PSEG Announces Third Quarter 2023 Results

Source: www.gulfoilandgas.com 10/31/2023, Location: North America

Public Service Enterprise Group (NYSE: PEG) reported third quarter 2023 Net Income of $139 million, or $0.27 per share, compared to Net Income of $114 million, or $0.22 per share, for the third quarter 2022. Non-GAAP Operating Earnings for the third quarter of 2023 were $425 million, or $0.85 per share, compared to non-GAAP Operating Earnings of $429 million, or $0.86 per share for the third quarter of 2022. Non-GAAP results for the third quarter of 2023 and 2022 exclude items shown in Attachments 8 and 9.

"PSEG posted solid operating and financial results for the third quarter, and is on pace to achieve our guidance for full-year, 2023 non-GAAP Operating Earnings of $3.40 to $3.50 per share – which we are re-affirming today. PSE&G invested approximately $1 billion in capital spending during the third quarter, bringing the year-to-date spend to $2.7 billion. For the full-year 2023, capital spend is expected to total $3.7 billion, slightly higher than our original plan of $3.5 billion, ahead of scheduled execution on our Clean Energy Future-Energy Efficiency and Infrastructure Advancement Programs. This work is helping our customers to save energy and lower their bills, upgrading the 'Last Mile' of our system, as well as adding new electric infrastructure due in part to an increase in EV penetration. These critical New Jersey energy investments support our rate base growth trajectory of 6% to 7.5% through 2027 – and our long-term, non-GAAP Operating Earnings growth rate of 5% to 7% over the same period," said Ralph LaRossa, PSEG's chair, president and CEO.

LaRossa added, "We continue to execute on PSEG's improved business strategy. Earlier in October, the New Jersey Board of Public Utilities (BPU) approved a settlement to extend PSE&G's Gas System Modernization Program II (GSMP) through 2025 for approximately $900 million to replace 400 miles of cast iron and unprotected steel main at a higher run rate than our prior programs. In addition, consistent with on-going efforts to streamline and increase the predictability of our business profile, we completed the previously announced pension 'lift-out' in August, and the sale of Kalaeloa, our last fossil fuel generating unit, in July."

PSEG Power & Other results for the quarter reflect a continued improvement in energy margin from lower cost-to-serve hedges, and were offset by a reduction in capacity revenues, lower pension income and OPEB credits, and higher interest expense compared with third quarter 2022.

The full-year 2023 forecast for PSEG Power & Other non-GAAP Operating Earnings is unchanged at $200 million - $225 million. During August 2023, PSEG completed a "lift-out" of approximately $1 billion of pension obligations and associated plan assets. As a result of the transaction, PSEG recognized a one-time settlement charge of $332 million ($239 million, net of tax) in the third quarter of 2023 related to the immediate recognition of unamortized net actuarial loss associated with the portion of the pension involved in the transaction, which was within the previously estimated range.


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