
833
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG Fully Diluted
Average Shares Outstanding (in millions)
|
500
|
|
500
|
|
500
|
|
500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG Power &
Other Operating Earnings (non-GAAP) Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
Six Months
Ended
|
Reconciling
Items
|
June
30,
|
June
30,
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
|
($ millions,
Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Net
Income
|
$
132
|
|
$
255
|
|
$
176
|
|
$
1,055
|
|
|
(Gain) Loss on NDT Fund
Related Activity, pre-tax
|
(13)
|
|
(58)
|
|
(108)
|
|
(100)
|
|
|
(Gain) Loss on MTM,
pre-tax(a)
|
(159)
|
|
(296)
|
|
99
|
|
(1,068)
|
|
|
Lease Related Activity,
pre-tax
|
-
|
|
-
|
|
(4)
|
|
-
|
|
|
EIP, pre-tax
|
-
|
|
2
|
|
-
|
|
6
|
|
|
Income Taxes related to
Operating Earnings (non-GAAP) reconciling
items(b)
|
51
|
|
107
|
|
17
|
|
320
|
|
Operating Earnings
(non-GAAP)
|
$
11
|
|
$
10
|
|
$
180
|
|
$
213
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG Fully Diluted
Average Shares Outstanding (in millions)
|
500
|
|
500
|
|
500
|
|
500
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 lease
related activity.
|
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SOURCE PSEG