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Public Service Enterprise Group 8-K Report, Financial Results (Aug 5, 2025)

Reports
Earnings & Results·Regulation FD·Exhibits & Filings
Filing Date
Filed August 5, 2025
Period End
August 5, 2025
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 · Sep ’22Sep ’22
  4. Leadership change8-K · Sep ’24Sep ’24

01—Abstract

Summary

Summary of the 8-K filed August 5, 2025. Cited figures are marked; the original filing is the authoritative source.

Public Service Enterprise Group (PSEG) reported second-quarter 2025 net income of $585 milliona, or $1.17 per share, up from $434 million, or $0.87 per share, a year earlier.

Non-GAAP Operating Earnings were $384 millionb, or $0.77 per share, compared with $313 million, or $0.63 per share. For the six months ended June 30, 2025, net income was $1,174 million ($2.35 per share) and Operating Earnings were $1,102 million ($2.20 per share), versus $966 million ($1.93) and $970 million ($1.94) a year earlier. PSEG maintained its full-year 2025 Non-GAAP Operating Earnings guidance of $3.94 to $4.06 per share.

PSE&G's Q2 results reflected new electric and gas base rates from the October 2024 distribution rate case settlement, and PSEG Power & Other results reflected higher nuclear output. Management highlighted a regulated capital program of about $3.8 billionc for 2025 and a 2025 to 2029 regulated capital investment program of $21 billion to $24 billion, with Operating Earnings growth outlook of 5% to 7% compound annually over 2025 to 2029. The company also cited a July 2025 PJM capacity auction that priced capacity at $329 per megawatt-day for the 2026/2027 energy year, with PSEG Nuclear clearing approximately 3,500 MW.

Large load inquiries at PSE&G grew to over 9,400 megawatts as of June 30, 2025, driven largely by data center customers. The filing also covers the Hope Creek nuclear unit's refueling outage this fall, planned to extend its fuel cycle from 18 to 24 months, and the end of the three-year zero emission certificate award on May 31 that will affect second-half PSEG Power & Other results. The 8-K furnishes the earnings press release (Exhibit 99) and the earnings call slideshow (Exhibit 99.1).

02—Key points

Key Highlights

  1. Q2 2025 net income of $585 million ($1.17 per share), up from $434 million ($0.87 per share) in Q2 2024.
  2. Q2 2025 Non-GAAP Operating Earnings of $384 million ($0.77 per share), up from $313 million ($0.63 per share); PSE&G contributed $332 million and PSEG Power & Other $52 million.
  3. Full-year 2025 Non-GAAP Operating Earnings guidance maintained at $3.94 to $4.06 per share, described as up 9% at the midpoint over 2024 results.
  4. Regulated capital spending plan of about $3.8 billion for 2025, and a 2025 to 2029 regulated capital investment program of $21 billion to $24 billion, supporting a 5% to 7% Operating Earnings growth outlook over 2025 to 2029.
  5. PJM 2026/2027 capacity auction priced at $329 per megawatt-day, up from about $270 for 2025/2026; PSEG Nuclear cleared approximately 3,500 MW.
  6. PSE&G large load inquiries for new service connections rose to over 9,400 megawatts as of June 30, 2025, up from 6,400 MW at the end of March, driven largely by data center customers.
  7. Hope Creek refueling outage this fall will extend its fuel cycle from 18 to 24 months; the three-year zero emission certificate award ended May 31, 2025.

03—Questions

Frequently Asked Questions

  1. Did PSEG change its 2025 earnings guidance?

    No. PSEG maintained its 2025 Non-GAAP Operating Earnings guidance of $3.94 to $4.06 per share, which it says is up 9% at the midpoint over 2024 results.

  2. What drove the increase in PSE&G's second-quarter results?

    The filing attributes PSE&G's Q2 results to new electric and gas base rates in effect following the October 2024 settlement of its distribution rate case, partly offset by higher expenses and the timing of taxes. PSE&G Q2 net income was $332 million, compared with $302 million a year earlier.

  3. How did PSEG Power & Other perform, and what affects the second half of 2025?

    PSEG Power & Other net income was $253 million in Q2 2025 versus $132 million a year earlier, and Non-GAAP Operating Earnings were $52 million versus $11 million, reflecting higher nuclear output. For the second half, results will be affected by the fall Hope Creek outage and the end of the zero emission certificate award on May 31, offset by higher capacity revenues tied to the 2025/2026 auction.

  4. What is the outlook for customer bills and capacity costs?

    PSEG said the July 2025 PJM auction price of $329 per megawatt-day for the 2026/2027 energy year is expected to have a near-flat impact on customer electric bills when feathered into New Jersey's default supply rates on June 1, 2026, assuming other supply costs remain the same. The company also noted that current customers are seeing the rate impact of last year's PJM auction in summer bills, and PSE&G has introduced a Summer Relief Initiative with deferred billing and no interest.

  5. What is PSEG's liquidity position?

    As of June 30, 2025, the presentation states PSEG had approximately $3.6 billion of total available liquidity, including $186 million of cash and cash equivalents, and PSEG Power had net cash collateral postings of $257 million.

04—Continue

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