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15:00
Aug 04 ◎

PEG FY2026 Q2 Watch

Public Service Enterprise Group Incorporated (PEG) FY2026 Q2 Earnings Call

PEG PJM ▾

Ralph LaRossa

The company reaffirmed its FY2026 EPS guidance and long-term 6-8% growth outlook, citing solid operational performance. However, ongoing regulatory uncertainty in New Jersey, including a new base rate case filing and the loss of the RTO incentive adder, creates a balanced outlook.

"we are pleased to reaffirm our full year non-GAAP operating earnings guidance in the range of $4.28 to $4.40 per share"

PEG WATCH

Dan Cregg

PJM's latest capacity auction cleared at the $325/MW-day price cap, below the uncapped $555/MW-day level, and fell 6.8 GW short of the target reliability requirement. PSEG notes the collar will remain in place through the December 2026 auction. — The gap between capped and uncapped prices signals the threat of forced procurement (RVP/IRAS), which could distort capacity market prices and increase costs for LSEs and consumers.

"PGM's latest capacity auction priced at $325 per megawatt day, the upper end of the price collar, and fell 6.8 gigawatts short of PGM's targeted reliability requirement."

PJM WATCH

HIGH

15:00
May 05 ◎

PEG FY2026 Q1 Watch

Public Service Enterprise Group Incorporated (PEG) FY2026 Q1 Earnings Call

PJM LIPA PEG ▾

Ralph LaRosa

PEG is cautious about PJM's proposed reliability backstop auction, expressing concerns about cost allocation and the load-serving entity responsibility, but is waiting to see new CEO's direction.

"We've got a new CEO at PJM that's just stepped into the role. Before we pass any judgment on what's going on at PJM, let's give them a chance to get their feet under them and get the organization structured the way they want and the rules"

PJM WATCH

Dan Craig

The renewed LIPA contract no longer includes fuel and energy management fees, which will be a headwind for PSEG Power's net energy margin compared to the prior contract.

"net energy margin was flat compared to the year earlier quarter, as higher gas operations and capacity prices were offset by the absence of zero-emission certificates, lower generation volume, and the absence of fuel and energy management"

LIPA WATCH

Ralph LaRosa

Management reaffirmed full-year guidance and the 6-8% earnings CAGR through 2030, signaling confidence in the plan despite regulatory and PJM uncertainty. Q1 beat expectations, but the tone is cautious, waiting to see summer weather and regulatory outcomes.

"We are maintaining our full year non-GAAP operating earnings guidance in the range of $4.28 to $4.40 per share."

PEG WATCH

HIGH

16:00
Feb 26 ◎

PEG FY2025 Q4 Watch

Public Service Enterprise Group Incorporated (PEG) FY2025 Q4 Earnings Call

CCJ PEG ▾

Dan Craig

PSEG completed a fuel cycle extension at Hope Creek nuclear plant, shifting from an 18-month to a 24-month refueling cycle. — The 24-month cycle reduces annual refueling outage frequency, cutting O&M costs and increasing annual generation output for PSEG, while reducing the frequency of nuclear fuel purchases over time.

"PSTG Nuclear also completed work during the Hope Creek refueling outage to transition the unit from an 18-month to a 24-month refueling cycle going forward, which will yield additional megawatt hours as well as O&M savings over the long"

CCJ WATCH

Ralph LaRosa

Management raised the long-term EPS CAGR from 5-7% to 6-8% due to the scarcity-driven power price environment and increased regulated capex plan ($24-28B through 2030), reinforcing confidence in future earnings growth.

"With these updates, we are raising PSEG's long-term non-GAAP earnings growth outlook to 6% to 8% through 2030."

PEG WATCH

HIGH

16:00
Nov 03 ◎

PEG FY2025 Q3 Watch

Public Service Enterprise Group Incorporated (PEG) FY2025 Q3 Earnings Call

PEG CEG VST ▾

Ralph DeRosa

Management narrowed guidance to the upper half of the range and reaffirmed 5-7% long-term EPS growth, signaling confidence in regulated capex and nuclear performance, with potential for incremental opportunities.

"we are narrowing PSEG's full-year 2025 non-GAAP operating earnings guidance to $4.00 to $4.06 per share from $3.94 to $4.06 per share."

PEG WATCH

Ralph DeRosa

PSEG extended the Hope Creek nuclear fuel cycle from 18 to 24 months, increasing megawatt-hours without a major capital outlay, improving its competitive position in the PJM market. — This operational efficiency gain boosts PSEG's nuclear output and lowers costs, putting pressure on other nuclear operators in PJM to match similar performance.

"our Hope Creek unit has successfully transitioned from an 18 to 24-month refueling cycle going forward which is expected to yield additional megawatt hours as well as O&M savings over the long term."

CEG WATCH VST WATCH

HIGH

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