$2.58 Per
Share Net Income
$1.39 Per
Share Non-GAAP Operating Earnings
Re-Affirms Full-Year 2023 Non-GAAP Operating EPS Guidance Range of
$3.40 - $3.50
NEWARK,
N.J., May 2, 2023 /PRNewswire/ -- Public Service
Enterprise Group (NYSE: PEG) reported first quarter 2023 Net Income
of $1,287 million, or $2.58 per share, compared to a Net Loss of
$2 million, or less than $0.01 per share, for first quarter
2022.
Non-GAAP Operating Earnings for the first quarter of 2023 were
$695 million, or $1.39 per share, compared to $672 million, or $1.33 per share for the first quarter of
2022. Non-GAAP results for the first quarter of 2023 and 2022
exclude items shown in Attachments 7 and 8.
"PSEG delivered solid operating and financial performance to
begin the year and we are on track to achieve our full-year 2023
non-GAAP Operating Earnings guidance. We are executing our
plan to grow PSEG while also increasing its predictability – which
we outlined at our March
10th Investor Conference that also detailed the
decision to retain our five-unit nuclear generating fleet.
This year's utility capital spending budget of $3.5 billion will be directed to modernizing
T&D infrastructure, clean energy future programs, and "Last
Mile" projects that support New
Jersey's policies for energy transition. The 2023
capital program represents PSE&G's largest annual investment
plan to date, and supports PSEG's long-term outlook for non-GAAP
Operating Earnings growth of 5% to 7% over the 2023 through 2027
period." said Ralph LaRossa, PSEG's
chair, president and CEO.
LaRossa continued, "We recently completed the second phase of
the Gas System Modernization Program (GSMP), and to continue these
critical infrastructure investments, PSE&G proposed GSMP III
with the New Jersey Board of
Public Utilities (BPU) to invest $2.5
billion over a three-year period. Also this quarter,
PSEG achieved several milestone metrics in customer satisfaction
and nuclear operations; negotiated new, four-year labor agreements
with all of our NJ unions; and implemented back-to-back gas cost
reductions that helped on the customer affordability front."
Earnings Guidance
PSEG is re-affirming its full-year, 2023 non-GAAP Operating
Earnings guidance of $3.40 to
$3.50 per share. This range was
narrowed in February 2023 with no
change to the original midpoint, and reflects the actual pension
impact of 2022 investment results on 2023 earnings and higher
interest expense expectations offset by growth in regulated
operations, a higher average hedged price for 2023, the majority of
which was realized in the first quarter, and cost reduction efforts
throughout the organization.
The following tables provide a reconciliation of PSEG's Net
Income/(Loss) to non-GAAP Operating Earnings for the first quarter.
See Attachments 7 and 8 for a complete list of items excluded from
Net Income/(Loss) in the determination of non-GAAP Operating
Earnings.
PSEG Consolidated (unaudited)
First Quarter Comparative Results
|
|
|
Income/(Loss)
|
Diluted Earnings Per Share
|
($ millions, except per share
amounts)
|
2023
|
2022
|
2023
|
2022
|
Net Income
(Loss)
|
$1,287
|
$(2)
|
$2.58
|
$(0.00)
|
Reconciling
Items
|
(592)
|
674
|
(1.19)
|
1.34
|
Share
Differential*
|
-
|
-
|
-
|
(0.01)
|
Non-GAAP Operating
Earnings
|
$695
|
$672
|
$1.39
|
$1.33
|
Average
Shares
|
|
|
500
|
501
|
*Approximately three
million potentially dilutive shares were excluded from fully
diluted average shares outstanding used to calculate the diluted
GAAP loss per share for the three months ended March 31, 2022 as
their impact was antidilutive to GAAP results. For non-GAAP per
share calculations, we used fully diluted average shares
outstanding of 504 million, including the three million potentially
dilutive shares as they were dilutive to non-GAAP
results.
|
Results and Outlook by Operating Subsidiary
Public Service
Electric and Gas
|
First Quarter
Comparative Results
|
|
($ millions, except
per share amounts)
|
1Q
2023
|
1Q
2022
|
Change
|
Net Income
|
$487
|
$509
|
$(22)
|
Net Income Per Share
(EPS)
|
$0.98
|
$1.02
|
$(0.04)
|
Non-GAAP Operating
Earnings
|
$492
|
$509
|
$(17)
|
Share
Differential*
|
-
|
(0.01)
|
0.01
|
Non-GAAP Operating
EPS
|
$0.99
|
$1.01
|
$(0.02)
|
*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 March 31, 2022 as
their impact was antidilutive to GAAP results. For non-GAAP per
share calculations, we used fully diluted average shares
outstanding of 504 million, including the three million potentially
dilutive shares as they were dilutive to non-GAAP
results.
|
|
|
|
|
|
|
|
PSE&G's net Transmission margin improved in first quarter
2023 compared to the year-earlier quarter, reflecting growth in
rate base and recovery of updated pension amounts. Growth in
Distribution rate base was offset by the previously identified
pension impact and incremental depreciation and interest expense
related to higher investment. The Conservation Incentive
Program (CIP), fully in effect for both Electric and Gas sales,
offsets the impact of volumetric changes in sales, such as
weather.
PSE&G's forecast of non-GAAP Operating Earnings for 2023
remains at $1,500 million -
$1,525 million, which reflects lower
pension and OPEB credits compared to 2022, offset by the combined
benefit of near contemporaneously recovered investments, the
predictability of utility margin from CIP, as well as the
implementation of the BPU pension accounting order for full-year
2023.
PSEG Power
& Other
|
|
First Quarter
Comparative Results
|
|
|
|
($ millions, except
per share amounts)
|
1Q
2023
|
1Q
2022
|
Change
|
|
Net
Income/(Loss)
|
$800
|
$(511)
|
$1,311
|
|
Net Income/(Loss) Per
Share
|
$1.60
|
$(1.02)
|
$2.62
|
|
Non-GAAP Operating
Earnings
|
$203
|
$163
|
$40
|
|
Non-GAAP Operating
EPS
|
$0.40
|
$0.32
|
$0.08
|
|
|
|
|
|
|
|
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 March 31, 2022 as
their impact was antidilutive to GAAP results. For
non-GAAP per share calculations, we used fully diluted average
shares outstanding of 504 million, including the three million
potentially dilutive shares as they were dilutive to non-GAAP
results.
|
PSEG Power & Other results were primarily driven by the
approximately $4 per megawatt hour
increase in the average annual hedged price of our nuclear output,
the majority of which was realized in first quarter 2023, partially
offset by lower volume and sales at Gas Operations compared to
significantly higher prices in 1Q 2022, and the previously
identified higher interest expense at Parent and lower pension and
OPEB credits versus first quarter 2022.
The full-year 2023 forecast for PSEG Power & Other non-GAAP
Operating Earnings remains at $200
million - $225 million.
PSEG will host a conference call to review its first quarter
2023 results, earnings guidance, and other matters with the
financial community at 11 a.m. ET
today. You can register to access this event by visiting
https://investor.pseg.com/investor-news-and-events.
About PSEG
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 and participation in the U.N.
Race to Zero, as well as our inclusion on the Dow Jones
Sustainability North America 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 gains (losses) associated with the Nuclear
Decommissioning Trust (NDT), Mark-to-Market (MTM) accounting and
material one-time items.
See Attachments 7 and 8 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
because comparable GAAP measures are not reasonably accessible or
reliable due to the inherent difficulty in forecasting and
quantifying measures that would be required for such
reconciliation. Namely, we are not able to reliably project without
unreasonable effort MTM and NDT gains (losses), for future periods
due to market volatility. These items are uncertain, depend on
various factors, and may have a material impact on our future GAAP
results.
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 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 other
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 or other acts of violence, sabotage, physical
attacks or security breaches, cyberattacks 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;
- a material shift away from natural gas toward increased
electrification and a reduction in the use of natural gas;
- the impact of the 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 and credit
agreements on our business;
- adverse performance of our defined benefit plan trust funds and
Nuclear Decommissioning Trust Fund and increases in funding
requirements and pension costs;
- 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;
- our ability to obtain adequate nuclear fuel supply;
- changes in technology related to energy generation,
distribution and consumption and changes in customer usage
patterns;
- third-party credit risk relating to and purchase of nuclear
fuel;
- any inability to meet our commitments under forward sale
obligations and Regional Transmission Organization rules;
- 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 siting approvals; 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:
|
|
Media
Relations
|
Investor
Relations
|
Marijke
Shugrue
|
Carlotta
Chan
|
908-531-4253
|
973-430-6565
|
Marijke.Shugrue@pseg.com
|
Carlotta.Chan@pseg.com
|
|
|
|
|
|
|
|
|
|
|
Attachment
1
|
|
|
Public Service
Enterprise Group Incorporated
|
Consolidating
Statements of Operations
|
(Unaudited, $
millions, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG
|
|
Eliminations
|
|
PSE&G
|
|
PSEG
Power &
Other(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
REVENUES
|
|
$
3,755
|
|
$
(565)
|
|
$
2,293
|
|
$
2,027
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
Energy Costs
|
|
1,082
|
|
(565)
|
|
984
|
|
663
|
|
|
|
Operation and
Maintenance
|
|
743
|
|
-
|
|
460
|
|
283
|
|
|
|
Depreciation and
Amortization
|
|
282
|
|
-
|
|
244
|
|
38
|
|
|
|
|
Total Operating
Expenses
|
|
2,107
|
|
(565)
|
|
1,688
|
|
984
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
|
1,648
|
|
-
|
|
605
|
|
1,043
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Equity
Method Investments
|
|
1
|
|
-
|
|
-
|
|
1
|
|
|
Net Gains (Losses) on
Trust Investments
|
|
46
|
|
-
|
|
-
|
|
46
|
|
|
Other Income
(Deductions)
|
|
42
|
|
(1)
|
|
21
|
|
22
|
|
|
Net Non-Operating
Pension and OPEB Credits (Costs)
|
|
28
|
|
-
|
|
28
|
|
-
|
|
|
Interest
Expense
|
|
(180)
|
|
1
|
|
(113)
|
|
(68)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE INCOME
TAXES
|
|
1,585
|
|
-
|
|
541
|
|
1,044
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax
Expense
|
|
(298)
|
|
-
|
|
(54)
|
|
(244)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
|
$
1,287
|
|
$
-
|
|
$
487
|
|
$
800
|
|
|
|
Reconciling Items
Excluded from Net Income(b)
|
|
(592)
|
|
-
|
|
5
|
|
(597)
|
|
|
OPERATING EARNINGS
(non-GAAP)
|
|
$
695
|
|
$
-
|
|
$
492
|
|
$
203
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
|
$
2.58
|
|
$
-
|
|
$
0.98
|
|
$
1.60
|
|
|
|
Reconciling Items
Excluded from Net Income (b)
|
|
(1.19)
|
|
-
|
|
0.01
|
|
(1.20)
|
|
|
OPERATING EARNINGS
(non-GAAP)
|
|
$
1.39
|
|
$
-
|
|
$
0.99
|
|
$
0.40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG
|
|
Eliminations
|
|
PSE&G
|
|
PSEG
Power &
Other(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
REVENUES
|
|
$
2,313
|
|
$
(584)
|
|
$
2,284
|
|
$
613
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
Energy Costs
|
|
1,245
|
|
(584)
|
|
968
|
|
861
|
|
|
|
Operation and
Maintenance
|
|
794
|
|
-
|
|
463
|
|
331
|
|
|
|
Depreciation and
Amortization
|
|
283
|
|
-
|
|
241
|
|
42
|
|
|
|
Loss on Asset
Dispositions and Impairments
|
|
43
|
|
-
|
|
-
|
|
43
|
|
|
|
|
Total Operating
Expenses
|
|
2,365
|
|
(584)
|
|
1,672
|
|
1,277
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
|
(52)
|
|
-
|
|
612
|
|
(664)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Equity
Method Investments
|
|
4
|
|
-
|
|
-
|
|
4
|
|
|
Net Gains (Losses) on
Trust Investments
|
|
(68)
|
|
-
|
|
-
|
|
(68)
|
|
|
Other Income
(Deductions)
|
|
5
|
|
-
|
|
19
|
|
(14)
|
|
|
Net Non-Operating
Pension and OPEB Credits (Costs)
|
|
94
|
|
-
|
|
70
|
|
24
|
|
|
Interest
Expense
|
|
(137)
|
|
-
|
|
(103)
|
|
(34)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE
INCOME TAXES
|
|
(154)
|
|
-
|
|
598
|
|
(752)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Benefit
(Expense)
|
|
152
|
|
-
|
|
(89)
|
|
241
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS)
|
|
$
(2)
|
|
$
-
|
|
$
509
|
|
$
(511)
|
|
|
|
Reconciling Items
Excluded from Net Income (Loss)(b)
|
|
674
|
|
-
|
|
-
|
|
674
|
|
|
OPERATING EARNINGS
(non-GAAP)
|
|
$
672
|
|
$
-
|
|
$
509
|
|
$
163
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS)
|
|
$
0.00
|
|
$
-
|
|
$
1.02
|
|
$
(1.02)
|
|
|
|
Reconciling Items
Excluded from Net Income (Loss)(b)
|
|
1.34
|
|
-
|
|
-
|
|
1.34
|
|
|
|
Share
Differential(b)
|
|
(0.01)
|
|
-
|
|
(0.01)
|
|
-
|
|
|
OPERATING EARNINGS
(non-GAAP)
|
|
$
1.33
|
|
$
-
|
|
$
1.01
|
|
$
0.32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Includes activities
at PSEG Power, PSEG Long Island, Energy Holdings, PSEG Services
Corporation and the Parent.
|
|
|
(b) See Attachments 7
and 8 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
2
|
|
|
|
Public Service
Enterprise Group Incorporated
|
|
|
Capitalization
Schedule
|
|
|
(Unaudited, $
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
|
|
|
|
|
|
2023
|
|
2022
|
|
|
DEBT
|
|
|
|
|
|
|
|
|
Commercial Paper and
Loans
|
|
|
$
1,250
|
|
$
2,200
|
|
|
|
Long-Term
Debt*
|
|
|
18,965
|
|
18,070
|
|
|
|
|
Total Debt
|
|
|
20,215
|
|
20,270
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
Common Stock
|
|
|
5,045
|
|
5,065
|
|
|
|
Treasury
Stock
|
|
|
(1,391)
|
|
(1,377)
|
|
|
|
Retained
Earnings
|
|
|
11,594
|
|
10,591
|
|
|
|
Accumulated Other
Comprehensive Loss
|
|
|
(522)
|
|
(550)
|
|
|
|
|
Total Stockholders'
Equity
|
|
|
14,726
|
|
13,729
|
|
|
|
|
Total
Capitalization
|
|
|
$
34,941
|
|
$
33,999
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Includes current
portion of Long-Term Debt
|
|
|
|
|
|
|
|
|
|
Attachment
3
|
Public Service
Enterprise Group Incorporated
|
Condensed
Consolidated Statements Of Cash Flows
|
(Unaudited, $
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended March 31,
|
|
2023
|
|
2022
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
Net Income
(Loss)
|
$
1,287
|
|
$
(2)
|
Adjustments to
Reconcile Net Income (Loss) to Net Cash Flows
|
|
|
|
From
Operating Activities
|
550
|
|
474
|
NET CASH PROVIDED BY
(USED IN) OPERATING ACTIVITIES
|
1,837
|
|
472
|
|
|
|
|
NET CASH PROVIDED BY
(USED IN) INVESTING ACTIVITIES
|
(714)
|
|
1,183
|
|
|
|
|
NET CASH PROVIDED BY
(USED IN) FINANCING ACTIVITIES
|
(380)
|
|
(876)
|
|
|
|
|
Net Change in Cash,
Cash Equivalents and Restricted Cash
|
743
|
|
779
|
|
|
|
|
Cash, Cash
Equivalents and Restricted Cash at Beginning of
Period
|
511
|
|
863
|
Cash, Cash
Equivalents and Restricted Cash at End of Period
|
$
1,254
|
|
$
1,642
|
Attachment
4
|
Public Service
Electric & Gas Company
|
Retail
Sales
|
(Unaudited)
|
March 31,
2023
|
|
|
Electric
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months
|
|
Change
vs.
|
|
|
Sales (millions
kWh)
|
Ended
|
|
2022
|
|
|
Residential
|
2,942
|
|
(8 %)
|
|
|
Commercial &
Industrial
|
6,452
|
|
(1 %)
|
|
|
Other
|
98
|
|
(2 %)
|
|
|
Total
|
9,492
|
|
(3 %)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas Sold and
Transported
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months
|
|
Change
vs.
|
|
|
Sales (millions
therms)
|
Ended
|
|
2022
|
|
|
Firm
Sales
|
|
|
|
|
|
Residential
Sales
|
622
|
|
(16 %)
|
|
|
Commercial &
Industrial
|
416
|
|
(16 %)
|
|
|
Total Firm
Sales
|
1,038
|
|
(16 %)
|
|
|
|
|
|
|
|
|
Non-Firm
Sales*
|
|
|
|
|
|
Commercial &
Industrial
|
142
|
|
(11 %)
|
|
|
Total Non-Firm
Sales
|
142
|
|
|
|
|
|
|
|
|
|
|
Total
Sales
|
1,180
|
|
(15 %)
|
|
|
|
|
|
|
|
|
*Contract Service Gas
rate included in non-firm sales
|
|
|
|
|
|
|
|
|
|
Weather
Data*
|
|
|
|
|
|
|
|
|
Three
Months
|
|
Change
vs.
|
|
|
|
Ended
|
|
2022
|
|
|
Degree Days -
Actual
|
1,944
|
|
(23 %)
|
|
|
Degree Days -
Normal
|
2,511
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*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. The 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
5
|
|
|
|
|
|
Nuclear Generation
Measures
|
(Unaudited)
|
|
|
|
|
|
|
|
GWh
Breakdown
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
|
2023
|
|
2022
|
Nuclear - NJ
|
5,509
|
|
5,545
|
Nuclear - PA
|
2,886
|
|
2,894
|
|
|
8,395
|
|
8,439
|
|
|
|
|
|
|
|
%
Generation
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
|
2023
|
|
2022
|
Nuclear - NJ
|
66 %
|
|
66 %
|
Nuclear - PA
|
34 %
|
|
34 %
|
|
|
100 %
|
|
100 %
|
|
|
|
|
|
|
|
Attachment
6
|
Public Service
Enterprise Group Incorporated
|
Statistical
Measures
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
|
2023
|
|
2022
|
Weighted Average Common
Shares Outstanding (millions)*
|
|
|
|
|
Basic
|
|
|
|
497
|
|
501
|
|
Diluted
|
|
|
|
500
|
|
501
|
|
|
|
|
|
|
|
|
Stock Price at End of
Period
|
|
|
$62.45
|
|
$70.00
|
|
|
|
|
|
|
|
|
Dividends Paid per
Share of Common Stock
|
|
$0.57
|
|
$0.54
|
|
|
|
|
|
|
|
|
Dividend
Yield
|
|
|
|
3.7 %
|
|
3.1 %
|
|
|
|
|
|
|
|
|
Book Value per Common
Share
|
|
|
$29.64
|
|
$27.35
|
|
|
|
|
|
|
|
|
Market Price as a
Percent of Book Value
|
|
211 %
|
|
256 %
|
|
|
|
|
|
|
|
|
*Approximately three
million potentially dilutive shares were excluded from fully
diluted average
shares outstanding used to calculate the diluted GAAP loss per
share for the three months ended March 31, 2022
as their impact was antidilutive to GAAP results.
|
Attachment
7
|
Public Service
Enterprise Group Incorporated
|
Consolidated
Operating Earnings (non-GAAP) Reconciliation
|
|
|
|
|
|
|
Reconciling
Items
|
|
|
2023
|
|
2022
|
|
|
|
($ millions,
Unaudited)
|
|
|
|
|
|
|
Net Income
(Loss)
|
|
$1,287
|
|
$
(2)
|
|
(Gain) Loss on Nuclear Decommissioning Trust
(NDT)
|
|
|
|
|
Fund Related Activity, pre-tax
|
(42)
|
|
72
|
|
(Gain) Loss on Mark-to-Market (MTM),
pre-tax(a)
|
(772)
|
|
845
|
|
Plant Retirements, Dispositions and Impairments,
pre-tax(b)
|
-
|
|
16
|
|
Exit Incentive Program (EIP), pre-tax
|
11
|
|
-
|
|
Income Taxes related to Operating Earnings (non-GAAP)
reconciling items(c)
|
211
|
|
(259)
|
|
Operating Earnings
(non-GAAP)
|
|
$
695
|
|
$ 672
|
|
|
|
|
|
|
|
PSEG Fully Diluted Average Shares Outstanding (in
millions)(d)
|
500
|
|
501
|
|
|
|
($ Per Share Impact
-
Diluted, Unaudited)
|
|
|
|
|
|
|
Net Income
(Loss)
|
|
$
2.58
|
|
$0.00
|
|
(Gain) Loss on NDT Fund Related Activity, pre-tax
|
(0.08)
|
|
0.14
|
|
(Gain) Loss on MTM, pre-tax(a)
|
(1.55)
|
|
1.69
|
|
Plant Retirements, Dispositions and Impairments,
pre-tax(b)
|
-
|
|
0.03
|
|
EIP, pre-tax
|
0.02
|
|
-
|
|
Income Taxes related to Operating Earnings (non-GAAP)
reconciling items(c)
|
0.42
|
|
(0.52)
|
|
Share Differential(d)
|
-
|
|
(0.01)
|
|
Operating Earnings
(non-GAAP)
|
|
$
1.39
|
|
$1.33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Includes the
financial impact from positions with forward delivery
months.
|
|
(b) Three months ended
March 31, 2022 includes the results for fossil generation sold in
February 2022.
|
|
(c) Income tax effect
calculated at the statutory rate except for qualified NDT related
activity, which records an
additional 20% trust tax on income (loss) from qualified NDT Funds,
and lease related activity.
|
|
(d) Approximately three
million potentially dilutive shares were excluded from fully
diluted average shares
outstanding used to calculate the diluted GAAP loss per share for
the three months ended March 31, 2022 as their
impact was antidilutive to GAAP results. For non-GAAP per share
calculations, we used fully diluted average
shares outstanding of 504 million, including the three million
potentially dilutive shares as they were dilutive to non-
GAAP results. As a result of the use of different denominators for
non-GAAP Operating Earnings and GAAP Net Loss,
a reconciling line item "Share Differential," has been added to the
year to date results to reconcile the two EPS
calculations.
|
|
Attachment
8
|
|
|
|
|
|
|
|
PSE&G Operating
Earnings (non-GAAP) Reconciliation
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
Reconciling
Items
|
March
31,
|
|
|
2023
|
|
2022
|
|
|
|
($ millions,
Unaudited)
|
|
|
|
|
|
|
Net
Income
|
$
487
|
|
$ 509
|
|
|
EIP, pre-tax
|
7
|
|
-
|
|
|
Income Taxes related to
Operating Earnings (non-GAAP) reconciling items
|
(2)
|
|
-
|
|
Operating Earnings
(non-GAAP)
|
$
492
|
|
$ 509
|
|
|
|
|
|
|
|
|
PSEG Fully Diluted
Average Shares Outstanding (in millions)(a)
|
500
|
|
501
|
|
|
|
|
|
|
|
|
(a) Approximately three
million potentially dilutive shares were excluded from fully
diluted average shares outstanding used to calculate the diluted
GAAP loss per share for three months ended March 31, 2022 as their
impact was antidilutive to GAAP results. For non-GAAP per share
calculations, we used fully diluted average shares outstanding of
504 million, including the three million potentially dilutive
shares as they were dilutive to non-GAAP results.
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG Power &
Other Operating Earnings (non-GAAP) Reconciliation
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
Reconciling
Items
|
March
31,
|
|
|
2023
|
|
2022
|
|
|
|
($ millions,
Unaudited)
|
|
|
|
|
|
|
Net Income
(Loss)
|
$
800
|
|
$
(511)
|
|
|
(Gain) Loss on NDT Fund
Related Activity, pre-tax
|
(42)
|
|
72
|
|
|
(Gain) Loss on MTM,
pre-tax(a)
|
(772)
|
|
845
|
|
|
Plant Retirements,
Dispositions and Impairments, pre-tax(b)
|
-
|
|
16
|
|
|
EIP, pre-tax
|
4
|
|
-
|
|
|
Income Taxes related to
Operating Earnings (non-GAAP) reconciling
items(c)
|
213
|
|
(259)
|
|
Operating Earnings
(non-GAAP)
|
$
203
|
|
$ 163
|
|
|
|
|
|
|
|
|
PSEG Fully Diluted
Average Shares Outstanding (in millions)(d)
|
500
|
|
501
|
|
|
|
|
|
|
|
|
(a) Includes the
financial impact from positions with forward delivery
months.
|
|
|
|
|
|
(b) Three months ended
March 31, 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 lease related
activity.
|
|
(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 three months ended March 31, 2022 as their
impact was antidilutive to GAAP results. For non-GAAP per share
calculations, we used fully diluted average shares outstanding of
504 million, including the three million potentially dilutive
shares as they were dilutive to non-GAAP results.
|
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SOURCE PSEG