Public Service Enterprise Group (PSEG) announced its financial results for the second quarter and first half of 2025, reporting a net income of $1.17 per share and non-GAAP operating earnings of $0.77 per share. The company maintains its full-year guidance for non-GAAP operating earnings between $3.94 and $4.06 per share, reflecting a 9% increase at the midpoint compared to 2024 results. PSEG highlighted the impact of new distribution rates and an upcoming refueling outage at its Hope Creek nuclear unit, which is expected to enhance operational efficiency and reliability.
The company also noted significant increases in large load inquiries for new service connections, particularly from data center customers, which may lead to lower bills for existing customers if these inquiries convert into new utility customers. PSEG's nuclear output increased during the second quarter, and the company participated in a recent capacity auction, securing higher capacity revenues. PSEG continues to implement customer support initiatives, including deferred billing for residential customers during high usage months, while also focusing on long-term solutions for resource adequacy challenges in New Jersey.
linkAug 05, 2025 09:01:34
Public Service Enterprise Group (PSEG) announced its financial results for the first quarter of 2025, reporting a net income of $1.18 per share and non-GAAP operating earnings of $1.43 per share. The company maintained its non-GAAP operating earnings guidance for the year, projecting earnings between $3.94 and $4.06 per share. PSEG's operations were positively impacted by cold weather conditions that increased demand for electricity and gas, and the company noted a rise in inquiries for new service connections, indicating potential future growth in its customer base.
In addition to its financial results, PSEG declared a first-quarter common stock dividend of $0.63 per share, reflecting a 5% increase for the year. The company's regulated capital investment plan remains focused on infrastructure improvements and energy efficiency programs. PSEG also highlighted its commitment to maintaining financial flexibility while pursuing growth opportunities in the energy sector, including the potential for long-term contracts for its nuclear output.
linkApr 30, 2025 08:30:58
Public Service Enterprise Group (PSEG) announced a net income of $3.54 per share and non-GAAP operating earnings of $3.68 per share for 2024. The company initiated guidance for 2025 non-GAAP operating earnings between $3.94 and $4.06 per share, reflecting an approximate 9% increase. PSEG also raised its capital spending plan for 2025-2029 to a range of $22.5 billion to $26 billion, an increase of $3.5 billion, and targets a 6% to 7.5% compound annual growth rate in its rate base during this period. Additionally, PSEG has been recognized for customer satisfaction and reliability performance in the Mid-Atlantic region, further highlighting its operational achievements.
On the negative side, the company noted that higher financing costs could partially offset the benefits from new base rates and environmental attribute payments for its nuclear units in 2025. The increase in capital spending also reflects the need to modernize infrastructure and meet growing customer demand, which may pose challenges. Furthermore, PSEG's results were affected by higher interest and depreciation expenses linked to increased investment balances, indicating potential financial pressures in the future.
linkFeb 25, 2025 09:00:28
PSEG's recent investor update highlights significant achievements, including a balanced settlement of its first distribution base rate case in six years, which allows for the recovery of all prudent investments. The company is well-positioned for future growth, with a solid balance sheet that supports a five-year capital plan without the need for new equity. The approved $3 billion spending for energy efficiency programs over six years aims to help New Jersey residents save energy and lower utility costs, while maintaining a competitive edge in customer satisfaction and operational performance.
However, PSEG faces challenges, including risks related to climate change, regulatory hurdles, and potential equipment failures. The company also emphasizes the uncertainty surrounding its non-GAAP financial measures, which may not be comparable to similar measures used by other companies. Additionally, there are concerns regarding the impact of legislative changes on its operations and the need for ongoing investments to modernize infrastructure in a rapidly evolving energy landscape.
linkNov 08, 2024 16:56:10
Public Service Enterprise Group (PSEG) announced a net income of $1.04 per share for the third quarter of 2024, along with non-GAAP operating earnings of $0.90 per share. The company successfully settled two major regulatory filings, including a base rate case that will provide an additional $505 million in annual revenues. PSEG's capital investments are on track, with approximately $1 billion spent in Q3, contributing to a year-to-date total of $2.7 billion, and the company is poised to slightly exceed its full-year investment plan of $3.5 billion. Additionally, PSEG's energy efficiency programs have been expanded, with a commitment of $1.9 billion for future investments aimed at reducing energy costs and emissions for customers in New Jersey.
Conversely, PSEG's results were impacted by higher depreciation and interest expenses leading up to the rate case approval. While the company reported growth in distribution margins from infrastructure investments, these gains were offset by increased costs. The company also noted that the performance of its PSEG Power & Other segment reflected expected improvements in energy margin contributions, but overall challenges remain. Despite the positive regulatory outcomes, the higher costs and expenses may affect PSEG's financial stability moving forward.
linkNov 04, 2024 09:00:39
Public Service Enterprise Group (PSEG) is preparing for a leadership change as Executive Vice President and General Counsel Tamara L. Linde plans to retire in March 2025. Linde has been a key figure at PSEG for over 30 years, significantly contributing to the company’s navigation through major industry shifts. Her departure is seen as a loss, given her instrumental role in guiding the company through complex energy transitions and her respected position within the executive team.
Grace Park has been appointed to succeed Linde, effective immediately, and will continue to work closely with Linde until her retirement. Park, who joined PSEG in 2017, has a strong background in law and leadership, which positions her well for this role. The transition reflects PSEG’s commitment to strategic succession planning, ensuring continuity in leadership as the company focuses on a sustainable energy future.
linkSep 17, 2024 08:30:01
Public Service Enterprise Group (PSEG) posted solid second-quarter earnings of $0.87 per share, reaffirming its full-year guidance. The company effectively managed extreme weather challenges with minimal disruptions. PSEG is investing significantly in energy efficiency and infrastructure, while also planning for future growth in clean energy and data center services. However, higher operational costs and regulatory delays are noted. PSEG remains committed to sustainable practices and aims for consistent dividend growth without needing to sell assets.
linkJul 30, 2024 09:01:09
Public Service Enterprise Group (PSEG) announced solid first quarter 2024 results, with $1.06 per share net income and $1.31 per share non-GAAP operating earnings. They reaffirmed their 2024 earnings guidance of $3.60 to $3.70 per share. PSEG highlighted growth in investments, rate base expansion, and operational achievements. The company plans to focus on energy infrastructure investments, reduce greenhouse gas emissions, and maintain a strong balance sheet. PSEG also declared a quarterly dividend increase. Despite challenges like higher expenses and outage impacts, PSEG remains committed to its long-term growth strategy.
linkApr 30, 2024 09:01:04
Public Service Enterprise Group (PSEG) announced solid 2023 results with $5.13 per share net income and $3.48 per share non-GAAP operating earnings. They reaffirmed their 2024 earnings guidance and highlighted achievements like expanding energy efficiency programs and reaching settlements to enhance gas and clean energy initiatives. PSEG's focus on modernizing infrastructure and achieving sustainable growth led to a five-year regulated capital spending plan and filing for rate increases to support investments. The company also emphasized dividend consistency and commitment to a clean energy future.
linkFeb 26, 2024 09:02:04
Ricardo G. Pérez has been elected to PSEG's Board of Directors, bringing over 35 years of energy industry experience, with a focus on nuclear energy, supply chain management, IT, cybersecurity, and talent development. His election reflects PSEG's commitment to a balanced mix of director tenure and experience. PSEG aims to power a cleaner energy future and is committed to ESG and sustainability, with a net-zero 2030 climate vision and participation in the U.N. Race to Zero.
linkJan 24, 2024 16:30:32