In This Article:
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Net Income (Q4 2024): $0.57 per share.
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Net Income (Full Year 2024): $3.54 per share.
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Non-GAAP Operating Earnings (Q4 2024): $0.84 per share.
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Non-GAAP Operating Earnings (Full Year 2024): $3.68 per share.
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2025 Non-GAAP Operating Earnings Guidance: $3.94 to $4.06 per share.
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Capital Spending (2024): $3.6 billion.
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Planned Capital Spending (2025): $4 billion.
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Planned Capital Spending (2025-2029): $22.5 billion to $26 billion.
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Rate Base Growth (2025-2029): 6% to 7.5% CAGR.
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Dividend Increase (2025): $0.12 per share, annual rate of $2.52 per share.
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Liquidity (End of 2024): $2.6 billion.
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Cash Collateral Balance (End of 2024): $250 million.
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Debt Outstanding (End of 2024): $1.65 billion at PSEG Power.
Release Date: February 25, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Public Service Enterprise Group Inc (NYSE:PEG) reported strong financial results for 2024, with net income of $3.54 per share for the full year and non-GAAP operating earnings of $3.68 per share, which was at the top of their guidance range.
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The company successfully settled its first electric and gas distribution rate case in six years, achieving a balanced outcome that recovers prudent investments and maintains affordability.
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PSE&G received approval to invest $2.9 billion in its Clean Energy Future Energy Efficiency 2 program, enhancing energy efficiency and reducing carbon emissions.
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The company completed its $3.6 billion capital spending program, including the advanced metering infrastructure program, on time and on budget.
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PSEG's Board of Directors announced a $0.12 per share increase in the annual common dividend, marking the 14th consecutive annual increase, supported by strong financial discipline.
Negative Points
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PSEG's net income for 2024 was lower compared to 2023, with a decrease from $5.13 per share in 2023 to $3.54 per share in 2024.
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The company faces challenges with the upcoming increase in customer electric bills due to the basic generation service auction results, driven by rising capacity prices.
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There is uncertainty in the PJM market, raising concerns about the ability to attract new generation and maintain reliability.
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PSEG Power & Other reported a net loss for the fourth quarter of 2024, compared to net income in the same period of 2023.
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The company is navigating regulatory complexities and potential delays in commercial discussions related to its nuclear operations, particularly concerning the Artificial Island project.