PEG · 10-Q · 2026Q3 · Full report

Revenue Performance and Mix

PUBLIC SERVICE ENTERPRISE GROUP INC · 2026-11-02 · Importance 35 · Surprise 22

For the nine months ended September 30, 2026, PSE&G operating revenues rose $518 million year over year to $7.748 billion, while PSEG Power & Other revenues fell $279 million, or 10%, to $2.482 billion. PSE&G’s increase included $142 million in delivery revenue, $141 million in clause revenue, and $362 million in commodity revenue, partly offset by a $127 million decline in other operating revenues, primarily from lower ZEC revenues after collections ended in 2025. PSEG Power & Other generation revenues declined $466 million, including a $571 million unfavorable MTM change and an $84 million decrease following the conclusion of ZEC sales, partly offset by $134 million higher capacity revenue. For the three months ended September 30, 2026, PSE&G revenues decreased $9 million and PSEG Power & Other revenues decreased $217 million, with the latter including a $271 million unfavorable MTM change in generation revenues.

Key facts

• PSE&G's nine-month 2026 commodity revenues increased $362 million, primarily from $256 million higher BGS revenues and $107 million higher BGSS revenues, mainly due to higher prices.
• PSEG Power's three-month 2026 generation revenues decreased $225 million; a $271 million net decrease from MTM losses versus gains included a $346 million decrease from forward price changes and a $75 million increase from settled positions.
• PSEG Power's nine-month 2026 generation revenues decreased $466 million, including a $571 million net decrease from MTM losses versus gains and an $84 million net decrease primarily from the May 2025 conclusion of ZEC sales.
• PSE&G's nine-month 2026 delivery revenues increased $142 million, including $79 million from delivery volumes, $41 million from GPRC revenues, and $29 million from transmission revenues due primarily to higher rate-base investments.
• PSE&G's nine-month 2026 clause revenues increased $141 million, including $87 million more in TAC and GPRC deferrals and $57 million more in SBC collections.
• PSEG Power's nine-month 2026 gas supply revenues increased $189 million, including $156 million under the BGSS contract and $37 million from third-party sales.
• PSE&G's three-month 2026 delivery revenues increased $8 million, primarily from a $7 million increase in delivery prices.
• PSE&G's three-month 2026 clause revenues increased $29 million, primarily from $22 million more in SBC collections and $7 million more in TAC and GPRC deferrals.