The following is a summary of the Public Service Enterprise Group Incorporated (PEG) Q3 2024 Earnings Call Transcript:

Financial Performance:

• PSEG reported Q3 2024 net income of $1.04 per share, totaling $2.97 per share for the first nine months.

• Non-GAAP operating earnings were $0.90 per share for Q3 2024, reflecting solid financial results enabled by effective management and new base distribution rates.

Business Progress:

• Completed a 527-day breaker-to-breaker run at Salem Unit 2, followed by a scheduled refueling.

• PSE&G plans a $1.9 billion investment in energy efficiency, set to start in January 2025, indicating strong focus on sustainable growth and cost management.

• A future capital investment projection of $19 billion to $22.5 billion through 2028, with regulated investments predominating.

Opportunities:

• With new technology developments and state policies, PSEG continues to attract businesses, particularly data centers, to New Jersey, leveraging its reliable, carbon-free nuclear energy.

• Energy efficiency investments and utility modernization represent a growth avenue with beneficial long-term financial impacts.

Risks:

• Adjustments and deferrals in pension costs, although addressed through new mechanisms, may influence financial outcomes.

• Market dynamics and regulatory changes, especially around data center energy policies and transmission charges, could impact growth strategies.

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