PSEG Files Q3 2024 10-Q with Financial Updates

TL;DR

**PSEG Q3 10-Q filed. Financials and operations updated for Q3 2024.**

AI Summary

Public Service Enterprise Group Inc. (PSEG) filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the company and its subsidiary, Public Service Electric & Gas Company. Key financial data and business segments are presented, reflecting the company's ongoing operations in the energy and transportation sectors.

Why It Matters

This filing provides investors and stakeholders with the latest financial performance and operational details of PSEG, a major utility company, influencing investment decisions and market perception.

Risk Assessment

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

Key Numbers

• Q3 2024 — Reporting Period (Financial performance for the third quarter of 2024 is detailed.)
• 2023-09-30 — Prior Year Period End (Comparison data for the previous year's third quarter.)

Key Players & Entities

• PUBLIC SERVICE ENTERPRISE GROUP INC (company) — Filer
• PUBLIC SERVICE ELECTRIC & GAS CO (company) — Subsidiary Filer
• 20240930 (date) — Reporting Period End Date
• 20241104 (date) — Filing Date

FAQ

Filing Documents

• peg-20240930.htm (10-Q) — 7207KB
• peg-ex10_1.htm (EX-10.1) — 16KB
• peg-ex10_2.htm (EX-10.2) — 28KB
• peg-ex31.htm (EX-31) — 16KB
• peg-ex31_1.htm (EX-31.1) — 16KB
• peg-ex31_2.htm (EX-31.2) — 16KB
• peg-ex31_3.htm (EX-31.3) — 16KB
• peg-ex32.htm (EX-32) — 8KB
• peg-ex32_1.htm (EX-32.1) — 8KB
• peg-ex32_2.htm (EX-32.2) — 8KB
• peg-ex32_3.htm (EX-32.3) — 8KB
• 0000950170-24-120749.txt ( ) — 36715KB
• peg-20240930.xsd (EX-101.SCH) — 2373KB
• peg-20240930_htm.xml (XML) — 12212KB

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS ii FILING FORMAT iii

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

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 22 Note 6. Financing Receivables 22 Note 7. Trust Investments 24 Note 8. Pension and Other Postretirement Benefits (OPEB) 29 Note 9. Commitments and Contingent Liabilities 31 Note 10. Debt and Credit Facilities 37 Note 11. Financial Risk Management Activities 38 Note 12. Fair Value Measurements 43 Note 13. Net Other Income (Deductions) 48 Note 14. Income Taxes 49 Note 15. Accumulated Other Comprehensive Income (Loss), Net of Tax 51 Note 16. Earnings Per Share (EPS) and Dividends 54 Note 17. Financial Information by Business Segment 54 Note 18. Related-Party Transactions 56 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 57 Executive Overview of 2024 and Future Outlook 57 Results of Operations 64 Liquidity and Capital Resources 69 Capital Requirements 71 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 72 Item 4.

Controls and Procedures

Controls and Procedures 73

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 74 Item 1A.

Risk Factors

Risk Factors 74 Item 5. Other Information 74 Item 6. Exhibits 77

Signatures

Signatures 78 i Table of Contents FORWARD-LOOKI NG 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

View Full Filing

View this 10-Q filing on SEC EDGAR