Public Service Enterprise Group Incorporated · NYSE:PEG
Public Service Enterprise — Investor Day (March 2023)
74 slides from Public Service Enterprise's investor day presentation, Mar 10, 2023
Slide 1: 2023 PSEG Investor Conference
2023 PSEG Investor Conference Leading toward a sustainable future March 10, 2023 1
Slide 2: PSEG Investor Conference Agenda
PSEG Overview Ralph LaRossa Chair, President & CEO Public Service Electric and Gas Kim Hanemann Dave Johnson President & VP Customer Care & 2023 Chief Operating Officer, PSE&G Chief Customer Officer, PSE&G PSEG Investor Scott Jennings SVP Finance, Planning & Strategy Conference A Question & Answer s
Slide 3: Public Service Enterprise Group
Public Service Enterprise Group Ralph LaRossa Chair, President & CEO
Slide 4: Forward-Looking Statements
PSEG | Investor Conference 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,
Slide 5: GAAP Disclaimer
PSEG | Investor Conference 2023 GAAP Disclaimer PSEG presents Operating Earnings in addition to its Net Income/(Loss) reported in PSEG also includes forward-looking estimates of non-GAAP Operating Earnings, non- accordance with accounting principles generally accepted in the United States (GAAP). GA
Slide 6: 2023: Increased Strategic Clarity
PSEG | Investor Conference 2023 PSEG 2023: Increased Strategic Clarity PSE&G • Regulated Operations Represent ~85-90% of PSEG’s non-GAAP Operating Earnings Over Next 5 Years NJ’s Largest T&D Utility: 2.3 Million Electric and 1.9 Million Gas Customers PSEG PSEG Power & Other* • PSEG Will Retain Nucle
Slide 7: PSEG's Powering Progress Vision
PSEG | Investor Conference 2023 PSEG’s Powering Progress Vision: Powering a future where people use less energy, and it’s cleaner, safer and delivered more reliably than ever • Operational Excellence: Best-in-class utility • Disciplined Investment: >90% of capital allocation and strong nuclear perfo
Slide 8: 2023 and Beyond: More Predictability from an Improved Business Profile
PSEG | Investor Conference 2023 PSEG 2023 and Beyond: More Predictability from an Improved Business Profile Well Positioned for the Future Exited Merchant Fossil Generation Exiting Offshore Wind Generation Decision to Retain Nuclear Assets Approval of Pension Accounting Filing PSE&G Transmission For
Slide 9: 2023: Growth Opportunities Aligned with Clean Energy Policies
PSEG | Investor Conference 2023 PSEG 2023: Growth Opportunities Aligned with Clean Energy Policies Significant events (i.e., the Northeast Blackout of 2003 and Superstorm Sandy) have driven policy changes and led to investment opportunities Future investment will address growing demand for electrifi
Slide 10: 2023: Key Assets and Leadership
PSEG | Investor Conference 2023 PSEG 2023: Key Assets and Leadership PSE&G – Best-in-Class Regulated Electric & Gas T&D Utility PSEG Power & Other • Top decile safety performance • Solid nuclear operations with exemplary ratings on all units, gas operations benefiting PSE&G customers, and PSEG Long
Slide 11: 2023: Financial Strength to Achieve Strategic Plan
PSEG | Investor Conference 2023 PSEG 2023: Financial Strength to Achieve Strategic Plan Re-Affirming Long-Term Growth Outlook of 5%-7% for 2023-2027 • Primary contributor is PSE&G’s 5%-7% Net Income growth rate over this 5-year period • Nuclear revenues at PTC threshold level offer stability that su
Slide 12: Compelling Value for Our Customers: Reliability vs Cost
PSEG | Investor Conference 2023 Reliability to Electric Distribution O&M per Customer PSEG Provides Compelling 0 Value for Our Customers PSE&G 50 We continuously target top quartile performance to deliver better service to our customers, at lower cost SAIDI (minutes per year) 100 Higher Reliability
Slide 13: Compelling Value for Our Customers: Lower Leaks
PSEG | Investor Conference 2023 Leaks/Mile of Mains to Gas Distribution O&M/Customer PSEG Provides Compelling 0.00 Value for Our Customers 0.01 We continuously target top quartile performance to Repaired System Leaks per Mile of Mains deliver better service to our customers, at lower cost 0.02 Lower
Slide 14: Compelling Value for Our Customers: Higher Satisfaction
PSEG | Investor Conference 2023 Residential Customer Satisfaction to Distribution O&M per Customer PSEG Provides Compelling 800 Value for Our Customers PSE&G Elec. 780 We continuously target top quartile performance to 760 Overall Customer Satisfaction deliver better service to our customers, at low
Slide 15: PSEG Provides Compelling Value for Our Customers
PSEG | Investor Conference 2023 A&G per Customer PSEG Provides Compelling Value for Our Customers PSE&G Elec. (#2) We continuously target top quartile performance to deliver better service to our customers, at lower cost Electric • Delivering Highest Customer Reliability at Lowest Cost: Achieving lo
Slide 16: Provides a Compelling Value for Our Communities
PSEG | Investor Conference 2023 PSEG Provides a Compelling Value for Our Communities Corporate Citizenship & Economic Development NJ Spend ~$2.1B • Recognized as One of America’s Most Responsible ~$1.7B ~$1.8B Substantial Companies (Newsweek 2023) investment in NJ economy • Choose NJ – Chair of lead
Slide 17: 2022 DEI Recognitions
PSEG | Investor Conference 2023 PSEG Provides Compelling Careers for 2022 DEI Our Employees Recognitions PSEG 12,500 Employees • America’s Best Employers for Diversity • Strong union partnerships with our six unions and the ~7,700 employees • America’s Best Large Employers they represent, negotiatin
Slide 18: Provides a Compelling Value for the Environment
PSEG | Investor Conference 2023 PSEG Provides a Compelling Value for the Environment Environmental Targets • Carbon-free generation and net-zero for operations (Scope 1 and 2 emissions) by 2030 • Methane emissions – 22% reduction from 2018 through GSMP • Energy Efficiency – PSE&G on path to achieve
Slide 19: Sustainability and ESG Summary
PSEG | Investor Conference 2023 PSEG Sustainability and ESG Summary PSEG Leadership Policies & Goals Recognition & Memberships • Joined the U.N.-backed Race to Zero and • PSEG is a vocal advocate for an economy- • Named to 2023 JUST 100 list of Business Ambition for 1.5°C campaigns wide price on car
Slide 20: PSEG's Long-term Growth Outlook
PSEG | Investor Conference 2023 PSEG’s Long-term Growth Outlook Driven by PSE&G’s Regulated Earnings Non-GAAP Operating Earnings Continuing on Path of Increasing Predictability $3.40 to $3.50 • Re-affirming PSEG’s 2023 non-GAAP Operating PSEG Power $0.40 -$0.45 & Other EPS guidance to a narrowed $0.
Slide 21: Provides a Compelling Value for Our Investors
PSEG | Investor Conference 2023 PSEG Provides a Compelling Value for Our Investors PSEG P/E Peer Avg Rolling • 2nd year expectations 25.00 Prem Peer Avg We intend to continue improving our relative valuation through a better business mix and visible earnings growth: 20.00 • Regulated investment oppo
Slide 22: Meeting Takeaways
PSEG | Investor Conference 2023 Meeting Takeaways: A Strong Business Mix and Platform for Predictable Growth • 5%-7% long-term earnings growth rate for 2023-2027 driven by • Retaining Nuclear fleet with PTC stabilized, predictable cash PSE&G rate base growth and PTC threshold for Nuclear flows and m
Slide 23: Public Service Electric & Gas
Public Service Electric & Gas Kim Hanemann Dave Johnson Scott Jennings President & COO VP Customer Care & SVP Finance, Planning & Strategy Chief Customer Officer
Slide 24: PSE&G Best-in-Class Operations
PSEG | Investor Conference 2023 Best-in-Class Operations - Safety and Reliability - Affordability PSE&G - Customer Satisfaction Compelling Capital Investment Program - 5-year capital program - 10-year capital program - Review of key opportunities through each area: Transmission, Electric Distributio
Slide 25: PSE&G 2023: More Predictability from an Improved Business Profile
PSEG | Investor Conference 2023 PSE&G 2023: More Predictability from an Improved Business Profile Well Positioned for the Future • Executing ~$3.5B capital program in 2023 on schedule and on budget PSE&G’s Robust Capital Program • Additional investment opportunities: CEF-EE extension and GSMP III fi
Slide 26: PSE&G – A Single State, Dual Jurisdiction Utility
PSEG | Investor Conference 2023 PSE&G – A Single State, Dual Jurisdiction Utility • Electric and Gas Distribution • Electric Transmission • Utility Provider of Energy Efficiency • Appliance Service Provider and Renewable Energy Programs As of YE 2022 Electric Gas PSE&G YE 2022 Rate Base*** Transmiss
Slide 27: Top-Tier Safety and Reliability Performance Metrics
PSEG | Investor Conference 2023 Top-Tier Safety and Reliability Performance Metrics Driven by Nonstop Focus on Continuous Improvement OSHA Recordable SAIDI Open Leaks Incidence Rate 4.0 200.0 12.0 Better Better Better 10.0 3.0 150.0 8.0 Thousands 2.0 100.0 6.0 1.11 1.16 56.1 1.04 47.3 4.0 0.85 0.83
Slide 28: PSE&G Residential Electric and Gas Bills vs Peers
PSEG | Investor Conference 2023 PSE&G’s Residential Electric Bills Are Lower than Regional Average and Gas Bills Are the Lowest Among Regional Peers $300 $300 Monthly Electric Bills Monthly Gas Bills $268 $250 $250 $212 $207 $200 $200 $186 $190 $184 Average = $181 $180 $182 $183 $157 $144 $149 $150
Slide 29: Combined Bills and Share of Wallet
PSEG | Investor Conference 2023 PSE&G Combined Bills Under 3% of Median NJ Income, Favorable “ Share of Wallet” vs. Lower-Cost Regions PSE&G Electric & Gas Combined Bills(1) % of New Jersey Household Income Including Low-Income Customers After Assumed Credits Affordability of the 5.0% combined bill
Slide 30: PSE&G Recognized for Excellence
PSEG | Investor Conference 2023 PSE&G Recognized for Excellence PSE&G was honored on numerous fronts for best-in-class operations • 2022 PSE&G ranked #1 in Customer Satisfaction with both Residential Electric and Natural Gas Service in the East among Large Utilities by J.D. Power* • 2022 PA Consulti
Slide 31: PSE&G's 5-Year Capital Investment Plan
PSEG | Investor Conference 2023 PSE&G's 5-Year Capital Investment Plan of $15.5B-$18B is Driven by System Modernization and NJ's Decarbonization and Energy Policy Goals PSE&G Capital Spending 2023E – 2027E 4 3 ($ Billions) 2 1 0 2023E 2024E 2025E 2026E 2027E Transmission Electric Distribution Gas Di
Slide 32: PSE&G's 10-Year Capital Plan
PSEG | Investor Conference 2023 PSE&G's 10-Year Capital Plan Focuses on System Modernization, Climate Mitigation and Adaptation PSE&G’s Capital Spending Program Investment in the 10-year Period Primarily Driven by: 2023E-2032E Range $34B-$40B • Transmission: 69kV upgrades to support future electrifi
Slide 33: Transmission Investment
PSEG | Investor Conference 2023 Transmission Investment Is Focused on 69kV Upgrades to Support Future Electrification Efforts • Transitioning from large end-of-life projects to 69kV conversion/expansion and new stations to improve reliability, address aging system and load growth including future el
Slide 34: Electric Distribution Investment
PSEG | Investor Conference 2023 Electric Distribution Investment Is Focused on System Modernization Providing Long Runway of Investment Opportunities, Maintains Our Best-in-Class Reliability We will build on the success of programs like Energy Strong and Infrastructure Advancement Program to meet cu
Slide 35: Gas Distribution Investment
PSEG | Investor Conference 2023 Gas Distribution Investment Is Focused on Infrastructure Replacement that Accelerates Emission Reduction Benefits Impact of GSMP on Methane Reduction*, Mileage of CI/US Inventory Remaining 0% 0% -4% -8% 6,000 5,259 -16% -20% 5,077 GSMP main replacement unprotected ste
Slide 36: Clean Energy Future Programs
PSEG | Investor Conference 2023 Our Award-Winning Clean Energy Future Programs Are Delivering Benefits to Customers, and Rate Base Growth ENERGY EFFICIENCY ENERGY CLOUD “AMI” ELECTRIC VEHICLES BPU approved over $1B investment in BPU approved $707M investment* in BPU approved $166M investment in Sept
Slide 37: Incremental Opportunities Linked to NJ Electrification Goals
PSEG | Investor Conference 2023 Incremental to PSE&G’s 10-Year Plan Are Opportunities Linked to New Jersey’s Accelerated Electrification Goals Governor Murphy’s February 2023 Incremental investments to support NJ’s Executive Orders increasing targets to decarbonize the economy: • 100% clean energy b
Slide 38: PSE&G's Rate Base Growth
PSEG | Investor Conference 2023 PSE&G’s Rate Base Growth Delivers Improved Reliability, Enhanced Resiliency, Increased Customer Satisfaction, and Lower Emissions PSE&G Year-End Rate Base 60 Strong pipeline of opportunities will allow 50 for continued rate base 2022YE - 2027YE growth comparable to CA
Slide 39: Effective Cost Control
PSEG | Investor Conference 2023 Effective Cost Control to Mitigate Inflation Impacts and Preserve Customer Affordability Keeps O&M CAGR ~1% PSE&G O&M Expense (1) • Demonstrated ability to control O&M 1,500 • 2023 cost reductions more than offset inflation and partially addresses the impact of Pensio
Slide 40: PSE&G Dual Jurisdiction Regulation
PSEG | Investor Conference 2023 PSE&G Dual Jurisdiction Distribution Regulation Provides for a • State Regulatory Entity: NJ Board of Public Utilities Mixture of Investment and • Timely recovery of investment programs: Cost Recovery Mechanisms - - Contemporaneous recovery of EE and Solar programs Cl
Slide 41: Key Takeaways
PSEG | Investor Conference 2023 Key Takeaways: Best-in-Class Operations with Important System Investment Needs Driving a Predictable Earnings Growth Platform Operational Excellence: Delivering top-tier safety, Disciplined Investment: Programs driven by reliability and customer service, while maintai
Slide 42: PSEG Power & Other
PSEG Power & Other Eric Carr President & Lathrop Craig Chief Nuclear Officer SVP & Chief Commercial Officer Charles McFeaters SVP Nuclear Operations
Slide 43: PSEG Power & Other
PSEG | Investor Conference 2023 PSEG Nuclear • Operates Salem 1 & 2 and Hope Creek PSEG Power • • • 50% owner of Peach Bottom 2 & 3 Total 3,766 MW Opportunities for growth & Other PSEG Gas Operations A more stable, predictable business that generates significant free Power & Serves BGSS contract wit
Slide 44: Power & Other: More Predictability from an Improved Business Profile
PSEG | Investor Conference 2023 PSEG Power & Other: More Predictability from an Improved Business Profile Well Positioned for the Future Exited Merchant Fossil Generation • Eliminates market exposure and risk Exiting Offshore Wind Generation • Eliminates large project risk Decision to Retain Nuclear
Slide 45: Decision to Retain Nuclear Based on Several Drivers
PSEG | Investor Conference 2023 PSEG Decision to Retain Nuclear Based on Several Drivers Decision to Retain Nuclear Units Clarified with Passage of the IRA, and Anticipated Start of PTC in 2024 Key Strategic Drivers: • Unique asset class of existing, low-cost, carbon-free, 24x7 base load generation,
Slide 46: Nuclear — Key Fleet Data
PSEG | Investor Conference 2023 PSEG Nuclear — Key Fleet Data 2022 Fleet Average Capacity Factor 92.2% • 57% PSEG ownership • 50% PSEG ownership • 659 MW owned capacity • 637.5 MW owned capacity • Current license expires 2036 • Current license expires 2053* • 18-month operating cycle • 24-month oper
Slide 47: Nuclear Fleet Demonstrates Strong Performance
PSEG | Investor Conference 2023 PSEG Nuclear Fleet Demonstrates Strong Performance INPO Performance Indicator Index INPO Equipment Performance Index PSEG NJ Nuclear - January 2023 PSEG NJ Nuclear - January 2023 100.0 PSEG Nuclear 100 PSEG 92.7 92.3 Nuclear 91.6 99.8 99.6 90.0 99.2 85.6 96.3 85.0 96
Slide 48: Nuclear Is Critical to the Energy Transition
PSEG | Investor Conference 2023 Nuclear Is Critical to the Energy Transition Nuclear is a unique asset class providing reliable 24x7, carbon-free energy and price stabilization PSEG Nuclear provides ~40% of New Jersey’s energy and ~85% of NJ Electric Generation New Jersey’s clean energy by Fuel Sour
Slide 49: Nuclear Fuel Costs
PSEG | Investor Conference 2023 Nuclear Fuel Costs Have Been Consistent and Are Predictable over the Five-Year Plan Period Nuclear Fuel Amortization 7 • PSEG procures no nuclear fuel from Russian sources* 6 • Nuclear fuel is contracted years in advance, 5 with costs amortized as fuel is used, increa
Slide 50: Salem Capacity Uprate
PSEG | Investor Conference 2023 Simplified Drawing of Secondary Plant PSEG Nuclear Has Compelling Growth Opportunities: Salem Capacity Uprate • ~45-60 MW PSEG-share (4%-5%) thermal increase targeted • Lowers $/MWh generating cost (same O&M, more MWh) • Targeting in service in 2027-2029 • Low-cost in
Slide 51: Additional PSEG Nuclear Growth Opportunities
PSEG | Investor Conference 2023 Additional PSEG Nuclear Growth Opportunities Transition from 18-month to 24-month Refueling Cycles • An extended fuel cycle eliminates refueling outages over the life of the plant, reducing O&M by eliminating one refueling outage every 6 years (~$50M O&M) and increasi
Slide 52: Hydrogen Opportunities
PSEG | Investor Conference 2023 Hydrogen Opportunities Federal Government Created Programs to Incentivize the Development of a Hydrogen Economy to Drive Decarbonization Efforts Toward Some of the Hardest Sectors to Abate • Infrastructure Investment and Jobs Act, 2021 — Up to $8 billion to be awarded
Slide 53: Power & Other — Other Businesses
PSEG | Investor Conference 2023 PSEG Power & Other — Other Businesses Gas Operations — the Next Largest Component of PSEG Power & Other • Broad portfolio of pipeline and storage contracts providing access to low-cost gas and optionality • Serves Basic Gas Supply Service (BGSS) to PSE&G customers • M
Slide 54: Key Takeaways: Increasing Predictability
PSEG | Investor Conference 2023 Key Takeaways: Increasing Predictability • Operational Excellence: Solid nuclear operations with • Disciplined Investment: exemplary ratings on all units, gas operations benefiting - The PTC is a game-changer, providing LT price stability, PSE&G customers, and PSEG Lo
Slide 55: Financial Review & Outlook
Financial Review & Outlook Dan Cregg Executive Vice President & CFO
Slide 56: Financial Outlook: More Predictability from an Improved Business Profile
PSEG | Investor Conference 2023 PSEG Financial Outlook: More Predictability from an Improved Business Profile Well Positioned for the Future Eliminates market price volatility on earnings, proceeds used to pay down debt, Exited Merchant Fossil Generation return capital to shareholders Proceeds f
Slide 57: PSEG's Long-term Growth Outlook
PSEG | Investor Conference 2023 PSEG’s Long-term Growth Outlook Driven by PSE&G’s Regulated Earnings Non-GAAP Operating Earnings Continuing on Path of Increasing Predictability $3.40 to $3.50 • ~85%-90% of PSEG’s non-GAAP operating earnings PSEG Power are from PSE&G $0.40 -$0.45 & Other • >90% of ca
Slide 58: PSE&G's Earnings Are Driven by Capital Investment
PSEG | Investor Conference 2023 PSE&G’s Earnings Are Driven by Robust Capital Investment Program Earnings Drivers: PSE&G Year-End Rate Base • Capital spending plan of $15.5B-$18B 40 over 2023-2027 drives outlook for 35 annual rate base growth of 6%-7.5% over the 5-year period 30 • Near-contemporaneo
Slide 59: Starting in 2024, Nuclear PTC Adds Stability
PSEG | Investor Conference 2023 Starting in 2024, Nuclear PTC Adds Stability and Visibility to PSEG Power & Other Illustrative Drivers of PSEG Power & Other Illustrative EBITDA Contributions for PSEG Power & Other + • At the PTC threshold, average annual nuclear EBITDA is estimated in the range of ~
Slide 60: Power & Other Cash Flow
PSEG | Investor Conference 2023 PSEG Power & Other Provides Significant Cash Flow, Including Nuclear PTC Starting in 2024 2023E – 2027E PSEG Power & Other Cash Flow Collateral rolls off as hedges satisfied, or as market prices decline Return of (2022 YE balance of $1.5B) Collateral & OSW Proceeds Fr
Slide 61: No New Equity Needed through 2027
PSEG | Investor Conference 2023 No New Equity Needed through 2027 to Fund PSE&G Capital Program 2023E – 2027E PSEG Sources and Uses of Cash PSEG Consolidated Funding PSE&G Growth PSE&G • Internally generated PSE&G cash flow • Incremental PSE&G debt • PSEG Power & Other enables PSE&G to PSE&G retain
Slide 62: Business Profile Supports Solid Credit Ratings
PSEG | Investor Conference 2023 Our Business Profile Supports Solid BBB Credit Ratings and Meaningful Debt Capacity PSEG Projected Average FFO/Debt (1) Debt Capacity (2023E-2027E) 20% $3.0 Financial flexibility utilized to fund planned investments, Projected Average with meaningful debt $ Billions 1
Slide 63: PSEG's 2023 Indicative Annual Dividend Increase
PSEG | Investor Conference 2023 PSEG’s 2023 Indicative Annual Dividend Increase Supported by Predictable Earnings Annual PSEG Dividend per Share $2.28* • Opportunity for consistent and $2.16 sustainable dividend growth $2.04 $1.96 • Dividend coverage by PSE&G $1.88 earnings exceeds 130% $1.80 $1.72
Slide 64: Meeting Takeaways
PSEG | Investor Conference 2023 Meeting Takeaways: A Strong Business Mix and Platform for Predictable Growth • 5%-7% long-term earnings growth rate for 2023-2027 driven by • Retaining Nuclear fleet with PTC stabilized, predictable cash PSE&G rate base growth and PTC threshold for Nuclear flows and m
Slide 65: Appendix
# PSEG Appendix
Slide 66: PSE&G Capital Spending Detail
PSEG | Investor Conference 2023 PSE&G Capital Spending Detail $ Millions 2023E 2024E 2025E 2026E 2027E Total ’23E-’27E Transmission $725 $490 – $570 $545 – $635 $500 – $580 $440 – $530 $2,700 – $3,040 Electric $1,270 $960 – $1,120 $840 – $980 $1,015 – $1,180 $1,140 – $1,375 $5,225 – $5,925 Gas $1,14
Slide 67: PSEG O&M Expense
PSEG | Investor Conference 2023 PSEG has Demonstrated Success in Controlling O&M, Keeping CAGR ~(3%) PSEG O&M Expense (1) 2,500 2,000 ($ Millions) 1,500 1,000 500 -0 2018 2019 2020 2021 2022 2023E PSEG Power CFIO/PSEG Power & Other Distribution Transmission Other (1) Excludes Nuclear ARO, early reti
Slide 68: Provides Compelling Value for Our Customers
PSEG | Investor Conference 2023 PSEG Provides Compelling Value for Our Customers We continuously target top quartile performance to deliver better service, at lower cost. Delivering Highest Customer Reliability at Lowest Cost: Achieving Lowest Cost, but More Leaks/Mile than Peers: Age of cast iron s
Slide 69: Speaker Profiles
# PSEG Speaker Profiles
Slide 70: Today's Speakers
PSEG | Investor Conference 2023 Today’s Speakers: Link to bio page Ralph LaRossa Dan Cregg Kim Hanemann Eric Carr Chair, President & CEO EVP & Chief Financial Officer President, PSE&G & President & PSEG Overview PSEG Financial Review & Chief Operating Officer Chief Nuclear Officer Outlook PSE&G Upda
Slide 71: Glossary of Terms/Reconciliation
Glossary of Terms/ Reconciliation
Slide 72: Glossary of Terms
PSEG | Investor Conference 2023 Glossary of Terms A&G Administrative & General EPS Earnings Per Share P/E Price to Earnings Ratio AFUDC Allowance for Funds Used During Construction ESG Environmental, Social and Governance PJM Pennsylvania Jersey Maryland AMI Automated Metering Infrastructure EV Elec
Slide 73: Reconciliation of Non-GAAP Operating Earnings
PSEG | Investor Conference 2023 Reconciliation of Non-GAAP Operating Earnings Public Service Enterprise Group Incorporated - Consolidated Operating Earnings (non-GAAP) Reconciliation Year Ended December 31, a) Effective January 1, 2018, unrealized gains (losses) on equity securities Reconciling Item
Slide 74: Thank you
Thank you
Public Service Enterprise Group — Investor Day (March 2023) on 6ix