Public Service Enterprise Group Incorporated (PEG) SEC Filings & Earnings Calls

PSEG Power earnings decline

“OPERATING INCOME $461 million compared with $817 million for the three months ended June 30, 2025”

Higher interest expense

“Interest Expense ($269) million compared with ($248) million for the three months ended June 30, 2025”

ZEC program conclusion

“In May 2025, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants zero emission certificate (ZEC) sales concluded.” · word for word

Regulatory uncertainty on resource adequacy

“significant resource adequacy challenges that present affordability and reliability concerns and that could cause policymakers to implement responsive measures that could have a material, adverse impact on our business” · word for word

Storm damage and restoration costs could impact earnings.

“One of the most damaging storms in history; reconnected 380,000 customers.”

Absence of zero emission certificates after May 2025 reduces Power segment revenue.

“Partly offset by the absence of zero emission certificates which ended May 2025.” · word for word

Increased leverage from new debt issuance.

“Issued $500M senior notes, increasing debt obligations.”

Regulatory approval risk for investment programs

“PSE&G’s proposed investment projects or programs may not be fully approved by regulators and its capital investment may be lower than planned” · word for word

Nuclear generation operational and regulatory risk

“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” · word for word

Wholesale power and natural gas price volatility

“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” · word for word

Supermajority vote requirement for governance changes remains a risk if not eliminated

“Each of the 2014, 2023, 2024 and 2025 management proposals received strong support from 98% of the shareholder votes cast, but did not receive the requisite supermajority support of 80% of outstanding shares.” · word for word

Cybersecurity risk oversight is a standing board agenda item

“Cybersecurity is a standing agenda item at each IOC meeting, which includes discussion about operational technology (OT) and information technology (IT) cyber risks, cybersecurity updates from the CISO and/or CIDO and reviews of the corporate cybersecurity scorecard and performance indicators.” · word for word

Nuclear operations risk is overseen by Industrial Operations Committee

“Reviews the results of major inspections and evaluations by external oversight groups such as the Nuclear Regulatory Commission and the Institute of Nuclear Power Operations.” · word for word

Resource adequacy challenges and capacity market uncertainty

“significant resource adequacy challenges that present affordability and reliability concerns” · word for word

Regulatory risk from FERC proceedings on transmission planning and co-located loads

“In December 2025, FERC issued an order in this proceeding finding the PJM tariff to be unjust and unreasonable” · word for word

Severe weather events could impact operations and costs.

“results were achieved while facing multiple severe storms and extreme weather events throughout the year that stressed our electric and gas systems” · word for word

Regulatory and policy changes could affect rate base growth and profitability.

“working with policymakers to address the resource adequacy imbalance in New Jersey”

Nuclear License Extension Uncertainty

“In February 2022, the NRC issued an order related to its review of the subsequent license renewal (SLR) application for the Peach Bottom nuclear units which concluded that the previous environmental review required by the National Environmental Policy Act (NEPA) was incomplete... In September 2025, the NRC reinstated the 2053 and 2054 license expiration date” · word for word

LIPA Contract Litigation

“A competitor in the RFP process has filed litigation against LIPA challenging the contract bidding process. The outcome of this litigation is uncertain.” · word for word

Regulatory Disallowance Risk

“PSE&G’s proposed investment projects or programs may not be fully approved by regulators and its capital investment may be lower than planned” · word for word

Growing generation supply-demand imbalance in PJM causing higher customer bills.

“Growing generation supply-demand imbalance... directly caused summer electric bills to rise nearly 20%.”