$1.18 Per Share Net Income
$0.70 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.,
Aug. 1,
2023 /PRNewswire/ -- Public Service Enterprise Group
(NYSE: PEG) reported second quarter 2023 Net Income of $591 million, or $1.18 per share, compared to Net Income of
$131 million, or $0.26 per share, for the second quarter
2022.
Non-GAAP Operating Earnings for the second quarter of 2023 were
$351 million, or $0.70 per share, compared to non-GAAP
Operating Earnings of $320 million,
or $0.64 per share for the second
quarter of 2022. Non-GAAP results for the second quarter of
2023 and 2022 exclude items shown in Attachments 8 and 9.
"PSEG's year-to-date financial results are on track, enabling us
to re-affirm our full-year, 2023 non-GAAP Operating Earnings
guidance of $3.40 to $3.50 per share," said Ralph LaRossa, PSEG's chair, president and
CEO. "As anticipated, growth in regulated operations, the
realization of higher average hedged prices and effective cost
controls across the business are offsetting the known headwinds of
higher interest rates and lower pension income. Electric and
natural gas infrastructure, reliability and clean energy
investments drive PSE&G's full-year 2023 capital spending
budget of $3.5 billion – supporting
both 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."
LaRossa added, "We continue executing on PSEG's improved business
mix and increasing predictability, while prioritizing the safety
and reliability of our operations. During the second quarter,
we completed the sale of PSEG's investment in offshore wind
generation, recovering our investment in the project and
eliminating large project risk, consistent with our continued drive
toward a more predictable business profile. We have also made
progress related to the pension plans. Having previously
received a New Jersey Board of
Public Utilities (BPU) order that reduces prospective earnings
variability, we recently executed an agreement for a pension
"lift-out" that will further increase the predictability of
financial results. This transaction covers approximately
2,000 retirees from PSEG Power & Other and will transfer
approximately $1 billion of related
obligations and associated plan assets to The Prudential Insurance
Company of America, who will be solely responsible for all payments
of related pension benefits due on and after December 31, 2023. The transaction will
result in no changes to the amount of benefits payable to the
retirees and have no material impact on PSEG's non-GAAP Operating
Earnings in 2023."
The following tables provide a reconciliation of PSEG's Net
Income to non-GAAP Operating Earnings for the second quarter.
See Attachments 8 and 9 for a complete list of items excluded
from Net Income in the determination of non-GAAP Operating
Earnings.
PSEG Consolidated
(unaudited)
Second Quarter Comparative Results
|
|
|
|
|
Income
|
Diluted Earnings Per
Share
|
($ millions, except
per share amounts)
|
2023
|
2022
|
2023
|
2022
|
Net Income
|
$591
|
$131
|
$1.18
|
$0.26
|
Reconciling
Items
|
(240)
|
189
|
(0.48)
|
0.38
|
Non-GAAP Operating
Earnings
|
$351
|
$320
|
$0.70
|
$0.64
|
Average
Shares
|
|
|
500
|
500
|
|
|
|
|
|
|
Results and Outlook by Operating Subsidiary
Public Service
Electric and Gas
Second Quarter Comparative Results
|
|
($ millions, except
per share amounts)
|
2023
|
2022
|
Change
|
Net Income
|
$336
|
$305
|
$31
|
Net Income Per Share
(EPS)
|
$0.67
|
$0.61
|
$0.06
|
Non-GAAP Operating
Earnings
|
$341
|
$305
|
$36
|
Non-GAAP Operating
EPS
|
$0.68
|
$0.61
|
$0.07
|
PSE&G's net Transmission margin improved in second quarter
2023 compared to the year-earlier quarter, reflecting continued
investment. Growth in Distribution rate base, reflecting
infrastructure investment roll-ins, as well as a benefit from the
timing of taxes, were partly 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, weather and general economic conditions.
PSE&G's forecast of non-GAAP Operating Earnings for
2023 is unchanged at $1,500 million -
$1,525 million, which reflects lower
pension income and OPEB credits compared to 2022, offset by the
combined benefit of investments with recovery mechanisms, the
predictability of utility margin from CIP, and the BPU pension
accounting order for full-year 2023.
PSEG Power &
Other
Second Quarter Comparative Results
|
|
($ millions, except
per share amounts)
|
2023
|
2022
|
Change
|
Net
Income/(Loss)
|
$255
|
$(174)
|
$429
|
Net Income/(Loss) Per
Share (EPS)
|
$0.51
|
$(0.35)
|
$0.86
|
Non-GAAP Operating
Earnings
|
$10
|
$15
|
$(5)
|
Non-GAAP Operating
EPS
|
$0.02
|
$0.03
|
$(0.01)
|
PSEG Power & Other results for the second quarter of 2023
reflect higher interest expense and lower pension income and OPEB
credits, partly offset by a slight improvement in PSEG Power
margins compared to the second quarter of 2022.
The full-year 2023 forecast for PSEG Power & Other non-GAAP
Operating Earnings is unchanged at $200 million - $225
million. Upon completion of the pension "lift-out," we
anticipate taking a one time, non-cash settlement charge in the
range of $225 million to $260 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. This charge is not expected to impact full-year
2023, non-GAAP Operating Earnings guidance for PSEG, PSE&G or
PSEG Power & Other.
PSEG will host a conference call to review its second 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.
|
CONTACTS:
|
|
Media Relations
|
Investor Relations
|
|
Marijke
Shugrue
|
Carlotta
Chan
|
|
908-531-4253
|
973-430-6565
|
|
Marijke.Shugrue@pseg.com
|
Carlotta.Chan@pseg.com
|
|
|
|
|
|
|
|
|
|
|
|
Attachment
1
|
|
|
Public Service Enterprise Group
Incorporated
|
Consolidating Statements of
Operations
|
(Unaudited, $ millions, except per share
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG
|
|
Eliminations
|
|
PSE&G
|
|
PSEG Power
& Other(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
REVENUES
|
|
$ 2,421
|
|
$
(143)
|
|
$ 1,662
|
|
$
902
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
Energy Costs
|
|
604
|
|
(143)
|
|
551
|
|
196
|
|
|
|
Operation and
Maintenance
|
|
744
|
|
-
|
|
429
|
|
315
|
|
|
|
Depreciation and
Amortization
|
|
279
|
|
-
|
|
240
|
|
39
|
|
|
|
|
Total Operating
Expenses
|
|
1,627
|
|
(143)
|
|
1,220
|
|
550
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
|
794
|
|
-
|
|
442
|
|
352
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Gains (Losses) on
Trust Investments
|
|
57
|
|
-
|
|
-
|
|
57
|
|
|
Other Income
(Deductions)
|
|
49
|
|
(1)
|
|
23
|
|
27
|
|
|
Net Non-Operating
Pension and OPEB Credits (Costs)
|
|
29
|
|
-
|
|
28
|
|
1
|
|
|
Interest
Expense
|
|
(185)
|
|
1
|
|
(123)
|
|
(63)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE INCOME
TAXES
|
|
744
|
|
-
|
|
370
|
|
374
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax
Expense
|
|
(153)
|
|
-
|
|
(34)
|
|
(119)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
|
|
$
591
|
|
$
-
|
|
$
336
|
|
$
255
|
|
|
|
Reconciling Items
Excluded from Net Income(b)
|
|
(240)
|
|
-
|
|
5
|
|
(245)
|
|
|
OPERATING EARNINGS (non-GAAP)
|
|
$
351
|
|
$
-
|
|
$
341
|
|
$
10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
|
|
$
1.18
|
|
$
-
|
|
$
0.67
|
|
$
0.51
|
|
|
|
Reconciling Items
Excluded from Net Income(b)
|
|
(0.48)
|
|
-
|
|
0.01
|
|
(0.49)
|
|
|
OPERATING EARNINGS (non-GAAP)
|
|
$
0.70
|
|
$
-
|
|
$
0.68
|
|
$
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG
|
|
Eliminations
|
|
PSE&G
|
|
PSEG Power
& Other(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
REVENUES
|
|
$ 2,076
|
|
$
(237)
|
|
$ 1,668
|
|
$
645
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
Energy Costs
|
|
765
|
|
(237)
|
|
630
|
|
372
|
|
|
|
Operation and
Maintenance
|
|
751
|
|
-
|
|
434
|
|
317
|
|
|
|
Depreciation and
Amortization
|
|
269
|
|
-
|
|
227
|
|
42
|
|
|
|
Gains on Asset
Dispositions and Impairments
|
|
(5)
|
|
-
|
|
-
|
|
(5)
|
|
|
|
|
Total Operating
Expenses
|
|
1,780
|
|
(237)
|
|
1,291
|
|
726
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
|
296
|
|
-
|
|
377
|
|
(81)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Equity
Method Investments
|
|
7
|
|
-
|
|
-
|
|
7
|
|
|
Net Gains (Losses) on
Trust Investments
|
|
(187)
|
|
-
|
|
(2)
|
|
(185)
|
|
|
Other Income
(Deductions)
|
|
38
|
|
-
|
|
22
|
|
16
|
|
|
Net Non-Operating
Pension and OPEB Credits (Costs)
|
|
94
|
|
-
|
|
71
|
|
23
|
|
|
Interest
Expense
|
|
(150)
|
|
-
|
|
(107)
|
|
(43)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE
INCOME TAXES
|
|
98
|
|
-
|
|
361
|
|
(263)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Benefit
(Expense)
|
|
33
|
|
-
|
|
(56)
|
|
89
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS)
|
|
$
131
|
|
$
-
|
|
$
305
|
|
$
(174)
|
|
|
|
Reconciling Items
Excluded from Net Income (Loss)(b)
|
|
189
|
|
-
|
|
-
|
|
189
|
|
|
OPERATING EARNINGS (non-GAAP)
|
|
$
320
|
|
$
-
|
|
$
305
|
|
$
15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS)
|
|
$
0.26
|
|
$
-
|
|
$
0.61
|
|
$
(0.35)
|
|
|
|
Reconciling Items
Excluded from Net Income (Loss)(b)
|
|
0.38
|
|
-
|
|
-
|
|
0.38
|
|
|
OPERATING EARNINGS (non-GAAP)
|
|
$
0.64
|
|
$
-
|
|
$
0.61
|
|
$
0.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG
|
|
Eliminations
|
|
PSE&G
|
|
PSEG Power
& Other(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
REVENUES
|
|
$
6,176
|
|
$
(708)
|
|
$
3,955
|
|
$
2,929
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
Energy Costs
|
|
1,686
|
|
(708)
|
|
1,535
|
|
859
|
|
|
|
Operation and
Maintenance
|
|
1,487
|
|
-
|
|
889
|
|
598
|
|
|
|
Depreciation and
Amortization
|
|
561
|
|
-
|
|
484
|
|
77
|
|
|
|
|
Total Operating
Expenses
|
|
3,734
|
|
(708)
|
|
2,908
|
|
1,534
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
|
2,442
|
|
-
|
|
1,047
|
|
1,395
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Equity
Method Investments
|
|
1
|
|
-
|
|
-
|
|
1
|
|
|
Net Gains (Losses) on
Trust Investments
|
|
103
|
|
-
|
|
-
|
|
103
|
|
|
Other Income
(Deductions)
|
|
91
|
|
(2)
|
|
44
|
|
49
|
|
|
Net Non-Operating
Pension and OPEB Credits (Costs)
|
|
57
|
|
-
|
|
56
|
|
1
|
|
|
Interest
Expense
|
|
(365)
|
|
2
|
|
(236)
|
|
(131)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE INCOME
TAXES
|
|
2,329
|
|
-
|
|
911
|
|
1,418
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax
Expense
|
|
(451)
|
|
-
|
|
(88)
|
|
(363)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
|
|
$
1,878
|
|
$
-
|
|
$ 823
|
|
$
1,055
|
|
|
|
Reconciling Items
Excluded from Net Income(b)
|
|
(832)
|
|
-
|
|
10
|
|
(842)
|
|
|
OPERATING EARNINGS (non-GAAP)
|
|
$
1,046
|
|
$
-
|
|
$ 833
|
|
$
213
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
|
|
$
3.76
|
|
$
-
|
|
$
1.65
|
|
$ 2.11
|
|
|
|
Reconciling Items
Excluded from Net Income (b)
|
|
(1.67)
|
|
-
|
|
0.02
|
|
(1.69)
|
|
|
OPERATING EARNINGS (non-GAAP)
|
|
$
2.09
|
|
$
-
|
|
$
1.67
|
|
$ 0.42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG
|
|
Eliminations
|
|
PSE&G
|
|
PSEG Power
& Other(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
REVENUES
|
|
$
4,389
|
|
$
(821)
|
|
$
3,952
|
|
$
1,258
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
Energy Costs
|
|
2,010
|
|
(821)
|
|
1,598
|
|
1,233
|
|
|
|
Operation and
Maintenance
|
|
1,545
|
|
-
|
|
897
|
|
648
|
|
|
|
Depreciation and
Amortization
|
|
552
|
|
-
|
|
468
|
|
84
|
|
|
|
Losses on Asset
Dispositions and Impairments
|
|
38
|
|
-
|
|
-
|
|
38
|
|
|
|
|
Total Operating
Expenses
|
|
4,145
|
|
(821)
|
|
2,963
|
|
2,003
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
|
244
|
|
-
|
|
989
|
|
(745)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Equity
Method Investments
|
|
11
|
|
-
|
|
-
|
|
11
|
|
|
Net Gains (Losses) on
Trust Investments
|
|
(255)
|
|
-
|
|
(2)
|
|
(253)
|
|
|
Other Income
(Deductions)
|
|
43
|
|
-
|
|
41
|
|
2
|
|
|
Net Non-Operating
Pension and OPEB Credits (Costs)
|
|
188
|
|
-
|
|
141
|
|
47
|
|
|
Interest
Expense
|
|
(287)
|
|
-
|
|
(210)
|
|
(77)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE
INCOME TAXES
|
|
(56)
|
|
-
|
|
959
|
|
(1,015)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Benefit
(Expense)
|
|
185
|
|
-
|
|
(145)
|
|
330
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS)
|
|
$ 129
|
|
$
-
|
|
$ 814
|
|
$
(685)
|
|
|
|
Reconciling Items
Excluded from Net Income (Loss)(b)
|
|
863
|
|
-
|
|
-
|
|
863
|
|
|
OPERATING EARNINGS (non-GAAP)
|
|
$ 992
|
|
$
-
|
|
$ 814
|
|
$ 178
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS)
|
|
$
0.26
|
|
$
-
|
|
$
1.62
|
|
$
(1.36)
|
|
|
|
Reconciling Items
Excluded from Net Income (Loss)(b)
|
|
1.71
|
|
-
|
|
-
|
|
1.71
|
|
|
OPERATING EARNINGS (non-GAAP)
|
|
$
1.97
|
|
$
-
|
|
$
1.62
|
|
$ 0.35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
December 31,
|
|
|
|
|
|
|
|
2023
|
|
2022
|
|
|
DEBT
|
|
|
|
|
|
|
|
|
Commercial Paper and
Loans
|
|
|
$
1,197
|
|
$
2,200
|
|
|
|
Long-Term
Debt*
|
|
|
18,469
|
|
18,070
|
|
|
|
|
Total Debt
|
|
|
19,666
|
|
20,270
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
Common Stock
|
|
|
5,054
|
|
5,065
|
|
|
|
Treasury
Stock
|
|
|
(1,386)
|
|
(1,377)
|
|
|
|
Retained
Earnings
|
|
|
11,900
|
|
10,591
|
|
|
|
Accumulated Other
Comprehensive Loss
|
|
(515)
|
|
(550)
|
|
|
|
|
Total Stockholders'
Equity
|
|
|
15,053
|
|
13,729
|
|
|
|
|
Total
Capitalization
|
|
|
$
34,719
|
|
$
33,999
|
|
|
*Includes current
portion of Long-Term Debt
|
|
|
|
Attachment 4
|
Public Service
Enterprise Group Incorporated
Condensed Consolidated Statements of Cash Flows
(Unaudited, $ millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended June 30,
|
|
2023
|
|
2022
|
CASH FLOWS FROM OPERATING
ACTIVITIES
|
|
|
|
Net
Income
|
$
1,878
|
|
$
129
|
Adjustments to
Reconcile Net Income to Net Cash Flows
|
|
|
|
From
Operating Activities
|
531
|
|
227
|
NET CASH PROVIDED BY (USED IN) OPERATING
ACTIVITIES
|
2,409
|
|
356
|
|
|
|
|
NET CASH PROVIDED BY (USED IN) INVESTING
ACTIVITIES
|
(1,119)
|
|
531
|
|
|
|
|
NET CASH PROVIDED BY (USED IN) FINANCING
ACTIVITIES
|
(1,204)
|
|
496
|
|
|
|
|
Net Change in Cash, Cash Equivalents and Restricted
Cash
|
86
|
|
1,383
|
|
|
|
|
Cash, Cash Equivalents and Restricted Cash at
Beginning of Period
|
511
|
|
863
|
Cash, Cash Equivalents and Restricted Cash at End of
Period
|
$
597
|
|
$
2,246
|
|
|
|
|
|
|
|
|
Attachment 5
|
|
Public Service
Electric & Gas Company
Retail Sales
(Unaudited)
June 30, 2023
|
|
|
|
|
|
|
|
|
|
|
|
Electric Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
|
|
Change vs.
|
|
Six Months
|
|
Change vs.
|
|
|
Sales (millions kWh)
|
Ended
|
|
2022
|
|
Ended
|
|
2022
|
|
|
Residential
|
2,811
|
|
(11 %)
|
|
5,753
|
|
(10 %)
|
|
|
Commercial &
Industrial
|
5,914
|
|
(5 %)
|
|
12,366
|
|
(3 %)
|
|
|
Other
|
71
|
|
(1 %)
|
|
169
|
|
(2 %)
|
|
|
Total
|
8,796
|
|
(7 %)
|
|
18,288
|
|
(5 %)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas Sold and Transported
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
|
|
Change vs.
|
|
Six Months
|
|
Change vs.
|
|
|
Sales (millions therms)
|
Ended
|
|
2022
|
|
Ended
|
|
2022
|
|
|
Firm Sales
|
|
|
|
|
|
|
|
|
|
Residential
Sales
|
184
|
|
(12 %)
|
|
806
|
|
(15 %)
|
|
|
Commercial &
Industrial
|
152
|
|
(11 %)
|
|
568
|
|
(15 %)
|
|
|
Total Firm Sales
|
336
|
|
(11 %)
|
|
1,374
|
|
(15 %)
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Firm Sales*
|
|
|
|
|
|
|
|
|
|
Commercial &
Industrial
|
192
|
|
(19 %)
|
|
334
|
|
(16 %)
|
|
|
Total Non-Firm Sales
|
192
|
|
|
|
334
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Sales
|
528
|
|
(14 %)
|
|
1,708
|
|
(15 %)
|
|
|
|
|
|
|
|
|
|
|
|
|
*Contract Service Gas
rate included in non-firm sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weather Data*
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
|
|
Change vs.
|
|
Six Months
|
|
Change vs.
|
|
|
|
Ended
|
|
2022
|
|
Ended
|
|
2022
|
|
|
THI Hours -
Actual
|
2,954
|
|
(34 %)
|
|
2,954
|
|
(35 %)
|
|
|
THI Hours -
Normal
|
4,161
|
|
|
|
4,180
|
|
|
|
|
Degree Days -
Actual
|
336
|
|
(23 %)
|
|
2,280
|
|
(23 %)
|
|
|
Degree Days -
Normal
|
494
|
|
|
|
3,005
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*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
|
|
Six Months Ended
|
|
|
June 30,
|
|
June 30,
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Nuclear - NJ
|
4,883
|
|
4,698
|
|
10,392
|
|
10,243
|
Nuclear - PA
|
2,855
|
|
2,820
|
|
5,741
|
|
5,714
|
|
|
7,738
|
|
7,518
|
|
16,133
|
|
15,957
|
|
|
|
|
|
|
|
|
|
|
|
% Generation
|
|
% Generation
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
June 30,
|
|
June 30,
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Nuclear - NJ
|
63 %
|
|
62 %
|
|
64 %
|
|
64 %
|
Nuclear - PA
|
37 %
|
|
38 %
|
|
36 %
|
|
36 %
|
|
|
100 %
|
|
100 %
|
|
100 %
|
|
100 %
|
|
|
|
|
|
|
|
|
|
|
|
Attachment 7
|
Public Service
Enterprise Group Incorporated
Statistical Measures
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
|
|
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Weighted Average Common
Shares Outstanding (millions)
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
497
|
|
497
|
|
497
|
|
499
|
|
Diluted
|
|
|
|
500
|
|
500
|
|
500
|
|
502
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock Price at End of
Period
|
|
|
|
|
|
|
$62.61
|
|
$63.28
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends Paid per
Share of Common Stock
|
|
$0.57
|
|
$0.54
|
|
$1.14
|
|
$1.08
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend
Yield
|
|
|
|
|
|
|
|
3.6 %
|
|
3.4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Book Value per Common
Share
|
|
|
|
|
|
|
$30.29
|
|
$27.03
|
|
|
|
|
|
|
|
|
|
|
|
|
Market Price as a
Percent of Book Value
|
|
|
|
|
|
|
207 %
|
|
234 %
|
|
|
|
|
|
|
|
|
|
|
Attachment 8
|
|
|
Public Service Enterprise Group
Incorporated
|
Consolidated Operating Earnings (non-GAAP)
Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciling Items
|
Three Months Ended
|
Six Months Ended
|
June 30,
|
June 30,
|
|
2023
|
|
2022
|
|
|
2023
|
|
2022
|
|
|
|
($ millions, Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
|
$
591
|
|
$ 131
|
|
|
$
1,878
|
|
$ 129
|
|
(Gain) Loss on Nuclear Decommissioning Trust (NDT)
|
|
|
|
|
|
|
|
|
|
|
Fund Related Activity, pre-tax
|
|
(58)
|
|
185
|
|
|
(100)
|
|
257
|
|
(Gain) Loss on Mark-to-Market (MTM),
pre-tax(a)
|
|
(296)
|
|
104
|
|
|
(1,068)
|
|
949
|
|
Plant Retirements,
Dispositions and Impairments, pre-tax(b)
|
|
-
|
|
(2)
|
|
|
-
|
|
14
|
|
Exit Incentive Program
(EIP), pre-tax
|
|
9
|
|
-
|
|
|
20
|
|
-
|
|
Income Taxes related to Operating Earnings (non-GAAP)
reconciling items(c)
|
|
105
|
|
(98)
|
|
|
316
|
|
(357)
|
|
Operating Earnings (non-GAAP)
|
|
$
351
|
|
$ 320
|
|
|
$
1,046
|
|
$ 992
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG Fully Diluted
Average Shares Outstanding (in millions)
|
|
500
|
|
500
|
|
|
500
|
|
502
|
|
|
|
($ Per Share Impact - Diluted,
Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
|
$
1.18
|
|
$ 0.26
|
|
|
$
3.76
|
|
$ 0.26
|
|
(Gain) Loss on NDT Fund Related Activity, pre-tax
|
|
(0.12)
|
|
0.37
|
|
|
(0.20)
|
|
0.51
|
|
(Gain) Loss on MTM, pre-tax(a)
|
|
(0.59)
|
|
0.20
|
|
|
(2.14)
|
|
1.89
|
|
Plant Retirements, Dispositions and Impairments,
pre-tax(b)
|
|
-
|
|
(0.01)
|
|
|
-
|
|
0.02
|
|
EIP, pre-tax
|
|
0.02
|
|
-
|
|
|
0.04
|
|
-
|
|
Income Taxes related to Operating Earnings (non-GAAP)
reconciling items(c)
|
|
0.21
|
|
(0.18)
|
|
|
0.63
|
|
(0.71)
|
|
Operating Earnings (non-GAAP)
|
|
$
0.70
|
|
$ 0.64
|
|
|
$
2.09
|
|
$ 1.97
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Includes the
financial impact from positions with forward delivery months.
(b) Six months ended June 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
|
Six Months Ended
|
Reconciling Items
|
June 30,
|
June 30,
|
|
|
|
2023
|
|
2022
|
|
|
2023
|
|
2022
|
|
|
|
($ millions, Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
$
336
|
|
$ 305
|
|
|
$
823
|
|
$ 814
|
|
|
EIP, pre-tax
|
|
7
|
|
-
|
|
|
14
|
|
-
|
|
|
Income Taxes related to
Operating Earnings (non-GAAP) reconciling items
|
|
(2)
|
|
-
|
|
|
(4)
|
|
-
|
|
Operating Earnings (non-GAAP)
|
|
$
341
|
|
$ 305
|
|
|
$
833
|
|
$ 814
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG Fully Diluted Average Shares Outstanding (in
millions)
|
|
500
|
|
500
|
|
|
500
|
|
502
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG Power & Other Operating Earnings (non-GAAP)
Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
Six Months Ended
|
Reconciling Items
|
June 30,
|
June 30,
|
|
|
|
2023
|
|
2022
|
|
|
2023
|
|
2022
|
|
|
|
($ millions, Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss)
|
|
$
255
|
|
$ (174)
|
|
|
$
1,055
|
|
$
(685)
|
|
|
(Gain) Loss on NDT Fund
Related Activity, pre-tax
|
|
(58)
|
|
185
|
|
|
(100)
|
|
257
|
|
|
(Gain) Loss on MTM,
pre-tax(a)
|
|
(296)
|
|
104
|
|
|
(1,068)
|
|
949
|
|
|
Plant Retirements,
Dispositions and Impairments, pre-tax(b)
|
|
-
|
|
(2)
|
|
|
-
|
|
14
|
|
|
EIP, pre-tax
|
|
2
|
|
-
|
|
|
6
|
|
-
|
|
|
Income Taxes related to
Operating Earnings (non-GAAP) reconciling
items(c)
|
|
107
|
|
(98)
|
|
|
320
|
|
(357)
|
|
Operating Earnings (non-GAAP)
|
|
$
10
|
|
$
15
|
|
|
$
213
|
|
$ 178
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG Fully Diluted Average Shares Outstanding (in
millions)
|
|
500
|
|
500
|
|
|
500
|
|
502
|
|
|
(a) Includes the
financial impact from positions with forward delivery months.
(b) Six months ended June 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.
|
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SOURCE PSEG