PSEG Reports Strong Q1 2025 Earnings and Growth Plans

Public Service Enterprise ( (PEG) ) has released its Q1 earnings. Here is a breakdown of the information Public Service Enterprise presented to its investors.

Public Service Enterprise Group (PSEG) is a leading regulated infrastructure company in New Jersey, primarily operating in the transmission and distribution utility sector, and is recognized for its significant carbon-free nuclear power generation capabilities.

Public Service Enterprise Group reported a strong start to 2025 with first-quarter net income of $589 million, translating to $1.18 per share, and non-GAAP operating earnings of $718 million, or $1.43 per share. The company maintained its full-year non-GAAP operating earnings guidance of $3.94 to $4.06 per share.

Key financial highlights include a 10.7% increase in net income compared to the first quarter of 2024, driven by higher revenues from new electric and gas base distribution rates and increased demand during the cold winter months. PSEG’s nuclear operations also performed exceptionally well, achieving a 99.9% capacity factor and generating 8.4 terawatt hours of carbon-free energy. The company has also declared a 5% increase in its quarterly dividend.

Strategically, PSEG is focused on infrastructure modernization and clean energy initiatives, including the second phase of its Clean Energy Future – Energy Efficiency II program. The company is also responding to increased inquiries for new service connections, which could expand its customer base and reduce costs for existing customers.

Looking ahead, PSEG remains committed to its growth strategy, aiming for a 5% to 7% compound annual growth in non-GAAP operating earnings through 2029. The company continues to explore opportunities to secure long-term contracts for its nuclear output, ensuring financial stability and supporting its strategic goals.