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    PUBLIC SERVICE ENTERPRISE GROUP INC (PEG)

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    Business Description

    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 .

    1. 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.
    2. 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.

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Ralph A. LaRossaChair of the Board, President & CEOSeptember 2022Ralph A. LaRossa is the Chair of the Board, President, and CEO of PSEG. He has been serving as Chair of the Board since January 2023 and as President and CEO since September 2022. He joined PSE&G in 1985 .
    Daniel J. CreggExecutive Vice President & CFONovember 13, 2023Daniel J. Cregg serves as the Executive Vice President and CFO of PEG. He has been in this role since at least November 13, 2023, as indicated by his signature on the registration statement filed on that date .
    Tamara L. LindeExecutive Vice President & Chief Legal OfficerSeptember 16, 2024Tamara L. Linde has been with PSEG since 1990 and has served as the company's General Counsel for the past ten years. She was appointed as Executive Vice President and Chief Legal Officer effective September 16, 2024 .
    Kim C. HanemannPresident & COO, PSE&GN/AKim C. Hanemann serves as the President and COO of PSE&G. She was listed as one of the Named Executive Officers in the 2022 and 2023 proxy statements for PSEG. Specific details on her start date are not provided .
    Charles V. McFeatersPresident & Chief Nuclear Officer (CNO)May 20, 2023Charles V. McFeaters was promoted to the position of President and CNO of PSEG Nuclear on May 20, 2023. Prior to this role, he served as the Senior Vice President of Nuclear Operations at PSEG Nuclear .
    Grace ParkExecutive Vice President & General CounselSeptember 16, 2024Grace Park was appointed as the Executive Vice President and General Counsel of PSEG effective September 16, 2024. She joined PSEG in 2017 and was promoted to Vice President, Deputy General Counsel, and Chief Litigation Counsel in 2020 .

    Questions to Ask Management

    1. 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?
    2. 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?
    3. 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?
    4. 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?
    5. 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?

    Share Repurchase Program

    Program DetailsProgram 1
    Approval DateN/A
    End Date/DurationN/A
    Total additional amount$500 million
    Remaining authorizationN/A
    DetailsPart of a strategic initiative to return capital to shareholders. Completed through open market purchases and an accelerated share repurchase program.

    Debt Maturity Schedule

    YearAmount Due (Millions)Debt TypeInterest Rate (%)% of Total Debt
    20242,400Long-Term Debt Due Within One YearN/A11.7% = (2,400 / 20,907) * 100
    2024547Commercial Paper and LoansN/A2.6% = (547 / 20,907) * 100
    N/A18,960Long-Term DebtN/A90.7% = (18,960 / 20,907) * 100

    Auditor

    NameStart DateEnd DateReason for Change
    Deloitte & Touche LLP1934 PresentCurrent auditor