Total Revenue

Increased from USD 2,642M in Q3 2024 to USD 3,222M (≈22% increase)

Total Revenue growth is driven by higher overall demand and improved performance across segments. This increase reflects the higher revenues recorded in both the PSE&G and PSEG Power & Other segments in Q1 2025 compared to Q3 2024, suggesting a rebound from prior period levels. "

PSE&G Revenue

Increased from USD 2,139M in Q3 2024 to USD 2,664M (≈25% increase)

The PSE&G segment saw robust growth likely due to rate case adjustments, higher realized rates through new electric/gas base distribution rates, and successful infrastructure investments that built on previous period performance. "

PSEG Power & Other Revenue

Increased from USD 583M in Q3 2024 to USD 1,092M (≈87% surge)

The dramatic increase in PSEG Power & Other revenue is attributable to a rebound in energy market prices and higher realized prices during Q1 2025, possibly influenced by seasonal demand (e.g., cold weather) and improved trading outcomes compared to the lower figures in Q3 2024. "

Eliminations

Deepened from –USD 80 in Q3 2024 to –USD 534

Eliminations became more negative, reflecting increased intercompany transactions and consolidation adjustments compared to Q3 2024. The deeper figure indicates that with rising segment revenues and other operational changes, the scale of inter-affiliate transactions (such as sales to affiliates) increased. "

Long-Term Debt

Increased from USD 18,960M in Q3 2024 to USD 22,998M (≈21% rise)

The rise in Long-Term Debt reflects new debt issuances and extensions made to support strategic investments and ongoing capital expenditures. The jump from Q3 2024 figures is consistent with the company’s financing activities to fund initiatives that likely also contributed to the revenue gains. "

Commercial Paper and Loans

Declined from USD 547M in Q3 2024 to USD 400M (≈27% decrease)

The decline in Commercial Paper and Loans suggests improved short-term liquidity management. The reduced reliance on these sources from Q3 2024 to Q1 2025 may indicate that increased operating cash flows and revised credit facilities have lessened the need for short-term borrowing. "

Total Capitalization

Increased from USD 35,055M in Q3 2024 to USD 39,768M (≈14% increase)

The growth in Total Capitalization is driven by the combination of higher long-term debt levels and improved equity components. The jump from Q3 2024 to Q1 2025 reflects both increased financing for strategic investments and retained earnings accumulation over the period. "

Total Stockholders’ Equity

Increased from USD 16,095M in Q3 2024 to USD 16,370M (modest growth)

The slight increase in Total Stockholders’ Equity can be attributed to continued profitability and the resultant growth in retained earnings. Although the change is modest, it reflects consistency and stability in the company's equity base when compared to the previous period’s figures. "