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 significant increase [17] - Non-GAAP operating earnings were $0.77 per share in Q2 2025, up from $0.63 per share in Q2 2024, marking over a 20% increase year-over-year [17][18] - 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 and non-GAAP operating earnings 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, with non-GAAP operating earnings increasing to $52 million from $11 million [22][23] - 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 temperature humidity index was 21% warmer than normal but 14% cooler than in 2024, impacting electricity demand [21] - PSEG's pipeline of large load inquiries for new service connections grew to over 9,400 megawatts, up 47% from 6,400 megawatts reported as of March 31 [12] 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 [6][11] - The company is also pursuing a five-year capital spending plan of $21 billion to $24 billion through 2029, supporting a projected rate base CAGR of 6% to 7.5% [15][16] - PSEG is advocating for legislative decisions in New Jersey regarding energy affordability and resource adequacy, emphasizing the need for new generation capacity [33][41] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of balancing reliability, affordability, and environmental policies in ongoing discussions with New Jersey legislators [33][41] - The company anticipates a near-flat impact on customer electric bills despite recent capacity price increases, due to other supply-related costs expected to decrease [9][10] - PSEG reiterated its full-year 2025 non-GAAP operating earnings guidance of $3.94 to $4.06 per share, reflecting a 9% increase at the midpoint over 2024 results [15][26] Other Important Information - PSEG's total available liquidity as of June 30 was $3.6 billion, including $186 million in cash [25] - Recent federal tax legislation preserved the nuclear production tax credit and extended 100% bonus depreciation for qualified business property, improving cash flow [26] Q&A Session Summary Question: Update on New Jersey Resource Adequacy Conference - Management indicated ongoing discussions regarding future generation build in New Jersey, emphasizing the need for state decisions on reliability and affordability targets [31][33] Question: Data Center Pipeline and Nuclear Plant Opportunities - Management noted a significant increase in data center inquiries, with ongoing discussions about nuclear plant opportunities across New Jersey and Pennsylvania [34][36] Question: New Generation Needs in New Jersey - Management acknowledged the need for new generation capacity in New Jersey, emphasizing the state's reliance on power imports [41][43] Question: Impact of Capacity Auction Results - Management confirmed that while capacity auction results are important, they maintain their guidance based on the nuclear production tax credit threshold [45][46] Question: Affordability-Focused Bills - Management stated that while several affordability-focused bills were discussed, no specific bill is currently prioritized as the legislature is not scheduled to reconvene soon [62][63] Question: Incremental Generation Potential from Nuclear Upgrades - Management confirmed that engineering work for nuclear upgrades is ongoing, with plans for a 24-month fuel cycle at Hope Creek [66] Question: Large Load Inquiries Conversion Rate - Management confirmed that the conversion rate for large load inquiries remains at 10% to 20%, primarily driven by data center projects [73]

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]

Financial Data and Key Metrics Changes - PSEG reported net income of $1.18 per share for Q1 2025, up from $1.06 per share in 2024, while non-GAAP operating earnings increased to $1.43 per share from $1.31 per share in the previous year [15][16] - Overall results benefited from regulatory recovery and seasonal gas revenues, with a notable increase in nuclear generation performance [6][8] Business Line Data and Key Metrics Changes - PSE&G's net income and non-GAAP operating earnings for Q1 2025 were $546 million, compared to $488 million in 2024, driven by new electric and gas distribution rates [16] - Distribution margin increased by $0.20 per share due to the rate case and recovery of energy efficiency investments, while O&M expenses rose by $0.05 per share due to inflation and cold weather [17][18] Market Data and Key Metrics Changes - The Basic Generation Service (BGS) default rate is set to increase residential electric bills by 17% starting June 1, largely due to auction results and true-ups from previous years [9][10] - PSEG's combined electric and gas bill remains competitive compared to other utilities in New Jersey, with high reliability metrics and customer satisfaction rankings [10][11] Company Strategy and Development Direction - PSEG's capital investment plan for 2025 focuses on infrastructure modernization and energy efficiency, with a five-year capital spending program of $21 billion to $24 billion [13][18] - The company is exploring new generation opportunities in New Jersey, including potential legislative changes to allow regulated utilities to build and own new generation [12][60] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by rising energy prices and the need for new generation supply to address resource adequacy issues in New Jersey [10][32] - PSEG reiterated its full-year non-GAAP operating earnings guidance of $3.94 to $4.06 per share, reflecting a 5% to 7% CAGR through 2029 based on capital investment execution [13][24] Other Important Information - PSEG has total available liquidity of $4.6 billion, including $900 million in cash, following significant bond market access [22][23] - The company is actively working with the New Jersey Board of Public Utilities to mitigate customer bill impacts from the BGS increase [9][60] Q&A Session Summary Question: Timeline for large load interconnection and resource adequacy in New Jersey - Management indicated that interconnections are happening at different stages, with ongoing discussions about resource adequacy and legislative changes [29][30][34] Question: Demand perspective from large load customers - Management noted continued demand for power, particularly nuclear, despite market uncertainties [44][45][46] Question: Updates on LiPA contract discussions - Management confirmed ongoing consideration for the contract, with a board meeting scheduled for May 22 to discuss next steps [51][52] Question: Strategy for managing affordability concerns - Management emphasized collaboration with the Board of Public Utilities and proposed solutions to mitigate customer impacts, including energy efficiency programs [58][60][99] Question: Status of nuclear capacity contracts with data centers - Management clarified that discussions are not contingent on the FERC process, but that flexibility is desired [64][67] Question: Capacity pricing and customer bill growth - Management expressed expectations for capacity prices to remain stable, with no significant increases anticipated for customers [83][84][88] Question: Offshore wind impacts on transmission planning - Management stated no direct impacts from exiting offshore wind, but emphasized the need for accurate planning to address future resource adequacy [89][90]