PSEG ANNOUNCES SECOND QUARTER 2025 RESULTS

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]