Core Insights - Public Service Enterprise Group (PSEG) reported a net income of $622 million for Q3 2025, up from $520 million in Q3 2024, translating to earnings per share of $1.24 compared to $1.04 in the previous year [1][5] - For the nine months ended September 30, 2025, PSEG's net income reached $1.796 billion, an increase from $1.486 billion in the same period of 2024, with earnings per share rising to $3.59 from $2.97 [2][5] Financial Performance - Q3 2025 Non-GAAP Operating Earnings were $565 million, up from $448 million in Q3 2024, resulting in earnings per share of $1.13 compared to $0.90 [1][5] - For the nine months ended September 30, 2025, Non-GAAP Operating Earnings totaled $1.667 billion, an increase from $1.418 billion in 2024, with earnings per share of $3.33 compared to $2.84 [2][5] Segment Performance - PSE&G's net income for Q3 2025 was $515 million, up from $379 million in Q3 2024, while PSEG Power & Other reported a net income of $107 million, down from $141 million [5] - Year-to-date results for PSE&G showed net income of $1.393 billion, compared to $1.169 billion in 2024, while PSEG Power & Other's year-to-date net income increased to $403 million from $317 million [5] Operational Highlights - PSEG is focused on operational excellence and cost discipline, reaffirming a five-year Non-GAAP Operating Earnings growth outlook of 5% to 7% through 2029 [4] - The company plans to invest between $22.5 billion and $26 billion over the next five years to enhance its energy infrastructure and meet growing customer demand [4] Market Context - PSEG noted a nearly 20% rise in summer electric bills due to a generation supply-demand imbalance and PJM's capacity market results [4] - The company is collaborating with state stakeholders to address resource adequacy in the mid-Atlantic region [4] Nuclear Operations - PSEG Nuclear supplied 7.9 TWh of reliable, carbon-free energy in Q3 2025, contributing to the company's financial flexibility for regulated investments [7] - The Hope Creek unit operated for 499 continuous days since its last refueling outage and extended its fuel cycle from 18 to 24 months [7]

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]

Financial Performance - PSEG's Q1 2025 net income was $1.18 per share[13] - PSEG's Q1 2025 non-GAAP operating earnings were $1.43 per share[13] - PSEG maintains its 2025 non-GAAP operating earnings guidance of $3.94 - $4.06 per share, representing approximately a 9% increase at the midpoint over 2024 results[16] - PSEG's long-term non-GAAP earnings growth outlook is 5%-7%, based on the midpoint of the 2025 guidance range[19] Capital Investment and Dividends - PSE&G invested approximately $0.8 billion in Q1 2025[13,31] - PSE&G's full-year capital spending plan is approximately $3.8 billion[13,31] - PSE&G commenced a Clean Energy Future - Energy Efficiency II Program (CEF-EE II), representing approximately $2.9 billion in approved spending over a six-year period[13,31] - The indicative 2025 annual common dividend increased by 5% to $2.52 per share[13,16] - PSEG's total capital program is projected to be $22.5 billion - $26 billion for 2025-2029, with over 90% from regulated activities[19] PSE&G Operations - Residential electric and gas customer count each grew by approximately 1% for the trailing 12 months ended March 31, 2025[31] - PSE&G replaced approximately 48 miles of gas main and approximately 5,080 associated gas services in Q1 2025[31] PSEG Power & Other - PSEG Nuclear achieved a capacity factor of 99.9% for Q1 2025[13,32]