PEG · Public Service Enterprise Group

597 filings

PEG SEC Filings

Public Service Enterprise Group - 597 total filings

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

Showing 1–50 of 597 filings

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 8-K

Public Service Enterprise Group 8-K Report, Financial Results (Nov 2, 2026)

Public Service Enterprise Group (NYSE: PEG) reported third quarter and nine-month 2026 results on November 2, 2026, in an 8-K furnishing an earnings press release (Exhibit 99) and an earnings call slideshow (Exhibit 99.1). PSEG reported Q3 2026 net income of $376 million, or $0.76 per diluted share, versus $622 million, or $1.24 per share, a year earlier. Non-GAAP Operating Earnings were $574 million, or $1.15 per share, compared with $565 million, or $1.13 per share, in Q3 2025. For the nine months ended September 30, 2026, net income was $1,451 million ($2.91 per share) and Non-GAAP Operating Earnings were $1,777 million ($3.56 per share). PSEG reaffirmed its 2026 Non-GAAP Operating Earnings guidance of $4.28 to $4.40 per share. PSE&G contributed $506 million of Q3 net income, slightly below $515 million a year earlier, with the company citing higher depreciation and interest costs on investments not yet in rates. PSEG Power & Other posted a Q3 net loss of $130 million, compared with net income of $107 million in the prior year, driven by mark-to-market and Nuclear Decommissioning Trust losses excluded from Operating Earnings. Its Non-GAAP Operating Earnings rose to $68 million from $50 million, helped by lower operating and maintenance costs from the absence of the Hope Creek refueling outage, higher realized prices and increased nuclear generation. PSEG Nuclear reported a 95.5% capacity factor for the quarter. Management reiterated a 6% to 8% compound annual growth target for Non-GAAP Operating Earnings through 2030 and a five-year capital investment plan of $24 billion to $28 billion, which it says can be funded without issuing new equity or selling assets. At September 30, 2026, the filing shows total debt of $25.6 billion and total liquidity of approximately $3.9 billion.

Nov 2, 2026 10-Q

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 8-K

Public Service Enterprise Group 8-K Report, Financial Results (Aug 4, 2026)

Public Service Enterprise Group (PSEG, NYSE: PEG) reported second quarter 2026 results in an 8-K filed August 4, 2026. Net income for the quarter was $334 million, or $0.67 per diluted share, compared with $585 million, or $1.17 per share, in the second quarter of 2025. Non-GAAP Operating Earnings were $425 million, or $0.86 per share, versus $384 million, or $0.77 per share, a year earlier. For the six months ended June 30, 2026, net income was $1,075 million ($2.15 per share) and Non-GAAP Operating Earnings were $1,203 million ($2.41 per share). PSE&G contributed $342 million of quarterly net income, up from $332 million, while PSEG Power & Other posted a net loss of $8 million compared with net income of $253 million in the prior-year quarter, with the company citing higher realized prices and increased nuclear generation offset by the absence of zero emission certificates. PSEG maintained its 2026 Non-GAAP Operating Earnings guidance of $4.28 to $4.40 per share and reaffirmed a five-year Non-GAAP Operating Earnings growth outlook of 6% to 8% through 2030. Management said its balance sheet supports a total five-year capital investment program of $24 billion to $28 billion without issuing new equity or selling assets, and it pointed to opportunities for consistent dividend growth. The company also highlighted that it raised its 2026 indicative annual common dividend by $0.16 per share. The filing also describes operational events, including restoration of power to approximately 380,000 PSE&G customers after early-July storms and a summer peak load of 10,446 MW on July 2. PSE&G filed with the New Jersey Board of Public Utilities to lower residential gas bills by 5% beginning October 1. The results and related slideshow are furnished under Items 2.02 and 7.01, and the filing notes that non-GAAP Operating Earnings exclude Nuclear Decommissioning Trust gains or losses, mark-to-market accounting effects and other material infrequent items.

Aug 4, 2026 8-K

Public Service Enterprise Group 8-K Report, Regulation FD Disclosure (Jul 1, 2026)

Public Service Enterprise Group Incorporated (PSEG) and its subsidiary Public Service Electric and Gas Company (PSE&G) filed a combined Current Report on Form 8-K dated July 1, 2026. The filing contains a single disclosure under Item 7.01 (Regulation FD Disclosure), stating that on July 1, 2026, PSEG will post updated investor materials to its Investor Relations website at https://investor.pseg.com. The filing does not disclose financial results, earnings figures, guidance changes, transactions, or other material corporate events in its own text. The information is furnished for Regulation FD purposes only, and the 8-K states that information relating to each registrant is provided by that company on its own behalf. For investors, the practical takeaway is that updated investor presentation materials are available on PSEG's Investor Relations site as of July 1, 2026. The specific contents of those materials are not described in this filing, so any substantive financial or strategic detail would need to be reviewed directly from the posted materials.

Jul 1, 2026 8-K

Public Service Enterprise Group 8-K Report, Corporate Update (Jun 3, 2026)

Public Service Enterprise Group Incorporated (PSEG) completed a public offering on June 3, 2026 of $500,000,000 aggregate principal amount of its 4.800% Senior Notes due 2031. The Notes were sold under a Form S-3 shelf registration statement (File No. 333-275509), the related base prospectus dated November 13, 2023, and a prospectus supplement dated June 1, 2026. PSEG sold the Notes to underwriters Barclays Capital Inc., Citigroup Global Markets Inc., and Goldman Sachs & Co. LLC, as representatives of the underwriters, under an underwriting agreement dated June 1, 2026. The Notes are governed by an indenture dated as of November 1, 1998 with U.S. Bank Trust Company, National Association, as successor trustee. The filing includes the underwriting agreement, the indenture, the form of Note, and a legality opinion from John C. Walmsley, Associate Counsel of PSEG Services Corporation, as exhibits, and these documents are incorporated by reference into the registration statement. The filing is a routine debt financing disclosure. It does not report earnings, financial results, or changes in operations, and it states no use of proceeds.

Jun 3, 2026 10-Q

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 8-K

Public Service Enterprise Group 8-K Report, Financial Results (May 5, 2026)

Public Service Enterprise Group (PSEG) reported first-quarter 2026 results on May 5, 2026, with net income of $741 million, or $1.48 per diluted share, compared with $589 million, or $1.18 per share, in the first quarter of 2025. Non-GAAP Operating Earnings were $778 million, or $1.55 per share, versus $718 million, or $1.43 per share, a year earlier. PSE&G contributed $577 million of Operating Earnings (up from $546 million), and PSEG Power & Other contributed $201 million (up from $172 million). Management reaffirmed 2026 Non-GAAP Operating Earnings guidance of $4.28 to $4.40 per share and said it expects 6% to 8% compound annual growth in Non-GAAP Operating Earnings through 2030 without issuing new equity or selling assets. The quarter was shaped by extreme weather, including a winter storm the company described as the worst to hit its service territory in 30 years, and the company said PSE&G restored service within 24 hours to customers affected by that storm. The presentation states that the regulated capital spending plan for 2026 is about $4.2 billion, that the total PSEG capital program for 2026 to 2030 is $24 billion to $28 billion, and that the company raised its indicative 2026 annual common dividend by $0.16 per share. Nuclear capacity factor was 95.5% for the quarter, versus 99.9% a year earlier, and about 95% of expected 2026 nuclear output is hedged. The filing also reports total liquidity of about $3.9 billion at March 31, 2026, and a consolidated debt-to-capitalization ratio of 58%. Total debt was $24.3 billion at quarter end, up from $24.1 billion at year end 2025. Operating cash flow was $1.27 billion for the quarter, compared with $1.05 billion a year earlier.

May 5, 2026 8-K

Public Service Enterprise Group 8-K Report, Shareholder Vote Results (Apr 23, 2026)

Public Service Enterprise Group Incorporated (PSEG) held its Annual Meeting of Stockholders on April 21, 2026. Proxies were solicited under Regulation 14A, and there was no solicitation in opposition to management's nominees. All of management's director nominees, each with a term expiring in 2027, were elected. Shareholders also approved the advisory vote on executive compensation, the increase in shares available under the PSEG Employee Stock Purchase Plan, and the ratification of Deloitte & Touche LLP as independent auditor for 2026. The company's three proposals to amend its Certificate of Incorporation and/or By-Laws, which would have eliminated supermajority voting requirements for certain business combinations, for removing a director without cause, and for certain By-Law amendments, did not receive the required affirmative vote of 80% of shares outstanding and eligible to vote. None of the three was approved, so those supermajority requirements remain in place. For investors, the meeting confirmed board continuity and shareholder support for pay practices and the auditor, while the failure of the three governance amendments means the supermajority provisions stay in effect. The filing reports vote tallies only and does not describe any further corporate actions.

Apr 23, 2026 8-K

Public Service Enterprise Group 8-K/A Report, Executive Changes (Apr 23, 2026)

Public Service Enterprise Group Incorporated (PSEG) filed this Current Report on Form 8-K/A to amend its January 21, 2026 Original 8-K Filing, which disclosed the election of Geisha J. Williams to its Board of Directors effective March 1, 2026. At the time of the Original 8-K Filing, her committee assignments had not been determined. This amendment reports her appointment to two Board committees. Under Item 5.02, the PSEG Board of Directors, acting on the recommendation of the Governance, Nominating and Sustainability (GNS) Committee, appointed Ms. Williams on April 21, 2026, to the GNS Committee and the Industrial Operations Committee, effective immediately. The filing does not disclose any compensation arrangements, financial results, or other financial figures. For investors, this is a governance update that completes the board-level assignment of a new director. It does not include any change in financial guidance, transactions, or operating developments.

Apr 23, 2026 8-K

Public Service Enterprise Group 8-K Report, Financial Results (Feb 26, 2026)

Public Service Enterprise Group Incorporated (PSEG) reported full-year 2025 net income of $2,111 million, or $4.22 per share, compared with $1,772 million, or $3.54 per share, in 2024. Non-GAAP Operating Earnings were $2,029 million, or $4.05 per share, versus $1,839 million, or $3.68 per share, a year earlier. Fourth-quarter 2025 net income was $315 million ($0.63 per share) and non-GAAP Operating Earnings were $362 million ($0.72 per share). PSE&G drove the full-year improvement, with net income of $1,745 million versus $1,547 million, while PSEG Power & Other net income rose to $366 million from $225 million, helped by favorable items and higher nuclear output of 30.9 TWh. The company initiated 2026 non-GAAP Operating Earnings guidance of $4.28 to $4.40 per share, and it raised its 2026 indicative annual common dividend by $0.16 per share to $2.68. Management also updated its long-term non-GAAP Operating Earnings growth target to 6% to 8% through 2030 and increased its regulated five-year capital spending plan to $22.5 billion to $25.5 billion for 2026 through 2030, supporting a rate base compound annual growth rate of 6% to 7.5%. Management states the plan can be funded without issuing new equity or selling assets. The filing also highlights reliability and customer metrics, including a 91.2% full-year nuclear capacity factor, the 21st consecutive year of meeting or exceeding management's non-GAAP Operating Earnings guidance, and the approval of a three-year, $1.4 billion gas main replacement program beginning January 2026. Investors should note the company's exposure to market-driven mark-to-market and nuclear decommissioning trust gains and losses, which are excluded from non-GAAP results and can materially affect GAAP net income.

Feb 26, 2026 10-K

Public Service Enterprise Group Annual Report, Year Ended Dec 31, 2025

Public Service Enterprise Group Incorporated (PSEG) reported 2025 net income of $2.11 billion, or $4.22 per diluted share, up from $1.77 billion, or $3.54 per diluted share, in 2024. PSE&G contributed $1.745 billion of net income versus $1.547 billion in 2024, and PSEG Power & Other contributed $366 million versus $225 million. The filing attributes the increase primarily to higher earnings from the 2024 distribution base rate case settlement and continued T&D clause program investments at PSE&G, higher energy and capacity prices at PSEG Power, and changes in NDT Fund and mark-to-market results. Operating revenues rose to $12.17 billion from $10.29 billion. The company is predominantly a regulated electric and gas utility with a nuclear generation business. Regulated rate base grew from approximately $34 billion at year-end 2024 to approximately $36 billion at year-end 2025. For 2026 through 2030, PSEG estimates a regulated capital investment program of $22.5 billion to $25.5 billion, with an expected rate base compound annual growth rate of 6.0% to 7.5% from year-end 2025 to year-end 2030. Its total capital program is estimated at $24 billion to $28 billion. Nuclear units produced approximately 30.9 terawatt hours at a 91.2% capacity factor in 2025, and the Hope Creek refueling cycle was extended to 24 months. The filing highlights several risks. PJM's most recent capacity auction cleared at the $333.44/MW-day price cap, and PJM fell 6,625 MW short of its reliability requirement, which raises affordability and policy scrutiny. Federal and state regulatory outcomes remain uncertain, including FERC's transmission planning and co-located load proceedings, the New Jersey Energy Master Plan, and the Production Tax Credit guidance from the U.S. Treasury. PSEG also cites environmental remediation exposure, including the Lower Passaic River and CCR Rule matters, and cybersecurity risk. The Board approved a first-quarter 2026 dividend of $0.67 per share, an indicative annual rate of $2.68.

Feb 26, 2026 8-K

Public Service Enterprise Group 8-K Report, Executive Changes (Jan 21, 2026)

Public Service Enterprise Group Incorporated (PSEG) reported in this Form 8-K, filed January 21, 2026, that its Board of Directors elected Geisha J. Williams as a new director on January 20, 2026, effective March 1, 2026. The Board, acting on the recommendation of its Governance, Nominating and Sustainability Committee, has determined that Ms. Williams is independent under New York Stock Exchange listing standards and the Securities Exchange Act of 1934. As of the filing, the Board had not decided which committees she will join. Williams will receive the compensation the Company provides to non-management directors, as described in the proxy statement filed March 13, 2025. The filing states that no arrangement exists between her and any other person under which she was selected, and that no transactions between the Company and Ms. Williams require disclosure under Item 404(a) of Regulation S-K. The accompanying press release (Exhibit 99) notes she is the fifth new independent director elected since April 2022 and cites her more than 35 years of energy industry experience, including service as chief executive officer and president of PG&E Corporation from March 2017 to January 2019. For investors, the filing is a board-composition update rather than a financial disclosure. It contains no financial results, guidance, or financial statements. The Exhibit 99 press release also describes PSEG as a predominantly regulated infrastructure company serving approximately 2.4 million electric and 1.9 million natural gas customers, with 3,758 MW of nuclear generating capacity in New Jersey and Pennsylvania.

Jan 21, 2026 10-Q

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 8-K

Public Service Enterprise Group 8-K Report, Financial Results (Nov 3, 2025)

Public Service Enterprise Group (PSEG) reported third-quarter 2025 net income of $622 million, or $1.24 per diluted share, compared with $520 million, or $1.04 per share, in the third quarter of 2024. Non-GAAP Operating Earnings were $565 million, or $1.13 per share, versus $448 million, or $0.90 per share, a year earlier. For the nine months ended September 30, 2025, net income was $1,796 million ($3.59 per share) and Non-GAAP Operating Earnings were $1,667 million ($3.33 per share), compared with $1,418 million ($2.84 per share) a year earlier. PSE&G's results reflect new electric and gas rates effective October 15, 2024 from its first distribution base rate case since 2018, while PSEG Power & Other's Operating Earnings declined in the quarter on higher nuclear operation and maintenance costs tied to the Hope Creek refueling outage and fuel cycle extension work. Management narrowed its 2025 Non-GAAP Operating Earnings guidance to $4.00 to $4.06 per share, from $3.94 to $4.06, and reaffirmed a five-year Non-GAAP Operating Earnings growth outlook of 5% to 7% through 2029. The company stated that its five-year capital investment program of $22.5 billion to $26 billion can be funded without issuing new equity or selling assets. Regulated investment was about $2.7 billion in the first nine months of 2025, within a planned 2025 regulated capital spending program of about $3.8 billion. The filing also highlights affordability pressure in New Jersey. Management said a growing generation supply-demand imbalance and PJM capacity market results, which PSE&G passes through to customers, caused summer electric bills to rise nearly 20%. PSEG said it is working with the State and other stakeholders on solutions, and it cited potential upside from contracting its nuclear output under multi-year agreements and from incremental investments to address near-term supply needs.

Nov 3, 2025 8-K

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

Public Service Enterprise Group (PSEG) reported second-quarter 2025 net income of $585 million, or $1.17 per share, up from $434 million, or $0.87 per share, a year earlier. Non-GAAP Operating Earnings were $384 million, 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 billion 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).

Aug 5, 2025 10-Q

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 10-Q

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 8-K

Public Service Enterprise Group 8-K Report, Financial Results (Apr 30, 2025)

Public Service Enterprise Group Incorporated (PSEG) reported net income of $589 million, or $1.18 per share, for the three months ended March 31, 2025, compared with $532 million, or $1.06 per share, in the first quarter of 2024. Non-GAAP Operating Earnings were $718 million, or $1.43 per share, versus $657 million, or $1.31 per share, a year earlier. PSE&G contributed $546 million of net income and non-GAAP Operating Earnings, up from $488 million, while PSEG Power & Other contributed $43 million of net income (down from $44 million) and $172 million of non-GAAP Operating Earnings (up from $169 million). The company stated that the results reflected new electric and gas base distribution rates in effect for a full quarter, and that PSEG Power & Other benefited from consistent nuclear generation and higher realized prices driven by cold weather in January and February. PSEG maintained its 2025 non-GAAP Operating Earnings guidance of $3.94 to $4.06 per share and declared a first-quarter common stock dividend of $0.63 per share, an indicative annual rate of $2.52 per share, a 5% increase for 2025. The company continues to target a 5% to 7% compound annual growth outlook for non-GAAP Operating Earnings over 2025 to 2029, and its regulated capital investment plan for 2025 is about $3.8 billion, which management describes as on track and on budget. Management also highlighted a large load pipeline at PSE&G of over 6,400 MW of requested capacity as of March 31, 2025, with engineers responding to inquiries in about four months on average. The filing furnishes the earnings press release as Exhibit 99 and the earnings call slideshow as Exhibit 99.1, and the non-GAAP reconciliations and forward-looking statement cautions are included in the press release.

Apr 30, 2025 8-K

Public Service Enterprise Group 8-K Report, Shareholder Vote Results (Apr 25, 2025)

Public Service Enterprise Group Incorporated (PSEG) reported the results of its Annual Meeting of Stockholders, held April 22, 2025, in this Form 8-K filed April 25, 2025. Management's director nominees were all elected to the Board, with terms expiring in 2026. Stockholders also approved the advisory vote on executive compensation and ratified the appointment of Deloitte & Touche LLP as independent auditor for 2025. No proxy solicitation in opposition to management's nominees was reported. The most notable outcome is that three proposed amendments to the Certificate of Incorporation and/or By-Laws did not pass. The proposals would have eliminated supermajority voting requirements for certain business combinations, for removing a director without cause, and for certain By-Law amendments. Each failed to reach the required affirmative vote of 80% of the shares outstanding and eligible to vote, so the supermajority provisions remain in place. For investors, the filing shows broad stockholder support for management's board slate, executive pay, and auditor selection, with vote counts reported for each proposal. The failed governance amendments indicate that the supermajority thresholds were not eliminated at this meeting.

Apr 25, 2025 8-K

Public Service Enterprise Group 8-K Report, Corporate Update (Mar 10, 2025)

On March 10, 2025, Public Service Enterprise Group Incorporated (PSEG) completed a public offering of two series of senior notes: $600,000,000 aggregate principal amount of 4.900% Senior Notes due 2030 and $400,000,000 aggregate principal amount of 5.400% Senior Notes due 2035. The notes were sold under a Form S-3 registration statement (File No. 333-275509), its related prospectus dated November 13, 2023, and a prospectus supplement dated March 6, 2025. Barclays Capital Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and RBC Capital Markets, LLC served as representatives of the underwriters under an underwriting agreement dated March 6, 2025. The notes were issued under an indenture dated as of November 1, 1998 with U.S. Bank Trust Company, National Association, as successor trustee. The filing is primarily a procedural disclosure that files the underwriting agreement, the indenture, the forms of each note, and a legality opinion from John C. Walmsley, Associate Counsel of PSEG Services Corporation, all of which are incorporated by reference into the registration statement. The filing does not disclose the use of proceeds, pricing, or yields.

Mar 10, 2025 10-K

Public Service Enterprise Group Annual Report, Year Ended Dec 31, 2024

Public Service Enterprise Group Incorporated (PSEG) is a public utility holding company whose profitability depends on its subsidiaries. Its predominantly regulated utility, PSE&G, provides electric transmission and electric and gas distribution to customers across New Jersey, while PSEG Power operates a nuclear generation business with 3,758 MW of owned nuclear capacity. For 2024, PSEG reported net income of $1,772 million, or $3.54 diluted EPS, down from $2,563 million ($5.13) in 2023. The filing attributes the decline primarily to changes in mark-to-market gains and losses (non-trading MTM losses of $151 million after tax in 2024 versus gains of $959 million in 2023), partly offset by higher PSE&G earnings and production tax credits beginning in 2024 at PSEG Power. PSE&G net income rose to $1,547 million from $1,515 million. Looking forward, the company expects regulated capital investment of $21 billion to $24 billion for 2025-2029, with a projected compound annual growth rate in regulated rate base of 6% to 7.5% from year-end 2024 to year-end 2029. Regulated rate base grew from approximately $30 billion to approximately $34 billion during 2024. The PSE&G distribution base rate case settlement, approved in October 2024, provides a $17.8 billion rate base and a 9.6% return on equity. Key risks include the outcome of PJM capacity market changes and complaints, uncertainty around IRA nuclear production tax credit guidance from the U.S. Treasury (including gross receipts definition, which could materially change the PTC value), the expiration of the LIPA operations services agreement at December 31, 2025, and the proposed Salem and Hope Creek license renewal timeline. Liquidity appears adequate: total committed credit facilities were $3.8 billion, with $2.5 billion of available liquidity at December 31, 2024. Dividends paid on common stock were $2.40 per share in 2024, and the Board approved a $0.63 per share quarterly dividend for the first quarter of 2025, an indicative annual rate of $2.52 per share. The company reported a stable Moody's and S&P outlook for PSEG and its subsidiaries, with PSEG senior notes rated Baa2 and BBB.

Feb 25, 2025 8-K

Public Service Enterprise Group 8-K Report, Financial Results (Feb 25, 2025)

Public Service Enterprise Group (PSEG) reported full-year 2024 net income of $1,772 million, or $3.54 per diluted share, versus $2,563 million, or $5.13 per share, in 2023. On a non-GAAP Operating Earnings basis, which excludes Nuclear Decommissioning Trust gains and losses, Mark-to-Market accounting and other items, full-year 2024 earnings were $1,839 million, or $3.68 per share, compared with $3.48 per share in 2023. Fourth-quarter 2024 non-GAAP Operating Earnings were $0.84 per share, versus $0.54 a year earlier. Management noted this was the 20th consecutive year the company met or exceeded its non-GAAP Operating Earnings guidance. The company initiated 2025 non-GAAP Operating Earnings guidance of $3.94 to $4.06 per share, with the midpoint up approximately 9% over 2024. It also extended its 5% to 7% non-GAAP Operating Earnings compound annual growth rate target through 2029, and raised its 2025-2029 capital spending plan to $22.5 billion to $26 billion, up $3.5 billion from the prior plan. PSE&G's rate base growth target for 2025-2029 is 6% to 7.5% CAGR, starting from approximately $34 billion at year-end 2024. The filing states the balance sheet supports the five-year capital program without issuing equity or selling assets through 2029. PSE&G settled its first electric and gas distribution base rate case in six years, with a $17.8 billion distribution rate base, a 9.6% return on equity and a 55% equity ratio. The Board of Public Utilities also approved a settlement of roughly $2.9 billion for PSE&G's Clean Energy Future - Energy Efficiency II program. The filing also reports an indicative 2025 annual common dividend of $2.52 per share, an increase of $0.12.

Feb 25, 2025 8-K

Public Service Enterprise Group 8-K Report, Executive Changes (Nov 19, 2024)

Public Service Enterprise Group Incorporated (PSEG) filed this Form 8-K on November 19, 2024 to report amendments to two of its compensation plans, adopted by its Organization and Compensation Committee (O&CC) on November 18, 2024 as part of a periodic review of compensation plans. The filing does not report financial results, financing, or operating developments. The first change amends the Key Executive Severance Plan (KESP), effective November 18, 2024, to update the positions eligible for Schedule A to include designated Section 16 Officer positions, excluding a Section 16 officer currently on Schedule B, along with other administrative amendments and clarifications. The second change amends the Deferred Compensation Plan for Certain Employees (DCP), also effective November 18, 2024. The amendment adds Core Contributions to offer an alternative set of equivalent benefits for employees who elect the Core Contribution/401(k) Program rather than the Cash Balance/401(k) Program. Those benefits, previously limited to officers, now extend to certain highly-compensated non-officer employees. The amendment also clarifies that the authority to amend the DCP follows the O&CC Charter. For investors, the filing describes governance and compensation housekeeping rather than a material change to the company's business. The filing states no dollar amounts for the changes. The full terms are in the amended plans, filed as Exhibits 10.1 and 10.2.

Nov 19, 2024 8-K

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

Public Service Enterprise Group Incorporated (PSEG) and Public Service Electric and Gas Company (PSE&G) filed a combined Form 8-K on November 8, 2024, furnishing under Item 7.01 (Regulation FD) the discussion materials for its investor meetings at the Edison Electric Institute Financial Conference, held November 10-12, 2024. The materials present a business centered on PSE&G's regulated operations, which the company says represent about 90% of non-GAAP Operating Earnings over the next five years. PSEG cites a regulated capital investment program of $18B-$21B for 2024-2028 and a long-term non-GAAP Operating Earnings growth outlook of 5%-7% through 2028, with rate base growth of 6%-7.5%. The company states it needs no new equity or required asset sales to fund the five-year capital plan. PSEG raised the midpoint and narrowed its full-year 2024 non-GAAP Operating Earnings guidance to $3.64-$3.68 per share, from $3.60-$3.70 previously, compared with $3.48 in 2023. Nine-month 2024 GAAP net income was $1,486 million, versus $2,017 million a year earlier, and nine-month non-GAAP Operating Earnings were $2.84 per share, versus $2.94. Key 2024 developments include PSE&G's distribution base rate settlement, effective October 15, 2024, which the company says produces an overall net annual revenue increase of $505 million, and the approval of a roughly $3 billion Clean Energy Future Energy Efficiency II program. The nuclear production tax credit (PTC) provides price support through 2032, and PSEG Power & Other is described as more stable and predictable. The filing is largely investor presentation material. It includes forward-looking statement cautions, non-GAAP reconciliations, and an indicative 2024 annual dividend of $2.40 per share, an increase of $0.12 over 2023, subject to Board approval.

Nov 8, 2024 10-Q

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-K

Public Service Enterprise Group 8-K Report, Financial Results (Nov 4, 2024)

Public Service Enterprise Group Incorporated (PSEG) reported third-quarter 2024 net income of $520 million, or $1.04 per diluted share, compared with $139 million, or $0.27 per share, in the third quarter of 2023. Non-GAAP Operating Earnings were $448 million, or $0.90 per share, versus $425 million, or $0.85 per share, a year earlier. For the nine months ended September 30, 2024, net income was $1,486 million ($2.97 per share) against $2,017 million ($4.03 per share) in the prior-year period, and Operating Earnings were $1,418 million ($2.84 per share) against $1,471 million ($2.94 per share). PSEG narrowed its full-year 2024 Non-GAAP Operating Earnings guidance to $3.64 to $3.68 per share, from $3.60 to $3.70. The quarter's main regulatory developments were in New Jersey. The Board of Public Utilities approved a settlement of PSE&G's base electric and gas distribution rate case, effective October 15, 2024, which provides for an additional $505 million in annual revenues on a distribution rate base of $17.8 billion, a 9.6% return on equity, and a 55% equity ratio. The board also approved the second phase of PSE&G's Clean Energy Future-Energy Efficiency programs, covering an investment program of $1.9 billion (net of administrative expenses) plus a $1 billion on-bill repayment program, both treated as rate base. Management stated that the five-year capital plan of $19 billion to $22.5 billion can be funded without issuing new equity or selling assets. PSEG Power & Other Non-GAAP Operating Earnings rose to $69 million ($0.14 per share) from $22 million ($0.05 per share), reflecting expected second-half energy margin contributions and the positive impact of the federal nuclear production tax credit, which took effect January 1, 2024. PSE&G Operating Earnings were $379 million ($0.76 per share), compared with $403 million ($0.80 per share) a year earlier, as higher depreciation and interest expense preceded the October rate increase. Management reiterated a long-term non-GAAP Operating Earnings growth rate of 5% to 7%.

Nov 4, 2024 8-K

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

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 million 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.

Oct 7, 2024 8-K

Public Service Enterprise Group 8-K Report, Executive Changes (Sep 17, 2024)

Public Service Enterprise Group Incorporated (PEG) filed this Form 8-K on September 17, 2024 to report a leadership transition in its legal function. Tamara Linde, Executive Vice President and General Counsel, notified the company on September 11, 2024 of her decision to retire. Under the company's succession plan, Grace Park was appointed Executive Vice President and General Counsel effective September 16, 2024. Park was previously Deputy General Counsel and Chief Litigation Counsel. Linde will transition to the role of Executive Vice President and Chief Legal Officer from September 16, 2024 through March 14, 2025, the date her retirement takes effect. Under the new agreement she will continue to receive the same compensation and benefits she received as General Counsel. Park will continue to report to Linde until her retirement. The filing is primarily a governance and management disclosure rather than a financial one. The accompanying press release describes Linde's roughly 30-plus years with the company and highlights Park's background, including prior roles at PSEG, Pfizer Inc., and the U.S. Attorney's Office in Newark, N.J.

Sep 17, 2024 10-Q

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 8-K

Public Service Enterprise Group 8-K Report, Financial Results (Jul 30, 2024)

Public Service Enterprise Group (PSEG) reported second-quarter 2024 net income of $434 million, or $0.87 per diluted share, compared with $591 million, or $1.18 per share, in the second quarter of 2023. Non-GAAP Operating Earnings were $313 million, or $0.63 per share, versus $351 million, or $0.70 per share, a year earlier. For the first six months of 2024, net income was $966 million ($1.93 per share) and Operating Earnings were $970 million ($1.94 per share), compared with $1,878 million ($3.76 per share) and $1,046 million ($2.09 per share) in the prior-year period. PSEG reaffirmed its full-year 2024 non-GAAP Operating Earnings guidance of $3.60 to $3.70 per share and its five-year Operating Earnings growth outlook of 5% to 7% through 2028. PSE&G, the regulated utility, reported second-quarter net income of $302 million ($0.60 per share), down from $336 million ($0.67 per share). Management attributed the year-over-year change to higher operation and maintenance costs, depreciation and interest expense, partly offset by incremental investment in transmission, clause-based system modernization and energy efficiency programs. PSE&G invested approximately $0.9 billion in the quarter and $1.7 billion year to date, on track with a full-year plan of $3.4 billion. PSEG Power & Other reported second-quarter net income of $132 million ($0.27 per share), down from $255 million ($0.51 per share), with Operating Earnings of $11 million ($0.03 per share). The nuclear production tax credit, effective January 1, 2024, was a positive factor, offset by costs of the scheduled refueling outage at the Hope Creek nuclear plant. Management stated that its solid balance sheet supports a five-year capital investment program of $19 billion to $22.5 billion without the need to issue new equity or sell assets. The company cited an increase in new business requests and feasibility studies from potential data center customers as a potential driver of future load growth. The pending distribution base rate case and the Clean Energy Future-Energy Efficiency II filing are expected to conclude later in 2024.

Jul 30, 2024 10-Q

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 8-K

Public Service Enterprise Group 8-K Report, Financial Results (Apr 30, 2024)

Public Service Enterprise Group Incorporated (PSEG) reported first-quarter 2024 results on April 30, 2024, with net income of $532 million, or $1.06 per diluted share, compared with $1,287 million, or $2.58 per share, in the first quarter of 2023. Non-GAAP Operating Earnings were $657 million, or $1.31 per share, versus $695 million, or $1.39 per share, a year earlier. Management attributed the decline mainly to a $125 million reconciling item and to PSEG Power & Other, where Non-GAAP Operating Earnings fell to $169 million ($0.33 per share) from $203 million ($0.40 per share), reflecting the Hope Creek refueling outage and higher taxes that management expects to reverse by year-end. PSE&G Non-GAAP Operating Earnings were $488 million ($0.98 per share), essentially flat with $492 million ($0.99 per share) in the prior-year quarter. PSEG reaffirmed its 2024 Non-GAAP Operating Earnings guidance of $3.60 to $3.70 per share and its long-term goal of 5% to 7% annual growth through 2028. Management said it expects most of the increase in PSEG Power's 2024 gross margin to be realized in the second half of the year, and that higher investment-related expense will build over the rest of 2024 while the pending PSE&G distribution rate case is awaiting resolution later in the year. The company also cited the nuclear production tax credit, effective January 1, 2024, as providing downside price protection for its nuclear fleet through 2032. PSEG reiterated a five-year regulated capital investment plan of $18 billion to $21 billion, which it said can be funded without issuing new equity or selling assets. The board's declared first-quarter dividend was $0.60 per share, an indicative annualized increase of $0.12 per share for 2024. Nuclear capacity factor was 96.8% for the quarter, and total available liquidity was $4,997 million at quarter end.

Apr 30, 2024 8-K

Public Service Enterprise Group 8-K Report, Shareholder Vote Results (Apr 19, 2024)

Public Service Enterprise Group Incorporated (PSEG) held its Annual Meeting of Stockholders on April 16, 2024, and this 8-K reports the final voting results. All of management's nominees were elected to the Board of Directors, with each nominee receiving more votes for than against, and the advisory vote on executive compensation was approved. Deloitte & Touche LLP was ratified as independent auditor for 2024. Three proposals to amend the Certificate of Incorporation and/or By-Laws to eliminate supermajority voting requirements did not receive the required affirmative vote of 80% of shares outstanding and eligible to vote, and were therefore not approved. These proposals covered supermajority requirements for certain business combinations, removing a director without cause, and making certain amendments to the By-Laws. The filing reports no solicitation of proxies in opposition to management's nominees. Its substance is limited to shareholder voting outcomes; it contains no financial results or operational updates.

Apr 19, 2024 8-K

Public Service Enterprise Group 8-K Report, Executive Changes (Apr 18, 2024)

Public Service Enterprise Group Incorporated (PSEG) filed this Form 8-K on April 18, 2024 under Item 5.02 (Compensatory Arrangements of Certain Officers). The filing reports that on April 16, 2024, the Organization and Compensation Committee of the Board of Directors adopted an amendment to PSEG's Key Executive Severance Plan (KESP), effective the same day. The amendment updates benefits eligibility language and specifies situations in which employees are or are not eligible for benefits. It also provides that, under specified circumstances, employees are eligible for severance benefits under a voluntary exit incentive program. In addition, it removes references to PSEG Energy Resources and Trade LLC (ER&T), because the separate incentive plan for ER&T employees has closed, and it makes certain other administrative amendments and clarifications. The filing is a governance and compensation housekeeping disclosure. It does not report financial results or quantified cost figures, and the full terms of the amended plan are contained in Exhibit 10.1, the Key Executive Severance Plan, which the filing incorporates by reference.

Apr 18, 2024 8-K

Public Service Enterprise Group 8-K Report, Corporate Update (Mar 27, 2024)

Public Service Enterprise Group Incorporated (PSEG) completed a public offering on March 27, 2024 of two series of senior notes: $750,000,000 aggregate principal amount of 5.200% Senior Notes due 2029 and $500,000,000 aggregate principal amount of 5.450% Senior Notes due 2034. The notes were sold under a Form S-3 registration statement (File No. 333-275509), the related prospectus dated November 13, 2023, and a prospectus supplement dated March 25, 2024. PSEG sold the notes to underwriters under an underwriting agreement dated March 25, 2024 with Barclays Capital Inc., BofA Securities, Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC acting as representatives. Both series are governed by an indenture dated November 1, 1998 with U.S. Bank Trust Company, National Association, as successor trustee. The filing is primarily a disclosure of the financing terms and related legal documentation, and it does not report operating results or other financial metrics. For investors, the filing confirms that PSEG raised a total of $1.25 billion in senior unsecured debt across two maturities, with the 2029 notes carrying a 5.200% coupon and the 2034 notes carrying a 5.450% coupon. The filing also includes a legality opinion from John C. Walmsley, Associate Counsel of PSEG Services Corporation, and lists the underwriting agreement, indenture and note forms as exhibits.

Mar 27, 2024 8-K

Public Service Enterprise Group 8-K Report, Regulation FD Disclosure (Mar 4, 2024)

Public Service Enterprise Group Incorporated (PSEG) and its subsidiary Public Service Electric and Gas Company (PSE&G) furnished a March 2024 investor update deck as Exhibit 99 to this combined Form 8-K, ahead of several investor meetings scheduled for March 2024. The filing itself contains no earnings release; it is a Regulation FD disclosure of discussion materials. The deck outlines a strategy centered on predictable regulated growth: PSE&G is described as roughly 90% of non-GAAP Operating Earnings over the next five years, and the company projects a 5%-7% non-GAAP Operating Earnings growth outlook for 2024-2028, with a dividend yield of 3%-4% and total potential shareholder return of 8%-11%. The capital plan is a key element. The regulated capital spending plan for 2024-2028 was updated to $18 billion-$21 billion, with a total PSEG capital plan of $19 billion-$22.5 billion, and rate base compound annual growth of 6%-7.5%. The company states it requires no new equity or required asset sales through 2028 to fund its five-year plan. PSEG also cites its retained carbon-free nuclear fleet, whose production tax credit provides price stability and downside protection through 2032, and its exit from merchant fossil generation and offshore wind generation. The deck also highlights a 2024 indicative annual dividend of $2.40 per share, an increase of $0.12 over 2023, subject to Board approval. It reports 2024 non-GAAP Operating Earnings guidance of $3.60 to $3.70 per share, compared with $3.48 in 2023, and includes a pending distribution base rate case requesting a 9% overall revenue increase. Investors should note that the deck is furnished, not filed, and that its forward-looking statements are subject to the risks listed in the presentation.

Mar 4, 2024 10-K

Public Service Enterprise Group Annual Report, Year Ended Dec 31, 2023

Public Service Enterprise Group Incorporated (PSEG) reported 2023 net income of $2.56 billion, or $5.13 per diluted share, up from $1.03 billion ($2.06 per diluted share) in 2022. The increase was driven primarily by a $2.02 billion net increase from mark-to-market gains in PSEG Power, changes in the Nuclear Decommissioning Trust Fund, and higher earnings from T&D clause programs at PSE&G, partially offset by a $239 million after-tax pension settlement charge. PSE&G net income was $1.515 billion in 2023 versus $1.565 billion in 2022, while PSEG Power & Other net income was $1.048 billion versus a loss of $534 million. Operating revenues rose to $11.24 billion from $9.80 billion. The company describes itself as a public utility holding company, predominantly regulated, with a plan to invest $18 billion to $21 billion in regulated capital from 2024 to 2028, projecting a 6% to 7.5% compound annual growth rate in regulated rate base from year-end 2023 to year-end 2028. The filing notes the 2022 sale of the 6,750 MW fossil portfolio, the expected nuclear production tax credit beginning January 1, 2024, and a December 2023 distribution base rate case proposing a 9% overall revenue increase. Liquidity is described as sufficient for a 12-month stressed planning horizon, with $3.37 billion of available liquidity under committed facilities. Key risks flagged include regulatory outcomes on PSE&G recovery and approved investment programs, nuclear revenue sensitivity to natural gas prices and PTC guidance, potential collateral calls if PSEG Power lost investment-grade ratings, environmental remediation liabilities such as the Passaic River matter, and cybersecurity exposure. Long-term debt was $17.78 billion at year-end 2023, and the Board approved a $0.60 quarterly dividend for the first quarter of 2024, an indicative annual rate of $2.40 per share.

Feb 26, 2024 8-K

Public Service Enterprise Group 8-K Report, Financial Results (Feb 26, 2024)

Public Service Enterprise Group Incorporated (PSEG) reported full-year 2023 net income of $2,563 million, or $5.13 per diluted share, compared with $1,031 million, or $2.06 per share, in 2022. Non-GAAP Operating Earnings were $1,742 million, or $3.48 per share, versus $1,739 million, or $3.47 per share, in 2022. Fourth-quarter 2023 net income was $546 million ($1.10 per share) and non-GAAP Operating Earnings were $271 million ($0.54 per share). The company reaffirmed its 2024 non-GAAP Operating Earnings guidance of $3.60 to $3.70 per share and said it had met or exceeded its guidance for the 19th consecutive year. The filing highlights PSE&G's largest-ever capital investment program in a single year, totaling $3.7 billion. Looking ahead, PSEG updated its five-year regulated capital spending plan to $18 billion to $21 billion for 2024 to 2028, supporting a rate base compound annual growth outlook of 6% to 7.5% and non-GAAP Operating Earnings growth of 5% to 7%. The indicative 2024 annual common dividend was raised by $0.12 to $2.40 per share. Regulatory activity included PSE&G's December 2023 electric and gas base rate case filing with the New Jersey Board of Public Utilities, its first distribution rate request in six years, and a $3.1 billion Clean Energy Future-Energy Efficiency II filing. Net income in 2023 was lifted by large mark-to-market and nuclear decommissioning trust gains that are excluded from non-GAAP Operating Earnings, so investors should weigh the gap between GAAP and non-GAAP results.

Feb 26, 2024 8-K

Public Service Enterprise Group 8-K/A Report, Executive Changes (Feb 15, 2024)

Public Service Enterprise Group Incorporated (PSEG) filed this Current Report on Form 8-K/A to amend its earlier Form 8-K filed January 24, 2024. That original filing disclosed the election of Ricardo G. Pérez to the Board of Directors, effective January 22, 2024, but his committee assignments had not yet been determined. This amendment reports his appointment to two Board committees. Under Item 5.02 (Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers), the filing states that on February 13, 2024, the PSEG Board of Directors, upon the recommendation of the Governance, Nominating and Sustainability (GNS) Committee, appointed Mr. Pérez to the GNS Committee and the Industrial Operations Committee, effective immediately. The filing is administrative in nature. It does not report financial results, dividend changes, or other financial figures, and its substance is limited to the board committee appointments of a newly elected director.

Feb 15, 2024 8-K

Public Service Enterprise Group 8-K Report, Executive Changes (Jan 24, 2024)

Public Service Enterprise Group Incorporated (PSEG) filed this Current Report on Form 8-K to disclose the election of Ricardo G. Pérez as a new member of its Board of Directors, effective January 22, 2024. The Board, acting on the recommendation of its Governance, Nominating and Sustainability Committee, has determined that Mr. Pérez is independent under New York Stock Exchange listing standards and the Securities Exchange Act of 1934. The Board has not yet determined his committee assignments. He will participate in the company's non-management director compensation plans, as described in the proxy statement filed March 9, 2023. The filing states there are no arrangements or understandings under which he was selected, and no related-party transactions requiring disclosure under Item 404(a) of Regulation S-K. According to the attached press release dated January 24, 2024, Mr. Pérez is a retired energy executive with more than 35 years of industry experience. He held senior leadership roles at the Tennessee Valley Authority from 2013 to 2017 and served at Westinghouse Electric Company from 1981 to 2013, including as president and chief operating officer from 2010 to 2013. The company said his expertise spans nuclear energy, supply chain management, IT, cybersecurity, physical security and talent development. PSEG's Chair, President and CEO Ralph LaRossa stated that the company believes his perspective will support its path toward a cleaner energy future. The press release also notes that this is the second new independent director elected within four months and the fifth since the beginning of 2020, which the company describes as part of its commitment to balanced director tenure and experience. The filing does not report any financial results or changes to guidance, so the appointment is primarily a governance and board-composition event.

Jan 24, 2024 8-K

Public Service Enterprise Group 8-K Report, Regulation FD Disclosure (Jan 3, 2024)

Public Service Enterprise Group Incorporated (PSEG) and its subsidiary Public Service Electric and Gas Company (PSE&G) filed this combined Form 8-K on January 3, 2024, under Item 7.01 (Regulation FD Disclosure). The filing furnishes Exhibit 99, discussion materials for investor meetings scheduled during January 2024. The materials announce 2024-2028 guidance: a non-GAAP Operating Earnings compound annual growth rate of 5%-7%, a PSE&G rate base CAGR of 6%-7.5%, and a regulated capital investment plan of $18 billion to $21 billion for 2024-2028 (total PSEG capital plan of $19 billion to $22.5 billion). The regulated plan was raised by more than $2 billion from the prior $16 billion to $18.5 billion range, reflecting expanded clean energy, electric reliability and electrification needs and a competitively bid transmission project. The materials describe a business mix in which regulated operations at PSE&G represent about 90% of PSEG's non-GAAP Operating Earnings over the next five years. PSEG states that the five-year capital plan requires no new equity or required asset sales through 2028. The company initiated 2024 non-GAAP Operating Earnings guidance of $3.60 to $3.70 per share, compared with $3.40 to $3.50 per share for 2023 estimated results. PSEG says its nuclear fleet, retained after the company exited fossil and offshore wind generation, has a production tax credit providing stabilized revenue through 2032. The materials also describe PSE&G's base electric and gas rate cases filed with the New Jersey Board of Public Utilities in December 2023. The filings seek a 9% overall revenue increase, $462 million for electric and $364 million for gas, a 10.4% return on equity and recovery of $3.3 billion of recent capital investment. The company reports 2023 annual dividend of $2.28 per share, a 5.6% increase over 2022, and states that future dividend decisions are subject to Board approval.

Jan 3, 2024 8-K

Public Service Enterprise Group 8-K Report, Regulation FD Disclosure (Dec 19, 2023)

Public Service Enterprise Group Incorporated (PEG) filed this Form 8-K on December 19, 2023 under Item 7.01 (Regulation FD Disclosure) to announce its initial 2024 non-GAAP Operating Earnings guidance. The company guided to 2024 non-GAAP Operating Earnings of $3.60 to $3.70 per share. The filing states that the midpoint of this range represents earnings growth of approximately 6% from the midpoint of the 2023 non-GAAP Operating Earnings guidance of $3.40 to $3.50 per share. CEO Ralph LaRossa said the 2024 guidance reflects an improved business mix and a platform for predictable growth, and that it follows the company's existing long-term outlook for compound annual earnings growth of 5% to 7% for 2023 through 2027. The guidance is presented on a consolidated basis, reflecting estimated earnings contributions from both Public Service Electric and Gas and PSEG Power & Other. The release notes that non-GAAP Operating Earnings exclude gains and losses associated with the Nuclear Decommissioning Trust, mark-to-market accounting, and material one-time items. The company states it cannot reconcile this forward-looking non-GAAP measure to the most directly comparable GAAP measure because it cannot reliably project mark-to-market and NDT gains or losses due to market volatility. The full press release is furnished as Exhibit 99.

Dec 19, 2023 10-Q

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 8-K

Public Service Enterprise Group 8-K Report, Financial Results (Oct 31, 2023)

Public Service Enterprise Group Incorporated (PSEG) reported third quarter 2023 Net Income of $139 million, or $0.27 per share, compared with $114 million, or $0.22 per share, in the third quarter of 2022. Non-GAAP Operating Earnings were $425 million, or $0.85 per share, versus $429 million, or $0.86 per share, a year earlier. The results include a one-time pension settlement charge of $332 million ($239 million net of tax) tied to an August 2023 pension "lift-out" of approximately $1 billion of obligations and plan assets. PSEG re-affirmed its full-year 2023 non-GAAP Operating EPS guidance range of $3.40 to $3.50. PSE&G, the regulated utility, contributed Net Income of $401 million and Non-GAAP Operating Earnings of $403 million for the quarter, with EPS of $0.80 in both periods. PSEG Power & Other posted a Net Loss of $262 million, or $(0.53) per share, with Non-GAAP Operating Earnings of $22 million, or $0.05 per share. The company stated that full-year 2023 capital spending is expected to total $3.7 billion, slightly above its original plan of $3.5 billion, and that its rate base growth trajectory is 6% to 7.5% through 2027, with a long-term non-GAAP Operating Earnings growth rate of 5% to 7% over the same period. Management also highlighted that the New Jersey Board of Public Utilities approved an extension of PSE&G's Gas System Modernization Program II through 2025 for approximately $900 million, and that the sale of Kalaeloa, PSEG's last fossil fuel generating unit, closed in July 2023. The filing furnishes the earnings release (Exhibit 99) and the earnings call slideshow (Exhibit 99.1) and includes consolidating financial statements, capitalization data and a non-GAAP reconciliation.

Oct 31, 2023 8-K

Public Service Enterprise Group 8-K Report, Executive Changes (Oct 26, 2023)

Public Service Enterprise Group Incorporated (PSEG) filed this Current Report on Form 8-K, dated October 26, 2023, to report an event that occurred on October 24, 2023. On that date, Alfred W. Zollar notified PSEG that he was resigning, effective immediately, from the Board of Directors of PSEG and from the Board of Directors of Public Service Electric and Gas Company (PSE&G). Mr. Zollar had served on the PSEG board since June 2012. The filing states that Mr. Zollar's resignation is not the result of any disagreement with PSEG or PSE&G on any matter related to their operations, policies or practices. The report contains no financial results, financial figures or other financial disclosures. For investors, the filing's central item is a board change under Item 5.02 of Form 8-K, effective immediately, with no stated disagreement behind it. The filing does not name a successor or describe any replacement arrangements.

Oct 26, 2023 8-K

Public Service Enterprise Group 8-K Report, Regulation FD Disclosure (Oct 10, 2023)

Public Service Enterprise Group Incorporated (PSEG) and its subsidiary Public Service Electric and Gas Company (PSE&G) filed this combined Form 8-K to furnish investor discussion materials (Exhibit 99) for a series of investor meetings scheduled on October 10 and 11, 2023. The filing itself contains no financial statements or new financial results; its substance is the investor update presentation, which reiterates the company's strategy. The presentation describes a business mix that is increasingly regulated. PSE&G is expected to represent roughly 85%-90% of PSEG's non-GAAP Operating Earnings over the next five years. PSEG has exited offshore wind generation and fossil generation, and it has decided to retain its nuclear fleet, supported by the Nuclear Production Tax Credit (PTC). The company projects a long-term EPS growth rate of 5%-7% for 2023E-2027E and a PSE&G utility capital plan of $15.5B-$18B for 2023-2027, with no new equity required to fund it. For shareholders, the materials cite a 2023 indicative annual dividend of $2.28 per share, a 5.6% increase over 2022, subject to Board approval. They also state that PSEG had approximately $4.0B of total available liquidity at June 30, 2023, and that its senior unsecured credit ratings are Baa2 (Moody's) and BBB (S&P), both with stable outlooks. The company also notes that the PSEG pension "lift-out" of approximately $1 billion of obligations closed in August 2023.

Oct 10, 2023 8-K

Public Service Enterprise Group 8-K Report, Corporate Update (Oct 4, 2023)

Public Service Enterprise Group Incorporated (PSEG) completed a public offering on October 4, 2023 of $600,000,000 aggregate principal amount of 5.875% Senior Notes due 2028 and $400,000,000 aggregate principal amount of 6.125% Senior Notes due 2033. The notes were sold under a Form S-3 registration statement (File No. 333-250825), the related prospectus dated November 20, 2020, and a prospectus supplement dated October 2, 2023, pursuant to an underwriting agreement dated October 2, 2023 with Barclays Capital Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC as representatives of the underwriters. The notes are governed by an indenture dated as of November 1, 1998 with U.S. Bank Trust Company, National Association, as successor trustee. The filing is primarily a registration-related disclosure: it files the underwriting agreement, the indenture (incorporated by reference), the forms of the 2028 and 2033 notes, and a legality opinion from John C. Walmsley, Associate Counsel of PSEG Services Corporation. The filing does not discuss the company's use of proceeds, financial results, or other operating developments. For investors, the key takeaway is the addition of $1.0 billion of senior unsecured debt across two maturities, with the 2028 notes priced at 5.875% and the 2033 notes at 6.125%.

Oct 4, 2023 8-K

Public Service Enterprise Group 8-K Report, Executive Changes (Sep 21, 2023)

Public Service Enterprise Group Incorporated (PSEG) filed this Form 8-K on September 21, 2023 to report that its Board of Directors elected Kenneth Y. Tanji as a new director, effective September 20, 2023. The Board determined that Mr. Tanji is independent under New York Stock Exchange listing standards and the Securities Exchange Act of 1934, as amended. He was appointed to the Audit Committee and the Finance Committee, effective upon becoming a director. The election was made on September 19, 2023 on the recommendation of the Governance, Nominating and Sustainability Committee. Mr. Tanji will participate in the company's non-management director compensation plans, as described in the proxy statement filed March 9, 2023. The filing states that no arrangement or understanding exists between Mr. Tanji and any other person under which he was selected as a director. According to the attached press release (Exhibit 99), Mr. Tanji has served as executive vice president and chief financial officer of Prudential Financial, Inc. since December 2018. The release states that Chair, President and CEO Ralph LaRossa cited his financial expertise and his long-term residence in New Jersey. The filing itself contains no financial results or guidance.

Sep 21, 2023 8-K

Public Service Enterprise Group 8-K Report, Corporate Update (Aug 7, 2023)

Public Service Enterprise Group Incorporated (PEG) filed this Form 8-K dated August 7, 2023 to report that it closed on a previously announced commitment agreement with The Prudential Insurance Company of America (Insurer). Under the agreement, the Pension Plan of Public Service Enterprise Group Incorporated and Pension Plan of Public Service Enterprise Group Incorporated II (together, the Plans) agreed to purchase a nonparticipating single premium group annuity contract. The annuity contract will transfer to the Insurer approximately $1 billion of the Plans' defined benefit pension obligations, along with associated Plan assets, covering certain pension benefits for approximately 2,000 retirees from PSEG Power & Other. The filing is reported under Item 8.01, Other Events, and does not disclose any other financial results or operational changes. For investors, the key takeaway is a pension risk transfer transaction that moves roughly $1 billion of defined benefit obligations and related assets off the Plans and onto the Insurer's balance sheet for a defined group of retirees.

Aug 7, 2023