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]