Q3 2025 Public Service Enterprise Group Inc Earnings Call

November 3, 2025

Yeah.

The webcast.

[music].

At this time all participants are in listen only mode later, either because quite frankly, I think especially I should remember if there was any financial community.

My question you only only rice prices are our number one your pillar telephone pad.

To throw your question. Please press star two.

Two.

If anyone anywhere just for August just sits there.

Please press star zero on your telephone keypad.

Speaker #1: Company they hate.

Speaker #1: Good Good morning and welcome to CSB's third quarter 2025 earnings presentation. On today's call are Ralph LaRossa, their president and CEO, and Dan Cregg, executive vice president and CIO.

Speaker #2: I like Qualcomm, everyone. JC Conference.

Okay.

Speaker #1: Public Service Enterprise Group Q1, Q2, Carlotta Chan.

This is being recorded today November 25.

Five and will be available here lately.

Speaker #2: At this time, all participants are in a closed mode. Later, the questions and answers session members will present to the community.

T O N E D. That's been released website at H T T S colon.

Speaker #1: The press release attachments and slides for today's discussion are posted on our IIO website and invest.csg.com and are sent to you via later today.

Slash investor that P. S E Dot dot com.

I would now they only through certain compounds overtime.

Ken Please go ahead.

Speaker #1: CSB's earnings and other materials discussed during today's call contain forward-looking statements that are subject to various risks and uncertainties. We will also discuss non-GAAP operating earnings, which differ from net income, as has already been reported, with generally accepted accounting principles (GAAP) in the United States.

Good morning, and welcome T I S T D.

Turning to business aviation.

Oh right right right.

Other than anybody else and that exactly right.

So the press release that I just mentioned.

And I personally don't aren't.

Speaker #1: We include reconciliation of our non-GAAP financial measures and a disclaimer regarding forward-looking statements on our IIO website and in today's materials. Following our prepared remarks, we will conduct a 30-minute question-and-answer session.

Yes.

I don't know.

Later that day.

No no no.

Okay.

All contain forward looking data.

Okay.

Speaker #1: I will now turn the call over to Ralph LaRossa.

Risks and uncertainties, we will also.

Speaker #2: Thank you, Carlotta, and thank you all for joining us to review the results we announced this morning and to discuss our outlook for the business over the remainder of the year.

On earnings, which would you prefer them that that sounds really good.

We're working with.

I'll now turn pringles on gas in the United States.

Right.

Speaker #2: CSB reported solid third-quarter and year-to-date operating and financial results, reflecting the expected positive impact of new rates from the October 2024 distribution rate case settlement that benefited the full third quarter.

Of all the idea that measure that and it's the same or go forward looking statement on Ohio.

And it is very real.

Furthermore, we will go back there.

And he understood at that time.

I'll now turn the call over to Ralph Loretta.

Speaker #2: Our results through the first nine months enable us to narrow our 2025 non-GAAP operating earnings guidance to the upper half of the range at $4.00 to $4.06 per share, from prior guidance of $3.94 to $4.06 per share.

Thank you Carla and thank you all for joining us.

As we announced this morning.

Our outlook for the business over the remainder of the year.

<unk> reported a solid third quarter and year to date operating and financial results, reflecting the expected to positively impact of new rates from the October 2020, before the distribution rate case settlement.

Speaker #2: At PSE&G, we invested approximately $1 billion in the quarter and $2.7 billion over the first nine months of 2025. All part of our planned full-year $3.8 billion regulated capital spending program.

Benefited the full third quarter.

Our results through the first nine months enabled us to narrow our 2025 non-GAAP operating earnings guidance to the upper half of the range at $4 to $4 six per share from prior guidance of $3 94 to $4.06 per share.

Speaker #2: This program is focused on replacing and modernizing New Jersey's energy infrastructure, meeting load growth, and expanding energy efficiency programs that lower energy demand and customer bills.

Our PSE and G. We invested approximately $1 billion in the quarter and $2 $7 billion over the first nine months of 2025.

Speaker #2: During the quarter, PSE&G Nuclear supplied the grid with 7.9 terawatt-hours of reliable, carbon-free, baseload energy while providing PSE&G with the financial flexibility to fund our regulated investments.

All part of our planned full year, three $8 billion regulated capital spending program.

This program is focused on replacing and modernizing new Jersey's energy infrastructure meeting load growth and expanding energy efficiency programs that lower energy demand and customer bills.

Speaker #2: Our 100% owned Hope Creek unit completed a 499-day continuous run since its last refueling outage, and we recently completed work to extend its fuel cycle from 18 to 24 months.

During the quarter PSEG nuclear supply degrade was seven nine terawatt hours of reliable carbon free base load energy, while providing P. S E G with the financial flexibility to fund our regulated investments.

Speaker #2: Positioning the unit to produce more megawatt-hours going forward. Also, during the past quarter, the Board of Trustees of the Long Island Power Authority approved a five-year contract extension for us to continue as the operations service provider for the electric service on Long Island and in the Rockaways through 2030.

Our 100% owned Hope Creek unit completed a 499 day continuous run since its last refueling outage and we recently completed work to extend its fuel cycle from 18 to 24 months.

Speaker #2: We are executing on PSE&G's growth plan with a focus on operational excellence and rigorous cost discipline to maintain reliability and provide value for our customers.

Positioning the unit to produce more megawatt hours going forward.

Also during the past quarter the board of trustees of the long Island Power Authority approved a five year contract extension for us to continue as the operation service provider for the electric service.

Speaker #2: The need for our investment in leadership has never been more evident than now, with the significant and growing supply-demand imbalance in New Jersey and the entire PJM region.

On long island and in the Rockaways through 2030.

Speaker #2: To address this resource adequacy imbalance, which will adversely impact both reliability and affordability for customers in the future if it's not addressed, we are actively collaborating with current and potential future policymakers to develop real solutions in New Jersey and ensure we can affordably meet our customers' energy needs.

We are executing on Pseg's growth plan with a focus on operational excellence and rigorous cost discipline to maintain reliability and provide value for our customers.

The need for investment in leadership has never been more evident than now with the <unk>.

I forget and growing supply demand imbalance in new Jersey, and the entire PJM region.

Speaker #2: The next quarter of New Jersey will be faced with addressing a broad set of rising costs. An implementing practical solutions to get to the root cause of these cost pressures will be a focus.

The address this resource adequacy imbalance, which will adversely impact both reliability and affordability for customers in the future if it's not addressed.

Speaker #2: These cost pressures have many sources. For example, the latest Rutgers Eagleton poll showed that 36% of likely voters cited taxes as the top problem facing New Jersey.

We are actively collaborating with current and potential future policymakers to develop real solutions in New Jersey, and ensure we can affordably meet our customers' energy needs.

Speaker #2: While 21% said it was affordability, other topics trailed these two leading concerns. With 6% pointed specifically to housing affordability, and 5% saw utility costs as the top problem in the state.

The next governor of New Jersey will be faced with addressing a broad set of rising costs and implementing practical solutions to get to the root cause of these cost pressures will be a focus.

These cost pressures have many sources.

Speaker #2: We stand ready to work with the incoming administration to do our part to keep rates as low as possible in the short term and work on longer-term solutions to add supply.

For example, the latest Rutgers Eagleton, Paul showed that 36% of likely voters sided taxes as the top problem facing New Jersey.

While 21% said it was affordability.

Speaker #2: While the supply-demand imbalance remains a significant and growing problem, we expect the capacity market impact on customer bills next June will be limited by two factors.

Other topics trail. These two leading concerns with 6% point to specifically to housing affordability and 5% so utility costs as the top problem in the state.

Speaker #2: First, the FERC approved price collar that will extend to at least the upcoming capacity auction in December. And two, the gradualism of the basic generation supply mechanism that feathers in changes over a three-year period here in New Jersey.

We stand ready to work with the incoming administration do our part to keep rates as low as possible in the short term and work on longer term solutions to add supply.

[music].

While the supply demand imbalance remains a significant and growing problem. We expect the capacity market impact on customer bills next June will be limited by two factors.

Speaker #2: This assumes other supply-related costs remain the same, preserving the reduction from other charges expected to come off the bill. One energy topic where there is broad common ground is that New Jersey needs to add generation supply to reduce its over-reliance on the PJM capacity market and ensuring continuing reliability and affordability for customers.

The FERC approved price, Colorado will extend through at least the upcoming capacity auction in December.

And two gradualism of the basic generation supply mechanism that feathers in changes over a three year period here in New Jersey.

Speaker #2: With imports having grown to over 40% of our generation consumption, legislation has been introduced that allows electric distribution companies to compete to participate in offering supply solutions.

This assumes other supply related costs remain the same preserving the reduction from other charges is expected to come off the bill.

One other topic, where there is broad common ground is that new jersey needs to add generation supply to reduce its overreliance on the PJM capacity market and ensuring continuing to reliability and affordability for customers.

Speaker #2: We are supportive of legislation that would increase competition for generation supply should New Jersey decide to pursue new in-state generation. In addition, we have sites with grid connection, capability, and pipeline supplies as well as the in-house expertise to build new supply here in New Jersey with prevailing wage labor.

With imports, having grown to over 40% of our generation consumption.

Legislation has been introduced that allows electric distribution companies to compete to participate in offerings supply solutions.

Speaker #2: Now, turning to PSE&G Nuclear, we continued to implement projects designed to optimize our plants and increase megawatt production. In addition to the Hope Creek fuel cycle extension I mentioned earlier, our Salem upgrade project will bring an incremental 200 megawatts to the grid during the 2027 to 2029 timeframe as this kind of baseload carbon-free dispatchable power continues to increase in scarcity value.

We are supportive of legislation that would increase competition for generation supply shouldn't New Jersey decided to pursue new in state generation.

In addition, we have sites with grid connections capability and pipeline supplies as well as the in house expertise to build new supply here in new Jersey with prevailing wage labor.

Now turning to PSEG nuclear we continued to implement projects designed to optimize our plants and increased megawatt production.

Speaker #2: We also note the potential significance of the recent Department of Energy notice, which has now become a FERC rulemaking, seeking to accelerate the interconnection of large loads in a way that is timely, fair, and affordable for customers.

In addition to the Hope Creek fuel cycle extension I mentioned earlier, our self operated project will bring an incremental 200 megawatts to the grid. During the 2027 to 2029 timeframe as this kind of baseload carbon free dispatched for power continues to increase and scarcity value.

Speaker #2: The notice is requesting that FERC take final action by April 30, 2026. There are many positive elements to this proposal, but it will take a while before we see the ultimate impact of the rulemaking.

We also note the potential significance of the recent department of energy notice, which has now become a FERC rulemaking seeking to accelerate interconnection of large loads in a way that is timely fair and affordable for customers.

Speaker #2: So, to summarize, we delivered a solid operating quarter for our customers, and our financial results through the first nine months enabled us to narrow our full-year 2025 non-GAAP operating earnings guidance to the upper half of the range at $4.00 to $4.06 per share.

The notices requesting the FERC take final action by April 30 of 2026.

Speaker #2: From our prior guidance of $3.94 to $4.06 per share. We are also non-GAAP operating earnings growth outlook of 5 to 7% through 2029 as we continue to pursue incremental opportunities to our long-term forecast, including the potential to contract our nuclear output under multi-year agreements and potential utility investments to address near-term need for additional supply due to the growing customer demand.

There are many positive developments to this proposal, but it will take a while before we see the ultimate impact of the rulemaking.

So to summarize we delivered a solid operating quarter for our customers and our financial results for the first nine months enabled us to narrow our full year 2025, non-GAAP operating earnings guidance to the upper half of the range at $4 to $4 <unk> per share from our prior guidance of three.

94 to $4 six per share.

We are also reaffirming pseg's five year non-GAAP operating earnings growth outlook of 5% to 7% through 2029, as we continue to pursue incremental opportunities to our long term forecast, including the potential to contract our nuclear output under multi year agreements and potential utility investments.

Speaker #2: Notably, our balance sheet continues to enable us to fund PSE&G's five-year capital investment program of $22.5 to $26 billion, reaffirming PSE&G's five-year plan without the need to issue new equity or sell assets, and providing the opportunity for consistent and sustainable dividend growth.

Okay.

[music].

Speaker #2: Before I conclude, I would like to recognize the outstanding performance of both our transmission and distribution systems, as well as our nuclear business, over the last quarter.

To address near term need for additional supply due to the growing customer demand.

Notably our balance sheet continues to enable us to fund Pseg's five year capital investment program of 22, 5% to $26 billion without the need to issue new equity or sell assets and provides the opportunity for consistent and sustainable dividend growth.

Speaker #2: Both demonstrated exceptional reliability and resiliency for our customers. This collective achievement reflects the hard work, dedication, and technical expertise of everyone at PSE&G. Now, as you know, tomorrow is Election Day in New Jersey.

Before I conclude I would like to recognize the outstanding performance of both our transmission and distribution system as well as our nuclear business over the last quarter.

Speaker #2: Let me say this clearly: PSE&G has been around for over a century, and we have worked successfully with every New Jersey administration on both sides of the aisle with a lined objective for the state's advancement.

<unk> demonstrated exceptional reliability and resiliency for our customers.

Speaker #2: Based on our meetings with both candidates for governor, I have every confidence that we will do so again with the new incoming administration. I'll now turn the call over to Dan, who will walk you through our financial results and the outlook for the remainder of 2025, and then rejoin the call for Q&A.

This collective achievement reflects the hard work dedication and technical expertise of everyone at PSEG.

Now as you know tomorrow is election day in New Jersey.

Let me say this clearly.

<unk> has been around for over a century and we have worked successfully with every new Jersey administration on both sides of the aisle with aligns objectives for the state's advancement.

Speaker #2: Thanks, Ralph. And good morning to everybody. For the third quarter, PSE&G reported net income of $1.24 per share in 2025, compared with $1.04 per share in 2024. Non-GAAP operating earnings were $1.13 per share in 2025, compared with $0.90 per share in 2024.

Based on our meetings with both candidates for Governor I have every confidence that we will do so again with the new incoming administration.

I'll now turn the call over to Dan Who'll walk you through our financial results and the outlook for the remainder of 2025, and then rejoin the call for Q&A.

Speaker #2: We've provided you with information on slides 7 and 9 regarding the contribution to net income and non-GAAP operating earnings by business for the third quarter and nine months ended September 30, 2025.

Thanks, Ralph and good morning to everybody.

For the third quarter <unk> reported net income of $1 24 per share in 2025, compared with $1 four per share in 2024 and.

Speaker #2: Slides 8 and 10 contain waterfall charts that take you through the net changes for the quarter and year-to-date periods, over the prior year, and non-GAAP operating earnings per share, also by major business.

non-GAAP operating earnings were $1 13 per share in 2025, compared with 90 per share in 2024.

We have provided you with information on slide seven in line regarding the contribution to net income and non-GAAP operating earnings by business for the third quarter and nine months ended September 32025.

Slide eight and 10 contain waterfall charts that take you through the net changes for the quarter and year to date periods over the prior year.

non-GAAP operating earnings per share also by major business.

Let's start with P. S. A N G, which reported third quarter net income and non-GAAP operating earnings of $515 million for 2025.

Compared to $379 million in 2024.

Utility results were driven by the implementation of new electric and gas base distribution rates that took effect in October 2024.

To recover a return of and on previous capital investments totaling more than $3 billion.

And higher working capital recovery.

Beginning on slide eight with a P S EMG column.

Our distribution margin increased by 30 per share compared to the year ago period.

Let's start with PSC and G which reported third quarter net income and non-gaap operating earnings of 515 million for 2025.

Let's start with PSEG, which reported third-quarter net income and non-GAAP operating earnings of $515 million for 2025.

Largely reflecting the impact of the rate case, plus recovery of and return on <unk> capital investments.

Compared to 379 million in 2024.

The utilities results were driven by the implementation of new electric and gas base distribution rates.

On the expense side distribution O&M costs were <unk> <unk> per share higher compared to the third quarter of 2024.

That took effect in October 2024.

And depreciation and interest expense rose by a penny per share and <unk> per share respectively compared to the third quarter of 2024.

Beginning on slide 8 with the psng column.

So I think the higher levels of depreciable plant.

Investment and long term debt at higher interest rates.

Distribution margin increased by 30 cents per share compared to the year ago. Period.

Our distribution margin increased by $0.30 per share compared to the year ago period.

Lastly, the timing of taxes recorded through an annual effective tax rate, which nets to zero over a full year.

Largely reflecting the impact of the rate case.

Of recovery of and return on PSG's capital investments.

Largely reflecting the impact of the rate case, plus recovery of and return on PSC&G's capital investments.

Had a net favorable impact of <unk> <unk> per share in the third quarter compared to the prior year period.

Following severe heat storms in June one P. S. EOG hit its electric system peak for the year.

On the expense side, distribution costs were 2 cents per share higher compared to the third quarter of 2024.

On the expense side, distribution on costs were 2 cents per share higher compared to the third quarter of 2024.

Weather conditions during the third quarter as measured by the temperature humidity index.

And depreciation and interest expense rose by a penny per share and 2 cents per share, respectively, compared to the third quarter of 2024.

Four 3% cooler than normal and.

7% cooler than the third quarter of 2024.

Reflecting higher levels of depreciable plant investment and long-term debt at higher interest rates.

As a reminder.

The conservation incentive program or <unk> program mechanism.

Lastly, the timing of taxes recorded through an annual effective tax rate, which nests to 0, over a full year.

Lastly, the timing of taxes recorded through an annual effective tax rate, which nests to 0 over a full year.

Coupled with weather and other economic sales variances from a significant portion of our distribution margin.

At a net. Favorable impact is 2 cents per share in the third quarter compared to the prior year period.

A next favorable impact is 2 cents per share in the third quarter compared to the prior year period.

While helping PSE and G promote the widespread adoption of energy conservation, including energy efficiency and solar program.

Following severe heat storms in June, when psng, hit its Electric System, Peak for the year.

Calling severe heat storms in June, when psng, hit its Electric System Peak for the year.

Okay.

Under the Sip the number of electric and gas customers is the primary driver of distribution margin.

Weather conditions during the third quarter as measured by the Temperature Humidity Index.

Weather conditions during the third quarter as measured by the temperature, humidity, and index.

For 3%, cooler than normal.

3%, cooler than normal.

And each segment grew by approximately 1% over the past year.

And 7% cooler than the third quarter of 2024.

On the capital front as Ralph mentioned earlier.

As a reminder.

<unk> invested approximately $1 billion during the third quarter totaled.

The conservation incentive program or sip program.

Totaling $2 7 billion for the first nine months.

Decouples weather and other economic sales variances from a significant portion of our distribution margin.

The conservation incentive program or sip program mechanism, decouples weather and other economic sales variances from a significant portion of our distribution margin.

Our plan for the full year of 2025 regulated capital investment.

Approximately $3 $8 billion.

While helping PSC, promote the widespread adoption of energy conservation, including energy efficiency and solar programs.

While helping PSC and G promote the widespread adoption of energy conservation, including energy efficiency and solar programs.

And our five year regulated capital investment plan of $21 billion to $24 billion through 2029 is unchanged.

[music].

Under the Sip, the number of electric and gas customers is the primary driver of distribution margins.

Under the SIP, the number of electric and gas customers is the primary driver of distribution margins.

In the first quarter of 2025, PSE and G began deploying the new energy efficiency programs.

And each segment grew by approximately 1% over the past year.

And each segment group by approximately 1% over the past year.

On the Capitol Front, as Ralph mentioned earlier.

We anticipate investing up to $2 $9 billion over a six year period under that program.

PSC and G invested approximately a billion dollars during the third quarter.

Totaling $2.7 billion for the first 9 months.

This program totals includes approximately $1 billion of on Bill repayment options.

Totaling $2.7 billion for the first nine months.

To help our customers finance their energy efficiency equipment and appliances and.

Our plan for the full year of 2025 regulated, Capital Investments remains approximately 3.8 billion dollars.

Our plan for the full year of 2025 regulated capital investments remains approximately $3.8 billion.

<unk> provides customers with energy information and options to manage their energy use and lower their bills.

And our 5-year regulated capital investment plan of $21 billion to $20.

And our five-year regulated capital investment plan of $21 billion to $24 billion through 2029 is unchanged.

Through 2029 is unchanged.

Now moving on to PSEG power and other for.

For the third quarter PSEG power and other <unk>.

In the first quarter of 2025 PSC and G began deploying the new Energy Efficiency programs.

In the first quarter of 2025, PSN, G began deploying their new Energy Efficiency programs.

<unk> net income of $107 million in 2025.

Compared to $141 million in 2024.

We anticipate investing up to $2.9 billion over a 6-year period under that program.

We anticipate investing up to $2.9 billion over a six-year period under that program.

non-GAAP operating earnings were $50 million in 2025 compared to $69 million in 2024.

Referring again to the third quarter waterfall slide eight.

this program totals includes approximately a billion dollars of on Bill repayment options to help our customers Finance, their Energy, Efficiency, equipment, and appliances

This program totals include approximately $1 billion of on-bill repayment options to help our customers finance their energy efficiency equipment and appliances.

Net energy margin rose by a penny per share compared to the prior year quarter.

And provides customers with energy information and options, to manage their energy use and lower their bills.

While generation was down in the quarter due to the hope Creek refueling outage or.

Now, moving on to PCG power and other.

Overall power pricing and market revenues were higher than in the third quarter of 2024.

For the third quarter, PCG Power and other reported net income of $107 million in 2025.

O&M was <unk> <unk> per share unfavorable compared to the third quarter of 2024, mostly driven by the scheduled refueling of our 100% owned Hope Creek nuclear unit.

Compared to 141 million in 2024.

As Ralph mentioned, our Hope Creek unit has successfully transitioned from an 18 to 24 month refueling cycle going forward.

And non-gaap operating earnings were 15 million dollars in 2025 compared to 69 million in 2024.

And non-gaap operating earnings were $50 million in 2025 compared to 69 million in 2024.

referring again to the third quarter waterfall, slide 8

referring again to the third quarter waterfall, slide 8.

Which is expected to yield additional megawatt hours.

Net energy margin rose by a penny per share compared to the prior year quarter.

As well as the O&M savings over the long term.

While generation was down in the quarter due to the Hope Creek refueling outage.

Depreciation expense was a penny per share favorable interest expense rose by <unk> <unk> per share, reflecting incremental debt at higher interest rates.

Overall, power pricing and Market revenues were higher than in the third quarter of 2024.

And taxes and other were a penny per share favorable compared to the third quarter of 2024.

OMN was 5 cents per share unfavorable compared to the third quarter of 2014, mostly driven by the scheduled refueling of our 100% owned Hope Creek nuclear unit.

Earnings per share were unfavorable by 5 cents compared to the third quarter of 2024, mostly driven by the scheduled refueling of our 100% owned Hope Creek nuclear unit.

On the operating side the nuclear fleet produced approximately seven nine terawatt hours during the third quarter.

Compared to approximately $8, one terawatt hours in the third quarter of 2024.

As Ralph mentioned, Our Hope Creek unit has successfully transitioned from an 18 to 24 months refilling cycle, going forward.

For the nine months ended September 32025.

Which is expected to yield additional megawatt hours.

As well as onm savings over the long term.

Nuclear generation was approximately $23 eight terawatt hours up slightly from 23, three terawatt hours for the same period of 2024.

Depreciation expense is a penny per share favorable and interest expense Rose by 2 cents. Per share. Reflecting incremental debt at higher interest rates.

The appreciation expense was a penny per share favorable, and interest expense rose by 2 cents per share, reflecting incremental debt at higher interest rates.

Capacity factors for the nuclear fleet were 92, 4% and 93, 7%.

and taxes and other for a penny per share, favorable compared to the third quarter of 2024.

For the quarter and nine months period ended September 32025, respectively.

approximately 7.9 towit hours during the third quarter,

Produced approximately 7.90 watt-hours during the third quarter.

In July PSEG nuclear cleared approximately 3500 megawatts of its eligible nuclear capacity.

compared to approximately 8.1 towit hours in the third quarter of 2025,

Compared to approximately 8.1 TWh in the third quarter of 2024.

In PJM base residual auction at the market clearing price.

for the 9 months, ended September 30th 2025,

$329 per megawatt day.

Nuclear generation was approximately 23.8 towit hours.

The energy year June one 2026 through May 31 of 2027.

Slightly from 23.3 to what hours for the same period of 2024.

Slightly from 23.3 to watt-hours for the same period of 2024.

Okay.

Touching on some recent financing activity as of the end of September PSEG had total available liquidity of $3 6 billion.

Capacity factors for the nuclear Fleet were 92.4% and 9.

Percent.

1%.

Including approximately $330 million of cash on hand.

For the quarter and 9 month period ended September 30th, 2025 respectively.

For the quarter and nine months period ended September 30, 2025, respectively.

And on the financing front in August.

<unk> issued $450 million up four 9% secured medium term notes.

In July PCG nuclear cleared approximately 3,500 megawatts of its eligible nuclear capacity in pjm's base. Residual auction at the market clearing price.

In July, PCG nuclear cleared approximately 3,500 megawatts of its eligible nuclear capacity in PJM's base residual auction at the market clearing price.

Through August 2035.

And later in August PSEG redeemed at maturity $550 million.

Of 329 per megawatt day for the energy year of June 1st 2026 through May 31st of 2027.

Of $329 per megawatt-day for the energy year of June 1, 2026, through May 31, 2027.

Notes that carried a coupon of 8%.

Overall PSEG has significant liquidity at the end of the third quarter, which remained relatively unchanged from the end of the second quarter.

Touching on some recent financing activities, as of the end of September, PSG has total available liquidity of $3.6 billion.

Touching on some recent financing activity, as of the end of September, PSG has total available liquidity of $3.6 billion.

Including approximately $330 million in cash on hand.

Including approximately $330 million of cash on hand.

TCG variable rate debt at the end of September consistent out of a 364 day term loan at PSEG power for $400 million.

and on the financing front in August,

Which matures in December of 2025 and.

PSEG issued $450 million of 4.9% secured medium-term notes.

Through August 2035.

Due August 2035.

And commercial paper.

As of September 30th our level of variable rate debt represents approximately 4% of our total debt.

and later in August, PSG redeemed at maturity, 550 million of

and later in August, PSEG redeemed at maturity $550 million of

And in October Moody's published updated credit opinions on PSEG N P. S. Angie.

Notes, that's carried a coupon of 8%.

Notes, that's carried a coupon of 0.8%.

With no change to either credit ratings or outlook.

Overall, PSG had significantly liquidity at the end of the third quarter, which remained relatively unchanged, from the end of the second quarter,

overall, PSG had significant liquidity at the end of the third quarter, which remained relatively unchanged, from the end of the second quarter,

Looking ahead, our solid balance sheet supports the execution of Pseg's five year capital spending plan dominated by regulated capex.

These variable rate debt. At the end of September consists of a 364 day Term Loan at PSG power for 400 million.

G's variable rate debt at the end of September consists of a 364-day Term Loan at PSG Power for $400 million.

Without the need to sell new equity or assets and.

Which matures in December of 2025.

Which matures in December 2025.

And provides for the opportunity for consistent and sustainable dividend growth.

And Commercial paper.

In closing we are narrowing pseg's full year 2025.

As of September 30th, our level of variable rate that represents approximately 4% of our total debt.

As of September 30th, our level of variable rate debt represents approximately 4% of our total debt.

non-GAAP operating earnings guidance to $4 to $4 <unk> per share.

And in October, Moody's published updated credit opinions on PSG and PSNG.

And in October, Moody's published updated credit opinions on PSG.

$3 94 to $4 <unk> per share.

With no change to either credit ratings or Outlook.

This updates pseg's solid results through the first nine months of 2025.

And we are also reaffirming our long term, 5% to 7% compound annual growth in non-GAAP operating earnings through 2029.

The execution of PCGS 5 year Capital spending plan. Dominated by regulated capex.

Let's see, the execution of PSG's 5-year capital spending plan is dominated by regulated capex.

Supported by our capital investment programs and the nuclear PTC threshold.

Without the need to sell new Equity or assets and provides for the opportunity for consistent and sustainable dividend growth.

We expect to introduce Pseg's 2026, non-GAAP operating earnings guidance.

In closing, we are narrowing psg's full year 2025.

All forward our capital investment plans.

[music].

Non-gaap operating earnings guidance to $4 to 4 and 6 cents per share.

Our rate based on long term earnings CAGR.

And discuss this outlook all during our year end call in February of 2026.

From $3.94 to $46 per share.

Okay.

This concludes our formal remarks and operator, we are now ready to begin the question and answer session.

This updates psg's solid results through the first 9 months of 2025.

Thank you.

And we are also reaffirming our long-term 5% to 7% compound annual growth in non-GAAP operating earnings through 2029.

And we are also reaffirming our long-term, 5% to 7% compound annual growth and non-GAAP operating earnings through 2029.

Ladies and gentlemen, we will now begin the question and answer session for members of the financial community.

If you have a question. Please press the star and the number one on your telephone keypad.

Supported by our capital investment programs and the nuclear PTC threshold.

It's been answered and you wish to Australia pulling request you may do so by pressing the star and the number two.

If you go to speaker phone please pick up your handset before entering your request.

For the first question.

We expect to introduce psg's 2026, non-gaap operating earnings guidance. Roll forward, our capital investment plans update our rate based on long-term earnings keggers and discuss this Outlook all during our year-end call in February of 2026.

First question is from sharp Russo with Wells Fargo. Please proceed with your question.

This concludes our formal remarks and operator. We are now ready to begin in request.

This concludes our formal remarks, and operator, we are now ready to begin the quest.

Answer session.

Hey, guys good morning.

Hey, who's that.

[laughter].

Thank you, ladies and gentlemen, we will now begin the question and answer session for members of the financial community.

Thank you, ladies and gentlemen. We will now begin the question-and-answer session for members of the financial community.

Well welcome back.

Just like we did with with many of your peers over the last 12 months we.

If you have a question, please press the star and the number 1 on your telephone keypad.

Welcome back period.

I appreciate you almost had me tongue tied and that never happened. So appreciate that.

If your question has been answered and you wish to withdraw your polling requests, you may do so by pressing the star and the number 2,

If your question has been answered and you wish to withdraw your polling requests, you may do so by pressing the star and the number 2.

So so Ralph just obviously the elections could be kind of this key thresholds for data center deals in this state we've seen.

If you're on a speakerphone, please pick up your handset before entering your request.

1 moment, please for the first question.

1 moment, please, for the first question.

Data center customers walk away from local politics issues in kind of both the regulated and even deregulated markets.

First question is from Char perusa as well as Fargo, please receive with your question.

First question is from Char perusa with Wells, Fargo, please receive with your questions.

Hey guys. Good morning.

Artificial island is obviously, it's a great asset kind of curious if there's any pressure points forming there.

And then obviously one of your favorite questions is any updates on potential timelines.

Yeah, no. Thanks sure I'll, let Dan as we have been doing over the last couple of calls here answer the timeline conversation, but look I would say this and it's more of a generic answer to you on the.

Viewers over the last 12 months. Uh, welcome back to hear you. I appreciate you. You almost had me Tongue Tied and that never happened. So I appreciate that.

Peers over the last 12 months. Uh, welcome back to hear you. I appreciate you. You almost had me Tongue Tied and that never happened. So I appreciate that.

The election, and what we can expect post Tuesday.

So, Ralph just, um, obviously the elections could be kind of this key threshold for data center deals in the state. We've seen, you know, data center customers walk away from local politics issues, and kind of both the regulated and even deregulated markets.

And that is we will see but as I said in my kind of my closing comments, we fully expect to be able to work with.

With both sides of the aisle we've done it in the past it's a proven track record by this company and we feel really really confident that that's going to continue as we move forward here in 2026.

You know, the artificial island is obviously a great asset, so I'm kind of curious if there are any pressure points forming there. And then, obviously, one of your favorite questions is: any updates on potential timelines?

Specific to data center opportunities in New Jersey, they really haven't.

As we have been doing over the last uh, couple calls here. I answered a timeline uh, conversation. But look, I would say this and it's, it's more of a generic answer to you on.

Then as we have been doing over the last uh, couple calls here. I answered a timeline uh, conversation. But look, I would say this and it's, it's more of a generic answer to you on.

<unk> down.

We have some information in the deck about how that has continued.

And we expect that to continue through those jobs have moved a little bit further along in the queue, depending upon whether you look at our Q or Pjm's Q as an example.

The election and and what we can expect, uh, post Tuesday. And that is, we will see but as I said in my kind of my closing comments, we we fully expect to be able to work with

I'll just point you to one that.

<unk> showed up today its public information there is a TEAC meeting has taken place smart PJM and there was some additional load that's been identified for a job and Kenilworth.

Um, we've worked with both sides of the aisle. We've done it in the past. Um, it's a proven track record by this company, and we feel really, really confident that that's going to continue as we move forward here.

246.

Um, with both sides of the aisle. We've done it in the past. Um, it's a proven track record by this company, and we feel really, really confident that that's going to continue as we move forward here in 2026.

As a supplement to one of our supplemental projects. So.

They continue to arrive here in New Jersey, we haven't seen that as the hyperscale level.

And we have talked about that for many times and we expect these to be smaller not ones that we're making big announcements about and we don't expect those smaller.

Yes, listen size announcements to be something that we're talking about whether it's at the utility or ours.

Dan you want to talk more about the timeline I mean, I think Ralph covered it I think we'll get a little bit more color from both of the candidates theres been a whole bunch of stuff they've talked about during the campaign.

Specific to Data Center opportunities in New Jersey. They really haven't slowed down. Um, we have some information in the deck about how that has continued, um, and and we expected to continue few. Those jobs have moved a little bit further along in the queue, depending upon, um, whether you look at RQ or pjm's queue as an example, and I'll just point you to 1 that, um, showed up today, it's public information. There's a tack meeting that's taking place tomorrow pjm. And there are some additional uh load that's been identified for a job in Kennelworth.

Specific to data center opportunities in New Jersey, they really haven't slowed down. Um, we have some information in the deck about how that has continued, and we expect it to continue. Those jobs have moved a little bit further along in the queue, depending upon whether you look at RQ or PJM's Q as an example. And I'll just point you to one that showed up today; it's public information. There's a TAC meeting that's taking place tomorrow at PJM, and there is some additional load that's been identified for a job in Kenilworth.

This hasnt been the highest topic with respect to data centers as much as with respect to affordability generally on things that I touched that.

But we'll give more color as far as the election ends and we find out where they're going to go but.

That uh, is our supplement 1 of our supplemental projects. So um, they they continue to to arrive here in New Jersey. We haven't seen the the hyperscale level, um and we have talked about that for many times and we expect these to be smaller and that ones that we're making.

That, uh, is our supplement 1 of our supplemental projects. So, um, they continue to arrive here in New Jersey. We haven't seen it. It's at a hyperscale level, um, and we have talked about that for many times. We expect these to be smaller than the ones that we're making.

And in the meantime, I think it's everything to Ralph said and we're continuing to move forward.

Okay, Great and then just lastly, that's helpful. And then just on the 11 Gigawatts. The large loan pipeline. It's obviously growing just I know I don't want to front run the capex update on the roll forward, but let me attempt to anyway, but just on the great capacity.

Big announcements about... and we don't expect those smaller, less, uh, less in size announcements to be something that we're talking about, whether it's at the utility or at Power.

Big announcements about, and we don't expect those smaller, less, uh, less in size announcements to be something that we're talking about. Whether it's at the utility or at Power.

[laughter] just didn't talk about it Ralph just a grid capacity, that's there to convert those into signed agreements versus how much transmission and distribution needs you're going to have unless you start to convert well.

And you want to talk more about the timeline know. I mean, I, I think Ralph covered it. I think we'll, we'll get a little bit more color from. Both of the candidates, there's been a whole bunch of stuff they've talked about during the campaign. Uh, this hasn't been the the highest topic with respect to Data Centers as much as with respect to.

uh, but we'll get more color as uh, as the election ends and and

Well again, I think a little bit of that is front running some policy that will exist here in new Jersey right. So the first night.

Talk a lot about the fact that the new governor will need to make some policy decisions that will help us plan the grid for the long term right.

Okay, great. And then just lastly, that's helpful. And then just on the 11 gigawatts, the large load pipeline—it's obviously growing. Just, I know I don't want to front-run the capex update and the roll forward, but let me attempt it anyway. But just on the great capacity.

Okay, great. And then just lastly, that's helpful. And then just on the 11 gigawatts, the large load pipeline, it's obviously growing. Just, I know, I don't want to front-run the capex update and the roll forward, but let me attempt it anyway, but just on the great capacity.

Right now we have capacity on our grid.

That's based upon the current topology.

We see new generation come in large scale thousand megawatt plants that are showing up that may change the grid topology, a little bit if we see more solar and more batteries that may change.

[music].

Just Dan talked about, uh, Ralph just the grid capacity. That's there to convert those into signed agreements versus how much transmission and distribution needs. You're going to have as you start to convert, thanks.

Just Dan talked about, uh, Ralph just the grid capacity. That's there to convert those into signed agreements versus how much transmission and distribution needs are going to have as you start to convert. Thanks.

Apology, a little bit so at the frontline to say that I could tell you that which is why we're going to give you that full full roll forward in February.

Well, again, I think a little bit of that is front running some policy.

Well, again, I think a little bit of that is front-running some policy.

Here in New Jersey, right? So the first I talk a lot about.

the fact that

Okay perfect. Thanks, so much guys I appreciate it CNS few days and Ralph Thanks for remembering me after the garden leaves thanks, guys like who is that [laughter].

<unk>.

Our next question is from the line of Jeremy Tonet with Jpmorgan. Please proceed with your question.

Hi, Good morning, Hey, Jeremy.

The new governor will need to make some policy decisions that will help us plan the grid for the long term. Um, right now we have capacity on our grid, uh, that's based upon the current topology if we see New Generation come in large scale, thousand megawatt plants that are showing up that may change the grid topology a little bit. If we see more solar and more batteries, that may change the the topology a little bit.

Hey, just wanted to pick up on the conversation with regard to potential data center contracting here and wondering if you might be able to comment I guess on the flavor of conversations between your New Jersey versus Pennsylvania assets is there any discernible difference I guess in the tone of those conversations.

The new governor will need to make some policy decisions that will help us plan the grid for the long term. Right now, we have capacity on our grid that's based upon the current topology. If we see new generation come in on a large scale, such as thousand-megawatt plants that are showing up, that may change the grid topology a little bit. If we see more solar and more batteries, that may change the topology a little bit.

So, I’d like to front-run you to say that you know I could tell you that, which is why we're going to provide you with that full fall you know roll forward in February.

So I’d be front-running you to say that. You know I could tell you that, which is why we're going to give you that full fall, you know, roll forward in February.

Okay, perfect. No, thanks so much, guys. I appreciate it. See you in a few days, and Ralph, thanks for remembering me after, uh, the Garden Leaf. Thanks, guys. Bye.

Okay, perfect. No, thanks so much, guys. Appreciate it. See you in a few days, and Ralph, thanks for remembering me after the garden leaf. Thanks, guys. Bye.

I wouldn't say difference in the tone of conversations Jeremy, but I think that youre seeing different types of entities being involved between the two states I think you have more of a forward leaning appetite in Pennsylvania, which is enabling more to happen in more to happen on a bigger scale and I think in New Jersey, you have not seen.

Our next question is from the line of Jeremy today, with JP Morgan. Please receive your questions.

Our next question is from the line of Jeremy today with JP Morgan. Please receive your questions.

Hi, good morning. Hey Jeremy.

That as much with respect to the incentives and so what youre, saying is.

Still some interest in the state in some sizable interest in the state but.

At a smaller scale. So I think that's probably the biggest differentiation between the two locations.

Just wanted to pick up on the conversation with regards to uh potential data center Contracting here. Uh and wondering if you might be able to comment, I guess on the flavor of conversations between your New Jersey. Versus Pennsylvania assets. Is there any discernable difference? I guess in, in the tone of those conversations?

Just wanted to pick up on the conversation with regards to potential data center contracting here, and wondering if you might be able to comment, I guess, on the flavor of conversations between your New Jersey versus Pennsylvania assets. Is there any discernable difference, I guess, in the tone of those conversations?

Yeah.

Got it that's helpful. Thanks for that and as it relates to I guess.

Uh, being involved.

<unk> additions in working with stakeholders and state just wondering if you might be able to expand a little bit more beyond that I guess as far as what type of.

Between the 2 States.

Construct peg will be interesting.

Regulated generation unregulated generation or just any other color in general on this topic.

Yeah, So Jeremy its a great question look we have said for many months.

Like you have more of a forward-leaning appetite in Pennsylvania, which is enabling more to happen and more to happen on a bigger scale. I think in New Jersey you have not seen that as much with respect to the incentives, and what you're seeing is still some interest in the state and some sizable interest in the state, but at a smaller scale. So I think that's probably the biggest differentiation between the two locations.

I think you have more of a forward-leaning appetite in Pennsylvania which is enabling more to happen and more to happen on a bigger scale and I think in New Jersey you have not seen that as much with respect to the incentives and and so what you're seeing is um still some interest in the state and some sizable interest in the state but at a smaller scale. So I think that's probably the biggest differentiation between the 2 locations.

And we have indicated in public settings that we are more than willing to help the state achieve its goals.

Regulated capacity right.

Alright.

We absolutely think that we could provide some solutions for gas generation. That's in a regulated manner. We also think we can continue we've done large scale solar on on some brownfield sites. Some some landfill sites in the past so we could.

Conditions in in working with stakeholders and state. Just wondering, if you might be able to expand a little bit more beyond that I guess as far as what type of um uh

You know, supply additions in working with stakeholders and state. Just wondering if you might be able to expand a little bit more beyond that, I guess, as far as what type of um, uh.

Constructs, uh, Peg would be interested in be it, um, you know, regulated Generation unregulated generation or just any other color in General on, uh, this topic.

Constructs, uh, Peg would be interested in, be it, um, you know, regulated generation, unregulated generation, or just any other color in general on, uh, this topic.

Yeah, so Jeremy, it's a great question. I look...

We have said, for many months,

Do more on the solar front.

We think there is an appetite now for some regulated.

Storage and where.

We're looking forward to taking part in that.

Um, we have indicated in public settings that we are more than willing to help the state achieve its goals in a regulated capacity.

We have said, for many months, um, and we have indicated in public settings that we are more than willing to help the state achieve its goals in a regulated capacity.

See how that plays out over the next few months and we know that many of both candidates have been talking a lot about.

New nuclear.

Now on new nuclear we have also been very very.

Pointed in our responses and saying that we're not looking to put our own capital to work.

Right. We we know we absolutely think that we could provide some solutions for guests generation. That's in a in a regulated manner. We also think we can continue. We've done large-scale solar on on, um,

But we want to enable solutions for the state and.

And that's where our site comes in and we think that long term that will provide us with some great some revenue opportunities whether it be for.

Our operating and maintenance activities our security activities.

Spent fuel storage, there's many many things that we can do.

We're not putting our own capital to work and so that's that's the way we've been approaching it.

Some Brownfield sites, some some, uh, landfill sites in the past. So we could do more on a solar front. Uh, we we would think there's an appetite now for some regulated uh storage. Uh, and we're looking forward to, to taking part in that, uh, see how that plays out over the next few months, and we know that many both candidates have been talking a lot about, um, new nuclear.

Some brownfield sites, some, uh, landfill sites in the past. So we could do more on a solar front. We've we don't think there's an appetite now for some regulated, uh, storage. And we're looking forward to taking part in that, uh, see how that plays out over the next few months. And we know that many both candidates have been talking a lot about, um, nuclear.

And that's the way, we'd like to see things play out more opportunities for us.

Our new nuclear, we have also been very very uh pointed in our responses and saying that we're not looking to put our own Capital work.

Baseload generation from a gas standpoint that would be regulated and certainly.

Our new nuclear. We have also been very, very pointed in our responses, saying that we're not looking to put our own capital work.

More we can do on the solar and battery fronts as well and I think if you look at both candidates and their platforms.

Uh, but we want to enable solutions for the state, and that's where our site comes in. We think that, long-term, that'll provide us with some great revenue opportunities, whether it be for...

We really see one the all the bulk talking about everything right that they are looking at all these options that are out there.

Um, you know, our operating and maintenance activities or security activities.

Uh, but we want to enable solutions for the state, and that's where our site comes in. We think that long-term, that'll provide us with some great revenue opportunities, whether it be for, um, you know, our operating and maintenance activities or security activities.

The real question is to what degree and I think you will see one with one candidate that might be leaning a little more towards the gas fired units and another candidate that leaves a little more towards solar and batteries, but.

Some spent fuel storage. There's many, many things that we can do uh on that front without putting our own Capital to work.

Spent fuel storage, there are many, many things that we can do on that front without putting our own capital to work.

So, that's the way we've been approaching it. Um,

So that's the way we've been approaching it. Um,

Both both candidates are talking about and all of the above strategy, which we support and we will be part of.

Let's see, things play out more opportunities person in in base load generation from a gas standpoint. That would be regulated and certainly um more we can do on a solar and a battery fronts as well.

We'd like to see things play out with more opportunities first, and baseload generation from a gas standpoint. That would be regulated and certainly, the more we can do on solar and battery fronts as well.

Got it that's very helpful. Thank you.

And I think if you look at both candidates and their platforms,

The next question is from the line of Nick Campanella with Barclays. Please proceed with your question.

You really see, you know, all the...

You really see, you know, all the... the.

Hey, good morning, Thanks for taking my questions.

How are you Mike.

Hey, I'm, good I hope you're doing well.

Yeah.

So.

So look.

The contracting discussion.

Talking about everything right that they're looking at all these options that are out there. The real question is for what degree and I think you will see 1 with 1 candidate, that might be leaning a little more, towards the gas fired units. And another candidate that leaves a little more towards solar and batteries, but, um,

talking about everything right that they're looking at all these options that are out there. But the real question is for what degree? And I think you will see 1 with 1 candidate, that might be leaning a little more towards the gas fired units. And another candidate that leads a little more towards solar and batteries but um,

We did see the multistate counterproposal advocating for bring your own generation.

And they need to kind of fast tracking permit.

Fast track with terminating for some of these data centers, but there just seems to be an overall stress on bring your own generation across the states in PJM.

[music].

The next question is from the line of Nick Campanella with Barclays. Please receive your questions.

How is that causing the conversation around the newt.

Hey, good morning. Thanks for taking my question.

Hey, good morning. Thanks for taking my questions.

Um,

so, I

To evolve and is it fair to say that any deal at this point would now have to come with additionality commitments.

Hey, I'm good. Hope you're doing well. Uh,

I'm good. Hope you're doing well. Uh,

so, um, so look just

Whether that upgrade new gas batteries or otherwise just maybe you can kind of talked about a little bit if that's the right Jake.

Yeah are you talking about the Doa Nick in that.

In the contracting discussion, you know, we did see the multi-state kind of proposal advocating for bring your own generation.

In the contracting discussion, um, you know, we did see the multi-state kind of proposal advocating for bring your own generation.

The Doe.

The letter from the Doj.

There's been various caused by the weather had been Pennsylvania.

New Jersey, or Maryland on just the need to.

For data centers to bring their own generation now and I'm, just wondering how that impacts our incumbent generators that were.

Interested in potentially signing fund Demeter deals.

Yes, Nick I would say that.

Um, and then need to kind of fast track and permit, you know, Fast Track. The permitting for some of these data centers but there just seems to be an overall stress on bringing your own generation across the states and pjm. And how is that, you know, causing the conversation around the nukes um, to evolve and is it fair to say that any deal at this point? Would now have to come with additionality commitments, uh, whether that's upgrades new gas batteries or otherwise just, you know, maybe you can kind of talk to that a little bit if that's the right take.

If I'm capturing your question right that there has been more dialogue around it there has not been anything.

Yeah, are you talking about the doe nick in it?

The DOE.

From the standpoint of requirements related to what must happen and so I think from that perspective, I think it it almost does tie in a little bit to what Ralph is talking about with respect to the letter.

The letter from the DOE. Oh, I'm just, I think there's just been various calls by, whether it's in Pennsylvania, New Jersey, or, you know, Maryland, on just the need to...

The letter from the DOE, uh, I'm just talking. So I think there's just been various, uh, calls by whether it's been Pennsylvania, New Jersey, or, you know, Maryland on just the need to, um,

Hmm, which is try to set some standards and trying to I would say fast track things, but get things moving where there is a little bit of a logjam theres about a discussion about a whole host of topics B Y O G is one of them.

To to for, for data center to bring their own generation. Now and I'm just wondering how that impacts uh, incumbent generators that were, you know, interested in, you know, potentially uh, signing front and meter deals.

To to, for for data sets to bring their own generation. Now and I'm just wondering how that impacts, uh, incumbent generators that were, you know, interested in, you know, potentially uh, signing front and meter deals.

Yeah, Nick. I

But theres nothing thats mandatory from that perspective, and Theres nothing about additionality, that's mandatory from that perspective and different counterparties have different environmental profiles that are important to them, but not against the backdrop of anything that is required either and so I think.

Found it. There has not been anything, uh, from the standpoint of...

I found that there has not been anything, uh, from the standpoint of...

What youre seeing is continued dialogue around some topics that are of interest but are not precluding anything from happening one way or another.

Requirements related to what must happen. And so I think from that perspective, I think it it it, it it, it almost does tie in a little bit to what Ralph is talking about with respect to the due letter. Um,

requirements related to what must happen. And so, I think from that perspective, I think it it it it, it it, it almost does tie in a little bit to what Ralph is talking about with respect to the due letter. Um,

Okay, Alright, I appreciate that and then you got.

There's been a lot of.

which is trying to set some standards and, I would say, fast-track things but get things moving where there is a little bit of a logjam. There's been a discussion about a whole host of topics by OG is one of them, uh, but there's...

Which is trying to set some standards and, how do I say, fast-track things? But get things moving where there is a little bit of a logjam. There's been a discussion about a whole host of topics by OG, is one of them, uh, but there's...

EPS CAGR updates this quarter end.

I guess, maybe you can kind of help.

Additionality, that's mandatory from that perspective and.

Conditioned to the street Youre doing nine 5% year over year growth, 25% off of about 24, I see that on slide five.

Counterparties, have different environmental profiles that are important to them.

but not against the backdrop of anything that

Is required either. And so I think,

There's nothing about additionality that's mandatory from that perspective and different counterparties have different environmental profiles that are important to them but not against the backdrop of anything that is required either. And and so I think

I noticed in the past.

5% to 7% CAGR, that's not linear.

But just from our perspective.

You know what you're seeing is continued dialogue around some topics that are of interest but are not precluding anything from happening one way or another.

No where the capacity auctions that we know where prices have gone just what are some of the negatives that we should be thinking about that kind of put you back within the 5% to 7% range as we kind of think through what you can deliver on in 'twenty six.

Okay, all right, I appreciate that. And then, um, you know, there's been a lot of, uh, EPS kegger Updates this quarter. And, you know, I guess, maybe you can kind of help. Uh,

Okay, all right, I appreciate that. And then, um, you know, there's been a lot of EPS Kegger updates this quarter. And, you know, I guess maybe you can kind of help.

What I would tell you is our update is coming in February and we're not going to piecemeal elements of it before we get there. So we will give you a fulsome update when we give you the update.

No problem.

Thanks, Greg.

Okay.

The next questions are from the line of David Arcaro with Morgan Stanley. Please proceed with your question.

Hey, thanks, so much good morning.

David.

One quick clarification or maybe additional piece of data I was just wondering what the level of mature applications would be in that data center activity that you've quoted in the past, yes. So I think we moved that from 2600 2800.

Position to the street. You know you're doing 9 and a half percent year-over-year growth 25 through 20 off of uh 24. I see that on slide 5. Um I know this is the past 5 to 7% kager That's not linear um but just from our perspective um you know we know where the capacity auctions have cleared at we know where prices have gone just what are some of the negatives that we should be thinking about that kind of put you back within the 5 to 7% range as we kind of think through what you can deliver on in 26.

Position to the street. You know you're doing 9 and a half percent year-over-year growth 25 through 20 off of uh 24. I see that on slide 5. Um I know this is the past 5 to 7% kager That's not linear um but just from our perspective um you know you know where the capacity auctions have cleared at we know where prices have gone just what are some of the negatives that we should be thinking about that kind of put you back within the 5 to 7% range as we kind of think through what you can deliver on in 26.

Yeah.

What I would tell you is our update is coming in February, and we're not going to piecemeal elements of it before we get there. So we'll give you a full update when we give you the update.

What I would tell you is our update is coming in February, and we're not going to piecemeal elements of it before we get there. So, we will give you a full update when we provide you with the update.

No problem.

Got it got it.

Thank you, thanks Nick.

I think that's the information thats in the deck.

Thanks for that.

The next question is from the line of David Aro with Morgan Stanley. Please receive three questions.

Alright number 2600 2800.

The next question is from the line of David Aro with Morgan Stanley. Please receive your question.

Hey, thanks so much. Good morning.

Yeah.

Great Okay perfect.

And then as you.

If you sketch out the utility growth outlook and roll forward I was just curious if you could give your perspective now on how do you manage the affordability concerns maybe outside of just the generation front you know as you're planning.

Um, 1 quick, uh, clarification or or maybe additional piece of, uh, data was just wondering what the, um, level of mature applications, uh, would be in that, uh, data center activity that you've quoted in the past. Yes. So I think we moved that from 2600 to 2800.

Um, one quick clarification or maybe additional piece of data. I was just wondering what the level of mature applications would be in that data center activity that you've quoted in the past. Yes. So I think we moved that from 2,600 to 2,800.

The next iterations of your utility Capex programs and looking at the T&D.

I think that's where the information that's in the text.

<unk> outlook, how are you we begin just considerations around affordability.

I think that’s where the information that’s in the text.

Well look we always think about affordability no matter, what we do here from a company standpoint, whether it's I can point you to our O&M slides that are in the deck and.

Thanks for that. That's the right number: 2,600 to 2,800.

Great. Okay. Perfect.

And how we've held O&M relatively flat over a longer period of time.

I can talk to you about the way, we're implementing our Ami system right now and how we've done that not only from a standpoint of cost then.

Keeping rates down, but also from the impact on employees and and just transitioning those folks into different positions.

Um, and then, uh, you know, as you, um, as you sketch out the utility growth outlook, um, and roll forward, I was just curious if you could give your perspective now on how you manage the affordability concerns, maybe outside of just the generation front. You know, as you're planning, uh, the next iterations of your utility capex programs and looking at the T&D rate outlook, um, how are you weaving, again, just considerations around affordability?

Um, and then, uh, you know, as you, um, if you sketch out the utility growth outlook, um, and roll forward, I was just curious if you could give your perspective now on how you manage the affordability concerns, maybe outside of just the generation front. You know, as you're planning, uh, the next iterations of your utility capex programs and looking at the T&D rate outlook, um, how are you weaving in just considerations around affordability?

So.

Portability is not something new to us I appreciate it.

A hotter topic in different circles.

But it's the way we've operated and you've heard us many times talking about the fact that we're not we're not making any big announcements about expense savings. We normally just operate in that manner and we will continue to do that.

Well, I look—we always think about affordability, no matter what we do here from a company standpoint. Whether it's, you know, I can point you to our O&M slides that are in the deck and how we've held O&M relatively flat over a longer period of time.

Well, I look, we always think about affordability, no matter what we do here from a company standpoint. Whether it's, you know, I could point you to our O&M slides that are in the deck and how we've held O&M relatively flat over a longer period of time.

[music].

That said.

We are also in the past worked through different.

Mechanisms with the regulator to spread cost out differently and I'll I'll go back 20 years. When the decision was made to change the depreciable life of our gas assets and those that cost was recovered in a different way from customers. So there are things that we can do working with the regulator.

I could talk to you about, you know, the way we're implementing our AMI system right now and how we've done that, not only from a standpoint of cost and keeping rates down, but also from, you know, the impact on employees.

I could talk to you about, you know, the way we're implementing our AMI system right now and how we've done that, not only from a standpoint of cost and, uh, keeping rates down, but also from, you know, the impact on employees.

To come up with solutions to keep T&D rates flat.

We've done that recently, we'll continue to look at at options for that but this is not just an affordability issue right. This is quickly becoming a reliability issue and the resource adequacy is going to drive us to solutions that are going to increase supply.

The just transition to those folks into different positions. So affordability is not something new to us. Uh I appreciate it's a it's a it's a hotter Topic in different circles. Um but it's the way we've operated and and you've heard us many times talked about the fact that we're not we're not making any big announcements about expense savings. We we normally just operate in that manner and we'll continue to do that.

As the demand comes online we have defined supply.

David I don't know any other way to say it and I think both of the candidates for Governor in New Jersey recognize that they have both said that again their solutions might be a little bit different but.

That said, um, we've also in the past worked through different, um, mechanisms with the regulator to spread costs out differently. And I'll go back, you know, 20 years when the decision was made to change the depreciable life of our gas assets, and that cost was recovered in a different way from customers. So, there are things that we can do working with the regulator, um, to come up with solutions to keep TNZ rates flat.

How we get there is the only question is that if we're going to get there we need more supply in the state.

Okay.

Great. Yeah, that's really helpful color much appreciated and see you soon thanks.

Thanks, David.

The next question is from the line of Bill epithelium with UBS. Please proceed with your question.

Um, we've done that recently. We'll continue to look at options for that, but this is not just an affordability issue, right? This is quickly becoming a reliability issue, and the resource adequacy is going to drive us to solutions that are going to increase supply.

Um, we've done that recently. We'll continue to look at those options, but this is not just an affordability issue, right? This is quickly becoming a reliability issue, and the resource adequacy is going to drive us to solutions that are going to increase supply.

Uh, as the demand comes online, we have to find supply.

Hey, good morning.

Hey, Bill.

Just following up on some of those comments you just made about finding supply I mean, there would be a sense of urgency I think behind that right. So is there an opportunity here in the veto session to push for some legislation that could support this or do you think this is more likely something has to be dealt with under a new administration.

Uh, David, I don't know any other way to say it. I think both of the candidates for governor in New Jersey recognize that. They've both said that, again, their solutions might be a little bit different, but how we get there is the only question. It's not if we're going to get there; we need more supply in the state.

Uh, David, I don't know any other way to say it, and I think both of the candidates for governor in New Jersey recognize that. They've both said that, again, their solutions might be a little bit different, but how we get there is the only question. It's not if we're going to get there; we need more supply in the state.

Look there has been a lot of things that have happened and as stated in the past not just from an energy standpoint, but other topics that have been handled in lame duck.

Great. Yeah, that's really helpful color. Much appreciated, and see you soon.

Thanks David.

And so I'm not sure whether or not that will be the approach taken here.

Hey, good morning.

Hey Bill.

B one that's that's taken but in 'twenty six but I do know, it's going to be a hot topic, one way or the other.

So I personally would like to see us move faster.

From a state standpoint, I think it would help us.

Just, just following up on, on some of those comments you just made about finding Supply. I mean, you know, there would be a sense of urgency, I think behind that, right. Um, so is there an opportunity here in the veto session to to push for some legislation that could support this or or do you think this is more likely something has to be dealt with under a new Administration?

Both from an affordability standpoint, but also from an economic development standpoint.

We as I mentioned earlier, we've been we've got some headroom in the in the system today, and we've been using that up.

I look, there's been a lot of things that have happened in this state in the past, not just from an energy standpoint, but other topics that have been handled in lame duck. Um, and so I'm not sure whether or not that'll be.

I look, there's been a lot of things that have happened in this state in the past, not just from an energy standpoint, but other topics that have been handled in a thoughtful manner. Um, and so I'm not sure whether or not that'll be...

But if we're going to continue to grow this state and again, both candidates would like to see us continue to grow to state and one of the fundamental things will need is enough supply.

And the.

Where I put my economic development add on and I say, let's get moving sooner than later.

Taken here or it'll be 1. That's that's taken but in the in 26 but I I do know it's going to be a Hot Topic 1 where the other um and so I I personally would like to see us move faster.

From a state standpoint, I think it would help us.

But if we could have those discussion starting on Wednesday, it couldnt be soon enough.

Okay.

And then just along those same lines I mean, how do you evaluate.

The framework for that right with this be in terms of evaluating how much generation you potentially would need from a regulated basis.

Um, you know, both from an affordability standpoint, but also from an economic development standpoint. Uh, we as, as I mentioned earlier, you know, we've been, we've got some head room in the, in the system today, and we've been using that up.

Um, you know, both from an affordability standpoint, but also from an economic development standpoint. Uh, we as, as I mentioned earlier, you know, we've been we we've got some Headroom in the, in the system today, and we've been using that up

But if we're going to continue to grow this state,

Would you be sort of an RFP approach that you could have bid on or me I'm not sure. If you guys could sort of you know.

Describe how how you would envision such a mechanism coming out.

And again, both candidates would like to see us continue to grow to state. Then, one of the fundamental things we'll need is enough supply.

But if we're going to continue to grow this state—and again, both candidates would like to see us continue to grow the state—then one of the fundamental things we'll need is enough supply.

and,

That's where I put my Economic Development hat on. And I say,

Look I think that the btu could.

Could hold some sort of an auction I think we could go to some sort of an F. R. R.

Let's get moving sooner than later, and boy, if we could have those discussions start on Wednesday, it couldn't be soon enough.

And that's where I put my economic development hat on, and I say, let's get moving sooner rather than later. And boy, if we could have those discussions starting on Wednesday, it couldn't be soon enough.

I don't want to front run anybody if it can be room to do that so so I wont, but I will tell you what it all starts with the same four questions that we've been we've been banging the table about one week.

We've got to figure out with load we're going to supply.

Alright, two we got to figure out what the reliability targets are going to be.

For you, it's going to be emissions right and what are.

And then just, you know, along those same lines, I mean how do you evaluate? You know the the framework for that right? Would this be, you know, terms of evaluating how much generation you potentially would need from a regulated basis? Um, would you there be sort of an RFP approach that you could then bid on or may? I'm not sure if you guys could sort of, you know, describe how how you would Envision such a mechanism coming out. Yeah, I, I

And then just, you know, along those same lines, I mean, how do you evaluate? You know the the framework for that right? Would this be you know, in terms of evaluating how much generation you potentially would need from a regulated basis? Um, would you there be sort of an RFP approach that you could then bid on or may? I'm not sure if you guys could sort of, you know, uh, describe how, how you would Envision such a, a mechanism coming out. Yeah, I I

Or are the emissions profiles, we're willing to accept both.

I think that the VPU could, um,

If we're in a.

Could hold some.

Our build our own generation or imported from our neighbors.

Both of those have different impacts in and how that plays out.

And then the last thing is the definition of affordability.

We talk about affordability, but we really define it whether it's at the state level or at the at the federal level to be honest.

If we could go to some sort of an frr, I think, again, I don't want to front run anybody. I think it could be rude to do that. So so I won't but I will tell you what it all starts with at the same 4 questions. That we've been, we've been banging, the table about. All right? 1, we've we've got to figure out what the load. We're going to supply.

Could hold some sort of an auction. I think we could go to some sort of an frr I say, again, I don't want to front run anybody, I think it could be rude to do that. So so I won't. But I will tell you what it all starts with at the same 4 questions. That we've been, we've been banging the table about write 1. We've, we've got to figure out what the load, we're going to supply.

Is it going to be CPI is going to be regional CPI as it would be state CPI, what is it going to be and I think as we move forward answering those four questions is fundamental.

All right, 2, we got to figure out what the reliability targets are going to be.

Putting together an integrated resource plan.

Okay. Thank you and then just lastly on on.

Free, it's going to be emissions, right? And what, what are the emissions profiles? We're willing to accept both. Um, if we're in a, a build our own generation or imported from our neighbors

3, it's going to be a mission, right? And what are the emissions profiles? We're willing to accept both if we're in a build, our own generation, or imported from our neighbors.

The outlook for the forward curves I mean can you maybe just speak to where you see those relative to maybe your fundamental view or at least relative to where the PTC floor is that's embedded in your outlook.

Have different impacts and and how that plays out.

Those have different impacts and how that plays out.

And then the last thing is the definition of affordability.

We talk about affordability.

but we rarely Define it, uh, whether it's at the state level or at the, uh, at the federal level,

But we rarely define it, whether it's at the state level or at the federal level.

Outlook, yes.

Im going to let Dan answer that when he sees that a little bit more but I mean.

Fundamentally we look out four years away others.

Give it to you Sir.

Thank you.

To be honest, um, is it going to be CPI? Is it going to be regional CPI? Is it going to be state CPI? What is it going to be? And I think as we move forward, answering those four questions is fundamental.

<unk> seen some recent strength within the market and we've been saying for some time that if.

You just.

Think about all the fundamentals that are going on in the discussions that everybody is having it it's been pretty tough to try to land the plane on exactly what's going to happen from a load perspective.

Okay, thank you. And then just lastly on, uh,

[music].

But the numbers are a little bit staggering and so even a lower end of the range would imply a need for incremental supply and then if you think about the supply discussion those have always moved towards a concept of we need to move quickly because at the end of the day generally isn't going to come out all that fast and you just think about high for turbines and everything else.

The outlook for the forward curves. I mean, can you maybe just speak to where you see those relative to maybe your fundamental view or at least relative to where the PTC floor is that's embedded in your outlook? Yeah, I I'm going to let Dan answer that when he.

He sees that a little bit more, but I mean fundamentally, we look out four years away, others do. So, I'll give it to you today. Yeah, but I think you know you've seen some recent strength within the market, and we've been saying for some time that.

He sees that a little bit more, but, uh, I mean, fundamentally, we look out for years the way others do. So I'll give it to you today. Yeah, Bill, I think you know you've seen some recent strength within the market, and we've been saying for some time that.

And so.

All of that leads you to a little bit of a more bullish place and if you look at the forward curve do you haven't seen quite as much bullishness. So we've seen some of that come up.

And so I think that that feels a little bit more like a fundamental move than just some.

Interim period of time, although we do end up having some of those two it seems like every time they go into winter and we get a cold day.

A little bit of movement out the curve, but.

Think about all the fundamentals that are going on in the discussions that everybody's having it, it's been pretty tough to try to, you know, land the plane on exactly what's going to happen from a load perspective. Uh, but the numbers are a little bit staggering and so even a a lower end of the range would imply a need for incremental Supply. And then, if you think about the supply discussions, those have always moved towards the concept of

But I do think fundamentals should support a stronger prices. We go forward, but the forward to the fourth.

Okay, great. Thank you.

Thanks Bill.

The next question is from the line of Nick <unk> with Evercore ISI. Please proceed with your question.

Hey, good morning, guys, Hey, Nick.

So I think youre going to welcome as well I think this is our first quarterly call with you asking the question.

We need to move quickly because at the end of the day, generally isn't going to come out all that fast. You just think about time for turbines and everything else. And and so um all of that leads you to a little bit of a more bullish place and if you look out the forward curve, you haven't seen quite as much bullishness and we've seen some of that come up and so I think uh that that feels a little bit more, like a fundamental move than just some uh,

Is it think about all the fundamentals that are going on and the discussions that everybody's having? It's been pretty tough to try to, you know, land the plane on exactly what's going to happen from a load perspective. Uh, but the numbers are a little bit staggering and so, even a a lower end of the range would imply a need for incremental Supply. And then, if you think about the supply discussions, those have always moved towards the concept of. We need to move quickly because at the end of the day, generally isn't going to come out all that fast. You just think about high for turbines and everything else. And and so um all of that leads you to a little bit of a more bullish place and if you look out the forward curve, you haven't seen quite as much bullishness as we've seen some of that come up. And so I think uh, that that feels a little bit more, like a fundamental move than just some uh,

Oh, well thanks I appreciate it.

I just wanted to dig in a little bit on on Hope Creek, just kind of the extension of the fuel cycle there.

Interim period of time. Although we do end up having some of those too. It seems like every time we go into winter and we get a cold day.

Kind of what what undertakings for Don I mean does that kind of a.

Out the curve. Um, but I do think fundamentals should support a stronger price as we go forward. But the forwards are the.

Out of the curve. Um, but I do think fundamentals should support a stronger price as we go forward. But the forwards are the folks...

Okay, great. Thank you. Yep.

Great, thank you. Yep.

Uh huh.

Thanks Bill.

Enhanced fuel offering or how should we kind of think about that is definitely there are opportunities to kind of extend that even further.

ASI. Please just see you with your question.

Gucci with evercore isi. Please just see you through a question.

Yes, Nick.

Hey, good morning, guys. Hey, Nick.

It really is a lot simpler than people might make it out to be it's just shuffling of the fuels some different changes in our fuel design, but we didn't change to a new fuel supplier as a result, right. So this is something thats been done in the industry quite a bit and we joked a lot about it we had a CFO and it always gave us a hard time about.

I think you get a I think you get a welcome as well. I think this is our first quarterly call with you asking a question.

Oh, well thanks, I appreciate that. Um,

<unk>.

Um, I just wanted to, uh, to dig into a little bit on, uh, on Hope Creek. Um, just kind of the extension of the fuel cycle there, um, kind of what, um, what undertakings were done. I mean, that was that kind of a, um,

Um, I just wanted to, uh, to dig into a little bit on Hope Creek. Um, just kind of the extension of the fuel cycle there. Um, kind of what, um, what undertakings were done. I mean, was that kind of a, um,

Doing upgrades at a plant that we only had a visibility for three years of our life for.

But he did is he did the right thing and held US accountable the little longer term life before we've made long term investments so.

Uh ah ah an enhanced fuel offering or or how should we kind of think about that? Is there is there opportunities to kind of extend that even further?

Uh ah ah ah, an enhanced fuel offering or or how should we kind of think about that? Is there, is there opportunity to kind of extend that even further?

Yeah, no Nic.

So while Dan did that we were getting smart about the changes that we took back Darrin. We're following with the rest of the industry is done I will tell you though.

simpler than people might make it out to be, it's just shuffling at a fuel, some different changes in the fuel design, but we, we didn't change

We also at the same time did a lot of other things at that plant to continue to reinforce both the.

The asset itself, but also some efficiencies in.

To a new fuel supplier as a result, right? So this is something that's been done in the industry quite a bit, and we joked a lot about it. We had a photo that always gave us a hard time about it.

To talk about things that you might not pay attention to but we changed out some of the installation and the cooling tower, which.

Doing upgrades at a plant that we only had visibility for three years of a life for. Um, but he did the right thing and held us accountable to.

Just changes the efficiency of that.

To a little longer-term life before we made long-term investments. So, uh,

Of the cooling tower and it just allows us the draft at the cooling tower is going to increase which allows you to keep the megawatts up in the middle of the summer when at other times, the heat and humidity might reduce the draft flow through that.

Doing upgrades to the plant that we only had a visibility for 3 years of a life for. Um, but he did his, he did the right thing and held us accountable to a little longer term life before we made long term investments. So, uh, so while Dan did that, we, we were getting smart about the changes that we, we could make their, and we're following what the rest of the industry is done. I will tell you though, um, we also at the same time, did a lot of other things that that plan to continue to reinforce both the the

That stack. So we were looking at all the time for it and in that case.

Well, Dan did that. We, we were getting smart about the changes that we, we could make there. And we're following what? The rest of the industry has done? I will tell you though. Um, we also at the same time, did a lot of other things at that plant to continue to reinforce both the the, you know, the asset itself. But also some efficiencies and

You know, the asset itself, but also some efficiencies and...

talk about, you know,

to talk about, you know,

No big announcements, but I know, we're running more efficiently in the summer months, which by the way at the same time, we have the higher prices right. So.

There are things that we're doing down there and the team's doing a nice job.

It might not pay attention to, but you know we changed out some of the insulation in the cooling tower, which, you know, just changes the efficiency of that.

Things that you might not pay attention to, but you know we changed out some of the insulation in the cooling tower, which, you know, just changes the efficiency of that.

For us in identifying those opportunities, but specific to your question on the fuel not not a big not.

The cooling tower and and it just allows us the draft that the cooling tower is going to increase which allows you to keep the megawatts.

The cooling tower just allows us the draft that the cooling tower is going to increase, which allows you to keep the megawatts.

Not a big change compared to what others have done in the industry and no real opportunity at Hope Creek to make that an additional change, but maybe its element I know there are some.

Some operators that are looking at moving from a 12 to 18 or your cycle at Pwc ours.

In the middle of the summer, when at other times the heat and humidity might reduce the draft flow through that uh that stack. So we were looking at all all the time for it and and in that case, uh, you know, no big announcements, but I know we're, we're running more efficiently in the summer months, which

In the middle of the summer, when at other times the heat and humidity might reduce the draft flow through that uh that stack. So we were looking all all the time for it and and in that case, uh, you know, no big announcements, but I know we're, we're running more efficiently in the summer months, which

At the same time, we have the...

At the same time, we have the

<unk> I'm, sorry, 18 to 24 months. The BW are is what we just did that.

Right? So, lots of different things that we're doing down there, and the team is doing a nice job.

Hope Creek.

Right? So, lots of different things that we're doing down there, and the team is doing a nice job for us in identifying those opportunities, but.

For us, identifying those opportunities. But

Great.

That's all I got thanks.

<unk>.

The next question is from the line of Paul from BARDA with Jefferies. Please proceed with your question.

Alright. Thank you good morning team the morning right Paul.

Specific to your question on the fuel, not a big change compared to what others have done in the industry. And no real opportunity at Hope Creek to make that an additional change, but maybe at Salem. And I know there are some, um,

To your question on the fuel: not a big change compared to what others have done in the industry, and no real opportunity at Hope Creek to make that an additional change, but maybe at Salem. And I know there are some, um,

I don't think you Dan.

Yeah, and just to follow up on the conversation on the forward curve.

Some operators that we are looking at.

Obviously, theres been a pretty big move even as of late could you share some light on kind of what the hedging profile looks like get power for the next few years.

From a 12 to 18-year cycle at PWRs, uh, the BWR, I'm sorry, 18 to 24 months. The BWRs is what we just did at, uh, Hope Creek.

Some operators that are looking at moving from a 12 to 18 year cycle at pwrs. Uh, the bwr I'm sorry 18 to 24 months. The the bwrs is what we just did at uh, at Hope Creek.

Just if there's been any changes I know, we had the nuclear PTC a little bit ago, just any overall thoughts you could given the position that would be great. Thanks.

Great. Uh, thanks for that. That's all I got. Thanks.

Right. Uh, thanks for that. That's all I got. Thanks.

And Paul it isn't much and it's not very different from from the characterization that we've provided in the past I mean, we said we were historically this goes back pre PTC too.

The next question is from the line of Paulson, Bardot, with Jeffrey's. Let's just see with three questions.

The next question is from the line of Paulson, Bardot, with Jeffries. Let's just see a few questions.

Hi, thank you. Good morning, team.

Good morning morning, Paul.

Morning. All right. Paul.

Two a fairly ratable three year hedging cycle.

The PTC change that because if you're taking a look at our overall hedging portfolio that youre trying to manage risk with you have a risk protection from the PTC. So we said we.

Barry from that a little bit because of the PTC.

[music].

But the way we've described it as just not radically different from that ratable method and I think if you think about it generally in those terms.

I don't know. Thank you Dan, just to to follow up on the the conversation, on the, the Ford curve. Um obviously there's been a pretty big move even as of late. Could you share some light on kind of what the hedging profile looks like at Power for the next few years? And just if there's been any changes, I know we had the nuclear PTC um, a little bit ago, just any overall thoughts, you could give in the positioning, would be great. Thanks.

I know thank you Dan, just to to follow up on the the conversation, on the, the Ford curve. Um obviously there's been a pretty big move even as of late. Could you share some light on kind of what the hedging profile looks like at Power for the next few years? And just if there's been any changes, I know we had the nuclear PTC um a little bit ago, just any overall thoughts, you could give in the position, it would be great. Thanks.

Yeah.

Youll be in the ballpark of where we are and that's how we've been describing it and I think that's still a good way to describe it for you.

Yeah. And and Paul it isn't much in this. Not very different from from the characterization that we provided in the past. I mean, we said we we were historically. This goes back, pre PTC.

Orally. This goes back. Pre-PTC.

to a

fairly radical 3.

Okay that makes sense.

And then on the capital refreshed just to make sure I understood correctly. It sounds like you will have kind of a.

To a fairly radical three-year catching cycle. The PTC changed that because if you're taking a look at overall hedging portfolio,

You're trying to man.

Hedging cycle. The PTC changed that because if you're taking a look at the overall hedging portfolio that you're trying to manage.

risk with you, have a

mask with you have a

Protection from the PTC.

Bigger capital refresh when we do that fourth quarter roll forward is.

Is that a fair interpretation or do you need some of that political and regulatory clarity.

Risk protection from the PTC. So we said we varied from that a little bit because of the PTC. Uh but the way we've described it is just not radically.

And just a it's not a fourth quarter event, but sometime later in 2026.

Vary from that a little bit because of the PTC, uh, but the way we've described it is just not radically different from that rateable method. And I think, if you think about it, generally in those terms, uh, you you'll be in the ballpark of of, of where

No we will be doing a normal roll forward of everything out our fourth quarter call I think thats the simple way to think about the messaging.

And that, that's how we've been describing it. And I think that's still a.

I think if you think about it, generally in those terms, uh you you'll be in the ballpark of of where we are. And that, that's how we've been describing it and, and I think that's still a good way to describe it for.

Okay.

Thank you Tim.

Thank you.

Thank you. The next question is from the line of Carly Davenport with Goldman Sachs. Please proceed with your question.

Good morning.

Good morning, Thank you.

Just one quick one from me on the utility side, just as you get towards the end of the GSM P. Two extension period.

okay, that makes sense. Um, and then on the, the capital refreshed, just to make sure I understood correctly, it sounds like you will have kind of a, a bigger Capital refresh. When we do that, fourth quarter roll forward, um, is that a fair interpretation or do you need some of that political and Regulatory Clarity? Um, and just, it's not a fourth quarter of event, but sometime later in 2026,

Okay, that makes sense. Um, and then on the, the capital refreshed, just to make sure I understood correctly, it sounds like you will have kind of a, a bigger Capital refresh. When we do that, fourth quarter roll forward. Um, is, is that a fair interpretation or do you need some of that political and Regulatory Clarity? Um, and just it's not a fourth quarter of event, but sometime later in 2026,

Can you share sort of the latest they're in discussions about refreshing that program as we near 2026.

Everything on our fourth quarter call.

I think that's

Yes, we're continuing to have those discussions currently and I wouldnt.

I think that's the simple way to think about the messaging.

Okay.

okay.

Thank you, team.

Again, I wouldn't want to front run any of that that's taken place right now but.

Thank you.

We're in we're in continuous.

Negotiations that are ongoing with <unk>.

Thank you. The next question is from the line of Carly Davenport, with Goldman Sachs, please receive their questions.

Thank you. The next question is from the line of Carly Davenport with Goldman Sachs. Please receive three questions.

Btu.

Hey, good morning.

Okay got it great I'll leave it there. Thank you thanks Carla.

Hey, good morning, good morning. Thanks for... um, just one quick question.

Good morning. Thanks for. Um, just one quick question.

For me.

Thank you. The next question is from the line of Anthony <unk> with Mizuho. Please proceed with your question.

Hey, good morning, guys. Thanks, Thanks for squeezing me with all the welcome ratings.

Utility side. Just as you get towards kind of the end of the gsmp to extension period. Um, can you just share sort of the latest there and discussions about refreshing that program as we near 2026?

For me, uh, on the utility side, just as you get towards kind of the end of the GSMP to extension period, can you just share sort of the latest there and discussions about refreshing that program as we near 2026?

Yes.

The only question was umpqua might welcoming us to the Devils bandwagon, it's a big question, but we'll talk about them on it.

Yeah, we're continuing to have those discussions, Carli. And I wouldn't, uh,

Again, I wouldn't want to front-run any of that. It's taking place right now, but, um,

Great I'm on it.

We're in, we're in continuous.

Much better than my Rangers.

I guess two questions one is.

Again, I wouldn't want a front run any of that. It's taking place right now, but, um, we we're in we're in continuous negotiations. In our ongoing with, uh, with the BPU

Okay got it great I'll leave it there. Thank you thanks Carla.

I'm sure you guys have had have met with both candidates.

When they talk about affordability do you think to focus on the supplier generation side or the wire side today understand the differences in the PJM impact versus just.

Thank you. The next question is from the line of Anthony crowd out with Mizuho. Please proceed with your question.

Hey, good morning, guys. Thanks, Thanks for squeezing me with all the welcome greetings.

Yes.

Investing in the great infrastructure, and then I have a follow up yeah, no I have to be a great question, Ed They absolutely understand the difference there.

Question was Umpqua my welcoming us to the Devils bandwagon, it's a big question, but we'll talk about them on it.

Great I'm on it.

They also understand that the customer gets one bill.

Much better than my Rangers.

I guess two questions one is.

And so what we need to we need to work together with.

I'm sure you guys have have had met with both candidates.

Whoever is successful is working on that one bill.

When they talk about affordability do you think the focus on the supplier generation side or the wire side today understand the differences in the PJM impact versus just.

And so that's why we keep talking about supply it's not our traditional lane. We're here to help on that but we we are really pounding the table about the integrated resource plan no matter, what happens going forward because without that.

Investing in the great infrastructure, and then I have a follow up yes, no Anthony Great question, Ed They absolutely understand the difference.

We'll just continue to flounder.

We lived on the backs of some excess capacity in the area for quite some time and now.

They also understand that the customer gets one bill.

And so what we need to we need to work together with.

We have this challenge here, but.

I don't want at all give anybody an indication that either candidate doesn't understand the issue they absolutely understand the issue and they know where they know where it is.

Whoever is successful is working on that one bill.

And then.

Follow up kind of the same topic.

<unk>.

Your company is the only company with both.

We'll just continue to flounder, we lived on the backs of some excess capacity in the area for quite some time and now.

While T J M wires exposure, but also merchant generation in PJM.

And as we're all looking for whether it's a data set in a contract or a large load customer contract.

We have this challenge here, but I don't want at all give anybody an indication that either candidate doesn't understand the issue they absolutely understand the issue and they know where they know where it is.

Is it possible that both segments of your business the wires company in the generation given the basketball affordability and everything else that they actually both could win or outperform at the same time.

And then.

To follow up kind of the same topic.

Whereas when you see this election going on in that very high attractive price on a generation if something came about on a data center or any type of large contracts would actually hurt the wires business or vice versa I'll just leave it there.

Your company is the only company with both.

Why are PJM wires exposure, but also merchant generation in PJM.

And as we're all looking for whether it's a data set in a contract or a large load customer contract.

It's a very fair question, Anthony but it's one that we think about every day because we're.

Is it possible that both segments of your business the wires company in the generation given the basketball affordability everything else that they actually both could win or outperform at the same time.

At the end of the day, we were hired by the shareholders and that's that's where our heads at and we do think that there is continues to be an opportunity to.

Whereas when you see this election going on and that are.

You don't benefit from from having both of the assets I'll say it in that term from a generation standpoint and from a utility standpoint, I think it showed up in the way we've been able to finance a utility that was the reason we we originally talked about holding onto nuclear it helps us in the state and conversations analysis with our unions.

A very high attractive price on a generation if something came about on a data center or any type of large contract would actually hurt the wires business or vice versa I'll just leave it there.

It's a very fair question, Anthony but it's one that we think about every day because we're.

Having a common union are so just to remind everybody of that is key.

At the end of the day, we were hired by the shareholders and that's that's where our heads at and we do think that there is continues to be an opportunity to.

But we are laser focused on an added value for the shareholder and we're trying to look at that balance every day to get that optimization. So I think there is a win win.

You don't benefit from having both of the assets I'll say it in that term from a generation standpoint, and from a utility standpoint, I think it showed up in the way we've been able to finance a utility that was the reason we we originally talked about holding onto nuclear it helps us in the state and conversations that helps us with our unions.

And how it how it plays out will be based upon a lot of different factors over the next.

[music].

You know a couple of years here.

Great. Thanks for taking my questions and.

If nowhere it get some air traffic controls and we'll see you down on Hollywood.

Having a common union there so just to remind everybody of that is key.

Alright.

Thanks Jack.

Thank you. Our last question is from the line of Andrew Weisel with Scotiabank. Please proceed with your question.

But we are laser focused on an added value for the shareholder and we're trying to look at that balance every day to get that optimization. So I think there is a win win.

Hey, good morning, everybody, Thanks for including me good morning, Andrew.

First question is on the balance sheet, you've obviously lung how did the strength of that and the lack of need for external equity.

And how would how it plays out will be based upon a lot of different factors over the next.

A couple of years here.

Expecting a few months, we'll see a pretty sizable increase to the capital plan. Maybe how are you thinking about that at this point I don't expect specifics, but are you thinking that you'll be able to continue to stay no equity.

Great. Thanks for taking my questions and.

<unk> got some air traffic controls, we'll see you down on Hollywood.

Alright.

Thanks Jack.

Thank you. Our last question is from the line of Andrew Weisel with Scotiabank. Please proceed with your question.

Luke.

Pink.

I'm going to start off and give it to Dan <unk>.

Hey, good morning, everybody, Thanks for including me good morning, Andrew.

Talking about this quite a bit both Dan and his predecessors have handled our balance sheet extremely well and I don't I don't think any of that's going to change.

First question is on the balance sheet, you've obviously lung how did the strength of that and the lack of need for external equity, but I am expecting a few months, we'll see a pretty sizable increase to the capital plan. Maybe how are you thinking about that at this point I don't expect specifics, but are you thinking that you'll be able to <unk>.

As we have more opportunities in front of us and Dan can give you any more he wants through there and theres not a lot without going into what we would be saying in the fourth quarter I think we've been able to manage the business pretty well and manage the needs that we have had pretty well and I think we're going to continue to be able to do that we'll provide the fulsome roll forward in the fourth quarter, which will include capital.

I need to say no equity.

Luke.

Hey, Jonathan.

Thank you.

I'm going to start off and give it to Dan <unk>.

Hi, My name is Rob and I remember that that great anyway.

<unk> rate base and an overall earnings growth.

Talking about this quite a bit both Dan and his predecessors have handled our balance sheet extremely well and I don't I don't think any of that's going to change.

Everyone stay Safe Conference Public service Enterprise group's third quarter 2012.

Okay great.

Next on affordability, obviously, it's been talked a lot about today and I can't watch the world series or football game without being reminded about it but one different approach I want to maybe think about is obviously no one likes to see their bills go up and it's been a real hard slog to get new supply added, but new Jersey is a pretty wealthy state overall, how are you thinking about.

A webcast.

At this time.

As we have more opportunities in front of us and saying can give you any more he wants through there and theres not a lot without going into what we would be saying in the fourth quarter I think we've been able to manage the business pretty well and manage the needs that we have had pretty well and I think we're going to continue to be able to do that we'll provide the fulsome roll forward in the fourth quarter, which will include capital.

Mode later, either because quite frankly, I think actually I should remember if there's any audience community.

So my question, you're only only breathless, that's our number one pillar telephone keypad.

Your question. Please press star two.

If anyone anywhere.

In terms of not only overall affordability, but focusing on low and lower income customers. There's a lot of existing programs and talk about expanding or adding new programs is that maybe a different strategy that maybe it could be pursued both by you and the state overall.

The conference. Please press star zero on your telephone keypad.

<unk> rate base and an overall earnings growth.

Thanks for.

It's being recorded today November 25.

Okay great.

Five.

Next on affordability, obviously, it's been talked a lot about today and I can't watch a world series or football game without being reminded about it but one different approach I want to maybe think about it is obviously no one licensing their bills go up and it's been a real hard slog to get new supply added, but new Jersey is a pretty wealthy state overall, how are you thinking about.

Available lately.

So that's not really released what would I say.

C T I guess Colin.

Yes.

Slash Investor P O N E.

Again very very good question.

It is absolutely something I think it will depend upon who is successful and how this plays out.

I wouldn't say only for certain compounds Chan.

Dan. Please go ahead.

Good morning, and welcome to M. P O S T D.

But both candidates talk about.

There wasn't one of them.

Turning briefly say Jason.

They have to look at things a little bit differently dependent upon the customer or in their case the taxpayer.

Oh right right right.

And then you're right right exactly.

So the professor who sat on it when combined with today's discussion.

Dave.

They're taken care of so.

We have we have done that in the past Andrew.

Sure John.

Yeah.

Yes.

Again very very good question.

To give you a one.

And our crew.

One example, here, where Kim home and entertainment at the utility.

Later that day.

It is absolutely something I think it will depend upon who is successful and how this plays out.

Got it.

During today's call.

Reaches out all the time and we were doing analysis over the past week, just try to see where things might play out from.

We're talking days they've been an amendment.

Are there risks and certainties.

But both candidates talk about her.

Yeah.

How they have to look at things a little bit differently dependent upon the customer or in their case, the taxpayer that they've that they're taken care off so.

Which are different from that that is that's what we're doing is working with within that really have nothing to announce.

A snap standpoint, and the impact on our customer base and we identified about 500000 customers that could be impacted and how we should think about those customers and making sure that we take them into account.

Yeah.

We include reconciliations of our monotherapy on the idea that measures and forward.

We have done that in the past Andrew and I.

We're looking at it on an island or what I might add.

As we are in.

And it is your area.

I'm going to give you one.

Shutoff period now for collections and how that's all handled so our team looks at that level of detail on a regular basis and very proud of them for doing that.

They're more likely will go down.

One example, here, where Kim home and entertainment at the utility.

Understood.

Now I'll turn the call over to Ralph.

Reaches out all the time and we were doing analysis over the past week, just to try to see where things might play out from.

Thank you Carla and thank you all for joining us to review the <unk>.

And I think that that at the end of the day brings us a lot of goodwill in the state not only from our customer base, but also from our policymakers you want to add.

We announced this morning and to discuss our outlook for the business over the remainder of the year.

Snap standpoint, and the impact on our customer base and we identified about 500000 customers that could be impacted and.

<unk> reported a solid third quarter and year to date operating and financial results, reflecting the expected positive impact of new rates from the October 2020 forward the distribution rate case settlement.

The only other thing I would add is we show a per cent of wallet slide in our deck. So we have for a long time.

How we should think about those customers and making sure that we take them into account.

As we are in.

And if you take a look at that slide there's actually two lines on that one of them is for the average customer one of them is for a lower income customer and given the lower income and given the share of wallet you would think that it would be a higher percent of their income given the fact that the denominator is lower and in fact, it's not.

Benefited the full third quarter.

Shut off period now for collections and how that's all handled so our team looks at that level of detail on a regular basis and very proud of them for doing that.

Our results through the first nine months enabled us to narrow our 2025 non-GAAP operating earnings guidance to the upper half of the range at $4 to $4 <unk> per share from prior guidance of $3 94 to $4 <unk> per share.

And I think that that at the end of the day brings us a lot of goodwill in the state not only from our customer base, but also from our policymakers you want to add.

And that I think is a credit to the programs that are in place and the things that are done throughout the state and that we do ourselves to help some of those that are most in need so that is always a focus.

At <unk>, we invested approximately $1 billion in the quarter and $2 $7 billion over the first nine months of 2025.

The only other thing I would add is we show a per cent of wallet slide in our deck. So we have for a long time.

All part of our planned full year, three 8 billion dollar regulated capital spending program.

And we will continue to be as we go forward.

Great I appreciate how much you guys have been proactive on that front one last one if I could just on the loan on the large load inquiries pretty significant pick up there to 11 and a half gigawatts can you detail how much of that is data centers versus manufacturers and then just very roughly the timing of the ramp up schedule.

This program is focused on replacing and modernizing new Jersey's energy infrastructure meeting load growth and expanding energy efficiency programs that lower energy demand and customer bills.

Okay.

During the quarter PSEG nuclear supply degrade was seven nine terawatt hours or reliable carbon free baseload energy, while providing PSEG with the financial flexibility to fund our regulated investments.

I think as a credit to the programs that are in place and the things that are done throughout the state and that we do ourselves to help some of those that are most in need so that is always a focus.

Much of that is kind of 'twenty six 'twenty seven versus the outer years like 2930 or beyond.

Yeah, No I don't have the level of detail on each of the years four year. So I don't I don't I wouldn't have that it is mostly data centers.

And we will continue to be as we go forward.

Our 100% owned Hope Creek unit completed a 499 day continuous run since its last refueling outage and we recently completed work to extend this fuel cycle from 18 to 24 months.

Uh huh.

I would say almost exclusively data centers in that number there were some electric vehicle loads overcoming on it has not stayed up at the same level.

Positioning the unit to produce more megawatt hours going forward.

You know everything, but it's also edge computing.

Much of that is kind of 'twenty six 'twenty seven versus the outer years like 2930 or beyond.

More than it is hyperscale or is again just to reinforce that point.

And I think the other thing Thats really.

Yeah, No I don't have the level of detail on each of the years four year. So I don't I don't I wouldn't have that it is mostly data centers.

Telling about the load and the interest is coming in it's all sticking to around that 20% number that's actually come into fruition, which we had talked about three or four calls ago, we thought that was going to be.

Uh huh.

We are executing on Pseg's growth plan with a focus on operational excellence and rigorous cost discipline to maintain reliability and provide value for our customers.

I would say almost exclusively data centers in that number there were some electric vehicle loads overcoming on it has not.

The way this would play out and it's in it's shown itself in the numbers is the.

Right up at the same level.

Total inquiries come in those that are actually moving to new business staying around 20%. So.

You know everything, but it's also edge computing more than it is hyperscale or is again just to reinforce that point.

The need for investment in leadership has never been more evident than now with the <unk>.

I'm proud of the team and the forecast and that's been done there and give you a little bit more flavor it and maybe just looking at the two numbers.

I forget and growing supply demand imbalance in new Jersey, and the entire PJM region.

And I think the other thing Thats really.

Telling about the load and the interest is coming in it's all sticking to around that 20% number that's actually coming to fruition, which we had talked about three or four calls ago, we thought that was going to be the way.

To address this resource adequacy imbalance, which will adversely impact both reliability and affordability for customers in the future if it's not addressed.

Very good thank you for all the info.

Thanks, Andrew.

Thank you, ladies and gentlemen, I'd like to turn floor back over to Mr. Lewis for closing comments.

We are actively collaborating with current and potential future policymakers to develop real solutions in New Jersey, and ensure we can affordably meet our customers' energy needs.

Well, Thanks, I got I have planned comment I'm going to add another one I was told by Carlotta today that this is the 10th year as CFO until your 40th Paul band. So congratulations on getting there I guess you must be.

This would play out and it's in it's shown itself in the numbers is the total.

Total inquiries come in those that are actually moving to new business are staying around 20%. So again proud of the team in our forecast and that's been done there and give you a little bit more flavor, it and maybe just what kind of numbers.

The next governor in New Jersey will be faced with addressing a broad set of rising costs and implementing practical solutions to get to the root cause of these cost pressures will be a focus.

But listen all joking aside we sit a lot of thank yous and good luck to people moving into new roles and no places that more important than in Trenton as we go through the next the next week.

These cost pressures have many sources.

Very good thank you for all the info.

For example, the latest Rutgers Eagleton, Paul showed that 36% of likely voters cited taxes as the top problem facing New Jersey.

Thanks, Andrew.

Thank you, ladies and gentlemen, Alex since way back over to Mr. Lewis for closing comments.

It's been a it's been a heck of a campaign.

While 21% said it was affordability.

Well, Thanks, I got I have planned comment I'm going to add another one I was told by Carlotta today that this is dance 10th year as CFO until your 40th Paul band. So congratulations on getting there unless it exhausted you must be.

All the polls are saying, it's close we'll see how this plays out but we will not be close as our ability to work with whoever is successful we stand ready to.

Other topics trail. These two leading concerns with 6% point to specifically to housing affordability and 5% so utility costs as the top problem in the state.

Talking about rolling up our sleeves will roll up our sleeves are trousers, whatever else, we need to do to make sure that we are here to help out and were ready to work. So.

We stand ready to work with the incoming administration to do our part to keep rates as low as possible in the short term and work on longer term solutions to add supply.

But listen all joking aside we sit a lot of thank yous, and and and and good luck to people moving into new roles and no places up more important than in Trenton as we go through the next the next week.

Good luck to both candidates as they entered the last 24 hours of the campaign.

While the supply demand balance remains significant and growing problem. We expect the capacity market impacts on customer bills next June will be limited by two factors.

And I look forward to seeing you all in Hollywood, Florida in the next seven days or so.

It's been a it's been a heck of a campaign.

All the polls are saying, it's close we'll see how this plays out but we will not be close as our ability to work with whoever is successful we stand ready to talk about rolling up our sleeves will roll up our sleeves are trousers, whatever else, we need to do to make sure that we are here to help out and were ready to work. So.

Take care.

The FERC approved price call. It it will extend through at least the upcoming capacity auction in December and.

Ladies and gentlemen. This concludes today's teleconference. You may disconnect. Your lines at this time and thank you for your participation.

Two gradualism of the basic generation supply mechanism that feathers in changes over a three year period here in New Jersey.

This assumes all the supply related costs remain the same preserving the reduction from other charges is expected to come off to bill.

Good luck to both candidates as they entered the last 24 hours of the campaign.

And I look forward to seeing you all in Hollywood, Florida in the next seven days or so.

One other topic, whether it's broad common ground is that new jersey needs to add generation supply to reduce its overreliance on the PJM capacity market and ensuring continuing reliability and affordability for customers.

Take care.

Ladies and gentlemen. This concludes today's teleconference. You may disconnect. Your lines at this time and thank you for your participation.

With imports, having grown to over 40% of our generation consumption.

Legislation has been introduced that allows electric distribution companies to compete to participate in offerings supply solutions.

We are supportive of legislation that would increase competition for generation supply should new Jersey decided to pursue new in state generation.

In addition, we have sites with grid connections capability and pipeline supplies as well as the in house expertise to build new supply here in new Jersey with prevailing wage labor.

Now turning to PSEG nuclear we continue to implement projects designed to optimize our plants and increased megawatt production.

In addition to the Hope Creek fuel cycle extension I mentioned earlier, our self operated project will bring an incremental 200 megawatts to the grid during the 2027% to 2029 timeframe as this kind of Baseload carbon free dispatch will power continues to increase and scarcity value.

We also note the potential significance of the recent department of energy notice, which has now become a FERC rulemaking.

Q2 accelerate interconnection of large loads in a way that is timely fair and affordable for customers.

The notices requesting the FERC take final action by April 30 of 2026.

There are many positive developments to this proposal, but it will take a while before we see the ultimate impact of the rulemaking.

$3 94 to $4 six per share.

We are also reaffirming pseg's five year non-GAAP operating earnings growth outlook of $5 to 7% through 2029, as we continue to pursue incremental opportunities to our long term forecast, including the potential for contract our nuclear output under multi year agreements and potential utility investor.

To address near term need for additional supply due to the growing customer demand.

Notably our balance sheet continues to enable us to fund Pseg's five year capital investment program of 22, 5% to $26 billion.

The need to issue new equity or sell assets and provides the opportunity for consistent and sustainable dividend growth.

Before I conclude I would like to recognize the outstanding performance of both our transmission and distribution system as well as our nuclear business over the last quarter.

Both demonstrated exceptional reliability and resiliency for our customers.

This collective achievement reflects the hard work dedication and technical expertise of everyone at PSEG.

Now as you know tomorrow is election day in New Jersey.

Let me say this clearly.

PSEG has been around for over a century and we have worked successfully with every new Jersey administration on both sides of the aisle with aligns objectives for the state's advancement.

Based on our meetings with both candidates for Governor I have every confidence that we will do so again with the new incoming administration.

I'll now turn the call over to Dan Who'll walk you through our financial results and the outlook for the remainder of 2025, and then rejoined the call for Q&A.

Thanks, Ralph and good morning to everybody for.

For the third quarter <unk> reported net income of $1 24 per share in 2025, compared with $1 four per share in 2024.

And non-GAAP operating earnings were $1 13 per share in 2025, compared with 90 per share in 2024.

We've provided you with information on slide seven line regarding the contribution to net income and non-GAAP operating earnings by business for the third quarter and nine months ended September 32025.

Slide eight and 10 contain waterfall charts that take you through the net changes.

For the quarter and year to date periods over the prior year and non-GAAP operating earnings per share also by major business.

Let's start with <unk>, which reported third quarter net income and non-GAAP operating earnings of $515 million for 2025.

Compared to $379 million in 2024.

Utility results were driven by the implementation of new electric and gas base distribution rates.

Look effect in October 2024.

To recover a return of and on previous capital investments totaling more than $3 billion.

And higher working capital recovery.

Beginning on slide eight with the PSE and G column.

Our distribution margin increased by 30 per share compared to the year ago period.

Largely reflecting the impact of the rate case, plus recovery of and return on <unk> capital investments.

On the expense side distribution O&M costs were <unk> <unk> per share higher compared to the third quarter of 2024.

And depreciation and interest expense rose by a penny per share and <unk> per share respectively compared to the third quarter of 2024.

Higher levels of depreciable plant.

Investment in long term debt at higher interest rates.

Lastly, the timing of taxes recorded through an annual effective tax rate, which nets to zero over a full year.

At a net favorable impact of three cents per share in the third quarter compared to the prior year period.

Following severe storms in June one P. S. EOG hit its electric system peak for the year.

Weather conditions during the third quarter as measured by the temperature humidity index.

Four 3% cooler than normal and.

7% cooler than the third quarter of 2024.

As a reminder.

The conservation incentive program or Sip program mechanism decoupled weather and other economic sales variances from a significant portion of our distribution margin.

While helping PSA N G promote the widespread adoption of energy conservation, including energy efficiency and solar program.

Okay.

Under the Sip the number of electric and gas customers as the primary driver of distribution margin and.

Each segment grew by approximately 1% over the past year.

On the capital front as Ralph mentioned earlier.

<unk> invested approximately $1 billion during the third quarter.

Totaling $2 $7 billion for the first nine months.

Our plan for the full year of 2025 regulated capital investment.

Approximately $3 $8 billion.

Our five year regulated capital investment plan of $21 billion to $24 billion through 2029 is unchanged.

In the first quarter of 2025 P. S. A N G began deploying their new energy efficiency programs.

We anticipate investing up to $2 $9 billion over a six year period under that program.

This program totals include approximately $1 billion of on Bill repayment options.

Help our customers finance their energy efficiency equipment and appliances.

And provides customers with the energy information and options.

Manage their energy use and lower their bills.

Now moving on to PSEG power and other.

The third quarter PSEG power and other reported net income of $107 million in 2025.

Compared to $141 million in 2024.

And non-GAAP operating earnings were $50 million in 2025 compared to $69 million in 2024.

Referring again to the third quarter waterfall slide eight now.

Energy margin rose by a penny per share compared to the prior year quarter.

While generation was down in the quarter due to the hope Creek refueling outage overall.

Overall power pricing in market revenues were higher than in the third quarter of 2024.

O&M was five <unk> per share unfavorable compared to the third quarter of 2024, mostly driven by the scheduled refueling of our 100% owned Hope Creek nuclear unit.

As Ralph mentioned, our Hope Creek unit has successfully transitioned from an 18 to 24 month refueling cycle going forward.

Which is expected to yield additional megawatt hours as.

As well as the O&M savings over the long term.

Depreciation expense was a penny per share favorable interest expense rose by <unk> <unk> per share, reflecting incremental debt at higher interest rates.

And taxes and other were a penny per share favorable compared to the third quarter of 2024.

On the operating side the nuclear fleet produced approximately seven nine terawatt hours, starting the third quarter.

Compared to approximately $8, one terawatt hours in the third quarter of 2024.

For the nine months ended September 32025.

Nuclear generation was approximately $23 eight terawatt hours up slightly from 23, three terawatt hours for the same period of 2024.

Capacity factors for the nuclear fleet or 92, 4% and 93, 7% for.

For the quarter and nine months period ended September 32025, respectively.

In July PSEG nuclear cleared approximately 3500 megawatts of its eligible nuclear capacity.

PJM base residual auction at the market clearing price.

$329 per megawatt day for the energy year June one 2026 through May 31 of 2027.

Okay.

But you got some recent financing activity.

At the end of September PSEG had total available liquidity of $3 6 billion.

<unk> approximately $330 million of cash on hand.

And on the financing front in August.

P S ANZ issued $450 million up four 9% secured medium term notes.

Through August 2035.

And later in August PSEG redeemed at maturity $550 million Okay.

Okay.

Notes that carried a coupon of 8%.

Overall PSEG has significant liquidity at the end of the third quarter, which remained relatively unchanged from the end of the second quarter.

TCG is variable rate debt at the end of September consistent out of a 364 day term loan at PSEG power for $400 million.

Which matures in December of 2025.

In commercial paper.

As of September 30th our level of variable rate debt represents approximately 4% of our total debt.

And in October Moody's published updated credit opinions on PSEG N P. S. Angie.

With no change to either credit ratings or outlook.

Looking ahead, our solid balance sheet supports the execution of Pseg's five year capital spending plan dominated by regulated capex.

Without the need to sell new equity or assets.

And provides for the opportunity for consistent and sustainable dividend growth.

In closing we are narrowing pseg's full year 2025.

non-GAAP operating earnings guidance to $4 to $4 <unk> per share.

$3.94 to $4 six per share.

This updates pseg's solid results through the first nine months of 2025.

And we are also reaffirming our long term five years to 7% compound annual growth in non-GAAP operating earnings through 2029.

Supported by our capital investment programs, and then nuclear PTC thresholds.

We expect to introduce Pseg's 2026, non-GAAP operating earnings guidance.

All forward our capital investment plans.

Our rate based on long term earnings CAGR.

And discuss this outlook all during our year end call in February of 2026.

Okay.

This concludes our formal remarks and operator, we are now ready to begin the question and answer.

Thank you, ladies and gentlemen, well now begin the question and answer session for members of the financial community.

Have a question please press the star and the number one on your telephone keypad.

Your question has been answered and he wished to Australia pulling request you may do so by pressing the star and the number two.

If you got a speaker phone please pick up your handset before entering your request.

Well I'm I'm pleased for the first question.

Right.

First question is from sharp Hearusa with Wells Fargo. Please proceed with your question.

Hey, guys good morning.

Hey, who's that.

[laughter].

Well welcome back sure and.

Just like we did with with many of your peers over the last 12 months welcome back period.

I appreciate you almost had me tongue tied and that never happened. So I appreciate that.

So so Ralph just obviously the elections could be kind of this key thresholds for data center deals in this stage we've seen Dave.

Data center customers walk away from local politics issues in kind of both the regulated and even deregulated markets.

Artificial island is obviously, it's a great asset so kind of curious if there is any pressure points forming there.

And then obviously one of your favorite questions is any updates on potential timelines.

Yeah, no. Thanks sure I'll, let Dan as we have been doing over the last couple of calls here answer the timeline.

<unk>, but look I would say this and it's more of a generic answer to you on the.

The election, and what we can expect a post Tuesday and that is we will see but as I said in my kind of my closing comments, we fully expect to be able to work with.

With both sides of the aisle we've done it in the past.

A proven track record by this company and we feel really really confident that that's going to continue as we move forward here in 2026.

Specific to data center opportunities in New Jersey, they really haven't slowed down.

We have some information in the deck about how that has continued.

And we expect that to continue to do those jobs have moved a little bit further along in the queue, depending upon whether you look at our Q or Pjm's Q as an example, and I'll just point you to one that.

Showed up today, it's public information or TEAC meeting has taken place smart PJM and there are some additional load that's been identified for a job and Kenilworth that as a supplement to one of our supplemental projects. So.

They continue to arrive here in New Jersey, we haven't seen that as the hyperscale level.

And we have talked about that for many times and we expect these to be smaller not ones that we're making big announcements about and we don't expect those smaller less listen size announcements to be something that we're talking about whether it's at the utility or ours.

Dan you want to talk more about the timeline.

Thank Ralph covered it and I think we'll get a little bit more color from both of the candidates. There has been a whole bunch of stuff they've talked about during the campaign.

This hasn't been the highest topic with respect to data centers as much as with respect to affordability generally I think that I've touched us.

But we'll give more color as far as the election ends and we find out where they're going to go but.

In the meantime, I think it has everything to Ralph said and we're continuing to move forward.

Okay, Great and then just lastly, that's helpful. And then just on the 11 Gigawatts. The large loan pipeline. That's obviously growing just I know I don't want to front run the capex update on the roll forward, but let me attempt to anyway, but just on the great capacity.

Just Dan talk about as Ralph just a great capacity, that's there to convert those into signed agreements versus how much transmission and distribution needs you're gonna have unless you start to convert thanks, well again.

Again, I think a little bit of that is front running some policy that will exist here in new Jersey right. So the first and I talked a lot about the fact that the new governor will need to make some policy decisions that will help us plan the grid for the long term right.

Right now we have capacity on our grid.

That's based upon the current topology.

We see new generation come in large scale thousand megawatt plants that are showing up that may change the grid topology, a little bit if we see more solar and more batteries that may change.

Apology, a little bit so at the frontline to say that I could tell you that which is why we're going to give you that full full roll forward in February.

Okay perfect. Thanks, so much guys appreciate it CNS few days and Ralph Thanks for remembering me after a garden leave thanks guys.

Is that [laughter].

Our next question is from the line of Jeremy today with J P. Morgan. Please proceed with your question.

Hi, Good morning, Hey, Jeremy.

I wouldn't say difference in the tone of conversations Jeremy, but I think that youre seeing different types of entities are being involved.

The two states I think you have more of a forward leaning appetite in Pennsylvania, which is enabling more to happen in more to happen on a bigger scale and I think in new Jersey, I have not seen that as much with respect to the incentives and so what youre, saying is.

There's still some interest in the state in some sizable interest in the state, but at a smaller scale. So I think that's probably the biggest differentiation between the two locations.

Yeah.

Got it that's helpful. Thanks for that and as it relates to I guess that you know.

Hi additions in working with stakeholders and state just wondering if you might be able to expand a little bit more beyond that I guess as far as what type of.

Yeah.

Construct peg will be interested and be regulated generation unregulated generation or just any other color in general on this topic.

Yeah, So Jeremy its a great question look we have said for many months.

And we have indicated in public settings that we are more than willing to help the state achieve its goals in <unk>.

<unk> capacity right.

Alright.

We absolutely think that we could provide some solutions for gas generation.

In a regulated manner. We also think we can continue we've done large scale solar on on.

Some brownfield site some what some landfill sites in the past so we could do more on the solar front.

We do think there is an appetite now for some regulated storage.

We're looking forward to taking part in that.

See how that plays out over the next few months and we know that many of both candidates have been talking a lot about new nuclear.

Now on the nuclear we have also been very very <unk>.

And our responses and saying that we're not looking to put our own capital work.

But we want to enable solutions for the state and.

And Thats, where our site comes in and we think that long term that will provide us with some great some revenue opportunities whether it be for.

You know, our operating and maintenance activities our security activities.

Spent fuel storage there is many many things that we can do.

For them without putting our own capital to work.

And so that's that's the way we've been approaching it.

And that's the way, we'd like to see things play out more opportunities person and base load generation from a gas standpoint that would be regulated and certainly.

More we can do on the solar and battery fronts as well and I think if you look at both candidates and their platforms.

See one the all the both talking about everything right that they are looking at all these options that are out there. The real question is to what degree and I think you will see one with one candidate they might be leaning a little more towards the gas fired units and another candidate there'll be just a little more towards solar and batteries, but.

Both candidates are talking about it and all of the above strategy, which we support and we will be part of.

Yeah.

Got it that's very helpful. Thank you.

The next question is from the line of Nick Campanella with Barclays. Please proceed with your questions.

Thanks.

Hey, good morning, Thanks for taking my questions.

How are you Mike.

Hey, I'm, good hope you're doing well.

So.

Looked at.

The contracting discussion.

We did see the multistate tenant proposal advocating for bring your own generation.

And they need to kind of fast tracking permit.

Fast track determining for some of these data centers, but there just seems to be an overall stress on bring your own generation across the states in PJM and how is that causing the conversation around the nukes.

Two involved and is it fair to say that any deal at this point would now have to come with additionality commitments.

Upgrades, new gas batteries or otherwise just maybe you can kind of talked about a little bit if that's the right Jake.

Are you talking about the dose in.

In that.

The dose.

The letter from the Doj.

I think there's been various caused by weather its been Pennsylvania.

New Jersey, or Maryland on just the need to.

For data centers to bring their own generation now and I'm, just wondering how that impacts our incumbent generators that were you know.

Interested in potentially signing funds a meter deals.

Yes, Nick I would say that if I'm capturing your question right that there has been more dialogue around it there has not been anything.

From the standpoint of requirements related to what must happen and so I think from that perspective, I think it it it almost does tie it a little bit to what Ralph is talking about with respect to the Doj letter.

Hmm, which is try to set some standards and trying to have let's say fast track things, but get things moving where there is a little bit of a log jam theres a lot of discussion about a whole host of topics B Y O G is one of them.

You know what Youre, saying is continued dialogue around some topics that are of interest but are not precluding anything from happening one way or another.

Okay, Alright, I appreciate that and then.

There's been a lot of.

EPS CAGR updates this quarter end.

I guess, maybe you can kind of help Ah <unk>.

In addition to the street Youre doing 95% year over year growth, 25% off about 24, I see that on slide five.

I noticed in the past.

5% to 7% CAGR, that's not linear.

But just from our perspective.

You know where the capacity auction cleared at we know where prices have gone just what are some of the negatives that we should be thinking about that kind of put you back within the 5% to 7% range as we kind of think through what you can deliver on in 'twenty six.

Yes.

I'd tell you is our update is coming in February and we're not going to piecemeal elements of it before we get there so well, we'll give you a fulsome update when we give you the update.

No problem.

Thank you thanks, Greg.

Okay.

The next questions are from the line of David Arcaro with Morgan Stanley. Please proceed with your question.

Hey, thanks, so much good morning.

Hey, David.

Got it.

Yeah.

So the information it's in the deck.

Thanks for that that's the right number 2600 2800.

Okay.

Great Okay perfect.

And then you know as you if you sketch out the utility growth outlook.

Roll forward I was just curious if you could give your perspective now on how do you manage the affordability concerns maybe outside of just the generation front you know as you're planning.

The next iterations of your utility Capex programs and looking at the T&D.

Rate outlook, how do you weave again just considerations around affordability.

Well look we always think about affordability no matter, what we do here from a company standpoint, whether it's you know I can point you to our O&M slides that are in the deck.

And how we've held O&M relatively flat over a longer period of time.

I can talk to you about the way, we're implementing our Ami system right now and how we've done that not only from a standpoint of cost then.

Uh huh.

Keeping rates down, but also from the impact on employees and and just transitioning those folks into different positions.

So.

Portability is not something new to us I appreciate it's a it's a.

A hotter topic in different circles.

But it's the way we've operated and you've heard us many times talking about the fact that we're not we're not making any big announcements about expense savings. We normally just to operate in that manner and we will continue to do that.

That said we are also in the past worked through different.

Mechanisms with the regulator to spread cost out differently and I'll I'll go back 20 years. When the decision was made to change the depreciable life of our gas assets and those that cost recovered in a different way from customers. So there are things that we can do working with the regulator.

To come up with solutions to keep T&D rates flat.

We've done that recently, we'll continue to look at options for that but this is not just an affordability issue right. This is quickly becoming a reliability issue and the resource adequacy is going to drive us to solutions that are going to increase supply.

As the demand comes online we have defined supply.

David I don't know any other way to say it and I think both of the candidates for Governor in New Jersey recognize that Dave spoke said that again their solutions might be a little bit different but.

How we get there is the only question is that if we're going to get there we need more supply in the state.

Okay.

Great. Yeah, that's really helpful color much appreciated and see you soon thanks.

Thanks, David.

The next question is from the line of Bill at the silly with UBS. Please proceed with your question.

Hey, good morning.

Hey, Bill.

Look there has been a lot of things that have happened and as stated in the past not just from an energy standpoint, but other topics that have been handled in lame duck.

And so I'm not sure whether or not that will be the approach taken here.

It'd be one that's that's taken but in 'twenty.

26, but I do know, it's going to be a hot topic, one way or the other and so on.

I personally would like to see us move faster from.

From a state standpoint, I think it would help us.

Both from an affordability standpoint, but also from an economic development standpoint.

We as I mentioned earlier, you know we've been we've got some headroom in the in the system today, and we've been using that up.

But if we're going to continue to grow this state and again, both candidates would like to see us continue to grow the state and one of the fundamental things will need is enough supply.

And.

Where I put my economic development had on and I'd say, let's get moving sooner than later.

But if we could have those discussions starting on Wednesday, it couldnt be soon enough.

Okay, and then just along those same lines I mean, how do you evaluate that.

The framework for that right with this be you know in terms of evaluating how much generation you potentially would need from a regulated basis.

Would you there be sort of an RFP approach that you could then bid on I mean I'm not sure. If you guys could sort of just you know.

Describe how how you would envision such a mechanism coming out yeah.

Look I think that the btu could.

Could hold some sort of an auction I think we could go to some sort of an F. R. R.

Again, I don't want to front run antibody that can be room to do that so so I wont, but I will tell you what it all starts with the same four questions that we've been we've been banging the table about right one.

We've got to figure out with load we're going to supply.

Alright, two we got to figure out what the reliability targets are going to be.

Three it's going to be emissions right.

And what are the emissions profiles, we're willing to accept both.

If we're in a.

Our build our own generation or imported from our neighbors.

Both of those have different impacts and how that plays out.

And then the last thing is the definition of affordability.

Talk about affordability.

But we really define it whether it's at the state level or at the at the federal level to be honest.

Is it going to be CPI is going to be regional CPI as it would be state CPI, what what is it going to be and I think as we move forward answering those four questions is fundamental to putting together an integrated resource plan.

Okay. Thank you and then just lastly on the.

The outlook for the forward curves I mean can you maybe just speak to where you see those relative to maybe your fundamental view or at least relative to where the PTC for us that's embedded in your <unk>.

Look yes.

Yes.

I'll, let Dan answer that when he sees that a little bit more but a.

Fundamentally we look out four years away others Occupancies then yes.

I think you've seen some recent strength within the market and we've been saying for some time that if you just.

Think about all the fundamentals that are going on in the discussions that everybody's having it it's been pretty tough to try to land the plane on exactly what's going to happen from a load perspective.

And so.

All of that leads you to a little bit of a more bullish place and if you look at the forward curve you haven't seen quite as much bullish that's where we've seen some of that come up.

And so I think that that feels a little bit more like a fundamental move than just some.

Interim period of time, although we do end up having some of those two it seems like every time they go into winter and we get a cold day.

A little bit of movement out the curve, but.

But I do think fundamentals should support a stronger prices. We go forward, but the forward to the fourth.

Okay, great. Thank you.

Thanks Bill.

The next question is from the line of Nick <unk> with Evercore ISI. Please proceed with your question.

Hey, good morning, guys, Hey, Nick.

So you get I think Youll get a welcome as well I think this is our first quarterly call with you asking the question.

Oh, well thanks I appreciate it.

Yeah.

I just wanted to dig into a little bit on on Hope Creek, just kind of the extension of the fuel cycle there.

Kind of what what undertakings, we're done I mean, it was that kind of a.

Uh huh.

Enhanced fuel offering or how should we kind of think about that is there is there opportunities to kind of extend that even further.

Yeah, I know Nik.

It really is a lot simpler than people might make it out to be it's just shuffling of the fuel some different changes in our fuel design, but we didn't change to a new fuel supplier as a result, right. So this is something thats been done in the industry quite a bit and we joked a lot about it we had a CFO and it always gave us a hard time about.

<unk>.

Doing upgrades at a plant that we only had a visibility for three years of our life for but he did is he did the right thing and held US accountable the little longer term life before we've made long term investments so.

While Dan did that we were getting smart about the changes that we took back Darrin. We're following with the rest of the industry is done I will tell you though.

We also at the same time did a lot of other things at that plant to continue to reinforce both the the you know the.

The asset itself, but also some efficiencies in.

To talk about things that you might not pay attention to but we changed out some of the installation and the cooling tower, which.

Just changes the efficiency of that.

That stack. So we were looking all the time for it and in that case.

No big announcements, but I know, we're running more efficiently in the summer months, which by the way at the same time, we have the higher prices right. So a lot of that.

Things that were doing down there and the team's doing a nice job.

For us in identifying those opportunities, but specific to your question on the fuel not a big it's not a big change compared to what others have done in the industry and no real opportunity at Hope Creek to make an additional change, but maybe it sell them and I know there are some.

Some operators that are looking at moving from a 12 to 18 or your cycle at Pwc ours.

W. R.

Sorry, 18 to 24 months.

The BW or so is what we just did that Ah I Hope Creek.

Great.

That's all I got.

Thanks.

The next question is from the line of Paul from BARDA with Jefferies. Please proceed with your question.

Hi, Thank you good morning team the morning right Paul.

I don't think you and Dan just to follow up on the conversation on the forward curve.

Obviously, theres been a pretty big move even as of late could you share some light on kind of what the hedging profile looks like power for the next few years.

If theres been any changes I know, we had the nuclear PTC a little bit ago, just any overall thoughts you could given the positioning would be great. Thanks.

And Paul it isn't much and it's not very different from from the characterization that we've provided in the past I mean, we said we were historically this goes back pre PTC.

A fairly ratable three year hedging cycle.

The PTC change that.

Because if you're taking a look at our overall hedging portfolio that youre trying to manage risk with you have a risk protection from the PTC. So we said we.

From that a little bit because of the PTC.

But the way we've described it as just not radically different from that ratable method and I think if you think about it generally in those terms.

You'll be in the ballpark of where we are and that's how we've been describing it and I think that's still a good way to describe it for you.

Okay that makes sense.

And then on the the capital refreshed just to make sure I understood correctly. It sounds like you will have kind of a bigger capital refresh when we do that fourth quarter roll forward.

Is that a fair.

Europe location or do you need some of that political and regulatory clarity.

And just a it's not a fourth quarter event, but sometime later in 2026.

We will be doing a normal roll forward of everything out our fourth quarter call I think that's the simple way to think about the messaging.

Okay.

Thank you team.

Thank you.

Thank you. The next question is from the line of Carly Davenport with Goldman Sachs. Please proceed with your question.

Good morning, good morning, Thank you.

Just one quick one from me on the utility side, just as you get towards the end of the G. S. M. P. Two extension period.

Can you just share started the latest they're in discussions about refreshing that program has been year 2026.

Yes, we're continuing to have those discussions currently and I, we're not again.

And I wouldn't want to front run any of that that's taken place right now but.

We're in we're in continuous negotiations that are ongoing with <unk>.

<unk>.

Okay got it great I'll leave it there. Thank you thanks Carla.

Yeah.

Thank you. The next question is from the line of Anthony <unk> with Mizuho. Please proceed with your question.

Hey, good morning, guys. Thanks, Thanks for squeezing me with all the welcome greetings.

Yes.

My only question was Umpqua my welcoming you to the Devils bandwagon, it's a big question, but we'll talk about them on it.

I agree I'm on it much better than my Rangers.

I guess two questions one is.

I'm sure you guys have have had met with both candidates.

They talk about affordability do you think to focus on the supplier generation side or the wire side today understand the differences in the PJM impact versus just.

Investing in the great infrastructure, and then I have a follow up yeah, I know I asked a great question they absolutely understand the difference.

They also understand that the customer gets one bill.

And so what we need to we need to work together with <unk>.

Whoever is successful is working on that one bill.

We'll just continue to flounder, we lived on the backs of some excess capacity in the area for quite some time and now.

And then.

To follow up kind of the same topic.

You know the company is the only company with both wire PJM wires exposure, but also merchant generation in PJM.

And as we're all looking for whether it's a data center contract or a large load customer contract.

Whereas when you see this election going on and that are very high attractive price on a generation if something came about on a data center or any type of large contracts would actually hurt the wires business or vice versa I'll just leave it there.

Very fair question, Anthony but it's one that we think about every day because we're.

At the end of the day, we were hired by the shareholders and that's that's where our heads at and we do think that there is continues to be an opportunity to.

Having a common union there so just to remind everybody of that is key.

We are laser focused on an added value for the shareholder and we're trying to look at that balance every day to get that optimization. So I think there is a win win.

And how it how it plays out will be based upon a lot of different factors over the next.

A couple of years here.

Great. Thanks for taking my questions and.

Where it gets some air traffic controls, we'll see you down on Hollywood.

Alright.

Thanks Jack.

Thank you. Our last question is from the line of Andrew Weisel with Scotiabank. Please proceed with your question.

Hey, good morning, everybody, Thanks for including me good morning, Andrew.

First question is.

The balance sheet, you've obviously lung tabulate the strength of that and the lack of need for external equity.

We're expecting a few months, we'll see a pretty sizable increase to the capital plan. Maybe how are you thinking about that at this point I don't expect specifics, but are you thinking that you'll be able to continue to stay no equity.

Look I think.

I'm going to start off and give it to Dan are way up.

<unk> talked about this quite a bit both Dan and his predecessors have handled our balance sheet extremely well and I don't I don't think any of that's going to change.

As we have more opportunities in front of us, but Dan can give you any more he wants to there and there's not a lot without going into what we would be saying in the fourth quarter I think we've been able to manage the business pretty well and manage the needs that we have had pretty well and I think we're going to continue to be able to do that well we will provide the fulsome roll forward in the fourth quarter, which will include capital.

Rate base and an overall earnings growth.

Okay great.

Next on affordability, obviously, it's been talked a lot about today and I can't watch the world series or football game without being reminded about it but one different approach I want to maybe think about is obviously no one likes team their bills go up and it's been a real hard slog to get new supply added, but new Jersey is a pretty wealthy state overall, how are you thinking about.

In terms of not only overall affordability, but focusing on low and lower income customer, there's a lot of existing programs and talk about expanding or adding new programs is that maybe a different strategy that maybe it could be pursue both by you and the state overall.

Yeah.

<unk>.

Very very good question. It is absolutely something I think it will depend upon who is successful and how this plays out.

But both candidates talk about.

How they have to look at things a little bit differently dependent upon the customer or in their case the taxpayer.

They are.

They are taken care off so.

We have done that in the past, Andrew and I'm going to give you a one one.

One example, here, where you know Kim Harman and her team at the utility.

Reaches out all the time and we were doing analysis over the past week, just try to see where things might play out from.

Snap standpoint, and the impact on our customer base and we identified about 500000 customers that could be impacted and how we should think about those customers and making sure that we take them into account.

As we are in.

Shutoff period now for collections and how that's all handled so our team looks at that level of detail on a regular basis and very proud of them for doing that.

And I think that that at the end of the day brings us a lot of goodwill in the state not only from our customer base, but also from our policymakers do you want to add.

The thing I would add is we show a per cent of wallet slide in our deck. So we have for a long time.

And if you take a look at that.

<unk> there is actually two lines on that one of them is for the average customer one of them is for a lower income customer and given the lower income and given the share of wallet you would think that it would be a higher percent of their income given the fact that the denominator is lower and in fact, it's not.

And we will continue to be as we go forward.

Great Yep I appreciate how much did you guys have been proactive on that front one last one if I could just on the loan on the large load inquiries pretty significant pick up there to 11 and a half gigawatts can you detail how much of that is data centers versus manufacturers and then just very roughly the timing of the ramp up schedule.

Much of that is kind of 'twenty six 'twenty seven versus the outer years like 2930 or beyond.

Yeah, No I don't have the level of detail on each of the years four year. So I don't I don't I wouldn't have that it is mostly data centers.

Uh huh.

I would say almost exclusively data centers in that number there were some electric vehicle loads overcoming on it has not stayed up at the same level.

You know everything, but it's also edge computing.

It is hyperscale or is again just to reinforce that point.

And I think the other thing Thats really.

Telling about the load and the interest is coming in it's all sticking to the around that 20% number that's actually coming to fruition, which we had talked about three or four calls ago, we thought that was going to be.

The way this would play out and it's in it's shown itself in the numbers is the.

Total inquiries come in those that are actually moving to new business are staying around 20%. So.

I'm proud of the team in our forecast and that's been done there and give you a little bit more flavor than maybe just looking at the two numbers.

Very good thank you for all the info.

Thanks, Andrew.

Thank you, ladies and gentlemen, I'd like to turn floor back over to Mr. Lewis for closing comments.

Well, Thanks, I got I have planned comment I'm going to add another one I was told by Carlotta today that this is dance, our 10th year as CFO and so your 40th Paul band. So congratulations on getting there I guess pretty exhaustive you must see.

But listen all joking aside we sit a lot of thank yous, and and and and good luck to people moving into new roles and no places that more important than in trend as we go through the next the next week.

It's been a it's been a heck of a campaign.

All the polls are saying, it's close we'll see how this plays out but we'll not be close as our ability to work with whoever is successful we stand ready to.

Talking about rolling up our sleeves will roll up our sleeves are trousers, whatever else, we need to do to make sure that we are here to help out and were ready to work. So.

Good luck to both candidates as they entered the last 24 hours of the campaign.

And I look forward to seeing you all in Hollywood, Florida in the next seven days or so.

Take care.

Ladies and gentlemen. This concludes today's teleconference. You may disconnect. Your lines at this time and thank you for your participation.

Q3 2025 Public Service Enterprise Group Inc Earnings Call

Request a DemoDemo

PEG

Public Service Enterprise Group

Earnings