Q3 2024 Public Service Enterprise Group Inc Earnings Call Transcript
Key Points
- Public Service Enterprise Group Inc (PEG) reported strong financial results with net income of $1.04 per share for Q3 2024, a significant increase from $0.27 per share in Q3 2023.
- The company successfully resolved two major regulatory filings, including PSE&G's base rate case and the second phase of its clean energy future energy efficiency programs.
- PSEG Power's merchant nuclear fleet continues to perform well, supplying New Jersey with reliable 24/7 carbon-free energy.
- PSE&G invested approximately $1 billion during the third quarter and is projected to complete 2024 with capital spending at $3.5 billion, slightly higher than planned.
- The company reaffirmed its guidance for long-term non-GAAP operating earnings growth of 5% to 7% through 2028, supported by its capital investment programs and the nuclear PTC.
- PSE&G's third-quarter net income and non-GAAP operating earnings were slightly lower than the previous year, primarily due to higher investment-related depreciation and interest expense.
- The delay in the PJM capacity auction could impact future earnings, although the company supports the pause to get the reference unit and RMR contracts right.
- There is uncertainty regarding the renewal of the Long Island contract, which represents $0.07 to $0.08 of earnings at risk.
- The company faces challenges in balancing affordability and reliability, especially with the potential increase in data center demand.
- The final interpretation of the PTCs and market price by the DOE is still pending, creating some uncertainty in financial planning.
Ladies and gentlemen, thank you for standing by. My name is Rob, and I'm your event operator today. I would like to welcome everyone to today's conference, Public Service Enterprise Group's third-quarter 2024 earnings conference call and webcast.
(Operator Instructions) As a reminder, this conference is being recorded today, November 4, 2024, and will be available for replay as an audio webcast on PSEG's Investor Relations website at https//investor.pseg.com.
I would now like to turn the conference over to Carlotta Chan. Please go ahead.
Good morning, and welcome to PSEG's third-quarter 2024 earnings presentation. On today's call are Ralph LaRossa, Chair President and CEO; and Dan Cregg, Executive Vice President and CFO. The press release, attachments and slides for today's discussion are posted on our IR website at investor.pseg.com, and our 10-Q will be filed later today.
PSEG's earnings release and other matters discussed during today's call contain forward-looking
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