NET INCOME OF $0.22 PER SHARE
NON-GAAP OPERATING EARNINGS OF $0.86 PER SHARE
Narrows 2022 Non-GAAP Operating Earnings
Guidance to $3.40 - $3.50 per Share
NEWARK,
N.J., Oct. 31, 2022 /PRNewswire/ -- Public
Service Enterprise Group (NYSE: PEG) reported Net Income of
$114 million, or $0.22 per share for the third quarter of 2022,
compared to a Net Loss of $1,564
million, or a loss of $3.10
per share, in the third quarter of 2021 related to the impairment
associated with the divestiture of PSEG Fossil assets.
Non-GAAP Operating Earnings for the third quarter of 2022 were
$429 million, or $0.86 per share, compared to non-GAAP Operating
Earnings of $495 million, or
$0.98 per share in the third quarter
of 2021.
Ralph LaRossa, PSEG's president
and chief executive officer commented, "We are focused on
continuing to grow the company through investments with appropriate
risk adjusted returns, and increasing the predictability of our
financial results. Through the first three quarters of 2022,
we are on track to deliver on our earnings guidance for the
full-year, which we have narrowed to $3.40 to $3.50 per
share, affirming our midpoint. PSE&G's investments in
transmission and distribution infrastructure continue to produce
rate base growth consistent with our long-term expectations.
Our new Infrastructure Advancement Program, which launches
investment in the critical "Last Mile" of our distribution system,
and the Clean Energy Future investments, are also supporting
wide-ranging decarbonization priorities -- driven by energy
efficiency, electric vehicles, solar investments, and creating
clean energy jobs and training opportunities. I am also proud
to announce that MSCI has raised PSEG's corporate Environmental,
Social and Governance rating to AAA from AA, placing us at its
highest rating."
"Passage of the Inflation Reduction Act of 2022 this past summer
will have important revenue visibility and price stabilizing
benefits for our 3,770-megawatt nuclear fleet, starting in
2024. Notably, the federal government has established a
decade-long commitment to the preservation of existing nuclear
generation through the creation of a production tax credit, which
will extend the visibility and stability of cash flows into the
next decade. These incentives will lower customer costs over
time and support the continued operation of existing nuclear plants
– which are New Jersey's largest
carbon-free base load energy resource."
"Regarding the Ocean Wind 1 project in New Jersey, PSEG's continuation as an equity
owner is subject to its final investment decision (FID), which
represents the decision to proceed to the construction phase of the
project. We are reviewing our options regarding the status of
PSEG's 25% equity investment in the project. Last week, the
BPU completed its review of offshore wind transmission and awarded
several on-shore solutions. PSE&G was awarded
$40 million of system upgrade work
needed to accommodate the injection of offshore wind generation in
central New Jersey. However, the BPU also indicated an
additional solicitation to consider the state's increased offshore
wind generation targets. We remain optimistic that the
Coastal Wind Link's emphasis on reliability and resiliency will
keep it as a strong contender for any future transmission
solicitations to bring regional offshore wind projects on-shore."
LaRossa added.
The following table provides a reconciliation of PSEG's Net
Income / (Loss) to non-GAAP Operating Earnings for the third
quarter. See the accompanying Attachments for a complete list
of items excluded from Net Income / (Loss) in the determination of
non-GAAP Operating Earnings.
|
PSEG CONSOLIDATED
Third Quarter Comparative Results (unaudited)
|
|
|
Income / (Loss)
($ millions)
|
Diluted Earnings
(per share)
|
|
2022
|
2021
|
2022
|
2021
|
Net Income /
(Loss)
|
$114
|
$(1,564)
|
$0.22
|
$(3.10)
|
Reconciling
Items
|
315
|
2,059
|
0.64
|
4.08
|
Non-GAAP Operating
Earnings
|
$429
|
$495
|
$0.86
|
$0.98
|
PSEG Fully Diluted
Average Shares Outstanding*
|
500M
|
504M
|
|
|
|
|
|
|
|
*Approximately three
million potentially dilutive shares were excluded from fully
diluted average shares outstanding used to calculate the diluted
GAAP loss per share for the three months ended September 30, 2021
as their impact was antidilutive to GAAP results. For non-GAAP per
share calculations, we used fully diluted average shares
outstanding of 507 million, including the three million potentially
dilutive shares, as they were dilutive to non-GAAP results.
M=Million.
|
LaRossa continued, "We are narrowing our non-GAAP Operating
Earnings guidance for 2022, and remain confident in the growth
potential of our regulated investments and are committed to the
cost discipline needed to minimize the impact of current economic
conditions."
PSEG Non-GAAP Operating Earnings Guidance
|
|
($ millions except EPS)
|
Prior 2022E
|
Current 2022E
|
|
|
PSE&G
|
$1,510 -
$1,560
|
$1,545 -
$1,575
|
|
|
Carbon-Free,
Infrastructure & Other
|
170 - 220
|
160 - 180
|
|
|
PSEG non-GAAP
Operating Earnings
|
$1,680 -
$1,780
|
$1,705 -
$1,755
|
|
|
PSEG non-GAAP Operating EPS
|
$3.35 - $3.55
|
$3.40 - $3.50
|
|
E = Estimate
Guidance for Carbon-Free, Infrastructure & Other excludes
results related to the fossil generating assets sold in February
2022.
|
Financial Results and Outlook
PSE&G
Public Service
Electric & Gas
|
Third Quarter
Comparative Results
|
|
($ millions, except EPS)
|
3Q 2022
|
3Q 2021
|
Q/Q Change
|
Net
Income
|
$399
|
$389
|
$10
|
Earnings
Per Share
|
$0.80
|
$0.77
|
$0.03
|
PSE&G's results were $0.03
higher compared to the third quarter of 2021 driven by continued
capital investments in transmission, distribution and clean
energy. Compared to the third quarter of 2021, Transmission
margin was flat, as growth in rate base of $0.02 per share was offset by the combination of
the August 2021 formula rate
settlement, which included a lower return on equity, and the timing
of O&M recovery versus expense. For distribution,
Electric margin was $0.02 favorable
compared to third quarter 2021, driven by investments in Energy
Strong II and the impact of the Conservation Incentive Program
(CIP) mechanism. Gas margin improved by $0.01 per share over third quarter 2021,
reflecting recoveries of Gas System Modernization Program II
investments. Other margin, primarily related to our appliance
service business, also added $0.01
per share compared with the third quarter of 2021.
O&M expense was $0.01 per
share unfavorable compared with the third quarter of 2021.
Interest expense was $0.01 per share
unfavorable, reflecting higher investment. Flow-through taxes
and other items had a net unfavorable impact of $0.01 per share compared to third quarter 2021,
driven by the use of an annual effective tax rate. (For the
year to date, unfavorable flow-through taxes of $0.07 per share (through September 30) will reverse in the fourth quarter
of 2022.) Lower shares outstanding had a $0.01 per share benefit on third quarter 2022
results versus the year earlier quarter, reflecting the impact of
the completed $500 million share
repurchase program. In addition, non-operating pension
expense was $0.01 per share favorable
compared with the third quarter 2021.
Weather during the third quarter, as measured by the
temperature-humidity index, was 19% warmer than normal but similar
to conditions during the third 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. PSE&G's system peak load exceeded 10,000 MW for
a second summer in a row on August 9. Growth in the number of
electric and gas customers has continued to track at approximately
1% for the trailing 12-month period ended September 30.
PSE&G invested approximately $795
million during the third quarter and $2.2 billion year to date through September
30. PSE&G now expects a revised capital-spending forecast
of $3 billion for 2022, up from the
planned 2022 capital program of $2.9
billion. The 2022 capital spending program includes
transmission investment, the continued rollout of the Gas System
Modernization Program II, Energy Strong II, the Clean Energy Future
investments, and the Infrastructure Advancement Program focused on
our distribution system's "Last Mile."
On the regulatory front, in September
2022, PSE&G filed a petition with the BPU requesting an
accounting order with an effective date of January 1, 2023, to authorize PSE&G to modify
its method for calculating pension expense for ratemaking purposes,
which would partly reduce future variability in pension expense.
Also in September, PSE&G filed a petition with the BPU
requesting a $320 million, 9-month
extension of its Clean Energy Future - Energy Efficiency program,
which would align future program timing with those of the other
New Jersey electric and gas
utilities. In October 2022,
PSE&G filed its annual Transmission Formula Rate update with
FERC, which increases its annual transmission revenue requirement
by $69 million effective January 1, 2023.
PSE&G's forecast of Net Income for 2022 is narrowed to
$1,545 million - $1,575 million (from $1,510 million - $1,560
million), reflecting strong transmission and distribution
margin growth.
PSEG Carbon-Free, Infrastructure
& Other (CFIO)
Carbon-Free,
Infrastructure & Other
|
Third Quarter
Comparative Results
|
|
($ millions, except per share
amounts)
|
3Q 2022
|
3Q 2021
|
Q/Q Change
|
Net Loss
|
$(285)
|
$(1,953)
|
$1,668
|
Net Loss Per Share
(EPS)
|
$(0.58)
|
$(3.87)
|
$3.29
|
Non-GAAP Operating
Earnings*
|
$30
|
$106
|
$(76)
|
Non-GAAP Operating
EPS
|
$0.06
|
$0.21
|
$(0.15)
|
Fully Diluted Avg.
Shares Outstanding**
|
500M
|
504M
|
|
*Non-GAAP Operating Earnings for 3Q 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 September 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.
|
CFIO reported a Net Loss of $285
million, or $(0.58) per share
for the third quarter of 2022, compared with a Net Loss of
$1,953 million, or $(3.87) per share in the third quarter of
2021. Non-GAAP Operating Earnings for CFIO were $0.15 per share lower than in the third quarter
of 2021, driven by lower margin related to the fossil divestiture,
lower capacity prices for the remaining nuclear fleet and
re-contracting at lower prices. For the third quarter of
2022, electric gross margin declined by $0.29 per share, which includes re-contracting
approximately 8 TWh of nuclear generation at a $3/MWh lower average price. In addition,
higher off-system sales at Gas Operations added $0.01 per share to total gross margin versus the
third quarter of 2021.
Cost comparisons for the third quarter 2022 improved by
$0.09 per share from the year-earlier
period, driven by lower O&M, depreciation, and interest expense
related to the fossil divestiture. Taxes and Other were
$0.04 per share favorable versus the
third quarter of 2021. During 2021, the Solar Source sale was
reflected in June, cessation of fossil depreciation began in August
onward, and the retirement of PSEG Power's outstanding debt
occurred in October. Accordingly, the majority of favorable
cost comparisons related to the fossil divestiture occurred in the
first half of 2022.
Nuclear generating output declined slightly to approximately 8
TWh in the third quarter of 2022, reflecting the ramp down of
Hope Creek and Peach Bottom 2 into
fourth quarter refueling outages. The capacity factor of the
nuclear fleet for the year-to-date period through September 30 was 94.3%. PSEG forecasts
generation output of approximately 7 TWh for the fourth quarter of
2022, and has hedged approximately 95% - 100% of this production at
an average price of $27/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
$30/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/MWh.
PSEG Power had net cash collateral postings of $2.2 billion at September
30 related to out-of-the-money hedge positions as a result
of higher energy prices during the first three quarters of
2022. As of October 28, net
cash collateral postings were $1.7
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 narrowed to $160 million - $180
million (from $170 million -
$220 million), reflecting higher
interest costs. 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 Third 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 effort through Business
Ambition for 1.5⁰C, 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
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 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;
- our ability to advocate for and our receipt of appropriate
regulatory guidance to ensure long-term support for our nuclear
fleet;
- 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 navigating to
the Email Alerts webpage here.
|
Attachment
1
|
PUBLIC SERVICE
ENTERPRISE GROUP INCORPORATED
|
Consolidating
Statements of Operations
|
(Unaudited, $
millions, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG
|
|
Eliminations(b)
|
|
PSE&G
|
|
Carbon-Free,
Infrastructure &
Other (CFIO)(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
REVENUES
|
|
$
2,272
|
|
$
(114)
|
|
$
1,953
|
|
$
433
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
Energy Costs
|
|
1,012
|
|
(114)
|
|
791
|
|
335
|
|
|
Operation and
Maintenance
|
|
765
|
|
(17)
|
|
452
|
|
330
|
|
|
Depreciation and
Amortization
|
|
270
|
|
5
|
|
229
|
|
36
|
|
|
Gains (Losses) on Asset
Dispositions and Impairments
|
|
52
|
|
-
|
|
(1)
|
|
53
|
|
|
|
Total Operating
Expenses
|
|
2,099
|
|
(126)
|
|
1,471
|
|
754
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
|
173
|
|
12
|
|
482
|
|
(321)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Equity
Method Investments
|
|
5
|
|
-
|
|
-
|
|
5
|
|
Net Gains (Losses) on
Trust Investments
|
|
(97)
|
|
(2)
|
|
-
|
|
(95)
|
|
Other Income
(Deductions)
|
|
43
|
|
(5)
|
|
25
|
|
23
|
|
Net Non-Operating
Pension and OPEB Credits (Costs)
|
|
94
|
|
7
|
|
70
|
|
17
|
|
Interest
Expense
|
|
(163)
|
|
-
|
|
(109)
|
|
(54)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE
INCOME TAXES
|
|
55
|
|
12
|
|
468
|
|
(425)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Benefit
(Expense)
|
|
59
|
|
(12)
|
|
(69)
|
|
140
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS)
|
|
$
114
|
|
$
-
|
|
$
399
|
|
$
(285)
|
|
|
Reconciling Items
Excluded from Net Income (Loss)(c)
|
|
315
|
|
-
|
|
-
|
|
315
|
|
OPERATING EARNINGS
(non-GAAP)
|
|
$
429
|
|
$
-
|
|
$
399
|
|
$
30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS)
|
|
$
0.22
|
|
$
-
|
|
$
0.80
|
|
$
(0.58)
|
|
|
Reconciling Items
Excluded from Net Income (Loss)(c)
|
|
0.64
|
|
-
|
|
-
|
|
0.64
|
|
OPERATING EARNINGS
(non-GAAP)
|
|
$
0.86
|
|
$
-
|
|
$
0.80
|
|
$
0.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG
|
|
Eliminations(b)
|
|
PSE&G
|
|
CFIO(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
REVENUES
|
|
$
1,903
|
|
$
(127)
|
|
$
1,820
|
|
$
210
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
Energy Costs
|
|
860
|
|
(128)
|
|
698
|
|
290
|
|
|
Operation and
Maintenance
|
|
807
|
|
(6)
|
|
422
|
|
391
|
|
|
Depreciation and
Amortization
|
|
283
|
|
7
|
|
226
|
|
50
|
|
|
(Gains) Losses on Asset
Dispositions and Impairments
|
|
2,158
|
|
-
|
|
(4)
|
|
2,162
|
|
|
|
Total Operating
Expenses
|
|
4,108
|
|
(127)
|
|
1,342
|
|
2,893
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
|
(2,205)
|
|
-
|
|
478
|
|
(2,683)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Equity
Method Investments
|
|
3
|
|
-
|
|
-
|
|
3
|
|
Net Gains (Losses) on
Trust Investments
|
|
(17)
|
|
1
|
|
-
|
|
(18)
|
|
Other Income
(Deductions)
|
|
35
|
|
(5)
|
|
20
|
|
20
|
|
Net Non-Operating
Pension and OPEB Credits (Costs)
|
|
82
|
|
4
|
|
67
|
|
11
|
|
Interest
Expense
|
|
(144)
|
|
-
|
|
(102)
|
|
(42)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE
INCOME TAXES
|
|
(2,246)
|
|
-
|
|
463
|
|
(2,709)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Benefit
(Expense)
|
|
682
|
|
-
|
|
(74)
|
|
756
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS)
|
|
$
(1,564)
|
|
$
-
|
|
$
389
|
|
$
(1,953)
|
|
|
Reconciling Items
Excluded from Net Income (Loss)(c)
|
|
2,059
|
|
-
|
|
-
|
|
2,059
|
|
OPERATING EARNINGS
(non-GAAP)
|
|
$
495
|
|
$
-
|
|
$
389
|
|
$
106
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS)
|
|
$
(3.10)
|
|
$
-
|
|
$
0.77
|
|
$
(3.87)
|
|
|
Reconciling Items
Excluded from Net Income (Loss)(c)
|
|
4.08
|
|
-
|
|
-
|
|
4.08
|
|
OPERATING EARNINGS
(non-GAAP)
|
|
$
0.98
|
|
$
-
|
|
$
0.77
|
|
$
0.21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG
|
|
Eliminations(b)
|
|
PSE&G
|
|
CFIO(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
REVENUES
|
|
$
6,661
|
|
$
(935)
|
|
$
5,905
|
|
$
1,691
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy Costs
|
|
3,022
|
|
(935)
|
|
2,389
|
|
1,568
|
|
|
|
|
Operation and
Maintenance
|
|
2,310
|
|
(30)
|
|
1,349
|
|
991
|
|
|
|
|
Depreciation and
Amortization
|
|
822
|
|
17
|
|
697
|
|
108
|
|
|
|
|
Gains (Losses) on Asset
Dispositions and Impairments
|
|
90
|
|
-
|
|
(1)
|
|
91
|
|
|
|
|
|
Total Operating
Expenses
|
|
6,244
|
|
(948)
|
|
4,434
|
|
2,758
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
|
417
|
|
13
|
|
1,471
|
|
(1,067)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Equity
Method Investments
|
|
16
|
|
-
|
|
-
|
|
16
|
|
|
|
Net Gains (Losses) on
Trust Investments
|
|
(352)
|
|
(6)
|
|
(2)
|
|
(344)
|
|
|
|
Other Income
(Deductions)
|
|
86
|
|
(15)
|
|
66
|
|
35
|
|
|
|
Non-Operating Pension
and OPEB Credits (Costs)
|
|
282
|
|
19
|
|
211
|
|
52
|
|
|
|
Interest
Expense
|
|
(450)
|
|
-
|
|
(319)
|
|
(131)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE
INCOME TAXES
|
|
(1)
|
|
11
|
|
1,427
|
|
(1,439)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Benefit
(Expense)
|
|
244
|
|
(11)
|
|
(214)
|
|
469
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS)
|
|
$
243
|
|
$
-
|
|
$
1,213
|
|
$
(970)
|
|
|
|
|
Reconciling Items
Excluded from Net Income (Loss)(c)
|
|
1,178
|
|
-
|
|
-
|
|
1,178
|
|
|
|
OPERATING EARNINGS
(non-GAAP)
|
|
$
1,421
|
|
$
-
|
|
$
1,213
|
|
$
208
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS)
|
|
$
0.48
|
|
$
-
|
|
$
2.42
|
|
$
(1.94)
|
|
|
|
|
Reconciling Items
Excluded from Net Income (Loss) (c)
|
|
2.35
|
|
-
|
|
-
|
|
2.35
|
|
|
|
OPERATING EARNINGS
(non-GAAP)
|
|
$
2.83
|
|
$
-
|
|
$
2.42
|
|
$
0.41
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG
|
|
Eliminations(b)
|
|
PSE&G
|
|
CFIO (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
REVENUES
|
|
$
6,666
|
|
$
(804)
|
|
$
5,407
|
|
$
2,063
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy Costs
|
|
2,495
|
|
(804)
|
|
2,056
|
|
1,243
|
|
|
|
|
Operation and
Maintenance
|
|
2,368
|
|
(18)
|
|
1,239
|
|
1,147
|
|
|
|
|
Depreciation and
Amortization
|
|
946
|
|
20
|
|
698
|
|
228
|
|
|
|
|
(Gains) Losses on Asset
Dispositions and Impairments
|
|
2,615
|
|
-
|
|
(4)
|
|
2,619
|
|
|
|
|
|
Total Operating
Expenses
|
|
8,424
|
|
(802)
|
|
3,989
|
|
5,237
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
|
(1,758)
|
|
(2)
|
|
1,418
|
|
(3,174)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Equity
Method Investments
|
|
12
|
|
-
|
|
-
|
|
12
|
|
|
|
Net Gains (Losses) on
Trust Investments
|
|
124
|
|
3
|
|
1
|
|
120
|
|
|
|
Other Income
(Deductions)
|
|
93
|
|
(15)
|
|
72
|
|
36
|
|
|
|
Non-Operating Pension
and OPEB Credits (Costs)
|
|
246
|
|
12
|
|
199
|
|
35
|
|
|
|
Interest
Expense
|
|
(437)
|
|
-
|
|
(301)
|
|
(136)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE
INCOME TAXES
|
|
(1,720)
|
|
(2)
|
|
1,389
|
|
(3,107)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Benefit
(Expense)
|
|
627
|
|
2
|
|
(214)
|
|
839
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS)
|
|
$
(1,093)
|
|
$
-
|
|
$
1,175
|
|
$
(2,268)
|
|
|
|
|
Reconciling Items
Excluded from Net Income (Loss)(c)
|
|
2,594
|
|
-
|
|
-
|
|
2,594
|
|
|
|
OPERATING EARNINGS
(non-GAAP)
|
|
$
1,501
|
|
$
-
|
|
$
1,175
|
|
$
326
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS)
|
|
$
(2.17)
|
|
$
-
|
|
$
2.33
|
|
$
(4.50)
|
|
|
|
|
Reconciling Items
Excluded from Net Income (Loss)(c)
|
|
5.15
|
|
-
|
|
-
|
|
5.15
|
|
|
|
|
Share
Differential(c)
|
|
(0.02)
|
|
-
|
|
(0.01)
|
|
(0.01)
|
|
|
|
OPERATING EARNINGS
(non-GAAP)
|
|
$
2.96
|
|
$
-
|
|
$
2.32
|
|
$
0.64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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) and the impact of using
different share
amounts (Share Differential) for calculating earnings per share for
PSEG's consolidated GAAP Net Loss versus consolidated Operating
Earnings (non-GAAP).
|
|
|
Attachment
3
|
|
PUBLIC SERVICE
ENTERPRISE GROUP INCORPORATED
|
|
Capitalization
Schedule
|
|
(Unaudited, $
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
|
|
|
|
|
2022
|
|
2021
|
|
DEBT
|
|
|
|
|
|
|
|
Commercial Paper and
Loans
|
|
|
$
2,235
|
|
$
3,519
|
|
|
Long-Term
Debt*
|
|
|
17,675
|
|
15,919
|
|
|
|
Total Debt
|
|
|
19,910
|
|
19,438
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
Common Stock
|
|
|
5,052
|
|
5,045
|
|
|
Treasury
Stock
|
|
|
(1,380)
|
|
(896)
|
|
|
Retained
Earnings
|
|
|
10,072
|
|
10,639
|
|
|
Accumulated Other
Comprehensive Loss
|
|
|
(493)
|
|
(350)
|
|
|
|
Total Stockholders'
Equity
|
|
|
13,251
|
|
14,438
|
|
|
|
Total
Capitalization
|
|
|
$
33,161
|
|
$
33,876
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Includes current
portion of Long-Term Debt
|
|
|
|
|
|
|
|
|
|
Attachment
4
|
PUBLIC SERVICE
ENTERPRISE GROUP INCORPORATED
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(Unaudited, $
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30,
|
|
2022
|
|
2021
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
Net Income
(Loss)
|
$
243
|
|
$
(1,093)
|
Adjustments to
Reconcile Net Income to Net Cash Flows
|
|
|
|
From
Operating Activities
|
458
|
|
2,271
|
NET CASH PROVIDED BY
(USED IN) OPERATING ACTIVITIES
|
701
|
|
1,178
|
|
|
|
|
NET CASH PROVIDED BY
(USED IN) INVESTING ACTIVITIES
|
(299)
|
|
(1,583)
|
|
|
|
|
NET CASH PROVIDED BY
(USED IN) FINANCING ACTIVITIES
|
(847)
|
|
1,693
|
|
|
|
|
Net Change in Cash,
Cash Equivalents and Restricted Cash
|
(445)
|
|
1,288
|
|
|
|
|
Cash, Cash
Equivalents and Restricted Cash at Beginning of
Period
|
863
|
|
572
|
Cash, Cash
Equivalents and Restricted Cash at End of Period
|
$
418
|
|
$
1,860
|
|
|
|
|
|
|
|
|
Attachment
5
|
PUBLIC SERVICE
ELECTRIC & GAS COMPANY
|
Retail
Sales
|
(Unaudited)
|
September 30,
2022
|
|
|
|
|
|
|
|
|
|
|
|
Electric
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months
|
|
Change
vs.
|
|
Nine
Months
|
|
Change
vs.
|
|
|
Sales (millions
kWh)
|
Ended
|
|
2021
|
|
Ended
|
|
2021
|
|
|
Residential
|
4,959
|
|
6 %
|
|
11,316
|
|
1 %
|
|
|
Commercial &
Industrial
|
7,244
|
|
1 %
|
|
20,010
|
|
2 %
|
|
|
Other
|
72
|
|
(1 %)
|
|
244
|
|
0 %
|
|
|
Total
|
12,275
|
|
3 %
|
|
31,570
|
|
2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas Sold and
Transported
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months
|
|
Change
vs.
|
|
Nine
Months
|
|
Change
vs.
|
|
|
Sales (millions
therms)
|
Ended
|
|
2021
|
|
Ended
|
|
2021
|
|
|
Firm
Sales
|
|
|
|
|
|
|
|
|
|
Residential
Sales
|
82
|
|
(10 %)
|
|
1,030
|
|
(0 %)
|
|
|
Commercial &
Industrial
|
90
|
|
(7 %)
|
|
756
|
|
4 %
|
|
|
Total Firm
Sales
|
172
|
|
(9 %)
|
|
1,786
|
|
2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Firm
Sales*
|
|
|
|
|
|
|
|
|
|
Commercial &
Industrial
|
370
|
|
17 %
|
|
766
|
|
13 %
|
|
|
Total Non-Firm
Sales
|
370
|
|
|
|
766
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Sales
|
542
|
|
7 %
|
|
2,552
|
|
5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
*Contract Service Gas
rate included in non-firm sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weather
Data*
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months
|
|
Change
vs.
|
|
Nine
Months
|
|
Change
vs.
|
|
|
|
Ended
|
|
2021
|
|
Ended
|
|
2021
|
|
|
THI Hours -
Actual
|
14,961
|
|
1 %
|
|
19,502
|
|
(5 %)
|
|
|
THI Hours -
Normal
|
12,529
|
|
|
|
16,654
|
|
|
|
|
Degree Days -
Actual
|
36
|
|
1558 %
|
|
3,007
|
|
4 %
|
|
|
Degree Days -
Normal
|
21
|
|
|
|
3,037
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*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
|
|
Nine Months
Ended
|
|
|
|
September
30,
|
|
September
30,
|
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
Nuclear - NJ
|
5,248
|
|
5,332
|
|
15,496
|
|
15,079
|
|
Nuclear - PA
|
2,721
|
|
2,770
|
|
8,435
|
|
8,517
|
|
|
|
7,969
|
|
8,102
|
|
23,931
|
|
23,596
|
|
|
|
|
|
|
|
|
|
|
|
|
|
%
Generation
|
|
%
Generation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
September
30,
|
|
September
30,
|
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
Nuclear - NJ
|
66 %
|
|
66 %
|
|
65 %
|
|
64 %
|
|
Nuclear - PA
|
34 %
|
|
34 %
|
|
35 %
|
|
36 %
|
|
|
|
100 %
|
|
100 %
|
|
100 %
|
|
100 %
|
|
|
|
|
|
|
|
|
|
|
|
Attachment
7
|
PUBLIC SERVICE
ENTERPRISE GROUP INCORPORATED
|
Statistical
Measures
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Weighted Average Common
Shares Outstanding (millions)*
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
497
|
|
504
|
|
498
|
|
504
|
|
Diluted
|
|
|
|
500
|
|
504
|
|
501
|
|
504
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock Price at End of
Period
|
|
|
|
|
|
|
$56.23
|
|
$60.90
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends Paid per
Share of Common Stock
|
|
$0.54
|
|
$0.51
|
|
$1.62
|
|
$1.53
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend
Yield
|
|
|
|
|
|
|
|
3.8 %
|
|
3.3 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Book Value per Common
Share
|
|
|
|
|
|
|
$26.67
|
|
$27.94
|
|
|
|
|
|
|
|
|
|
|
|
|
Market Price as a
Percent of Book Value
|
|
|
|
|
|
211 %
|
|
218 %
|
|
|
|
|
|
|
|
|
|
|
|
|
*Approximately three
million potentially dilutive shares were excluded from fully
diluted average shares outstanding used to calculate the
diluted
GAAP loss per share for the three months and nine months ended
September 30, 2021 as their impact was antidilutive to GAAP
results.
|
|
|
|
|
|
|
|
|
|
|
Attachment
8
|
PUBLIC SERVICE
ENTERPRISE GROUP INCORPORATED
|
Consolidated
Operating Earnings (non-GAAP) Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciling
Items
|
Three Months
Ended
|
Nine Months
Ended
|
September
30,
|
September
30,
|
|
2022
|
|
2021
|
|
|
2022
|
|
2021
|
|
|
|
($ millions,
Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
(Loss)
|
|
$
114
|
|
$
(1,564)
|
|
|
$
243
|
|
$
(1,093)
|
|
|
(Gain) Loss on Nuclear
Decommissioning Trust (NDT)
|
|
|
|
|
|
|
|
|
|
|
|
Fund Related Activity,
pre-tax
|
|
98
|
|
17
|
|
|
355
|
|
(116)
|
|
|
(Gain) Loss on
Mark-to-Market (MTM), pre-tax(a)
|
|
297
|
|
666
|
|
|
1,246
|
|
998
|
|
|
Plant Retirements,
Dispositions and Impairments, pre-tax(b)
|
|
3
|
|
2,175
|
|
|
17
|
|
2,632
|
|
|
Lease Related Activity,
pre-tax
|
|
53
|
|
10
|
|
|
53
|
|
10
|
|
|
Income Taxes related to
Operating Earnings (non-GAAP) reconciling items(c)
|
|
(136)
|
|
(809)
|
|
|
(493)
|
|
(930)
|
|
Operating Earnings
(non-GAAP)
|
|
$
429
|
|
$ 495
|
|
|
$
1,421
|
|
$
1,501
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG Fully Diluted
Average Shares Outstanding (in millions)(d)
|
|
500
|
|
504
|
|
|
501
|
|
504
|
|
|
|
($ Per Share Impact
- Diluted, Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
(Loss)
|
|
$
0.22
|
|
$
(3.10)
|
|
|
$
0.48
|
|
$
(2.17)
|
|
|
(Gain) Loss on NDT Fund
Related Activity, pre-tax
|
|
0.20
|
|
0.03
|
|
|
0.71
|
|
(0.23)
|
|
|
(Gain) Loss on MTM,
pre-tax(a)
|
|
0.60
|
|
1.32
|
|
|
2.49
|
|
1.98
|
|
|
Plant Retirements,
Dispositions and Impairments, pre-tax(b)
|
|
0.01
|
|
4.31
|
|
|
0.03
|
|
5.22
|
|
|
Lease Related Activity,
pre-tax
|
|
0.10
|
|
0.02
|
|
|
0.10
|
|
0.02
|
|
|
Income Taxes related to
Operating Earnings (non-GAAP) reconciling items(c)
|
|
(0.27)
|
|
(1.60)
|
|
|
(0.98)
|
|
(1.84)
|
|
|
Share
Differential(d)
|
|
-
|
|
-
|
|
|
-
|
|
(0.02)
|
|
Operating Earnings
(non-GAAP)
|
|
$
0.86
|
|
$ 0.98
|
|
|
$
2.83
|
|
$ 2.96
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Includes the
financial impact from positions with forward delivery
months.
|
|
|
|
|
|
|
|
|
|
|
|
(b) Nine months ended
September 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,
and leveraged lease
related activity, which is calculated at a combined leveraged lease
effective tax rate.
|
|
|
(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 and nine months ended September
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. As a result of the use of different denominators
for non-GAAP Operating Earnings and GAAP Net Loss, a reconciling
line item "Share
Differential," has been added to the year to date results to
reconcile the two EPS calculations.
|
|
|
|
|
|
|
|
|
|
|
Attachment
9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CFIO Operating
Earnings (non-GAAP) Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
Nine Months
Ended
|
Reconciling
Items
|
September
30,
|
September
30,
|
|
|
|
2022
|
|
2021
|
|
|
2022
|
|
2021
|
|
|
|
($ millions,
Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Loss
|
|
$
(285)
|
|
$
(1,953)
|
|
|
$
(970)
|
|
$
(2,268)
|
|
|
(Gain) Loss on NDT Fund
Related Activity, pre-tax
|
|
98
|
|
17
|
|
|
355
|
|
(116)
|
|
|
(Gain) Loss on MTM,
pre-tax(a)
|
|
297
|
|
666
|
|
|
1,246
|
|
998
|
|
|
Plant Retirements,
Dispositions and Impairments, pre-tax(b)
|
|
3
|
|
2,175
|
|
|
17
|
|
2,632
|
|
|
Lease Related Activity,
pre-tax
|
|
53
|
|
10
|
|
|
53
|
|
10
|
|
|
Income Taxes related to
Operating Earnings (non-GAAP) reconciling
items(c)
|
|
(136)
|
|
(809)
|
|
|
(493)
|
|
(930)
|
|
Operating Earnings
(non-GAAP)
|
|
$
30
|
|
$ 106
|
|
|
$
208
|
|
$ 326
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG Fully Diluted
Average Shares Outstanding (in millions)(d)
|
|
500
|
|
504
|
|
|
501
|
|
504
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Includes the
financial impact from positions with forward delivery
months.
|
|
|
|
|
|
|
|
|
|
|
|
(b) Nine months ended
September 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, and leveraged
lease related
activity, which is calculated at a combined leveraged lease
effective tax rate.
|
|
(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 and nine months ended
September 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.
|
CONTACTS
|
|
Investor Relations:
|
Media Relations:
|
973-430-6565
|
973-430-5924
|
Carlotta.Chan@pseg.com
|
Marijke.Shugrue@pseg.com
|
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SOURCE PSEG