Public Service Enterprise Group 8-K

Summary

Investor update with Q3 and 9M 2026 results and an outlook. Non-GAAP Operating Earnings, which excludes nuclear decommissioning trust and mark-to-market gains and losses, rose Y/Y while GAAP net income declined as those items moved against the comparison. PSEG is relying primarily on regulated utility investment for growth, with nuclear generation and potential power contracts providing upside. It maintained 2026 non-GAAP Operating Earnings guidance and its 6%-8% long-term growth target through 2030.

Developments

• PSE&G filed a proposal with the New Jersey Board of Public Utilities for a deferral accounting order to address the lag between investment costs and base rates; the proposed deferral would begin in 1/2027, with new rates expected in 2028 and a base-rate filing planned for 6/2027. A separate transmission cost-allocation change is expected to provide an annual benefit of ≈$65M starting in 2027.
• PSE&G’s energy-efficiency programs generate more than $1B in annual customer savings. Its automated metering infrastructure includes ≈2.2M smart meters in service; ≈35,800 electric-vehicle chargers were energized as of 10/1/2026, and the company launched a residential virtual power plant pilot in 2026.
• PSEG Nuclear’s fleet average capacity factor was 94.3% in the first nine months of 2026. A Salem capacity uprate is expected to add ≈112 MW of PSEG-share capacity in 2027-2029, with an expected 10 years of incremental production tax credit value of ≈$30/MWh.
• PSE&G lowered residential gas heating bills 5% effective 10/2026; a 12-month, ≈$166M zero-emission certificate refund to electric customers began in 6/2026.

Key Figures

• The GAAP/non-GAAP gap reflected mark-to-market and nuclear decommissioning trust activity. Q3 included a $251M pre-tax mark-to-market loss ($0.50/share) and a $21M trust loss ($0.04/share), versus gains of $20M and $70M, respectively, a year earlier. For 9M, the mark-to-market loss was $550M ($1.10/share), while the trust gain was $126M ($0.25/share).
• YTD non-GAAP EPS contributions to the increase were $0.07 from PSE&G and $0.16 from PSEG Power & Other.
• PSEG reported ≈$3.9B of available liquidity, including $837M of cash and cash equivalents. Its indicative 2026 annualized dividend rate is $2.68/share, ≈6% above 2025 and the 15th consecutive annual increase.

Guidance