Public Service Enterprise Group Incorporated · NYSE:PEG
Public Service Enterprise — Q2 2024 Earnings Presentation
19 slides from Public Service Enterprise's earnings presentation, Jul 30, 2024
Slide 1: Second Quarter 2024 Financial Results Presentation
Public Service Enterprise Group SECOND QUARTER 2024 NYSE: PEG Financial Results Presentation July 30, 2024
Slide 2: Forward-Looking Statements
PSEG Second 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,
Slide 3: GAAP Disclaimer
PSEG Second 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 Uni
Slide 4: Q2 2024 Highlights
PSEG Second Quarter 2024 PSEG Q2 2024 Highlights Second Quarter Results • Net Income of $0.87 per share • Non-GAAP Operating Earnings* of $0.63 per share • PSE&G non-GAAP Operating Earnings* driven by higher regulated investments, offset by higher O&M, and depreciation and interest expense not yet r
Slide 5: Outlook Reaffirmed
PSEG Second 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 c
Slide 6: Q2 2024 Review
PSEG Second Quarter 2024 Q2 2024 Review 6
Slide 7: Q2 Results
PSEG Second Quarter 2024 PSEG Q2 Results PSEG EPS Summary – Three Months ended June 30, Net Income 2024 2023 Change PSE&G $0.60 $0.67 $(0.07) PSEG Power & Other $0.27 $0.51 $(0.24) Total PSEG $0.87 $1.18 $(0.31) Non-GAAP Operating Earnings* 2024 2023 Change PSE&G $0.60 $0.68 $(0.08) PSEG Power & Oth
Slide 8: EPS Reconciliation – Q2 2024 versus Q2 2023
PSEG Second Quarter 2024 PSEG EPS Reconciliation – Q2 2024 versus Q2 2023 $1.20 $1.05 $1.18 $1.05 $0.90 $0.87 ~ ~ $0.75 $0.70 ($0.08) $ / share $0.01 $0.63 $0.60 Transmission (0.02) Gross Margin and PTC** 0.08 Renewables & Energy Efficiency 0.01 O&M (0.05) $0.45 Electric Margin 0.02 Interest (0.01)
Slide 9: First Half Results
PSEG Second Quarter 2024 PSEG First Half Results PSEG EPS Summary – Six Months ended June 30, Net Income 2024 2023 Change PSE&G $1.58 $1.65 $(0.07) PSEG Power & Other $0.35 $2.11 $(1.76) Total PSEG $1.93 $3.76 $(1.83) Non-GAAP Operating Earnings* 2024 2023 Change PSE&G $1.58 $1.67 $(0.09) PSEG Power
Slide 10: EPS Reconciliation – First Half 2024 versus First Half 2023
PSEG Second Quarter 2024 PSEG EPS Reconciliation – First Half 2024 versus First Half 2023 $4.00 $2.75 $3.76 $3.75 $2.50 ~ ~ $2.25 $2.09 ($0.09) ($0.06) $1.94 $1.93 $2.00 $ / share Transmission 0.01 Gross Margin and $1.75 Renewables & PTC** 0.10 Energy Efficiency 0.02 O&M (0.08) Electric Margin 0.02
Slide 11: PSE&G Q2 2024 Highlights
PSEG Second Quarter 2024 PSE&G Q2 2024 Highlights Operations Regulatory and Market Environment • Residential Electric and Gas customer count, a driver of margin growth • BPU approved a 6-month extension of existing CEF-EE Program under the Conservation Incentive Program (CIP), each grew by ~1% inves
Slide 12: Power & Other
PSEG Second Quarter 2024 PSEG Power & Other Nuclear Generation Measures Other Financial Considerations Three Months Ended Six Months Ended • For 2024, total nuclear generation is forecasted to be 30-32 TWh June 30, June 30, 2024 2023 2024 2023 • Nuclear fuel commitments cover ~100% of estimated uran
Slide 13: Appendix
PSEG Second Quarter 2024 Appendix 13
Slide 14: Maintains a Solid Financial Position
PSEG Second Quarter 2024 PSEG Maintains a Solid Financial Position PSEG Public Service Electric & Gas PSEG Senior Unsecured Credit Ratings PSE&G Senior Secured Credit Ratings Moody’s = Baa2 / Outlook = Stable S&P = BBB / Outlook = Stable Moody’s = A1 / Outlook = Stable S&P = A / Outlook = Stable PSE
Slide 15: Liquidity as of June 30, 2024
PSEG Second Quarter 2024 PSEG Liquidity as of June 30, 2024 Expiration Total Available Company Facility Usage Date Facility Liquidity ($ millions) PSE&G Revolving Credit Facility March 2028 $1,000 $411 $589 PSEG Money Pool (A,B) PSEG/PSEG Power Revolving Credit Facility (PSEG) March 2028 $1,500 $504
Slide 16: Sustainability and ESG Summary
PSEG Second 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 ~$2B through year end 2023 to preservation of our exis
Slide 17: Glossary of Terms
PSEG Second Quarter 2024 Glossary of Terms A/C Air Conditioning GAAP Generally Accepted Accounting Principles PSEG Investor Relations AMI Automated Metering Infrastructure GHG Greenhouse Gas 80 Park Plaza BGSS Basic Gas Supply Service HC Hope Creek Newark NJ 07102 BPU New Jersey Board of Public Util
Slide 18: Reconciliation of Non-GAAP Operating Earnings
PSEG Second Quarter 2024 Reconciliation of Non-GAAP Operating Earnings Public Service Enterprise Group Incorporated - Consolidated Operating Earnings (non-GAAP) Reconciliation Three Months Ended Six Months Ended (a) Includes the financial impact from positions with Reconciling Items June 30, June 30
Slide 19: Reconciliation of Non-GAAP Operating Earnings
PSEG Second Quarter 2024 Reconciliation of Non-GAAP Operating Earnings PSE&G Operating Earnings (non-GAAP) Reconciliation Three Months Ended Six Months Ended Reconciling Items June 30, June 30, 2024 2023 2024 2023 ($ millions, Unaudited) Net Income $ 302 $ 336 $ 790 $ 823 EIP, pre-tax - 7 - 14 Incom
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