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Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED September 30, 2024

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM TO

Commission
File Number

 

Name of Registrant, Address, and Telephone Number

 

State or other
jurisdiction of
Incorporation or
Organization

 

I.R.S. Employer
Identification Number

001-09120

 

Public Service Enterprise Group Incorporated

 

New Jersey

 

22-2625848

 

 

80 Park Plaza

 

 

 

 

 

 

Newark,

New Jersey

07102

 

 

 

 

 

 

973

430-7000

 

 

 

 

 

 

 

 

 

 

 

 

 

001-00973

 

Public Service Electric and Gas Company

 

New Jersey

 

22-1212800

 

 

80 Park Plaza

 

 

 

 

 

 

Newark,

New Jersey

07102

 

 

 

 

 

 

973

430-7000

 

 

 

 

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

 

Trading Symbol(s)

 

Name of Each Exchange
On Which Registered

Public Service Enterprise Group Incorporated

 

 

 

 

 

Common Stock without par value

 

PEG

 

New York Stock Exchange

Public Service Electric and Gas Company

 

 

 

 

 

8.00% First and Refunding Mortgage Bonds, due 2037

 

PEG37D

 

New York Stock Exchange

 

5.00% First and Refunding Mortgage Bonds, due 2037

 

PEG37J

 

New York Stock Exchange

Indicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrants have submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrants were required to submit such files). Yes ☒ No ☐

Indicate by check mark whether each registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Public Service Enterprise Group Incorporated

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

 

 

 

 

 

 

 

 

 

 

 

Public Service Electric and Gas Company

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

(Cover continued on next page)

 


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(Cover continued from previous page)

If any of the registrants is an emerging growth company, indicate by check mark if such registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether any of the registrants is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No

As of October 22, 2024, Public Service Enterprise Group Incorporated had outstanding 498,225,421 shares of its sole class of Common Stock, without par value.

As of October 22, 2024, Public Service Electric and Gas Company had issued and outstanding 132,450,344 shares of Common Stock, without nominal or par value, all of which were privately held, beneficially and of record, by Public Service Enterprise Group Incorporated.

Public Service Electric and Gas Company is a wholly owned subsidiary of Public Service Enterprise Group Incorporated and meets the conditions set forth in General Instruction H(1) of Form 10-Q. Public Service Electric and Gas Company is filing its Quarterly Report on Form 10-Q with the reduced disclosure format authorized by General Instruction H.

 


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Page

FORWARD-LOOKING STATEMENTS

 

ii

FILING FORMAT

 

iii

PART I. FINANCIAL INFORMATION

 

 

Item 1.

Financial Statements

 

 

 

Public Service Enterprise Group Incorporated

 

1

 

Public Service Electric and Gas Company

 

7

 

Notes to Condensed Consolidated Financial Statements

 

 

 

Note 1. Organization, Basis of Presentation and Significant Accounting Policies

 

13

 

Note 2. Revenues

 

14

 

Note 3. Variable Interest Entity (VIE)

 

19

 

Note 4. Rate Filings

 

20

 

Note 5. Leases

 

22

 

Note 6. Financing Receivables

 

22

 

Note 7. Trust Investments

 

24

 

Note 8. Pension and Other Postretirement Benefits (OPEB)

 

29

 

Note 9. Commitments and Contingent Liabilities

 

31

 

Note 10. Debt and Credit Facilities

 

37

 

Note 11. Financial Risk Management Activities

 

38

 

Note 12. Fair Value Measurements

 

43

 

Note 13. Net Other Income (Deductions)

 

48

 

Note 14. Income Taxes

 

49

 

Note 15. Accumulated Other Comprehensive Income (Loss), Net of Tax

 

51

 

Note 16. Earnings Per Share (EPS) and Dividends

 

54

 

Note 17. Financial Information by Business Segment

 

54

 

Note 18. Related-Party Transactions

 

56

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

57

 

Executive Overview of 2024 and Future Outlook

 

57

 

Results of Operations

 

64

 

Liquidity and Capital Resources

 

69

 

Capital Requirements

 

71

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

72

Item 4.

Controls and Procedures

 

73

PART II. OTHER INFORMATION

 

 

Item 1.

Legal Proceedings

 

74

Item 1A.

Risk Factors

 

74

Item 5.

Other Information

 

74

Item 6.

Exhibits

 

77

 

Signatures

 

78

 

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FORWARD-LOOKING STATEMENTS

Certain of the matters discussed in this report about our and our subsidiaries’ future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. Such statements are based on management’s beliefs as well as assumptions made by and information currently available to management. When used herein, the words “anticipate,” “intend,” “estimate,” “believe,” “expect,” “plan,” “should,” “hypothetical,” “potential,” “forecast,” “project,” variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in filings we make with the United States Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K. These factors include, but are not limited to:

any inability to successfully develop, obtain regulatory approval for, or construct transmission and distribution, and our nuclear generation projects;
the physical, financial and transition risks related to climate change, including risks relating to potentially increased legislative and regulatory burdens, changing customer preferences and lawsuits;
any equipment failures, accidents, critical operating technology or business system failures, natural disasters, severe weather events, acts of war, terrorism or other acts of violence, sabotage, physical attacks or security breaches, cyberattacks or other incidents that may impact our ability to provide safe and reliable service to our customers;
any inability to recover the carrying amount of our long-lived assets;
disruptions or cost increases in our supply chain, including labor shortages;
any inability to maintain sufficient liquidity or access sufficient capital on commercially reasonable terms;
the impact of cybersecurity attacks or intrusions or other disruptions to our information technology, operational or other systems;
a material shift away from natural gas toward increased electrification and a reduction in the use of natural gas;
failure to attract and retain a qualified workforce;
increases in the costs of equipment, materials, fuel, services and labor;
the impact of our covenants in our debt instruments and credit agreements on our business;
adverse performance of our defined benefit plan trust funds and Nuclear Decommissioning Trust Fund and increases in funding requirements;
any inability to enter into or extend certain significant contracts on terms acceptable to us;
development, adoption and use of Artificial Intelligence by us and our third-party vendors;
fluctuations in, or third-party default risk in wholesale power and natural gas markets, including the potential impacts on the economic viability of our generation units;
our ability to obtain adequate nuclear fuel supply;
changes in technology related to energy generation, distribution and consumption and changes in customer usage patterns;
third-party credit risk relating to our sale of nuclear generation output and purchase of nuclear fuel;
any inability to meet our commitments under forward sale obligations and Regional Transmission Organization rules;

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the impact of changes in state and federal legislation and regulations on our business, including PSE&G’s ability to recover costs and earn returns on authorized investments;
PSE&G’s proposed investment projects or programs may not be fully approved by regulators and its capital investment may be lower than planned;
our ability to receive sufficient financial support for our New Jersey nuclear plants from the markets, production tax credit and/or zero emission certificates program;
adverse changes in and non-compliance with energy industry laws, policies, regulations and standards, including market structures and transmission planning and transmission returns;
risks associated with our ownership and operation of nuclear facilities, including increased nuclear fuel storage costs, regulatory risks, such as compliance with the Atomic Energy Act and trade control, environmental and other regulations, as well as operational, financial, environmental and health and safety risks;
changes in federal and state environmental laws and regulations and enforcement;
delays in receipt of, or an inability to receive, necessary licenses and permits and siting approvals; and
changes in tax laws and regulations.

All of the forward-looking statements made in this report are qualified by these cautionary statements and we cannot assure you that the results or developments anticipated by management will be realized or even if realized, will have the expected consequences to, or effects on, us or our business, prospects, financial condition, results of operations or cash flows. Readers are cautioned not to place undue reliance on these forward-looking statements in making any investment decision. Forward-looking statements made in this report apply only as of the date of this report. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even in light of new information or future events, unless otherwise required by applicable securities laws.

The forward-looking statements contained in this report are intended to qualify for the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.

From time to time, PSEG and PSE&G release important information via postings on their corporate Investor Relations website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the Investor Relations website to review new postings. You can sign up for automatic email alerts regarding new postings at the bottom of the webpage at https://investor.pseg.com or by navigating to the Email Alerts webpage at https://investor.pseg.com/resources/email-alerts/default.aspx. The information on https://investor.pseg.com and https://investor.pseg.com/resources/email-alerts/default.aspx is not incorporated herein and is not part of this Form 10-Q.

FILING FORMAT

This combined Quarterly Report on Form 10-Q is separately filed by Public Service Enterprise Group Incorporated (PSEG) and Public Service Electric and Gas Company (PSE&G). Information relating to any individual company is filed by such company on its own behalf. PSE&G is only responsible for information about itself and its subsidiaries.

Discussions throughout the document refer to PSEG and its direct operating subsidiaries. Depending on the context of each section, references to “we,” “us,” and “our” relate to PSEG or to the specific company or companies being discussed.

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PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Millions, except per share data

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

 

 

September 30,

 

 

September 30,

 

 

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

OPERATING REVENUES

 

$

2,642

 

 

$

2,456

 

 

$

7,825

 

 

$

8,632

 

 

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Energy Costs

 

 

899

 

 

 

831

 

 

 

2,628

 

 

 

2,517

 

 

 

Operation and Maintenance

 

 

808

 

 

 

792

 

 

 

2,415

 

 

 

2,279

 

 

 

Depreciation and Amortization

 

 

294

 

 

 

282

 

 

 

874

 

 

 

843

 

 

 

Total Operating Expenses

 

 

2,001

 

 

 

1,905

 

 

 

5,917

 

 

 

5,639

 

 

 

OPERATING INCOME

 

 

641

 

 

 

551

 

 

 

1,908

 

 

 

2,993

 

 

 

Income from Equity Method Investments

 

 

1

 

 

 

 

 

 

2

 

 

 

1

 

 

 

Net Gains (Losses) on Trust Investments

 

 

89

 

 

 

(40

)

 

 

191

 

 

 

63

 

 

 

Net Other Income (Deductions)

 

 

37

 

 

 

41

 

 

 

119

 

 

 

132

 

 

 

Net Non-Operating Pension and Other Postretirement Benefit (OPEB) Credits (Costs)

 

 

18

 

 

 

(302

)

 

 

55

 

 

 

(245

)

 

 

Interest Expense

 

 

(227

)

 

 

(185

)

 

 

(650

)

 

 

(550

)

 

 

INCOME BEFORE INCOME TAXES

 

 

559

 

 

 

65

 

 

 

1,625

 

 

 

2,394

 

 

 

Income Tax Benefit (Expense)

 

 

(39

)

 

 

74

 

 

 

(139

)

 

 

(377

)

 

 

NET INCOME

 

$

520

 

 

$

139

 

 

$

1,486

 

 

$

2,017

 

 

 

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BASIC

 

 

498

 

 

 

498

 

 

 

498

 

 

 

497

 

 

 

DILUTED

 

 

500

 

 

 

500

 

 

 

500

 

 

 

500

 

 

 

NET INCOME PER SHARE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BASIC

 

$

1.04

 

 

$

0.28

 

 

$

2.98

 

 

$

4.06

 

 

 

DILUTED

 

$

1.04

 

 

$

0.27

 

 

$

2.97

 

 

$

4.03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See Notes to Condensed Consolidated Financial Statements.

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PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Millions

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

 

 

September 30,

 

 

September 30,

 

 

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

NET INCOME

 

$

520

 

 

$

139

 

 

$

1,486

 

 

$

2,017

 

 

 

Other Comprehensive Income (Loss), net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit of $(24), $19, $(14) and $8 for the three and nine months ended 2024 and 2023, respectively

 

 

37

 

 

 

(31

)

 

 

22

 

 

 

(13

)

 

 

Unrealized Gains (Losses) on Cash Flow Hedges, net of tax (expense) benefit of $3, $(4), $(4) and $(8) for the three and nine months ended 2024 and 2023, respectively

 

 

(8

)

 

 

11

 

 

 

9

 

 

 

21

 

 

 

Pension/OPEB adjustment, net of tax (expense) benefit of $(1), $(126), $(2) and $(129) for the three and nine months ended 2024 and 2023, respectively

 

 

2

 

 

 

322

 

 

 

6

 

 

 

329

 

 

 

Other Comprehensive Income (Loss), net of tax

 

 

31

 

 

 

302

 

 

 

37

 

 

 

337

 

 

 

COMPREHENSIVE INCOME

 

$

551

 

 

$

441

 

 

$

1,523

 

 

$

2,354

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See Notes to Condensed Consolidated Financial Statements.

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PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

CONDENSED CONSOLIDATED BALANCE SHEETS

Millions

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30,
2024

 

 

December 31,
2023

 

 

 

ASSETS

 

 

 

CURRENT ASSETS

 

 

 

 

 

 

 

 

Cash and Cash Equivalents

 

$

203

 

 

$

54

 

 

 

Accounts Receivable, net of allowance of $235 in 2024 and $279 in 2023

 

 

1,451

 

 

 

1,482

 

 

 

Tax Receivable

 

 

148

 

 

 

10

 

 

 

Unbilled Revenues, net of allowance of $3 in 2024 and $4 in 2023

 

 

183

 

 

 

244

 

 

 

Fuel

 

 

271

 

 

 

264

 

 

 

Materials and Supplies, net

 

 

907

 

 

 

759

 

 

 

Prepayments

 

 

278

 

 

 

144

 

 

 

Derivative Contracts

 

 

35

 

 

 

112

 

 

 

Regulatory Assets

 

 

489

 

 

 

273

 

 

 

Other

 

 

27

 

 

 

31

 

 

 

Total Current Assets

 

 

3,992

 

 

 

3,373

 

 

 

PROPERTY, PLANT AND EQUIPMENT

 

 

50,615

 

 

 

48,603

 

 

 

Less: Accumulated Depreciation and Amortization

 

 

(11,014

)

 

 

(10,572

)

 

 

Net Property, Plant and Equipment

 

 

39,601

 

 

 

38,031

 

 

 

NONCURRENT ASSETS

 

 

 

 

 

 

 

 

Regulatory Assets

 

 

6,034

 

 

 

5,157

 

 

 

Operating Lease Right-of-Use Assets

 

 

167

 

 

 

179

 

 

 

Long-Term Investments

 

 

265

 

 

 

295

 

 

 

Nuclear Decommissioning Trust (NDT) Fund

 

 

2,799

 

 

 

2,524

 

 

 

Long-Term Receivable of Variable Interest Entity (VIE)

 

 

641

 

 

 

632

 

 

 

Rabbi Trust Fund

 

 

175

 

 

 

179

 

 

 

Derivative Contracts

 

 

36

 

 

 

29

 

 

 

Other

 

 

370

 

 

 

342

 

 

 

Total Noncurrent Assets

 

 

10,487

 

 

 

9,337

 

 

 

TOTAL ASSETS

 

$

54,080

 

 

$

50,741

 

 

 

 

 

 

 

 

 

 

 

 

See Notes to Condensed Consolidated Financial Statements.

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PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

CONDENSED CONSOLIDATED BALANCE SHEETS

Millions

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30,
2024

 

 

December 31,
2023

 

 

 

LIABILITIES AND CAPITALIZATION

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

 

Long-Term Debt Due Within One Year

 

$

2,400

 

 

$

1,500

 

 

 

Commercial Paper and Loans

 

 

547

 

 

 

949

 

 

 

Accounts Payable

 

 

1,121

 

 

 

1,214

 

 

 

Derivative Contracts

 

 

18

 

 

 

86

 

 

 

Accrued Interest

 

 

225

 

 

 

170

 

 

 

Accrued Taxes

 

 

15

 

 

 

8

 

 

 

Clean Energy Program

 

 

185

 

 

 

145

 

 

 

Obligation to Return Cash Collateral

 

 

93

 

 

 

89

 

 

 

Regulatory Liabilities

 

 

603

 

 

 

349

 

 

 

Other

 

 

651

 

 

 

547

 

 

 

Total Current Liabilities

 

 

5,858

 

 

 

5,057

 

 

 

NONCURRENT LIABILITIES

 

 

 

 

 

 

 

 

Deferred Income Taxes and Investment Tax Credits (ITC)

 

 

7,190

 

 

 

6,671

 

 

 

Regulatory Liabilities

 

 

2,309

 

 

 

2,075

 

 

 

Operating Leases

 

 

159

 

 

 

173

 

 

 

Asset Retirement Obligations

 

 

1,497

 

 

 

1,468

 

 

 

OPEB Costs

 

 

321

 

 

 

349

 

 

 

OPEB Costs of Servco

 

 

533

 

 

 

514

 

 

 

Accrued Pension Costs

 

 

595

 

 

 

606

 

 

 

Accrued Pension Costs of Servco

 

 

91

 

 

 

102

 

 

 

Environmental Costs

 

 

229

 

 

 

213

 

 

 

Derivative Contracts

 

 

6

 

 

 

6

 

 

 

Long-Term Accrued Taxes

 

 

41

 

 

 

45

 

 

 

Other

 

 

196

 

 

 

201

 

 

 

Total Noncurrent Liabilities

 

 

13,167

 

 

 

12,423

 

 

 

COMMITMENTS AND CONTINGENT LIABILITIES (See Note 9)

 

 

 

 

 

 

 

 

CAPITALIZATION

 

 

 

 

 

 

 

LONG-TERM DEBT

 

 

18,960

 

 

 

17,784

 

 

 

STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Common Stock, no par, authorized 1,000 shares; issued, 2024 and 2023—534 shares

 

 

5,036

 

 

 

5,018

 

 

 

Treasury Stock, at cost, 2024 and 2023—36 shares

 

 

(1,405

)

 

 

(1,379

)

 

 

Retained Earnings

 

 

12,606

 

 

 

12,017

 

 

 

Accumulated Other Comprehensive Loss

 

 

(142

)

 

 

(179

)

 

 

Total Stockholders’ Equity

 

 

16,095

 

 

 

15,477