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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
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Commission File Number |
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Name of Registrant, Address, and Telephone Number |
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State or other jurisdiction of Incorporation or Organization |
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I.R.S. Employer Identification Number |
001-09120 |
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Public Service Enterprise Group Incorporated |
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New Jersey |
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22-2625848 |
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80 Park Plaza |
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Newark, |
New Jersey |
07102 |
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973 |
430-7000 |
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001-00973 |
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Public Service Electric and Gas Company |
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New Jersey |
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22-1212800 |
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80 Park Plaza |
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Newark, |
New Jersey |
07102 |
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973 |
430-7000 |
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Securities registered pursuant to Section 12(b) of the Act:
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Title of Each Class |
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Trading Symbol(s) |
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Name of Each Exchange On Which Registered |
Public Service Enterprise Group Incorporated |
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Common Stock without par value |
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PEG |
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New York Stock Exchange |
Public Service Electric and Gas Company |
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8.00% First and Refunding Mortgage Bonds, due 2037 |
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PEG37D |
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New York Stock Exchange |
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5.00% First and Refunding Mortgage Bonds, due 2037 |
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PEG37J |
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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.
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Public Service Enterprise Group Incorporated |
Large accelerated filer |
☒ |
Accelerated filer |
☐ |
Non-accelerated filer |
☐ |
Smaller reporting company |
☐ |
Emerging growth company |
☐ |
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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)
(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.
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;
•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.
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Millions, except per share data
(Unaudited)
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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2024 |
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2023 |
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2024 |
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2023 |
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OPERATING REVENUES |
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$ |
2,642 |
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$ |
2,456 |
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$ |
7,825 |
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$ |
8,632 |
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OPERATING EXPENSES |
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Energy Costs |
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|
899 |
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|
831 |
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2,628 |
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2,517 |
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Operation and Maintenance |
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|
808 |
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792 |
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2,415 |
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2,279 |
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Depreciation and Amortization |
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|
294 |
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|
282 |
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874 |
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|
843 |
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Total Operating Expenses |
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2,001 |
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|
1,905 |
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5,917 |
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5,639 |
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OPERATING INCOME |
|
|
641 |
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|
551 |
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|
|
1,908 |
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|
2,993 |
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Income from Equity Method Investments |
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1 |
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— |
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2 |
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1 |
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Net Gains (Losses) on Trust Investments |
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89 |
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(40 |
) |
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191 |
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63 |
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Net Other Income (Deductions) |
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37 |
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41 |
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119 |
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|
132 |
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Net Non-Operating Pension and Other Postretirement Benefit (OPEB) Credits (Costs) |
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18 |
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(302 |
) |
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55 |
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(245 |
) |
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Interest Expense |
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(227 |
) |
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(185 |
) |
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(650 |
) |
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(550 |
) |
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INCOME BEFORE INCOME TAXES |
|
|
559 |
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65 |
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|
1,625 |
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|
|
2,394 |
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Income Tax Benefit (Expense) |
|
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(39 |
) |
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74 |
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(139 |
) |
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(377 |
) |
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NET INCOME |
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$ |
520 |
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|
$ |
139 |
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$ |
1,486 |
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$ |
2,017 |
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WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: |
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BASIC |
|
|
498 |
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|
498 |
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498 |
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|
497 |
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DILUTED |
|
|
500 |
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|
|
500 |
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|
500 |
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|
500 |
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NET INCOME PER SHARE: |
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BASIC |
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$ |
1.04 |
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$ |
0.28 |
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$ |
2.98 |
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$ |
4.06 |
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DILUTED |
|
$ |
1.04 |
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$ |
0.27 |
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$ |
2.97 |
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$ |
4.03 |
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See Notes to Condensed Consolidated Financial Statements.
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Millions
(Unaudited)
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Three Months Ended |
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Nine Months Ended |
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|
September 30, |
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September 30, |
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|
|
|
|
2024 |
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|
2023 |
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|
2024 |
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|
2023 |
|
|
|
NET INCOME |
|
$ |
520 |
|
|
$ |
139 |
|
|
$ |
1,486 |
|
|
$ |
2,017 |
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|
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Other Comprehensive Income (Loss), net of tax |
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|
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|
|
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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 |
|
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|
(31 |
) |
|
|
22 |
|
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|
(13 |
) |
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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 |
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|
(8 |
) |
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11 |
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|
9 |
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21 |
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|
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.
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
Millions
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2024 |
|
|
December 31, 2023 |
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|
|
ASSETS |
|
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CURRENT ASSETS |
|
|
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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 |
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|
10 |
|
|
|
Unbilled Revenues, net of allowance of $3 in 2024 and $4 in 2023 |
|
|
183 |
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|
244 |
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|
|
Fuel |
|
|
271 |
|
|
|
264 |
|
|
|
Materials and Supplies, net |
|
|
907 |
|
|
|
759 |
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|
Prepayments |
|
|
278 |
|
|
|
144 |
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|
|
Derivative Contracts |
|
|
35 |
|
|
|
112 |
|
|
|
Regulatory Assets |
|
|
489 |
|
|
|
273 |
|
|
|
Other |
|
|
27 |
|
|
|
31 |
|
|
|
Total Current Assets |
|
|
3,992 |
|
|
|
3,373 |
|
|
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PROPERTY, PLANT AND EQUIPMENT |
|
|
50,615 |
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|
|
48,603 |
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|
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 |
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|
|
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.
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 |
|
|