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• Net Income: $1.18 per share for Q1 2025, up from $1.06 per share in Q1 2024.

• Non-GAAP Operating Earnings: $1.43 per share for Q1 2025, compared to $1.31 per share in Q1 2024.

• PSE&G Net Income and Non-GAAP Operating Earnings: $546 million for Q1 2025, up from $488 million in Q1 2024.

• Capital Investments: $800 million invested in Q1 2025, with a full-year plan of $3.8 billion.

• Liquidity: Total available liquidity of $4.6 billion as of March 2025, including $900 million in cash.

• Long-term Debt Issuance: $1.9 billion issued in Q1 2025.

• Full Year Non-GAAP Operating Earnings Guidance: Reiterated at $3.94 to $4.06 per share for 2025.

• Five-Year Capital Spending Program: $21 billion to $24 billion through 2029.

• Rate Base CAGR: Expected 6% to 7.5% through 2029.

• Non-GAAP Operating Earnings CAGR: 5% to 7% through 2029.

• Warning! GuruFocus has detected 8 Warning Signs with PEG.

Release Date: April 30, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Public Service Enterprise Group Inc (NYSE:PEG) delivered solid operating and financial performance in the first quarter of 2025, benefiting from regulatory recovery and seasonality of gas revenues.

• The company maintained high levels of reliability and efficient customer response times during challenging winter conditions.

• PSEG's nuclear operations achieved a fleet capacity factor of 99.9%, supplying the grid with approximately 8.4 terawatt hours of clean and reliable baseload power.

• The company is focused on infrastructure replacement and modernization, with a five-year capital spending program of $21 billion to $24 billion, supporting a rate base CAGR of 6% to 7.5% through 2029.

• PSEG's liquidity position improved significantly, with total available liquidity of $4.6 billion as of the end of March 2025.

Negative Points

• The Basic Generation Service (BGS) default rate is scheduled to increase residential electric bills by 17% starting June 1, largely due to capacity auction results.

• There are ongoing discussions with New Jersey policymakers to mitigate the customer bill impacts of the BGS increase, indicating potential regulatory challenges.

• PSEG faces uncertainties related to the FERC 206 process and the settlement process for behind-the-meter data centers.

• The company is dealing with affordability concerns in New Jersey, with upward pressure on energy prices expected to persist until new generating supply is added to the grid.

• PSEG's commercial discussions related to nuclear capacity are contingent on resolving uncertainties around FERC processes and market rules.