Financial Data and Key Metrics Changes - PSEG reported net income of $1.17 per share for Q2 2025, compared to $0.87 per share in Q2 2024, reflecting a 34% increase [17] - Non-GAAP operating earnings were $0.77 per share in Q2 2025, up from $0.63 per share in Q2 2024, marking a 22% increase [17] - For the year-to-date ending June 30, 2025, net income was $878 million, compared to $790 million in 2024 [18] Business Line Data and Key Metrics Changes - PSEG's utility segment reported net income of $332 million for Q2 2025, compared to $300 million in Q2 2024 [18] - PSEG Power and Other reported net income of $253 million in Q2 2025, up from $132 million in Q2 2024 [22] - The nuclear fleet produced approximately 7.5 terawatt hours in Q2 2025, an increase of 0.5 terawatt hours compared to the same period in 2024 [23] Market Data and Key Metrics Changes - The summer peak load reached 10,229 megawatts on June 24, 2025, the highest since 2013 [6] - The capacity auction results showed a price of $329 per megawatt day for the 2026-2027 energy year, up from $270 per megawatt day in the previous auction [24] Company Strategy and Development Direction - PSEG is focused on a $3.8 billion regulated capital investment program for 2025, aimed at infrastructure modernization and reliability [5][20] - The company is advocating for legislative decisions regarding energy affordability and resource adequacy in New Jersey [33] - PSEG's five-year capital spending plan is reaffirmed at $21 billion to $24 billion, supporting a projected rate base CAGR of 6% to 7.5% through 2029 [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the full-year 2025 non-GAAP operating earnings guidance of $3.94 to $4.06 per share, which is a 9% increase at the midpoint over 2024 results [15][26] - The management highlighted the importance of balancing affordability, reliability, and environmental policies in ongoing discussions with New Jersey legislators [96] Other Important Information - PSEG's total available liquidity as of June 30, 2025, was $3.6 billion, including $186 million in cash [25] - The company plans to execute its capital plan without the need to issue new equity or sell assets [26] Q&A Session Summary Question: Update on New Jersey Resource Adequacy Conference - Management indicated ongoing discussions without significant legislative changes at this time, emphasizing the need for decisions on reliability, affordability, and environmental goals [31][33] Question: Data Center Pipeline and Nuclear Plant Opportunities - Management noted increased interest in data centers in New Jersey, with ongoing discussions about nuclear plant opportunities [34][36] Question: New Generation in New Jersey - Management reiterated the need for new generation capacity in New Jersey, emphasizing the impact of neighboring states on local supply [41][43] Question: Capacity Auction Results and Future Projections - Management confirmed that guidance remains at the nuclear PTC floor, monitoring market conditions for future adjustments [45][46] Question: Affordability-Focused Bills - Management stated that no specific bills are currently prioritized, focusing instead on broader solutions for customer affordability [62][64] Question: Incremental Generation Potential - Management confirmed that engineering work for upgrades and refueling cycles is ongoing, with plans for future announcements [66][68]

Financial Performance - PSEG's Q2 2025 net income was $585 million, or $1.17 per share, compared to $434 million in Q2 2024[21, 12] - PSEG's Q2 2025 non-GAAP operating earnings were $384 million, or $0.77 per share[21, 12] - For the first half of 2025, PSEG's net income was $1.174 billion, compared to $966 million for the same period in 2024[26] - PSEG reaffirms its full-year 2025 non-GAAP operating earnings guidance of $3.94 to $4.06 per share, representing approximately a 9% increase at the midpoint over 2024 results[14, 15] Capital Investment and Growth - PSE&G invested approximately $0.9 billion in Q2 2025 and approximately $1.7 billion year-to-date, with a regulated capital investment program of approximately $3.8 billion for 2025 on track[12, 34] - PSEG's regulated capital investment program for 2025-2029 is projected to be $21 billion to $24 billion, driven by infrastructure modernization, energy efficiency, and growing customer demand[12] - PSEG anticipates a long-term non-GAAP earnings growth outlook of 5%-7%, based on the midpoint of the 2025 guidance range[18] - Approximately 90% of PSEG's projected non-GAAP operating earnings over the 2025-2029 period are expected to come from PSE&G[18] PSE&G Operations and Regulatory Updates - PSE&G successfully managed a summer peak load of 10,229 MW on June 24th, the highest system load since 2013[12] - PSE&G's residential electric and gas customer count each grew by approximately 1% for the trailing 12 months ended June 30, 2025[35] - The BPU approved an annual revenue increase of $49 million for investments under the GSMP II Extension, effective August 1, 2025, and $9 million for investments under IAP, effective May 1, 2025[35] PSEG Power and Nuclear Generation - PSEG Nuclear achieved a capacity factor of 88.8% for Q2 2025 and 94.3% year-to-date[12, 37] - Total nuclear generation is forecasted to be 30-32 TWh for 2025[42]

For the quarter ended June 2025, PSEG (PEG) reported revenue of $2.81 billion, up 15.8% over the same period last year. EPS came in at $0.77, compared to $0.63 in the year-ago quarter. The reported revenue compares to the Zacks Consensus Estimate of $2.34 billion, representing a surprise of +19.62%. The company delivered an EPS surprise of +8.45%, with the consensus EPS estimate being $0.71. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they comp ...

Company Performance - PSEG reported quarterly earnings of $0.77 per share, exceeding the Zacks Consensus Estimate of $0.71 per share, and up from $0.63 per share a year ago, indicating a positive earnings surprise of +8.45% [1][2] - The company posted revenues of $2.81 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 19.62% and increasing from $2.42 billion year-over-year [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $1.03 on revenues of $2.74 billion, and for the current fiscal year, it is $4.01 on revenues of $10.68 billion [8] - The estimate revisions trend for PSEG was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, suggesting it is expected to perform in line with the market in the near future [7] Industry Context - PSEG operates within the Utility - Electric Power industry, which is currently ranked in the top 33% of over 250 Zacks industries, indicating a favorable industry outlook [9] - The performance of PSEG's stock may be influenced by the overall industry outlook, as research shows that the top 50% of Zacks-ranked industries outperform the bottom 50% by more than 2 to 1 [9]

[PSEG Announces Second Quarter 2025 Results](index=1&type=section&id=PSEG%20Announces%20Second%20Quarter%202025%20Results) PSEG reported strong financial results for Q2 and H1 2025, maintaining full-year guidance and highlighting operational successes and strategic developments [1.1 Financial Highlights](index=1&type=section&id=1.1%20Financial%20Highlights) PSEG reported strong financial performance for both the second quarter and first half of 2025, with significant increases in Net Income and Non-GAAP Operating Earnings, driven by operational efficiencies and strategic investments [1.1.1 Second Quarter Comparative Results](index=1&type=section&id=1.1.1%20Second%20Quarter%20Comparative%20Results) Second quarter 2025 results show substantial growth in Net Income and Non-GAAP Operating Earnings per share compared to 2024 | Metric | 2025 ($ millions) | 2024 ($ millions) | Change ($ millions) | Change (%) | 2025 EPS | 2024 EPS | Change (EPS) | Change (EPS %) | | :---------------------- | :---------------- | :---------------- | :------------------ | :--------- | :------- | :------- | :----------- | :------------- | | Net Income | $585 | $434 | $151 | 34.8% | $1.17 | $0.87 | $0.30 | 34.5% | | Non-GAAP Operating Earnings | $384 | $313 | $71 | 22.7% | $0.77 | $0.63 | $0.14 | 22.2% | | Average Shares Outstanding (Diluted) | 500 | 500 | 0 | 0.0% | | | | | [1.1.2 Six Months Ended June 30 Comparative Results](index=1&type=section&id=1.1.2%20Six%20Months%20Ended%20June%2030%20Comparative%20Results) Year-to-date June 30, 2025, results demonstrate significant increases in Net Income and Non-GAAP Operating Earnings | Metric | 2025 ($ millions) | 2024 ($ millions) | Change ($ millions) | Change (%) | 2025 EPS | 2024 EPS | Change (EPS) | Change (EPS %) | | :---------------------- | :---------------- | :---------------- | :------------------ | :--------- | :------- | :------- | :----------- | :------------- | | Net Income | $1,174 | $966 | $208 | 21.5% | $2.35 | $1.93 | $0.42 | 21.8% | | Non-GAAP Operating Earnings | $1,102 | $970 | $132 | 13.6% | $2.20 | $1.94 | $0.26 | 13.4% | | Average Shares Outstanding (Diluted) | 500 | 500 | 0 | 0.0% | | | | | [1.2 Management Commentary & Outlook](index=1&type=section&id=1.2%20Management%20Commentary%20%26%20Outlook) CEO Ralph LaRossa expressed confidence in achieving full-year 2025 non-GAAP Operating Earnings guidance, supported by new distribution rates and nuclear plant optimization efforts. The company also highlighted successful operational management during peak demand and new customer relief initiatives [1.2.1 CEO Statement on Performance and Guidance](index=1&type=section&id=1.2.1%20CEO%20Statement%20on%20Performance%20and%20Guidance) PSEG reaffirms its 2025 Non-GAAP Operating Earnings guidance and outlines strategic investment and nuclear optimization plans - PSEG maintains its 2025 Non-GAAP Operating Earnings guidance of **$3.94 - $4.06 per share**, representing a **9% increase** at the midpoint over 2024 results[1](index=1&type=chunk)[5](index=5&type=chunk) - The company is on track to execute its full-year, **$3.8 billion** regulated investment program[6](index=6&type=chunk) - PSEG aims to grow its existing **5% to 7%** compound annual growth outlook for non-GAAP Operating Earnings over the 2025 to 2029 period[6](index=6&type=chunk) - An upcoming refueling outage at the Hope Creek nuclear unit will extend its fuel cycle from 18 to 24 months, optimizing plants for reliable, carbon-free power[5](index=5&type=chunk)[6](index=6&type=chunk) [1.2.2 Operational Highlights and Customer Initiatives](index=2&type=section&id=1.2.2%20Operational%20Highlights%20and%20Customer%20Initiatives) PSEG successfully managed peak summer demand and implemented customer relief initiatives to support residential users - PSEG successfully operated through three consecutive days of 100°F temperatures, setting a summer peak load of **10,229 MW** on June 24th, the highest since 2013[7](index=7&type=chunk) - Infrastructure and storm restoration efforts proved beneficial during intense storms, validating investments in system reliability[7](index=7&type=chunk) - PSE&G implemented a Summer Relief Initiative, providing residential customers with deferred billing during high usage months (no interest), extended shut-off protections for income-qualified customers, and suspended electric re-connect fees through September 30[7](index=7&type=chunk) [1.3 Other Key Developments](index=2&type=section&id=1.3%20Other%20Key%20Developments) Recent PJM capacity auction results for 2026/2027 indicate a higher capacity price with a near-flat impact on customer bills, while federal tax legislation provided favorable terms for nuclear production tax credits and bonus depreciation [1.3.1 PJM Auction Results](index=2&type=section&id=1.3.1%20PJM%20Auction%20Results) PJM's latest capacity auction for 2026/2027 resulted in a higher price, with minimal impact on customer bills, amidst resource adequacy concerns - PJM's latest auction results priced capacity at **$329 per megawatt-day (MW-day)** for the 2026/2027 energy year[8](index=8&type=chunk) - The latest PJM capacity price is anticipated to have a near-flat impact on customer electric bills in New Jersey for 2026/2027, assuming other supply-related costs remain constant[8](index=8&type=chunk) - Resource adequacy challenges are becoming more acute in New Jersey and across the PJM region due to growing demand and slow response from new generation[8](index=8&type=chunk) [1.3.2 Federal Tax Legislation Impact](index=2&type=section&id=1.3.2%20Federal%20Tax%20Legislation%20Impact) Federal tax legislation provides favorable terms for nuclear production tax credits and extends bonus depreciation - Federal tax legislation preserved the downside price protection of the nuclear production tax credit (PTC) and its availability for nuclear capacity expansions, supporting the planned power uprate at Salem[9](index=9&type=chunk)[10](index=10&type=chunk) - The legislation also permanently extends **100% bonus depreciation** to qualified business property[10](index=10&type=chunk) [Segment Performance Analysis](index=3&type=section&id=Segment%20Performance%20Analysis) Analysis of PSE&G and PSEG Power & Other segments reveals improved financial performance driven by rate adjustments, load growth, and nuclear operations [2.1 PSE&G Segment Results](index=3&type=section&id=2.1%20PSE%26G%20Segment%20Results) PSE&G's financial performance improved in Q2 and YTD 2025, benefiting from new electric and gas base rates. The segment is also experiencing significant load growth inquiries, particularly from data centers, which could help spread fixed costs [2.1.1 Financial Performance](index=3&type=section&id=2.1.1%20Financial%20Performance) PSE&G reported increased Net Income and Non-GAAP Operating Earnings for Q2 and YTD 2025, supported by new base rates | Metric | 2Q 2025 ($ millions) | 2Q 2024 ($ millions) | Change ($ millions) | Change (%) | YTD 2025 ($ millions) | YTD 2024 ($ millions) | Change ($ millions) | Change (%) | | :---------------------------------- | :------------------- | :------------------- | :------------------ | :--------- | :-------------------- | :-------------------- | :------------------ | :--------- | | PSE&G Net Income/Non-GAAP Operating Earnings | $332 | $302 | $30 | 9.9% | $878 | $790 | $88 | 11.1% | - PSE&G's Q2 2025 results reflect new electric and gas base rates in effect following the October 2024 distribution rate case settlement, partly offset by higher expenses and the timing of taxes[12](index=12&type=chunk) [2.1.2 Operational Developments & Load Growth](index=3&type=section&id=2.1.2%20Operational%20Developments%20%26%20Load%20Growth) PSE&G is experiencing substantial load growth inquiries, primarily from data centers, which is expected to benefit customer bills - PSE&G observed significant increases in large load inquiries for new service connections, growing to over **9,400 megawatts** as of June 30, 2025, up from **6,400 MW** at the end of March, largely driven by data center customers[13](index=13&type=chunk) - The engineering assessment response averages about four months, supporting New Jersey's economic development[13](index=13&type=chunk) - Conversion of these large load prospects into new utility customers helps lower existing customer bills by spreading fixed costs over a larger user base[13](index=13&type=chunk) [2.2 PSEG Power & Other Segment Results](index=3&type=section&id=2.2%20PSEG%20Power%20%26%20Other%20Segment%20Results) PSEG Power & Other reported substantial increases in Net Income and Non-GAAP Operating Earnings, driven by higher nuclear output and favorable capacity auction results. Future results will be influenced by a scheduled nuclear outage and the conclusion of zero emission certificates [2.2.1 Financial Performance](index=3&type=section&id=2.2.1%20Financial%20Performance) PSEG Power & Other achieved significant increases in Net Income and Non-GAAP Operating Earnings for Q2 and YTD 2025 | Metric | 2Q 2025 ($ millions) | 2Q 2024 ($ millions) | Change ($ millions) | Change (%) | YTD 2025 ($ millions) | YTD 2024 ($ millions) | Change ($ millions) | Change (%) | | :---------------------------------- | :------------------- | :------------------- | :------------------ | :--------- | :-------------------- | :-------------------- | :------------------ | :--------- | | PSEG Power & Other Net Income | $253 | $132 | $121 | 91.7% | $296 | $176 | $120 | 68.2% | | PSEG Power & Other Non-GAAP Operating Earnings | $52 | $11 | $41 | 372.7% | $224 | $180 | $44 | 24.4% | [2.2.2 Nuclear Operations & Capacity Auctions](index=3&type=section&id=2.2.2%20Nuclear%20Operations%20%26%20Capacity%20Auctions) Nuclear generation increased in Q2 2025, and PSEG Nuclear secured favorable capacity prices in the 2026/2027 PJM auction - PSEG Nuclear generated approximately **7.5 terawatt hours (TWh)** of energy during Q2 2025, up **0.5 TWh (7.1%)** over Q2 2024, reflecting the 2024 spring refueling outage at Hope Creek[14](index=14&type=chunk) - PSEG Nuclear cleared approximately **3,500 MW** of its eligible nuclear capacity in the 2026/2027 PJM base residual auction, priced at **$329/MW-day**, an increase from approximately **$270/MW-day** for the 2025/2026 auction[15](index=15&type=chunk) - Second half 2025 results for PSEG Power & Other will be impacted by the scheduled Hope Creek outage and the completion of the three-year zero emission certificate award (ended May 31), offset by higher capacity revenues from the 2025/2026 auction[16](index=16&type=chunk) [Company Information & Disclosures](index=4&type=section&id=Company%20Information%20%26%20Disclosures) This section provides an overview of PSEG, explains non-GAAP financial measures, outlines forward-looking statements and risk factors, and directs to investor resources [3.1 About PSEG](index=4&type=section&id=3.1%20About%20PSEG) Public Service Enterprise Group (PSEG) is a regulated infrastructure company operating New Jersey's largest utility and owning carbon-free nuclear power generation, committed to a vision of cleaner, safer, and more reliable energy - PSEG is a predominantly regulated infrastructure company, operating New Jersey's largest transmission and distribution utility, serving approximately **2.4 million electric** and **1.9 million natural gas customers**[17](index=17&type=chunk) - PSEG owns an independent fleet of **3,758 MW** of carbon-free, baseload nuclear power generating units in NJ and PA[17](index=17&type=chunk) - 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[17](index=17&type=chunk) - PSEG is a member of the S&P 500 Index and has been named to the Dow Jones Sustainability North America Index for **17 consecutive years**[17](index=17&type=chunk) [3.2 Non-GAAP Financial Measures Explanation](index=4&type=section&id=3.2%20Non-GAAP%20Financial%20Measures%20Explanation) PSEG utilizes non-GAAP Operating Earnings to provide a consistent measure of financial performance, excluding volatile items like NDT and MTM adjustments, while emphasizing that it complements GAAP Net Income - Management uses non-GAAP Operating Earnings as a consistent measure for comparing PSEG's financial performance to previous results, excluding the impact of gains (losses) associated with the Nuclear Decommissioning Trust (NDT), Mark-to-Market (MTM) accounting, and other material infrequent items[18](index=18&type=chunk) - The presentation of non-GAAP Operating Earnings is intended to complement and should not be considered an alternative to GAAP Net Income[19](index=19&type=chunk) - PSEG is unable to reconcile forward-looking non-GAAP Operating Earnings guidance to GAAP measures due to the inherent difficulty in forecasting and quantifying volatile MTM and NDT gains (losses)[20](index=20&type=chunk) [3.3 Forward-Looking Statements & Risk Factors](index=4&type=section&id=3.3%20Forward-Looking%20Statements%20%26%20Risk%20Factors) The report includes forward-looking statements that are subject to various risks and uncertainties, such as regulatory challenges, climate change impacts, operational disruptions, and market fluctuations, which could materially affect actual results - The report contains forward-looking statements regarding future performance, revenues, earnings, strategies, and prospects, which are subject to risks and uncertainties that could cause actual results to differ materially[21](index=21&type=chunk) - Key risk factors include: inability to successfully develop or obtain regulatory approval for projects; physical, financial, and transition risks related to climate change; equipment failures, cyberattacks, or other disruptions; supply chain disruptions; and changes in state and federal legislation and regulations[21](index=21&type=chunk)[25](index=25&type=chunk) - Readers are cautioned not to place undue reliance on these forward-looking statements, and PSEG disclaims any obligation to update them unless required by applicable securities laws[22](index=22&type=chunk) [3.4 Investor Relations Information](index=5&type=section&id=3.4%20Investor%20Relations%20Information) PSEG encourages investors to visit its corporate Investor Relations website for important updates and to sign up for email alerts - PSEG and PSE&G release important information via postings on their corporate Investor Relations website at https://investor.pseg.com[24](index=24&type=chunk) - Investors and other interested parties are encouraged to visit the Investor Relations website to review new postings and sign up for automatic email alerts[24](index=24&type=chunk) [Detailed Financial Statements & Operational Data](index=6&type=section&id=Detailed%20Financial%20Statements%20%26%20Operational%20Data) This section provides detailed consolidated statements of operations, capitalization, cash flows, retail sales, weather data, nuclear generation, and statistical measures [4.1 Consolidating Statements of Operations](index=6&type=section&id=4.1%20Consolidating%20Statements%20of%20Operations) PSEG's consolidated statements of operations for both the second quarter and six months ended June 30, 2025, demonstrate significant growth in operating revenues, operating income, and net income compared to the prior year periods [4.1.1 Three Months Ended June 30](index=6&type=section&id=4.1.1%20Three%20Months%20Ended%20June%2030) Consolidated operating revenues and net income significantly increased for the three months ended June 30, 2025 | Metric ($ millions) | 2Q 2025 | 2Q 2024 | Change ($ millions) | Change (%) | | :-------------------------- | :------ | :------ | :------------------ | :--------- | | OPERATING REVENUES | $2,805 | $2,423 | $382 | 15.8% | | OPERATING INCOME | $817 | $582 | $235 | 40.4% | | NET INCOME | $585 | $434 | $151 | 34.8% | | OPERATING EARNINGS (non-GAAP) | $384 | $313 | $71 | 22.7% | [4.1.2 Six Months Ended June 30](index=7&type=section&id=4.1.2%20Six%20Months%20Ended%20June%2030) Consolidated operating revenues and net income showed strong growth for the six months ended June 30, 2025 | Metric ($ millions) | YTD 2025 | YTD 2024 | Change ($ millions) | Change (%) | | :-------------------------- | :------- | :------- | :------------------ | :--------- | | OPERATING REVENUES | $6,027 | $5,183 | $844 | 16.3% | | OPERATING INCOME | $1,614 | $1,267 | $347 | 27.4% | | NET INCOME | $1,174 | $966 | $208 | 21.5% | | OPERATING EARNINGS (non-GAAP) | $1,102 | $970 | $132 | 13.6% | [4.2 Capitalization Schedule](index=8&type=section&id=4.2%20Capitalization%20Schedule) PSEG's total capitalization increased as of June 30, 2025, primarily driven by an increase in long-term debt and retained earnings, despite a reduction in commercial paper and loans | Metric ($ millions) | June 30, 2025 | December 31, 2024 | Change ($ millions) | Change (%) | | :-------------------------- | :------------ | :------------------ | :------------------ | :--------- | | Commercial Paper and Loans | $650 | $1,593 | $(943) | -59.2% | | Long-Term Debt | $22,639 | $21,114 | $1,525 | 7.2% | | Total Debt | $23,289 | $22,707 | $582 | 2.6% | | Total Stockholders' Equity | $16,671 | $16,114 | $557 | 3.5% | | Total Capitalization | $39,960 | $38,821 | $1,139 | 2.9% | [4.3 Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=4.3%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the first half of 2025, PSEG experienced a substantial increase in net cash provided by operating activities, while investing activities remained a net use of cash, and financing activities shifted to a net use | Metric ($ millions) | YTD 2025 | YTD 2024 | Change ($ millions) | Change (%) | | :------------------------------------------ | :------- | :------- | :------------------ | :--------- | | Net Cash Provided By (Used In) Operating Activities | $1,527 | $1,143 | $384 | 33.6% | | Net Cash Provided By (Used In) Investing Activities | $(1,388) | $(1,612) | $224 | -13.9% | | Net Cash Provided By (Used In) Financing Activities | $(78) | $515 | $(593) | -115.1% | | Net Change in Cash, Cash Equivalents and Restricted Cash | $61 | $46 | $15 | 32.6% | | Cash, Cash Equivalents and Restricted Cash at End of Period | $215 | $145 | $70 | 48.3% | [4.4 PSE&G Retail Sales & Weather Data](index=10&type=section&id=4.4%20PSE%26G%20Retail%20Sales%20%26%20Weather%20Data) PSE&G's electric sales saw a slight decline in Q2 and YTD 2025, while total gas sales increased significantly, particularly non-firm C&I sales. Weather data indicated milder conditions for Q2 but varied year-to-date [4.4.1 Electric Sales](index=10&type=section&id=4.4.1%20Electric%20Sales) PSE&G's electric sales experienced a slight decrease across residential and commercial & industrial sectors in Q2 and YTD 2025 | Sales (million kWh) | 2Q 2025 | Change vs. 2024 (2Q) | YTD 2025 | Change vs. 2024 (YTD) | | :------------------- | :------ | :------------------- | :------- | :-------------------- | | Residential | 3,142 | (7%) | 6,432 | (0%) | | Commercial & Industrial | 6,252 | (2%) | 12,830 | (1%) | | Other | 61 | (14%) | 162 | (5%) | | Total | 9,455 | (4%) | 19,424 | (1%) | [4.4.2 Gas Sold and Transported](index=10&type=section&id=4.4.2%20Gas%20Sold%20and%20Transported) Total gas sales and transported volumes increased significantly in Q2 and YTD 2025, driven by non-firm C&I sales | Sales (million therms) | 2Q 2025 | Change vs. 2024 (2Q) | YTD 2025 | Change vs. 2024 (YTD) | | :---------------------- | :------ | :------------------- | :------- | :-------------------- | | Total Firm Sales | 356 | (1%) | 1,598 | 9% | | Non-Firm Sales (C&I) | 346 | 81% | 476 | 30% | | Total Sales | 702 | 28% | 2,074 | 14% | [4.4.3 Weather Data](index=10&type=section&id=4.4.3%20Weather%20Data) Weather data for Q2 2025 showed fewer THI Hours and Degree Days compared to the prior year | Metric | 2Q 2025 | Change vs. 2024 (2Q) | YTD 2025 | Change vs. 2024 (YTD) | | :------------------ | :------ | :------------------- | :------- | :-------------------- | | THI Hours - Actual | 5,043 | (14%) | 5,121 | (13%) | | Degree Days - Actual | 373 | (7%) | 2,749 | 9% | [4.5 Nuclear Generation Measures](index=11&type=section&id=4.5%20Nuclear%20Generation%20Measures) PSEG's total nuclear generation increased in both Q2 and YTD 2025, primarily due to higher output from New Jersey nuclear units, reflecting the absence of a refueling outage in the current quarter | GWh Breakdown | 2Q 2025 | 2Q 2024 | Change (GWh) | Change (%) | YTD 2025 | YTD 2024 | Change (GWh) | Change (%) | | :-------------- | :------ | :------ | :----------- | :--------- | :------- | :------- | :----------- | :--------- | | Nuclear - NJ | 4,670 | 4,178 | 492 | 11.8% | 10,134 | 9,515 | 619 | 6.5% | | Nuclear - PA | 2,841 | 2,829 | 12 | 0.4% | 5,732 | 5,692 | 40 | 0.7% | | Total | 7,511 | 7,007 | 504 | 7.1% | 15,866 | 15,207 | 659 | 4.3% | [4.6 Statistical Measures](index=12&type=section&id=4.6%20Statistical%20Measures) PSEG's statistical measures as of June 30, 2025, show stable diluted shares outstanding, an increase in stock price and dividends per share, and an improved market price relative to book value | Metric | YTD 2025 | YTD 2024 | Change | Change (%) | | :------------------------------------ | :------- | :------- | :------- | :--------- | | Weighted Average Common Shares Outstanding (Diluted, millions) | 500 | 500 | 0 | 0.0% | | Stock Price at End of Period | $84.18 | $73.70 | $10.48 | 14.2% | | Dividends Paid per Share of Common Stock | $1.26 | $1.20 | $0.06 | 5.0% | | Dividend Yield | 3.0% | 3.3% | -0.3% | -9.1% | | Book Value per Common Share | $33.43 | $31.79 | $1.64 | 5.2% | | Market Price as a Percent of Book Value | 252% | 232% | 20% | 8.6% | [4.7 Non-GAAP Operating Earnings Reconciliations](index=13&type=section&id=4.7%20Non-GAAP%20Operating%20Earnings%20Reconciliations) Reconciliations for both consolidated and PSEG Power & Other segments detail the adjustments made from Net Income to Non-GAAP Operating Earnings, primarily driven by pre-tax gains/losses on Nuclear Decommissioning Trust funds and Mark-to-Market activities [4.7.1 Consolidated Operating Earnings Reconciliation](index=13&type=section&id=4.7.1%20Consolidated%20Operating%20Earnings%20Reconciliation) Consolidated reconciliation details adjustments from Net Income to Non-GAAP Operating Earnings, primarily for NDT and MTM activities | Reconciling Items ($ millions) | 2Q 2025 | 2Q 2024 | YTD 2025 | YTD 2024 | | :-------------------------------------------------- | :------ | :------ | :------- | :------- | | Net Income | $585 | $434 | $1,174 | $966 | | (Gain) Loss on Nuclear Decommissioning Trust (NDT) Fund Related Activity, pre-tax | (108) | (13) | (120) | (108) | | (Gain) Loss on Mark-to-Market (MTM), pre-tax | (190) | (159) | (2) | 99 | | Income Taxes related to Operating Earnings (non-GAAP) reconciling items | 97 | 51 | 50 | 17 | | Operating Earnings (non-GAAP) | $384 | $313 | $1,102 | $970 | [4.7.2 PSEG Power & Other Operating Earnings Reconciliation](index=14&type=section&id=4.7.2%20PSEG%20Power%20%26%20Other%20Operating%20Earnings%20Reconciliation) PSEG Power & Other reconciliation outlines adjustments from Net Income to Non-GAAP Operating Earnings, mainly for NDT and MTM | Reconciling Items ($ millions) | 2Q 2025 | 2Q 2024 | YTD 2025 | YTD 2024 | | :-------------------------------------------------- | :------ | :------ | :------- | :------- | | Net Income | $253 | $132 | $296 | $176 | | (Gain) Loss on NDT Fund Related Activity, pre-tax | (108) | (13) | (120) | (108) | | (Gain) Loss on MTM, pre-tax | (190) | (159) | (2) | 99 | | Income Taxes related to Operating Earnings (non-GAAP) reconciling items | 97 | 51 | 50 | 17 | | Operating Earnings (non-GAAP) | $52 | $11 | $224 | $180 |

Financial Performance - Public Service Enterprise Group (PSEG) reported a net income of $585 million for Q2 2025, compared to $434 million in Q2 2024, resulting in earnings per share (EPS) of $1.17, up from $0.87 year-over-year [1][2] - For the first half of 2025, net income reached $1.174 billion, an increase from $966 million in the same period of 2024, with EPS rising to $2.35 from $1.93 [2][29] - Non-GAAP operating earnings for Q2 2025 were $384 million, compared to $313 million in Q2 2024, translating to $0.77 per share, up from $0.63 [1][2] Guidance and Outlook - PSEG maintains its 2025 non-GAAP operating earnings guidance of $3.94 to $4.06 per share, representing a 9% increase at the midpoint compared to 2024 results [3][4] - The financial outlook for 2025 includes new distribution rates from a 2024 settlement and a refueling outage at the Hope Creek nuclear unit, aimed at extending its fuel cycle [3] Operational Highlights - PSEG successfully managed a peak load of 10,229 MW on June 24, 2025, the highest since 2013, demonstrating the effectiveness of its infrastructure investments [5] - The company is on track to execute a $3.8 billion regulated investment program, aiming for a 5% to 7% compound annual growth in non-GAAP operating earnings from 2025 to 2029 [4] Segment Performance - PSE&G's net income for Q2 2025 was $332 million, up from $302 million in Q2 2024, while PSEG Power & Other reported net income of $253 million, significantly higher than $132 million in the prior year [8] - PSEG Nuclear generated approximately 7.5 terawatt hours (TWh) of energy in Q2 2025, an increase of 0.5 TWh compared to the same period in 2024 [10] Customer and Market Insights - PSE&G observed a significant increase in large load inquiries for new service connections, growing to over 9,400 megawatts as of June 30, 2025, primarily driven by data center customers [9] - The latest PJM auction results indicated a capacity price of $329 per megawatt-day for the 2026/2027 energy year, up from $270 per megawatt-day for the previous year [6][11] Legislative and Regulatory Developments - Recent federal tax legislation preserved the nuclear production tax credit and extended 100% bonus depreciation for qualified business property, supporting PSEG's planned power uprate at Salem [7]

Core Insights - PSE&G's energy efficiency programs are significantly benefiting New Jersey customers by saving money and energy, with nearly 465,000 participants saving over $720 million annually on utility bills [1][2][5] - The programs include home energy assessments, rebates for energy-efficient appliances, and support for businesses, leading to substantial energy savings and operational cost reductions [2][3][4] Customer Participation and Savings - Approximately 740 million dollars in rebates have been provided to customers, facilitating energy-saving upgrades [2] - More than 18,500 businesses have implemented around 28,000 projects to enhance operational efficiency and comfort [3] - The Small Business Direct Install program is projected to save over 19 million dollars annually for more than 1,500 small businesses [4] Energy and Environmental Impact - Residential and business customers are expected to save about 2.8 million megawatt-hours of electricity annually, enough to power over 406,000 homes [5] - Natural gas savings are anticipated to exceed 75 million therms per year, contributing to a reduction of approximately 2.1 million metric tons of carbon emissions annually [5] Workforce Development - The Clean Energy Jobs Program has placed over 4,100 individuals in clean energy roles, enhancing the skilled workforce in New Jersey [6] Program Recognition and Awards - PSE&G's energy efficiency programs have received 75 industry awards for excellence in program delivery, workforce development, and marketing [6] Affordability and Future Outlook - PSE&G emphasizes affordability as a priority, recognizing the challenges customers face in managing energy costs [7] - The company is prepared to collaborate with the state to address electricity supply challenges and expand reliable energy sources [9]

Core Viewpoint - Public Service Enterprise Group (PSEG) has received an unsolicited mini-tender offer from TRC Capital Investment Corporation to purchase up to 1.5 million shares at $80.60 per share, which is below the current market price [1][2]. Group 1: Mini-Tender Offer Details - TRC Capital Investment's offer price of $80.60 is approximately 4.51% lower than PSEG's closing share price of $84.41 on July 21, 2025, and about 9.4% lower than the $88.97 closing price on August 1, 2025 [1]. - The offer represents approximately 0.3% of PSEG's outstanding shares as of the offer date [1]. - The offer is scheduled to expire at 12:00 a.m. Eastern Time on August 20, 2025, but TRC Capital Investment may extend the offering period at its discretion [2]. Group 2: PSEG's Position - PSEG is not associated with TRC Capital Investment and recommends that shareholders do not tender their shares due to the offer being below market price and subject to various conditions [2]. - Shareholders who have already tendered their shares can withdraw them at any time before the offer expires [2]. Group 3: Regulatory Context - Mini-tender offers, like the one from TRC Capital, seek to acquire less than 5% of a company's shares, allowing them to avoid many SEC disclosure and procedural requirements [3]. - The SEC has warned investors that some bidders may make mini-tender offers at below-market prices, hoping to catch investors off guard [4]. Group 4: Company Overview - PSEG operates New Jersey's largest transmission and distribution utility, serving approximately 2.4 million electric and 1.9 million natural gas customers [6]. - The company owns a fleet of 3,758 MW of carbon-free, baseload nuclear power generating units in New Jersey and Pennsylvania [6]. - PSEG is a member of the S&P 500 Index and has been recognized in the Dow Jones Sustainability North America Index for 17 consecutive years [6].

Group 1 - Analysts forecast PSEG (PEG) will report quarterly earnings of $0.71 per share, reflecting a year-over-year increase of 12.7% [1] - Anticipated revenues for the quarter are $2.34 billion, showing a decrease of 3.2% compared to the previous year [1] - The consensus EPS estimate has remained unchanged over the last 30 days, indicating a reevaluation of initial estimates by analysts [1] Group 2 - Revenue for PSE&G is expected to reach $1.97 billion, indicating a year-over-year change of +5.6% [3] - Revenue from Power & Other is projected at $453.29 million, representing a decline of -33.7% from the prior-year quarter [4] - The consensus estimate for total gas sold and transported is 543 million dekatherm, slightly down from 550 million dekatherm a year ago [4] Group 3 - Analysts estimate 'Gas Sold and Transported - Total Non-Firm Sales' at 176 million dekatherm, down from 191 million dekatherm in the previous year [5] - 'Gas Sold and Transported - Total Firm Sales' is expected to be 366 million dekatherm, compared to 359 million dekatherm reported last year [6] - Operating Income for Power & Other is forecasted to be $72.68 million, down from $115.00 million in the prior year [6] Group 4 - Operating Income for PSE&G is projected to reach $527.13 million, an increase from $467.00 million reported last year [7] - PSEG shares have increased by +9.4% in the past month, outperforming the Zacks S&P 500 composite's +2.7% [7] - PSEG holds a Zacks Rank 3 (Hold), indicating it is expected to closely follow overall market performance in the near term [7]

Core Points - Public Service Enterprise Group (PSEG) declared a dividend of $0.63 per share for the third quarter of 2025, payable on or before September 30, 2025, to shareholders of record on September 9, 2025 [1] Company Overview - PSEG is a predominantly regulated infrastructure company operating New Jersey's largest transmission and distribution utility, serving approximately 2.4 million electric and 1.9 million natural gas customers [2] - The company owns a fleet of 3,758 MW of carbon-free, baseload nuclear power generating units located in New Jersey and Pennsylvania [2] - PSEG aims to create a future with less energy consumption that is cleaner, safer, and more reliable, guided by its "Powering Progress" vision [2] - PSEG is a member of the S&P 500 Index and has been included in the Dow Jones Sustainability North America Index for 17 consecutive years [2]