Public Service Enterprise Group (PSEG) held its Second Quarter 2023 Earnings Conference Call and Webcast on August 1, 2023. The conference call featured presentations from Ralph LaRossa, Chair, President, and CEO of PSEG, and Dan Cregg, Executive Vice President and CFO.
During the call, PSEG reported second quarter 2023 net income of $1.18 per share, compared to $0.26 per share in the same period last year. The company’s non-GAAP operating earnings for the second quarter were $0.70 per share, up from $0.64 per share in the second quarter of 2022.
These results are in line with PSEG’s full year 2023 non-GAAP operating earnings guidance of $3.40 to $3.50 per share, which was reaffirmed during the call. The company also maintained its outlook for 5% to 7% long-term earnings growth through 2027.
PSEG highlighted its focus on executing its plans and growing the business while increasing predictability. During the quarter, the company completed its exit from offshore wind generation through the sale of its equity stake in Ocean Wind 1. PSEG also addressed pension variability by executing an agreement for a pension lift-out, which will transfer approximately $1 billion of obligations and associated plan assets to an insurer.
In terms of capital spending, PSEG’s utility portion is expected to be between $15.5 billion and $18 billion. This spending will focus on system modernization, Last Mile support for electric vehicles and building electrification, climate mitigation, and clean energy investments.
PSEG remains committed to customer affordability and is on track with its capital spending budget. The company has installed 1 million smart meters out of a planned 2.3 million and continues to see strong demand for electric vehicles and energy efficiency solutions.
The New Jersey Board of Public Utilities recently approved its second energy efficiency framework, which will be in effect from July 2024 to June 2027.
Overall, PSEG’s second quarter results support its long-term growth and strategic plans for the future.
