Public Service Enterprise Group, Inc. Q1 FY2026 earnings call

• Utility operations: PSE&G's utility and nuclear operations delivered excellent reliability during harsh winter, initiated winter weather readiness procedures, on track with $4.2 billion capital spending plan, kept electric rates flat in 2026, residential natural gas rates flat for the remainder of 2025 - 2026 winter heating season, FERC ruling expected to result in over $100 million refunds to customers, launched demand response and residential time of use rate programs. - PSEG power: PSCG nuclear team completed breaker-to-breaker operating run, FERC approved extension of capacity price collar, Governor signed legislation lifting moratorium on new nuclear construction, engaging in new nuclear development at Salem site, watching developments related to PGM's proposed reliability backstop procurement auction.

PSEG reported net income of $1.48 per share and non-GAAP operating earnings of $1.55 per share in the first quarter. PSE&G's utility operations saw higher gas volume and capacity revenues offsetting the absence of the zero emission certificate program. PSEG power had a 95.5% capacity factor and supplied 8 terawatt hours of carbon-free baseload energy. PSE&G's regulated capital investment plan is ~$4.2 billion for 2026, with a five-year plan of $22.5 to $25.5 billion through 2030. PSEG power is engaged in new nuclear development efforts.

• Maintained full year 2026 non-GAAP operating earnings guidance in the range of $4.28 to $4.40 per share. - Reaffirmed 6% to 8% compounded annual growth rate for non-GAAP operating earnings through 2030 based on continued execution of strategic plan.

• Question from Char Parisa with Wells Fargo: About BPU and legislative process on utility constructs, PGM capacity and reserve auction process. - Question from Carly Davenport with Goldman Sachs: About stakeholder meeting by BPU on executive order 1 and nuclear side participation in state's nuclear task force. - Question from Jeremy Tornay with JP Morgan: About large load increase, state conversations, demand response. - Question from Nick Amesuchi with Evercore ISI: About cadence at Salem and potential for capacity upgrade, strong performance and future guidance. - Question from Julian Smith with Jefferies: About PGM participation, nuclear next steps. - Question from Michael Sullivan with Wolf Research: About PJM pricing, energy side, bill impact. - Question from Sophie Karp with KeyBank Capital Markets: About opportunities in PGM transmission open window, data centers. - Question from Rene Singh with Bank of America: About BGS auction repeatability, RBP. - Question from Anthony Crado with Mizuho Securities: About nuclear upgrades timing and approval