Public Service Enterprise Group (PSEG) combines stable, regulated utility operations in New Jersey with merchant nuclear generation assets to deliver consistent financial performance. Its rate base expanded from $34 billion at the end of 2024 to approximately $36 billion by the end of 2025, driven by focused investments in transmission, distribution, and energy efficiency programs. Despite facing regulatory uncertainties and environmental liabilities, PSEG sustains strong operating cash flow and recently raised dividends by 6%, reflecting confidence in its growth trajectory and capital allocation discipline. The company’s nuclear assets benefit from federal production tax credits through 2032, providing downside price protection amid competitive energy markets.