PEG · 10-Q · 2026Q3 · Full report

Net Income and Profitability

PUBLIC SERVICE ENTERPRISE GROUP INC · 2026-11-02 · Importance 38 · Surprise 24

PSEG net income decreased for the three and nine months ended September 30, 2026 compared with the corresponding 2025 periods. The filing attributes the declines primarily to 2026 non-trading MTM losses compared with prior-year gains and lower net gains on Nuclear Decommissioning Trust (NDT) investments. For the nine-month period, PSEG Power & Other recorded a $571 million unfavorable MTM change in generation revenues and $134 million in net unrealized losses on equity securities, compared with $108 million in net unrealized gains in 2025. These pressures were partly offset by continued investment in PSE&G transmission and distribution clause programs and higher PSEG Power capacity revenues.

Key facts

• PSE&G's nine-month 2026 O&M expense increased $132 million, including $115 million higher clause and renewable expenditures and $31 million higher other operating and Services expenses, partly offset by $14 million lower distribution and transmission operating expenditures.
• PSEG Power's nine-month 2026 energy costs increased $190 million, including a $171 million increase in gas costs and a $19 million increase in generation costs primarily from higher nuclear fuel costs.
• PSE&G's three-month 2026 O&M expense increased $30 million, including $35 million higher clause and renewable expenditures and $13 million higher other operating and Services expenses, partly offset by $18 million lower distribution and transmission operating expenditures.
• PSE&G's three-month 2026 depreciation and amortization expense increased $14 million, primarily due to higher plant placed in service and increased software amortization.