PEG · 10-Q · 2026Q3 · Full report

Energy Efficiency Programs

PUBLIC SERVICE ENTERPRISE GROUP INC · 2026-11-02 · Importance 64 · Surprise 42 · In source text

PSE&G’s CEF-EE II authorization covers approximately $2.9 billion for energy-efficiency projects committed from January 2025 through June 2027, with completion expected over six years. The approved program investment budget is approximately $1.9 billion net of administrative expenses, alongside approximately $1 billion for continued customer on-bill repayment. In September 2026, PSE&G filed a proposed extension of its energy-efficiency program with alternatives under the BPU’s framework for the second triennium extension.

Key facts

• In 2024, the BPU authorized approximately $2.9 billion for PSE&G CEF-EE II energy efficiency projects committed from January 1, 2025 through June 30, 2027, with completion expected over six years.
• The CEF-EE II Order approved an approximately $1.9 billion program investment budget net of administrative expenses and approximately $1 billion for the customer on-bill repayment program.
• In July 2026, the BPU finalized a framework extending the second triennium of energy efficiency programs, changing budget calculations to gross energy savings, adjusting utility ROE for performance, and replacing the method for collecting foregone revenue.
• PSE&G filed its proposed energy efficiency program extension, including alternatives, in September 2026; the BPU was expected to issue the framework for the third program cycle by year-end.
• PSE&G’s expenditures for EE programs were $473 million during the nine months ended September 30, 2026, and were included in operating cash flows.
• PSE&G had $135 million associated with the CEF-EE II on-bill repayment program included in investing cash flows during the nine months ended September 30, 2026.

Impact estimates