PEG · 10-Q · 2026Q2 · Full report

Revenue Performance and Mix

PUBLIC SERVICE ENTERPRISE GROUP INC · 2026-08-04 · Importance 43 · Surprise 32 · In source text

PSEG’s consolidated operating revenues increased $375 million, or approximately 6%, to $6.402 billion in the six months ended June 30, 2026, from $6.027 billion in the prior-year period, while second-quarter revenue decreased $251 million, or 9%, to $2.554 billion. PSE&G six-month revenue increased $527 million, driven by $371 million of higher commodity revenue, $114 million of higher clause revenue, and $130 million of higher delivery revenue, partly offset by an $88 million decline in other operating revenue after ZEC collections ended. PSEG Power & Other six-month revenue decreased $62 million because generation revenue declined $241 million, including a $300 million adverse MTM variance and an $81 million reduction from the end of ZEC sales, partly offset by $180 million of higher gas supply revenue and $115 million of higher capacity revenue. PSE&G’s commodity revenue changes had no margin impact because BGS and BGSS costs are passed through to customers, while clause and other program revenues were also substantially offset by related costs.

Key facts

• Generation revenues decreased $387 million in the three months ended June 30, 2026 primarily due to a net decrease of $450 million from MTM losses in 2026 versus gains in 2025 (including $370 million from changes in forward prices and $80 million from positions reclassified to realized), partially offset by increases in capacity ($51 million) and higher realized prices/volumes ($37 million); and a $25 million decrease due to conclusion of ZEC sales. source
• For the six months ended June 30, 2026, PSE&G operating revenues increased $527 million due to changes in delivery, commodity, clause and other operating revenues. source
• Gas supply revenues for the six months ended June 30, 2026 increased $180 million driven by a $160 million increase in sales under the BGSS contract (including $136 million from higher sales prices and $24 million from higher sales volumes) and a $24 million increase in third-party sales (including $16 million from higher prices and $8 million from higher volumes). source
• For the three months ended June 30, 2026, PSE&G operating revenues were $2,137 million versus $2,031 million for the three months ended June 30, 2025 (increase of $106 million). source
• Delivery revenues increased $40 million in the three months ended June 30, 2026 due primarily to a $17 million increase in delivery volumes, $13 million from increased GPRC revenues and a $10 million increase in transmission revenues. source
• Clause revenues increased $50 million in the three months ended June 30, 2026 due primarily to a $35 million increase in TAC and GPRC deferrals and a $15 million increase in Societal Benefits Clause (SBC) collections. source
• Commodity revenues increased $64 million in the three months ended June 30, 2026 primarily due to higher electric BGS revenues of $66 million, partially offset by lower gas BGSS revenues of $2 million. source
• Other operating revenues decreased $48 million in the three months ended June 30, 2026 due primarily to a decrease in ZECs as a result of the ZEC collection ending effective May 31, 2025. source

Impact estimates