Public Service Enterprise Group Incorporated · NYSE:PEG
Public Service Enterprise — Q3 2023 Earnings Presentation
23 slides from Public Service Enterprise's earnings presentation, Oct 31, 2023
Slide 1: Public Service Enterprise Group 3rd Quarter 2023 Financial Results Presentation
Public Service Enterprise Group 3rd QUARTER 2023 NYSE: PEG Financial Results Presentation October 31, 2023
Slide 2: Forward-Looking Statements
PSEG 3rd 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 3rd 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: Q3 2023 Third Quarter Results – On track
PSEG 3rd Quarter 2023 PSEG Q3 2023 Third Quarter Results – On track • Net Income of $0.27 per share • Non-GAAP Operating Earnings* of $0.85 per share • PSE&G non-GAAP Operating Earnings* driven by higher T&D infrastructure investments, offset by pension impacts Operational Excellence • PSE&G’s elect
Slide 5: Re-affirming full-year 2023 guidance
PSEG 3rd Quarter 2023 Re-affirming full-year 2023 guidance PSEG Non-GAAP Operating EPS 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, infrastructure investm
Slide 6: Regulatory and Policy Update
PSEG 3rd Quarter 2023 Regulatory and Policy Update NJ Board of Public Utilities Investment Priorities Aligned with NJ’s Clean • Electric and Gas Distribution Base Rate Case to be filed by Energy Agenda year-end 2023 • Incremental investments in existing PSEG programs would • BPU EE framework for sec
Slide 7: PSEG: An improved business mix and platform for predictable growth
PSEG 3rd 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: Q3 2023 Review
PSEG 3rd Quarter 2023 Q3 2023 Review 8
Slide 9: Q3 Results: PSEG EPS Summary
PSEG 3rd Quarter 2023 PSEG Q3 Results PSEG EPS Summary – Three Months ended September 30 Net Income/(Loss) 2023 2022 Change PSE&G $ 0.80 $ 0.80 $ - PSEG Power & Other $ (0.53) $ (0.58) $ 0.05 Total PSEG $ 0.27 $ 0.22 $ 0.05 Non-GAAP Operating Earnings* 2023 2022 Change PSE&G $ 0.80 $ 0.80 $ - PSEG P
Slide 10: EPS Reconciliation – Q3 2023 versus Q3 2022
PSEG 3rd Quarter 2023 PSEG EPS Reconciliation – Q3 2023 versus Q3 2022 $1.05 $1.20 $1.05 $0.90 $0.86 $0.00 ($0.01) $0.85 Transmission 0.03 Gross Margin 0.03 $0.75 Electric Margin 0.02 Re-contracting/Market $ / share 0.04 Gas Margin 0.01 Capacity (0.02) Distribution O&M 0.01 Volume 0.01 $0.60 Distrib
Slide 11: Year-to-Date Results
PSEG 3rd Quarter 2023 PSEG Year-to-Date Results PSEG EPS Summary – Nine Months ended September 30 Net Income/(Loss) 2023 2022 Change PSE&G $ 2.45 $ 2.42 $ 0.03 PSEG Power & Other $ 1.58 $ (1.94) $ 3.52 Total PSEG $ 4.03 $ 0.48 $ 3.55 Non-GAAP Operating Earnings* 2023 2022 Change PSE&G $ 2.47 $ 2.42
Slide 12: EPS Reconciliation – YTD 2023 versus YTD 2022
PSEG 3rd Quarter 2023 PSEG EPS Reconciliation – YTD 2023 versus YTD 2022 $4.00 $4.50 $4.03 $4.00 $3.50 ~ ~ $0.06 $2.94 $3.00 $2.83 $0.05 $ / share Transmission 0.06 Gross Margin 0.18 $2.50 Re-contracting/Market 0.27 Renewables & Capacity (0.05) Energy Efficiency 0.01 Volume 0.02 Electric Margin 0.03
Slide 13: PSE&G Q3 Highlights
PSEG 3rd Quarter 2023 PSE&G Q3 Highlights Regulatory and Market Environment • BPU approved PSE&G’s request to lower the gas commodity charge to ~40 cents per therm, effective October 1, 2023; Operations Gas commodity charge has declined by a total of 25 cents, or ~38%, since January 31, 2023 • Resid
Slide 14: PSEG Power & Other
PSEG 3rd Quarter 2023 PSEG Power & Other Nuclear Generation Measures Carbon-Free Contracted Energy Sales* Three Months Ended Nine Months Ended Baseload September 30, September 30, 2023E 2024E Nuclear 2022 2023 2022 2023 Volume TWh 30 – 32 30 - 32 Capacity Factor 93.2% 95.3% 94.3% 95.8% % Hedged 95-1
Slide 15: Appendix
PSEG 3rd Quarter 2023 Appendix 15
Slide 16: Full Year 2023 Guidance by Business
PSEG 3rd 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 - $3.50 16
Slide 17: PSEG maintains a solid financial position
PSEG 3rd Quarter 2023 PSEG maintains a solid financial position PSEG Public Service Electric & Gas PSEG Senior Unsecured Credit Ratings PSE&G Senior Secured Credit Ratings Moody’s = Baa2 / Outlook = Stable S&P = BBB / Outlook = Stable Moody’s = A1 / Outlook = Stable S&P = A / Outlook = Stable PSEG 3
Slide 18: Liquidity as of September 30, 2023
PSEG 3rd Quarter 2023 PSEG Liquidity as of September 30, 2023 Expiration Total Available Company Facility Usage Date Facility Liquidity ($ millions) PSE&G Revolving Credit Facility March 2027 $1,000 $120 $880 PSEG Money Pool (A,B) PSEG/PSEG Power Revolving Credit Facility (PSEG) March 2027 $1,500 $9
Slide 19: Sustainability and ESG Summary
PSEG 3rd 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 $2B to decarbonize the wide price on car
Slide 20: Glossary of Terms
PSEG 3rd Quarter 2023 Glossary of Terms AMI Automated Metering Infrastructure PB Peach Bottom PSEG Investor Relations BPU New Jersey Board of Public Utilities PJM Pennsylvania New Jersey Maryland 80 Park Plaza CEF Clean Energy Future PTC Production Tax Credit Newark NJ 07102 CIP Conservation Incenti
Slide 21: Reconciliation of Non-GAAP Operating Earnings
PSEG 3rd Quarter 2023 Reconciliation of Non-GAAP Operating Earnings Public Service Enterprise Group Incorporated - Consolidated Operating Earnings (non-GAAP) Reconciliation Three Months Ended Nine Months Ended Year Ended (a) Includes the financial impact from positions with Reconciling Items Septemb
Slide 22: Reconciliation of Non-GAAP Operating Earnings
PSEG 3rd Quarter 2023 Reconciliation of Non-GAAP Operating Earnings PSE&G Operating Earnings (non-GAAP) Reconciliation Three Months Ended Nine Months Ended Year Ended Reconciling Items September 30, September, 30, December 31, 2023 2022 2023 2022 2022 ($ millions, Unaudited) Net Income $ 401 $ 399 $
Slide 23: Thank you
PSEG 3rd Quarter 2023 Thank you 23
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