Revenues Unrelated to Contracts with Customers Revenues from Contracts with Customers NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) PSEG Power has entered into long-term contracts with LIPA for energy management and fuel procurement services. Revenue is recognized over time as services are rendered. Revenues Unrelated to Contracts with Customers PSEG Power's revenues unrelated to contracts with customers include electric, gas and certain energy-related transactions accounted for in accord ...

Financial Data and Key Metrics Changes - PSEG reported net income of $0.87 per share for Q2 2024, down from $1.18 per share in Q2 2023, and $1.93 per share for the first half of 2024 compared to $3.76 per share in the same period of 2023 [6][12] - Non-GAAP operating earnings were $0.63 per share for Q2 2024, compared to $0.70 per share in Q2 2023, and $1.94 per share for the first half of 2024, down from $2.09 per share in the same period of 2023 [13][30] Business Line Data and Key Metrics Changes - PSE&G reported net income of $0.60 per share for Q2 2024, down from $0.67 per share in Q2 2023, with non-GAAP operating earnings also decreasing from $0.68 to $0.60 per share [32] - PSEG Power & Other reported net income of $0.27 per share for Q2 2024, down from $0.51 per share in Q2 2023, while non-GAAP operating earnings increased from $0.02 to $0.03 per share [38][39] Market Data and Key Metrics Changes - The electric margin increased by $0.02 per share due to customer growth in the Conservation Incentive Program, while transmission margin declined by $0.02 per share due to timing of revenue and O&M [33] - The number of electric and gas customers grew by approximately 1% over the past year, contributing to margin growth under the CIP mechanism [36] Company Strategy and Development Direction - PSEG is focused on executing a five-year capital investment plan of $19 billion to $22.5 billion through 2028, with $18 billion to $21 billion allocated for regulated investments [19][27] - The company is pursuing incremental investment opportunities, particularly in data centers and electric vehicle charging infrastructure, which are expected to drive load growth [21][78] Management's Comments on Operating Environment and Future Outlook - Management noted that the first half of 2024 results are on track with full-year expectations, anticipating resolution of the distribution rate case and increased gross margin in the fourth quarter [8][44] - The company reaffirmed its long-term non-GAAP operating earnings growth guidance of 5% to 7% through 2028, supported by capital investment programs and nuclear production tax credits [26][44] Other Important Information - PSEG's electric transmission and distribution system performed well during severe weather, restoring power to customers affected by storms in under 24 hours [9] - The New Jersey Board of Public Utilities approved a $300 million extension of the clean energy future program, reflecting ongoing regulatory support for energy efficiency initiatives [10] Q&A Session Summary Question: Can you elaborate on data center opportunities and their economic benefits? - Management highlighted the potential for hyperscale data centers to attract AI companies and create local job opportunities, with several hundred megawatts of data centers in the pipeline [47][51] Question: How does the recent FERC protest affect your plans? - Management stated that ongoing projects would not be affected and emphasized support for the governor's economic development initiatives [60] Question: Are you discussing an ISA for artificial island? - Management clarified that discussions on interconnection agreements would only occur once a project moves forward [65] Question: What is the stance on offshore wind projects? - Management confirmed that offshore wind remains a priority and there are no indications of delays in New Jersey [67] Question: What is the outlook for EV infrastructure investment? - Management indicated steady growth in EV interconnections and ongoing upgrades to support infrastructure [82] Question: What is the status of the energy efficiency program? - Management noted that discussions are ongoing and a settlement is expected by the end of the year [100]

Core Insights - Public Service Enterprise Group Incorporated (PSEG) reported a decline in adjusted earnings per share to 63 cents, missing the Zacks Consensus Estimate by 1.6% and reflecting a 10% decrease from the previous year [4] - The company's operating income fell to $582 million, a 26.7% year-over-year decline, while total revenues increased slightly to $2.42 billion, surpassing estimates by 18.7% [2][6] - Higher operational and maintenance costs, along with increased depreciation and interest expenses, contributed to the deterioration in the bottom line [5] Sales Volume - Residential electric sales volumes reached 3,369 million kilowatt-hours, marking a 20% increase year-over-year, while commercial and industrial sales volumes improved by 8% to 6,377 million kilowatt-hours [1] - Other sales remained flat at 71 million kilowatt-hours compared to the previous year [8] Financial Update - Long-term debt as of June 30, 2024, was $20.52 billion, up from $19.28 billion at the end of 2023 [9] - Interest expenses rose to $218 million, reflecting a 17.8% increase year-over-year [3] Segmental Performance - PSEG's PSE&G segment reported net income of $302 million, down from $336 million in the same quarter of 2023 [17] - Adjusted operating income for PSEG Power & Other was $11 million, slightly up from $10 million in the prior-year quarter [17] 2024 Guidance - PSEG reaffirmed its full-year guidance, expecting adjusted earnings in the range of $3.60-$3.70 per share, with the Zacks Consensus Estimate at $3.68 per share [18]

Core Viewpoint - PSEG reported quarterly earnings of $0.63 per share, slightly missing the Zacks Consensus Estimate of $0.64 per share, and down from $0.70 per share a year ago [1][2] Financial Performance - The earnings surprise for the quarter was -1.56%, and the company had a previous quarter earnings of $1.31 per share, missing the estimate of $1.32 by -0.76% [2] - PSEG's revenues for the quarter ended June 2024 were $2.42 billion, surpassing the Zacks Consensus Estimate by 18.71%, consistent with year-ago revenues [3] - Over the last four quarters, PSEG has exceeded consensus EPS estimates two times and topped consensus revenue estimates four times [3] Stock Performance - PSEG shares have increased approximately 25.8% since the beginning of the year, outperforming the S&P 500's gain of 14.5% [5] Future Outlook - The company's earnings outlook is crucial for investors, with current consensus EPS estimates at $0.98 for the coming quarter and $3.68 for the current fiscal year [6][9] - The estimate revisions trend for PSEG is currently favorable, resulting in a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [8] - The Utility - Electric Power industry is ranked in the top 29% of Zacks industries, suggesting a positive outlook for stocks within this sector [11]

Exhibit 99 $0.63 PER SHARE NON-GAAP OPERATING EARNINGS "PSEG's financial results for the second quarter and first half are in line with our expectations for the full year, enabling us to reaffirm our full-year 2024 non-GAAP Operating Earnings guidance range of $3.60 to $3.70 per share," said Ralph LaRossa, PSEG's chair, president and CEO. "PSEG responded well to the extreme conditions we experienced during the quarter, which included an early summer heat wave and one of the strongest earthquakes in New Jers ...

UNIONDALE, N.Y., July 25, 2024 /PRNewswire/ -- Summer has arrived, and PSEG Long Island is prepared for hurricane season and to meet peak demand during extreme heat situations in the coming months. Experience the full interactive Multichannel News Release here: https://www.multivu.com/players/English/9270451-pseg-long-island-prepared-summer-2024/ Storm Hardening Video "Providing reliable electric service to approximately 1.2 million customers is a long-term commitment, and our personnel work year-round to e ...

The company holds a four-quarter average earnings surprise of 7.30%. Let's discuss the factors that are likely to be reflected in the upcoming quarterly results. In the second quarter of 2024, PSEG's service territories witnessed warmer-than-normal temperatures, resulting in increased electricity demand for cooling purposes. This is expected to have contributed to the company's second-quarter revenues. The Zacks Consensus Estimate for second-quarter revenues is pegged at $2.06 billion, which indicates a dec ...

Ahead of the U.S. presidential election, investors are quite certain about a probable increase in volatility in the equity space. Considering the diverse focus and agenda of the parties, conditional to the voting outcome, a number of sectors are bound to see growth compared to others. While a few months are still left for investors to clearly understand which sectors to put more money in and which sectors to exit, it will be a prudent idea now to follow a hybrid investment strategy to minimize the risk of t ...

All dividends for the third quarter are payable on or before September 30, 2024, to shareholders of record on September 9, 2024. 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. With a continued focus on sustainability, PSEG has appeared on the Dow Jones Sustaina ...

Core Insights - PSE&G's Clean Energy Future Energy Efficiency initiatives are projected to save over 2.1 million megawatt-hours of electricity annually, enough to power over 312,000 homes in New Jersey [1] - The initiatives are expected to save approximately 57 million therms of natural gas annually and avoid about 1.6 million metric tons of carbon dioxide emissions, equivalent to the emissions from 349,000 gasoline-powered cars [1] - The company has successfully placed over 2,500 residents in clean energy jobs through its Clean Energy Jobs Program, contributing to local job growth and clean energy objectives [2] Energy Efficiency Programs - PSE&G's Small Business Direct Install Program has provided approximately $12 million in utility bill savings for participating business customers and is projected to save 52 thousand megawatt-hours of electricity annually [4][8] - The program is also expected to save an estimated 2.4 million therms of natural gas and avoid about 44 thousand metric tons of carbon dioxide emissions each year [8] - The company has provided over 97,000 retail appliance rebates, contributing to reduced energy consumption and greenhouse gas emissions [13] Recognition and Awards - PSE&G has received over 50 awards for its energy efficiency programs since 2021, including the 2024 ENERGY STAR® Partner of the Year Award for Sustained Excellence [12] - The company has been recognized for its customer satisfaction, ranking number one in the east among large utilities for residential and business electric service according to J.D. Power [5] Customer Impact - Participating customers are projected to save a collective $484 million annually on their utility bills through various program initiatives, including home energy assessments and the sale of smart thermostats [13] - A business customer reported saving $10,000 in installation and maintenance costs through the Direct Install program, resulting in annual savings of over $1,600 [14]