Public Service Enterprise Group Raises Capital Investment Forecast
The utility company maintained its full-year non-GAAP operating earnings guidance of $4.28 to $4.40 per share.
Public Service Enterprise Group (PEG) reported non-GAAP operating earnings of $0.86 per share for the second quarter of 2026, an increase from $0.77 per share in the prior-year period.
While operating earnings rose, net income for the quarter decreased to $334 million from $585 million in the second quarter of 2025. The results reflect a period of increased capital commitment as the company expanded its long-term investment targets.
PSEG Power & Other non-GAAP operating earnings rose to $83 million from $52 million a year earlier. The PSE&G segment also saw a slight increase in non-GAAP operating earnings, which reached $342 million compared with $332 million in the second quarter of 2025.
Electric sales for the quarter rose 2%, supported by a 3% increase in residential sales and a 1% increase in commercial and industrial sales. Nuclear generation reached 7.8 TWh with a capacity factor of 92.0%, up from 7.5 TWh in the same period last year.
Total gas sales declined 23% year-over-year, primarily due to a 45% drop in non-firm commercial and industrial sales. In response to market conditions, PSEG filed with the New Jersey Board of Public Utilities to reduce residential gas bills by 5% beginning October 1, 2026.
The company maintained its full-year 2026 non-GAAP operating earnings guidance of $4.28 to $4.40 per share, a range it first initiated in February 2026 and reiterated in May. PSEG also reaffirmed its five-year non-GAAP operating earnings growth outlook of 6% to 8% through 2030.
PSEG increased its projected five-year capital investment program to a range of $24 billion to $28 billion. This is an increase from the $22.5 billion to $25.5 billion range the company announced in February 2026.