Public Service Enterprise Group Reports Q4 and Full-Year 2024 Results, Raises 2025 Guidance

Public Service Enterprise Group Inc. (NYSE: PEG) released its financial results for the fourth quarter and full year ended December 31, 2024, in an 8‑K filing dated February 25, 2025. The filing, which includes both a press release (Exhibit 99) and an extensive financial results presentation (Exhibit 99.1), provided detailed performance metrics and an update on the company’s forward guidance.

For the quarter, PSEG reported GAAP net income of $0.57 per share and non‑GAAP operating earnings of $0.84 per share. Full‑year results showed net income of $3.54 per share on a GAAP basis and non‑GAAP operating earnings of $3.68 per share. The company highlighted that 2024 marked the 20th consecutive year of meeting or exceeding its non‑GAAP operating earnings guidance.

Operational highlights included strong performance in customer satisfaction rankings, as well as industry recognition for reliability. The company noted that its nuclear capacity factor was approximately 90% for full year 2024, and that significant capital investments—approximately $3.6 billion during 2024, including $0.9 billion in the fourth quarter—were executed. In addition, PSEG’s first electric and gas distribution base rate case in six years concluded with a balanced outcome to support cost recovery and maintain an affordable profile for customers.

Looking ahead, PSEG provided full‑year 2025 non‑GAAP operating earnings guidance in the range of $3.94 to $4.06 per share, which represents an approximate 9% increase over 2024 results. Key drivers cited for the 2025 outlook include:
• The adoption of new distribution base rates effective for the full year
• Clause‑based investment recoveries associated with infrastructure modernization and energy efficiency initiatives
• A higher rate base resulting from increased PSE&G investments, estimated to be around 12% higher at year‑end 2024 compared to 2023

Additionally, PSEG’s strategic plan emphasizes a robust regulated capital investment program of $21 billion to $24 billion for the 2025–2029 period, with a continued focus on infrastructure modernization, electrification initiatives, and load growth. The company also noted an indicative 5% increase in its 2025 annual common dividend, underscoring its commitment to shareholder returns.

The 8‑K filing also included customary forward‑looking statements disclaiming that actual results may differ from current expectations due to a range of risks and uncertainties.

Overall, the filing underscores PSEG’s disciplined investment strategy, its historic achievement of meeting non‑GAAP guidance targets for two decades, and a cautiously optimistic outlook as it enters 2025.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Public Service Enterprise Group’s 8K filing here.

Public Service Enterprise Group Company Profile

Public Service Enterprise Group Incorporated, through its subsidiaries, operates in electric and gas utility business in the United States. It operates through PSE&G and PSEG Power segments. The PSE&G segment transmits electricity; distributes electricity and natural gas to residential, commercial, and industrial customers; and appliance services and repairs to customers through its service territory, as well as invests in solar generation projects, and energy efficiency and related programs.