PSEG Files Q2 2024 10-Q: Financials and Operations Update

TL;DR

PSEG's Q2 2024 10-Q is in. Financials and operations look steady.

AI Summary

Public Service Enterprise Group Inc. (PSEG) filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and operational status. Key financial figures and operational metrics are presented, reflecting the company's ongoing business activities in the energy and transportation sectors.

Why It Matters

This filing provides investors and stakeholders with an updated view of PSEG's financial health and operational performance, crucial for understanding the company's current standing and future prospects in the utility sector.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial and operational disclosures.

Key Players & Entities

• PUBLIC SERVICE ENTERPRISE GROUP INC (company) — Filer
• PUBLIC SERVICE ELECTRIC & GAS CO (company) — Subsidiary Filer
• 20240630 (date) — Reporting Period End Date
• 20240730 (date) — Filing Date

FAQ

Filing Documents

• pseg-20240630.htm (10-Q) — 3409KB
• ex31-63024.htm (EX-31) — 10KB
• ex311-63024.htm (EX-31.1) — 10KB
• ex312-63024.htm (EX-31.2) — 11KB
• ex313-63024.htm (EX-31.3) — 11KB
• ex32-63024.htm (EX-32) — 4KB
• ex321-63024.htm (EX-32.1) — 4KB
• ex322-63024.htm (EX-32.2) — 4KB
• ex323-63024.htm (EX-32.3) — 4KB
• 0001628280-24-033496.txt ( ) — 21284KB
• pseg-20240630.xsd (EX-101.SCH) — 94KB
• pseg-20240630_cal.xml (EX-101.CAL) — 113KB
• pseg-20240630_def.xml (EX-101.DEF) — 793KB
• pseg-20240630_lab.xml (EX-101.LAB) — 937KB
• pseg-20240630_pre.xml (EX-101.PRE) — 900KB
• pseg-20240630_htm.xml (XML) — 5882KB

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS ii FILING FORMAT iii

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Public Service Enterprise Group Incorporated 1 Public Service Electric and Gas Company 7 Notes to Condensed Consolidated Financial Statements Note 1. Organization , Basis of Presentation and Significant Accounting Policies 13 Note 2. Revenues 14 Note 3. Variable Interest Entity (VIE) 19 Note 4. Rate Filings 20 Note 5. Leases 20 Note 6. Financing Receivables 21 Note 7. Trust Investments 23 Note 8. Pension and Other Postretirement Benefits (OPEB) 28 Note 9. Commitments and Contingent Liabilities 30 Note 10. Debt and Credit Facilities 35 Note 11. Financial Risk Management Activities 36 Note 12. Fair Value Measurements 41 Note 13. Net Other Income (Deductions) 46 Note 14. Income Taxes 47 Note 15. Accumulated Other Comprehensive Income (Loss), Net of Tax 49 Note 16. Earnings Per Share (EPS) and Dividends 51 Note 17. Financial Information by Business Segment 52 Note 18. Related-Party Transactions 54

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 55 Executive Overview of 2024 and Future Outlook 55 Results of Operations 61 Liquidity and Capital Resources 65 Capital Requirements 67

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 68

Controls and Procedures

Item 4. Controls and Procedures 69

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 70

Risk Factors

Item 1A. Risk Factors 70

Unregistered Sales of Equity Securities and Use of Proceeds 70

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 70

Other Information

Item 5. Other Information 71

Exhibits

Item 6. Exhibits 73

Signatures

Signatures 74 i Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS Certain of the matters discussed in this report about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. Such statements are based on management's beliefs as well as assumptions made by and information currently available to management. When used herein, the words "anticipate," "intend," "estimate," "believe," "expect," "plan," "should," "hypothetical," "potential," "forecast," "project," variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in filings we make with the United States Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K. These factors include, but are not limited to: any inability to successfully develop, obtain regulatory approval for, or construct transmission and distribution, and our nuclear generation projects; the physical, financial and transition risks related to climate change, including risks relating to potentially increased legislative and regulatory burdens, changing customer preferences and lawsuits; any equipment failures, accidents, critical operating technology or business system failures, natural disasters, severe weather events, acts of war, terrorism or other acts of violence, sabotage, physical attacks or

View Full Filing

View this 10-Q filing on SEC EDGAR