PSEG ANNOUNCES FIRST QUARTER 2025 RESULTS
Maintains 2025 Non-GAAP Operating Earnings Guidance of
NEWARK, N.J.,
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PSEG Consolidated (unaudited) |
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Income |
Earnings Per Share |
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($ millions, except per share amounts) |
1Q 2025 |
1Q 2024 |
1Q 2025 |
1Q 2024 |
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Net Income |
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Reconciling Items |
129 |
125 |
0.25 |
0.25 |
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Non-GAAP Operating Earnings |
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Average Shares Outstanding (Diluted) |
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500 |
500 |
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See Attachments 7 and 8 for a complete list of items excluded from Net Income in the determination of non-GAAP Operating Earnings. |
"PSEG delivered a solid operating and financial performance to begin the year. Our service territory experienced multiple cold spells in January and February with temperatures remaining below 20°F for several days in a row, prompting the highest winter peak load for both gas and electric in the last six years. During these challenging conditions, our electric and gas operations maintained high levels of reliability and efficient customer response times," said
"Our regulated capital investment plan for 2025 remains focused on infrastructure replacement and modernization to ensure safe and reliable service, and to meet growing customer demand. PSE&G also began rolling out the second phase of its Clean Energy Future - Energy Efficiency II program, which helps customers save energy, lower their bills and reduce carbon emissions while supporting job training and economic growth in
"PSE&G experienced another quarterly increase in large load inquiries for new service connections. This pipeline totaled over 6,400 MW of capacity requested as of
"At PSEG Nuclear, we generated approximately 8.4 terawatt hours of energy during the first quarter, supplying the grid with 24x7, carbon-free power and achieving a capacity factor of 99.9%."
LaRossa added, "PSEG's focus on increasing the predictability of our results continues to benefit both customers and the company, aided by our Conservation Incentive Program, and deferral mechanisms from the recently concluded rate case. We also constantly manage our cost structure to keep bills as low as possible. Preserving PSEG's financial flexibility helps us to accomplish our financial and strategic goals, including executing on PSE&G's regulated capital investment plan, which is on track and on budget."
"PSEG continues to pursue opportunities to grow our existing 5% to 7% compound annual growth outlook for non-GAAP Operating Earnings over the 2025 to 2029 period, including the potential to contract our nuclear output under long-term agreements."
"PSEG also declared a first-quarter common stock dividend of
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PSEG Results by Segment (unaudited) |
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($ millions) |
1Q 2025 |
1Q 2024 |
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PSE&G Net Income/Non-GAAP Operating Earnings |
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43 |
44 |
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Total PSEG Net Income |
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Total PSEG Non-GAAP Operating Earnings |
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PSE&G's results for the first quarter reflect new electric and gas base distribution rates in effect for a full quarter following the
PSEG will host a conference call to review its first quarter 2025 results, earnings guidance, and other matters with the financial community at
https://investor.pseg.com/investor-news-and-events
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Media Relations: |
Investor Relations: |
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(973) 430-7734 ou-communicationspseandg@pseg.com
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(973) 430-6565 PSEG-IR-GeneralInquiry@pseg.com
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About PSEG
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
See Attachments 7 and 8 for a complete list of items excluded from Net Income 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, which is an indicator of financial performance determined in accordance with GAAP. In addition, non-GAAP Operating Earnings as presented in this report 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
- 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, natural disasters, 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;
- an increasing demand for power and load growth, potentially compounded by a shift away from natural gas toward increased electrification;
- failure to attract and retain a qualified workforce;
- increases in the costs of equipment, materials, fuel, services 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; - any inability to enter into or extend certain significant contracts;
- development, adoption and use of Artificial Intelligence by us and our third-party vendors;
- 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 our sale of nuclear generation output and purchase of nuclear fuel;
- any inability to meet our commitments under forward sale obligations and
Regional Transmission Organization rules; - 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 projects or programs may not be fully approved by regulators and its capital investment may be lower than planned;
- our ability to receive sufficient financial support for our
New Jersey nuclear plants from the markets, production tax credit and/or zero emission certificates program; - 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 and third-party operation of co-owned 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 operational, financial, environmental and health and safety risks;
- changes in federal, state and local 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.
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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 |
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Attachment 1
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Consolidating Statements of Operations |
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(Unaudited, $ millions, except per share data) |
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Three Months Ended |
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PSEG |
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Eliminations |
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PSE&G |
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OPERATING REVENUES |
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$ 3,222 |
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$ (534) |
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$ 2,664 |
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$ 1,092 |
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OPERATING EXPENSES |
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Energy Costs |
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1,186 |
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(534) |
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1,094 |
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626 |
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Operation and Maintenance |
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919 |
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- |
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576 |
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343 |
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Depreciation and Amortization |
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320 |
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- |
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280 |
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40 |
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Total Operating Expenses |
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2,425 |
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(534) |
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1,950 |
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1,009 |
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OPERATING INCOME |
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797 |
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- |
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714 |
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83 |
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8 |
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- |
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- |
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8 |
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Net Other Income (Deductions) |
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37 |
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(1) |
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16 |
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22 |
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Net Non-Operating Pension and OPEB Credits (Costs) |
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16 |
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- |
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17 |
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(1) |
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Interest Expense |
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(241) |
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1 |
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(157) |
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(85) |
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INCOME BEFORE INCOME TAXES |
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617 |
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- |
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590 |
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27 |
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Income Tax (Expense) Benefit |
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(28) |
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- |
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(44) |
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16 |
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NET INCOME |
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$ 589 |
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$ - |
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$ 546 |
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$ 43 |
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Reconciling Items Excluded from Net Income(b) |
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129 |
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- |
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- |
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129 |
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OPERATING EARNINGS (non-GAAP) |
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$ 718 |
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$ - |
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$ 546 |
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$ 172 |
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Earnings Per Share |
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NET INCOME |
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$ 1.18 |
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Reconciling Items Excluded from Net Income(b) |
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0.25 |
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OPERATING EARNINGS (non-GAAP) |
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$ 1.43 |
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Three Months Ended |
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PSEG |
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Eliminations |
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PSE&G |
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OPERATING REVENUES |
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$ 2,760 |
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$ (445) |
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$ 2,333 |
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$ 872 |
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OPERATING EXPENSES |
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Energy Costs |
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997 |
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(445) |
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928 |
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514 |
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Operation and Maintenance |
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783 |
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- |
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465 |
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318 |
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Depreciation and Amortization |
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295 |
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- |
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257 |
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38 |
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Total Operating Expenses |
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2,075 |
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(445) |
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1,650 |
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870 |
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OPERATING INCOME |
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685 |
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- |
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683 |
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2 |
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95 |
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- |
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- |
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95 |
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Net Other Income (Deductions) |
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35 |
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(1) |
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16 |
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20 |
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Net Non-Operating Pension and OPEB Credits (Costs) |
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19 |
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- |
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19 |
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- |
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Interest Expense |
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(205) |
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1 |
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(138) |
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(68) |
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INCOME BEFORE INCOME TAXES |
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629 |
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- |
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580 |
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49 |
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Income Tax Expense |
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(97) |
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- |
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(92) |
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(5) |
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NET INCOME |
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$ 532 |
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$ - |
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$ 488 |
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$ 44 |
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Reconciling Items Excluded from Net Income(b) |
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125 |
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- |
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- |
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125 |
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OPERATING EARNINGS (non-GAAP) |
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$ 657 |
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$ - |
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$ 488 |
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$ 169 |
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Earnings Per Share |
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NET INCOME |
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$ 1.06 |
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Reconciling Items Excluded from Net Income(b) |
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0.25 |
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OPERATING EARNINGS (non-GAAP) |
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$ 1.31 |
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(a) Includes activities at |
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(b) See Attachments 7 and 8 for details of items excluded from Net Income to compute Operating Earnings (non-GAAP). |
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Attachment 2 |
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Capitalization Schedule |
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(Unaudited, $ millions) |
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2025 |
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2024 |
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DEBT |
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Commercial Paper and Loans |
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$ 400 |
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$ 1,593 |
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Long-Term Debt* |
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22,998 |
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21,114 |
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Total Debt |
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23,398 |
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22,707 |
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STOCKHOLDERS' EQUITY |
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Common Stock |
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5,014 |
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5,057 |
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Treasury Stock |
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(1,376) |
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(1,403) |
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Retained Earnings |
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12,868 |
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12,593 |
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Accumulated Other Comprehensive Loss |
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(136) |
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(133) |
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Total Stockholders' Equity |
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16,370 |
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16,114 |
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Total Capitalization |
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$ 39,768 |
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$ 38,821 |
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*Includes current portion of Long-Term Debt |
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Attachment 3 |
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Condensed Consolidated Statements of Cash Flows |
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(Unaudited, $ millions) |
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Three Months Ended |
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2025 |
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2024 |
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Cash Flows From Operating Activities |
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Net Income |
$ 589 |
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$ 532 |
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Adjustments to Reconcile Net Income to Net Cash Flows |
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From Operating Activities |
460 |
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129 |
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Net Cash Provided By (Used In) Operating Activities |
1,049 |
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661 |
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Net Cash Provided By (Used In) Investing Activities |
(618) |
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(785) |
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Net Cash Provided By (Used In) Financing Activities |
345 |
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1,249 |
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Net Change in Cash, Cash Equivalents and Restricted Cash |
776 |
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1,125 |
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Cash, Cash Equivalents and Restricted Cash at Beginning of Period |
154 |
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99 |
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Cash, Cash Equivalents and Restricted Cash at End of Period |
$ 930 |
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$ 1,224 |
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Attachment 4 |
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Retail Sales |
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(Unaudited) |
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Electric Sales |
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Three Months |
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Change vs. |
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Sales (millions kWh) |
Ended |
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2024 |
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Residential |
3,290 |
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6 % |
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Commercial & Industrial |
6,578 |
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1 % |
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Other |
101 |
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1 % |
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Total |
9,969 |
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2 % |
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Gas Sold and Transported |
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Three Months |
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Change vs. |
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Sales (millions therms) |
Ended |
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2024 |
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Firm Sales |
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Residential Sales |
747 |
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14 % |
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Commercial & Industrial |
495 |
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11 % |
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Total Firm Sales |
1,242 |
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13 % |
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Non-Firm Sales* |
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Commercial & Industrial |
130 |
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(25 %) |
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Total Non-Firm Sales |
130 |
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Total Sales |
1,372 |
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7 % |
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* |
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Weather Data* |
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Three Months |
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Change vs. |
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Ended |
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2024 |
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Degree Days - Actual |
2,376 |
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13 % |
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Degree Days - Normal |
2,485 |
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*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. The measures use data provided by the |
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Attachment 5 |
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Nuclear Generation Measures |
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(Unaudited) |
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GWh Breakdown |
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Three Months Ended |
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2025 |
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2024 |
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Nuclear - NJ |
5,464 |
|
5,337 |
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|
|
Nuclear - PA |
2,891 |
|
2,864 |
|
|
|
|
|
8,355 |
|
8,201 |
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Attachment 6 |
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Statistical Measures |
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(Unaudited) |
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Three Months Ended |
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2025 |
|
2024 |
|
Weighted Average Common Shares Outstanding (millions) |
|
|
|
||||
|
|
Basic |
|
|
|
498 |
|
499 |
|
|
Diluted |
|
|
|
500 |
|
500 |
|
|
|
|
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|
Stock Price at End of Period |
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Dividends Paid per Share of Common Stock |
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|
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|
|||
|
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|
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|
|
|
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|
Dividend Yield |
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|
|
3.1 % |
|
3.6 % |
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|
Book Value per Common Share |
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|
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||
|
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|
Market Price as a Percent of Book Value |
|
|
251 % |
|
212 % |
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|
Attachment 7 |
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|
||||||
|
Consolidated Operating Earnings (non-GAAP) Reconciliation |
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Reconciling Items |
Three Months Ended |
|||||
|
|
||||||
|
|
2025 |
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2024 |
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||
|
|
|
($ millions, Unaudited) |
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|
|
|
|
|
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Net Income |
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|
$ 589 |
|
$ 532 |
|
|
|
(Gain) Loss on |
|
|
|
|
|
|
|
Fund Related Activity, pre-tax |
|
(12) |
|
(95) |
|
|
|
(Gain) Loss on Mark-to-Market (MTM), pre-tax(a) |
|
188 |
|
258 |
|
|
|
Lease Related Activity, pre-tax |
|
- |
|
(4) |
|
|
|
Income Taxes related to Operating Earnings (non-GAAP) reconciling items(b) |
|
(47) |
|
(34) |
|
|
Operating Earnings (non-GAAP) |
|
$ 718 |
|
$ 657 |
|
|
|
|
|
|
|
|
|
|
|
|
PSEG Fully Diluted Average Shares Outstanding (in millions) |
|
500 |
|
500 |
|
|
|
|
($ Per Share Impact - |
||||
|
|
|
|
|
|
|
|
|
Net Income |
|
|
$ 1.18 |
|
$ 1.06 |
|
|
|
(Gain) Loss on NDT Fund Related Activity, pre-tax |
|
(0.03) |
|
(0.19) |
|
|
|
(Gain) Loss on MTM, pre-tax(a) |
|
0.38 |
|
0.52 |
|
|
|
Lease Related Activity, pre-tax |
|
- |
|
(0.01) |
|
|
|
Income Taxes related to Operating Earnings (non-GAAP) reconciling items(b) |
|
(0.10) |
|
(0.07) |
|
|
Operating Earnings (non-GAAP) |
|
$ 1.43 |
|
$ 1.31 |
|
|
|
|
|
|
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|
(a) Includes the financial impact from positions with forward delivery months. |
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|
Attachment 8 |
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|
Three Months Ended |
|
||||
|
Reconciling Items |
|
|
|||||
|
|
|
|
2025 |
|
2024 |
|
|
|
|
|
($ millions, Unaudited) |
|
||||
|
|
|
|
|
|
|
|
|
|
Net Income |
|
$ 43 |
|
$ 44 |
|
|
|
|
|
(Gain) Loss on NDT Fund Related Activity, pre-tax |
|
(12) |
|
(95) |
|
|
|
|
(Gain) Loss on MTM, pre-tax(a) |
|
188 |
|
258 |
|
|
|
|
Lease Related Activity, pre-tax |
|
- |
|
(4) |
|
|
|
|
Income Taxes related to Operating Earnings (non-GAAP) reconciling items(b) |
|
(47) |
|
(34) |
|
|
|
Operating Earnings (non-GAAP) |
|
$ 172 |
|
$ 169 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG Fully Diluted Average Shares Outstanding (in millions) |
|
500 |
|
500 |
|
|
|
(a) Includes the financial impact from positions with forward delivery months. |
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SOURCE PSEG
