Public Service Enterprise Group Incorporated · NYSE:PEG
Public Service Enterprise — Investor Day (September 2021)
79 slides from Public Service Enterprise's investor day presentation, Sep 27, 2021
Slide 1: Public Service Enterprise Group 2021 Investor Conference
Public Service Enterprise Group 2021 Investor Conference NYSE TICKER: PEG September 27, 2021 A sustainable, predictable growth platform Exhibit 99.1
Slide 2: Forward-looking statements
Certain of the matters discussed in this presentation 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” with
Slide 3: Non-GAAP disclaimer
PSEG presents Operating Earnings in addition to its Net Income/(Loss) reported in accordance with accounting principles generally accepted in the United States (GAAP). Operating Earnings is a non-GAAP financial measure that differs from Net Income/(Loss). Non-GAAP Operating Earnings excludes the imp
Slide 4: 2021 PSEG Investor Conference Agenda
2021 PSEG Investor Conference Agenda 4 15 MINUTE BREAK: PSEG ESG PERSPECTIVES PSEG Financial Review & Outlook Dan Cregg PSEG EVP & Chief Financial Officer Regulatory & Policy Update Tammy Linde PSEG EVP & General Counsel Public Service Electric & Gas Kim Hanemann PSE&G President & Chief Operating Of
Slide 5: PSEG's Powering Progress Vision
PSEG’s Powering Progress Vision: A future in which people use less energy, that energy is cleaner and delivered more reliably than ever. 5
Slide 6: PSEG: A sustainable, predictable growth platform
PSEG: Powering Progress through Regulated Growth … PSEG: A sustainable, predictable growth platform PSEG is predominantly regulated with contracted, zero-carbon infrastructure investments and a strong set of growth opportunities PSEG is an ESG leader in tackling climate change, DEI and governance wi
Slide 7: PSEG key messages: 90% regulated business mix
PSEG: 90% regulated business mix from stable, predictable operations of PSE&G, 10% Zero-Carbon Generation, Infrastructure and Other PSE&G: Robust capital program aligned with state clean energy goals, increased by $1B to $14B-$16B through 2025, at our best-in-class utility Incremental investment to
Slide 8: Improved business mix drives sustainable earnings platform
PSEG’s improved business mix drives a sustainable, predictable earnings platform built by steady capital allocation to PSE&G and the sale of our non-nuclear generation *See slides A, B and C for items excluded from Net Income/(Loss) to reconcile to non-GAAP Operating Earnings for PSEG, PSE&G, PSEG P
Slide 9: PSE&G: decade of capital investment doubled rate base
PSE&G: Over the last decade, capital investments have more than doubled rate base and net income and delivered improved reliability, stronger customer satisfaction, more efficient operations and lower emissions E = Estimate; Chart excludes CWIP. Year-end 2020 CWIP balance was ~$1.8B. Note: Hashed po
Slide 10: PSEG has reduced volatility and delivered strong results
PSEG has reduced volatility, provided more certainty across our business and delivered strong results 2020 Announced exploration of Strategic Alternatives for non-nuclear fleet PSE&G’s $1B Clean Energy Future - Energy Efficiency program approved with CIP Delivered on commitments to employees, custom
Slide 11: Long track record of meeting or exceeding earnings guidance
PSEG has delivered strong results with a long track record of meeting or exceeding earnings guidance $/share *See slides A, B and C for items excluded from Net Income/(Loss) to reconcile to non-GAAP Operating Earnings for PSEG, PSE&G, PSEG Power and PSEG Enterprise/Other.
Slide 12: PSEG projects 5%-7% EPS CAGR to 2025
PSEG projects 5%-7% EPS CAGR to 2025, driven by PSE&G’s investment program PSEG non-GAAP Operating Earnings per Share $3.30-$3.60 EPS growth rate and improved business mix support raising the 2022 indicative annual dividend increase from $0.08 to $0.12 per share while preserving a sustainable payout
Slide 13: PSEG Annual Dividend Per Share
($/Share) PSEG Annual Dividend Per Share Opportunity for consistent and sustainable dividend growth; dividend raised every year for a decade, now with a higher growth rate *Indicative annual 2021 and 2022 PSEG common dividend rates per share. E=Estimate. Note: All future decisions and declarations r
Slide 14: Investments align with NJ's clean energy goals
PSEG’s investments align with NJ’s clean energy goals, strengthening system reliability and resilience to meet customers’ increasing expectations Energy Efficiency AMI CEF – Electric Vehicle CEF – Energy Storage Solar Gas Main and Service Replacement including GSMP Energy Strong Customer Growth/ New
Slide 15: PSEG outpaced industry in reducing carbon intensity
PSEG has outpaced the industry in reducing carbon emissions intensity, and is getting recognized for ESG performance PSEG Generation Carbon Emission Intensity vs. U.S. Average (2005 – 2020) Source: For PSEG: MJ Bradley “U.S. Benchmarking Air Emissions” and PSEG; For USA: EIA actuals 2005-2020 Gas: G
Slide 16: Accelerated climate vision for net-zero by 2030
PSEG has accelerated its climate vision for net-zero emissions by 20 years to 2030 PSEG’s Three-Pronged 2030 Climate Vision Provide GHG-free generation Achieve net-zero operations for regulated electric and gas utility PSE&G and carbon-free generation (Scope 1 & 2 emissions) Enable economy-wide deca
Slide 17: Net-Zero for PSE&G Operations
Net-Zero for PSE&G Operations: (Scope 1 and Scope 2) Accelerating modernization of natural gas distribution system Continued investment in T&D Reduce SF6 in electrical gas-insulated substations and switchgear Improve energy efficiency of PSE&G buildings & facilities Reduce fossil fuel use in the tra
Slide 18: PSEG's valuation relative to peers
18 PSEG’s valuation has improved relative to peers since the Strategic Alternatives announcement yet remains at a significant discount to premium peers with similar business mix, credit ratings, growth rates and ESG focus *The price/earnings ratio is based on the closing price divided by the expecte
Slide 19: What you will hear from PSEG's leadership team today
What you will hear from PSEG’s leadership team today: PSEG: A sustainable, predictable growth platform PSEG: 90% regulated business mix from stable, predictable operations of PSE&G – Ralph LaRossa PSE&G: Robust capital program aligned with state clean energy goals, increased by $1B to $14B-$16B thro
Slide 20: PSEG: 90% regulated business mix from stable, predictable operations of PSE&G
PSEG: 90% regulated business mix from stable, predictable operations of PSE&G Future PSEG Stability of PSEG Reliable, Solid Operations PSEG: A sustainable, predictable growth platform Ralph LaRossa Chief Operating Officer – PSEG
Slide 21: Future PSEG
Future PSEG PSEG is predominantly a regulated utility, with other businesses that are largely contracted in the near-term, providing a high degree of predictability Nuclear BGSS LI Utility Services OSW Future PSEG Zero-Carbon, Infrastructure and Other PSE&G Electric Transmission Electric Distributio
Slide 22: Stability of PSEG
STABLE BUSINESS MIX PSE&G represents ~90% of PSEG earnings through 2025 PSE&G earnings cover >100% of PSEG dividend PSE&G represents ~85% of PSEG total assets post Fossil sale PSE&G represents >90% of PSEG capital spending ~90% of PSE&G capital spending recovery is contemporaneous or near-contempora
Slide 23: PSEG: Reliable, Solid Operations
PSEG: Reliable, Solid Operations CONSISTENT, OUTSTANDING OPERATIONS Safety and reliability metrics regularly first quartile Stable PSE&G customer rates PSE&G achieving its highest ever customer satisfaction scores for electric and gas service PSE&G has won the ReliabilityOne® Award 19 years in a row
Slide 24: Bill relative to median income has declined
to median income has declined from over 4% to ~2.5% over the past deca
Slide 25: PSE&G: Robust capital program aligned with state clean energy goals
PSE&G: Robust capital program aligned with state clean energy goals, increased by $1B to $14B-$16B through 2025, at our best-in- class utility PSEG: A sustainable, predictable growth platform Kim Hanemann President and Chief Operating Officer – PSE&G Focus on Safety, Operations and Customer Satisfac
Slide 26: PSE&G – New Jersey's largest utility
PSE&G – New Jersey’s largest: Electric and gas distribution utility Transmission business Investor in renewables and energy efficiency Appliance service provider Electric Gas Customers 5-Year Annual Customer Growth* 2.3 Million 0.8% 1.9 Million 0.6% 2020 Electric and Gas Sales 39,666 GWh 2,370M Ther
Slide 27: Safety and reliability performance
Continued focus on safety and reliability performance is demonstrated by sustained results
Slide 28: Customer Satisfaction
Customer Satisfaction Key J.D. Power Satisfaction Takeaways Strong multi-year performance in all categories with continued improvement resulting in PSE&G’s highest-ever scores in 2020 Notable Customer Awards: 2021 Cogent Most Trusted Utility Brands – Residential 2020 PA Consulting ReliabilityOne® Aw
Slide 29: PSE&G 5-year capital program increased to $14B-$16B
PSE&G’s 5-year capital program increased by $1 billion to $14B - $16B with investments focused on reliability, resiliency, grid modernization and clean energy ($ Millions) Capital investment range increase driven by transmission and distribution reliability needs, including IAP proposal Unapproved P
Slide 30: Expanded investment program firms rate base growth
Expanded investment program firms ~6.5%-8.0% compound annual rate base growth over this period ~6.5% - ~8% - ($ Millions) Unapproved Programs 2020-2025E CAGR E = Estimate; Chart excludes CWIP. Year-end 2020 CWIP balance was ~$1.8B. Note: Hashed portion of the chart represents unapproved programs inc
Slide 31: Transmission investment program
Transmission: Investment program is focused on enhancing reliability and resiliency, and replacing aging infrastructure 69 kV conversion effort to improve reliability and address aging system transitioning from large end-of-life projects Load increases in certain areas, driven by electrification eff
Slide 32: Increased frequency of extreme weather events
New Jersey is experiencing an increased frequency of extreme weather events, challenging existing infrastructure 56” flood level at Somerville Substation following TS Ida August 2021
Slide 33: Electric Distribution – Energy Strong program
Electric Distribution – Energy Strong program to replace and rebuild substations in flood zones has brought tremendous benefit to customers Superstorm Sandy & Hurricane Irene caused flooding at 29 substations and switching stations, leading to outages for approximately 522,000 customers None of the
Slide 34: Electric Distribution – Last mile investment program
Electric Distribution – Last mile investment program will modernize the system and improve reliability for customers who are more dependent on the system than ever before Last mile electric system modernization investments: Targeted asset replacements – Poles, overhead equipment, secondary lines, et
Slide 35: Infrastructure Advancement Program
Infrastructure Advancement Program – 4-year distribution investment program to improve reliability, reduce emissions and create jobs; to be filed with BPU and expected to start mid-2022 With long runway to address last mile reliability and continue lifecycle replacement for major equipment as well a
Slide 36: Gas Distribution – methane reduction investments
GSMP II GSMP I Gas Distribution – Investments to modernize the infrastructure and drive reduction in methane leaks Targeting ~60% cumulative methane reduction by 2030 from 2011 levels, assuming a continuation of GSMP puts us ahead of national targets % Reduction of absolute methane (CH4) emissions f
Slide 37: Clean Energy Future programs
Clean Energy Future programs focus on reducing customers’ energy consumption and creating clean energy jobs for under-employed and diverse New Jersey residents $2.5B investment $300M investment $100M investment $2.5B investment $300M investment $100M investment Energy Efficiency (EE) Energy Cloud (E
Slide 38: PSE&G investments create New Jersey job growth
PSE&G investments create New Jersey job growth and support diverse recruiting efforts PSE&G implemented a steering committee with the NJDOL, community advocates and representatives from our strategic hiring / recruiting partners to drive program success Vendor targets for quantity and diversity of j
Slide 39: Digitization and technology initiatives
Reducing cycle time of reporting damage during storm events and enabling digitization of T&D field processes, including public safety through deployment of a suite of mobile geographic information system applications and dashboards Mobile Geographic Information System Providing real time information
Slide 40: Successfully managing O&M costs
Successfully managing O&M costs, preserving customer affordability Demonstrated ability to control O&M, preserving earnings and returns in a low sales growth environment Distribution O&M has remained relatively flat over the period Utilizing best practices, continuous improvement initiatives, and te
Slide 41: Typical residential bills are down almost 25%
PSE&G: Typical residential electric and gas bills are down almost 25% from over a decade ago, or about 40% adjusted for inflation Over the next four years, the impact of GSMP II, ES II, CEF-EE and planned IAP filing on customer bills is expected to increase ~2% per year, aligned with inflation *Aver
Slide 42: PSE&G meeting takeaways
PSE&G: Robust capital program aligned with state clean energy goals, increased by $1B to $14B-$16B through 2025, at our best-in- class utility Meeting takeaways PSE&G: A sustainable, predictable growth platform Focus on Safety, Operations and Customer Satisfaction – Continuously Improving Operationa
Slide 43: PSEG Operations: Future zero-carbon operations and infrastructure
PSEG Operations: Future zero-carbon operations and infrastructure opportunities aligned with NJ energy policy Fossil Sale Update Long-term Benefits of Nuclear Cost Control and Gross Margin Stability OSW Opportunities PSEG: A sustainable, predictable growth platform Ralph LaRossa Chief Operating Offi
Slide 44: Sale of PSEG Fossil fleet
Sale of PSEG Fossil fleet expected to close by year-end 2021 or early 2022 Agreement to sell PSEG Power’s 6,750 MW PSEG Fossil generating portfolio to ArcLight, consisting of 13 generating units located in NJ, CT, MD and NY The sale price for the PSEG Fossil portfolio is approximately $1.9 billion C
Slide 45: Benefits of long-term solution for nuclear
Benefits of a long-term solution recognizing the carbon-free attributes of nuclear generation Ensures workforce stability and ability to attract and retain nuclear talent Enhances nuclear fuel purchasing and efficient capital planning Major consideration for Nuclear Regulatory Commission license ext
Slide 46: Cost control and gross margin stability
Cost control and stability of gross margin support results PSEG Fossil and Solar Source O&M run rate was ~$300 million/year and Depreciation run rate was ~$205 million/year PSEG Power Interest Expense run rate was ~$120 million/year and planned nuclear capital spending is < $150 million/year Expecte
Slide 47: Benefits of offshore wind development
Benefits of offshore wind development Q3/Q4 - BPU OSW transmission decision May - Draft BOEM EIS for Ocean Wind 1 expected Dec – Bids due in NJ 3rd round of OSW projects Sep - PSEG bid in PJM OSW Transmission Dec - MD to award second round OSW project Dec - BOEM opens auction of Hudson Bight lease a
Slide 48: Ocean Wind Project
Ocean Wind Project Ocean Wind 1 is a 75/25 Joint Venture between Ørsted NA and PSEG Located 15 to 27 miles off the coast of southern NJ 1,100 MWs – enough to power 500,000 homes Points of interconnection: Oyster Creek 230kV substation and BL England 230kV substation First power expected by the end o
Slide 49: PSEG Operations meeting takeaways
PSEG Operations: Future zero-carbon operations and infrastructure opportunities aligned with NJ energy policy Meeting takeaways PSEG: A sustainable, predictable growth platform Sale of Fossil Positions PSEG for Increasing Stability Nuclear is of Critical Importance to Clean Energy Goals Disciplined
Slide 50: PSEG Regulatory & Policy Priorities
PSEG Regulatory & Policy Priorities: Long runway of investment supported by regulatory & policy advocacy paired with effective governance and strong ethics Resolution of Multiple Uncertainties State and Federal Policy Focus Supports Our Infrastructure and Clean Energy Investments Long-Term Solution
Slide 51: PSEG resolved several uncertainties in the past year
PSEG has resolved several uncertainties in the past year, leading to more stability and better visibility Resolution Impact Settlement for transmission ROE at 9.9% filed at FERC Has three-year stay-out for settling parties Settled Clean Energy Future filings Secured ~$2B of utility capex to decarbon
Slide 52: Regulatory & policy focus supports low carbon platform
PSEG regulatory & policy focus supports our low carbon infrastructure platform New Jersey Focus PSE&G continuing investments in critical energy infrastructure to provide customer benefits; Energy Strong program improves resiliency and reliability against more frequent and severe weather events Compr
Slide 53: Advancing Powering Progress investments
PSEG is focused on advancing Powering Progress investments aligned with NJ’s energy policy goals In the last year, PSE&G has received approval for ~$2 billion of investments to help decarbonize New Jersey Transmission Expansion Energy Strong I GSMP I Solar4All® & Extension, S4AE II Solar Loan I, II,
Slide 54: Long-term solution for zero-carbon nuclear fleet
PSEG is pursuing a long-term solution for our zero-carbon nuclear fleet Potential federal solutions The Biden Administration's climate agenda recognizes the importance of preserving existing nuclear units in order to decarbonize the nation’s power supply by 2035 Nuclear production tax credit of $15/
Slide 55: Sound governance and unwavering ethics
Sound governance and unwavering ethics are the foundation of our high-performing culture Diverse Board of Directors Independent Lead Director – Dr. Shirley Ann Jackson 50% are gender and/or ethnically diverse 4 of 6 Board Committees are chaired by women or ethnically diverse director 4 new directors
Slide 56: Regulatory & policy meeting takeaways
Meeting takeaways PSEG: A sustainable, predictable growth platform Stability Increased Through Resolution of Prior Uncertainties Capital Program Focused on Infrastructure and Clean Energy Investments has Strong Alignment with State Objectives and Federal Policy Broad and Growing Appreciation for Val
Slide 57: PSEG Financial Review & Outlook
PSEG Financial Review & Outlook: Growth platform of predictable earnings, dividends and capital spend visibility Improving Business Mix Strong Cash Flow and Solid ‘BBB’ Credit Ratings, Providing Financial Strength and Flexibility Controlling O&M Including PSEG Power Transition More Predictable and H
Slide 58: Before and after non-nuclear divestiture
Before Non-Nuclear Divestiture After Non-Nuclear Divestiture Business Mix Growing Regulated Contribution PSE&G ~90% and Zero-Carbon, Infrastructure and Other ~10% Changing Generation Profile 6,750 MW of Fossil Generation with Merchant Exposure 25% Ownership in Ocean Wind 1 Project with Long-Term Rev
Slide 59: Sources and Uses of Cash
Sources and Uses of Cash Net Solar Sale Proceeds ~$0.4B Net Fossil Sale Proceeds ~$1.75B Total After-Tax Proceeds ~$2.15B 2023 and 2031 Power Senior Note Redemptions and Estimated Make-Whole Premium (~$1.6B) Net Proceeds after Power Debt Redemption ~$0.5B Announced Share Repurchase, Post-closing ($0
Slide 60: Credit ratings and targets
Issuer Security S&P Moody’s Target PSEG Credit Metric PSE&G Senior Secured Aa3 Regulatory Equity Ratio ~55% A Outlook Stable Negative PSEG Power Senior Unsecured Baa1 FFO / Debt ~40% BBB Outlook Stable Negative PSEG Senior Unsecured Baa1 FFO / Debt ~Mid-Teens BBB Outlook Stable Negative Minimum Thre
Slide 61: Business profile underpins credit ratings and debt capacity
Enhanced business profile underpins solid credit ratings and significant debt capacity Average 2022E – 2025E ~Mid-Teens Minimum Threshold ~$3.5B of investment capacity if debt capacity funds PSE&G growth at target capital structure Targeting Solid ‘BBB’ credit ratings for PSEG Senior Unsecured Debt
Slide 62: PSEG has controlled O&M
PSEG has controlled O&M with a focus on continuous improvements and controlling support costs related to non-nuclear divestiture All support costs related to PSEG Fossil to be fully eliminated with successful just transition placement of impacted employees [1] Excludes Nuclear ARO, early retirement
Slide 63: Strategic repositioning delivers more predictable earnings
Strategic repositioning will deliver more predictable earnings PSEG non-GAAP Operating Earnings per Share E=Estimate $3.50 to $3.65 Expected to contribute ~80% Zero-Carbon, Infrastructure and Other $3.30 to $3.60 Expected to contribute >80% $3.35 to $3.55 2022 Earnings Guidance Aligned with 2021 ori
Slide 64: Strategic repositioning delivers higher earnings growth rate
Strategic repositioning will deliver a higher earnings growth rate $3.50 to $3.65 $3.30 to $3.60 2018 – 2021E CAGR ~3.5% 2022E – 2025E CAGR 5 – 7% PSEG non-GAAP Operating Earnings per Share $3.35 to $3.55 2018 – 2021E CAGR ~4.5% *See slides A, B and C for items excluded from Net Income/(Loss) to rec
Slide 65: Rate base compound annual growth
Expanded investment program firms compound annual rate base growth ($ Millions) Rate base CAGR of 6%-7.5% starting at YE 2021E supports earnings growth over the 2022-2025 guidance period E = Estimate; Chart excludes CWIP. Year-end 2020 CWIP balance was ~$1.8B. Note: Hashed portion of the chart repre
Slide 66: PSE&G earnings growth drives long-term growth rate
PSE&G earnings growth drives PSEG’s long-term earnings growth rate $3.30 to $3.60 PSEG non-GAAP Operating Earnings per Share E=Estimate PSE&G Zero-Carbon, Infrastructure and Other PSEG CAGR 5 – 7% 2022E – 2025E CAGR 5 – 7% PSE&G CAGR 5 – 7% Earnings growth driven by robust utility capital program al
Slide 67: Raising indicative annual dividend increase to $0.12
Annual Increase 12¢ Annual Increase 8¢ Annual Increase 4¢ *Indicative annual 2021 and 2022 PSEG common dividend rates per share. E=Estimate. **2021E and 2022E Payout Ratios reflect the indicative annual dividend rate divided by the mid-point of non-GAAP Operating Earnings guidance of $3.50-$3.65 per
Slide 68: 2021 Investor Conference Takeaways
2021 Investor Conference Takeaways PSEG: 90% regulated business mix from stable, predictable operations of PSE&G, 10% Zero-Carbon Generation, Infrastructure and Other PSE&G: Robust capital program aligned with state clean energy goals, increased by $1B to $14B-$16B through 2025, at our best-in-class
Slide 69: Appendix
%#* PSEG Appendix
Slide 70: Non-GAAP Operating Earnings Guidance
Operating Earnings $ millions (except EPS) 2022E(1) 2021E(2) Original 2021 Guidance PSE&G $1,485 - $1,575 $1,420 - $1,470 $1,410 - $1,470 Zero-Carbon, Infrastructure & Other $170 - $230 n/a n/a PSEG Power n/a $350 - $425 $280 - $370 Parent /Other n/a ($20) ($15) PSEG Consolidated $1,655 - $1,805 $1,
Slide 71: PSEG Sustainability & ESG Summary
Member of S&P Sustainability Yearbook 2021 Named to Dow Jones Sustainability Index – North America 13 years in a row Among 2021 America’s Most Responsible Companies by Newsweek Named to the Forbes Lists of: Best Employers for Diversity 2021 Best Large Employers 2021 Best Employers for Veterans 2020
Slide 72: Residential customer bills compared with peers
PSE&G’s residential customer bills are lowest amongst peers for Gas and lower than average for Electric service Based upon a calculation of monthly bills for an electric customer using 500 kilowatt-hours and a gas customer using 100 therms using rates as of June 1, 2021. Rates sourced from public co
Slide 73: Residential bill relative to median income
73 Typical residential combined electric and gas bill relative to median income has declined from over 4% to ~2.5% over the past decade Low-income bill percentage has declined from ~2.5% to 1.5% due to various low-income support programs (LIHEAP, USF, Lifeline) over the same time frame
Slide 74: PSE&G investing $1B in energy efficiency
PSE&G investing $1B of capital in energy efficiency, one of the largest efforts in the U.S. PSE&G Investment: $1 Billion, 3-Year Commitment delivering universal access to lower customer bills through a comprehensive suite of EE programs PSE&G Energy Efficiency (EE) Offerings Residential Programs $30
Slide 75: Executive Bios
Ralph LaRossa Ralph Izzo Tammy Linde Dan Cregg Kim Hanemann LINK TO BIO LINK TO BIO LINK TO BIO LINK TO BIO LINK TO BIO President & Chief Operating Officer Public Service Electric & Gas Executive Bios Chairman, President & CEO Public Service Enterprise Group Chief Operating Officer Public Service En
Slide 76: PSEG Investor Relations and glossary
PSEG Investor Relations 80 Park Plaza Newark NJ 07102 PSEG-IR-GeneralInquiry@pseg.com investor.pseg.com AFUDC – Allowance for Funds Used During Construction AMI – Automated Metering Infrastructure BPU – New Jersey Board of Public Utilities BGSS – Basic Gas Supply Service CEF – Clean Energy Future CE
Slide 77: A Reconciliation of Non-GAAP Operating Earnings
A Reconciliation of Non-GAAP Operating Earnings 2020 2019 2018 2017 2016 2015 2014 2013 Net Income 1,905 $ 1,693 $ 1,438 $ 1,574 $ 887 $ 1,679 $ 1,518 $ 1,243 $ (Gain) Loss on Nuclear Decommissioning Trust (NDT) Fund Related Activity, pre-tax (a) (PSEG Power) (231) (255) 144 (133) (5) (24) (138) (86
Slide 78: B Reconciliation for PSE&G and PSEG Enterprise/Other
B Reconciliation of Non-GAAP Operating Earnings for PSE&G and PSEG Enterprise/Other Income tax effect calculated at a combined leveraged lease effective tax rate.
Slide 79: C Reconciliation for PSEG Power
C Reconciliation of Non-GAAP Operating Earnings for PSEG Power 2020 2019 2018 2017 2016 2015 2014 2013 Net Income 594 $ 468 $ 365 $ 479 $ 18 $ 856 $ 760 $ 644 $ (Gain) Loss on NDT Fund Related Activity, pre-tax (a) (231) (255) 144 (133) (5) (24) (138) (86) $ (Gain) Loss on MTM, pre-tax (b) 81 (285)
Public Service Enterprise Group — Investor Day (September 2021) on 6ix