PEG · 10-Q · 2026Q3 · Full report

Capital Expenditure Outlook

PUBLIC SERVICE ENTERPRISE GROUP INC · 2026-11-02 · Importance 73 · Surprise 50 · Contradicted

For 2026–2030, PSEG estimates a regulated capital investment program of $22.5 billion to $25.5 billion, within a total capital investment program of $24 billion to $28 billion. The company expects regulated rate base to grow at a 6.0% to 7.5% compound annual rate from year-end 2025 to year-end 2030. The low end includes extensions of the Gas System Modernization Program (GSMP) and Clean Energy Future (CEF)-EE program; the high end includes potential investments for demand growth, infrastructure needs, and New Jersey clean-energy goals. Separately, PSE&G’s approved CEF-EE II filing authorizes approximately $2.9 billion for projects committed from January 1, 2025 through June 30, 2027, including a $1.9 billion investment budget and approximately $1 billion for customer on-bill repayment.

Key facts

• PSEG estimates regulated capital investments of $22.5 billion to $25.5 billion for 2026–2030.
• PSEG's total capital investment program is $24 billion to $28 billion.
• PJM awarded PSEG an approximately $424 million Maryland and northern Virginia transmission project in December 2023, directed for service in 2027; PSEG does not believe the 2027 in-service date is reasonably achievable under the Maryland Public Service Commission procedural timeline.
• PSEG expects regulated rate base compound annual growth of 6.0% to 7.5% from year-end 2025 to year-end 2030.
• The low end of PSEG's capital investment range includes extensions of the Gas System Modernization Program and Clean Energy Future energy efficiency program beyond their currently approved time frames.
• The upper end of PSEG's capital investment range includes potential incremental investment for continued demand growth, infrastructure needs, and New Jersey clean energy goals.
• PSEG Power & Other made $203 million of capital expenditures, excluding $152 million for nuclear fuel, during the nine months ended September 30, 2026, primarily for nuclear projects at PSEG Power and information technology projects at Services.
• PSEG expects all capital requirements over the next three years to be funded by a combination of internally generated funds and external debt financing.

Impact estimates