Recent developments include PSEG's Q3 2026 earnings release showing a profit retreat and revenue decrease year-over-year, maintenance of the full-year 2026 operating earnings outlook, and an extended refueling outage at the Salem 1 nuclear plant due to thermal shield degradation.

• PSEG reported Q3 2026 earnings with a profit retreat and revenues decreasing year-over-year, missing some expectations [N3][N5][N7].
• The company maintained its full-year 2026 operating earnings outlook despite Q3 results [N6].
• During a scheduled refueling outage in October 2026, Salem 1 nuclear plant experienced thermal shield degradation, leading to an extended outage and ongoing testing [N1].
• PSEG continues to invest in regulated transmission and distribution infrastructure and clean energy programs aligned with New Jersey's energy goals [S2].
• The company manages cybersecurity risks through comprehensive programs with board-level oversight and regular updates [S1].

PSEG's substantial regulated capital investment program and focus on infrastructure modernization and clean energy initiatives position it to maintain and potentially enhance its regulated rate base and service reliability. The federal production tax credits for nuclear generation provide financial support for its carbon-free energy assets. Continued regulatory approvals for energy efficiency and gas system modernization programs support growth in rate base and earnings. The company's proactive risk management, including cybersecurity and environmental compliance, supports operational resilience.

PSEG faces risks from regulatory and legislative uncertainties, including potential changes in transmission rate structures and clean energy policy impacts. Operational challenges such as the extended Salem 1 nuclear plant outage could affect generation capacity and costs. Environmental liabilities related to contamination and remediation obligations pose potential financial risks. The company's liquidity ratios indicate tight short-term liquidity, and mark-to-market losses have impacted recent earnings. Market and policy shifts could affect the valuation of nuclear assets and the realization of production tax credits.

PSEG's moat is supported by its regulated utility operations in New Jersey, providing stable and predictable cash flows through regulated transmission and distribution services. Its ownership of nuclear generation assets with federal production tax credits adds a competitive advantage in carbon-free energy production. The company's extensive capital investment programs in infrastructure modernization and energy efficiency align with regulatory and public policy objectives, reinforcing its position in the regional energy market. Regulatory oversight and long-term contracts contribute to barriers to entry, while its comprehensive risk management and cybersecurity programs protect operational integrity.

• Regulatory and Legislative Risks: Changes in regulatory frameworks, including transmission rate proceedings and clean energy policy adjustments in New Jersey, could impact earnings and capital recovery.
• Operational Risks: Extended outages and maintenance issues at nuclear plants, such as the Salem 1 thermal shield degradation, may affect generation capacity and costs.
• Environmental and Legal Risks: Liabilities related to contamination and remediation under environmental laws, including Superfund sites, could result in material costs and penalties.
• Financial Risks: Liquidity ratios below 1.0 and recent mark-to-market losses on investments have affected profitability and cash flow.
• Cybersecurity Risks: Despite comprehensive cybersecurity programs, evolving cyber threats pose ongoing risks to operational and information technology systems.

• Public Service Enterprise Group Inc (PSEG) is a public utility holding company operating primarily through its wholly owned subsidiaries.
• PSEG's business consists of two main reportable segments: PSE&G and PSEG Power & Other.
• PSE&G is a regulated electric and gas utility operating principally in New Jersey, engaged in transmission and distribution of electricity and natural gas, and regulated by the New Jersey Board of Public Utilities (BPU), FERC, and other regulators.
• PSE&G invests in regulated solar generation projects and energy efficiency programs regulated by the BPU.
• PSEG Power operates merchant nuclear generating assets and fuel supply functions engaged in competitive energy sales, regulated by FERC, NRC, and other federal and state regulators.
• PSEG Power's nuclear plants include Salem 1, Salem 2, and Hope Creek, which have received license extensions and operate with production tax credits (PTCs) from 2024 through 2032.
• PSEG Power's nuclear units generated approximately 23.9 terawatt hours with a capacity factor of 94.3% during the first nine months of 2026.
• PSEG Power is undertaking power uprates and refueling cycle extensions to increase generation capacity and reliability.
• PSEG's regulated capital investment program for 2026-2030 is estimated between $24 billion and $28 billion, with $22.5 billion to $25.5 billion allocated to regulated capital investments.
• PSE&G's regulated rate base increased from approximately $34 billion at the end of 2024 to approximately $36 billion at the end of 2025.
• PSE&G focuses on capital investments in transmission and distribution infrastructure, clean energy programs, and energy efficiency to meet growing demand and support public policy objectives.
• PSE&G has ongoing programs such as the Gas System Modernization Program (GSMP) and Clean Energy Future (CEF)-EE program, with recent approvals for multi-billion dollar investments.
• PSE&G operates the Long Island Power Authority's transmission and distribution system under an Operations Services Agreement, recently extended for five years.
• PSEG maintains a comprehensive cybersecurity program with oversight by senior management and the Board, including the Industrial Operations Committee and Audit Committee.
• PSEG's liquidity as of June 30, 2026 includes cash and equivalents of $192 million, current assets of $4.55 billion, current liabilities of $5.19 billion, resulting in a current ratio of 0.88 and a cash ratio of 0.07.
• For the quarter ended June 30, 2026, PSEG reported revenue of approximately $2.55 billion and net income of $334 million, with basic and diluted EPS of $0.67.
• In Q3 2026, PSEG reported a profit retreat and revenue decrease year-over-year, with earnings and revenue below some expectations.
• PSEG maintained its full-year 2026 operating earnings outlook despite Q3 results.
• PSEG's nuclear plant Salem 1 experienced an extended refueling outage due to thermal shield degradation discovered during inspection in October 2026.
• PSEG is engaged in regulatory and legislative developments including New Jersey's clean energy goals, transmission rate proceedings, and environmental remediation obligations.
• PSEG's risk management includes addressing cybersecurity threats with ongoing assessments, technical safeguards, training, incident response plans, and board-level oversight.
• PSEG's nuclear generation benefits from federal production tax credits established by the Inflation Reduction Act, impacting revenue recognition and hedging strategies.
• PSEG's financial results for the nine months ended September 30, 2026 showed decreased net income compared to 2025, driven by mark-to-market losses and lower gains on nuclear decommissioning trust investments, partially offset by increased transmission and capacity revenues.
• PSEG continues to evaluate opportunities in regulated transmission projects and competitive solicitations, including a $424 million project in Maryland and northern Virginia with uncertain in-service timing.
• PSEG's dividend policy includes quarterly dividends, with a $0.67 per share dividend approved for Q1 2026, reflecting an indicative annual rate of $2.68 per share.