Regulatory approval and recovery risk
Utility earnings depend on BPU and FERC-approved rates, clauses, and recovery mechanisms.
- Scope
- PSE&G rate cases, investment programs, and transmission formula rates
- Materiality
- high
Public Service Enterprise Group Incorporated
Public Service Enterprise Group Inc. is a New Jersey-based utility holding company operating through regulated electric and gas utility subsidiaries and a nuclear generation business. Its core activities include electric transmission and distribution, natural gas distribution, regulated clean-energy programs, and nuclear power generation in the Mid-Atlantic region of the United States.
17,3 %
+18,3 %
0.80
0.80
| % | |
|---|---|
| Regulated electric distribution | 45% Delivery of electricity to residential, commercial, and industrial customers in New Jersey under regulated tariffs. |
| Regulated gas distribution | 20% Delivery of natural gas to retail customers in PSE&G's service territory under approved rates. |
| Transmission and utility recovery programs | 20% Transmission formula rates, investment recovery clauses, and pass-through regulatory mechanisms. |
| Nuclear generation | 12% Nuclear plant output sold into wholesale power markets through energy, capacity, and ancillary services. |
| Competitive and other services | 3% Appliance repair and other ancillary services within the utility service territory. |
PSE&G serves end-use utility customers across its New Jersey franchise, including households, commercial businesses,...
- Residential utility customersprimary
Households in PSE&G's service territory buying electric and gas delivery, commodity supply, and related utility programs.
- Commercial and industrial customersprimary
Businesses and industrial users buying regulated delivery service and, where applicable, commodity supply.
- Wholesale power market participantssecondary
PJM market counterparties purchasing nuclear energy, capacity, and ancillary services.
- Program participantssecondary
Customers enrolling in energy-efficiency, EV make-ready, and other regulated clean-energy initiatives.
- Appliance service customersemerging
Retail customers purchasing repair and maintenance services within the utility territory.
The company is centered in New Jersey, where PSE&G serves a dense, urbanized utility territory covering much of the...
- •Headquartered in Newark, New Jersey
- •Primary utility franchise spans a large part of New Jersey
- •Service territory includes dense urban, suburban, and industrial load
- •Wholesale nuclear sales are tied to PJM markets in the Mid-Atlantic
- •Operations are concentrated in a single regulated state
PSEG's strategy is built around regulated capital investment, infrastructure modernization, and clean-energy programs...
01
Increase regulated capital investmentmedium-term
Regulated projects support rate-base growth and more predictable utility earnings.
02
Modernize the New Jersey utility networkmedium-term
A stronger grid and gas system are needed to serve load growth and improve reliability.
03
Monetize carbon-free nuclear generationmedium-term
Nuclear assets provide wholesale market exposure and low-carbon output.
PSEG faces regulatory, execution, and market risks tied to a capital-intensive utility and nuclear portfolio...
Project execution and permitting risk
The business plan relies on large T&D, gas, and clean-energy projects that must be built on time and on budget.
- Scope
- Transmission, gas modernization, energy efficiency, and nuclear investments
- Materiality
- high
Cybersecurity risk
Operations depend on IT and operational technology systems for generation, grid, and customer service.
- Scope
- Generation assets, T&D systems, market operations, customer data
- Materiality
- high
Wholesale market and commodity price risk
Nuclear generation is sold into PJM markets and hedged with derivatives, creating exposure to price volatility.
- Scope
- Energy, capacity, ancillary services, and hedging activities
- Materiality
- medium
Single-state concentration risk
Most regulated operations are concentrated in New Jersey, so state policy and local demand trends matter disproportionately.
- Scope
- New Jersey utility franchise
- Materiality
- medium
Regulated utility deferral accounting
Delivery, clause, and commodity revenues can be deferred or trued up later
Derivative fair value accounting
Commodity price movements can create significant unrealized gains or losses
Long-lived asset impairment
Regulatory changes, market shifts, or early retirements could trigger write-downs
Pension and OPEB assumptions
Small assumption changes can materially affect expense and liabilities
: 11/08/2026