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NEWARK - On Tuesday, Public Service Enterprise Group (NYSE:PEG) reported second quarter earnings that exceeded analyst expectations, with non-GAAP operating earnings of $0.77 per share, surpassing the consensus estimate of $0.71. Revenue for the quarter reached $2.8 billion, significantly above the $2.48 billion analysts had projected.
The New Jersey-based utility maintained its full-year 2025 non-GAAP operating earnings guidance of $3.94 to $4.06 per share, representing a 9% increase at the midpoint compared to 2024 results.
PSEG’s nuclear fleet generated 7.5 terawatt hours (TWh) of energy during the second quarter, up 0.5 TWh from the same period in 2024, reflecting improved plant availability with no refueling outages during the quarter. The company successfully managed through extreme weather conditions, with peak load reaching 10,229 MW on June 24th—the highest since 2013.
"PSEG’s financial and operating results for the second quarter and first half of 2025 provide us with a solid base to confidently deliver on our full-year 2025 non-GAAP Operating Earnings guidance," said Ralph LaRossa, PSEG’s chair, president and CEO.
The company’s regulated utility segment, PSE&G, contributed $332 million in net income, up from $302 million in Q2 2024, benefiting from new electric and gas base rates implemented following the October 2024 distribution rate case settlement.
Looking ahead, PSEG cleared approximately 3,500 MW of its nuclear capacity in PJM’s 2026/2027 auction at $329 per megawatt-day, up from approximately $270 per megawatt-day in the previous auction. The company continues to pursue its $3.8 billion regulated investment program and maintains a 5-7% compound annual growth outlook for 2025-2029.
PSEG also reported a significant increase in large load inquiries for new service connections, which grew to over 9,400 megawatts as of June 30, up from 6,400 MW at the end of March, primarily driven by data center customers.
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