Financial Data and Key Metrics Changes - PSEG reported net income of $0.57 per share for Q4 2024 and $3.54 per share for the full year, with non-GAAP operating earnings of $0.84 per share for Q4 and $3.68 per share for the full year, marking the twentieth consecutive year of meeting or exceeding non-GAAP operating earnings guidance [6][19][32] - For 2024, net income decreased from $5.13 per share in 2023 to $3.54 per share, while non-GAAP operating earnings increased from $3.48 per share in 2023 to $3.68 per share in 2024 [19] Business Line Data and Key Metrics Changes - PSE&G reported Q4 2024 net income of $0.75 per share, up from $0.58 per share in 2023, driven by new electric and gas distribution rates implemented on October 15 [20][21] - PSEG Power and Other reported a net loss of $0.18 per share for Q4 2024, compared to net income of $0.52 per share in Q4 2023, with non-GAAP operating earnings of $0.09 per share compared to a loss of $0.05 per share in the previous year [25][26] Market Data and Key Metrics Changes - The interest from large load and data center customers increased significantly from under 400 megawatts to 4,700 megawatts, indicating strong demand in New Jersey [13][14] - The average size of project leads is around 100 megawatts, with approximately 25% of the new business leads incorporated into the 2025 system peak load forecast [14] Company Strategy and Development Direction - PSEG plans to invest $4 billion in 2025, with a capital spending plan raised to $22.5 billion to $26 billion for 2025-2029, focusing on infrastructure modernization and energy efficiency [12][24] - The company aims for a 5% to 7% compound annual growth rate (CAGR) in non-GAAP operating earnings through 2029, starting from a 2025 guidance midpoint that is 9% higher than 2024 results [11][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving strategic and regulatory objectives, highlighting a balanced outcome from the recent rate case and ongoing investments in clean energy and efficiency programs [7][9] - The management noted that despite upcoming increases in electric bills, PSEG's overall customer bills remain competitive compared to other utilities in New Jersey [15] Other Important Information - PSEG's Board of Directors announced a $0.12 per share increase in the annual common dividend, bringing the indicative annual rate to $2.52 per share for 2025, marking the fourteenth consecutive annual increase [17] - The company has maintained a strong liquidity position with total available liquidity of $2.6 billion as of December 2024 [27] Q&A Session Summary Question: On the nuclear side, do you see commercial discussions being delayed with recent actions at FERC? - Management indicated ongoing discussions and interest remain strong despite FERC's recent actions, with a focus on flexibility and potential opportunities [37][40] Question: How do you think about the outlook for the PJM market? - Management expressed concerns about reliability and affordability, emphasizing the need for resource adequacy and the importance of maintaining customer costs [52][54] Question: Is New Jersey in a net long position on generation? - Management clarified that New Jersey does not have an integrated resource plan and is a net importer, especially during peak days, highlighting the need for additional generation [120][121]