Public Service Enterprise Group Announces 2019 Third Quarter Results

(STL.News) – Public Service Enterprise Group (NYSE: PEG) reported today Net Income for the third quarter of 2019 of $403 million, or $0.79 per share as compared to Net Income of $412 million, or $0.81, in the third quarter of 2018.  Non-GAAP Operating Earnings for the third quarter of 2019 were $495 million, or $0.98 per share, compared to non-GAAP Operating Earnings for third quarter 2018 of $481 million, or $0.95 per share.  Non-GAAP Operating Earnings for third quarter 2019 exclude the recognition of net unrealized losses on Nuclear Decommissioning Trust equity securities, Mark-to-Market losses, and an incremental, pre-tax loss associated with the disposition of the company’s interests in two fossil generation plants.

Ralph Izzo, chairman, president and chief executive officer, said “PSEG delivered solid operating performance for the third quarter, and posted financial results that benefited from PSE&G’s ongoing investment in New Jersey’s energy infrastructure, which continues to offset the headwinds in the power business from lower energy prices.  During the quarter, the New Jersey Board of Public Utilities (NJBPU) approved PSE&G’s Energy Strong II settlement that authorizes investment in electric and gas system reliability and resiliency improvements over the next four years.  We continue to eagerly pursue the Clean Energy Future filing, consistent with Governor Murphy’s clean energy goals, to advance these important programs to cost-effectively reduce emissions.”