PSEG ANNOUNCES 2022 SECOND QUARTER RESULTS
Public Service Enterprise Group (NYSE: PEG) reported a net income of $131 million, or $0.26 per share, for Q2 2022, recovering from a net loss of $177 million in Q2 2021. Non-GAAP operating earnings were $320 million, or $0.64 per share, down from $356 million in the previous year. The company reaffirms its 2022 guidance of non-GAAP operating earnings between $3.35 and $3.55 per share. PSEG plans to invest $511 million in its Infrastructure Advancement Program to enhance system reliability and support New Jersey's clean energy goals.
- Net Income increased to $131 million from a loss of $177 million year-over-year.
- Reaffirmed 2022 non-GAAP operating earnings guidance of $3.35 - $3.55 per share.
- Investing $511 million in the Infrastructure Advancement Program to modernize grid.
- Nuclear generating output increased by over 3.7% to 7.5 TWh compared to last year.
- Non-GAAP operating earnings decreased to $320 million from $356 million year-over-year.
- Electric gross margin declined by $0.25 per share due to asset sales.
NET INCOME OF
NON-GAAP OPERATING EARNINGS OF
PSE&G to Invest
Re-Affirms 2022 Non-GAAP Operating Earnings Guidance of
NEWARK, N.J., Aug. 2, 2022 /PRNewswire/ -- Public Service Enterprise Group (NYSE: PEG) reported Net Income of
Ralph Izzo, chair, president and chief executive officer said, "Results for the second quarter and the first half of 2022 reflect ongoing rate base growth from regulated investments and favorable cost comparisons resulting from the sale of PSEG Fossil, placing us on track to achieve our 2022 financial goals. We remain focused on improving system reliability, further de-risking the business overall, and maximizing affordability for our customers."
Izzo continued, "As I step down from my CEO duties on September 1, PSEG is well positioned to enter its 120th year of serving New Jersey with essential energy services that help to power the economic engine of the State and advance its energy policy leadership. In my role as executive chair of the board through the end of 2022, I will continue to advocate on behalf of PSEG in key policy arenas. With Ralph LaRossa at the helm, PSEG will further advance its Powering Progress vision of a future where people use less energy, and it's cleaner, safer and delivered more reliably than ever. PSEG's dedicated workforce will continue the public service heritage that recently earned us the 2022 EEI Edison Award, the electric utility industry's highest honor, in recognition of PSE&G's infrastructure modernization programs focused on protecting our customers and communities from extreme weather conditions. The June 2022 approval of a four-year,
The following table provides a reconciliation of PSEG's Net Income/(Loss) to non-GAAP Operating Earnings for the second quarter. See Attachments for a complete list of items excluded from Net Income/(Loss) in the determination of non-GAAP Operating Earnings.
PSEG CONSOLIDATED (unaudited) | ||||||
Income/(Loss) | Diluted Earnings | |||||
2022 | 2021 | 2022 | 2021 | |||
Net Income/(Loss) | ||||||
Reconciling Items | 189 | 533 | 0.38 | 1.05 | ||
Non-GAAP Operating Earnings | ||||||
PSEG Fully Diluted Average Shares Outstanding* | 500M | 504M | ||||
*Approximately three million potentially dilutive shares were excluded from fully diluted average shares outstanding used to calculate the diluted GAAP loss per share for the three months ended June 30, 2021 as their impact was antidilutive to GAAP results. For non-GAAP per share calculations, we used fully diluted average shares outstanding of 507 million, including the three million potentially dilutive shares as they were dilutive to non-GAAP results. M=Million. | ||||||
Ralph Izzo added, "We are re-affirming our 2022 non-GAAP Operating Earnings guidance of
PSEG 2022 Non-GAAP Operating Earnings Guidance | |||
($ millions, except EPS) | 2022E | ||
PSE&G | |||
Carbon-Free, Infrastructure & Other | 170 - 220 | ||
PSEG non-GAAP Operating Earnings | |||
PSEG non-GAAP Operating EPS | |||
E = Estimate | |||
Financial Results and Outlook
PSE&G
Public Service Electric & Gas
| |||
($ millions, except EPS) | 2Q 2022 | 2Q 2021 | Q/Q Change |
Net Income | |||
Earnings Per Share | - | ||
Compared to the second quarter of 2021, Transmission margin was flat, as growth in rate base and other positive true-up adjustments were offset by the August 2021 implementation of a new Transmission formula rate, including a lower return on equity. For distribution, Gas margin improved by
O&M expense was
Weather during the second quarter of 2022 (measured by the Temperature-Humidity Index-THI) was warmer than normal but cooler than temperatures during the second quarter of 2021. With the CIP in effect, variations in weather (positive or negative) have a limited impact on electric and gas margins while enabling the widespread adoption of PSE&G's energy efficiency programs. For the trailing 12-months ended June 30, weather-normalized electric and gas sales reflected lower Residential (both lower by approximately
On June 29, the New Jersey Board of Public Utilities approved the settlement of the Infrastructure Advancement Program authorizing PSE&G to invest
PSE&G invested approximately
PSE&G's forecast of Net Income for 2022 is unchanged at
PSEG Carbon-Free, Infrastructure & Other
Carbon-Free, Infrastructure & Other | |||
($ millions, except EPS) | 2Q 2022 | 2Q 2021 | Q/Q Change |
Net Loss | |||
Loss Per Share (EPS) | |||
Non-GAAP Operating Earnings* | |||
Non-GAAP Operating EPS | |||
Fully Diluted Avg. Shares Outstanding** | 500M | 504M | |
|
Carbon-Free, Infrastructure & Other (CFIO) reported a Net Loss of
For the second quarter of 2022, electric gross margin declined by
Year over year, second quarter cost comparisons were better by
Nuclear generating output increased by over
PSEG Power had net cash collateral postings of
The forecast of non-GAAP Operating Earnings for Carbon-Free, Infrastructure & Other is unchanged at
PSEG will host a conference call to review its Second Quarter 2022 results with the financial community at 11AM EDT today. This event can be accessed by visiting https://investor.pseg.com/investor-news-and-events to register.
Public Service Enterprise Group (PSEG) (NYSE: PEG) is a predominantly regulated infrastructure company focused on a clean energy future. Guided by its Powering Progress vision, PSEG aims to power a future where people use less energy, and it's cleaner, safer and delivered more reliably than ever. PSEG's commitment to ESG and sustainability is demonstrated in our net-zero 2030 climate vision, our pursuit of science-based emissions reductions targets and participation in the U.N. Race to Zero, as well as our inclusion on the Dow Jones Sustainability North America Index, the Bloomberg Gender-Equality Index and the list of America's most JUST Companies. PSEG's principal operating subsidiaries are Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island. (https://corporate.pseg.com).
Non-GAAP Financial Measures
Management uses non-GAAP Operating Earnings in its internal analysis, and in communications with investors and analysts, as a consistent measure for comparing PSEG's financial performance to previous financial results. Non-GAAP Operating Earnings exclude the impact of returns (losses) associated with the Nuclear Decommissioning Trust (NDT), Mark-to-Market (MTM) accounting and material one-time items.
See Attachments 8 and 9 for a complete list of items excluded from Net Income/(Loss) in the determination of non-GAAP Operating Earnings. The presentation of non-GAAP Operating Earnings is intended to complement, and should not be considered an alternative to the presentation of Net Income/(Loss), which is an indicator of financial performance determined in accordance with GAAP. In addition, non-GAAP Operating Earnings as presented in this release may not be comparable to similarly titled measures used by other companies.
Due to the forward looking nature of non-GAAP Operating Earnings guidance, PSEG is unable to reconcile this non-GAAP financial measure to the most directly comparable GAAP financial measure. Management is unable to project certain reconciling items, in particular MTM and NDT gains (losses), for future periods due to market volatility.
Forward-Looking Statements
Certain of the matters discussed in this report about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. Such statements are based on management's beliefs as well as assumptions made by and information currently available to management. When used herein, the words "anticipate," "intend," "estimate," "believe," "expect," "plan," "should," "hypothetical," "potential," "forecast," "project," variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in filings we make with the United States Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K. These factors include, but are not limited to:
- any inability to successfully develop, obtain regulatory approval for, or construct transmission and distribution, and solar and wind generation projects;
- the physical, financial and transition risks related to climate change, including risks relating to potentially increased legislative and regulatory burdens, changing customer preferences and lawsuits;
- any equipment failures, accidents, critical operating technology or business system failures, severe weather events, acts of war, terrorism, sabotage, cyberattack or other incidents that may impact our ability to provide safe and reliable service to our customers;
- any inability to recover the carrying amount of our long-lived assets;
- disruptions or cost increases in our supply chain, including labor shortages;
- any inability to maintain sufficient liquidity or access sufficient capital on commercially reasonable terms;
- the impact of cybersecurity attacks or intrusions or other disruptions to our information technology, operational or other systems;
- the impact of the ongoing coronavirus pandemic;
- failure to attract and retain a qualified workforce;
- inflation, including increases in the costs of equipment, materials, fuel and labor;
- the impact of our covenants in our debt instruments on our business;
- adverse performance of our nuclear decommissioning and defined benefit plan trust fund investments and changes in funding requirements and pension costs;
- the failure to complete, or delays in completing, the Ocean Wind 1 offshore wind project and the failure to realize the anticipated strategic and financial benefits of this project;
- fluctuations in wholesale power and natural gas markets, including the potential impacts on the economic viability of our generation units;
- our ability to obtain adequate nuclear fuel supply;
- market risks impacting the operation of our nuclear generating stations;
- changes in technology related to energy generation, distribution and consumption and changes in customer usage patterns;
- third-party credit risk relating to our sale of nuclear generation output and purchase of nuclear fuel;
- any inability to meet our commitments under forward sale obligations;
- reliance on transmission facilities to maintain adequate transmission capacity for our nuclear generation fleet;
- the impact of changes in state and federal legislation and regulations on our business, including PSE&G's ability to recover costs and earn returns on authorized investments;
- PSE&G's proposed investment programs may not be fully approved by regulators and its capital investment may be lower than planned;
- the absence of a long-term legislative or other solution for our New Jersey nuclear plants that sufficiently values them for their carbon-free, fuel diversity and resilience attributes, or the impact of the current or subsequent payments for such attributes being materially adversely modified through legal proceedings;
- adverse changes in and non-compliance with energy industry laws, policies, regulations and standards, including market structures and transmission planning and transmission returns;
- risks associated with our ownership and operation of nuclear facilities, including increased nuclear fuel storage costs, regulatory risks, such as compliance with the Atomic Energy Act and trade control, environmental and other regulations, as well as financial, environmental and health and safety risks;
- changes in federal and state environmental laws and regulations and enforcement;
- delays in receipt of, or an inability to receive, necessary licenses and permits; and
- changes in tax laws and regulations.
All of the forward-looking statements made in this report are qualified by these cautionary statements and we cannot assure you that the results or developments anticipated by management will be realized or even if realized, will have the expected consequences to, or effects on, us or our business, prospects, financial condition, results of operations or cash flows. Readers are cautioned not to place undue reliance on these forward-looking statements in making any investment decision. Forward- looking statements made in this report apply only as of the date of this report. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even in light of new information or future events, unless otherwise required by applicable securities laws.
The forward-looking statements contained in this report are intended to qualify for the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
From time to time, PSEG and PSE&G release important information via postings on their corporate Investor Relations website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the Investor Relations website to review new postings. You can sign up for automatic email alerts regarding new postings at the bottom of the webpage at https://investor.pseg.com or by navigating to the Email Alerts webpage here. |
CONTACTS | |||
Investor Relations: | Media Relations: | ||
973-430-6565 | 973-430-5924 | ||
Attachment 1 | ||||||||||||
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED | ||||||||||||
Consolidating Statements of Operations | ||||||||||||
(Unaudited, $ millions, except per share data) | ||||||||||||
Three Months Ended June 30, 2022 | ||||||||||||
PSEG | Eliminations(b) | PSE&G | Carbon-Free, | |||||||||
OPERATING REVENUES | $ 2,076 | $ (237) | $ 1,668 | $ 645 | ||||||||
OPERATING EXPENSES | ||||||||||||
Energy Costs | 765 | (237) | 630 | 372 | ||||||||
Operation and Maintenance | 751 | (6) | 434 | 323 | ||||||||
Depreciation and Amortization | 269 | 6 | 227 | 36 | ||||||||
Gains on Asset Dispositions and Impairments | (5) | - | - | (5) | ||||||||
Total Operating Expenses | 1,780 | (237) | 1,291 | 726 | ||||||||
OPERATING INCOME | 296 | - | 377 | (81) | ||||||||
Income from Equity Method Investments | 7 | - | - | 7 | ||||||||
Net Gains (Losses) on Trust Investments | (187) | (2) | (2) | (183) | ||||||||
Other Income (Deductions) | 38 | (5) | 22 | 21 | ||||||||
Net Non-Operating Pension and OPEB Credits (Costs) | 94 | 5 | 71 | 18 | ||||||||
Interest Expense | (150) | - | (107) | (43) | ||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 98 | (2) | 361 | (261) | ||||||||
Income Tax Benefit (Expense) | 33 | 2 | (56) | 87 | ||||||||
NET INCOME (LOSS) | $ 131 | $ - | $ 305 | $ (174) | ||||||||
Reconciling Items Excluded from Net Income (Loss)(c) | 189 | - | - | 189 | ||||||||
OPERATING EARNINGS (non-GAAP) | $ 320 | $ - | $ 305 | $ 15 | ||||||||
Earnings Per Share | ||||||||||||
NET INCOME (LOSS) | $ 0.26 | $ - | $ 0.61 | $ (0.35) | ||||||||
Reconciling Items Excluded from Net Income (Loss)(c) | 0.38 | - | - | 0.38 | ||||||||
OPERATING EARNINGS (non-GAAP) | $ 0.64 | $ - | $ 0.61 | $ 0.03 | ||||||||
Three Months Ended June 30, 2021 | ||||||||||||
PSEG | Eliminations(b) | PSE&G | CFIO(a) | |||||||||
OPERATING REVENUES | $ 1,874 | $ (175) | $ 1,514 | $ 535 | ||||||||
OPERATING EXPENSES | ||||||||||||
Energy Costs | 606 | (174) | 509 | 271 | ||||||||
Operation and Maintenance | 783 | (8) | 393 | 398 | ||||||||
Depreciation and Amortization | 322 | 6 | 231 | 85 | ||||||||
Losses on Asset Dispositions and Impairments | 457 | - | - | 457 | ||||||||
Total Operating Expenses | 2,168 | (176) | 1,133 | 1,211 | ||||||||
OPERATING INCOME | (294) | 1 | 381 | (676) | ||||||||
Income from Equity Method Investments | 6 | - | - | 6 | ||||||||
Net Gains (Losses) on Trust Investments | 81 | 1 | - | 80 | ||||||||
Other Income (Deductions) | 33 | (6) | 24 | 15 | ||||||||
Net Non-Operating Pension and OPEB Credits (Costs) | 82 | 4 | 66 | 12 | ||||||||
Interest Expense | (147) | - | (101) | (46) | ||||||||
INCOME (LOSS) BEFORE INCOME TAXES | (239) | - | 370 | (609) | ||||||||
Income Tax Benefit (Expense) | 62 | - | (61) | 123 | ||||||||
NET INCOME (LOSS) | $ (177) | $ - | $ 309 | $ (486) | ||||||||
Reconciling Items Excluded from Net Income (Loss)(c) | 533 | - | - | 533 | ||||||||
OPERATING EARNINGS (non-GAAP) | $ 356 | $ - | $ 309 | $ 47 | ||||||||
Earnings Per Share | ||||||||||||
NET INCOME (LOSS) | $ (0.35) | $ - | $ 0.61 | $ (0.96) | ||||||||
Reconciling Items Excluded from Net Income (Loss)(c) | 1.05 | - | - | 1.05 | ||||||||
OPERATING EARNINGS (non-GAAP) | $ 0.70 | $ - | $ 0.61 | $ 0.09 | ||||||||
(a) Includes activities at PSEG Power, Energy Holdings, PSEG Long Island and the Parent. | ||||||||||||
(b) Includes intercompany eliminations and activity at PSEG Services Corporation. | ||||||||||||
(c) See Attachments 8 and 9 for details of items excluded from Net Income (Loss) to compute Operating Earnings (non-GAAP). |
Attachment 2 | ||||||||||||
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED | ||||||||||||
Consolidating Statements of Operations | ||||||||||||
(Unaudited, $ millions, except per share data) | ||||||||||||
Six Months Ended June 30, 2022 | ||||||||||||
PSEG | Eliminations(b) | PSE&G | CFIO(a) | |||||||||
OPERATING REVENUES | $ 4,389 | $ (821) | $ 3,952 | $ 1,258 | ||||||||
OPERATING EXPENSES | ||||||||||||
Energy Costs | 2,010 | (821) | 1,598 | 1,233 | ||||||||
Operation and Maintenance | 1,545 | (13) | 897 | 661 | ||||||||
Depreciation and Amortization | 552 | 12 | 468 | 72 | ||||||||
Losses on Asset Dispositions and Impairments | 38 | - | - | 38 | ||||||||
Total Operating Expenses | 4,145 | (822) | 2,963 | 2,004 | ||||||||
OPERATING INCOME | 244 | 1 | 989 | (746) | ||||||||
Income from Equity Method Investments | 11 | - | - | 11 | ||||||||
Net Gains (Losses) on Trust Investments | (255) | (4) | (2) | (249) | ||||||||
Other Income (Deductions) | 43 | (10) | 41 | 12 | ||||||||
Non-Operating Pension and OPEB Credits (Costs) | 188 | 12 | 141 | 35 | ||||||||
Interest Expense | (287) | - | (210) | (77) | ||||||||
INCOME (LOSS) BEFORE INCOME TAXES | (56) | (1) | 959 | (1,014) | ||||||||
Income Tax Benefit (Expense) | 185 | 1 | (145) | 329 | ||||||||
NET INCOME (LOSS) | $ 129 | $ - | $ 814 | $ (685) | ||||||||
Reconciling Items Excluded from Net Income (Loss)(c) | 863 | - | - | 863 | ||||||||
OPERATING EARNINGS (non-GAAP) | $ 992 | $ - | $ 814 | $ 178 | ||||||||
Earnings Per Share | ||||||||||||
NET INCOME (LOSS) | $ 0.26 | $ - | $ 1.62 | $ (1.36) | ||||||||
Reconciling Items Excluded from Net Income (Loss) (c) | 1.71 | - | - | 1.71 | ||||||||
OPERATING EARNINGS (non-GAAP) | $ 1.97 | $ - | $ 1.62 | $ 0.35 | ||||||||
Six Months Ended June 30, 2021 | ||||||||||||
PSEG | Eliminations(b) | PSE&G | CFIO (a) | |||||||||
OPERATING REVENUES | $ 4,763 | $ (677) | $ 3,587 | $ 1,853 | ||||||||
OPERATING EXPENSES | ||||||||||||
Energy Costs | 1,635 | (676) | 1,358 | 953 | ||||||||
Operation and Maintenance | 1,561 | (12) | 817 | 756 | ||||||||
Depreciation and Amortization | 663 | 13 | 472 | 178 | ||||||||
Losses on Asset Dispositions and Impairments | 457 | - | - | 457 | ||||||||
Total Operating Expenses | 4,316 | (675) | 2,647 | 2,344 | ||||||||
OPERATING INCOME | 447 | (2) | 940 | (491) | ||||||||
Income from Equity Method Investments | 9 | - | - | 9 | ||||||||
Net Gains (Losses) on Trust Investments | 141 | 2 | 1 | 138 | ||||||||
Other Income (Deductions) | 58 | (10) | 52 | 16 | ||||||||
Non-Operating Pension and OPEB Credits (Costs) | 164 | 8 | 132 | 24 | ||||||||
Interest Expense | (293) | - | (199) | (94) | ||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 526 | (2) | 926 | (398) | ||||||||
Income Tax Benefit (Expense) | (55) | 2 | (140) | 83 | ||||||||
NET INCOME (LOSS) | $ 471 | $ - | $ 786 | $ (315) | ||||||||
Reconciling Items Excluded from Net Income (Loss)(c) | 535 | - | - | 535 | ||||||||
OPERATING EARNINGS (non-GAAP) | $ 1,006 | $ - | $ 786 | $ 220 | ||||||||
Earnings Per Share | ||||||||||||
NET INCOME (LOSS) | $ 0.93 | $ - | $ 1.55 | $ (0.62) | ||||||||
Reconciling Items Excluded from Net Income (Loss)(c) | 1.05 | - | - | 1.05 | ||||||||
OPERATING EARNINGS (non-GAAP) | $ 1.98 | $ - | $ 1.55 | $ 0.43 | ||||||||
(a) Includes activities at PSEG Power, Energy Holdings, PSEG Long Island and the Parent. | ||||||||||||
(b) Includes intercompany eliminations and activity at PSEG Services Corporation. | ||||||||||||
(c) See Attachments 8 and 9 for details of items excluded from Net Income (Loss) to compute Operating Earnings (non-GAAP). |
Attachment 3 | |||||||||
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED | |||||||||
Capitalization Schedule | |||||||||
(Unaudited, $ millions) | |||||||||
June 30, | December 31, | ||||||||
2022 | 2021 | ||||||||
DEBT | |||||||||
Commercial Paper and Loans | $ 3,313 | $ 3,519 | |||||||
Long-Term Debt* | 17,671 | 15,919 | |||||||
Total Debt | 20,984 | 19,438 | |||||||
STOCKHOLDERS' EQUITY | |||||||||
Common Stock | 5,038 | 5,045 | |||||||
Treasury Stock | (1,382) | (896) | |||||||
Retained Earnings | 10,227 | 10,639 | |||||||
Accumulated Other Comprehensive Loss | (455) | (350) | |||||||
Total Stockholders' Equity | 13,428 | 14,438 | |||||||
Total Capitalization | $ 34,412 | $ 33,876 | |||||||
*Includes current portion of Long-Term Debt |
Attachment 4 | |||
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED | |||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
(Unaudited, $ millions) | |||
Six Months Ended June 30, | |||
2022 | 2021 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net Income | $ 129 | $ 471 | |
Adjustments to Reconcile Net Income to Net Cash Flows | |||
From Operating Activities | 227 | 578 | |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 356 | 1,049 | |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | 531 | (793) | |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 496 | (684) | |
Net Change in Cash, Cash Equivalents and Restricted Cash | 1,383 | (428) | |
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 863 | 572 | |
Cash, Cash Equivalents and Restricted Cash at End of Period | $ 2,246 | $ 144 |
Attachment 5 | |||||||||||
PUBLIC SERVICE ELECTRIC & GAS COMPANY | |||||||||||
Retail Sales | |||||||||||
(Unaudited) | |||||||||||
June 30, 2022 | |||||||||||
Electric Sales | |||||||||||
Three Months | Change vs. | Six Months | Change vs. | ||||||||
Sales (millions kWh) | Ended | 2021 | Ended | 2021 | |||||||
Residential | 3,156 | (2 %) | 6,357 | (2 %) | |||||||
Commercial & Industrial | 6,255 | 2 % | 12,766 | 3 % | |||||||
Other | 72 | 0 % | 172 | 1 % | |||||||
Total | 9,483 | 1 % | 19,295 | 1 % | |||||||
Gas Sold and Transported | |||||||||||
Three Months | Change vs. | Six Months | Change vs. | ||||||||
Sales (millions therms) | Ended | 2021 | Ended | 2021 | |||||||
Firm Sales | |||||||||||
Residential Sales | 208 | 3 % | 948 | 1 % | |||||||
Commercial & Industrial | 171 | 8 % | 666 | 6 % | |||||||
Total Firm Sales | 379 | 5 % | 1,614 | 3 % | |||||||
Non-Firm Sales* | |||||||||||
Commercial & Industrial | 237 | 17 % | 396 | 9 % | |||||||
Total Non-Firm Sales | 237 | 396 | |||||||||
Total Sales | 616 | 9 % | 2,010 | 4 % | |||||||
*Contract Service Gas rate included in non-firm sales | |||||||||||
Weather Data* | |||||||||||
Three Months | Change vs. | Six Months | Change vs. | ||||||||
Ended | 2021 | Ended | 2021 | ||||||||
THI Hours - Actual | 4,502 | (19 %) | 4,541 | (18 %) | |||||||
THI Hours - Normal | 4,107 | 4,125 | |||||||||
Degree Days - Actual | 438 | (1 %) | 2,971 | 3 % | |||||||
Degree Days - Normal | 497 | 3,016 | |||||||||
*Winter weather as defined by heating degree days (HDD) to serve as a measure for the need for heating. For each day, HDD is calculated as HDD = 65°F – the average hourly daily temperature. Summer weather is measured by the temperature-humidity index (THI), which takes into account both the temperature and the humidity to measure the need for air conditioning. Both measures use data provided by the National Oceanic and Atmospheric Administration based on readings from Newark Liberty International Airport. Comparisons to normal are based on twenty years of historic data. | |||||||||||
Attachment 6 | ||||||||||
Nuclear Generation Measures | ||||||||||
(Unaudited) | ||||||||||
GWhr Breakdown | GWhr Breakdown | |||||||||
Three Months Ended | Six Months Ended | |||||||||
June 30, | June 30, | |||||||||
2022 | 2021 | 2022 | 2021 | |||||||
Nuclear - NJ | 4,698 | 4,396 | 10,248 | 9,747 | ||||||
Nuclear - PA | 2,820 | 2,853 | 5,714 | 5,747 | ||||||
7,518 | 7,249 | 15,962 | 15,494 | |||||||
% Generation | % Generation | |||||||||
Three Months Ended | Six Months Ended | |||||||||
June 30, | June 30, | |||||||||
2022 | 2021 | 2022 | 2021 | |||||||
Nuclear - NJ | 62 % | 61 % | 64 % | 63 % | ||||||
Nuclear - PA | 38 % | 39 % | 36 % | 37 % | ||||||
100 % | 100 % | 100 % | 100 % | |||||||
Attachment 7 | |||||||||||
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED | |||||||||||
Statistical Measures | |||||||||||
(Unaudited) | |||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||
Weighted Average Common Shares Outstanding (millions)* | |||||||||||
Basic | 497 | 504 | 499 | 504 | |||||||
Diluted | 500 | 504 | 502 | 507 | |||||||
Stock Price at End of Period | |||||||||||
Dividends Paid per Share of Common Stock | |||||||||||
Dividend Yield | 3.4 % | 3.4 % | |||||||||
Book Value per Common Share | |||||||||||
Market Price as a Percent of Book Value | 234 % | 189 % | |||||||||
*Approximately three million potentially dilutive shares were excluded from fully diluted average shares outstanding used to calculate the diluted GAAP loss per share for the three months ended June 30, 2021 as their impact was antidilutive to GAAP results. |
Attachment 8 | ||||||||||||
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED | ||||||||||||
Consolidated Operating Earnings (non-GAAP) Reconciliation | ||||||||||||
Reconciling Items | Three Months Ended | Six Months Ended | ||||||||||
June 30, | June 30, | |||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||
($ millions, Unaudited) | ||||||||||||
Net Income (Loss) | $ 131 | $ (177) | $ 129 | $ 471 | ||||||||
(Gain) Loss on Nuclear Decommissioning Trust (NDT) | ||||||||||||
Fund Related Activity, pre-tax | 185 | (78) | 257 | (133) | ||||||||
(Gain) Loss on Mark-to-Market (MTM), pre-tax(a) | 104 | 285 | 949 | 332 | ||||||||
Plant Retirements, Dispositions and Impairments, pre-tax(b) | (2) | 457 | 14 | 457 | ||||||||
Income Taxes related to Operating Earnings (non-GAAP) reconciling items(c) | (98) | (131) | (357) | (121) | ||||||||
Operating Earnings (non-GAAP) | $ 320 | $ 356 | $ 992 | $ 1,006 | ||||||||
PSEG Fully Diluted Average Shares Outstanding (in millions)(d) | 500 | 504 | 502 | 507 | ||||||||
| ||||||||||||
Net Income (Loss) | $ 0.26 | $ (0.35) | $ 0.26 | $ 0.93 | ||||||||
(Gain) Loss on NDT Fund Related Activity, pre-tax | 0.37 | (0.15) | 0.51 | (0.26) | ||||||||
(Gain) Loss on MTM, pre-tax(a) | 0.20 | 0.56 | 1.89 | 0.65 | ||||||||
Plant Retirements, Dispositions and Impairments, pre-tax(b) | (0.01) | 0.90 | 0.02 | 0.90 | ||||||||
Income Taxes related to Operating Earnings (non-GAAP) reconciling items(c) | (0.18) | (0.26) | (0.71) | (0.24) | ||||||||
Operating Earnings (non-GAAP) | $ 0.64 | $ 0.70 | $ 1.97 | $ 1.98 | ||||||||
(a) Includes the financial impact from positions with forward delivery months. | ||||||||||||
(b) Amount for the six months ended June 30, 2022 includes the results for fossil generation sold in February 2022. | ||||||||||||
(c) Income tax effect calculated at the statutory rate except for qualified NDT related activity, which records an additional | ||||||||||||
(d) Approximately three million potentially dilutive shares were excluded from fully diluted average shares outstanding used to calculate the diluted GAAP loss per share for the three months ended June 30, 2021 as their impact was antidilutive to GAAP results. For non-GAAP per share calculations, we used fully diluted average shares outstanding of 507 million, including the three million potentially dilutive shares as they were dilutive to non-GAAP results. |
Attachment 9 | |||||||||||||
CFIO Operating Earnings (non-GAAP) Reconciliation | |||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||
Reconciling Items | June 30, | June 30, | |||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||
($ millions, Unaudited) | |||||||||||||
Net Loss | $ (174) | $ (486) | $ (685) | $ (315) | |||||||||
(Gain) Loss on NDT Fund Related Activity, pre-tax | 185 | (78) | 257 | (133) | |||||||||
(Gain) Loss on MTM, pre-tax(a) | 104 | 285 | 949 | 332 | |||||||||
Plant Retirements, Dispositions and Impairments, pre-tax(b) | (2) | 457 | 14 | 457 | |||||||||
Income Taxes related to Operating Earnings (non-GAAP) reconciling items(c) | (98) | (131) | (357) | (121) | |||||||||
Operating Earnings (non-GAAP) | $ 15 | $ 47 | $ 178 | $ 220 | |||||||||
PSEG Fully Diluted Average Shares Outstanding (in millions)(d) | 500 | 504 | 502 | 507 | |||||||||
(a) Includes the financial impact from positions with forward delivery months. | |||||||||||||
(b) Amount for the six months ended June 30, 2022 includes the results for fossil generation sold in February 2022. | |||||||||||||
(c) Income tax effect calculated at the statutory rate except for qualified NDT related activity, which records an additional | |||||||||||||
(d) Approximately three million potentially dilutive shares were excluded from fully diluted average shares outstanding used to calculate the diluted GAAP loss per share for the three months ended June 30, 2021 as their impact was antidilutive to GAAP results. For non-GAAP per share calculations, we used fully diluted average shares outstanding of 507 million, including the three million potentially dilutive shares as they were dilutive to non-GAAP results. |
View original content to download multimedia:https://www.prnewswire.com/news-releases/pseg-announces-2022-second-quarter-results-301597868.html
SOURCE PSEG
FAQ
What are the Q2 2022 earnings for Public Service Enterprise Group (PEG)?
Is PEG reaffirming its 2022 earnings guidance?
What major investments is PEG making in 2022?