Public Service Enterprise Group Incorporated · NYSE:PEG
Public Service Enterprise — Q1 2023 Earnings Presentation
21 slides from Public Service Enterprise's earnings presentation, May 2, 2023
Slide 1: Public Service Enterprise Group 1st Quarter 2023 Financial Results Presentation
Public Service Enterprise Group 1st QUARTER 2023 NYSE: PEG Financial Results Presentation May 2, 2023
Slide 2: Forward-Looking Statements
PSEG 1st Quarter 2023 Forward-Looking Statements Certain of the matters discussed in this presentation about our and our subsidiaries’ future • our ability to obtain adequate nuclear fuel supply; performance, including, without limitation, future revenues, earnings, strategies, prospects, • changes
Slide 3: GAAP Disclaimer
PSEG 1st Quarter 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 accepted in the U
Slide 4: Q1 2023 First Quarter Results – On track
PSEG 1st Quarter 2023 PSEG Q1 2023 First Quarter Results – On track • Net Income of $2.58 per share • Non-GAAP Operating Earnings* of $1.39 per share • PSE&G non-GAAP Operating Earnings* reflect ongoing T&D investments offset by lower Pension/OPEB credits and timing of taxes • PSEG Power & Other non
Slide 5: Re-affirming full-year 2023 guidance
PSEG 1st Quarter 2023 Re-affirming full-year 2023 guidance PSEG Non-GAAP Operating Earnings 2023E Non-GAAP Operating EPS Drivers $3.40E - $3.50E • CIP stabilizes distribution margin from weather impacts and other volumetric variances $0.40 - $0.45 • PSE&G transmission formula rate and infrastructure
Slide 6: Regulatory and Policy Update
PSEG 1st Quarter 2023 Regulatory and Policy Update NJ Board of Public Utilities Investment Priorities Aligned with NJ’s Clean • Gas System Modernization Program III filing: $2.5 billion, Energy Agenda three-year investment proposal to continue work to update • Incremental investments in existing PSE
Slide 7: PSEG: An improved business mix and platform for predictable growth
PSEG 1st Quarter 2023 PSEG: An improved business mix and platform for predictable growth • Re-affirming full-year 2023 non-GAAP Operating Earnings • PSEG’s solid balance sheet supports execution of 5-year guidance of $3.40 - $3.50 per share capital plan with no new equity or need to sell assets • PS
Slide 8: Q1 2023 Review
PSEG 1st Quarter 2023 Q1 2023 Review 8
Slide 9: Q1 Results: PSEG EPS Summary
PSEG 1st Quarter 2023 PSEG Q1 Results PSEG EPS Summary – Three Months ended March 31 Net Income/(Loss) 2023 2022 Change PSE&G $ 0.98 $ 1.02 $ (0.04) PSEG Power & Other $ 1.60 $ (1.02) $ 2.62 Total PSEG $ 2.58 $ 0.00 $ 2.58 Non-GAAP Operating Earnings* 2023 2022 Change PSE&G $ 0.99 $ 1.01 $ (0.02) PS
Slide 10: EPS Reconciliation – Q1 2023 versus Q1 2022
PSEG 1st Quarter 2023 PSEG EPS Reconciliation – Q1 2023 versus Q1 2022 $2.75 $2.00 $2.58 $1.75 $2.50 ~ ~ $1.50 $1.39 (0.02) 0.08 $1.33 $ / share $1.25 Transmission 0.01 Gross Margin 0.10 Re-contracting/Market 0.17 Gas Margin 0.01 Capacity (0.02) $1.00 Other Margin 0.01 Gas Operations (0.05) Distribu
Slide 11: PSE&G Q1 Highlights
PSEG 1st Quarter 2023 PSE&G Q1 Highlights Regulatory and Market Environment • PSE&G reduced the gas commodity charge twice during the winter heating season ($0.65 per therm to $0.47 per therm), Operations resulting in a total bill reduction of ~14% per month for a typical residential gas customer ef
Slide 12: PSEG Power & Other
PSEG 1st Quarter 2023 PSEG Power & Other Three Months ended March 31 Carbon-Free Contracted Energy Sales* Nuclear Generation Measures 2022 2023 Baseload 2023E 2024E Nuclear Capacity Factor 100% 100% Volume TWh 30 – 32 30 - 32 Fuel Cost ($ millions) $49 $48 % Hedged 95-100% 75-80% Generation (GWh) 8,
Slide 13: Appendix
PSEG 1st Quarter 2023 Appendix 13
Slide 14: Full Year 2023 Guidance by Business
PSEG 1st Quarter 2023 PSEG – Full Year 2023 Guidance by Business PSEG Non-GAAP Operating Earnings Guidance $ millions (except EPS) 2023E PSE&G $1,500 - $1,525 PSEG Power & Other $200 - $225 PSEG Operating Earnings (non-GAAP) $1,700 - $1,750 PSEG Operating EPS (non-GAAP) $3.40 - $3.50 14
Slide 15: PSEG maintains a solid financial position
PSEG 1st Quarter 2023 PSEG maintains a solid financial position PSEG Public Service Electric & Gas PSEG Senior Unsecured Credit Ratings PSE&G Senior Secured Credit Ratings Moody’s = Baa2 / Outlook = Stable S&P = BBB / Outlook = Stable Moody’s = A1 / Outlook = Stable S&P = A / Outlook = Stable PSEG 3
Slide 16: PSEG Liquidity as of March 31, 2023
PSEG 1st Quarter 2023 PSEG Liquidity as of March 31, 2023 Expiration Total Available Company Facility Usage Date Facility Liquidity ($ millions) PSE&G Revolving Credit Facility March 2027 $1,000 $18 $982 PSEG Money Pool (A,B) PSEG/PSEG Power Revolving Credit Facility (PSEG) March 2027 $1,500 $2 $1,4
Slide 17: Sustainability and ESG Summary
PSEG 1st Quarter 2023 PSEG Sustainability and ESG Summary PSEG Leadership Policies & Goals Recognition & Memberships • PSE&G’s Clean Energy Future programs • PSEG is a vocal advocate for an economy- • Named to Forbes List for America’s Best approved to invest $2B to decarbonize the wide price on car
Slide 18: Glossary of Terms
PSEG 1st Quarter 2023 Glossary of Terms AMI Automated Metering Infrastructure PB Peach Bottom PSEG Investor Relations BPU New Jersey Board of Public Utilities PJM Pennsylvania New Jersey Maryland 80 Park Plaza CEF Clean Energy Future PTC Production Tax Credit Newark NJ 07102 CIP Conservation Incenti
Slide 19: Reconciliation of Non-GAAP Operating Earnings
PSEG 1st Quarter 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 forward delivery months. Reconciling Items M
Slide 20: Reconciliation of Non-GAAP Operating Earnings
PSEG 1st Quarter 2023 Reconciliation of Non-GAAP Operating Earnings PSE&G Operating Earnings (non-GAAP) Reconciliation PSEG Power & Other Operating Earnings (non-GAAP) Reconciliation Three Months Ended Year Ended Three Months Ended Year Ended Reconciling Items March 31, December 31, Reconciling Item
Slide 21: Thank you
PSEG 1st Quarter 2023 Thank you 21
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