![]() ![]() Non-GAAP Operating Earnings exclude the impact of gains (losses) associated with the Nuclear Decommissioning Trust (NDT), Mark-to-Market (MTM) accounting and material one-time items. Management uses non-GAAP Operating Earnings in its internal analysis, and in communications with investors and analysts, as a consistent measure for comparing PSEG's financial performance to previous financial results. (PSE&G), PSEG Power and PSEG Long Island ( ). PSEG's businesses include Public Service Electric and Gas Co. Race to Zero, as well as our inclusion on the Dow Jones Sustainability North America Index and the list of America's most JUST Companies. PSEG's commitment to ESG and sustainability is demonstrated in our net-zero 2030 climate vision and participation in the U.N. Guided by its Powering Progress vision, PSEG aims to power a future where people use less energy, and it's cleaner, safer and delivered more reliably than ever. Public Service Enterprise Group (PSEG) (NYSE: PEG) is a predominantly regulated infrastructure company focused on a clean energy future. A replay of the video webcast will be available on the Investor News and Events section of PSEG's Investor Relations website by March 13. on March 10, 2023, which can be accessed, along with accompanying presentation materials, on the Investor News and Events section of PSEG's Investor Relations website at. The PSEG 2023 investor conference will be broadcast live via video webcast from 9:00 a.m. PSEG's financial strength, including the support provided by our non-utility operations, is also enabling the anticipated funding of our capital expenditure program through 2027 without the need for new equity," said LaRossa. "Our five-year capital program continues to position us to make meaningful progress in modernizing our aging infrastructure to meet the current and future needs of our customers, and positions us to support Governor Murphy's recently announced electrification and decarbonization initiatives. This includes PSE&G's recent 3-year, $2.5 billion Gas System Modernization Program III filing, which aims to continue the work being done to reduce methane emissions by replacing old cast iron and unprotected steel main pipe, and also includes proposed investments to produce and blend hydrogen and landfill renewable natural gas into the gas distribution system.Ī summary of meeting highlights from the 2023 PSEG Investor Conference can be found here. ![]() The PSE&G 2023 to 2032 capital spending program of $34 billion to $40 billion – which reflects planned future investments in Transmission, Electric Distribution, Gas Distribution, and Clean Energy.PSEG also reiterates its 5% to 7% long-term earnings growth rate for the 2023 to 2027 period. It re-affirms its recently narrowed 2023 non-GAAP Operating Earnings guidance of $3.40 to $3.50 per share.Along with our decision to retain the nuclear fleet, we previously announced our exit from offshore wind generation with the sale of our 25% equity interest in the Ocean Wind 1 generation project to our joint venture partner, Ørsted, in a transaction we expect will close in the first-half of 2023." The PTC enables multiple paths to optimize our nuclear operations via capacity uprate projects, fuel cycle extension, and potential license extension with modest investment. LaRossa continued, "The funding of PSE&G's investments in infrastructure modernization and decarbonization will be complemented by our decision to retain our 3,766 megawatt nuclear fleet following the passage of the Inflation Reduction Act, and the establishment of the nuclear production tax credit (PTC) that is expected to stabilize nuclear economics into the next decade. PSE&G's robust 2023 to 2027 capital spending program of $15.5 billion to $18 billion drives a 6% to 7.5% compound annual growth in rate base over the five-year period, supported by PSEG's solid balance sheet," said LaRossa. "PSEG's growth objectives are driven by regulated operations at our best-in-class utility, PSE&G, which is expected to contribute ~90% of our non-GAAP Operating Earnings in 2023. ![]()
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