$0.27 Per
Share Net Income
$0.85 Per Share Non-GAAP Operating
Earnings
Re-Affirms Full-Year 2023 Non-GAAP Operating
EPS Guidance Range of $3.40 -
$3.50
NEWARK,
N.J., Oct. 31, 2023 /PRNewswire/ -- Public
Service Enterprise Group (NYSE: PEG) reported third quarter 2023
Net Income of $139 million, or
$0.27 per share, compared to Net
Income of $114 million, or
$0.22 per share, for the third
quarter 2022. Non-GAAP Operating Earnings for the third
quarter of 2023 were $425 million, or
$0.85 per share, compared to non-GAAP
Operating Earnings of $429 million,
or $0.86 per share for the third
quarter of 2022. Non-GAAP results for the third quarter of
2023 and 2022 exclude items shown in Attachments 8 and 9.
"PSEG posted solid operating and financial results for the third
quarter, and is on pace to achieve our guidance for full-year, 2023
non-GAAP Operating Earnings of $3.40
to $3.50 per share – which we are
re-affirming today. PSE&G invested approximately
$1 billion in capital spending during
the third quarter, bringing the year-to-date spend to $2.7 billion. For the full-year 2023,
capital spend is expected to total $3.7
billion, slightly higher than our original plan of
$3.5 billion, ahead of scheduled
execution on our Clean Energy Future-Energy Efficiency and
Infrastructure Advancement Programs. This work is helping our
customers to save energy and lower their bills, upgrading the 'Last
Mile' of our system, as well as adding new electric infrastructure
due in part to an increase in EV penetration. These critical
New Jersey energy investments
support our rate base growth trajectory of 6% to 7.5% through 2027
– and our long-term, non-GAAP Operating Earnings growth rate of 5%
to 7% over the same period," said Ralph
LaRossa, PSEG's chair, president and CEO.
LaRossa added, "We continue to execute on PSEG's improved
business strategy. Earlier in October, the New Jersey Board of Public Utilities (BPU)
approved a settlement to extend PSE&G's Gas System
Modernization Program II (GSMP) through 2025 for approximately
$900 million to replace 400 miles of
cast iron and unprotected steel main at a higher run rate than our
prior programs. In addition, consistent with on-going efforts
to streamline and increase the predictability of our business
profile, we completed the previously announced pension 'lift-out'
in August, and the sale of Kalaeloa, our last fossil fuel
generating unit, in July."
The following tables provide a reconciliation of PSEG's Net
Income to non-GAAP Operating Earnings for the third quarter.
See Attachments 8 and 9 for a complete list of items excluded
from Net Income in the determination of non-GAAP Operating
Earnings.
PSEG Consolidated
(unaudited)
Third Quarter Comparative Results
|
|
|
Income
|
Diluted Earnings Per
Share
|
($ millions, except
per share amounts)
|
2023
|
2022
|
2023
|
2022
|
Net Income
|
$139
|
$114
|
$0.27
|
$0.22
|
Reconciling
Items
|
286
|
315
|
0.58
|
0.64
|
Non-GAAP Operating
Earnings
|
$425
|
$429
|
$0.85
|
$0.86
|
Average
Shares
|
|
|
500
|
500
|
|
|
|
|
|
|
Results and Outlook by Operating Subsidiary
Public Service
Electric and Gas
Third Quarter Comparative Results
|
|
($ millions, except
per share amounts)
|
2023
|
2022
|
Change
|
Net Income
|
$401
|
$399
|
$2
|
Net Income Per Share
(EPS)
|
$0.80
|
$0.80
|
-
|
Non-GAAP Operating
Earnings
|
$403
|
$399
|
$4
|
Non-GAAP Operating
EPS
|
$0.80
|
$0.80
|
-
|
PSE&G benefited from growth in Transmission and Distribution
margins resulting from continued investment in infrastructure
replacement and clean energy programs, as well as lower operating
and maintenance expense. These improvements were offset by
lower pension income and other postretirement benefit (OPEB)
credits and incremental depreciation and interest expense related
to higher investment. The Conservation Incentive Program
(CIP) continues to effectively offset the impact of volumetric
changes in electric and gas sales due to variables such as energy
efficiency savings, net metered solar, weather and general economic
conditions.
PSE&G's forecast of non-GAAP Operating Earnings for 2023 is
unchanged at $1,500 million -
$1,525 million, which reflects lower
pension income and OPEB credits compared to 2022, offset by the
combined benefit of investments with recovery mechanisms, the
predictability of utility margin from CIP, and the BPU pension
accounting order for full-year 2023.
PSEG Power &
Other
Third Quarter Comparative Results
|
($ millions, except
per share amounts)
|
2023
|
2022
|
Change
|
Net Loss
|
$(262)
|
$(285)
|
$23
|
Net Loss Per Share
(EPS)
|
$(0.53)
|
$(0.58)
|
$0.05
|
Non-GAAP Operating
Earnings
|
$22
|
$30
|
$(8)
|
Non-GAAP Operating
EPS
|
$0.05
|
$0.06
|
$(0.01)
|
PSEG Power & Other results for the quarter reflect a
continued improvement in energy margin from lower cost-to-serve
hedges, and were offset by a reduction in capacity revenues, lower
pension income and OPEB credits, and higher interest expense
compared with third quarter 2022.
The full-year 2023 forecast for PSEG Power & Other non-GAAP
Operating Earnings is unchanged at $200
million - $225 million.
During August 2023, PSEG
completed a "lift-out" of approximately $1
billion of pension obligations and associated plan assets.
As a result of the transaction, PSEG recognized a one-time
settlement charge of $332 million
($239 million, net of tax) in the
third quarter of 2023 related to the immediate recognition of
unamortized net actuarial loss associated with the portion of the
pension involved in the transaction, which was within the
previously estimated range.
PSEG will host a conference call to review its third quarter
2023 results, earnings guidance, and other matters with the
financial community at 11 a.m. ET
today. You can register to access this event by visiting
https://investor.pseg.com/investor-news-and-events.
About PSEG
Public Service Enterprise Group (PSEG) (NYSE: PEG) is a
predominantly regulated infrastructure company focused on a clean
energy future. Guided by its Powering Progress vision, PSEG aims to
power a future where people use less energy, and it's cleaner,
safer and delivered more reliably than ever. PSEG's commitment to
sustainability is demonstrated in our net-zero 2030 climate vision
and participation in the U.N. Race to Zero, as well as our
inclusion on the Dow Jones Sustainability North America Index and
the list of America's most JUST Companies. PSEG's businesses
include Public Service Electric and Gas Co. (PSE&G), PSEG Power
and PSEG Long Island (https://corporate.pseg.com).
Non-GAAP Financial Measures
Management uses non-GAAP Operating Earnings in its internal
analysis, and in communications with investors and analysts, as a
consistent measure for comparing PSEG's financial performance to
previous financial results. Non-GAAP Operating Earnings exclude the
impact of gains (losses) associated with the Nuclear
Decommissioning Trust (NDT), Mark-to-Market (MTM) accounting and
material one-time items.
See Attachments 8 and 9 for a complete list of items excluded
from Net Income/(Loss) in the determination of non-GAAP Operating
Earnings. The presentation of non-GAAP Operating Earnings is
intended to complement, and should not be considered an alternative
to the presentation of Net Income/(Loss), which is an indicator of
financial performance determined in accordance with GAAP. In
addition, non-GAAP Operating Earnings as presented in this release
may not be comparable to similarly titled measures used by other
companies.
Due to the forward-looking nature of non-GAAP Operating Earnings
guidance, PSEG is unable to reconcile this non-GAAP financial
measure to the most directly comparable GAAP financial measure
because comparable GAAP measures are not reasonably accessible or
reliable due to the inherent difficulty in forecasting and
quantifying measures that would be required for such
reconciliation. Namely, we are not able to reliably project without
unreasonable effort MTM and NDT gains (losses), for future periods
due to market volatility. These items are uncertain, depend on
various factors, and may have a material impact on our future GAAP
results.
Forward-Looking Statements
Certain of the matters discussed in this report about our and
our subsidiaries' future performance, including, without
limitation, future revenues, earnings, strategies, prospects,
consequences and all other statements that are not purely
historical constitute "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements are subject to risks and
uncertainties, which could cause actual results to differ
materially from those anticipated. Such statements are based on
management's beliefs as well as assumptions made by and information
currently available to management. When used herein, the words
"anticipate," "intend," "estimate," "believe," "expect," "plan,"
"should," "hypothetical," "potential," "forecast," "project,"
variations of such words and similar expressions are intended to
identify forward-looking statements. Factors that may cause actual
results to differ are often presented with the forward-looking
statements themselves. Other factors that could cause actual
results to differ materially from those contemplated in any
forward-looking statements made by us herein are discussed in
filings we make with the United States Securities and Exchange
Commission (SEC), including our Annual Report on Form 10-K and
subsequent reports on Form 10-Q and Form 8-K. These factors
include, but are not limited to:
- any inability to successfully develop, obtain regulatory
approval for, or construct transmission and distribution, and our
nuclear generation projects;
- the physical, financial and transition risks related to climate
change, including risks relating to potentially increased
legislative and regulatory burdens, changing customer preferences
and lawsuits;
- any equipment failures, accidents, critical operating
technology or business system failures, severe weather events, acts
of war, terrorism or other acts of violence, sabotage, physical
attacks or security breaches, cyberattacks or other incidents that
may impact our ability to provide safe and reliable service to our
customers;
- any inability to recover the carrying amount of our long-lived
assets;
- disruptions or cost increases in our supply chain, including
labor shortages;
- any inability to maintain sufficient liquidity or access
sufficient capital on commercially reasonable terms;
- the impact of cybersecurity attacks or intrusions or other
disruptions to our information technology, operational or other
systems;
- a material shift away from natural gas toward increased
electrification and a reduction in the use of natural gas;
- failure to attract and retain a qualified workforce;
- inflation, including increases in the costs of equipment,
materials, fuel and labor;
- the impact of our covenants in our debt instruments and credit
agreements on our business;
- adverse performance of our defined benefit plan trust funds and
Nuclear Decommissioning Trust Fund and increases in funding
requirements and pension costs;
- fluctuations in, or third party default risk in wholesale power
and natural gas markets, including the potential impacts on the
economic viability of our generation units;
- our ability to obtain adequate nuclear fuel supply;
- changes in technology related to energy generation,
distribution and consumption and changes in customer usage
patterns;
- third-party credit risk relating to and purchase of nuclear
fuel;
- any inability to meet our commitments under forward sale
obligations and Regional Transmission Organization rules;
- reliance on transmission facilities to maintain adequate
transmission capacity for our nuclear generation fleet;
- the impact of changes in state and federal legislation and
regulations on our business, including PSE&G's ability to
recover costs and earn returns on authorized investments;
- PSE&G's proposed investment programs may not be fully
approved by regulators and its capital investment may be lower than
planned;
- our ability to advocate for and our receipt of appropriate
regulatory guidance to ensure long-term support for our nuclear
fleet;
- adverse changes in and non-compliance with energy industry
laws, policies, regulations and standards, including market
structures and transmission planning and transmission returns;
- risks associated with our ownership and operation of nuclear
facilities, including increased nuclear fuel storage costs,
regulatory risks, such as compliance with the Atomic Energy Act and
trade control, environmental and other regulations, as well as
financial, environmental and health and safety risks;
- changes in federal and state environmental laws and regulations
and enforcement;
- delays in receipt of, or an inability to receive, necessary
licenses and permits and siting approvals; and
- changes in tax laws and regulations.
All of the forward-looking statements made in this report are
qualified by these cautionary statements and we cannot assure you
that the results or developments anticipated by management will be
realized or even if realized, will have the expected consequences
to, or effects on, us or our business, prospects, financial
condition, results of operations or cash flows. Readers are
cautioned not to place undue reliance on these forward-looking
statements in making any investment decision. Forward-looking
statements made in this report apply only as of the date of this
report. While we may elect to update forward-looking statements
from time to time, we specifically disclaim any obligation to do
so, even in light of new information or future events, unless
otherwise required by applicable securities laws.
The forward-looking statements contained in this report are
intended to qualify for the safe harbor provisions of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended.
From time to time, PSEG
and PSE&G release important information via postings on their
corporate Investor Relations website at https://investor.pseg.com.
Investors and other interested parties are encouraged to visit the
Investor Relations website to review new postings. You can
sign up for automatic email alerts regarding new postings at the
bottom of the webpage at https://investor.pseg.com or by navigating
to the Email Alerts webpage here. The information on
https://investor.pseg.com and
https://investor.pseg.com/resources/email-alerts/default.aspx is
not incorporated herein and is not part of this press release or
the Form 8-K to which it is an exhibit.
|
|
|
|
|
|
|
|
|
|
|
Attachment 1
|
|
|
Public Service
Enterprise Group Incorporated
|
Consolidating
Statements of Operations
|
(Unaudited, $
millions, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG
|
|
Eliminations
|
|
PSE&G
|
|
PSEG Power
& Other(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
REVENUES
|
|
$
2,456
|
|
$
(89)
|
|
$
1,999
|
|
$
546
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
Energy Costs
|
|
831
|
|
(89)
|
|
765
|
|
155
|
|
|
|
Operation and
Maintenance
|
|
792
|
|
-
|
|
459
|
|
333
|
|
|
|
Depreciation and
Amortization
|
|
282
|
|
-
|
|
244
|
|
38
|
|
|
|
Total Operating
Expenses
|
|
1,905
|
|
(89)
|
|
1,468
|
|
526
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
|
551
|
|
-
|
|
531
|
|
20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Gains (Losses) on
Trust Investments
|
|
(40)
|
|
-
|
|
-
|
|
(40)
|
|
|
Other Income
(Deductions)
|
|
41
|
|
(2)
|
|
21
|
|
22
|
|
|
Net Non-Operating
Pension and OPEB Credits (Costs)
|
|
(302)
|
|
-
|
|
30
|
|
(332)
|
|
|
Interest
Expense
|
|
(185)
|
|
2
|
|
(128)
|
|
(59)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE
INCOME TAXES
|
|
65
|
|
-
|
|
454
|
|
(389)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Benefit
(Expense)
|
|
74
|
|
-
|
|
(53)
|
|
127
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS)
|
|
$
139
|
|
$
-
|
|
$
401
|
|
$
(262)
|
|
|
|
Reconciling Items
Excluded from Net Income (Loss)(b)
|
|
286
|
|
-
|
|
2
|
|
284
|
|
|
OPERATING EARNINGS
(non-GAAP)
|
|
$
425
|
|
$
-
|
|
$
403
|
|
$
22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS)
|
|
$
0.27
|
|
$
-
|
|
$
0.80
|
|
$
(0.53)
|
|
|
|
Reconciling Items
Excluded from Net Income (Loss)(b)
|
|
0.58
|
|
-
|
|
-
|
|
0.58
|
|
|
OPERATING EARNINGS
(non-GAAP)
|
|
$
0.85
|
|
$
-
|
|
$
0.80
|
|
$
0.05
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG
|
|
Eliminations
|
|
PSE&G
|
|
PSEG Power
& Other(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
REVENUES
|
|
$
2,272
|
|
$
(114)
|
|
$
1,953
|
|
$
433
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
Energy Costs
|
|
1,012
|
|
(114)
|
|
791
|
|
335
|
|
|
|
Operation and
Maintenance
|
|
765
|
|
-
|
|
452
|
|
313
|
|
|
|
Depreciation and
Amortization
|
|
270
|
|
-
|
|
229
|
|
41
|
|
|
|
(Gains) Losses on Asset
Dispositions and Impairments
|
|
52
|
|
-
|
|
(1)
|
|
53
|
|
|
|
Total Operating
Expenses
|
|
2,099
|
|
(114)
|
|
1,471
|
|
742
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
|
173
|
|
-
|
|
482
|
|
(309)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Equity
Method Investments
|
|
5
|
|
-
|
|
-
|
|
5
|
|
|
Net Gains (Losses) on
Trust Investments
|
|
(97)
|
|
-
|
|
-
|
|
(97)
|
|
|
Other Income
(Deductions)
|
|
43
|
|
(1)
|
|
25
|
|
19
|
|
|
Net Non-Operating
Pension and OPEB Credits (Costs)
|
|
94
|
|
-
|
|
70
|
|
24
|
|
|
Interest
Expense
|
|
(163)
|
|
1
|
|
(109)
|
|
(55)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE
INCOME TAXES
|
|
55
|
|
-
|
|
468
|
|
(413)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Benefit
(Expense)
|
|
59
|
|
-
|
|
(69)
|
|
128
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS)
|
|
$
114
|
|
$
-
|
|
$
399
|
|
$
(285)
|
|
|
|
Reconciling Items
Excluded from Net Income (Loss)(b)
|
|
315
|
|
-
|
|
-
|
|
315
|
|
|
OPERATING EARNINGS
(non-GAAP)
|
|
$
429
|
|
$
-
|
|
$
399
|
|
$
30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS)
|
|
$
0.22
|
|
$
-
|
|
$
0.80
|
|
$
(0.58)
|
|
|
|
Reconciling Items
Excluded from Net Income (Loss)(b)
|
|
0.64
|
|
-
|
|
-
|
|
0.64
|
|
|
OPERATING EARNINGS
(non-GAAP)
|
|
$
0.86
|
|
$
-
|
|
$
0.80
|
|
$
0.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Includes activities
at PSEG Power, PSEG Long Island, Energy Holdings, PSEG Services
Corporation and the Parent.
|
|
(b) See Attachments 8
and 9 for details of items excluded from Net Income (Loss) to
compute Operating Earnings (non-GAAP).
|
|
|
|
|
|
|
|
|
|
|
|
Attachment
2
|
|
|
|
Public Service
Enterprise Group Incorporated
|
Consolidating
Statements of Operations
|
(Unaudited, $
millions, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG
|
|
Eliminations
|
|
PSE&G
|
|
PSEG Power
& Other(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
REVENUES
|
|
$
8,632
|
|
$
(797)
|
|
$
5,954
|
|
$
3,475
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy Costs
|
|
2,517
|
|
(797)
|
|
2,300
|
|
1,014
|
|
|
|
|
Operation and
Maintenance
|
|
2,279
|
|
-
|
|
1,348
|
|
931
|
|
|
|
|
Depreciation and
Amortization
|
|
843
|
|
-
|
|
728
|
|
115
|
|
|
|
|
Total Operating
Expenses
|
|
5,639
|
|
(797)
|
|
4,376
|
|
2,060
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
|
2,993
|
|
-
|
|
1,578
|
|
1,415
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Equity
Method Investments
|
|
1
|
|
-
|
|
-
|
|
1
|
|
|
|
Net Gains (Losses) on
Trust Investments
|
|
63
|
|
-
|
|
-
|
|
63
|
|
|
|
Other Income
(Deductions)
|
|
132
|
|
(4)
|
|
65
|
|
71
|
|
|
|
Net Non-Operating
Pension and OPEB Credits (Costs)
|
|
(245)
|
|
-
|
|
86
|
|
(331)
|
|
|
|
Interest
Expense
|
|
(550)
|
|
4
|
|
(364)
|
|
(190)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE INCOME
TAXES
|
|
2,394
|
|
-
|
|
1,365
|
|
1,029
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax
Expense
|
|
(377)
|
|
-
|
|
(141)
|
|
(236)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
|
$
2,017
|
|
$
-
|
|
$
1,224
|
|
$
793
|
|
|
|
|
Reconciling Items
Excluded from Net Income(b)
|
|
(546)
|
|
-
|
|
12
|
|
(558)
|
|
|
|
OPERATING EARNINGS
(non-GAAP)
|
|
$
1,471
|
|
$
-
|
|
$
1,236
|
|
$
235
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
|
$
4.03
|
|
$
-
|
|
$
2.45
|
|
$
1.58
|
|
|
|
|
Reconciling Items
Excluded from Net Income (b)
|
|
(1.09)
|
|
-
|
|
0.02
|
|
(1.11)
|
|
|
|
OPERATING EARNINGS
(non-GAAP)
|
|
$
2.94
|
|
$
-
|
|
$
2.47
|
|
$
0.47
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG
|
|
Eliminations
|
|
PSE&G
|
|
PSEG Power
& Other(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
REVENUES
|
|
$
6,661
|
|
$
(935)
|
|
$
5,905
|
|
$
1,691
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy Costs
|
|
3,022
|
|
(935)
|
|
2,389
|
|
1,568
|
|
|
|
|
Operation and
Maintenance
|
|
2,310
|
|
-
|
|
1,349
|
|
961
|
|
|
|
|
Depreciation and
Amortization
|
|
822
|
|
-
|
|
697
|
|
125
|
|
|
|
|
(Gains) Losses on Asset
Dispositions and Impairments
|
|
90
|
|
-
|
|
(1)
|
|
91
|
|
|
|
|
Total Operating
Expenses
|
|
6,244
|
|
(935)
|
|
4,434
|
|
2,745
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
|
417
|
|
-
|
|
1,471
|
|
(1,054)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Equity
Method Investments
|
|
16
|
|
-
|
|
-
|
|
16
|
|
|
|
Net Gains (Losses) on
Trust Investments
|
|
(352)
|
|
-
|
|
(2)
|
|
(350)
|
|
|
|
Other Income
(Deductions)
|
|
86
|
|
(1)
|
|
66
|
|
21
|
|
|
|
Net Non-Operating
Pension and OPEB Credits (Costs)
|
|
282
|
|
-
|
|
211
|
|
71
|
|
|
|
Interest
Expense
|
|
(450)
|
|
1
|
|
(319)
|
|
(132)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE
INCOME TAXES
|
|
(1)
|
|
-
|
|
1,427
|
|
(1,428)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Benefit
(Expense)
|
|
244
|
|
-
|
|
(214)
|
|
458
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS)
|
|
$
243
|
|
$
-
|
|
$
1,213
|
|
$
(970)
|
|
|
|
|
Reconciling Items
Excluded from Net Income (Loss)(b)
|
|
1,178
|
|
-
|
|
-
|
|
1,178
|
|
|
|
OPERATING EARNINGS
(non-GAAP)
|
|
$
1,421
|
|
$
-
|
|
$
1,213
|
|
$
208
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS)
|
|
$
0.48
|
|
$
-
|
|
$
2.42
|
|
$
(1.94)
|
|
|
|
|
Reconciling Items
Excluded from Net Income (Loss)(b)
|
|
2.35
|
|
-
|
|
-
|
|
2.35
|
|
|
|
OPERATING EARNINGS
(non-GAAP)
|
|
$
2.83
|
|
$
-
|
|
$
2.42
|
|
$
0.41
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Includes activities
at PSEG Power, PSEG Long Island, Energy Holdings, PSEG Services
Corporation and the Parent.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b) See Attachments 8
and 9 for details of items excluded from Net Income (Loss) to
compute Operating Earnings (non-GAAP).
|
|
|
|
|
|
|
|
|
|
|
Attachment
3
|
|
|
Public Service
Enterprise Group Incorporated
|
|
|
Capitalization
Schedule
|
|
|
(Unaudited, $
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
|
|
|
|
|
|
2023
|
|
2022
|
|
|
DEBT
|
|
|
|
|
|
|
|
|
|
Commercial Paper and
Loans
|
|
|
$
695
|
|
$
2,200
|
|
|
|
Long-Term
Debt*
|
|
|
19,039
|
|
18,070
|
|
|
|
|
Total Debt
|
|
|
19,734
|
|
20,270
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
Common Stock
|
|
|
5,008
|
|
5,065
|
|
|
|
Treasury
Stock
|
|
|
(1,384)
|
|
(1,377)
|
|
|
|
Retained
Earnings
|
|
|
11,755
|
|
10,591
|
|
|
|
Accumulated Other
Comprehensive Loss
|
|
|
(213)
|
|
(550)
|
|
|
|
|
Total Stockholders'
Equity
|
|
|
15,166
|
|
13,729
|
|
|
|
|
Total
Capitalization
|
|
|
$
34,900
|
|
$
33,999
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Includes current
portion of Long-Term Debt
|
|
|
|
|
|
|
|
|
|
Attachment
4
|
Public Service
Enterprise Group Incorporated
|
Condensed
Consolidated Statements of Cash Flows
|
(Unaudited, $
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended September 30,
|
|
2023
|
|
2022
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
Net
Income
|
$
2,017
|
|
$
243
|
Adjustments to
Reconcile Net Income to Net Cash Flows
|
|
|
|
From
Operating Activities
|
1,079
|
|
458
|
NET CASH PROVIDED BY
(USED IN) OPERATING ACTIVITIES
|
3,096
|
|
701
|
|
|
|
|
NET CASH PROVIDED BY
(USED IN) INVESTING ACTIVITIES
|
(2,030)
|
|
(299)
|
|
|
|
|
NET CASH PROVIDED BY
(USED IN) FINANCING ACTIVITIES
|
(1,477)
|
|
(847)
|
|
|
|
|
Net Change in Cash,
Cash Equivalents and Restricted Cash
|
(411)
|
|
(445)
|
|
|
|
|
Cash, Cash
Equivalents and Restricted Cash at Beginning of
Period
|
511
|
|
863
|
Cash, Cash
Equivalents and Restricted Cash at End of Period
|
$
100
|
|
$
418
|
|
|
|
|
|
|
|
|
|
Attachment
5
|
Public Service
Electric & Gas Company
|
Retail
Sales
|
(Unaudited)
|
September 30,
2023
|
|
|
|
|
|
|
|
|
|
|
|
Electric
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months
|
|
Change
vs.
|
|
Nine
Months
|
|
Change
vs.
|
|
|
Sales (millions
kWh)
|
Ended
|
|
2022
|
|
Ended
|
|
2022
|
|
|
Residential
|
4,518
|
|
(9 %)
|
|
10,271
|
|
(9 %)
|
|
|
Commercial &
Industrial
|
7,133
|
|
(2 %)
|
|
19,499
|
|
(3 %)
|
|
|
Other
|
72
|
|
0 %
|
|
241
|
|
(1 %)
|
|
|
Total
|
11,723
|
|
(4 %)
|
|
30,011
|
|
(5 %)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas Sold and
Transported
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months
|
|
Change
vs.
|
|
Nine
Months
|
|
Change
vs.
|
|
|
Sales (millions
therms)
|
Ended
|
|
2022
|
|
Ended
|
|
2022
|
|
|
Firm
Sales
|
|
|
|
|
|
|
|
|
|
Residential
Sales
|
94
|
|
15 %
|
|
900
|
|
(13 %)
|
|
|
Commercial &
Industrial
|
102
|
|
13 %
|
|
670
|
|
(11 %)
|
|
|
Total Firm
Sales
|
196
|
|
14 %
|
|
1,570
|
|
(12 %)
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Firm
Sales*
|
|
|
|
|
|
|
|
|
|
Commercial &
Industrial
|
280
|
|
(24 %)
|
|
614
|
|
(20 %)
|
|
|
Total Non-Firm
Sales
|
280
|
|
|
|
614
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Sales
|
476
|
|
(12 %)
|
|
2,184
|
|
(14 %)
|
|
|
|
|
|
|
|
|
|
|
|
|
*Contract Service Gas
rate included in non-firm sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weather
Data*
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months
|
|
Change
vs.
|
|
Nine
Months
|
|
Change
vs.
|
|
|
|
Ended
|
|
2022
|
|
Ended
|
|
2022
|
|
|
THI Hours -
Actual
|
14,176
|
|
(5 %)
|
|
17,130
|
|
(12 %)
|
|
|
THI Hours -
Normal
|
12,722
|
|
|
|
16,902
|
|
|
|
|
Degree Days -
Actual
|
28
|
|
(22 %)
|
|
2,308
|
|
(23 %)
|
|
|
Degree Days -
Normal
|
19
|
|
|
|
3,024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Winter weather as
defined by heating degree days (HDD) to serve as a measure for the
need for heating. For each day, HDD is calculated as HDD = 65°F –
the
average hourly daily temperature. Summer weather is measured by the
temperature-humidity index (THI), which takes into account both the
temperature and the
humidity to measure the need for air conditioning. Both measures
use data provided by the National Oceanic and Atmospheric
Administration based on readings
from Newark Liberty International Airport. Comparisons to normal
are based on twenty years of historic data.
|
|
|
|
|
|
|
|
|
Attachment
6
|
|
|
|
|
|
|
|
|
|
Nuclear Generation
Measures
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
GWh
Breakdown
|
|
GWh
Breakdown
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
September
30,
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Nuclear - NJ
|
5,432
|
|
5,247
|
|
15,824
|
|
15,491
|
Nuclear - PA
|
2,706
|
|
2,721
|
|
8,447
|
|
8,435
|
|
|
8,138
|
|
7,968
|
|
24,271
|
|
23,926
|
|
|
|
|
|
|
|
|
|
|
|
Attachment
7
|
Public Service
Enterprise Group Incorporated
|
Statistical
Measures
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Weighted Average Common
Shares Outstanding (millions)
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
498
|
|
497
|
|
497
|
|
498
|
|
Diluted
|
|
|
|
500
|
|
500
|
|
500
|
|
501
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock Price at End of
Period
|
|
|
|
|
|
|
$56.91
|
|
$56.23
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends Paid per
Share of Common Stock
|
|
$0.57
|
|
$0.54
|
|
$1.71
|
|
$1.62
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend
Yield
|
|
|
|
|
|
|
|
4.0 %
|
|
3.8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Book Value per Common
Share
|
|
|
|
|
|
|
$30.46
|
|
$26.67
|
|
|
|
|
|
|
|
|
|
|
|
|
Market Price as a
Percent of Book Value
|
|
|
|
|
|
|
187 %
|
|
211 %
|
|
|
|
|
|
|
|
|
Attachment
8
|
Public Service
Enterprise Group Incorporated
|
Consolidated
Operating Earnings (non-GAAP) Reconciliation
|
|
|
|
|
|
|
|
|
|
Reconciling
Items
|
Three Months
Ended
|
Nine Months
Ended
|
September
30,
|
September
30,
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
($ millions,
Unaudited)
|
|
|
|
|
|
|
|
|
|
Net
Income
|
|
$
139
|
|
$
114
|
|
$
2,017
|
|
$
243
|
|
(Gain) Loss on Nuclear
Decommissioning Trust (NDT)
|
|
|
|
|
|
|
|
|
Fund Related Activity,
pre-tax
|
42
|
|
98
|
|
(58)
|
|
355
|
|
(Gain) Loss on
Mark-to-Market (MTM), pre-tax(a)
|
25
|
|
297
|
|
(1,043)
|
|
1,246
|
|
Pension Settlement
Charge, pre-tax
|
332
|
|
-
|
|
332
|
|
-
|
|
Plant Retirements,
Dispositions and Impairments, pre-tax(b)
|
-
|
|
3
|
|
-
|
|
17
|
|
Lease Related Activity,
pre-tax
|
-
|
|
53
|
|
-
|
|
53
|
|
Exit Incentive Program
(EIP), pre-tax
|
5
|
|
-
|
|
25
|
|
-
|
|
Income Taxes related to
Operating Earnings (non-GAAP) reconciling items(c)
|
(118)
|
|
(136)
|
|
198
|
|
(493)
|
Operating Earnings
(non-GAAP)
|
$
425
|
|
$
429
|
|
$
1,471
|
|
$
1,421
|
|
|
|
|
|
|
|
|
|
|
PSEG Fully Diluted
Average Shares Outstanding (in millions)
|
500
|
|
500
|
|
500
|
|
501
|
|
|
($ Per Share Impact
- Diluted, Unaudited)
|
|
|
|
|
|
|
|
|
|
Net
Income
|
|
$
0.27
|
|
$
0.22
|
|
$
4.03
|
|
$
0.48
|
|
(Gain) Loss on NDT Fund
Related Activity, pre-tax
|
0.09
|
|
0.20
|
|
(0.11)
|
|
0.71
|
|
(Gain) Loss on MTM,
pre-tax(a)
|
0.05
|
|
0.60
|
|
(2.09)
|
|
2.49
|
|
Pension Settlement
Charge, pre-tax
|
0.66
|
|
-
|
|
0.66
|
|
-
|
|
Plant Retirements,
Dispositions and Impairments, pre-tax(b)
|
-
|
|
0.01
|
|
-
|
|
0.03
|
|
Lease Related Activity,
pre-tax
|
-
|
|
0.10
|
|
-
|
|
0.10
|
|
EIP, pre-tax
|
0.01
|
|
-
|
|
0.05
|
|
-
|
|
Income Taxes related to
Operating Earnings (non-GAAP) reconciling items(c)
|
(0.23)
|
|
(0.27)
|
|
0.40
|
|
(0.98)
|
Operating Earnings
(non-GAAP)
|
$
0.85
|
|
$
0.86
|
|
$
2.94
|
|
$
2.83
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Includes the
financial impact from positions with forward delivery
months.
|
|
|
(b) Nine months ended
September 30, 2022 includes the results for fossil generation sold
in February 2022.
|
|
|
(c) Income tax effect
calculated at the statutory rate except for qualified NDT related
activity, which records an additional 20% trust tax on income
(loss) from qualified NDT Funds, and lease related
activity.
|
|
|
|
|
|
|
|
|
|
Attachment
9
|
|
|
|
|
|
|
|
|
|
|
|
PSE&G Operating
Earnings (non-GAAP) Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
Nine Months
Ended
|
Reconciling
Items
|
September
30,
|
September
30,
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
|
($ millions,
Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Net
Income
|
$
401
|
|
$
399
|
|
$
1,224
|
|
$
1,213
|
|
|
EIP, pre-tax
|
3
|
|
-
|
|
17
|
|
-
|
|
|
Income Taxes related to
Operating Earnings (non-GAAP) reconciling items
|
(1)
|
|
-
|
|
(5)
|
|
-
|
|
Operating Earnings
(non-GAAP)
|
$
403
|
|
$
399
|
|
$
1,236
|
|
$
1,213
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG Fully Diluted
Average Shares Outstanding (in millions)
|
500
|
|
500
|
|
500
|
|
501
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG Power &
Other Operating Earnings (non-GAAP) Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
Nine Months
Ended
|
Reconciling
Items
|
September
30,
|
September
30,
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
|
($ millions,
Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Net Income
(Loss)
|
$
(262)
|
|
$ (285)
|
|
$
793
|
|
$ (970)
|
|
|
(Gain) Loss on NDT Fund
Related Activity, pre-tax
|
42
|
|
98
|
|
(58)
|
|
355
|
|
|
(Gain) Loss on MTM,
pre-tax(a)
|
25
|
|
297
|
|
(1,043)
|
|
1,246
|
|
|
Pension Settlement
Charge, pre-tax
|
332
|
|
-
|
|
332
|
|
-
|
|
|
Plant Retirements,
Dispositions and Impairments, pre-tax(b)
|
-
|
|
3
|
|
-
|
|
17
|
|
|
Lease Related Activity,
pre-tax
|
-
|
|
53
|
|
-
|
|
53
|
|
|
EIP, pre-tax
|
2
|
|
-
|
|
8
|
|
-
|
|
|
Income Taxes related to
Operating Earnings (non-GAAP) reconciling
items(c)
|
(117)
|
|
(136)
|
|
203
|
|
(493)
|
|
Operating Earnings
(non-GAAP)
|
$
22
|
|
$
30
|
|
$
235
|
|
$
208
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG Fully Diluted
Average Shares Outstanding (in millions)
|
500
|
|
500
|
|
500
|
|
501
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Includes the
financial impact from positions with forward delivery
months.
|
|
(b) Nine months ended
September 30, 2022 includes the results for fossil generation sold
in February 2022.
|
|
(c) Income tax effect
calculated at the statutory rate except for qualified NDT related
activity, which records an additional 20% trust tax on income
(loss) from qualified NDT Funds, and lease related
activity.
|
CONTACTS:
|
|
|
Media
Relations
|
Investor
Relations
|
|
Marijke
Shugrue
|
Carlotta
Chan
|
|
908-531-4253
|
973-430-6565
|
|
Marijke.Shugrue@pseg.com
|
Carlotta.Chan@pseg.com
|
|
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SOURCE PSEG