Public Service Enterprise Group (NYSE:PEG) reported second-quarter earnings Tuesday that surpassed analyst expectations, delivering non-GAAP operating earnings of $0.77 per share versus the $0.71 consensus. Revenue reached $2.8 billion, well above the $2.48 billion forecast.
The New Jersey-based utility upheld its full-year 2025 non-GAAP operating earnings guidance of $3.94 to $4.06 per share, reflecting a 9% increase at the midpoint over 2024 results.
PSEG’s nuclear fleet produced 7.5 terawatt-hours (TWh) of energy in the quarter, up 0.5 TWh from the same period last year, driven by improved plant availability and no refueling outages. The company also managed extreme weather, with a peak load of 10,229 MW on June 24—the highest since 2013.
“PSEG’s financial and operating results for the second quarter and first half of 2025 provide us with a solid base to confidently deliver on our full-year 2025 non-GAAP Operating Earnings guidance,” said Ralph LaRossa, PSEG’s chair, president, and CEO.
The regulated utility segment, PSE&G, posted $332 million in net income, up from $302 million in Q2 2024, benefiting from new electric and gas base rates set after the October 2024 rate case settlement.
Looking ahead, PSEG cleared about 3,500 MW of nuclear capacity in PJM’s 2026/2027 auction at $329 per megawatt-day, up from around $270 per megawatt-day previously. The company remains on track with its $3.8 billion regulated investment plan and maintains a 5-7% compound annual growth rate outlook for 2025-2029.
PSEG also noted a sharp increase in large load inquiries for new service connections, rising to over 9,400 MW by June 30 from 6,400 MW at the end of March, mainly driven by data center demand.