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PSEG ANNOUNCES 2023 RESULTS

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Public Service Enterprise Group (NYSE: PEG) reported strong financial results for 2023, with net income of $2.56 billion and non-GAAP operating earnings of $1.74 billion. The company reaffirmed its 2024 non-GAAP operating earnings guidance of $3.60 - $3.70 per share. PSEG achieved solid operating and financial performance, completing its largest ever capital investment plan in 2023. The company made progress in increasing business predictability, modernizing infrastructure, and expanding energy efficiency programs. PSEG also updated its regulated capital spending plan to $18-21 billion over the 2024-2028 period. The company filed its electric and gas base rate case with the New Jersey BPU to recover over $3 billion in capital investments. PSEG reaffirmed its 2024 non-GAAP operating earnings guidance range of $3.60 to $3.70 per share and increased its indicative annual common dividend rate to $2.40 per share.
Positive
  • Strong financial results for 2023 with net income of $2.56 billion and non-GAAP operating earnings of $1.74 billion.
  • Reaffirmed 2024 non-GAAP operating earnings guidance of $3.60 - $3.70 per share.
  • Completed largest ever capital investment plan in 2023, totaling $3.7 billion.
  • Updated regulated capital spending plan to $18-21 billion over the 2024-2028 period.
  • Filed electric and gas base rate case with New Jersey BPU to recover over $3 billion in capital investments.
  • Reaffirmed 2024 non-GAAP operating earnings guidance range of $3.60 to $3.70 per share.
  • Increased indicative annual common dividend rate to $2.40 per share.
Negative
  • None.

The reported net income of $5.13 per share for the full year of 2023 by Public Service Enterprise Group (PSEG) indicates a substantial improvement over the previous year's $2.06 per share. This performance could be attributed to strategic business optimizations, such as the retention of their nuclear fleet and the exit from offshore wind generation, which may have provided financial stability and allowed for the recovery of investments. The reaffirmation of the 2024 non-GAAP Operating Earnings Guidance suggests confidence in the company's future performance and might be a positive signal for investors looking for stable returns, especially considering the increase in the dividend rate, which extends a significant history of consecutive payouts.

However, the non-GAAP Operating Earnings showing marginal year-over-year growth from $3.47 to $3.48 per share could raise questions about the underlying operational efficiency and growth prospects. A detailed evaluation of the company's operational segments, such as the impact of the Gas System Modernization Program and the Clean Energy Future-Energy Efficiency program, would be necessary to assess the long-term sustainability of earnings growth. Additionally, the proposed $3.1 billion investment in the CEF-EE II filing should be scrutinized for its potential to drive future earnings and the ability to recover these investments through rate cases.

PSEG's performance, particularly in the context of its capital investment plan and the expansion of energy efficiency offerings, reflects an industry trend towards infrastructure modernization and sustainability. The company's focus on energy efficiency and modernization programs aligns with broader regulatory and consumer demand for clean energy solutions and could position PSEG favorably in the market. The 93% capacity factor at PSEG Nuclear and the inclusion in the Dow Jones Sustainability North America Index for the 16th year highlight the company's commitment to operational excellence and sustainability, which are increasingly important to socially responsible investors.

The smart meter implementation and labor agreements are also indicative of PSEG's long-term strategy to enhance operational efficiency and stakeholder relations. The company's ability to deliver consistent results that meet or exceed guidance for 19 consecutive years could reinforce investor confidence in management's ability to execute on strategic initiatives and maintain financial discipline. The expansion of the regulated capital spending plan underscores the commitment to growth, with potential implications for rate base expansion and long-term shareholder value.

The economic implications of PSEG's reported earnings and strategic decisions extend beyond the company's financial health. The streamlining of PSEG's business mix and the focus on regulated growth through capital investments in infrastructure modernization could have broader economic benefits, such as job creation, enhanced energy security and support for state-level clean energy objectives. The $900 million settlement to extend the Gas System Modernization Program and the $280 million settlement for the Clean Energy Future-Energy Efficiency program may also stimulate local economies and support the energy sector's transition towards more efficient and sustainable operations.

Moreover, the reduction in PSE&G's gas commodity charge suggests a responsive approach to market conditions and consumer cost concerns, which might positively influence consumer spending and sentiment. The company's rate case filings and the alignment with New Jersey's energy efficiency framework demonstrate the interplay between corporate strategy and regulatory environments, with potential implications for the cost of utilities and the pace of infrastructure improvements within the state. The proposed capital investments, if approved, could enhance the reliability of services and support economic growth through improved energy infrastructure.

$5.13 PER SHARE NET INCOME
$3.48 PER SHARE NON-GAAP OPERATING EARNINGS

Reaffirms 2024 Non-GAAP Operating Earnings Guidance of $3.60 - $3.70 Per Share

NEWARK, N.J., Feb. 26, 2024 /PRNewswire/ -- Public Service Enterprise Group (NYSE: PEG) reported the following results for the full-year and fourth quarter of 2023:

PSEG Consolidated (unaudited)

Full Year Comparative Results



Income

Diluted Earnings
Per Share

($ millions, except per share amounts)

FY 2023

FY 2022

FY 2023

FY 2022

Net Income

$2,563

$1,031

$5.13

$2.06

  Reconciling Items

(821)

708

(1.65)

1.41

Non-GAAP Operating Earnings

$1,742

$1,739

$3.48

$3.47

  Average Shares



500

501

 

PSEG Consolidated (unaudited)

Fourth Quarter Comparative Results



Income

Diluted Earnings
Per Share

($ millions, except per share amounts)

4Q 2023

4Q 2022

4Q 2023

4Q 2022

Net Income

$546

$788

$1.10

$1.58

  Reconciling Items

(275)

(470)

(0.56)

(0.94)

Non-GAAP Operating Earnings

$271

$318

$0.54

$0.64

  Average Shares



500

500

The tables above provide a reconciliation of PSEG's Net Income to non-GAAP Operating Earnings for the fourth quarter and full year.  See Attachments 8 and 9 for a complete list of items excluded from Net Income in the determination of non-GAAP Operating Earnings.

"PSEG achieved solid operating and financial performance in 2023.  Our non-GAAP results for the full year came in at the high-end of our 2023 guidance range and marked the 19th consecutive year that we delivered results that met or exceeded our guidance.  PSE&G efficiently completed its largest ever capital investment plan in a single year – totaling $3.7 billion – focused on meeting our customers' needs by modernizing our system infrastructure, maintaining our best in the state reliability and resiliency, and expanding our energy efficiency offerings to customers at every income level to help them reduce their energy usage and bills," said Ralph LaRossa, PSEG's chair, president and CEO.

PSEG made significant progress during 2023, executing on its strategy to increase the predictability of the business and the visibility of growth, and providing value to its customers, including:

  • Streamlining the business mix by retaining our 3,760 MW nuclear fleet (which benefits from the nuclear production tax credit, effective January 1, 2024, and helps us finance regulated growth through 2028 without the need for new equity) and exiting offshore wind generation with recovery of our investment.
  • Reaching a $900 million settlement to extend our Gas System Modernization Program through 2025, and a $280 million settlement to extend our award-winning Clean Energy Future-Energy Efficiency (EE) program into mid-2024.
  • Enabling the broad expansion of our EE programs through an effective Conservation Incentive Program, which also offset the 2023 volumetric impacts of unseasonably mild winter and summer weather.
  • Lowering PSE&G's gas commodity charge from $0.47 to $0.40 per therm for winter 2024, following the two previous supply charge reductions during the winter of 2023.
  • Placing into service over 1.5 million PSE&G smart meters.
  • Reaching new multi-year labor agreements with all of our represented employees.
  • Achieving a 93% capacity factor at PSEG Nuclear that included a breaker-to-breaker run at Salem Unit 1, and producing approximately 32 TWh of carbon free, base-load power.
  • Successfully reducing our pension variability, twice, through the approval of a regulatory accounting order last February and a billion-dollar lift-out in August.
  • Being named to the Dow Jones Sustainability North America Index for the 16th year in a row.
  • Being recognized as #1 in Customer Satisfaction with Residential and Business Electric Service in the East among Large Utilities by J.D. Power in 2023.

Looking ahead, PSEG recently updated its five-year regulated capital spending plan to $18 billion to $21 billion, which supports our outlook for compound annual growth in rate base (of 6% to 7.5%) and for non-GAAP Operating Earnings (of 5% to 7%) over the 2024 to 2028 period.

In December 2023, PSE&G filed its comprehensive electric and gas base rate case, as required, with the New Jersey Board of Public Utilities (BPU).  A main component of the case is to recover over $3 billion in capital investments that were made to strengthen and modernize the state's electric and gas infrastructure since PSE&G's last rate case in 2018. PSE&G's request is its first in six years and is among the lowest proposed rate increases filed by a NJ public utility over that time period.    

PSE&G also submitted its Clean Energy Future–Energy Efficiency II (CEF-EE II) filing to the BPU.  The $3.1 billion proposal is aligned with New Jersey's updated energy efficiency framework covering the 30-month period from January 2025 through June 2027 and would be spent over a six-year period. 

LaRossa added, "For 2024, we are reaffirming our non-GAAP Operating Earnings guidance range of $3.60 to $3.70 per share.  The recent $0.12 increase to PSEG's 2024 indicative annual common dividend rate to $2.40 per share also extends our track record of providing dividend income to our investors for 117 consecutive years."

PSEG Results by Segment

Public Service Electric and Gas

Fourth Quarter and Full Year Comparative Results


($ millions, except per share amounts)

4Q 2023

4Q 2022

FY 2023

FY 2022

Net Income

$291

$352

$1,515

$1,565

Net Income Per Share (EPS)

$0.58

$0.70

$3.03

$3.12

Non-GAAP Operating Earnings

$296

$352

$1,532

$1,565

Non-GAAP Operating EPS

$0.59

$0.70

$3.06

$3.12

Consistent with management's guidance for full-year 2023 non-GAAP earnings, PSE&G's fourth quarter results benefited from growth in incremental investments in Transmission and Gas Distribution, which were offset by the expected decline in pension income and lower OPEB related credits, as well as higher depreciation, amortization and interest expense resulting from higher investment (not yet reflected in rates), as well as higher O&M costs in the quarter due to timing.

PSEG Power & Other

Fourth Quarter and Full Year Comparative Results


($ millions, except per share amounts)

4Q 2023

4Q 2022

FY 2023

FY 2022

Net Income (Loss)

$255

$436

$1,048

$(534)

Net Income (Loss) Per Share (EPS)

$0.52

$0.88

$2.10

$(1.06)

Non-GAAP Operating Earnings 

$(25)

$(34)

$210

$174

Non-GAAP Operating EPS 

$(0.05)

$(0.06)

$0.42

$0.35

PSEG Power & Other results for the quarter reflect an improvement in energy margin, offset by a reduction in capacity revenues, and expected lower pension income and OPEB credits compared with the fourth quarter of 2022.  

###

 PSEG will host a conference call to review its fourth quarter and full year 2023 results, earnings guidance, and other matters with the financial community at 11:00 a.m. ET today.  Please register to access this event by visiting:

https://investor.pseg.com/investor-news-and-events.

Media Relations:
973-430-7734 

Investor Relations:
Carlotta Chan
973-430-6565
Carlotta.Chan@pseg.com

About PSEG

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 sustainability is demonstrated in our net-zero 2030 climate vision and participation in the U.N. Race to Zero, as well as our inclusion on the Dow Jones Sustainability North America Index. PSEG's businesses include 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 gains (losses) associated with the Nuclear Decommissioning Trust (NDT), Mark-to-Market (MTM) accounting and other material infrequent 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 because comparable GAAP measures are not reasonably accessible or reliable due to the inherent difficulty in forecasting and quantifying measures that would be required for such reconciliation. Namely, we are not able to reliably project without unreasonable effort MTM and NDT gains (losses), for future periods due to market volatility. These items are uncertain, depend on various factors, and may have a material impact on our future GAAP results.

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 Item 1A. Risk Factors, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A), Item 8. Financial Statements and Supplementary Data—Note 13. Commitments and Contingent Liabilities, and other filings we make with the United States Securities and Exchange Commission (SEC), including our 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 our nuclear 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, natural disasters, severe weather events, acts of war, terrorism or other acts of violence, sabotage, physical attacks or security breaches, cyberattacks 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;
  • a material shift away from natural gas toward increased electrification and a reduction in the use of natural gas;
  • failure to attract and retain a qualified workforce;
  • increases in the costs of equipment, materials, fuel, services and labor;
  • the impact of our covenants in our debt instruments and credit agreements on our business;
  • adverse performance of our defined benefit plan trust funds and Nuclear Decommissioning Trust Fund and increases in funding requirements and pension costs;
  • any inability to extend certain significant contracts on terms acceptable to us;
  • development, adoption and use of Artificial Intelligence by us and our third-party vendors;
  • fluctuations in, or third-party default risk 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;
  • 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 and Regional Transmission Organization rules;
  • 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 projects or programs may not be fully approved by regulators and its capital investment may be lower than planned;
  • our ability to receive sufficient financial support for our New Jersey nuclear plants from the markets, production tax credit and/or zero emission certificates program;
  • 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 operational, 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 siting approvals; 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.  The information on https://investor.pseg.com and https://investor.pseg.com/resources/email-alerts/default.aspx is not incorporated herein and is not part of this press release or the Form 8-K to which it is an exhibit.

 

Attachment 1

Public Service Enterprise Group Incorporated


Consolidating Statements of Operations


(Unaudited, $ millions, except per share data)





Three Months Ended December 31, 2023





PSEG


Eliminations


PSE&G


PSEG
Power &
Other
(a)











OPERATING REVENUES  

$           2,605


$                  (306)


$            1,853


$          1,058











OPERATING EXPENSES










Energy Costs

743


(306)


710


339



Operation and Maintenance

871


-


495


376



Depreciation and Amortization

292


-


252


40



Loss on Asset Dispositions and Impairments

7


-


-


7



Total Operating Expenses

1,913


(306)


1,457


762











OPERATING INCOME

692


-


396


296











Net Gains (Losses) on Trust Investments

126


-


-


126


Net Other Income (Deductions)

40


-


15


25


Net Non-Operating Pension and OPEB Credits (Costs)

27


-


28


(1)


Interest Expense

(198)


-


(129)


(69)











INCOME BEFORE INCOME TAXES 

687


-


310


377











Income Tax Expense

(141)


-


(19)


(122)











NET INCOME

$              546


$                         -


$               291


$              255



Reconciling Items Excluded from Net Income (b)

(275)


-


5


(280)


OPERATING EARNINGS (non-GAAP)

$              271


$                         -


$               296


$              (25)











Earnings Per Share


















NET INCOME

$             1.10


$                         -


$              0.58


$             0.52



Reconciling Items Excluded from Net Income (b)

(0.56)


-


0.01


(0.57)


OPERATING EARNINGS (non-GAAP)

$             0.54


$                         -


$              0.59


$           (0.05)














Three Months Ended December 31, 2022




PSEG


Eliminations


PSE&G


PSEG
Power &
Other
(a)











OPERATING REVENUES  

$           3,139


$                  (466)


$            2,030


$          1,575











OPERATING EXPENSES










Energy Costs

996


(466)


881


581



Operation and Maintenance

868


-


489


379



Depreciation and Amortization

278


-


238


40



Losses on Asset Dispositions and Impairments

33


-


1


32



Total Operating Expenses

2,175


(466)


1,609


1,032











OPERATING INCOME 

964


-


421


543











Loss from Equity Method Investments

(2)


-


-


(2)


Net Gains (Losses) on Trust Investments

87


-


-


87


Net Other Income (Deductions)

38


-


22


16


Net Non-Operating Pension and OPEB Credits (Costs)

94


-


70


24


Interest Expense

(178)


-


(108)


(70)











INCOME BEFORE INCOME TAXES 

1,003


-


405


598











Income Tax Expense

(215)


-


(53)


(162)











NET INCOME

$              788


$                         -


$               352


$              436



Reconciling Items Excluded from Net Income(b)

(470)


-


-


(470)


OPERATING EARNINGS (non-GAAP)

$              318


$                         -


$               352


$              (34)











Earnings Per Share


















NET INCOME

$             1.58


$                         -


$              0.70


$             0.88



Reconciling Items Excluded from Net Income(b)


(0.94)


-


-


(0.94)


OPERATING EARNINGS (non-GAAP)

$             0.64


$                         -


$              0.70


$           (0.06)












(a) Includes activities at PSEG Power, PSEG Long Island, Energy Holdings, PSEG Services Corporation and the Parent.

(b) 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)





Year Ended December 31, 2023











PSEG


Eliminations


PSE&G


PSEG
Power &
Other
(a)











OPERATING REVENUES  

$        11,237


$               (1,103)


$            7,807


$          4,533











OPERATING EXPENSES










Energy Costs

3,260


(1,103)


3,010


1,353



Operation and Maintenance

3,150


-


1,843


1,307



Depreciation and Amortization

1,135


-


980


155



Loss on Asset Dispositions and Impairments

7


-


-


7




  Total Operating Expenses

7,552


(1,103)


5,833


2,822











OPERATING INCOME

3,685


-


1,974


1,711











Income from Equity Method Investments

1


-


-


1


Net Gains (Losses) on Trust Investments

189


-


-


189


Net Other Income (Deductions)

172


(4)


80


96


Net Non-Operating Pension and OPEB Credits (Costs)

(218)


-


114


(332)


Interest Expense

(748)


4


(493)


(259)











INCOME BEFORE INCOME TAXES 

3,081


-


1,675


1,406











Income Tax Expense

(518)


-


(160)


(358)











NET INCOME

$           2,563


$                         -


$            1,515


$          1,048



Reconciling Items Excluded from Net Income(b)

(821)


-


17


(838)


OPERATING EARNINGS (non-GAAP)

$           1,742


$                         -


$            1,532


$              210











Earnings Per Share


















NET INCOME

$             5.13


$                         -


$              3.03


$             2.10



Reconciling Items Excluded from Net Income (b)

(1.65)


-


0.03


(1.68)


OPERATING EARNINGS (non-GAAP)

$             3.48


$                         -


$              3.06


$             0.42





















Year Ended December 31, 2022











PSEG


Eliminations


PSE&G


PSEG
Power &
Other
(a)











OPERATING REVENUES  

$           9,800


$               (1,401)


$            7,935


$          3,266











OPERATING EXPENSES










Energy Costs

4,018


(1,401)


3,270


2,149



Operation and Maintenance

3,178


-


1,838


1,340



Depreciation and Amortization

1,100


-


935


165



Losses on Asset Dispositions and Impairments

123


-


-


123




  Total Operating Expenses

8,419


(1,401)


6,043


3,777











OPERATING INCOME 

1,381


-


1,892


(511)











Income from Equity Method Investments

14


-


-


14


Net Gains (Losses) on Trust Investments

(265)


-


(2)


(263)


Net Other Income (Deductions)

124


(1)


88


37


Net Non-Operating Pension and OPEB Credits (Costs)

376


-


281


95


Interest Expense

(628)


1


(427)


(202)











INCOME (LOSS) BEFORE INCOME TAXES 

1,002


-


1,832


(830)











Income Tax Benefit (Expense)

29


-


(267)


296











NET INCOME (LOSS)

$           1,031


$                         -


$            1,565


$            (534)



Reconciling Items Excluded from Net Income (Loss)(b)

708


-


-


708


OPERATING EARNINGS (non-GAAP)

$           1,739


$                         -


$            1,565


$              174











Earnings Per Share


















NET INCOME (LOSS)

$             2.06


$                         -


$              3.12


$           (1.06)



Reconciling Items Excluded from Net Income (Loss)(b)

1.41


-


-


1.41


OPERATING EARNINGS (non-GAAP)

$             3.47


$                         -


$              3.12


$             0.35













(a) Includes activities at PSEG Power, PSEG Long Island, Energy Holdings, PSEG Services Corporation and the Parent.


(b) 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)




December 31,


December 31,


2023


2022

DEBT





Commercial Paper and Loans

$                    949


$                 2,200


Long-Term Debt*

19,284


18,070



Total Debt

20,233


20,270









STOCKHOLDERS' EQUITY





Common Stock

5,018


5,065


Treasury Stock

(1,379)


(1,377)


Retained Earnings

12,017


10,591


Accumulated Other Comprehensive Loss

(179)


(550)



Total Stockholders' Equity

15,477


13,729



Total Capitalization

$               35,710


$               33,999



































*Includes current portion of Long-Term Debt






 




Attachment 4

Public Service Enterprise Group Incorporated

Condensed Consolidated Statements of Cash Flows

(Unaudited, $ millions)





Year  Ended December 31, 


2023


2022

CASH FLOWS FROM OPERATING ACTIVITIES




 Net Income

$                     2,563


$                     1,031

 Adjustments to Reconcile Net Income to Net Cash Flows




   From Operating Activities

1,243


472

NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES

3,806


1,503





NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES

(2,958)


(1,101)





NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES

(1,260)


(754)





Net Change in Cash, Cash Equivalents and Restricted Cash

(412)


(352)





Cash, Cash Equivalents and Restricted Cash at Beginning of Period

511


863

Cash, Cash Equivalents and Restricted Cash at End of Period

$                           99


$                        511

 

Attachment 5

Public Service Electric & Gas Company

 Retail Sales 

(Unaudited)

December 31, 2023


Electric Sales




Three Months


   Change vs.


Year 


   Change vs.



Sales (millions kWh)

Ended


2022


Ended


2022



Residential

2,805


5 %


13,076


(6 %)



Commercial & Industrial

6,181


(5 %)


25,680


(3 %)



Other

96


(1 %)


337


(1 %)



Total

9,082


(2 %)


39,093


(4 %)




Gas Sold and Transported





Three Months


Change vs.


Year 


Change vs.



Sales (millions therms)

Ended


2022


Ended


2022



Firm Sales










Residential Sales

427


(9 %)


1,327


(11 %)



Commercial & Industrial

285


(9 %)


955


(11 %)



Total Firm Sales

712


(9 %)


2,282


(11 %)













Non-Firm Sales*










Commercial & Industrial

234


13 %


848


(13 %)



Total Non-Firm Sales

234




848















Total Sales

946


(4 %)


3,130


(12 %)




*Contract Service Gas rate included in non-firm sales


Weather Data*




Three Months


Change vs.


Year 


Change vs.




Ended


2022


Ended


2022



THI Hours - Actual

690


103 %


17,820


(10 %)



THI Hours - Normal

443




17,345





Degree Days - Actual

1,325


(13 %)


3,633


(20 %)



Degree Days - Normal

1,567




4,591






*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)



GWh Breakdown


GWh Breakdown






Three Months Ended


Year Ended


December 31,


December 31,


2023


2022


2023


2022

Nuclear - NJ

4,676


4,681


20,500


20,172

Nuclear - PA

2,652


2,657


11,099


11,093


7,328


7,338


31,599


31,265

 

Attachment 7

Public Service Enterprise Group Incorporated

Statistical Measures

(Unaudited)




Three Months Ended December 31,


Year  Ended December 31,


2023


2022


2023


2022

Weighted Average Common Shares Outstanding (millions)








                    Basic

498


497


498


498

                    Diluted

500


500


500


501









Stock Price at End of Period





$61.15


$61.27









Dividends Paid per Share of Common Stock 

$0.57


$0.54


$2.28


$2.16









Dividend Yield





3.7 %


3.5 %









Book Value per Common Share





$31.07


$27.63









Market Price as a Percent of Book Value





197 %


222 %

 

Attachment 8

Public Service Enterprise Group Incorporated

Consolidated Operating Earnings (non-GAAP) Reconciliation


Reconciling Items

Three Months Ended

Year Ended

December 31,

December 31,


2023


2022



2023


2022



($ millions, Unaudited)












Net Income


$         546


$      788



$      2,563


$    1,031



(Gain) Loss on Nuclear Decommissioning Trust (NDT) 












Fund Related Activity, pre-tax


(126)


(85)



(184)


270



(Gain) Loss on Mark-to-Market (MTM), pre-tax(a)


(291)


(611)



(1,334)


635



Pension Settlement Charges, pre-tax


6


-



338


-



Plant Retirements, Dispositions and Impairments, pre-tax(b)


-


14



-


31



Lease Related Activity, pre-tax


7


25



7


78



Exit Incentive Program (EIP), pre-tax


4


-



29


-



Income Taxes related to Operating Earnings (non-GAAP) reconciling items(c)


125


187



323


(306)


Operating Earnings (non-GAAP)


$         271


$      318



$      1,742


$    1,739














PSEG Fully Diluted Average Shares Outstanding (in millions)


500


500



500


501




($ Per Share Impact - Diluted, Unaudited)












Net Income


$        1.10


$     1.58



$        5.13


$     2.06



(Gain) Loss on NDT Fund Related Activity, pre-tax


(0.26)


(0.17)



(0.37)


0.54



(Gain) Loss on MTM, pre-tax(a)


(0.58)


(1.22)



(2.67)


1.27



Pension Settlement Charges, pre-tax


0.02


-



0.68


-



Plant Retirements, Dispositions and Impairments, pre-tax(b)


-


0.03



-


0.06



Lease Related Activity, pre-tax


0.01


0.05



0.01


0.15



EIP, pre-tax


0.01


-



0.06


-



Income Taxes related to Operating Earnings (non-GAAP) reconciling items(c)


0.24


0.37



0.64


(0.61)


Operating Earnings (non-GAAP)


$        0.54


$     0.64



$        3.48


$     3.47














(a) Includes the financial impact from positions with forward delivery months.



(b) Full year 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 20% trust tax on income (loss) from qualified NDT Funds, and lease related activity.


 

Attachment 9


PSE&G Operating Earnings (non-GAAP) Reconciliation



Three Months Ended

Year Ended

Reconciling Items

December 31,

December 31,



2023


2022



2023


2022



($ millions, Unaudited)












Net Income


$         291


$      352



$      1,515


$    1,565



EIP, pre-tax


2


-



19


-



Pension Settlement Charges, pre-tax


4


-



4


-



Income Taxes related to Operating Earnings (non-GAAP) reconciling items


(1)


-



(6)


-


Operating Earnings (non-GAAP)


$         296


$      352



$      1,532


$    1,565














PSEG Fully Diluted Average Shares Outstanding (in millions)


500


500



500


501



























PSEG Power & Other Operating Earnings (non-GAAP) Reconciliation



Three Months Ended

Year Ended

Reconciling Items

December 31,

December 31,



2023


2022



2023


2022



($ millions, Unaudited)












Net Income (Loss)


$         255


$      436



$      1,048


$     (534)



(Gain) Loss on NDT Fund Related Activity, pre-tax


(126)


(85)



(184)


270



(Gain) Loss on MTM, pre-tax(a)


(291)


(611)



(1,334)


635



Pension Settlement Charges, pre-tax


2


-



334


-



Plant Retirements, Dispositions and Impairments, pre-tax(b)


-


14



-


31



Lease Related Activity, pre-tax


7


25



7


78



EIP, pre-tax


2


-



10


-



Income Taxes related to Operating Earnings (non-GAAP) reconciling items(c)


126


187



329


(306)


Operating Earnings (non-GAAP)


$          (25)


$       (34)



$         210


$      174














PSEG Fully Diluted Average Shares Outstanding (in millions)


500


500



500


501





(a) Includes the financial impact from positions with forward delivery months.


(b) Full year 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 20% trust tax on income (loss) from qualified NDT Funds, and lease related activity.

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/pseg-announces-2023-results-302071007.html

SOURCE PSEG

Public Service Enterprise Group's ticker symbol is PEG.

PSEG reported net income of $2.56 billion and non-GAAP operating earnings of $1.74 billion for 2023.

PSEG's 2024 non-GAAP operating earnings guidance range is $3.60 to $3.70 per share.

PSEG's largest ever capital investment plan in 2023 totaled $3.7 billion.

In December 2023, PSEG filed its comprehensive electric and gas base rate case with the New Jersey BPU.

PSEG increased its indicative annual common dividend rate to $2.40 per share for 2024.
Public Service Enterprise Group Inc.

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About PEG

public service enterprise group (pseg) helps to make new jersey and new york better places to live and work by providing safe, reliable, economic and greener energy that powers the lives of millions every day. we are new jersey’s largest provider of electric and gas service, serving 1.8 million gas customers and 3.3 million electric customers in new jersey and new york. we also own and operate 19 power plants in the northeast and mid-atlantic regions and 36 solar energy facilities in new jersey and eight other states. headquartered in newark, n.j., pseg is a fortune 500 company traded on the new york stock exchange under the symbol peg.