Public Service Enterprise Group Incorporated · NYSE:PEG
Public Service Enterprise — Q1 2024 Earnings Presentation
17 slides from Public Service Enterprise's earnings presentation, Apr 30, 2024
Slide 1: Public Service Enterprise Group First Quarter 2024 Financial Results Presentation
Public Service Enterprise Group FIRST QUARTER 2024 NYSE: PEG Financial Results Presentation April 30, 2024
Slide 2: Forward-Looking Statements
PSEG First Quarter 2024 Forward-Looking Statements Certain of the matters discussed in this presentation about our and our subsidiaries’ future • development, adoption and use of Artificial Intelligence by us and our third-party vendors; performance, including, without limitation, future revenues, e
Slide 3: GAAP Disclaimer
PSEG First Quarter 2024 GAAP Disclaimer PSEG presents Operating Earnings in addition to its Net Income Net Income, which is an indicator of financial performance reported in accordance with accounting principles generally determined in accordance with GAAP. In addition, non-GAAP accepted in the Unit
Slide 4: Q1 2024 Highlights
PSEG First Quarter 2024 PSEG Q1 2024 Highlights First Quarter Results • Net Income of $1.06 per share • Non-GAAP Operating Earnings* of $1.31 per share • PSE&G non-GAAP Operating Earnings* driven by higher regulated investments, offset by anticipated higher O&M, depreciation and interest expense • F
Slide 5: Outlook Reaffirmed
PSEG First Quarter 2024 PSEG Outlook Reaffirmed • PSEG full-year 2024 non-GAAP Operating Earnings guidance $3.60 to $3.70 of $3.60 to $3.70 per share reaffirmed Growth in earnings • $18B - $21B regulated capital investment program over 2024-2028 influenced by the $3.48 following drivers: • 5-year ca
Slide 6: Q1 2024 Review
PSEG First Quarter 2024 Q1 2024 Review 6
Slide 7: Q1 Results: PSEG EPS Summary
PSEG First Quarter 2024 PSEG Q1 Results PSEG EPS Summary – Three Months ended March 31, Net Income 2024 2023 Change PSE&G $0.98 $0.98 - PSEG Power & Other $0.08 $1.60 $(1.52) Total PSEG $1.06 $2.58 $(1.52) Non-GAAP Operating Earnings* 2024 2023 Change PSE&G $0.98 $0.99 $(0.01) PSEG Power & Other $0.
Slide 8: EPS Reconciliation – Q1 2024 versus Q1 2023
PSEG First Quarter 2024 PSEG EPS Reconciliation – Q1 2024 versus Q1 2023 $2.75 $2.00 $2.58 $2.50 $1.75 ~ ~ $1.50 $1.39 ($0.01) ($0.07) $1.31 $ / share Transmission 0.03 $1.25 Gross Margin 0.03 Gas Margin 0.01 O&M (0.03) $1.06 Other E&G Margin 0.03 Interest (0.01) $1.00 Distribution O&M (0.05) Taxes
Slide 9: PSE&G Q1 2024 Highlights
PSEG First Quarter 2024 PSE&G Q1 2024 Highlights Operations Regulatory and Market Environment • Residential Electric and Gas customer count, a driver of margin growth • Fully executed stipulation to recover an annualized increase in revenue of under the Conservation Incentive Program (CIP), each gre
Slide 10: Power & Other
PSEG First Quarter 2024 PSEG Power & Other Nuclear Generation Measures Other Financial Considerations Three Months Ended Three Months Ended • For 2024, total nuclear generation is forecasted to be 30-32 TWh March 31, 2024 March 31, 2023 • Transitioning PSEG’s 100%-owned Hope Creek unit Capacity Fact
Slide 11: Appendix
PSEG First Quarter 2024 Appendix 11
Slide 12: Maintains a Solid Financial Position
PSEG First Quarter 2024 PSEG Maintains a Solid Financial Position PSEG Public Service Electric & Gas PSEG Senior Unsecured Credit Ratings PSE&G Senior Secured Credit Ratings Moody’s = Baa2 / Outlook = Stable S&P = BBB / Outlook = Stable Moody’s = A1 / Outlook = Stable S&P = A / Outlook = Stable PSEG
Slide 13: Liquidity as of March 31, 2024
PSEG First Quarter 2024 PSEG Liquidity as of March 31, 2024 Expiration Total Available Company Facility Usage Date Facility Liquidity ($ millions) PSE&G Revolving Credit Facility March 2028 $1,000 $45 $955 PSEG Money Pool (A,B) PSEG/PSEG Power Revolving Credit Facility (PSEG) March 2028 $1,500 $2 $1
Slide 14: Sustainability and ESG Summary
PSEG First Quarter 2024 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 the • MSCI rates PSEG at AAA, its highest invested ~$2B through year end 2023 to preservation of our exist
Slide 15: Glossary of Terms
PSEG First Quarter 2024 Glossary of Terms AMI Automated Metering Infrastructure GAAP Generally Accepted Accounting Principles PSEG Investor Relations BPU New Jersey Board of Public Utilities GHG Greenhouse Gas 80 Park Plaza CAGR Compound Annual Growth Rate GSMP II Gas System Modernization Program II
Slide 16: Reconciliation of Non-GAAP Operating Earnings
PSEG First Quarter 2024 Reconciliation of Non-GAAP Operating Earnings Public Service Enterprise Group Incorporated - Consolidated Operating Earnings (non-GAAP) Reconciliation (a) Includes the financial impact from positions with Three Months Ended forward delivery months. Reconciling Items March 31,
Slide 17: Reconciliation of Non-GAAP Operating Earnings
PSEG First Quarter 2024 Reconciliation of Non-GAAP Operating Earnings PSE&G Operating Earnings (non-GAAP) Reconciliation Three Months Ended Reconciling Items March 31, 2024 2023 ($ millions, Unaudited) Net Income $ 488 $ 487 EIP, pre-tax - 7 Income Taxes related to Operating Earnings (non-GAAP) reco
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