NET INCOME OF $0.26 PER SHARE
NON-GAAP OPERATING EARNINGS OF $0.64 PER SHARE
PSE&G to Invest $511 Million through Infrastructure Advancement
Program
Re-Affirms 2022 Non-GAAP Operating Earnings
Guidance of $3.35 - $3.55 per Share
NEWARK,
N.J., Aug. 2, 2022 /PRNewswire/ -- Public
Service Enterprise Group (NYSE: PEG) reported Net Income of
$131 million, or $0.26 per share for the second quarter of 2022,
compared to a Net Loss of $177
million, or $0.35 per share,
in the second quarter of 2021. Non-GAAP Operating Earnings
for the second quarter of 2022 were $320
million, or $0.64 per share,
compared to non-GAAP Operating Earnings of $356 million, or $0.70 per share in the second quarter of
2021.
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, $511
million investment in our Infrastructure Advancement Program
(IAP) will extend these reliability improvements to the "Last Mile"
of our distribution system, as we prepare the grid for the rapid
transition to electric vehicles and enable a greater blend of
renewable energy resources."
The following table provides a reconciliation of PSEG's Net
Income/(Loss) to non-GAAP Operating Earnings for the second
quarter. See Attachments for a complete list of items
excluded from Net Income/(Loss) in the determination of non-GAAP
Operating Earnings.
PSEG CONSOLIDATED
(unaudited)
Second Quarter Comparative Results
|
|
|
Income/(Loss)
($ millions)
|
Diluted Earnings
(Per Share)
|
|
2022
|
2021
|
2022
|
2021
|
Net
Income/(Loss)
|
$131
|
$(177)
|
$0.26
|
$(0.35)
|
Reconciling
Items
|
189
|
533
|
0.38
|
1.05
|
Non-GAAP Operating
Earnings
|
$320
|
$356
|
$0.64
|
$0.70
|
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
$3.35 - $3.55 per share. The Conservation Incentive
Program (CIP) continues to reduce variances in sales revenue due to
energy efficiency savings, weather and economic impacts, resulting
in more stable utility margins. Our regulated investment
programs continue to add predictable rate base growth while
improving reliability and resiliency, and helping the State reach
its clean energy goals. We also reiterate our multi-year
earnings per share CAGR of 5% to 7% from the mid-point of 2022
guidance to 2025, in large part driven by continued growth in the
utility's investment programs, including obtaining a return of and
on capital investments that will be recovered specifically through
the next base rate case to be filed by year-end 2023."
PSEG 2022 Non-GAAP
Operating Earnings Guidance
|
|
($ millions, except
EPS)
|
2022E
|
PSE&G
|
$1,510 -
$1,560
|
Carbon-Free,
Infrastructure & Other
|
170 - 220
|
PSEG non-GAAP Operating
Earnings
|
$1,680 -
$1,780
|
PSEG non-GAAP
Operating EPS
|
$3.35 -
$3.55
|
E =
Estimate
Guidance for Carbon-Free, Infrastructure & Other excludes
results related to the fossil generating assets sold in February
2022.
|
|
|
|
|
Financial Results and Outlook
PSE&G
Public Service
Electric & Gas Second Quarter Comparative
Results
|
($ millions, except
EPS)
|
2Q
2022
|
2Q
2021
|
Q/Q
Change
|
Net
Income
|
$305
|
$309
|
$(4)
|
Earnings
Per Share
|
$0.61
|
$0.61
|
-
|
|
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 $0.02 per share over second
quarter 2021, reflecting the scheduled recovery of investments made
under Gas System Modernization Program II and the true up from the
CIP. Electric margin rose by $0.02 per share compared to the second quarter of
2021, driven by the scheduled recovery of Energy Strong II
investments and the CIP. Other margin, primarily related to
appliance services, also added $0.01
per share compared with the second quarter of 2021.
O&M expense was $0.04 per
share unfavorable compared with the second quarter of 2021,
reflecting higher legal costs from the resumption of customer
settlement proceedings as courts reopened, higher Electric
operations expense and Gas tariff work. Interest expense was
$0.01 per share unfavorable,
reflecting higher investment. In addition, the impact of
PSEG's $500 million share repurchase
program had a $0.01 per share benefit
on second quarter 2022 results. Flow-through taxes and other
items had a net unfavorable impact of $0.01 per share compared to second quarter 2021,
driven by the use of an annual effective tax rate that will reverse
over the remainder of the year.
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 3%)
and higher Commercial and Industrial (higher by 2% and 3%,
respectively) sales, as more people returned to work outside the
home. Growth in the number of electric and gas customers
remained positive by approximately 1% during the trailing 12-month
period.
On June 29, the New Jersey Board of Public Utilities approved
the settlement of the Infrastructure Advancement Program
authorizing PSE&G to invest $511
million over the next four years for grid modernization and
"Last Mile" reliability improvements that support New Jersey's clean energy goals.
PSE&G invested approximately $741
million during the second quarter and approximately
$1.4 billion year to date through
June 30, and is on track to execute
its planned 2022 capital investment program of $2.9 billion. The 2022 capital spending
program includes infrastructure upgrades to its transmission and
distribution facilities, as well as the continued rollout of the
Clean Energy Future investments in energy efficiency, energy cloud
(smart meters), electric vehicle charging infrastructure, and the
newly approved
IAP.
PSE&G's forecast of Net Income for 2022 is unchanged at
$1,510 million - $1,560 million.
PSEG Carbon-Free, Infrastructure & Other
Carbon-Free,
Infrastructure & Other
Second Quarter Comparative Results
|
|
($ millions, except
EPS)
|
2Q
2022
|
2Q
2021
|
Q/Q
Change
|
Net Loss
|
$(174)
|
$(486)
|
$312
|
Loss Per Share
(EPS)
|
$(0.35)
|
$(0.96)
|
$0.61
|
Non-GAAP Operating
Earnings*
|
$15
|
$47
|
$(32)
|
Non-GAAP Operating
EPS
|
$0.03
|
$0.09
|
$(0.06)
|
Fully Diluted Avg.
Shares Outstanding**
|
500M
|
504M
|
|
*Non-GAAP Operating Earnings for 2Q 2022 exclude the results of
fossil generation sold in February 2022.
**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.
|
Carbon-Free, Infrastructure & Other (CFIO) reported a Net
Loss of $174 million ($0.35 per share) for the second quarter of 2022
and non-GAAP Operating Earnings of $15
million ($0.03 per
share). This compares to a second quarter 2021 Net Loss of
$486 million and non-GAAP Operating
Earnings of $47 million, which
included results of the divested fossil and solar assets.
For the second quarter of 2022, electric gross margin declined
by $0.25 per share, primarily due to
the sale of the 6,750 MW fossil portfolio in February 2022 and the sale of the Solar Source
portfolio in June 2021. This reduction in gross margin
includes recontracting approximately 8 TWh of nuclear generation at
a $3/MWh lower average price.
In addition, zero emission certificates added $0.01 per share due to the absence of the Hope
Creek refueling outage in the year-earlier quarter.
Separately, lower margins at Gas Operations resulted in a
$0.01 decline in gross margin versus
the second quarter of 2021.
Year over year, second quarter cost comparisons were better by
$0.22 per share due to the
divestitures, driven by lower O&M, depreciation and interest
expense that will mainly benefit first-half 2022 results. The
third and fourth quarters of 2021 reflected the Solar Source sale
in June, the cessation of fossil depreciation from August onward,
and the retirement of PSEG Power's outstanding debt in
October. Parent activity was $0.01 per share unfavorable compared with second
quarter 2021, as a result of higher interest expense. Taxes
and other were $0.01 unfavorable
compared to the second quarter 2021.
Nuclear generating output increased by over 3.7% to 7.5 TWh in
the second quarter of 2022, reflecting the absence of a refueling
outage at Hope Creek in the year-earlier quarter. The
capacity factor of the nuclear fleet for the year to date period
through June 30 was 95.1%. PSEG
is forecasting generation output of 14 to 16 TWh for the remaining
two quarters of 2022, and has hedged approximately 95% - 100% of
this production at an average price of $28 per MWh. For 2023, PSEG is forecasting
nuclear baseload output of 30 to 32 TWh and has hedged 95% - 100%
of this output at an average price of $31 per MWh. For 2024, PSEG is forecasting
nuclear baseload output of 29 to 31 TWh and has hedged 55% - 60% of
this output at an average price of $32 per MWh.
PSEG Power had net cash collateral postings of $2.1 billion at June
30 related to out-of-the-money hedge positions from higher
energy prices during the first half of 2022. At the end of
July, PSEG Power had net cash collateral postings of $2.5 billion. The majority of this
collateral relates to hedges in place through the end of 2023 and
is expected to be returned as PSEG Power satisfies its obligations
under those contracts.
The forecast of non-GAAP Operating Earnings for Carbon-Free,
Infrastructure & Other is unchanged at $170 million - $220
million. The CFIO guidance for 2022 excludes results
related to the fossil assets sold in February 2022.
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
|
|
Carlotta.Chan@pseg.com
|
Marijke.Shugrue@pseg.com
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
Infrastructure
& Other
(CFIO)(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
$63.28
|
|
$59.74
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends Paid per
Share of Common Stock
|
|
$0.54
|
|
$0.51
|
|
$1.08
|
|
$1.02
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend
Yield
|
|
|
|
|
|
|
|
3.4 %
|
|
3.4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Book Value per Common
Share
|
|
|
|
|
|
|
$27.03
|
|
$31.53
|
|
|
|
|
|
|
|
|
|
|
|
|
Market Price as a
Percent of Book Value
|
|
|
|
|
|
|
234 %
|
|
189 %
|
|
|
|
|
|
|
|
|
|
|
|
|
*Approximately three
million potentially dilutive shares were excluded from fully
diluted average shares outstanding used to calculate the diluted
GAAP loss per share for the three months ended June 30, 2021 as
their impact was antidilutive to GAAP results.
|
|
|
|
|
|
|
|
|
|
Attachment
8
|
|
PUBLIC SERVICE
ENTERPRISE GROUP INCORPORATED
|
|
Consolidated
Operating Earnings (non-GAAP) Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciling
Items
|
Three Months
Ended
|
Six Months
Ended
|
|
June
30,
|
June
30,
|
|
|
2022
|
|
2021
|
|
|
2022
|
|
2021
|
|
|
|
|
($ 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
|
|
|
|
|
($ Per Share Impact - Diluted, Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 20% trust tax on income
(loss) from qualified NDT Funds, and the additional investment tax
credit (ITC) recapture related to the sale of PSEG Solar Source in
2021.
|
|
|
|
(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 20% trust tax on income
(loss) from qualified NDT Funds, and the additional ITC recapture
related to the sale of PSEG Solar Source in 2021.
|
|
|
(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.
|
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SOURCE PSEG