Public Service Enterprise Group Incorporated · NYSE:PEG
Public Service Enterprise — Q4 2023 Earnings Presentation
20 slides from Public Service Enterprise's earnings presentation, Feb 26, 2024
Slide 1: Fourth Quarter and Full Year 2023 Financial Results Presentation
Public Service Enterprise Group FOURTH QUARTER AND FULL YEAR 2023 NYSE: PEG Financial Results Presentation February 26, 2024
Slide 2: Forward-Looking Statements
PSEG Fourth Quarter and Full Year 2023 Forward-Looking Statements Certain of the matters discussed in this presentation about our and our subsidiaries’ future • any inability to extend certain significant contracts on terms acceptable to us; performance, including, without limitation, future revenue
Slide 3: GAAP Disclaimer
PSEG Fourth Quarter and Full Year 2023 GAAP Disclaimer PSEG presents Operating Earnings in addition to its Net Net Income/(Loss), which is an indicator of financial Income/(Loss) reported in accordance with accounting principles performance determined in accordance with GAAP. In addition, generally
Slide 4: Q4 and Full Year 2023 Highlights
PSEG Fourth Quarter and Full Year 2023 PSEG Q4 and Full Year 2023 Highlights Solid Fourth Quarter and Full Year Results • Net Income of $1.10 per share in Q4; Net Income of $5.13 per share in FY 2023 • Non-GAAP Operating Earnings* of $0.54 per share in Q4; Non-GAAP Operating Earnings* of $3.48 per s
Slide 5: Outlook
PSEG Fourth Quarter and Full Year 2023 PSEG Outlook • Reaffirming PSEG full-year 2024 non-GAAP Operating Earnings guidance of $3.60 to $3.70 per share $3.60 to $3.70 • $18B - $21B regulated capital investment program over 2024-2028 Growth in earnings • 5-year capex plan supports Rate Base CAGR of 6%
Slide 6: Q4 and FY 2023 Review
PSEG Fourth Quarter and Full Year 2023 Q4 and FY 2023 Review 6
Slide 7: Q4 Results
PSEG Fourth Quarter and Full Year 2023 PSEG Q4 Results PSEG EPS Summary – Three Months ended December 31 Net Income 2023 2022 Change PSE&G $0.58 $0.70 $(0.12) PSEG Power & Other $0.52 $0.88 $(0.36) Total PSEG $1.10 $1.58 $(0.48) Non-GAAP Operating Earnings* 2023 2022 Change PSE&G $0.59 $0.70 $(0.11)
Slide 8: EPS Reconciliation – Q4 2023 versus Q4 2022
PSEG Fourth Quarter and Full Year 2023 PSEG EPS Reconciliation – Q4 2023 versus Q4 2022 $1.58 $0.90 $1.50 $1.10 $0.80 $1.00 ~ ~ $0.70 $0.64 ($0.11) $ / share $0.60 $0.01 $0.54 $0.50 Transmission 0.01 Gross Margin 0.05 Re-contracting/Market Gas Margin 0.01 0.09 $0.40 Other E&G Margin 0.01 Capacity (0
Slide 9: Full Year Results
PSEG Fourth Quarter and Full Year 2023 PSEG Full Year Results PSEG EPS Summary – Years ended December 31 Net Income/(Loss) 2023 2022 Change PSE&G $3.03 $3.12 $(0.09) PSEG Power & Other $2.10 $(1.06) $3.16 Total PSEG $5.13 $2.06 $3.07 Non-GAAP Operating Earnings* 2023 2022 Change PSE&G $3.06 $3.12 $(
Slide 10: EPS Reconciliation – FY 2023 versus FY 2022
PSEG Fourth Quarter and Full Year 2023 PSEG EPS Reconciliation – FY 2023 versus FY 2022 $5.50 $4.50 $5.13 $4.00 $5.00 ~ $3.47 $3.48 ~ ($0.06) $0.07 $3.50 Transmission 0.07 Gross Margin 0.23 $ / share Re-contracting/Market 0.36 $3.00 Renewables & Capacity (0.08) Energy Efficiency 0.01 Volume 0.02 Ele
Slide 11: PSE&G Q4 and Full Year Highlights
PSEG Fourth Quarter and Full Year 2023 PSE&G Q4 and Full Year Highlights Operations Regulatory and Market Environment • Residential Electric and Gas customer count, the driver of margin growth • Filed Distribution base Electric and Gas rate case with BPU in December under the Conservation Incentive
Slide 12: PSE&G Base Rate Filing Seeks Recovery of Recent Investments
PSEG Fourth Quarter and Full Year 2023 PSE&G Base Rate Filing Seeks Recovery of Recent Investments; Cost Control and CEF-EE Programs Help to Keep Bills Affordable ▪ First distribution base rate request in six years since January 2018; 9% overall revenue increase requested New Jersey Electric Utility
Slide 13: Power & Other
PSEG Fourth Quarter and Full Year 2023 PSEG Power & Other Nuclear Generation Measures Other Financial Considerations Three Months Ended Twelve Months Ended December 31, December 31, • For 2024, total nuclear generation is forecasted to be 30-32 TWh 2023 2022 2023 2022 and is 90%-95% hedged at an ave
Slide 14: Appendix
PSEG Fourth Quarter and Full Year 2023 Appendix 14
Slide 15: Maintains a Solid Financial Position
PSEG Fourth Quarter and Full Year 2023 PSEG Maintains a Solid Financial Position PSEG Public Service Electric & Gas PSEG Senior Unsecured Credit Ratings PSE&G Senior Secured Credit Ratings Moody’s = Baa2 / Outlook = Stable S&P = BBB / Outlook = Stable Moody’s = A1 / Outlook = Stable S&P = A / Outloo
Slide 16: Liquidity as of December 31, 2023
PSEG Fourth Quarter and Full Year 2023 PSEG Liquidity as of December 31, 2023 Expiration Total Available Company Facility Usage Date Facility Liquidity ($ millions) PSE&G Revolving Credit Facility March 2027 $1,000 $445 $555 PSEG Money Pool (A,B) PSEG/PSEG Power Revolving Credit Facility (PSEG) Marc
Slide 17: Sustainability and ESG Summary
PSEG Fourth Quarter and Full Year 2023 PSEG Sustainability and ESG Summary PSEG Leadership Policies & Goals Recognition & Memberships • PSE&G’s Clean Energy Future programs have • PSEG is a vocal advocate for an economy- • MSCI rates PSEG at AAA, its highest invested ~$2B to decarbonize the NJ econo
Slide 18: Glossary of Terms
PSEG Fourth Quarter and Full Year 2023 Glossary of Terms AMI Automated Metering Infrastructure GAAP Generally Accepted Accounting Principles PSEG Investor Relations BPU New Jersey Board of Public Utilities GHG Greenhouse Gas 80 Park Plaza CAGR Compound Annual Growth Rate GSMP II Gas System Moderniza
Slide 19: Reconciliation of Non-GAAP Operating Earnings
PSEG Fourth Quarter and Full Year 2023 Reconciliation of Non-GAAP Operating Earnings Public Service Enterprise Group Incorporated - Consolidated Operating Earnings (non-GAAP) Reconciliation Three Months Ended Year Ended (a) Includes the financial impact from positions with Reconciling Items December
Slide 20: Reconciliation of Non-GAAP Operating Earnings
PSEG Fourth Quarter and Full Year 2023 Reconciliation of Non-GAAP Operating Earnings PSE&G Operating Earnings (non-GAAP) Reconciliation Three Months Ended Year Ended Reconciling Items December 31, December 31, 2023 2022 2023 2022 ($ millions, Unaudited) Net Income $ 291 $ 352 $ 1,515 $ 1,565 EIP, pr
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