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PEG · Public Service Enterprise Group

50 filings

10-Q

PEG 10-Q Quarterly Reports

Public Service Enterprise Group - 50 quarterly reports

Filing record · 2016–202610-K1110-Q338-K149

PEG filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 149 current reports (8-K) between 2016 and 2026.

  1. FY2016 annual report10-K · Feb ’17Feb ’17
  2. Impairment8-K · Jun ’19Jun ’19
  3. Leadership change8-K · Apr ’22Apr ’22
  4. Leadership change8-K · Jan ’26Jan ’26
  1. 2026-Q3

    Public Service Enterprise Group Quarterly Report for Q3 Ended Sep 30, 2026

    Public Service Enterprise Group Incorporated (PSEG) and its utility subsidiary Public Service Electric and Gas Company (PSE&G) filed this combined Form 10-Q for the quarter ended September 30, 2026. PSEG's net income fell to $376 million ($0.76 per diluted share) for the third quarter of 2026 from $622 million ($1.24 per diluted share) in the prior-year quarter, and to $1.45 billion ($2.91 per diluted share) for the nine months from $1.80 billion ($3.59). Operating revenues were $3.02 billion for the quarter versus $3.23 billion, and $9.42 billion for the nine months versus $9.25 billion. The filing attributes the decline primarily to mark-to-market losses at PSEG Power in 2026 compared with gains in 2025, and to lower net gains on nuclear decommissioning trust investments, partly offset by higher PSE&G clause investment and capacity revenues. PSE&G reported net income of $506 million for the quarter and $1.43 billion for the nine months, both roughly in line with 2025. Long-term debt at PSEG rose to $24.13 billion from $21.67 billion at year-end 2025, reflecting new issuances during the period, and cash provided by operating activities was $2.54 billion for the nine months. Cash dividends paid were $1.00 billion for the nine months, and the Board approved a $0.67 per share dividend for the third quarter. The filing also highlights ongoing items for investors, including a thermal shield degradation found during a Salem 1 refueling outage in October 2026 that is expected to extend the outage, pending PJM and FERC capacity market proceedings, and environmental remediation exposures such as the Lower Passaic River matter, for which PSEG has accrued approximately $66 million.

    Nov 2, 2026
  2. 2026-Q2

    Public Service Enterprise Group Quarterly Report for Q2 Ended Jun 30, 2026

    Public Service Enterprise Group (PSEG) reported second-quarter 2026 net income of $334 million, or $0.67 per diluted share, down from $585 million, or $1.17 per share, in the second quarter of 2025. For the six months ended June 30, 2026, net income was $1.075 billion, or $2.15 per diluted share, versus $1.174 billion, or $2.35 per share, a year earlier. The decline was driven primarily by mark-to-market losses on non-trading commodity positions at PSEG Power in 2026 versus gains in 2025, partially offset by continued investment in transmission and distribution clause programs at PSE&G and higher capacity revenues at PSEG Power. Operating revenues were $2.554 billion for the quarter, down from $2.805 billion, while six-month operating revenues rose to $6.402 billion from $6.027 billion. PSE&G, the regulated utility, contributed $342 million of second-quarter net income, up from $332 million, and $919 million for the first half, up from $878 million. PSEG Power & Other posted a second-quarter net loss of $8 million compared with $253 million of net income a year earlier. Management reiterated a regulated capital investment program of $22.5 billion to $25.5 billion for 2026 through 2030 and expects 6.0% to 7.5% compound annual growth in regulated rate base from year-end 2025 to year-end 2030. Long-term debt rose to $22.741 billion at June 30, 2026 from $21.670 billion at December 31, 2025, and the company declared a $0.67 per share dividend for the third quarter of 2026. Several items remain open. Pending regulatory matters include PSE&G's 2026 GPRC petition seeking $316 million and $52 million in annual electric and gas revenue increases, and a $166 million ZEC-related customer refund. Environmental exposures at the Lower Passaic River and other Superfund sites are unresolved, and the company says future costs could be material. New Jersey legislation enacted in June and July 2026 requires transmission owners to join an RTO by January 1, 2027, which could reduce PSE&G's annual net income by approximately $40 million, and the Power NJ Act calls for procurement of at least 1,100 MW of new nuclear generation.

    Aug 4, 2026
  3. 2026-Q1

    Public Service Enterprise Group Quarterly Report for Q1 Ended Mar 31, 2026

    Public Service Enterprise Group Incorporated (PSEG) reported first-quarter 2026 net income of $741 million, or $1.48 per diluted share, up from $589 million, or $1.18 per share, in the first quarter of 2025. Operating revenues rose to $3.85 billion from $3.22 billion. The increase was driven primarily by continued investment in transmission and distribution clause programs at PSE&G and by higher gas sales and capacity revenues at PSEG Power, partly offset by non-trading mark-to-market and nuclear decommissioning trust activity. PSE&G contributed $577 million of net income and PSEG Power & Other contributed $164 million. The company reaffirmed a regulated capital investment program of $22.5 billion to $25.5 billion for 2026 through 2030, within a total capital program of $24 billion to $28 billion, and expects regulated rate base to grow at a compound annual rate of 6.0% to 7.5% from year-end 2025 to year-end 2030. Long-term debt rose to $22.7 billion from $21.7 billion after PSE&G issued $1.0 billion of secured medium-term notes and retired $450 million. Liquidity totaled $3.5 billion of available credit at March 31, 2026, and the board approved a $0.67 per share quarterly dividend for the second quarter of 2026. Key risks include PJM capacity market price-cap extensions and a planned reliability backstop auction, regulatory uncertainty in New Jersey, pending environmental remediation at the Lower Passaic River and other sites, a Sherman Act antitrust class action, and the potential loss of PTC-related value. The filing also notes that a $2.3 billion EPA cleanup plan for the Lower 8.3 miles of the Passaic River and a $550 million plan for the Upper 9 miles remain unresolved, with PSEG accruing about $66 million for this matter.

    May 5, 2026
  4. 2025-Q3

    Public Service Enterprise Group Quarterly Report for Q3 Ended Sep 30, 2025

    Public Service Enterprise Group Incorporated (PSEG) reported net income of $622 million, or $1.24 per diluted share, for the third quarter of 2025, up from $520 million, or $1.04 per diluted share, in the third quarter of 2024. For the nine months ended September 30, 2025, net income was $1.80 billion ($3.59 per diluted share) versus $1.49 billion ($2.97 per diluted share) a year earlier. Operating revenues rose to $3.23 billion for the quarter and $9.25 billion for the nine months. The filing attributes the earnings growth primarily to the settlement of the 2024 distribution base rate case and continued transmission and distribution investment at PSE&G, along with mark-to-market gains at PSEG Power in the nine-month period compared with losses a year earlier. PSE&G, the regulated utility, generated net income of $515 million for the quarter and $1.39 billion for the nine months. The regulated segment is focused on capital investment, with the filing stating a regulated capital investment program of $21 billion to $24 billion for 2025 through 2029. Total PSEG capital investment is estimated at $22.5 billion to $26 billion, and the filing expects a compound annual growth rate in regulated rate base of 6% to 7.5%. Long-term debt rose to $21.67 billion at September 30, 2025 from $18.96 billion at December 31, 2024, and PSEG reported $3.27 billion of available liquidity under its credit facilities. The filing also flags several material uncertainties, including New Jersey electric bill affordability and PJM capacity price increases, the expiration of the nuclear zero emission certificate program in May 2025 with production tax credits now applicable, environmental remediation exposure along the Passaic River and other sites, a pending LIPA operations services contract extension that faces litigation from a competitor, and a July 2025 antitrust class action involving nuclear generation compensation.

    Nov 3, 2025
  5. 2025-Q2

    Public Service Enterprise Group Quarterly Report for Q2 Ended Jun 30, 2025

    Public Service Enterprise Group Incorporated (PSEG) reported second-quarter 2025 net income of $585 million, or $1.17 per diluted share, up from $434 million, or $0.87 per share, in the second quarter of 2024. For the six months ended June 30, 2025, net income was $1.174 billion, or $2.35 per diluted share, compared with $966 million, or $1.93 per share, a year earlier. Operating revenues were $2.805 billion for the quarter, up from $2.423 billion, and $6.027 billion for the six months, up from $5.183 billion. The filing attributes the improvement primarily to higher earnings from continued T&D clause investments and the settlement of PSE&G's distribution base rate case in October 2024, along with mark-to-market and Nuclear Decommissioning Trust fund activity. Income tax expense rose sharply, reflecting higher pre-tax income and the absence of nuclear production tax credit benefits in 2025. Balance sheet leverage increased over the period. Long-term debt rose to $21.639 billion at June 30, 2025 from $18.964 billion at December 31, 2024, reflecting $3.15 billion of debt issuance in the first six months against $1.6 billion of repayments. Total capitalization was $38.310 billion, and stockholders' equity was $16.671 billion. Net cash from operating activities was $1.527 billion for the six months, versus $1.143 billion a year earlier, while capital expenditures were $1.415 billion. Cash dividends paid were $629 million. The company stated its liquidity was expected to be sufficient to meet projected stressed requirements over a 12-month horizon. Key items to watch include the expiration of the Zero Emission Certificate program for the Salem and Hope Creek nuclear plants on June 1, 2025, the nuclear production tax credit's effect on the company's hedging and revenue, New Jersey energy affordability measures following higher PJM capacity prices, the pending LIPA operations contract that expires December 31, 2025, and environmental remediation matters, including the Passaic River, for which PSEG cannot predict the ultimate cost.

    Aug 5, 2025
  6. 2025-Q1

    Public Service Enterprise Group Quarterly Report for Q1 Ended Mar 31, 2025

    Public Service Enterprise Group Incorporated (PSEG) reported first-quarter 2025 net income of $589 million, or $1.18 per diluted share, up from $532 million, or $1.06 per diluted share, in the first quarter of 2024. Operating revenues rose to $3.22 billion from $2.76 billion. PSE&G contributed $546 million of net income (versus $488 million a year earlier), while PSEG Power & Other contributed $43 million (versus $44 million). The filing attributes the improvement primarily to higher earnings from T&D clause programs and the settlement of PSE&G's distribution base rate case in October 2024, partly offset by mark-to-market and NDT Fund activity. Net gains on trust investments fell to $8 million from $95 million. The company's regulated capital program is estimated at $21 billion to $24 billion for 2025-2029, with a projected rate base compound annual growth rate of 6% to 7.5% from year-end 2024 to year-end 2029. Regulated rate base was approximately $34 billion as of December 31, 2024. Long-term debt rose to $20.40 billion at March 31, 2025 from $18.96 billion at year-end 2024, reflecting new issuances at PSEG and PSE&G. Cash flow from operations was $1.05 billion for the quarter, compared with $661 million a year earlier. Key risks in the filing include PJM capacity market price increases affecting customer bills, pending LIPA board action on the PSEG LI operations services agreement that expires December 31, 2025, the ongoing Lower Passaic River Superfund matter, and the potential impact of the Production Tax Credit on nuclear revenues. Liquidity remained at $3.70 billion of available credit as of March 31, 2025.

    Apr 30, 2025
  7. 2024-Q3

    Public Service Enterprise Group Quarterly Report for Q3 Ended Sep 30, 2024

    Public Service Enterprise Group Incorporated (PSEG) and its subsidiary Public Service Electric and Gas Company (PSE&G) filed this combined Quarterly Report on Form 10-Q for the period ended September 30, 2024. PSEG reported third-quarter 2024 net income of $520 million ($1.04 per diluted share), up from $139 million ($0.27 per diluted share) a year earlier, which had included a $332 million pre-tax pension settlement charge. For the nine months, net income was $1.49 billion ($2.97 per diluted share) versus $2.02 billion ($4.03 per diluted share) in 2023. Nine-month operating revenues were $7.83 billion, down from $8.63 billion, driven mainly by lower PSEG Power & Other generation revenues from mark-to-market losses in 2024 compared with gains in 2023. PSE&G, the regulated utility, posted nine-month net income of $1.17 billion versus $1.22 billion a year earlier, with operating revenues rising to $6.34 billion from $5.95 billion. In October 2024 the New Jersey Board of Public Utilities approved a settlement in PSE&G's distribution base rate case, providing for a $17.8 billion rate base, a 9.6% return on equity and a 55% equity component, with a net increase in annual revenues of approximately $505 million, effective October 15, 2024. Management plans regulated capital investments of $18 billion to $21 billion for 2024-2028. Key risks disclosed include a pending FERC non-public investigation of PSE&G's Roseland-Pleasant Valley transmission project, which could result in material penalties, environmental remediation liabilities at Passaic River and other sites, pending state and federal capacity-market and nuclear-related proceedings, and the expiration of the nuclear Zero Emission Certificate program in favor of the federal production tax credit. Long-term debt rose to $18.96 billion at PSEG from $17.78 billion at year-end 2023.

    Nov 4, 2024
  8. 2024-Q2

    Public Service Enterprise Group Quarterly Report for Q2 Ended Jun 30, 2024

    Public Service Enterprise Group Incorporated (PSEG) reported second-quarter 2024 net income of $434 million, or $0.87 per diluted share, down from $591 million, or $1.18 per diluted share, in the second quarter of 2023. Operating revenues were essentially flat at $2.42 billion. For the six months ended June 30, 2024, net income was $966 million, or $1.93 per diluted share, compared with $1.878 billion, or $3.76 per diluted share, a year earlier. The filing attributes the decline primarily to mark-to-market losses and lower nuclear decommissioning trust (NDT) fund results at PSEG Power, partially offset by a benefit from nuclear production tax credits (PTCs) recorded in income tax expense. PSE&G, the regulated utility, reported net income of $302 million for the quarter versus $336 million a year earlier, and $790 million for the six months versus $823 million. The company continues to emphasize regulated investment. For 2024 through 2028, its regulated capital investment program is estimated at $18 billion to $21 billion, within a total capital investment program of $19 billion to $22.5 billion, with a targeted compound annual growth rate in regulated rate base of 6% to 7.5% from year-end 2023 to year-end 2028. PSE&G filed a distribution base rate case proposing an overall revenue increase of 9%, and several BPU and FERC proceedings remained pending. Liquidity totaled $2.95 billion of available capacity under $4.03 billion of committed credit facilities at June 30, 2024. Quarterly dividends were $0.60 per share, and the Board approved the same $0.60 dividend for the third quarter of 2024. Key risks flagged in the filing include environmental remediation exposures such as the Lower Passaic River Superfund matter, pending FERC allegations against PSE&G regarding the Roseland-Pleasant Valley transmission project, a BPU management and affiliate audit of PSE&G, and the Sewaren 7 litigation. Long-term debt rose to $18.42 billion at June 30, 2024, from $17.78 billion at December 31, 2023.

    Jul 30, 2024
  9. 2024-Q1

    Public Service Enterprise Group Quarterly Report for Q1 Ended Mar 31, 2024

    Public Service Enterprise Group Incorporated (PSEG) reported first-quarter 2024 net income of $532 million, or $1.06 per diluted share, down from $1,287 million, or $2.58 per diluted share, in the first quarter of 2023. Operating revenues fell to $2,760 million from $3,755 million. The filing attributes the decline primarily to mark-to-market losses at PSEG Power in 2024 compared with mark-to-market gains in 2023, along with changes in the NDT Fund. PSE&G, the regulated utility, earned $488 million in net income, roughly flat with $487 million a year earlier. Revenue at PSE&G rose to $2,333 million from $2,293 million. The company reaffirmed its regulated capital program of $18 billion to $21 billion for 2024-2028, with an expected compound annual growth rate in regulated rate base of 6% to 7.5% from year-end 2023 to year-end 2028. Total capital investment is estimated at $19 billion to $22.5 billion. Liquidity remained substantial, with $3.8 billion of available credit under $4.0 billion of committed facilities at March 31, 2024. Long-term debt rose to $18.8 billion from $17.8 billion, reflected in $2.25 billion of new long-term debt issued during the quarter. Cash and cash equivalents increased to $1.19 billion. The board approved a $0.60 per share quarterly dividend for the second quarter of 2024. The filing also highlights regulatory and legal exposures, including Passaic River and other environmental remediation matters, a pending FERC investigation of PSE&G, and a BPU audit of PSE&G. PSEG Power's nuclear fleet benefits from a federal production tax credit beginning in 2024, and the company reported a 96.8% nuclear capacity factor for the quarter.

    Apr 30, 2024
  10. 2023-Q3

    Public Service Enterprise Group Quarterly Report for Q3 Ended Sep 30, 2023

    Public Service Enterprise Group Incorporated (PSEG) reported net income of $139 million for the third quarter of 2023 versus $114 million a year earlier, and $2.017 billion for the nine months ended September 30, 2023, versus $243 million a year earlier. Diluted EPS was $0.27 for the quarter and $4.03 for the nine months. Operating revenues rose to $2.456 billion for the quarter and $8.632 billion for the nine months. Results were heavily influenced by non-operating items: a $332 million pre-tax ($239 million after-tax) pension settlement charge tied to a roughly $1 billion pension lift-out completed in August 2023, and large swings in mark-to-market (MTM) gains on PSEG Power's energy contracts, which were $750 million after-tax for the nine months versus a $896 million after-tax loss a year earlier. PSE&G, the regulated utility, contributed net income of $401 million for the quarter and $1.224 billion for the nine months, roughly flat to modestly higher than the prior year, driven by continued T&D investment and clause program recoveries. For the nine months, PSEG generated $3.096 billion of operating cash flow, aided by a $1.175 billion net inflow of cash collateral, and invested $2.360 billion in property, plant and equipment. PSEG ended the quarter with $4.150 billion of committed credit facilities, of which $3.749 billion was available. Long-term debt rose to $17.039 billion from $16.495 billion at year-end 2022. Looking ahead, PSE&G's 2023-2027 capital investment program is estimated at $15.5 billion to $18 billion, with a targeted rate base compound annual growth of 6% to 7.5%. The filing also highlights a pending PSE&G distribution base rate case due by December 31, 2023, a pending FERC investigation of PSE&G's Roseland-Pleasant Valley transmission project that could lead to material penalties, and environmental exposures along the Passaic River, Newark Bay and Hackensack River, including Lower Passaic River cleanup costs estimated at $2.3 billion for the Lower 8.3 miles.

    Oct 31, 2023
  11. 2023-Q2

    Public Service Enterprise Group Quarterly Report for Q2 Ended Jun 30, 2023

    Public Service Enterprise Group Incorporated (PSEG) and its subsidiary Public Service Electric and Gas Company (PSE&G) filed this combined Quarterly Report on Form 10-Q for the period ended June 30, 2023. PSEG reported second-quarter 2023 net income of $591 million, or $1.18 diluted earnings per share, compared with $131 million, or $0.26 per share, in the second quarter of 2022. Operating revenues rose to $2,421 million from $2,076 million, and for the six months net income was $1,878 million, or $3.76 per diluted share, versus $129 million in the prior-year period. The filing attributes the increase largely to mark-to-market gains at PSEG Power in 2023 versus losses in 2022, and to unrealized gains on nuclear decommissioning trust equity securities. PSE&G, the regulated utility, reported second-quarter net income of $336 million, up from $305 million, with a six-month figure of $823 million versus $814 million. The company is investing heavily in its transmission and distribution system; for 2023 through 2027 PSE&G's capital investment program is estimated at $15.5 billion to $18 billion, and six-month additions to property, plant and equipment were $1,444 million at PSEG. Total long-term debt was $18,469 million at June 30, 2023, and PSEG reported $3,489 million of available liquidity across its credit facilities. The filing also highlights a planned pension lift-out of approximately $1 billion of defined benefit obligations to The Prudential Insurance Company of America, which is expected to produce a one-time settlement charge of $315 million to $360 million ($225 million to $260 million after tax) in the third quarter of 2023. Other items for investors include the sale of PSEG's 25% interest in Ocean Wind JV HoldCo, LLC and the sale of its Kalaeloa interest, both at approximately carrying value, and continuing environmental exposure, including the Lower Passaic River Superfund matter with about $66 million accrued.

    Aug 1, 2023
  12. 2023-Q1

    Public Service Enterprise Group Quarterly Report for Q1 Ended Mar 31, 2023

    Public Service Enterprise Group Incorporated (PSEG) reported first-quarter 2023 net income of $1,287 million, or $2.58 diluted earnings per share, compared with a net loss of $2 million in the first quarter of 2022. Operating revenues rose to $3,755 million from $2,313 million. The swing was driven primarily by mark-to-market gains at PSEG Power in 2023 versus losses in 2022, unrealized gains on NDT Fund equity securities, and higher earnings from PSE&G's T&D clause programs, partially offset by lower pension and OPEB credits. PSE&G's own net income was $487 million, down from $509 million a year earlier. PSEG's balance sheet shows total assets of $49,409 million at March 31, 2023, and cash and cash equivalents rose to $1,205 million from $465 million at year-end 2022. Long-term debt increased to $17,140 million from $16,495 million, while commercial paper and loans fell to $1,250 million. Operating cash flow was $1,837 million, aided by a $794 million inflow from net cash collateral postings. PSEG's available liquidity under committed credit facilities was $3,931 million, and PSEG Power's net cash collateral postings were approximately $727 million. Looking ahead, the filing describes PSE&G's 2023-2027 capital investment program of $15.5 billion to $18 billion, with expected compound annual rate base growth of 6% to 7.5%. PSEG also agreed in January 2023 to sell its 25% interest in Ocean Wind JV HoldCo to Ørsted, with closing expected in the first half of 2023. The Board approved a $0.57 per share quarterly dividend for the second quarter of 2023.

    May 2, 2023
  13. 2022-Q3

    Public Service Enterprise Group Quarterly Report for Q3 Ended Sep 30, 2022

    Public Service Enterprise Group (PSEG) reported net income of $114 million, or $0.22 diluted EPS, for the third quarter of 2022, compared with a net loss of $1,564 million in the third quarter of 2021, which included a large fossil-asset impairment. For the nine months ended September 30, 2022, net income was $243 million, or $0.48 diluted EPS, versus a net loss of $1,093 million a year earlier. Operating revenues were $2,272 million for the quarter and $6,661 million for the nine months. PSE&G net income was $399 million for the quarter and $1,213 million for the nine months, while PSEG Power posted a net loss of $241 million for the quarter and $922 million for the nine months, driven by mark-to-market losses and net trust-investment losses. The company completed the sale of PSEG Power's 6,750 MW fossil generating portfolio in February 2022, which management describes as shifting the earnings mix toward PSE&G. PSE&G's capital investment program is estimated at $14 billion to $16 billion for 2021-2025, with expected rate base compound annual growth of 6% to 7.5%. The company also disclosed that net cash collateral postings at PSEG Power rose to $2.2 billion at September 30, 2022 and were $1.7 billion as of October 28, 2022, and that the Ocean Wind 1 equity investment is subject to a final investment decision. Liquidity totaled $3,406 million of available credit at September 30, 2022, and the company stated that its liquidity was expected to be sufficient to meet projected stressed requirements over a 12-month horizon. Management also flagged pending matters including the Passaic River Superfund remediation, a FERC investigation involving PSE&G, a BPU management audit, and the effects of the Inflation Reduction Act on nuclear production tax credits.

    Oct 31, 2022
  14. 2022-Q2

    Public Service Enterprise Group Quarterly Report for Q2 Ended Jun 30, 2022

    Public Service Enterprise Group Incorporated (PSEG) and its subsidiary Public Service Electric and Gas Company (PSE&G) filed this combined Quarterly Report on Form 10-Q for the period ended June 30, 2022. PSEG reported second-quarter 2022 operating revenues of $2,076 million and net income of $131 million, or $0.26 per diluted share, compared with a net loss of $177 million, or $(0.35) per share, in the second quarter of 2021. For the six months, net income was $129 million ($0.26 per diluted share) versus $471 million ($0.93) a year earlier. The filing attributes the year-over-year swing primarily to a 2021 impairment of the New England fossil asset grouping at PSEG Power, lower mark-to-market losses in 2022 for the quarter, and net losses on NDT Fund equity securities in 2022, while six-month results were pressured by higher mark-to-market losses from rising energy prices. PSE&G net income was $305 million for the quarter and $814 million for the six months, up from $786 million a year earlier. The company completed the February 2022 sale of PSEG Power's 6,750 MW fossil generating portfolio. Management reports that PSEG Power's net cash collateral postings related to hedge positions rose to $2.1 billion at the end of June 2022 and to $2.5 billion at the end of July 2022, a significant liquidity demand. To address it, PSEG Power entered into a $1.25 billion term loan, and PSEG entered into 364-day term loans of $1.5 billion and $500 million in April and May 2022. Total available liquidity under credit facilities was $3.4 billion as of June 30, 2022. PSEG repurchased $500 million of common stock in the first half of 2022 and declared a $0.54 per share quarterly dividend for the third quarter. PSE&G continues to drive earnings through its regulated capital program, estimated at $14 billion to $16 billion for 2021-2025, with expected rate base growth of 6% to 7.5%. Key risks disclosed include the Passaic River Superfund matter, where the EPA's Lower 8.3 ROD Remedy carries an estimated cost of $2.3 billion and PSEG has roughly $66 million accrued, a pending FERC non-public investigation into the Roseland-Pleasant Valley transmission project that could result in material penalties, the Ocean Wind 1 offshore wind project expected to reach full commercial operation in 2025, and the ZEC program for PSEG Power's nuclear plants, which the filing notes could be challenged.

    Aug 2, 2022
  15. 2022-Q1

    Public Service Enterprise Group Quarterly Report for Q1 Ended Mar 31, 2022

    Public Service Enterprise Group Incorporated (PSEG) reported a net loss of $2 million for the three months ended March 31, 2022, compared with net income of $648 million a year earlier, on operating revenues of $2.31 billion versus $2.89 billion. The swing was driven primarily by higher mark-to-market losses at PSEG Power from rising energy prices, unrealized losses on NDT Fund equity securities, and a $43 million impairment tied to the sale of the fossil generation assets. Diluted EPS was $0.00 versus $1.28. PSE&G, the regulated utility, earned $509 million, up from $477 million, reflecting higher T&D investment earnings and favorable CIP impacts. PSEG Power recorded a loss of $519 million versus earnings of $161 million a year earlier. The quarter's key corporate event was the completion in February 2022 of the sale of PSEG Power's 6,750 MW fossil generating portfolio to subsidiaries of ArcLight Energy Partners Fund VII. Management says the sale further increases the share of earnings contributed by PSE&G and adds financial flexibility. Liquidity was affected by collateral: PSEG Power's net cash collateral postings rose from $343 million at the end of June 2021 to $1.5 billion at March 31, 2022, and reached $2.6 billion at the end of April 2022. Total available liquidity under credit facilities was $3.24 billion at quarter end. Cash and equivalents rose to $1.60 billion from $818 million at year-end 2021, and PSEG repurchased $500 million of common stock during the quarter. The filing also highlights regulatory and legal exposures, including the EPA Lower Passaic River remedy estimated at $2.3 billion, the FERC non-public investigation of PSE&G regarding the Roseland-Pleasant Valley project, a BPU management audit of PSE&G, and the Peach Bottom license-renewal matter. PSE&G's 2021-2025 capital investment program is estimated at $14 billion to $16 billion, and the indicative annual dividend was increased to $2.16 per share.

    May 3, 2022
  16. 2021-Q3

    Public Service Enterprise Group Quarterly Report for Q3 Ended Sep 30, 2021

    Public Service Enterprise Group Incorporated (PSEG) reported a third-quarter 2021 net loss of $1,564 million, or $(3.10) per diluted share, compared with net income of $575 million, or $1.14 per diluted share, in the third quarter of 2020. The loss was driven primarily by a $2,162 million pre-tax impairment loss on PSEG Power's fossil generation assets, which are held for sale under an August 2021 agreement to sell the 6,750 MW portfolio to Arclight-controlled entities for aggregate consideration of approximately $1,920 million. For the nine months, PSEG reported a net loss of $1,093 million, or $(2.17) per diluted share, versus net income of $1,474 million in the prior-year period. Excluding the impairment and related items, PSE&G's regulated business continued to grow, with net income of $389 million in the quarter and $1,175 million for the nine months, up from $313 million and $1,036 million. PSEG Power faced sharply higher collateral requirements as energy prices rose: net cash collateral postings on out-of-the-money hedges increased from $343 million at the end of June to $999 million at the end of September, and PSEG Power's collateral postings were approximately $1.3 billion as of the end of October. To address this, PSEG issued short-term borrowings and in October 2021 redeemed all remaining PSEG Power Senior Notes, with a make-whole premium of approximately $294 million. Moody's downgraded PSEG's senior unsecured notes to Baa2 in October 2021. Cash dividends were $1.53 per share for the nine months, and the company announced a $500 million share repurchase program subject to closing of the fossil sale. The filing also highlights ongoing regulatory items, including a reduction in PSE&G's base transmission return on equity from 11.18% to 9.9%, a pending Lower Passaic River remediation cost estimate of $550 million for the upper 9 miles, and a LIPA complaint against PSEG LI seeking $70 million in damages with a non-binding term sheet under negotiation.

    Nov 2, 2021
  17. 2021-Q2

    Public Service Enterprise Group Quarterly Report for Q2 Ended Jun 30, 2021

    Public Service Enterprise Group Incorporated (PSEG) reported a net loss of $177 million for the quarter ended June 30, 2021, compared with net income of $451 million a year earlier, driven primarily by a $519 million pre-tax impairment of the ISO-NE fossil asset grouping at PSEG Power. For the six months ended June 30, 2021, net income was $471 million, versus $899 million in the prior-year period, and diluted EPS was $0.93 compared with $1.77. Operating revenues were $1.87 billion for the quarter and $4.76 billion for the six months. Management says PSE&G, the regulated utility, continues to drive earnings, with net income of $786 million for the six months, while PSEG Power is pursuing a potential sale of its more than 6,750 MW of non-nuclear fossil generation, with transactions expected in the fourth quarter of 2021 or first quarter of 2022. The filing states that a change to held-for-sale classification would result in a pre-tax loss of approximately $2.5 billion. Liquidity remained supported by $3.9 billion of available credit capacity as of June 30, 2021, and the company stated it expects to fund planned capital requirements without new equity issuance. PSE&G expects to invest $13 billion to $15 billion over 2021 through 2025, and the Board declared a $0.51 per share dividend for the third quarter of 2021. The filing also discusses the ongoing Ocean Wind investment, the Zero Emission Certificate program for the Salem and Hope Creek nuclear plants, and pending matters including the Passaic River environmental litigation and a LIPA complaint against PSEG LI. For investors, the key tensions are the large second-quarter impairment and a potential roughly $2.5 billion pre-tax loss if the fossil fleet is classified as held for sale, weighed against a regulated utility that continues to grow its rate base and a balance sheet the company describes as maintaining solid investment grade ratings.

    Aug 9, 2021
  18. 2021-Q1

    Public Service Enterprise Group Quarterly Report for Q1 Ended Mar 31, 2021

    Public Service Enterprise Group Incorporated (PSEG) filed this combined Form 10-Q with its subsidiaries Public Service Electric and Gas Company (PSE&G) and PSEG Power LLC for the quarter ended March 31, 2021. PSEG reported net income of $648 million, or $1.28 per diluted share, versus $448 million, or $0.88 per diluted share, a year earlier. Operating revenues rose to $2.89 billion from $2.78 billion. The improvement was driven primarily by net gains on NDT Fund equity securities compared with significant losses in 2020, higher PSE&G earnings from T&D investments, and higher realized prices at PSEG Power, partly offset by mark-to-market losses. PSE&G contributed $477 million of net income and PSEG Power $161 million. The company continues its transition toward a primarily regulated electric and gas utility. PSE&G expects to invest $13 billion to $15 billion over the five years ending December 31, 2025. PSEG Power entered into an agreement in May 2021 to sell its Solar Source portfolio, and it continues to explore strategic alternatives for its more than 6,750 MW fossil fleet. PSEG also completed its investment in the Ocean Wind offshore wind project in April 2021, after a definitive agreement signed in December 2020. Key risks include the pending LIPA complaint seeking $70 million in damages over Tropical Storm Isaias, the ZEC program's legal challenge, the Passaic River environmental matter, the pandemic's effect on collections and bad debt at PSE&G, and a pending BPU audit of PSE&G. Liquidity remained ample, with $3.86 billion of available credit facility capacity at March 31, 2021.

    May 5, 2021
  19. 2020-Q3

    Public Service Enterprise Group Quarterly Report for Q3 Ended Sep 30, 2020

    Public Service Enterprise Group Incorporated (PSEG) reported net income of $575 million, or $1.14 diluted EPS, for the third quarter of 2020, up from $403 million, or $0.79 diluted EPS, a year earlier. For the nine months ended September 30, 2020, net income was $1,474 million, or $2.91 diluted EPS, compared with $1,256 million, or $2.47 diluted EPS, in 2019. The filing attributes the quarterly increase primarily to a $122 million pre-tax gain on the sale of PSEG Power's interest in the Yards Creek generation facility, net unrealized gains on NDT Fund equity securities, and higher earnings from PSE&G's transmission and distribution investments. The company states that the COVID-19 pandemic has not had a material impact on results, financial condition or cash flows for the nine months ended September 30, 2020, but that a prolonged outbreak could materially affect cash from operations, receivables and bad debt expense. Strategically, PSEG announced in July 2020 that it is exploring strategic alternatives for PSEG Power's non-nuclear fleet, which includes more than 6,750 MW of fossil generation and the 467 MW Solar Source portfolio. The marketing process is expected to launch in the fourth quarter of 2020, with any transaction expected to close sometime in 2021, and PSEG intends to retain its nuclear fleet. The company's nuclear Zero Emission Certificate (ZEC) program remains a key item, with PSEG Power having filed applications in October 2020 for the three-year eligibility period starting June 2022 and a final BPU decision expected by April 2021. Balance sheet activity included total assets of $49.58 billion at September 30, 2020, long-term debt of $14.79 billion, and cash and cash equivalents of $966 million. PSEG reported $2,517 million of operating cash flow for the nine months, $2,092 million of capital additions, and $743 million of cash dividends paid. PSEG's credit facilities totaled $4.2 billion with $3.995 billion of available liquidity, and S&P lowered PSEG Power's senior note rating to BBB from BBB+ in August 2020.

    Oct 30, 2020
  20. 2020-Q2

    Public Service Enterprise Group Quarterly Report for Q2 Ended Jun 30, 2020

    Public Service Enterprise Group Incorporated (PSEG) filed this combined Form 10-Q with its subsidiaries PSE&G and PSEG Power for the quarter ended June 30, 2020. PSEG reported second-quarter 2020 net income of $451 million, or $0.89 per diluted share, compared with $153 million, or $0.30 per share, in the second quarter of 2019. Operating revenues fell to $2,050 million from $2,316 million, while operating income rose to $407 million from $160 million, largely because the 2019 quarter included a $395 million loss on asset dispositions. Net gains on trust investments were $201 million versus $39 million a year earlier. For the six months, net income was $899 million ($1.77 diluted EPS) versus $853 million ($1.68). PSE&G's six-month net income was $723 million, up from $630 million, driven by transmission and distribution investment. PSEG Power's six-month net income declined to $183 million from $256 million, reflecting lower generation revenues and mark-to-market results. The filing states that the COVID-19 pandemic has not had a material impact on results, financial condition or cash flows for the six months ended June 30, 2020, but warns that a prolonged outbreak could have material effects on cash flows, receivables and bad debt expense. On July 31, 2020, PSEG announced it is exploring strategic alternatives for PSEG Power's non-nuclear fleet, which includes more than 6,750 MW of fossil generation and the 467 MW Solar Source portfolio, while retaining the nuclear fleet. The filing also notes that the Board declared a $0.49 quarterly dividend for the third quarter of 2020, an indicative annual rate of $1.96 per share, and that a $4.2 billion credit facility group had $3.6 billion of available capacity at June 30, 2020.

    Jul 31, 2020
  21. 2020-Q1

    Public Service Enterprise Group Quarterly Report for Q1 Ended Mar 31, 2020

    Public Service Enterprise Group Incorporated (PSEG) reported net income of $448 million, or $0.88 per diluted share, for the three months ended March 31, 2020, down from $700 million, or $1.38 per diluted share, in the same period of 2019. Operating revenues were $2,781 million versus $2,980 million a year earlier, and the filing attributes the $252 million decrease in net income primarily to net losses on NDT Fund equity securities at PSEG Power in 2020 compared with gains in 2019, along with lower volumes and prices at PSEG Power and reduced capacity revenues. Results at PSE&G, the regulated utility, rose to $440 million from $403 million, driven by investments in transmission and distribution programs, while PSEG Power's earnings fell to $13 million from $296 million. The filing states that the COVID-19 pandemic had not had a material impact on results, financial condition or cash flows for the quarter, but that a prolonged outbreak could materially affect cash flows, customer payments, demand and capital programs. PSEG reported $799 million of cash and cash equivalents at March 31, 2020, total assets of $48,365 million, and $3,223 million of available liquidity under its credit facilities. PSEG also entered into 364-day term loans totaling $300 million in March 2020 and additional loans of $200 million and $300 million in April 2020, and declared a $0.49 per share dividend for the second quarter of 2020. The filing describes several pending matters, including the Lower Passaic River remediation, for which PSEG has accrued approximately $65 million and which a Record of Decision estimates at $2.3 billion for removal in the lower 8.3 miles, and the Zero Emission Certificate (ZEC) program for PSEG Power's Salem 1, Salem 2 and Hope Creek nuclear plants, which is expected to provide revenue through May 2022 but is subject to appeal and future BPU decisions. PSE&G's five-year capital investment outlook is $11.5 billion to $15 billion, with expected rate base growth of 6.5% to 8%.

    May 5, 2020
  22. 2019-Q3

    Public Service Enterprise Group Quarterly Report for Q3 Ended Sep 30, 2019

    Public Service Enterprise Group Incorporated (PSEG) reported net income of $403 million, or $0.79 per diluted share, for the three months ended September 30, 2019, compared with $412 million, or $0.81 per diluted share, a year earlier. For the nine months, net income was $1.256 billion ($2.47 per diluted share), up from $1.239 billion ($2.44 per diluted share). Operating revenues were $2.302 billion for the quarter, down from $2.394 billion, and $7.598 billion for the nine months, up from $7.228 billion. The nine-month results include a $402 million loss on asset dispositions tied to the sale of PSEG Power's ownership interests in the Keystone and Conemaugh generation plants, which closed in September 2019. PSE&G, the regulated utility, contributed $344 million of quarterly net income and $974 million for the nine months, while PSEG Power earned $53 million for the quarter and $309 million for the nine months. Management highlights ongoing T&D investment, with PSE&G's five-year capital expenditure range narrowed to $12 billion to $14.5 billion and an expected annual rate base growth of 7.5% to 8.5%. The filing also cites the April 2019 award of Zero Emission Certificates (ZECs) to the Salem 1, Salem 2 and Hope Creek nuclear plants, which began contributing revenue in mid-April 2019. Cash dividends were $1.41 per share for the nine months, with an indicative annual dividend rate of $1.88 per share. Key risks include the Lower Passaic River Superfund matter, where PSEG has accrued approximately $65 million but states that additional costs could be material, pending FERC and PJM capacity market rule changes, and the potential retirement of the nuclear plants after the initial three-year ZEC term absent a material financial change. Cash and cash equivalents were $120 million at September 30, 2019, and long-term debt was $14.448 billion.

    Oct 31, 2019
  23. 2019-Q2

    Public Service Enterprise Group Quarterly Report for Q2 Ended Jun 30, 2019

    Public Service Enterprise Group Incorporated (PSEG) reported net income of $153 million, or $0.30 per diluted share, for the quarter ended June 30, 2019, compared with $269 million, or $0.53 per diluted share, in the same quarter of 2018. Operating revenues rose to $2.316 billion from $2.016 billion, but results were weighed down by a $395 million pre-tax loss on asset dispositions tied to the planned sale of PSEG Power's interests in the Keystone and Conemaugh fossil plants, which the filing describes as an after-tax impairment charge of $284 million. For the six months ended June 30, 2019, net income was $853 million, or $1.68 per diluted share, versus $827 million, or $1.63 per diluted share, a year earlier. At PSE&G, the filing highlights the Energy Strong Program II agreement in principle for an $842 million program, the Clean Energy Future energy efficiency filing still pending before the BPU, and a planned five-year capital expenditure range of $12 billion to $14.5 billion with expected annual rate base growth of 7.5% to 8.5%. PSEG Power's results were affected by mark-to-market gains in the period, net gains on nuclear decommissioning trust investments, and the April 2019 award of Zero Emission Certificates to the Salem 1, Salem 2 and Hope Creek nuclear plants, which are expected to provide revenue through May 2022. Cash flow from operations for the six months was $1.824 billion, and PSEG's indicative annual dividend for 2019 is $1.88 per share. The filing also details significant contingencies, including environmental remediation costs related to the Passaic River, in which PSEG has accrued approximately $57 million, and a range of litigation such as the Durr and Caithness matters, where PSEG states that losses are not currently estimable or probable. Management reports that PSEG expects to fund its planned capital requirements without issuing new equity.

    Jul 31, 2019
  24. 2019-Q1

    Public Service Enterprise Group Quarterly Report for Q1 Ended Mar 31, 2019

    Public Service Enterprise Group Incorporated (PSEG) reported net income of $700 million, or $1.38 per diluted share, for the three months ended March 31, 2019, compared with $558 million, or $1.10 per diluted share, a year earlier. Operating revenues rose to $2.98 billion from $2.82 billion, while operating income fell to $786 million from $832 million, with the improvement in net income driven largely by $128 million of net gains on trust investments (versus a $22 million loss in 2018) and a lower income tax expense of $149 million versus $202 million. The filing attributes the $142 million increase in net income largely to unrealized gains on NDT Fund equity securities at Power and higher earnings from T&D investments and new PSE&G rates effective November 1, 2018. PSE&G, the regulated utility, contributed net income of $403 million (versus $319 million), and PSEG Power LLC contributed $296 million (versus $234 million). Capital expenditures were $795 million for the quarter, and cash flow from operations was $1.22 billion. Cash and cash equivalents declined to $65 million, while long-term debt due within one year fell to $900 million after a $350 million term loan repayment. The company stated it expects to fund its planned capital requirements without issuing new equity, and its board declared a $0.47 per share quarterly dividend for the second quarter of 2019. Key risk items disclosed include the Passaic River Superfund matter, where PSEG has accrued approximately $57 million, and the ongoing Salem 1 refueling outage, which is expected to run longer than planned due to a larger number of reactor vessel bolts requiring replacement. Power's Salem 1, Salem 2 and Hope Creek nuclear plants were awarded Zero Emission Certificates for about three years through May 2022. Pending litigation includes a $93 million claim by Durr Mechanical Construction related to the Sewaren 7 project and a complaint by Caithness Energy seeking hundreds of millions of dollars, for which no loss is considered probable as of March 31, 2019.

    May 2, 2019
  25. 2018-Q3

    Public Service Enterprise Group Quarterly Report for Q3 Ended Sep 30, 2018

    Public Service Enterprise Group Incorporated (PSEG) reported third-quarter 2018 net income of $412 million, or $0.81 per diluted share, up from $395 million, or $0.78 per diluted share, a year earlier. Operating revenues rose to $2,394 million from $2,254 million. For the nine months ended September 30, 2018, net income was $1,239 million ($2.44 per diluted share) versus $618 million ($1.22 per diluted share), a comparison that was affected by $964 million of 2017 depreciation tied to the early retirement of the Hudson and Mercer units. PSE&G contributed $278 million of third-quarter net income and PSEG Power LLC contributed $125 million. The company is focused on regulated investment. PSE&G expects to invest between $12 billion and $16 billion over the next five years, with annual rate base growth of 8%-10%. In October 2018 the BPU approved a settlement of PSE&G's distribution base rate case, which provides a $9.5 billion rate base, a 9.6% return on equity and a 54% equity component of capitalization, along with a net annual revenue reduction of approximately $13 million, reflecting a $212 million base revenue increase offset by about $225 million in tax benefit returns. Liquidity remains substantial, with $3.6 billion of available credit capacity out of $4.3 billion in total facilities. Risks remain significant, particularly at Power. The filing identifies depressed wholesale energy and capacity prices, possible early retirement of the Salem and Hope Creek nuclear units, uncertainty over New Jersey's zero emissions certificate program, the REMA restructuring affecting Energy Holdings' leveraged leases, and several litigation and environmental matters, including Passaic River remediation with approximately $57 million accrued, a $93 million contractor claim against PSEG Fossil, and a Caithness antitrust complaint for which no loss is considered probable.

    Oct 30, 2018
  26. 2018-Q2

    Public Service Enterprise Group Quarterly Report for Q2 Ended Jun 30, 2018

    Public Service Enterprise Group Incorporated (PSEG) reported net income of $269 million, or $0.53 per diluted share, for the three months ended June 30, 2018, up from $109 million, or $0.22 per share, a year earlier. For the six months ended June 30, 2018, net income was $827 million, or $1.63 per diluted share, versus $223 million, or $0.44, in the prior-year period. The filing attributes the increase largely to the absence of 2017 accelerated depreciation on the Hudson and Mercer coal/gas units, the favorable impact at Power of the lower federal tax rate effective January 1, 2018, and continued investment in transmission and distribution clause programs. Results were partly offset by mark-to-market losses in the quarter and unrealized losses on NDT Fund equity securities following the adoption of new accounting guidance. PSE&G, the regulated utility, earned $231 million in the quarter and $550 million for the first half, while PSEG Power LLC earned $41 million in the quarter and $275 million for the first half. The company reported total assets of $43.7 billion and long-term debt of $12.5 billion at June 30, 2018, and it cited a $3.7 billion available liquidity position across its credit facilities. Management stated it expects to fund planned capital requirements and the impacts of the Tax Act without issuing new equity, and it projects a capital investment program of $12 billion to $15.5 billion over the next five years with annual rate base growth of 8% to 10%. Key risks flagged in the filing include nuclear unit economics and the New Jersey zero emissions certificate (ZEC) program, FERC proceedings on PJM capacity market design, the Passaic River environmental matter, and Energy Holdings' leveraged lease exposure to REMA, where an additional $20 million pre-tax charge was recorded in the second quarter of 2018. The filing also discloses a Newark customer incident under BPU and prosecutorial review.

    Aug 1, 2018
  27. 2018-Q1

    Public Service Enterprise Group Quarterly Report for Q1 Ended Mar 31, 2018

    Public Service Enterprise Group Incorporated (PSEG) filed this combined Form 10-Q with its subsidiaries Public Service Electric and Gas Company (PSE&G) and PSEG Power LLC (Power) for the quarter ended March 31, 2018. PSEG reported net income of $558 million, or $1.10 per diluted share, for the first quarter of 2018, compared with $114 million, or $0.22 per diluted share, in the first quarter of 2017. Operating revenues rose to $2,818 million from $2,591 million. The filing attributes the increase in net income primarily to the absence of 2017 accelerated depreciation tied to the early retirement of the Hudson and Mercer units, the absence of 2017 leveraged lease charges, the favorable impact at Power of the lower federal tax rate, higher net mark-to-market gains, and higher transmission revenues. Net income at PSE&G was $319 million and at Power was $234 million. The filing highlights several regulatory and strategic developments. PSE&G filed a distribution base rate case in January 2018 requesting an approximate 1% revenue increase, and the BPU approved interim base rate reductions effective April 1, 2018 of $71 million for electric and $43 million for gas on an annual basis, reflecting the lower federal corporate tax rate. Power faces uncertainty about the economic viability of its Salem and Hope Creek nuclear units, which the filing says would be retired early absent New Jersey legislation; the New Jersey Legislature passed such legislation in April 2018, but the filing states Power cannot predict whether it will be enacted. Energy Holdings' leveraged lease investments tied to REMA and GenOn remain exposed to GenOn's Chapter 11 restructuring, and the filing notes further write-offs could occur. Liquidity remained substantial, with total credit facilities of $4.2 billion and available liquidity of $3.4 billion as of March 31, 2018. Cash used in operating activities was positive at $1,140 million for PSEG, and capital expenditures were $1,053 million for the quarter. The Board declared a $0.45 per share quarterly dividend for the second quarter of 2018, and the company stated it expects to fund its capital requirements and the impacts of the Tax Act without issuing new equity.

    Apr 30, 2018
  28. 2017-Q3

    Public Service Enterprise Group Quarterly Report for Q3 Ended Sep 30, 2017

    Public Service Enterprise Group Incorporated (PSEG) reported net income of $395 million for the three months ended September 30, 2017, up from $327 million a year earlier, and $618 million for the nine months, down from $985 million. Diluted EPS was $0.78 for the quarter versus $0.64 and $1.22 for the nine months versus $1.94. Operating revenues were $2.263 billion for the quarter and $6.988 billion for the nine months. Nine-month results were weighed down by $1.721 billion of depreciation and amortization, largely from the early retirement of the Hudson and Mercer coal/gas units at Power, which had been retired from operation on June 1, 2017. The filing states that Power recognized total D&A of $964 million on those units. By segment, Public Service Electric and Gas Company (PSE&G) earned $753 million for the nine months versus $696 million a year earlier, while PSEG Power LLC (Power) posted a net loss of $131 million for the nine months compared with net income of $320 million in 2016. Power's results include after-tax early-retirement expenses of $568 million for the nine months of 2017. Energy Holdings recorded further leveraged lease charges tied to REMA and GenOn, whose parent filed for Chapter 11 in June 2017. The company reported cash flow from operations of $2.734 billion for the nine months and stated it expects to fund planned capital requirements without new equity. The filing also details pending regulatory items, including a PSE&G distribution base rate case that the BPU moved to a December 1, 2017 filing deadline, and an accrued $35 million low-end liability for a FERC matter on cost-based bidding at Power, with a possible range of $35 million to $135 million plus penalties. The Passaic River Superfund matter remains unresolved, with the ROD Remedy estimated at $2.3 billion on an undiscounted basis, and the filing states PSEG cannot yet determine its ultimate impact.

    Oct 31, 2017
  29. 2017-Q2

    Public Service Enterprise Group Quarterly Report for Q2 Ended Jun 30, 2017

    Public Service Enterprise Group Incorporated (PSEG) reported second-quarter 2017 net income of $109 million, or $0.22 per diluted share, down from $187 million, or $0.37, in the second quarter of 2016. For the six months, net income was $223 million, or $0.44 per diluted share, compared with $658 million, or $1.30. The filing attributes the decline primarily to accelerated depreciation from the early retirement of Power's Hudson and Mercer coal/gas generation units, which were retired from operation on June 1, 2017, and to charges related to leveraged lease investments tied to NRG REMA, LLC. Operating revenues rose to $2,133 million for the quarter from $1,905 million, and depreciation and amortization increased to $641 million from $224 million. PSE&G's net income grew to $208 million for the quarter from $179 million, and to $507 million for the six months from $441 million, driven largely by higher transmission revenues under its formula rate. Power recorded a net loss of $97 million for the quarter, including after-tax expenses of $229 million for accelerated depreciation. Net cash provided by operating activities for PSEG was $1,756 million for the six months, versus $1,722 million a year earlier, and additions to property, plant and equipment totaled $1,981 million. The company stated it expects to fund planned capital requirements without new equity, and it declared a $0.43 quarterly dividend, an indicative annual rate of $1.72 per share. The filing also describes ongoing exposures, including a FERC staff investigation into Power's PJM cost-based bidding, for which Power accrued the low end of a $35 million to $135 million disgorgement range plus penalties, and the Passaic River Superfund matter, where the EPA's record of decision estimates a remedy cost of $2.3 billion on an undiscounted basis. Energy Holdings' leveraged lease exposure to GenOn and REMA remains a monitored risk after GenOn's Chapter 11 filing in June 2017.

    Jul 28, 2017
  30. 2017-Q1

    Public Service Enterprise Group Quarterly Report for Q1 Ended Mar 31, 2017

    Public Service Enterprise Group Incorporated (PSEG) reported first-quarter 2017 net income of $114 million, or $0.22 per diluted share, down from $471 million, or $0.93 per diluted share, in the first quarter of 2016. The decline was driven primarily by accelerated depreciation of $558 million related to the early retirement of the Hudson and Mercer coal/gas units at PSEG Power LLC (Power), a decrease in energy sales due primarily to lower average realized sales prices, and a $55 million pre-tax charge at Energy Holdings for estimated losses on leveraged lease investments tied to NRG REMA, LLC. Operating revenues were $2.59 billion versus $2.62 billion a year earlier, and depreciation and amortization rose to $828 million from $224 million. PSE&G, the regulated utility, increased net income to $299 million from $262 million, supported by higher transmission revenues and gas distribution revenues. Power posted a net loss of $170 million compared with net income of $192 million in the prior year, reflecting the accelerated depreciation and a $10 million additional pre-tax charge tied to the FERC cost-based bidding matter, for which Power accrued the low end of a $35 million to $135 million estimated range. The company reported total available credit capacity of $3.6 billion as of March 31, 2017, and stated it expects to fund planned capital requirements without new equity. The filing indicates an indicative annual dividend of $1.72 per share, and the board declared a $0.43 quarterly dividend for the second quarter of 2017. Cash flow from operations was $1.20 billion for the quarter, compared with $1.21 billion a year earlier.

    Apr 28, 2017
  31. 2016-Q3

    Public Service Enterprise Group Quarterly Report for Q3 Ended Sep 30, 2016

    Public Service Enterprise Group Incorporated (PSEG) reported third-quarter 2016 net income of $327 million, or $0.64 per diluted share, down from $439 million, or $0.87 per diluted share, in the third quarter of 2015. For the nine months ended September 30, 2016, net income was $985 million, or $1.94 per diluted share, versus $1.37 billion, or $2.70 per diluted share, a year earlier. Operating revenues fell to $2.45 billion for the quarter from $2.69 billion, reflecting lower wholesale power volumes and prices at Power, while PSE&G's transmission revenues grew on higher capital investment. The quarter was dominated by two one-time items. Power decided on October 3, 2016 to cease generation at the coal/gas Hudson and Mercer units on June 1, 2017, recording $114 million of pre-tax charges in the quarter and expecting $568 million of incremental depreciation for the rest of 2016 and $946 million in 2017. Energy Holdings also recorded a $137 million pre-tax write-down of its NRG REMA leveraged leases, reducing after-tax earnings by $86 million. Both items weighed on Power and Other earnings, and management notes that GenOn, REMA's parent, did not expect sufficient liquidity to repay notes due in June 2017. Cash position and financing were steady. PSEG reported $450 million of cash at September 30, 2016 and total available credit of $3.7 billion, and it issued $1.975 billion of long-term debt during the nine months while paying $622 million in common dividends. The indicative annual dividend rate was $1.64 per share. Management stated it expects to fund planned capital requirements without new equity. Long-term debt rose to $10.70 billion from $9.57 billion at year-end 2015.

    Oct 31, 2016
  32. 2016-Q2

    Public Service Enterprise Group Quarterly Report for Q2 Ended Jun 30, 2016

    Public Service Enterprise Group Incorporated (PSEG) reported second-quarter 2016 net income of $187 million, or $0.37 per diluted share, down from $345 million, or $0.68 per share, in the same quarter of 2015. For the six months ended June 30, 2016, net income was $658 million ($1.30 per diluted share) versus $931 million ($1.83) a year earlier. The filing attributes the decline mainly to mark-to-market losses at Power in 2016 versus gains in 2015, lower energy volumes and prices in PJM, and 2015 insurance recoveries related to Superstorm Sandy. Operating revenues fell to $4.52 billion for the six months from $5.45 billion, while PSE&G's net income rose to $441 million from $409 million for the six months, offset by Power's decline to $181 million from $501 million. The balance sheet showed cash and cash equivalents of $648 million at June 30, 2016, total assets of $39.05 billion, and long-term debt of $10.27 billion. During the first half, PSEG issued $1.55 billion of long-term debt, and the filing states that PSEG expects to fund planned capital requirements without issuing new equity. Net cash from operating activities was $1.72 billion for the six months, compared with $2.23 billion a year earlier. The Board declared a $0.41 per share quarterly dividend for the third quarter of 2016, an indicative annual rate of $1.64. Key open matters include the EPA's March 2016 Record of Decision for the Passaic River, with the filing stating that the ultimate impact on PSEG's financial statements cannot yet be predicted and that additional costs could be material, and an ongoing FERC Staff investigation of Power's New Jersey fossil unit bids, where the filing says Power would likely record material losses if its legal arguments do not prevail. PSE&G also raised its capital expenditure estimate to $8.6 billion from $8.3 billion.

    Jul 29, 2016
  33. 2016-Q1

    Public Service Enterprise Group Quarterly Report for Q1 Ended Mar 31, 2016

    Public Service Enterprise Group Incorporated (PSEG) reported first-quarter 2016 net income of $471 million, or $0.93 per diluted share, down from $586 million, or $1.15 per diluted share, in the first quarter of 2015. Operating revenues fell to $2,616 million from $3,135 million, driven by lower gas and electric commodity revenues and the absence of 2015 Superstorm Sandy insurance recoveries. The filing attributes the $115 million decrease in net income primarily to reduced BGSS gas volumes at lower prices, warmer weather reducing PJM and New England energy sales, the 2015 Sandy insurance recoveries, and lower PJM capacity and operating reserve revenues, partially offset by higher transmission revenues and lower generation costs at Power. PSE&G, the regulated utility, earned $262 million versus $242 million a year earlier, while Power, the merchant generator, earned $192 million versus $335 million. Management states that it expects to fund planned capital requirements without new equity, and it reported cash on hand of $592 million as of March 31, 2016 and an indicative annual dividend of $1.64 per share. Long-term debt rose to $9,676 million from $8,834 million, reflecting PSE&G's issuance of $850 million of secured medium-term notes and $171 million of redemptions. The filing also discloses material contingencies. The EPA issued a Record of Decision in March 2016 for the lower Passaic River with an estimated undiscounted cost of $2.3 billion for the remedy covering the lower 8.3 miles, and PSE&G and Power recorded additional accruals in the quarter. A FERC staff investigation into Power's PJM bid calculations remains ongoing, with potential disgorgement that PSEG cannot reasonably estimate. In April 2016, degradation was found on bolts inside the reactor vessel at Salem Unit 1 during a refueling outage, which is expected to extend the outage.

    May 2, 2016
  34. 2015-Q3

    Public Service Enterprise Group Quarterly Report for Q3 Ended Sep 30, 2015

    Public Service Enterprise Group Incorporated (PSEG) filed this combined Form 10-Q with its subsidiaries Public Service Electric and Gas Company (PSE&G) and PSEG Power LLC (Power) for the quarter ended September 30, 2015. Net income for the third quarter was $439 million, or $0.87 per diluted share, compared with $444 million, or $0.87 per diluted share, a year earlier. For the nine months, net income rose to $1.37 billion, or $2.70 per diluted share, from $1.04 billion, or $2.05 per diluted share. The filing attributes the nine-month increase primarily to mark-to-market gains versus losses in 2014, higher wholesale and BGS volumes, lower fuel costs, Superstorm Sandy insurance recoveries, and higher transmission revenues, partly offset by lower NDT Fund realized gains, higher nuclear outage costs, and higher depreciation. PSE&G's earnings rose to $631 million for the nine months from $565 million, driven by transmission and distribution investment, while Power's earnings rose to $707 million from $440 million. Operating cash flow for the nine months was $3.2 billion, and capital expenditures of $2.78 billion were largely for PSE&G transmission and distribution. Management states it expects to fund its transmission projects, Energy Strong, Keys Energy Center, and the Gas System Modernization Program without issuing new equity. Long-term debt was $8.13 billion at September 30, 2015, and the company paid $0.39 per share in quarterly dividends. The filing also highlights the continuing risks of low natural gas and power prices, which the company says could affect margins from its nuclear and coal-fired units as current hedges expire. It further discloses ongoing environmental exposures, including the Passaic River Superfund matter where the EPA's revised draft feasibility study cites cost estimates of up to $3.3 billion for a deep dredge, and an ongoing FERC staff investigation into Power's PJM bidding errors.

    Oct 30, 2015
  35. 2015-Q2

    Public Service Enterprise Group Quarterly Report for Q2 Ended Jun 30, 2015

    Public Service Enterprise Group Incorporated (PSEG) reported net income of $345 million, or $0.68 per diluted share, for the three months ended June 30, 2015, up from $212 million, or $0.42 per share, a year earlier. For the six months ended June 30, 2015, net income was $931 million, or $1.83 per diluted share, compared with $598 million, or $1.18 per share, in the prior-year period. Operating revenues were $2.31 billion for the quarter and $5.45 billion for the six months. The filing attributes the increase primarily to mark-to-market gains at Power versus losses in 2014, lower fuel costs, higher transmission revenues at PSE&G, and Superstorm Sandy insurance recoveries, primarily at Power. Power's Superstorm Sandy insurance recovery added $27 million after tax to the quarter and $102 million after tax to the six months. PSE&G's earnings rose to $167 million for the quarter and $409 million for the six months, driven by transmission rate increases tied to capital investment. The utility is pursuing several recovery filings, including the Energy Strong program with $1.22 billion of planned investment and a proposed $1.6 billion Gas System Modernization Program over five years. Power's Keys Energy Center, a 755 MW gas-fired project in Maryland acquired in June 2015, is expected to cost $825 million to $875 million and complete in 2018. Cash flow from operations was $2.2 billion for the six months ended June 30, 2015, and the company raised its indicated annual dividend for 2015 to $1.56 per share. The filing states management expects to fund its planned projects without issuing new equity. Key uncertainties include the FERC non-public investigation into Power's PJM bid errors, which could result in disgorgement and penalties, the Passaic River environmental cleanup where the EPA's estimated costs for the lower eight miles range from $365 million to $3.25 billion, and pending capacity market and environmental rules.

    Jul 31, 2015
  36. 2015-Q1

    Public Service Enterprise Group Quarterly Report for Q1 Ended Mar 31, 2015

    Public Service Enterprise Group Incorporated (PSEG) reported first-quarter 2015 net income of $586 million, or $1.15 per diluted share, compared with $386 million, or $0.76 per diluted share, in the first quarter of 2014. Operating revenues were $3,135 million versus $3,223 million, while operating income rose to $1,048 million from $705 million. The filing attributes the $200 million increase in net income primarily to lower mark-to-market losses at Power, lower fuel costs, higher transmission-related revenues at PSE&G, and an insurance recovery for Superstorm Sandy costs recorded in operation and maintenance expense, partly offset by lower capacity revenues in PJM. Power's results include an after-tax Superstorm Sandy insurance recovery of $75 million. The combined 10-Q covers PSEG, Public Service Electric and Gas Company (PSE&G), and PSEG Power LLC (Power). PSE&G earned $242 million and Power earned $335 million in the quarter. Cash flow from operations was $1,679 million for PSEG, and cash and cash equivalents rose to $1,008 million at March 31, 2015 from $402 million at December 31, 2014. Total long-term debt declined to $8,090 million from $8,261 million, and the quarterly dividend was $0.39 per share, with an indicated annual rate of $1.56. The filing also discloses ongoing matters that investors should monitor, including the EPA's Passaic River remediation process, with estimated remediation costs for the lower 17 miles ranging from approximately $518 million to $3.2 billion; a FERC staff investigation into cost-based bid errors at Power's New Jersey fossil units, for which Power recorded a $25 million charge in 2014; a pending Gas System Modernization Program request of approximately $1.6 billion over five years; and the EPA's proposed rules on cooling water intakes and greenhouse gas emissions for existing power plants.

    May 4, 2015
  37. 2014-Q3

    Public Service Enterprise Group Quarterly Report for Q3 Ended Sep 30, 2014

    Public Service Enterprise Group Incorporated (PSEG) reported third-quarter 2014 net income of $444 million, or $0.87 per diluted share, compared with $390 million, or $0.77 per diluted share, in the third quarter of 2013. For the nine months ended September 30, 2014, net income was $1,042 million, or $2.05 per diluted share, nearly level with $1,043 million, or $2.06 per diluted share, a year earlier. Operating revenues were $8.11 billion for the nine months, up from $7.65 billion. The filing attributes the third-quarter improvement mainly to lower pension and OPEB costs, lower maintenance at the Bethlehem Energy Center, higher transmission revenues, and lower income tax expense from the settlement of IRS audits for 2007-2010, partly offset by lower PJM capacity revenues. Results for the nine months were held back by higher mark-to-market losses at Power and a Salem Unit 2 refueling outage that was extended. PSE&G, the regulated utility, earned $565 million for the nine months, up from $468 million, driven by transmission rate increases tied to capital investment. Power, the wholesale generation subsidiary, earned $440 million for the nine months, down from $577 million. Cash on hand was $703 million at September 30, 2014, and the company reported $4.1 billion of available credit capacity. The indicated annual dividend rate was raised to $1.48 per share. The filing also discloses a preliminary, non-public FERC staff investigation, initiated September 2014, into incorrectly calculated cost-based bids for Power's New Jersey fossil units in the PJM energy market. The filing states that the investigation could result in disgorgement, civil penalties and non-financial remedies, and that Power may incur additional losses that could be material. Environmental exposures, including the Passaic River cleanup and the Salem cooling water permit, remain unresolved, and the company says it cannot predict their ultimate outcome.

    Oct 30, 2014
  38. 2014-Q2

    Public Service Enterprise Group Quarterly Report for Q2 Ended Jun 30, 2014

    Public Service Enterprise Group Incorporated (PSEG) reported second-quarter 2014 net income of $212 million, or $0.42 per diluted share, down from $333 million, or $0.66 per share, in the same quarter of 2013. For the six months ended June 30, 2014, net income was $598 million, or $1.18 per diluted share, compared with $653 million, or $1.29 per share, a year earlier. Operating revenues were $2.249 billion for the quarter, down from $2.310 billion, while operating expenses rose, driven by higher operation and maintenance costs of $800 million versus $646 million. Management attributes the second-quarter decline primarily to mark-to-market losses at Power, lower generation volumes sold in PJM at lower realized prices, and higher O&M from planned fossil plant outages, partly offset by higher transmission revenues. Power's results were weaker, with net income of $54 million for the quarter versus $210 million a year earlier, reflecting mark-to-market losses, the extended Salem Unit 2 refueling outage, and higher fossil outage costs. PSE&G, the regulated utility, improved, with quarterly net income of $151 million versus $121 million, supported by transmission rate increases tied to capital investment. The company's balance sheet showed total assets of $33.700 billion at June 30, 2014, and cash and cash equivalents of $570 million. PSEG paid a quarterly dividend of $0.37 per share, and the Board approved a third-quarter dividend at the same rate, an indicated annual rate of $1.48 per share. The filing also highlights regulatory and legal items that bear on future results, including a pending FERC compliance review of Power's PJM bid calculation errors, which could lead to disgorgement, civil penalties, or additional losses that the company says may be material. The Energy Strong program, approved by the New Jersey Board of Public Utilities for $1.22 billion of PSE&G investment, and a pending PJM selection of a 500 kV Artificial Island transmission project are also significant. Management reports that the company expects to fund capital projects with internally generated cash and external debt.

    Aug 1, 2014
  39. 2014-Q1

    Public Service Enterprise Group Quarterly Report for Q1 Ended Mar 31, 2014

    Public Service Enterprise Group Incorporated (PSEG) filed this combined Form 10-Q with its subsidiaries PSEG Power LLC (Power) and Public Service Electric and Gas Company (PSE&G) for the quarter ended March 31, 2014. PSEG reported operating revenues of $3,223 million for the three months ended March 31, 2014, up from $2,786 million, and net income of $386 million, or $0.76 per diluted share, compared with $320 million, or $0.63 per diluted share, a year earlier. Power contributed net income of $164 million and PSE&G contributed $214 million. Management attributed the increase primarily to higher energy volumes and prices at Power, higher BGSS sales from colder weather, and higher transmission revenues at PSE&G. Cash and cash equivalents were $655 million at March 31, 2014, and operating cash flow was $1,116 million for the quarter, compared with $877 million a year earlier. Capital expenditures were $609 million. The company reported total credit facilities of $4.3 billion with $4.1 billion of available credit capacity, and the quarterly dividend was $0.37 per share, an indicated annual rate of $1.48. The filing also covers a $1.22 billion settlement on PSE&G's Energy Strong program, announced May 1, 2014, and several open environmental and regulatory matters, including the Passaic River cleanup, the EPA's Section 316(b) cooling water rule, and Superstorm Sandy insurance litigation in which the estimated damage costs were revised to $579 million.

    May 2, 2014
  40. 2013-Q3

    Public Service Enterprise Group Quarterly Report for Q3 Ended Sep 30, 2013

    Public Service Enterprise Group Incorporated (PSEG) reported third-quarter 2013 net income of $390 million, or $0.77 per diluted share, versus $347 million, or $0.68 per diluted share, a year earlier. For the nine months ended September 30, 2013, net income was $1,043 million, or $2.06 per diluted share, compared with $1,051 million, or $2.07 per diluted share, in the prior-year period. Operating revenues were $2.554 billion for the quarter and $7.650 billion year to date. Results by segment show Power contributing $221 million and PSE&G $168 million for the quarter, while Energy Holdings posted a $3 million loss. Year-to-date earnings were roughly flat, as higher PJM capacity pricing and gas sales offset lower BGS volumes, higher fuel and maintenance costs, including Superstorm Sandy repairs, and the absence of a 2012 IRS settlement tax benefit. PSE&G's transmission revenues rose on increased capital investment. The company ended the quarter with $448 million of cash, reported $2.435 billion of operating cash flow for the nine months, and had $4.3 billion of total credit capacity. Standard & Poor's upgraded PSEG, Power and PSE&G to BBB+ in April 2013. The indicated annual dividend was raised to $1.44. Key pending items include the Energy Strong distribution program, a proposed $3.9 billion investment over ten years, of which $2.6 billion was sought for an initial five years, and the start of management of the Long Island Power Authority's transmission and distribution system on January 1, 2014. The filing also describes the October 2013 federal court ruling that New Jersey's LCAPP Act is void, the Superstorm Sandy insurance litigation, and multiple environmental proceedings, including Passaic River remediation and the EPA's Section 316(b) cooling water rule.

    Oct 31, 2013
  41. 2013-Q2

    Public Service Enterprise Group Quarterly Report for Q2 Ended Jun 30, 2013

    Public Service Enterprise Group Incorporated (PSEG) reported net income of $333 million, or $0.66 per diluted share, for the quarter ended June 30, 2013, compared with $211 million, or $0.42 per share, in the second quarter of 2012. For the six months ended June 30, 2013, net income was $653 million, or $1.29 per diluted share, versus $704 million, or $1.39 per share, a year earlier. Management attributed the first-half decline primarily to lower average pricing and volumes under BGS contracts at Power, mark-to-market losses, higher operation and maintenance costs including Superstorm Sandy repairs, and the absence of the 2012 IRS audit settlement tax benefit. Operating revenues were $5.10 billion for the six months, up from $4.97 billion, while operating income was $1.22 billion, roughly flat with the prior year. The company's three segments are Power, PSE&G and Energy Holdings. PSE&G's net income rose to $300 million for the first half from $298 million, supported by higher transmission revenues from increased capital investment. Power's first-half net income was $341 million, down from $357 million. Cash and cash equivalents were $164 million at June 30, 2013, and capital expenditures for the three years 2013 through 2015 total $2.54 billion, $2.17 billion and $1.64 billion, respectively, for PSEG. The filing also notes that Standard & Poor's upgraded PSEG, Power and PSE&G to BBB+ in April 2013, and that the board declared a third-quarter dividend of $0.36 per share. The filing describes several pending matters that could affect future results, including the proposed Energy Strong program, a $3.9 billion ten-year distribution hardening plan of which $2.6 billion over five years was requested, a lawsuit against insurers over Superstorm Sandy storm-surge damage, the LIPA transmission and distribution management contract starting January 1, 2014, and proposed EPA cooling water intake and other environmental rules.

    Jul 30, 2013
  42. 2013-Q1

    Public Service Enterprise Group Quarterly Report for Q1 Ended Mar 31, 2013

    Public Service Enterprise Group Incorporated (PSEG) filed this combined Form 10-Q with its subsidiaries PSEG Power LLC and Public Service Electric and Gas Company for the quarter ended March 31, 2013. PSEG reported net income of $320 million, or $0.63 per diluted share, versus $493 million, or $0.97 per share, in the first quarter of 2012. Operating revenues fell to $2.786 billion from $2.875 billion, while operation and maintenance expense rose to $710 million from $628 million, and depreciation and amortization rose to $290 million from $256 million. Management attributes the earnings decline mainly to mark-to-market losses at Power from rising forward-position prices in PJM, higher operating costs including Superstorm Sandy repairs, and the absence of a 2012 IRS tax settlement benefit. Power's net income fell to $137 million from $253 million, while PSE&G's fell to $179 million from $197 million. PSE&G benefited from higher transmission revenues tied to increased capital investment. Cash and cash equivalents at March 31, 2013 were $420 million, and total assets were $31.712 billion. Management reported that S&P upgraded the corporate credit ratings of PSEG, Power and PSE&G to BBB+ in April 2013, and that PSEG increased its indicated annual dividend to $1.44. The company also proposed an Energy Strong program of $3.9 billion of distribution improvements over ten years, pending before the New Jersey Board of Public Utilities. The filing also discloses continuing exposure to environmental matters, including Passaic River remediation and PSE&G's manufactured gas plant liability of $513 million, along with the Energy Holdings leveraged lease exposure to GenOn and Midwest Generation lessees, where Midwest Generation's Chapter 11 filing and the expiry of a forbearance agreement created uncertainty for the lease investments.

    May 1, 2013
  43. 2012-Q3

    Public Service Enterprise Group Quarterly Report for Q3 Ended Sep 30, 2012

    Public Service Enterprise Group Incorporated (PSEG) reported third-quarter 2012 net income of $347 million, or $0.68 per diluted share, up from $294 million in the year-earlier quarter, which included $29 million from discontinued operations. For the nine months ended September 30, 2012, net income was $1,051 million ($2.07 per diluted share) versus $1,143 million in 2011. Operating revenues fell to $2,402 million for the quarter and $7,375 million for the nine months, driven by lower electricity and natural gas prices. The quarterly earnings increase was driven mainly by the absence of the prior-year after-tax Dynegy leveraged lease charge and higher PSE&G transmission formula rates, partially offset by lower prices and volumes under BGS contracts and lower power pool prices. The nine-month results benefited from a $70 million net decrease in income tax expense from the IRS leasing settlement. Power's income from continuing operations declined to $181 million for the quarter and $538 million for the nine months, reflecting lower realized generation prices and mark-to-market losses, while PSE&G's earnings rose to $155 million and $453 million. Liquidity remained substantial, with total credit capacity of $4.3 billion and $780 million of cash at September 30, 2012. The filing also flags Hurricane Sandy, which occurred after the quarter, as having caused severe damage to PSE&G's and Power's infrastructure and interrupted service to approximately 1.7 million PSE&G customers; the company stated that costs could be material but could not estimate them.

    Nov 2, 2012
  44. 2012-Q2

    Public Service Enterprise Group Quarterly Report for Q2 Ended Jun 30, 2012

    Public Service Enterprise Group Incorporated (PSEG) reported a combined Form 10-Q covering PSEG, PSEG Power LLC and Public Service Electric and Gas Company for the quarter ended June 30, 2012. Consolidated operating revenues for the three months were $2,098 million, down from $2,469 million a year earlier, and net income fell to $211 million from $323 million. For the six months, net income was $704 million versus $849 million, with the decline attributed mainly to lower electricity and natural gas prices, customer migration away from BGS supply contracts, and milder weather. Diluted EPS from continuing operations was $0.42 for the quarter and $1.39 for the six months, compared with $0.63 and $1.54 a year earlier. Results were partly supported by higher transmission revenues from a FERC formula rate update (about $94 million in increased annual transmission revenues effective January 1, 2012) and by the settlement of IRS audits and the leveraged lease dispute, which lowered income tax expense for the first half. Power's earnings fell to $357 million for the six months from $502 million, while PSE&G's rose to $298 million from $268 million. Cash from operations for the six months was $1,378 million, and capital expenditures were $1,280 million. Management cites a capital forecast of over $6.7 billion over the next three years, over 75% of it at PSE&G. The filing also highlights regulatory and environmental matters that could affect future results, including pending federal rules on cooling water intake structures (Section 316(b)), the Passaic River cleanup, NOx regulation in New Jersey, and state subsidies for new generation under New Jersey's LCAPP Act. Power's credit facilities were refinanced in March 2012, with total credit capacity of $4.3 billion as of June 30, 2012.

    Aug 2, 2012
  45. 2012-Q1

    Public Service Enterprise Group Quarterly Report for Q1 Ended Mar 31, 2012

    Public Service Enterprise Group Incorporated (PSEG) filed this combined Form 10-Q with PSEG Power LLC and Public Service Electric and Gas Company for the quarter ended March 31, 2012. PSEG reported operating revenues of $2,875 million for the three months ended March 31, 2012, down from $3,354 million a year earlier, and net income of $493 million, or $0.97 diluted EPS, compared with $526 million and $1.04 in the prior-year period. The decline was driven by lower electricity and natural gas prices and warmer weather, which reduced BGS and BGSS volumes and pricing. The quarter also included a benefit from settling 10 years of IRS audits and the leasing dispute, which the company said lowered income tax expense; PSEG's effective tax rate fell to 30.1% from 41.6%. Power's income from continuing operations fell to $253 million from $298 million, while PSE&G's rose to $197 million from $163 million, supported by higher transmission formula rates. Operating cash flow at PSEG was $1,088 million, and capital expenditures were approximately $687 million. The company reported total credit capacity of $4.3 billion and over $900 million of cash on hand as of March 31, 2012, and it refinanced Power's and PSEG's credit facilities in March 2012 with new facilities expiring in March 2017. Key risks cited in the filing include environmental and regulatory matters such as the EPA's proposed Section 316(b) cooling water rule, the Passaic River cleanup, the Mercury Air Toxics Standards, and the New Jersey LCAPP subsidized generation program. The company said it is unable to estimate its share of possible losses for several of these matters.

    May 2, 2012
  46. 2011-Q3

    Public Service Enterprise Group Quarterly Report for Q3 Ended Sep 30, 2011

    Public Service Enterprise Group Incorporated (PSEG) reported third-quarter 2011 net income of $294 million, down from $567 million a year earlier, and nine-month net income of $1.14 billion versus $1.28 billion. Operating revenues fell to $2.62 billion for the quarter and $8.44 billion for the nine months, driven mainly by lower BGS pricing and customer migration at Power and PSE&G. The decline was compounded by an after-tax charge of approximately $170 million at Energy Holdings after the company fully reserved its $264 million gross investment in leases to Dynegy-affiliated lessees, which Dynegy's restructuring has put at risk. The filing is a combined report for PSEG, PSEG Power LLC and Public Service Electric and Gas Company. PSEG's balance sheet showed cash of $1.24 billion at September 30, 2011, up from $280 million at year-end 2010, following the sale of two Texas generating plants for a combined $687 million. Nine-month operating cash flow was $2.41 billion, versus $1.34 billion a year earlier, aided by accelerated tax depreciation benefits. Dividends paid were $520 million for the nine months. Key open items include the LCAPP subsidized generation program in New Jersey, the EPA's proposed 316(b) cooling water rule (which the filing says would be material if adopted as proposed), the Passaic River environmental matters, and an IRS dispute over leveraged lease tax deductions with a potential cash exposure the filing describes as a range of $110 million to $300 million for tax years 1997-2000.

    Nov 1, 2011
  47. 2011-Q2

    Public Service Enterprise Group Quarterly Report for Q2 Ended Jun 30, 2011

    Public Service Enterprise Group Incorporated (PSEG) reported net income of $849 million, or $1.67 diluted earnings per share, for the six months ended June 30, 2011, up from $715 million, or $1.41 per diluted share, a year earlier. Income from continuing operations rose to $782 million from $720 million for the six-month period. For the quarter, net income was $323 million ($0.63 per diluted share) versus $224 million ($0.44) in the second quarter of 2010. The filing attributes the improvement largely to the absence of a $122 million charge in June 2010 related to refunding previous Market Transition Charge collections, higher transmission and distribution rates at PSE&G, and lower operations and maintenance costs, partly offset by lower pricing and volumes on Power's Basic Generation Service contracts. Power's results were under pressure during the first half of 2011, with Income from Continuing Operations of $502 million versus $573 million a year earlier, reflecting lower BGS pricing and volumes and higher interest and depreciation costs. Power sold its two Texas generating plants, with the Guadalupe sale completed in March 2011 for $352 million and the Odessa sale completed in July 2011 for approximately $335 million. Operating cash flow for PSEG rose to $1,395 million for the six months from $520 million, driven largely by $593 million in net change in tax receivable tied to accelerated tax depreciation benefits. The filing also highlights material contingencies. Energy Holdings' leveraged lease investments face counterparty risk tied to Dynegy; a foreclosure event could result in an aftertax charge of $170 million to $180 million. The Passaic River environmental cleanup estimate for the lower eight miles ranges from $1.3 billion to $3.7 billion, and the IRS leveraged lease tax dispute could require between $110 million and $300 million in tax, interest and penalties for tax years 1997-2000 during 2011. Common dividends were $0.3425 per share for the quarter.

    Aug 3, 2011
  48. 2011-Q1

    Public Service Enterprise Group Quarterly Report for Q1 Ended Mar 31, 2011

    Public Service Enterprise Group Incorporated (PSEG) reported net income of $526 million for the first quarter of 2011, compared with $491 million in the first quarter of 2010. Income from continuing operations was $462 million ($0.91 diluted per share), down from $498 million ($0.99 per share), while discontinued operations contributed $64 million, including an after-tax gain on the sale of the Guadalupe plant in Texas. Operating revenues fell to $3.354 billion from $3.573 billion, driven mainly by lower pricing and customer migration at Power, partly offset by higher PSE&G delivery rates and gas volumes. Management notes that Power's pricing will face a larger impact later in 2011 as PJM RPM and BGS rates decline in the second quarter. The filing is a combined report for PSEG, PSEG Power LLC and Public Service Electric and Gas Company. Key developments include the agreed sale of two 1,000 MW Texas plants for about $687 million (one closed in March for $351 million), the New Jersey LCAPP act under which the BPU selected three generators for about 1,949 MW of new combined-cycle capacity, and an EPA proposed 316(b) cooling water rule that could significantly affect Power's once-through cooled plants. Cash flow from operations was $1.042 billion, and cash and equivalents rose to $900 million at March 31, 2011. Risk remains concentrated in several areas: the Internal Revenue Service dispute over leveraged lease tax deductions, where PSEG has deposited $320 million and an additional earnings charge of $120 million to $140 million is possible in a total-loss scenario; a Passaic River environmental study with cost estimates of $1.3 billion to $3.7 billion for the proposed remedy; and the counterparty Dynegy, downgraded by S&P to CC. Standard & Poor's raised the outlook for PSEG and Power to positive, and Moody's raised PSE&G's outlook to positive.

    May 5, 2011
  49. 2010-Q3

    Public Service Enterprise Group Quarterly Report for Q3 Ended Sep 30, 2010

    Public Service Enterprise Group Incorporated (PSEG) reported third-quarter 2010 net income of $567 million, or $1.12 per diluted share, up from $488 million, or $0.96 per share, in the third quarter of 2009. For the nine months ended September 30, 2010, net income was $1.28 billion, or $2.53 per diluted share, compared with $1.24 billion, or $2.45 per share, a year earlier. Operating revenues were $3.25 billion for the quarter and $9.39 billion for the nine months, with the nine-month figure slightly below the prior year. The filing attributes the results to warmer summer weather and higher generation prices, offset by lower gas prices, customer migration away from Basic Generation Service contracts, and a $122 million charge at PSE&G to refund Market Transition Charge collections. The filing describes a company facing pressure on its wholesale power business. Management states that lower natural gas prices and economic conditions have significantly reduced expected gross margins at Power in eastern PJM, and that the effect will be more pronounced in 2011 and 2012 as pre-2010 forward sales wind down. Customer migration from BGS contracts could have a material impact on Power's results. Environmental and regulatory exposures are substantial, including a Passaic River cleanup study with estimated costs of $1.3 billion to $3.7 billion, an MGP remediation liability of $668 million recorded by PSE&G, and a New Jersey NOx rule that could require significant capital investment or retirement of up to roughly 2,800 MW of generation. Balance sheet activity included $1.6 billion of long-term debt issued in the nine months, dividends of $1.0275 per share year to date, and a potential exposure tied to the IRS leveraged lease dispute, where PSEG has deposited $320 million with the IRS and estimates its potential net cash exposure at $10 million. Management also disclosed that PSE&G's capital expenditure plan has been reduced for distribution through 2012, and that the Susquehanna-Roseland transmission project faces delays in obtaining environmental approvals.

    Oct 29, 2010
  50. 2010-Q2-A

    Public Service Enterprise Group Quarterly Report (Amendment) for Q2 Ended Jun 30, 2010

    Public Service Enterprise Group Incorporated filed this Amendment No. 1 to its Form 10-Q for the quarterly period ended June 30, 2010, on August 23, 2010. The amendment was filed solely to provide interactive data as Exhibit 101 under Rule 405 of Regulation S-T. It states that it does not alter or affect any other part or information in the original Form 10-Q filed on July 30, 2010, and it does not reflect any subsequent events. The registrant is a New Jersey corporation based at 80 Park Plaza, Newark, New Jersey, and is a large accelerated filer. As of July 15, 2010, it had 505,962,783 shares of common stock outstanding. The filing lists certifications by Chief Executive Officer Ralph Izzo and Caroline Dorsa, and the signature block is by Derek M. DiRisio, Vice President and Controller (Principal Accounting Officer). This amendment contains no financial results, operating discussion, or risk disclosures. It lists XBRL Exhibits 101.INS, 101.SCH, 101.CAL, 101.LAB, 101.PRE and 101.DEF, which the filing states are furnished rather than filed. Under Rule 406T, these interactive data files are deemed not filed for purposes of Sections 11, 12 and 18.

    Aug 23, 2010