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Public Service Enterprise Group 8-K Report, Regulation FD Disclosure (Oct 7, 2024)

Reports
Regulation FD
Filing Date
Filed October 7, 2024
Period End
October 7, 2024
Security
PEG
In the 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. Impairment8-K · Oct ’16Oct ’16
  2. Impairment8-K · Jun ’19Jun ’19
  3. Leadership change8-K · Jul ’22Jul ’22
  4. Leadership change8-K · Apr ’26Apr ’26

01—Abstract

Summary

Summary of the 8-K filed October 7, 2024. Cited figures are marked; the original filing is the authoritative source.

Public Service Enterprise Group Incorporated (PSEG) and its subsidiary Public Service Electric and Gas Company (PSE&G) filed this combined Form 8-K on October 7, 2024 under Item 7.01 (Regulation FD Disclosure) to announce a settlement agreement in PSE&G's electric and gas distribution base rate case.

The case was filed in December 2023. The settlement was reached with the staff of the New Jersey Board of Public Utilities (BPU), the New Jersey Division of Rate Counsel and other parties. It is subject to BPU approval at an upcoming meeting.

If approved, it would provide for a $505 milliona increase in annual revenues. The settlement is based on an unchanged 9.6% return on equity (ROE) and an increased 55% equity ratio. For investors, the key items are the $505 million revenue increase, which depends on BPU approval, and the maintained ROE alongside a higher equity ratio.

02—Key points

Key Highlights

  1. PSE&G reached a settlement in its electric and gas distribution base rate case, which was filed in December 2023.
  2. The settlement provides for a $505 million increase in annual revenues, subject to BPU approval at an upcoming meeting.
  3. The settlement is based on an unchanged 9.6% return on equity (ROE).
  4. The settlement includes an increased 55% equity ratio.
  5. The settlement was reached with BPU staff, the New Jersey Division of Rate Counsel and other parties.
  6. The information is furnished under Item 7.01 (Regulation FD Disclosure) in a combined filing by PSEG and PSE&G.

03—Questions

Frequently Asked Questions

  1. How much additional annual revenue would the settlement provide?

    The settlement provides for a $505 million increase in annual revenues for PSE&G's electric and gas distribution operations, if approved by the New Jersey Board of Public Utilities (BPU).

  2. What return on equity is included in the settlement?

    The settlement is based on an unchanged 9.6% return on equity (ROE).

  3. What equity ratio does the settlement reflect?

    The settlement is based on an increased 55% equity ratio.

  4. When will the settlement take effect?

    The settlement must be approved by the BPU at an upcoming meeting. The filing does not state a specific date.

  5. Which parties are involved in the settlement?

    The settlement was reached with the staff of the New Jersey Board of Public Utilities, the New Jersey Division of Rate Counsel and other parties.

04—Continue

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