PSEG(PEG) - 2025 Q3 - Earnings Call Presentation

Financial Performance - PSEG's Q3 2025 Net Income was $1.24 per share, and Year-to-Date (YTD) Net Income was $3.59 per share[12] - Q3 2025 non-GAAP Operating Earnings were $1.13 per share, and YTD non-GAAP Operating Earnings were $3.33 per share, representing increases of approximately 26% and 17% respectively[12] - PSEG narrows 2025 non-GAAP Operating Earnings guidance to $4.00 - $4.06 per share (from $3.94 - $4.06 per share prior)[15] - PSE&G filed annual transmission formula rate update with FERC in October, resulting in approximately $82 million in increased annual transmission revenue effective January 1, 2026, subject to true-up[29] Capital Investment and Spending - PSE&G invested approximately $1 billion in Q3 2025 and approximately $2.7 billion YTD as part of a full-year 2025 regulated capital spending plan of approximately $3.8 billion[12, 29] - The company has a regulated capital investment program for 2025-2029 of $21 billion - $24 billion, driven by infrastructure modernization, energy efficiency, and growing customer demand[12] - Total PSEG capital program of $22.5 billion - $26 billion for 2025-2029[15] Operational Highlights - PSE&G effectively maintained high system reliability and efficient customer response times, restoring all impacted electric customers within 24 hours and over 200 gas services within a four-day period, following a July NJ state of emergency caused by a severe storm and flooding[12] - PSE&G replaced year-to-date approximately 170 miles of gas main and approximately 22,000 associated gas services to homes and businesses as scheduled under the gas main replacement program[29] - PSE&G large load inquires for new service connections rose to approximately 11,500 megawatts as of September 30, 2025[29] Nuclear Generation - Hope Creek completed a breaker-to-breaker run, operating for 499 continuous days since its last refueling outage, and recently completed work to extend its fuel cycle from 18 to 24 months[12, 34] - For 2025, total nuclear generation is forecasted to be 30-32 TWh[34]