Financial Data and Key Metrics Changes - PSEG reported net income of 0.57pershareforQ42024and3.54 per share for the full year, with non-GAAP operating earnings of 0.84pershareforQ4and3.68 per share for the full year, marking the twentieth consecutive year of meeting or exceeding guidance [8][9][26] - For 2024, net income decreased from 5.13persharein2023to3.54 per share, while non-GAAP operating earnings increased from 3.48persharein2023to3.68 per share in 2024 [26] Business Line Data and Key Metrics Changes - PSE&G reported Q4 2024 net income of 0.75pershare,upfrom0.58 per share in Q4 2023, driven by new electric and gas distribution rates implemented on October 15 [27][28] - PSEG Power and Other reported a net loss of 0.18pershareforQ42024,comparedtonetincomeof0.52 per share in Q4 2023, with non-GAAP operating earnings of 0.09pershareforQ42024[35]MarketDataandKeyMetricsChanges−Theinterestinlargeloadanddatacentercustomersincreasedsignificantly,fromunder400megawattslastyearto4,700megawatts,indicatingstrongdemandinNewJersey[18][19]−PSEG′scombinedbillremainscompetitive,atabout34 billion across the enterprise in 2025, with a capital spending plan of 22.5billionto26 billion for 2025-2029, focusing on infrastructure modernization and energy efficiency [17][34] - The company aims for a 5% to 7% compound annual growth rate (CAGR) in non-GAAP operating earnings from 2025 to 2029, starting from a higher base year of 4persharefor2025[16][44]ManagementCommentsonOperatingEnvironmentandFutureOutlook−Managementexpressedconfidenceinachievingstrategicandregulatoryobjectives,includingabalancedoutcomefromthefirstelectricandgasratecaseandapprovalfora2.9 billion investment in energy efficiency programs [10][11] - The management highlighted the importance of maintaining affordability and reliability for customers amid rising capacity prices and upcoming bill increases [21][70] Other Important Information - PSEG's Board of Directors announced a 0.12pershareincreaseintheannualcommondividend,markingthefourteenthconsecutiveannualincrease[24]−Thecompanyhasastrongliquiditypositionwithtotalavailableliquidityof2.6 billion as of December 2024 [37] Q&A Session Summary Question: Impact of FERC actions on nuclear commercial discussions - Management indicated ongoing discussions and interest in nuclear opportunities despite FERC's recent actions, emphasizing flexibility in deal structures [50][54] Question: Outlook for the PJM market and customer impact - Management expressed concerns about reliability and affordability in the PJM market, noting the need for resource adequacy and the potential impact on customer costs [67][70] Question: Timeline for large load customer connections - Management stated that the timeline for large load customer connections depends on whether existing facilities are sold or new data centers are built, affecting the bottom line [85] Question: Hedges at PSEG Power - Management confirmed that hedging strategies remain consistent, with expectations of being around 90% hedged for 2025 [96][98] Question: New Jersey's generation position and reserve margin - Management clarified that New Jersey is a net importer of electricity, lacking an integrated resource plan and a defined reserve margin [147][148]
