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Public Service Enterprise Group Incorporated (PSEG) is a diversified energy company operating primarily through its two main segments: Public Service Electric and Gas Company (PSE&G) and PSEG Power LLC. PSE&G is a public utility that provides electric transmission and electric and gas distribution services in New Jersey, regulated by the New Jersey Board of Public Utilities (BPU) and the Federal Energy Regulatory Commission (FERC) . PSEG Power is an energy supply company that operates merchant nuclear generating assets and engages in competitive energy sales, including bidding energy, capacity, and ancillary services into markets and entering bilateral contracts . The company focuses on regulated investments to improve sustainability and predictability, with a capital investment program estimated between $18 billion to $21 billion from 2024 to 2028 .
- Public Service Electric and Gas Company (PSE&G) - Provides electric transmission and electric and gas distribution services in New Jersey, investing in regulated solar generation projects and energy efficiency programs.
- Electric Distribution - Delivers electricity to residential, commercial, and industrial customers.
- Gas Distribution - Supplies natural gas to customers, ensuring safe and reliable service.
- Transmission - Manages the high-voltage transmission of electricity across the region.
- PSEG Power LLC - Operates merchant nuclear generating assets and engages in competitive energy sales, including third-party sales and sales to affiliates.
- Electricity Sales - Offers electricity and related products through market bidding and bilateral contracts.
- Given the postponement of the second state agreement approach by the BPU and potential changes in FERC and PJM transmission planning, how is PSE&G adjusting its strategy for future regulated transmission investments, and what impact might this have on your capital plan?
- With the Russia waivers on nuclear fuel supply expiring in 2028 and your current coverage only through 2027, what specific steps are you taking to secure long-term fuel supply beyond 2027, and how might potential supply constraints or cost increases affect your nuclear operations?
- You've highlighted significant opportunities in co-located data centers and increased data center load growth; what challenges do you foresee in realizing these opportunities, particularly regarding infrastructure investment and regulatory hurdles, and how might they impact your capital expenditure plans?
- As higher capacity and power prices could benefit your unregulated generation units, are you concerned that rising customer bills might crowd out necessary rate base investments, and how do you plan to balance these factors to ensure customer affordability while funding utility growth?
- Regarding the Long Island Power Authority's RFP for grid management beyond 2025, what competitive pressures do you face in retaining this contract, and what strategies are you implementing to ensure PSEG remains the preferred operator in a potentially more competitive selection process?