Financial Data and Key Metrics Changes - PSEG reported net income of $0.63 per share for Q4 2025 and $4.22 per share for the full year, compared to $0.57 and $3.54 per share in 2024, respectively [7][20] - Non-GAAP operating earnings were $0.72 per share for Q4 2025 and $4.05 per share for the full year, compared to $0.84 and $3.68 per share in 2024 [20] - The company declared a dividend of $2.68 per share for Q1 2026, a 6% increase from the previous year [8] Business Line Data and Key Metrics Changes - PSE&G reported Q4 2025 net income and non-GAAP operating earnings of $352 million, down from $378 million in Q4 2024, but full-year earnings increased to $1.75 billion from $1.55 billion [21] - PSEG Power and Other reported a net loss of $37 million in Q4 2025, an improvement from a net loss of $92 million in Q4 2024, with full-year net income rising to $366 million from $225 million [26] Market Data and Key Metrics Changes - The average monthly bill for PSEG residential electric customers will decrease by 1.8% starting June 1, 2026, due to the results of the Basic Generation Service auction [11][26] - PSEG's cumulative progress from methane reduction programs has achieved over a 30% reduction in emissions since 2018 [11] Company Strategy and Development Direction - PSEG's capital program for 2026-2030 is updated to $24 billion-$28 billion, with over 90% focused on regulated investments [15][16] - The company aims for a long-term non-GAAP earnings growth outlook of 6%-8% through 2030, supported by utility operations and infrastructure modernization [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a non-GAAP operating earnings guidance of $4.28 to $4.40 per share for 2026, reflecting a 7% increase over 2025 results [15][34] - The company is actively engaging with policymakers to explore supply options, including the development of community solar and battery storage [17][18] Other Important Information - PSEG Nuclear achieved a capacity factor of 91.2% for the full year, producing approximately 30.9 terawatt hours of carbon-free power [14][29] - The company received the 2025 ReliabilityOne Awards for outstanding system resiliency and customer engagement [12] Q&A Session Summary Question: Legislative process regarding new gas and nuclear - Management discussed the timing of legislative bills and the need for policymakers to address variables such as air permits and turbine backlogs [37][38] Question: Hedging and PTC assumptions - Management indicated that the company is approximately 95% hedged for 2026 and will adjust future earnings guidance based on market conditions [41][43] Question: Breakdown of growth drivers - Management emphasized the importance of structural changes in the supply-demand curve and the goal of maintaining predictable earnings growth [51][52] Question: Incremental regulated capital investments - Management outlined that investments would focus on transmission and distribution system readiness for solar and battery integration [85][86]

Core Viewpoint - Ameren Corporation has elected Timothy S. Rausch to its board of directors, effective March 1, 2026, highlighting the company's commitment to enhancing its leadership in nuclear generation [1][3]. Group 1: Leadership Appointment - Timothy S. Rausch has extensive experience in nuclear generation, having served as executive vice president and chief nuclear officer at Tennessee Valley Authority from October 2018 to July 2025 [2]. - Rausch's previous roles include senior vice president and chief nuclear officer at Talen Energy Corporation and PPL Corporation, as well as various leadership positions at Exelon Nuclear Corporation and FirstEnergy Corporation [2]. Group 2: Strategic Importance of Nuclear Generation - Martin J. Lyons, chairman and CEO of Ameren, emphasized that Rausch's leadership in nuclear generation will add significant value to the board, as nuclear energy is crucial for Ameren's strategy to provide reliable and affordable energy [3]. - The company aims to ensure a diverse generation resource strategy, with nuclear generation being a key component [3]. Group 3: Company Overview - Ameren Corporation serves 2.5 million electric customers and over 900,000 natural gas customers across a 64,000-square-mile area through its subsidiaries, Ameren Missouri and Ameren Illinois [4]. - Ameren Illinois focuses on electric transmission and distribution, while Ameren Missouri provides electric generation, transmission, and distribution services, along with natural gas distribution [4].

European coal prices sank to a 19-month low as wind and nuclear generation soared, pushing the dirtier fuel further out of the energy mix https://t.co/Itu2EMkoub ...