Public Service Enterprise Group

Public Service Enterprise Group (PSEG) is a utility holding company based in Newark, New Jersey. Its main business is Public Service Electric and Gas (PSE&G), which delivers electricity to 2.4 million customers and natural gas to 1.9 million customers in an area of about 2,600 square miles across New Jersey. PSE&G also owns transmission lines in the PJM grid.

State and federal regulators set its rates, so its earnings grow mostly with its rate base, which was about $36 billion at the end of 2025. PSEG Power owns 3,758 megawatts of nuclear capacity: the Salem and Hope Creek plants in New Jersey and a share of the Peach Bottom plants in Pennsylvania. PSEG Power sells this power at market prices, and a federal production tax credit supports its revenue when prices are low through 2032.

The market prices PSEG as a utility with political risk in New Jersey. Electricity bills in the state rose sharply in June 2025 after high PJM capacity prices. In January 2026, the new governor ordered the Board of Public Utilities (BPU) to limit rate increases and to study changes to the utility business model. In July 2026, the BPU published a consultant study of ratemaking options, and a quantitative analysis of these options is the next step.

A June 2026 state law also makes membership in a regional transmission organization mandatory from January 1, 2027. This can remove the 50 basis point return adder of PSE&G and lower its net income by about $40 million a year. The nuclear business adds a second uncertainty, because its earnings move with power prices above the tax credit floor. For the gap to close, PSEG must earn 2026 operating EPS within its $4.28 to $4.40 guidance and keep its outlook of 6% to 8% growth a year through 2030.

The BPU review must not lead to a lower allowed return. A multi-year contract for nuclear output, which management is working on, would also make earnings more certain. The Q3 2026 report on November 2, 2026, kept the 2026 guidance and the growth outlook. The next tests are the start of mandatory RTO membership on January 1, 2027, the Q4 report with the 2027 guidance in about February 2027, and the result of the BPU review during 2027.

If these checks pass, the gap can close over the next two to four quarters. The main reason it may not close is a state policy change that cuts the return on utility investment.

1. Nov 2, 2026Passed

   Q3 2026 earnings: 2026 guidanceOperating EPS on track for the $4.28 to $4.40 guidance and the 6% to 8% growth outlook kept pass; a cut to either fails.Outcome: Operating EPS was $3.56 for the first nine months, up from $3.33, and PSEG kept both its 2026 guidance and its 6% to 8% growth outlook.
2. Jan 2027 · est.Pending

   Mandatory RTO membership: transmission return adderPSE&G keeps its 50 basis point adder, or the loss stays near $40 million a year, passes; a larger cut to the transmission return fails.
3. Feb 2, 2027 · est.Pending

   Q4 2026 results and 2027 guidance2026 operating EPS within the $4.28 to $4.40 guidance and 2027 guidance in line with 6% to 8% growth pass; a result below the range or lower 2027 guidance fails.
4. 2027 · est.Pending

   BPU review of the utility business modelA result that keeps the current return on equity and rate recovery passes; a lower allowed return or new limits on rate recovery fail.

Every passed and failed checkpoint across all picks

• November 2, 2026PSEG reported Q3 2026 results. Net income was $376 million, or $0.76 per share, down from $1.24 a year earlier, mainly because of mark-to-market and trust investment losses. Non-GAAP operating earnings were $1.15 per share, up from $1.13. PSE&G earned $506 million, down from $515 million, because higher depreciation and interest costs that are not yet in rates outweighed its investment growth. PSEG kept its 2026 guidance of $4.28 to $4.40 per share and its 6% to 8% growth outlook through 2030. Its nuclear plants ran at 95.5% of capacity in the quarter.
• November 2, 2026In its Q3 2026 report, PSEG described new PJM actions. In October 2026, FERC rejected the main parts of a PJM plan to cut power to new large loads, such as data centers, at peak times. At the end of October 2026, PJM filed a revised plan for a one-time purchase of 15-year commitments from new power plants, and it plans the auction for March 1, 2027 if FERC approves the plan.
• October 13, 2026PSEG said that it will report Q3 2026 results on November 2, 2026. On the same call, management will discuss its guidance, capital investments and regulatory matters.

Last earnings

November 2, 2026 (8-K on sec.gov)

Next earnings

Expected about February 2, 2027. The company has not confirmed the date.

• 8-KInvestor disclosureFiled November 6, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Sep 30, 2026Filed November 2, 2026 · peg-20260930
• 8-KEarnings release and Investor disclosureFiled November 2, 2026 · Press release and exhibits
• 10-QQuarterly report for the period ended Jun 30, 2026Filed August 4, 2026 · peg-20260630
• 8-KEarnings release and Investor disclosureFiled August 4, 2026 · Press release and exhibits
• 8-KInvestor disclosureFiled July 1, 2026 · Read it on sec.gov
• 8-KOther company newsFiled June 3, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Mar 31, 2026Filed May 5, 2026 · peg-20260331
• 8-KEarnings release and Investor disclosureFiled May 5, 2026 · Press release and exhibits
• 8-KShareholder vote resultsFiled April 23, 2026 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 788784)

• New Jersey is under strong political pressure to lower power bills. The BPU review of the utility business model, which started with an executive order in January 2026, can lead to a lower allowed return or slower recovery of investment.
• A June 2026 law makes membership in a regional transmission organization mandatory from January 1, 2027. If PSE&G loses its 50 basis point return adder, its net income falls by about $40 million a year.
• The earnings of PSEG Power move with power prices, nuclear output and the rules for the production tax credit. An outage at a nuclear plant or a change in the tax credit rules can lower earnings.
• In March 2026, FERC ordered PJM to recalculate how it assigns some transmission costs and to resettle bills back to 2015. The proceedings continue, and the result can change the costs of PSE&G customers.

PSEG funds PSE&G with first mortgage bonds and funds the parent and PSEG Power with senior notes and commercial paper. At September 30, 2026, total debt was $25.63 billion: long-term debt of $24.56 billion, which includes $425 million due within one year, and commercial paper and loans of $1.08 billion. Read more

Yield at the current rate

3.6% (current annual rate, at today’s price)

Dividend yield

3.6% (last 12 months, at today’s price of $74.29)

Paid per share

$2.64 in the last 12 months (4 payments)

Current annual rate

$2.68 ($0.67 × 4 a year)

Payout ratio

60% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

September 9, 2026, $0.67 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 5.2% a year. From 2015 to 2025, the dividend grew by about 4.9% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.