PSEG ANNOUNCES THIRD QUARTER 2024 RESULTS

Core Insights - Public Service Enterprise Group (PSEG) reported strong financial results for Q3 2024, with net income of $520 million, or $1.04 per share, and non-GAAP operating earnings of $448 million, or $0.90 per share [1][5][19] - The company narrowed its full-year 2024 non-GAAP operating earnings guidance from a range of $3.60 to $3.70 per share to $3.64 to $3.68 per share [2][4] - PSEG successfully resolved two major regulatory filings, including PSE&G's first base rate case in six years, which will provide an additional $505 million in annual revenues [3][5] Financial Performance - PSEG's Q3 2024 net income increased significantly from $139 million in Q3 2023 to $520 million, while diluted earnings per share rose from $0.27 to $1.04 [5][19] - Non-GAAP operating earnings for Q3 2024 were $448 million, compared to $425 million in Q3 2023, reflecting a growth in operating performance [5][22] - The company reported a total capital investment of approximately $1 billion in Q3 2024, bringing year-to-date capital spending to $2.7 billion, on track to exceed the full-year investment plan of $3.5 billion [7][25] Regulatory Developments - The New Jersey Board of Public Utilities approved PSE&G's multiparty settlement for its base electric and gas distribution rate case, effective October 15, which includes a return on equity of 9.6% and a higher equity ratio of 55% [5][6] - PSE&G's Clean Energy Future-Energy Efficiency (CEF-EE II) program was also approved, authorizing a $1.9 billion investment program aimed at energy efficiency [5][6] Segment Performance - PSEG's Public Service Electric and Gas segment reported net income of $379 million in Q3 2024, down from $401 million in Q3 2023, primarily due to higher depreciation and interest expenses [6][7] - The PSEG Power & Other segment showed a significant turnaround, with a net income of $141 million in Q3 2024 compared to a loss of $262 million in Q3 2023, driven by improved energy margin contributions and federal nuclear production tax credits [7][36] Future Outlook - PSEG's merchant nuclear fleet continues to perform well, contributing to reliable, carbon-free energy supply, and the company is pursuing long-term growth opportunities in nuclear energy [4][6] - The company aims for a long-term non-GAAP operating earnings growth rate of 5% to 7%, supported by its ongoing investments and regulatory approvals [4][6]