| 
    |||||
             
         | 
    
                        
  | 
                
$1.24 PER SHARE NET INCOME
$1.13 PER SHARE NON-GAAP OPERATING EARNINGS
NEWARK, N.J., Nov. 3, 2025 /PRNewswire/ -- Public Service Enterprise Group (NYSE: PEG) reported the following results for the third quarter and nine months ended September 30, 2025:
| 
                         
                          
                            PSEG Consolidated (unaudited)  | 
                      
                         | 
                    ||||
| 
                         | 
                      
                         Income  | 
                      
                         Earnings Per Share  | 
                    |||
| 
                         ($ millions, except per share amounts)  | 
                      
                         2025  | 
                      
                         2024  | 
                      
                         2025  | 
                      
                         2024  | 
                    |
| 
                         Net Income  | 
                      
                         $622  | 
                      
                         $520  | 
                      
                         $1.24  | 
                      
                         $1.04  | 
                    |
| 
                         Reconciling Items  | 
                      
                         (57)  | 
                      
                         (72)  | 
                      
                         (0.11)  | 
                      
                         (0.14)  | 
                    |
| 
                         Non-GAAP Operating Earnings  | 
                      
                         $565  | 
                      
                         $448  | 
                      
                         $1.13  | 
                      
                         $0.90  | 
                    |
| 
                         Average Shares Outstanding (Diluted)  | 
                      
                         | 
                      
                         | 
                      
                         501  | 
                      
                         500  | 
                    |
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         See Attachments 8 and 9 for a complete list of items excluded from Net Income in the determination of non-GAAP Operating Earnings.  | 
                    |||||
| 
                         
                          
                            PSEG Consolidated (unaudited)  | 
                      
                         | 
                    ||||
| 
                         | 
                      
                         Income  | 
                      
                         Earnings Per Share  | 
                    |||
| 
                         ($ millions, except per share amounts)  | 
                      
                         2025  | 
                      
                         2024  | 
                      
                         2025  | 
                      
                         2024  | 
                    |
| 
                         Net Income  | 
                      
                         $1,796  | 
                      
                         $1,486  | 
                      
                         $3.59  | 
                      
                         $2.97  | 
                    |
| 
                         Reconciling Items  | 
                      
                         (129)  | 
                      
                         (68)  | 
                      
                         (0.26)  | 
                      
                         (0.13)  | 
                    |
| 
                         Non-GAAP Operating Earnings  | 
                      
                         $1,667  | 
                      
                         $1,418  | 
                      
                         $3.33  | 
                      
                         $2.84  | 
                    |
| 
                         Average Shares Outstanding (Diluted)  | 
                      
                         | 
                      
                         | 
                      
                         501  | 
                      
                         500  | 
                    |
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         See Attachments 8 and 9 for a complete list of items excluded from Net Income in the determination of non-GAAP Operating Earnings.  | 
                    |||||
                  Third Quarter 2025 Highlights
                
"We continue executing PSEG's growth plan with a focus on operational excellence and rigorous cost discipline to maintain reliability and provide value for our customers. This summer, however, a growing generation supply-demand imbalance, along with the impact of PJM's capacity market results, which PSE&G passes through to customers, directly caused summer electric bills to rise nearly 20%. To address the growing resource adequacy imbalance in the mid-Atlantic region, we are actively collaborating with the State and other stakeholders to develop real solutions in New Jersey and ensure we can affordably meet our customers' energy needs.
We are reaffirming PSEG's five-year, non-GAAP Operating Earnings growth outlook of 5% to 7% through 2029 as we continue to pursue opportunities incremental to our long-term forecast, including the potential to contract our nuclear output under multi-year agreements and potential incremental investments to address the near-term need for additional supply due to growing customer demand. Notably, our solid balance sheet enables the funding of PSEG's five-year capital investment program of $22.5 billion to $26 billion without the need to issue new equity or sell assets and provides the opportunity for consistent and sustainable dividend growth," said Ralph LaRossa, PSEG's chair, president and CEO.
| 
                         PSEG Results by Segment (unaudited)  | 
                    ||||
| 
                         Third Quarter and Nine Months Ended September 30, Comparative Results  | 
                    ||||
| 
                         | 
                    ||||
| 
                         ($ millions)  | 
                      
                         3Q 2025  | 
                      
                         3Q 2024  | 
                      
                         YTD 2025  | 
                      
                         YTD 2024  | 
                    
| 
                         PSE&G Net Income/Non-GAAP Operating Earnings  | 
                      
                         $515  | 
                      
                         $379  | 
                      
                         $1,393  | 
                      
                         $1,169  | 
                    
| 
                         PSEG Power & Other Net Income  | 
                      
                         107  | 
                      
                         141  | 
                      
                         403  | 
                      
                         317  | 
                    
| 
                         Total PSEG Net Income  | 
                      
                         $622  | 
                      
                         $520  | 
                      
                         $1,796  | 
                      
                         $1,486  | 
                    
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         PSEG Power & Other Non-GAAP Operating Earnings  | 
                      
                         $50  | 
                      
                         $69  | 
                      
                         $274  | 
                      
                         $249  | 
                    
| 
                         Total PSEG Non-GAAP Operating Earnings  | 
                      
                         $565  | 
                      
                         $448  | 
                      
                         $1,667  | 
                      
                         $1,418  | 
                    
PSE&G's results for the third quarter reflect the new electric and gas rates placed into effect last October 15, 2024, following settlement of its first distribution base rate case since 2018 as well as margin from Transmission and Energy Efficiency investments. Partly offsetting this in the quarter's results was higher expected operation and maintenance costs, as well as higher depreciation and interest expenses driven by Distribution investments.
Results for PSEG Power & Other reflect higher nuclear related operation and maintenance costs from the Hope Creek refueling outage and fuel cycle extension work along with lower generation volume, partly offset by higher power pricing.
PSEG will host a conference call to review its third quarter 2025 results, earnings guidance, and other matters with the financial community at 11:00 a.m. ET today. Please register to access this event by visiting: https://investor.pseg.com/investor-news-and-events
| 
                         Media Relations:  | 
                      
                         Investor Relations:  | 
                    |
| 
                         (973) 430-7734  | 
                      
                         (973) 430-6565  | 
                    |
                  
                    About PSEG
                  Public Service Enterprise Group (PSEG) (NYSE: PEG) is a predominantly regulated infrastructure company operating New Jersey's largest transmission and distribution utility, serving approximately 2.4 million electric and 1.9 million natural gas customers.  PSEG also owns an independent fleet of 3,758 MW of carbon-free, baseload nuclear power generating units in NJ and PA. Guided by its Powering Progress vision, PSEG aims to power a future where people use less energy, and it's cleaner, safer and delivered more reliably than ever.  PSEG is a member of the S&P 500 Index and has been named to the Dow Jones Sustainability North America Index for 17 consecutive years. PSEG's businesses include Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island (https://corporate.pseg.com).
                  
                    Non-GAAP Financial Measures
                  Management uses non-GAAP Operating Earnings in its internal analysis, and in communications with investors and analysts, as a consistent measure for comparing PSEG's financial performance to previous financial results. Non-GAAP Operating Earnings exclude the impact of gains (losses) associated with the Nuclear Decommissioning Trust (NDT), Mark-to-Market (MTM) accounting and other material infrequent items.
See Attachments 8 and 9 for a complete list of items excluded from Net Income in the determination of non-GAAP Operating Earnings. The presentation of non-GAAP Operating Earnings is intended to complement and should not be considered an alternative to the presentation of Net Income, which is an indicator of financial performance determined in accordance with GAAP. In addition, non-GAAP Operating Earnings as presented in this report may not be comparable to similarly titled measures used by other companies.
Due to the forward-looking nature of non-GAAP Operating Earnings guidance, PSEG is unable to reconcile this non-GAAP financial measure to the most directly comparable GAAP financial measure because comparable GAAP measures are not reasonably accessible or reliable due to the inherent difficulty in forecasting and quantifying measures that would be required for such reconciliation. Namely, we are not able to reliably project without unreasonable effort MTM and NDT gains (losses), for future periods due to market volatility. These items are uncertain, depend on various factors, and may have a material impact on our future GAAP results.
                  
                    Forward-Looking Statements
                  Certain of the matters discussed in this report about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences, and all other statements that are not purely historical constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. Such statements are based on management's beliefs as well as assumptions made by and information currently available to management. When used herein, the words "anticipate," "intend," "estimate," "believe," "expect," "plan," "should," "hypothetical," "potential," "forecast," "project," variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in filings we make with the United States Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K. These factors include, but are not limited to:
All of the forward-looking statements made in this report are qualified by these cautionary statements and we cannot assure you that the results or developments anticipated by management will be realized or even if realized, will have the expected consequences to, or effects on, us or our business, prospects, financial condition, results of operations or cash flows. Readers are cautioned not to place undue reliance on these forward-looking statements in making any investment decision. Forward-looking statements made in this report apply only as of the date of this report. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even in light of new information or future events, unless otherwise required by applicable securities laws.
The forward-looking statements contained in this report are intended to qualify for the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
From time to time, PSEG and PSE&G release important information via postings on their corporate Investor Relations website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the Investor Relations website to review new postings.  You can sign up for automatic email alerts regarding new postings at the bottom of the webpage at https://investor.pseg.com or by navigating to the Email Alerts webpage here.  The information on https://investor.pseg.com and https://investor.pseg.com/resources/email-alerts/default.aspx is not incorporated herein
and is not part of this press release or the Form 8-K to which it is an exhibit.
| 
                         Public Service Enterprise Group Incorporated  | 
                    ||||||||||
| 
                         Consolidating Statements of Operations  | 
                    ||||||||||
| 
                         (Unaudited, $ millions, except per share data)  | 
                    ||||||||||
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         Three Months Ended September 30, 2025  | 
                    |||||||
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         PSEG  | 
                      
                         | 
                      
                         Eliminations  | 
                      
                         | 
                      
                         PSE&G  | 
                      
                         | 
                      
                         
                          
                            PSEG Power   | 
                      
                         | 
                    
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         OPERATING REVENUES  | 
                      
                         | 
                      
                         $ 3,226  | 
                      
                         | 
                      
                         $ (58)  | 
                      
                         | 
                      
                         $ 2,535  | 
                      
                         | 
                      
                         $ 749  | 
                      
                         | 
                    |
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         OPERATING EXPENSES  | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    |
| 
                         | 
                      
                         Energy Costs  | 
                      
                         | 
                      
                         1,133  | 
                      
                         | 
                      
                         (58)  | 
                      
                         | 
                      
                         1,013  | 
                      
                         | 
                      
                         178  | 
                      
                         | 
                    
| 
                         | 
                      
                         Operation and Maintenance  | 
                      
                         | 
                      
                         927  | 
                      
                         | 
                      
                         -  | 
                      
                         | 
                      
                         543  | 
                      
                         | 
                      
                         384  | 
                      
                         | 
                    
| 
                         | 
                      
                         Depreciation and Amortization  | 
                      
                         | 
                      
                         311  | 
                      
                         | 
                      
                         -  | 
                      
                         | 
                      
                         277  | 
                      
                         | 
                      
                         34  | 
                      
                         | 
                    
| 
                         | 
                      
                         Total Operating Expenses  | 
                      
                         | 
                      
                         2,371  | 
                      
                         | 
                      
                         (58)  | 
                      
                         | 
                      
                         1,833  | 
                      
                         | 
                      
                         596  | 
                      
                         | 
                    
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         OPERATING INCOME  | 
                      
                         | 
                      
                         855  | 
                      
                         | 
                      
                         -  | 
                      
                         | 
                      
                         702  | 
                      
                         | 
                      
                         153  | 
                      
                         | 
                    |
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         Net Gains (Losses) on Trust Investments  | 
                      
                         | 
                      
                         62  | 
                      
                         | 
                      
                         -  | 
                      
                         | 
                      
                         -  | 
                      
                         | 
                      
                         62  | 
                      
                         | 
                    |
| 
                         Net Other Income (Deductions)  | 
                      
                         | 
                      
                         39  | 
                      
                         | 
                      
                         (1)  | 
                      
                         | 
                      
                         16  | 
                      
                         | 
                      
                         24  | 
                      
                         | 
                    |
| 
                         Net Non-Operating Pension and OPEB Credits (Costs)  | 
                      
                         | 
                      
                         17  | 
                      
                         | 
                      
                         -  | 
                      
                         | 
                      
                         17  | 
                      
                         | 
                      
                         -  | 
                      
                         | 
                    |
| 
                         Interest Expense  | 
                      
                         | 
                      
                         (253)  | 
                      
                         | 
                      
                         1  | 
                      
                         | 
                      
                         (162)  | 
                      
                         | 
                      
                         (92)  | 
                      
                         | 
                    |
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         INCOME BEFORE INCOME TAXES  | 
                      
                         | 
                      
                         720  | 
                      
                         | 
                      
                         -  | 
                      
                         | 
                      
                         573  | 
                      
                         | 
                      
                         147  | 
                      
                         | 
                    |
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         Income Tax Expense  | 
                      
                         | 
                      
                         (98)  | 
                      
                         | 
                      
                         -  | 
                      
                         | 
                      
                         (58)  | 
                      
                         | 
                      
                         (40)  | 
                      
                         | 
                    |
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         NET INCOME  | 
                      
                         | 
                      
                         $ 622  | 
                      
                         | 
                      
                         $ -  | 
                      
                         | 
                      
                         $ 515  | 
                      
                         | 
                      
                         $ 107  | 
                      
                         | 
                    |
| 
                         | 
                      
                         Reconciling Items Excluded from Net Income(b)  | 
                      
                         | 
                      
                         (57)  | 
                      
                         | 
                      
                         -  | 
                      
                         | 
                      
                         -  | 
                      
                         | 
                      
                         (57)  | 
                      
                         | 
                    
| 
                         OPERATING EARNINGS (non-GAAP)  | 
                      
                         | 
                      
                         $ 565  | 
                      
                         | 
                      
                         $ -  | 
                      
                         | 
                      
                         $ 515  | 
                      
                         | 
                      
                         $ 50  | 
                      
                         | 
                    |
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         Earnings Per Share  | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    |
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         NET INCOME  | 
                      
                         | 
                      
                         $ 1.24  | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    |
| 
                         | 
                      
                         Reconciling Items Excluded from Net Income(b)  | 
                      
                         | 
                      
                         (0.11)  | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         OPERATING EARNINGS (non-GAAP)  | 
                      
                         | 
                      
                         $ 1.13  | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    |
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         Three Months Ended September 30, 2024  | 
                    |||||||
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         PSEG  | 
                      
                         | 
                      
                         Eliminations  | 
                      
                         | 
                      
                         PSE&G  | 
                      
                         | 
                      
                         
                          
                            PSEG Power   | 
                      
                         | 
                    
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         OPERATING REVENUES  | 
                      
                         | 
                      
                         $ 2,642  | 
                      
                         | 
                      
                         $ (80)  | 
                      
                         | 
                      
                         $ 2,139  | 
                      
                         | 
                      
                         $ 583  | 
                      
                         | 
                    |
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         OPERATING EXPENSES  | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    |
| 
                         | 
                      
                         Energy Costs  | 
                      
                         | 
                      
                         899  | 
                      
                         | 
                      
                         (80)  | 
                      
                         | 
                      
                         839  | 
                      
                         | 
                      
                         140  | 
                      
                         | 
                    
| 
                         | 
                      
                         Operation and Maintenance  | 
                      
                         | 
                      
                         808  | 
                      
                         | 
                      
                         -  | 
                      
                         | 
                      
                         464  | 
                      
                         | 
                      
                         344  | 
                      
                         | 
                    
| 
                         | 
                      
                         Depreciation and Amortization  | 
                      
                         | 
                      
                         294  | 
                      
                         | 
                      
                         -  | 
                      
                         | 
                      
                         254  | 
                      
                         | 
                      
                         40  | 
                      
                         | 
                    
| 
                         | 
                      
                         Total Operating Expenses  | 
                      
                         | 
                      
                         2,001  | 
                      
                         | 
                      
                         (80)  | 
                      
                         | 
                      
                         1,557  | 
                      
                         | 
                      
                         524  | 
                      
                         | 
                    
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         OPERATING INCOME  | 
                      
                         | 
                      
                         641  | 
                      
                         | 
                      
                         -  | 
                      
                         | 
                      
                         582  | 
                      
                         | 
                      
                         59  | 
                      
                         | 
                    |
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         Income from Equity Method Investments  | 
                      
                         | 
                      
                         1  | 
                      
                         | 
                      
                         -  | 
                      
                         | 
                      
                         -  | 
                      
                         | 
                      
                         1  | 
                      
                         | 
                    |
| 
                         Net Gains (Losses) on Trust Investments  | 
                      
                         | 
                      
                         89  | 
                      
                         | 
                      
                         -  | 
                      
                         | 
                      
                         -  | 
                      
                         | 
                      
                         89  | 
                      
                         | 
                    |
| 
                         Net Other Income (Deductions)  | 
                      
                         | 
                      
                         37  | 
                      
                         | 
                      
                         (1)  | 
                      
                         | 
                      
                         18  | 
                      
                         | 
                      
                         20  | 
                      
                         | 
                    |
| 
                         Net Non-Operating Pension and OPEB Credits (Costs)  | 
                      
                         | 
                      
                         18  | 
                      
                         | 
                      
                         -  | 
                      
                         | 
                      
                         20  | 
                      
                         | 
                      
                         (2)  | 
                      
                         | 
                    |
| 
                         Interest Expense  | 
                      
                         | 
                      
                         (227)  | 
                      
                         | 
                      
                         1  | 
                      
                         | 
                      
                         (151)  | 
                      
                         | 
                      
                         (77)  | 
                      
                         | 
                    |
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         INCOME BEFORE INCOME TAXES  | 
                      
                         | 
                      
                         559  | 
                      
                         | 
                      
                         -  | 
                      
                         | 
                      
                         469  | 
                      
                         | 
                      
                         90  | 
                      
                         | 
                    |
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         Income Tax (Expense) Benefit  | 
                      
                         | 
                      
                         (39)  | 
                      
                         | 
                      
                         -  | 
                      
                         | 
                      
                         (90)  | 
                      
                         | 
                      
                         51  | 
                      
                         | 
                    |
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         NET INCOME  | 
                      
                         | 
                      
                         $ 520  | 
                      
                         | 
                      
                         $ -  | 
                      
                         | 
                      
                         $ 379  | 
                      
                         | 
                      
                         $ 141  | 
                      
                         | 
                    |
| 
                         | 
                      
                         Reconciling Items Excluded from Net Income(b)  | 
                      
                         | 
                      
                         (72)  | 
                      
                         | 
                      
                         -  | 
                      
                         | 
                      
                         -  | 
                      
                         | 
                      
                         (72)  | 
                      
                         | 
                    
| 
                         OPERATING EARNINGS (non-GAAP)  | 
                      
                         | 
                      
                         $ 448  | 
                      
                         | 
                      
                         $ -  | 
                      
                         | 
                      
                         $ 379  | 
                      
                         | 
                      
                         $ 69  | 
                      
                         | 
                    |
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         Earnings Per Share  | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    |
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         NET INCOME  | 
                      
                         | 
                      
                         $ 1.04  | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    |
| 
                         | 
                      
                         Reconciling Items Excluded from Net Income(b)  | 
                      
                         | 
                      
                         (0.14)  | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         OPERATING EARNINGS (non-GAAP)  | 
                      
                         | 
                      
                         $ 0.90  | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    |
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         | 
                      
                         (a) Includes activities at PSEG Power, PSEG Long Island, Energy Holdings, PSEG Services Corporation and the Parent.  | 
                    |||||||||
| 
                         | 
                      
                         (b) See Attachments 8 and 9 for details of items excluded from Net Income to compute Operating Earnings (non-GAAP).  | 
                    |||||||||
| 
                         Public Service Enterprise Group Incorporated  | 
                    |||||||||||
| 
                         Consolidating Statements of Operations  | 
                    |||||||||||
| 
                         (Unaudited, $ millions, except per share data)  | 
                    |||||||||||
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         Nine Months Ended September 30, 2025  | 
                    |||||||
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         PSEG  | 
                      
                         | 
                      
                         Eliminations  | 
                      
                         | 
                      
                         PSE&G  | 
                      
                         | 
                      
                         
                          
                            PSEG Power   | 
                      
                         | 
                    
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         OPERATING REVENUES  | 
                      
                         | 
                      
                         $ 9,253  | 
                      
                         | 
                      
                         $ (738)  | 
                      
                         | 
                      
                         $ 7,230  | 
                      
                         | 
                      
                         $ 2,761  | 
                      
                         | 
                    ||
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         OPERATING EXPENSES  | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    ||
| 
                         | 
                      
                         Energy Costs  | 
                      
                         | 
                      
                         3,145  | 
                      
                         | 
                      
                         (738)  | 
                      
                         | 
                      
                         2,867  | 
                      
                         | 
                      
                         1,016  | 
                      
                         | 
                    |
| 
                         | 
                      
                         Operation and Maintenance  | 
                      
                         | 
                      
                         2,700  | 
                      
                         | 
                      
                         -  | 
                      
                         | 
                      
                         1,623  | 
                      
                         | 
                      
                         1,077  | 
                      
                         | 
                    |
| 
                         | 
                      
                         Depreciation and Amortization  | 
                      
                         | 
                      
                         939  | 
                      
                         | 
                      
                         -  | 
                      
                         | 
                      
                         832  | 
                      
                         | 
                      
                         107  | 
                      
                         | 
                    |
| 
                         | 
                      
                         | 
                      
                         Total Operating Expenses  | 
                      
                         | 
                      
                         6,784  | 
                      
                         | 
                      
                         (738)  | 
                      
                         | 
                      
                         5,322  | 
                      
                         | 
                      
                         2,200  | 
                      
                         | 
                    
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         OPERATING INCOME  | 
                      
                         | 
                      
                         2,469  | 
                      
                         | 
                      
                         -  | 
                      
                         | 
                      
                         1,908  | 
                      
                         | 
                      
                         561  | 
                      
                         | 
                    ||
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         Net Gains (Losses) on Trust Investments  | 
                      
                         | 
                      
                         165  | 
                      
                         | 
                      
                         -  | 
                      
                         | 
                      
                         -  | 
                      
                         | 
                      
                         165  | 
                      
                         | 
                    ||
| 
                         Net Other Income (Deductions)  | 
                      
                         | 
                      
                         122  | 
                      
                         | 
                      
                         (3)  | 
                      
                         | 
                      
                         48  | 
                      
                         | 
                      
                         77  | 
                      
                         | 
                    ||
| 
                         Net Non-Operating Pension and OPEB Credits (Costs)  | 
                      
                         | 
                      
                         49  | 
                      
                         | 
                      
                         -  | 
                      
                         | 
                      
                         52  | 
                      
                         | 
                      
                         (3)  | 
                      
                         | 
                    ||
| 
                         Interest Expense  | 
                      
                         | 
                      
                         (742)  | 
                      
                         | 
                      
                         3  | 
                      
                         | 
                      
                         (480)  | 
                      
                         | 
                      
                         (265)  | 
                      
                         | 
                    ||
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         INCOME BEFORE INCOME TAXES  | 
                      
                         | 
                      
                         2,063  | 
                      
                         | 
                      
                         -  | 
                      
                         | 
                      
                         1,528  | 
                      
                         | 
                      
                         535  | 
                      
                         | 
                    ||
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         Income Tax Expense  | 
                      
                         | 
                      
                         (267)  | 
                      
                         | 
                      
                         -  | 
                      
                         | 
                      
                         (135)  | 
                      
                         | 
                      
                         (132)  | 
                      
                         | 
                    ||
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         NET INCOME  | 
                      
                         | 
                      
                         $ 1,796  | 
                      
                         | 
                      
                         $ -  | 
                      
                         | 
                      
                         $ 1,393  | 
                      
                         | 
                      
                         $ 403  | 
                      
                         | 
                    ||
| 
                         | 
                      
                         Reconciling Items Excluded from Net Income(b)  | 
                      
                         | 
                      
                         (129)  | 
                      
                         | 
                      
                         -  | 
                      
                         | 
                      
                         -  | 
                      
                         | 
                      
                         (129)  | 
                      
                         | 
                    |
| 
                         OPERATING EARNINGS (non-GAAP)  | 
                      
                         | 
                      
                         $ 1,667  | 
                      
                         | 
                      
                         $ -  | 
                      
                         | 
                      
                         $ 1,393  | 
                      
                         | 
                      
                         $ 274  | 
                      
                         | 
                    ||
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         Earnings Per Share  | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    ||
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         NET INCOME  | 
                      
                         | 
                      
                         $ 3.59  | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    ||
| 
                         | 
                      
                         Reconciling Items Excluded from Net Income(b)  | 
                      
                         | 
                      
                         (0.26)  | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    |
| 
                         OPERATING EARNINGS (non-GAAP)  | 
                      
                         | 
                      
                         $ 3.33  | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    ||
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         Nine Months Ended September 30, 2024  | 
                    |||||||
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         PSEG  | 
                      
                         | 
                      
                         Eliminations  | 
                      
                         | 
                      
                         PSE&G  | 
                      
                         | 
                      
                         
                          
                            PSEG Power   | 
                      
                         | 
                    
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         OPERATING REVENUES  | 
                      
                         | 
                      
                         $ 7,825  | 
                      
                         | 
                      
                         $ (650)  | 
                      
                         | 
                      
                         $ 6,335  | 
                      
                         | 
                      
                         $ 2,140  | 
                      
                         | 
                    ||
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         OPERATING EXPENSES  | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    ||
| 
                         | 
                      
                         Energy Costs  | 
                      
                         | 
                      
                         2,628  | 
                      
                         | 
                      
                         (650)  | 
                      
                         | 
                      
                         2,450  | 
                      
                         | 
                      
                         828  | 
                      
                         | 
                    |
| 
                         | 
                      
                         Operation and Maintenance  | 
                      
                         | 
                      
                         2,415  | 
                      
                         | 
                      
                         -  | 
                      
                         | 
                      
                         1,395  | 
                      
                         | 
                      
                         1,020  | 
                      
                         | 
                    |
| 
                         | 
                      
                         Depreciation and Amortization  | 
                      
                         | 
                      
                         874  | 
                      
                         | 
                      
                         -  | 
                      
                         | 
                      
                         758  | 
                      
                         | 
                      
                         116  | 
                      
                         | 
                    |
| 
                         | 
                      
                         | 
                      
                         Total Operating Expenses  | 
                      
                         | 
                      
                         5,917  | 
                      
                         | 
                      
                         (650)  | 
                      
                         | 
                      
                         4,603  | 
                      
                         | 
                      
                         1,964  | 
                      
                         | 
                    
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         OPERATING INCOME  | 
                      
                         | 
                      
                         1,908  | 
                      
                         | 
                      
                         -  | 
                      
                         | 
                      
                         1,732  | 
                      
                         | 
                      
                         176  | 
                      
                         | 
                    ||
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         Income from Equity Method Investments  | 
                      
                         | 
                      
                         2  | 
                      
                         | 
                      
                         -  | 
                      
                         | 
                      
                         -  | 
                      
                         | 
                      
                         2  | 
                      
                         | 
                    ||
| 
                         Net Gains (Losses) on Trust Investments  | 
                      
                         | 
                      
                         191  | 
                      
                         | 
                      
                         -  | 
                      
                         | 
                      
                         -  | 
                      
                         | 
                      
                         191  | 
                      
                         | 
                    ||
| 
                         Net Other Income (Deductions)  | 
                      
                         | 
                      
                         119  | 
                      
                         | 
                      
                         (4)  | 
                      
                         | 
                      
                         50  | 
                      
                         | 
                      
                         73  | 
                      
                         | 
                    ||
| 
                         Net Non-Operating Pension and OPEB Credits (Costs)  | 
                      
                         | 
                      
                         55  | 
                      
                         | 
                      
                         -  | 
                      
                         | 
                      
                         58  | 
                      
                         | 
                      
                         (3)  | 
                      
                         | 
                    ||
| 
                         Interest Expense  | 
                      
                         | 
                      
                         (650)  | 
                      
                         | 
                      
                         4  | 
                      
                         | 
                      
                         (430)  | 
                      
                         | 
                      
                         (224)  | 
                      
                         | 
                    ||
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         INCOME BEFORE INCOME TAXES  | 
                      
                         | 
                      
                         1,625  | 
                      
                         | 
                      
                         -  | 
                      
                         | 
                      
                         1,410  | 
                      
                         | 
                      
                         215  | 
                      
                         | 
                    ||
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         Income Tax (Expense) Benefit  | 
                      
                         | 
                      
                         (139)  | 
                      
                         | 
                      
                         -  | 
                      
                         | 
                      
                         (241)  | 
                      
                         | 
                      
                         102  | 
                      
                         | 
                    ||
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         NET INCOME  | 
                      
                         | 
                      
                         $ 1,486  | 
                      
                         | 
                      
                         $ -  | 
                      
                         | 
                      
                         $ 1,169  | 
                      
                         | 
                      
                         $ 317  | 
                      
                         | 
                    ||
| 
                         | 
                      
                         Reconciling Items Excluded from Net Income(b)  | 
                      
                         | 
                      
                         (68)  | 
                      
                         | 
                      
                         -  | 
                      
                         | 
                      
                         -  | 
                      
                         | 
                      
                         (68)  | 
                      
                         | 
                    |
| 
                         OPERATING EARNINGS (non-GAAP)  | 
                      
                         | 
                      
                         $ 1,418  | 
                      
                         | 
                      
                         $ -  | 
                      
                         | 
                      
                         $ 1,169  | 
                      
                         | 
                      
                         $ 249  | 
                      
                         | 
                    ||
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         Earnings Per Share  | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    ||
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         NET INCOME  | 
                      
                         | 
                      
                         $ 2.97  | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    ||
| 
                         | 
                      
                         Reconciling Items Excluded from Net Income(b)  | 
                      
                         | 
                      
                         (0.13)  | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    |
| 
                         OPERATING EARNINGS (non-GAAP)  | 
                      
                         | 
                      
                         $ 2.84  | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    ||
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         | 
                      
                         (a) Includes activities at PSEG Power, PSEG Long Island, Energy Holdings, PSEG Services Corporation and the Parent.  | 
                    ||||||||||
| 
                         | 
                      
                         (b) See Attachments 8 and 9 for details of items excluded from Net Income to compute Operating Earnings (non-GAAP).  | 
                    ||||||||||
| 
                         | 
                      
                         Public Service Enterprise Group Incorporated  | 
                    |||||||
| 
                         | 
                      
                         Capitalization Schedule  | 
                    |||||||
| 
                         | 
                      
                         (Unaudited, $ millions)  | 
                    |||||||
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         September 30,  | 
                      
                         | 
                      
                         December 31,  | 
                      
                         | 
                    
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         2025  | 
                      
                         | 
                      
                         2024  | 
                      
                         | 
                    
| 
                         DEBT  | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    |
| 
                         | 
                      
                         Commercial Paper and Loans  | 
                      
                         | 
                      
                         | 
                      
                         $ 829  | 
                      
                         | 
                      
                         $ 1,593  | 
                      
                         | 
                    |
| 
                         | 
                      
                         Long-Term Debt*  | 
                      
                         | 
                      
                         | 
                      
                         22,541  | 
                      
                         | 
                      
                         21,114  | 
                      
                         | 
                    |
| 
                         | 
                      
                         | 
                      
                         Total Debt  | 
                      
                         | 
                      
                         | 
                      
                         23,370  | 
                      
                         | 
                      
                         22,707  | 
                      
                         | 
                    
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         STOCKHOLDERS' EQUITY  | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    ||
| 
                         | 
                      
                         Common Stock  | 
                      
                         | 
                      
                         | 
                      
                         5,045  | 
                      
                         | 
                      
                         5,057  | 
                      
                         | 
                    |
| 
                         | 
                      
                         Treasury Stock  | 
                      
                         | 
                      
                         | 
                      
                         (1,370)  | 
                      
                         | 
                      
                         (1,403)  | 
                      
                         | 
                    |
| 
                         | 
                      
                         Retained Earnings  | 
                      
                         | 
                      
                         | 
                      
                         13,446  | 
                      
                         | 
                      
                         12,593  | 
                      
                         | 
                    |
| 
                         | 
                      
                         Accumulated Other Comprehensive Loss  | 
                      
                         | 
                      
                         | 
                      
                         (112)  | 
                      
                         | 
                      
                         (133)  | 
                      
                         | 
                    |
| 
                         | 
                      
                         | 
                      
                         Total Stockholders' Equity  | 
                      
                         | 
                      
                         | 
                      
                         17,009  | 
                      
                         | 
                      
                         16,114  | 
                      
                         | 
                    
| 
                         | 
                      
                         | 
                      
                         Total Capitalization  | 
                      
                         | 
                      
                         | 
                      
                         $ 40,379  | 
                      
                         | 
                      
                         $ 38,821  | 
                      
                         | 
                    
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         | 
                      
                         | 
                      
                         *Includes current portion of Long-Term Debt  | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         Public Service Enterprise Group Incorporated  | 
                    |||
| 
                         Condensed Consolidated Statements of Cash Flows  | 
                    |||
| 
                         (Unaudited, $ millions)  | 
                    |||
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         | 
                      
                         Nine Months Ended September 30,  | 
                    ||
| 
                         | 
                      
                         2025  | 
                      
                         | 
                      
                         2024  | 
                    
| 
                         Cash Flows From Operating Activities  | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         Net Income  | 
                      
                         $ 1,796  | 
                      
                         | 
                      
                         $ 1,486  | 
                    
| 
                         Adjustments to Reconcile Net Income to Net Cash Flows  | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         From Operating Activities  | 
                      
                         781  | 
                      
                         | 
                      
                         280  | 
                    
| 
                         Net Cash Provided By (Used In) Operating Activities  | 
                      
                         2,577  | 
                      
                         | 
                      
                         1,766  | 
                    
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         Net Cash Provided By (Used In) Investing Activities  | 
                      
                         (2,060)  | 
                      
                         | 
                      
                         (2,363)  | 
                    
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         Net Cash Provided By (Used In) Financing Activities  | 
                      
                         (311)  | 
                      
                         | 
                      
                         726  | 
                    
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         Net Change in Cash, Cash Equivalents and Restricted Cash  | 
                      
                         206  | 
                      
                         | 
                      
                         129  | 
                    
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         Cash, Cash Equivalents and Restricted Cash at Beginning of Period  | 
                      
                         154  | 
                      
                         | 
                      
                         99  | 
                    
| 
                         Cash, Cash Equivalents and Restricted Cash at End of Period  | 
                      
                         $ 360  | 
                      
                         | 
                      
                         $ 228  | 
                    
| 
                         Public Service Electric & Gas Company  | 
                    |||||||||
| 
                         Retail Sales  | 
                    |||||||||
| 
                         (Unaudited)  | 
                    |||||||||
| 
                         September 30, 2025  | 
                    |||||||||
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         | 
                      
                         Electric Sales  | 
                      
                         | 
                    |||||||
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         | 
                      
                         | 
                      
                         Three Months  | 
                      
                         | 
                      
                         Change vs.  | 
                      
                         | 
                      
                         Nine Months  | 
                      
                         | 
                      
                         Change vs.  | 
                      
                         | 
                    
| 
                         | 
                      
                         Sales (millions kWh)  | 
                      
                         Ended  | 
                      
                         | 
                      
                         2024  | 
                      
                         | 
                      
                         Ended  | 
                      
                         | 
                      
                         2024  | 
                      
                         | 
                    
| 
                         | 
                      
                         Residential  | 
                      
                         4,539  | 
                      
                         | 
                      
                         (2 %)  | 
                      
                         | 
                      
                         10,971  | 
                      
                         | 
                      
                         (1 %)  | 
                      
                         | 
                    
| 
                         | 
                      
                         Commercial & Industrial  | 
                      
                         7,181  | 
                      
                         | 
                      
                         (1 %)  | 
                      
                         | 
                      
                         20,011  | 
                      
                         | 
                      
                         (1 %)  | 
                      
                         | 
                    
| 
                         | 
                      
                         Other  | 
                      
                         84  | 
                      
                         | 
                      
                         18 %  | 
                      
                         | 
                      
                         246  | 
                      
                         | 
                      
                         2 %  | 
                      
                         | 
                    
| 
                         | 
                      
                         Total  | 
                      
                         11,804  | 
                      
                         | 
                      
                         (1 %)  | 
                      
                         | 
                      
                         31,228  | 
                      
                         | 
                      
                         (1 %)  | 
                      
                         | 
                    
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         Gas Sold and Transported  | 
                    |||||||||
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         | 
                      
                         | 
                      
                         Three Months  | 
                      
                         | 
                      
                         Change vs.  | 
                      
                         | 
                      
                         Nine Months  | 
                      
                         | 
                      
                         Change vs.  | 
                      
                         | 
                    
| 
                         | 
                      
                         Sales (millions therms)  | 
                      
                         Ended  | 
                      
                         | 
                      
                         2024  | 
                      
                         | 
                      
                         Ended  | 
                      
                         | 
                      
                         2024  | 
                      
                         | 
                    
| 
                         | 
                      
                         Firm Sales  | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         | 
                      
                         Residential Sales  | 
                      
                         89  | 
                      
                         | 
                      
                         0 %  | 
                      
                         | 
                      
                         1,031  | 
                      
                         | 
                      
                         9 %  | 
                      
                         | 
                    
| 
                         | 
                      
                         Commercial & Industrial  | 
                      
                         106  | 
                      
                         | 
                      
                         8 %  | 
                      
                         | 
                      
                         762  | 
                      
                         | 
                      
                         8 %  | 
                      
                         | 
                    
| 
                         | 
                      
                         Total Firm Sales  | 
                      
                         195  | 
                      
                         | 
                      
                         4 %  | 
                      
                         | 
                      
                         1,793  | 
                      
                         | 
                      
                         9 %  | 
                      
                         | 
                    
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         | 
                      
                         Non-Firm Sales*  | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         | 
                      
                         Commercial & Industrial  | 
                      
                         209  | 
                      
                         | 
                      
                         (16 %)  | 
                      
                         | 
                      
                         685  | 
                      
                         | 
                      
                         12 %  | 
                      
                         | 
                    
| 
                         | 
                      
                         Total Non-Firm Sales  | 
                      
                         209  | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         685  | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         | 
                      
                         Total Sales  | 
                      
                         404  | 
                      
                         | 
                      
                         (7 %)  | 
                      
                         | 
                      
                         2,478  | 
                      
                         | 
                      
                         10 %  | 
                      
                         | 
                    
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         | 
                      
                         *Contract Service Gas rate included in non-firm sales  | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    |
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         Weather Data*  | 
                    |||||||||
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         | 
                      
                         | 
                      
                         Three Months  | 
                      
                         | 
                      
                         Change vs.  | 
                      
                         | 
                      
                         Nine Months  | 
                      
                         | 
                      
                         Change vs.  | 
                      
                         | 
                    
| 
                         | 
                      
                         | 
                      
                         Ended  | 
                      
                         | 
                      
                         2024  | 
                      
                         | 
                      
                         Ended  | 
                      
                         | 
                      
                         2024  | 
                      
                         | 
                    
| 
                         | 
                      
                         THI Hours - Actual  | 
                      
                         12,460  | 
                      
                         | 
                      
                         (7 %)  | 
                      
                         | 
                      
                         17,581  | 
                      
                         | 
                      
                         (9 %)  | 
                      
                         | 
                    
| 
                         | 
                      
                         THI Hours - Normal  | 
                      
                         12,909  | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         17,101  | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         | 
                      
                         Degree Days - Actual  | 
                      
                         -  | 
                      
                         | 
                      
                         (100 %)  | 
                      
                         | 
                      
                         2,749  | 
                      
                         | 
                      
                         9 %  | 
                      
                         | 
                    
| 
                         | 
                      
                         Degree Days - Normal  | 
                      
                         21  | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         2,976  | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         
                          *Winter weather as defined by heating degree days (HDD) to serve as a measure for the need for heating. For each day, HDD is calculated as HDD = 65°F – the   | 
                    |||||||||
| 
                         Nuclear Generation Measures  | 
                    ||||||||
| 
                         (Unaudited)  | 
                    ||||||||
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         | 
                      
                         | 
                      
                         GWh Breakdown  | 
                      
                         | 
                      
                         GWh Breakdown  | 
                    ||||
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         | 
                      
                         | 
                      
                         Three Months Ended  | 
                      
                         | 
                      
                         Nine Months Ended  | 
                    ||||
| 
                         | 
                      
                         | 
                      
                         September 30,  | 
                      
                         | 
                      
                         September 30,  | 
                    ||||
| 
                         | 
                      
                         | 
                      
                         2025  | 
                      
                         | 
                      
                         2024  | 
                      
                         | 
                      
                         2025  | 
                      
                         | 
                      
                         2024  | 
                    
| 
                         Nuclear - NJ  | 
                      
                         5,189  | 
                      
                         | 
                      
                         5,456  | 
                      
                         | 
                      
                         15,323  | 
                      
                         | 
                      
                         14,971  | 
                    |
| 
                         Nuclear - PA  | 
                      
                         2,714  | 
                      
                         | 
                      
                         2,631  | 
                      
                         | 
                      
                         8,446  | 
                      
                         | 
                      
                         8,323  | 
                    |
| 
                         | 
                      
                         | 
                      
                         7,903  | 
                      
                         | 
                      
                         8,087  | 
                      
                         | 
                      
                         23,769  | 
                      
                         | 
                      
                         23,294  | 
                    
| 
                         Public Service Enterprise Group Incorporated  | 
                    |||||||||||
| 
                         Statistical Measures  | 
                    |||||||||||
| 
                         (Unaudited)  | 
                    |||||||||||
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         Three Months Ended September 30,  | 
                      
                         | 
                      
                         Nine Months Ended September 30,  | 
                    ||||
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         2025  | 
                      
                         | 
                      
                         2024  | 
                      
                         | 
                      
                         2025  | 
                      
                         | 
                      
                         2024  | 
                    
| 
                         Weighted Average Common Shares Outstanding (millions)  | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    ||||
| 
                         | 
                      
                         Basic  | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         499  | 
                      
                         | 
                      
                         498  | 
                      
                         | 
                      
                         499  | 
                      
                         | 
                      
                         498  | 
                    
| 
                         | 
                      
                         Diluted  | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         501  | 
                      
                         | 
                      
                         500  | 
                      
                         | 
                      
                         501  | 
                      
                         | 
                      
                         500  | 
                    
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         Stock Price at End of Period  | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         $83.46  | 
                      
                         | 
                      
                         $89.21  | 
                    ||
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         Dividends Paid per Share of Common Stock  | 
                      
                         | 
                      
                         $0.63  | 
                      
                         | 
                      
                         $0.60  | 
                      
                         | 
                      
                         $1.89  | 
                      
                         | 
                      
                         $1.80  | 
                    |||
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         Dividend Yield  | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         3.0 %  | 
                      
                         | 
                      
                         2.7 %  | 
                    |
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         Book Value per Common Share  | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         $34.10  | 
                      
                         | 
                      
                         $32.33  | 
                    ||
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         Market Price as a Percent of Book Value  | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         245 %  | 
                      
                         | 
                      
                         276 %  | 
                    ||
| 
                         Public Service Enterprise Group Incorporated  | 
                    ||||||||
| 
                         Consolidated Operating Earnings (non-GAAP) Reconciliation  | 
                    ||||||||
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         Reconciling Items  | 
                      
                         Three Months Ended  | 
                      
                         Nine Months Ended  | 
                    ||||||
| 
                         September 30,  | 
                      
                         September 30,  | 
                    |||||||
| 
                         2025  | 
                      
                         | 
                      
                         2024  | 
                      
                         | 
                      
                         2025  | 
                      
                         | 
                      
                         2024  | 
                      
                         | 
                    |
| 
                         | 
                      
                         ($ millions, Unaudited)  | 
                    |||||||
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         Net Income  | 
                      
                         $ 622  | 
                      
                         | 
                      
                         $ 520  | 
                      
                         | 
                      
                         $ 1,796  | 
                      
                         | 
                      
                         $ 1,486  | 
                      
                         | 
                    
| 
                         (Gain) Loss on Nuclear Decommissioning Trust (NDT)  | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         Fund Related Activity, pre-tax  | 
                      
                         (70)  | 
                      
                         | 
                      
                         (91)  | 
                      
                         | 
                      
                         (190)  | 
                      
                         | 
                      
                         (199)  | 
                      
                         | 
                    
| 
                         (Gain) Loss on Mark-to-Market (MTM), pre-tax(a)  | 
                      
                         (20)  | 
                      
                         | 
                      
                         (23)  | 
                      
                         | 
                      
                         (22)  | 
                      
                         | 
                      
                         76  | 
                      
                         | 
                    
| 
                         Lease Related Activity, pre-tax  | 
                      
                         -  | 
                      
                         | 
                      
                         -  | 
                      
                         | 
                      
                         -  | 
                      
                         | 
                      
                         (4)  | 
                      
                         | 
                    
| 
                         Income Taxes related to Operating Earnings (non-GAAP) reconciling items(b)  | 
                      
                         33  | 
                      
                         | 
                      
                         42  | 
                      
                         | 
                      
                         83  | 
                      
                         | 
                      
                         59  | 
                      
                         | 
                    
| 
                         | 
                      
                         $ 565  | 
                      
                         | 
                      
                         $ 448  | 
                      
                         | 
                      
                         $ 1,667  | 
                      
                         | 
                      
                         $ 1,418  | 
                      
                         | 
                    
| 
                         Operating Earnings (non-GAAP)  | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         PSEG Fully Diluted Average Shares Outstanding (in millions)  | 
                      
                         501  | 
                      
                         | 
                      
                         500  | 
                      
                         | 
                      
                         501  | 
                      
                         | 
                      
                         500  | 
                      
                         | 
                    
| 
                         | 
                      
                         ($ Per Share Impact - Diluted, Unaudited)  | 
                    |||||||
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         Net Income  | 
                      
                         $ 1.24  | 
                      
                         | 
                      
                         $ 1.04  | 
                      
                         | 
                      
                         $ 3.59  | 
                      
                         | 
                      
                         $ 2.97  | 
                      
                         | 
                    
| 
                         (Gain) Loss on NDT Fund Related Activity, pre-tax  | 
                      
                         (0.13)  | 
                      
                         | 
                      
                         (0.17)  | 
                      
                         | 
                      
                         (0.38)  | 
                      
                         | 
                      
                         (0.39)  | 
                      
                         | 
                    
| 
                         (Gain) Loss on MTM, pre-tax(a)  | 
                      
                         (0.04)  | 
                      
                         | 
                      
                         (0.05)  | 
                      
                         | 
                      
                         (0.04)  | 
                      
                         | 
                      
                         0.15  | 
                      
                         | 
                    
| 
                         Lease Related Activity, pre-tax  | 
                      
                         -  | 
                      
                         | 
                      
                         -  | 
                      
                         | 
                      
                         -  | 
                      
                         | 
                      
                         (0.01)  | 
                      
                         | 
                    
| 
                         Income Taxes related to Operating Earnings (non-GAAP) reconciling items(b)  | 
                      
                         0.06  | 
                      
                         | 
                      
                         0.08  | 
                      
                         | 
                      
                         0.16  | 
                      
                         | 
                      
                         0.12  | 
                      
                         | 
                    
| 
                         Operating Earnings (non-GAAP)  | 
                      
                         $ 1.13  | 
                      
                         | 
                      
                         $ 0.90  | 
                      
                         | 
                      
                         $ 3.33  | 
                      
                         | 
                      
                         $ 2.84  | 
                      
                         | 
                    
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         (a) Includes the financial impact from positions with forward delivery months.  | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         
                          (b) Income tax effect calculated at the statutory rate except for qualified NDT related activity, which records an additional 20% trust tax on income (loss) from  | 
                      
                         | 
                    |||||||
| 
                         PSEG Power & Other Operating Earnings (non-GAAP) Reconciliation  | 
                    |||||||||
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         | 
                      
                         | 
                      
                         Three Months Ended  | 
                      
                         Nine Months Ended  | 
                    ||||||
| 
                         Reconciling Items  | 
                      
                         September 30,  | 
                      
                         September 30,  | 
                    |||||||
| 
                         | 
                      
                         | 
                      
                         2025  | 
                      
                         | 
                      
                         2024  | 
                      
                         | 
                      
                         2025  | 
                      
                         | 
                      
                         2024  | 
                      
                         | 
                    
| 
                         | 
                      
                         | 
                      
                         ($ millions, Unaudited)  | 
                    |||||||
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         Net Income  | 
                      
                         $ 107  | 
                      
                         | 
                      
                         $ 141  | 
                      
                         | 
                      
                         $ 403  | 
                      
                         | 
                      
                         $ 317  | 
                      
                         | 
                    |
| 
                         | 
                      
                         (Gain) Loss on NDT Fund Related Activity, pre-tax  | 
                      
                         (70)  | 
                      
                         | 
                      
                         (91)  | 
                      
                         | 
                      
                         (190)  | 
                      
                         | 
                      
                         (199)  | 
                      
                         | 
                    
| 
                         | 
                      
                         (Gain) Loss on MTM, pre-tax(a)  | 
                      
                         (20)  | 
                      
                         | 
                      
                         (23)  | 
                      
                         | 
                      
                         (22)  | 
                      
                         | 
                      
                         76  | 
                      
                         | 
                    
| 
                         | 
                      
                         Lease Related Activity, pre-tax  | 
                      
                         -  | 
                      
                         | 
                      
                         -  | 
                      
                         | 
                      
                         -  | 
                      
                         | 
                      
                         (4)  | 
                      
                         | 
                    
| 
                         | 
                      
                         Income Taxes related to Operating Earnings (non-GAAP) reconciling items(b)  | 
                      
                         33  | 
                      
                         | 
                      
                         42  | 
                      
                         | 
                      
                         83  | 
                      
                         | 
                      
                         59  | 
                      
                         | 
                    
| 
                         Operating Earnings (non-GAAP)  | 
                      
                         $ 50  | 
                      
                         | 
                      
                         $ 69  | 
                      
                         | 
                      
                         $ 274  | 
                      
                         | 
                      
                         $ 249  | 
                      
                         | 
                    |
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         | 
                      
                         PSEG Fully Diluted Average Shares Outstanding (in millions)  | 
                      
                         501  | 
                      
                         | 
                      
                         500  | 
                      
                         | 
                      
                         501  | 
                      
                         | 
                      
                         500  | 
                      
                         | 
                    
| 
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         | 
                      
                         (a) Includes the financial impact from positions with forward delivery months.  | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                      
                         | 
                    
| 
                         | 
                      
                         (b) Income tax effect calculated at the statutory rate except for qualified NDT related activity, which records an additional 20% trust tax on income (loss) from qualified NDT Funds, and lease related activity.  | 
                    ||||||||
SOURCE Public Service Enterprise Group

| 1 hour | |
| 2 hours | |
| 12 hours | |
| 12 hours | |
| Oct-29 | |
| Oct-28 | |
| Oct-27 | |
| Oct-27 | |
| Oct-25 | |
| Oct-24 | |
| Oct-23 | |
| Oct-17 | |
| Oct-16 | |
| Oct-16 | |
| Oct-14 | 
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