Q3 2025 Public Service Enterprise Group Inc Earnings Call Transcript
Key Points
- Public Service Enterprise Group Inc (PEG) reported solid third quarter and year-to-date operating and financial results, benefiting from new rates from the October 2024 distribution rate case settlement.
- The company narrowed its 2025 non-GAAP operating earnings guidance to the upper half of the range at $4 to $4.06 per share, up from prior guidance of $3.94 to $4.06 per share.
- PSEG invested approximately $1 billion in the third quarter and $2.7 billion over the first nine months of 2025, as part of a planned $3.8 billion regulated capital spending program focused on modernizing New Jersey's energy infrastructure.
- PSEG Nuclear supplied the grid with 7.9 terawatt hours of reliable, carbon-free baseload energy, providing financial flexibility to fund regulated investments.
- The company reaffirmed its five-year non-GAAP operating earnings growth outlook of 5% to 7% through 2029, supported by capital investment programs and potential utility investments to address growing customer demand.
- The supply-demand imbalance in New Jersey and the PJM region poses a significant challenge, potentially impacting reliability and affordability for customers if not addressed.
- PSEG Power & Other reported a decrease in net income for the third quarter, from $141 million in 2024 to $107 million in 2025, with non-GAAP operating earnings also declining.
- O&M costs were $0.05 per share unfavorable compared to the third quarter of 2024, driven by the scheduled refueling of the Hope Creek Nuclear unit.
- Interest expenses rose by $0.02 per share, reflecting incremental debt at higher interest rates.
- The company faces challenges in addressing affordability concerns, with significant pressure from rising costs and the need for new supply to meet growing demand.
Ladies and gentlemen, thank you for handing by. My name is Rob. I'd like to welcome everyone to today's conference, Public Service Enterprise Group's third quarter 2025 earnings conference call and webcast. (Operator Instructions) As a reminder this conference is being record today, November 3, 2025, and we have the audio webcast on PSEG's Investor Relations website https://investor.pseg.com.
I would now like to turn the Conference over to Carlotta Chan.
Good morning, and we welcome to PSEG third quarter earnings presentation. On today are Ralph LaRossa, Chair, President and CEO; and Dan Cregg, Executive Vice President and CFO. The press release, attachments and slides for today's discussion are posted on our IR website at investor.pseg.com, and our 10-Q will be filed later today.
PSEG's earnings release and other matters discussed during today's call contain forward-looking statements and estimate that are subject to various risks and uncertainties. We will also
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