Public Service Enterprise Group Inc

Company facts

Industry

Electric & Other Services Combined

Headquarters

Newark, New Jersey

Most recent report

10-Q, filed Aug 4, 2026

Incorporated

New Jersey

Filings on record

1,007+ filings

On EDGAR

CIK 788784

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Jun 2026 10-Q

SECSift found 27 of 62 sections worth reading, with 3 positive, 44 notable, and 16 negative flags.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  Company-specific regulatory refund, ZEC end, and LIPA extension.
  Positive

  • LIPA board approved a five-year contract extension in Sep 2025.
  Notable

  • ZEC sales for Salem 1, Salem 2, and Hope Creek nuclear plants ended May 2025.
  • ZEC revenue may be adjusted based on final PTC value; adjustment could be material.
  Negative

  • $207 million refund to EDCs from BPU order offsetting ZEC with PTCs.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  Revenue breakdown and stable credit loss reserve; routine disclosure.
  Notable

  • Allowance for credit losses unchanged at 12% of receivables at both period ends.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  Section contains forward capacity prices, key contract extension, pending litigation, and VIE details.
  Notable

  • PSEG Power expects capacity prices $270-$333/MW-day for three delivery years, 3,500 MW each, from PJM auctions.
  • PSEG LI entered a 5-year OSA extension with LIPA through 2030; fixed fee ~$43M in 2026-2027, escalating to ~$47M in 2028.
  • A competitor filed an appeal in January 2026 after LIPA's motion to dismiss was granted, challenging the contract award.
  • Servco O&M expense increased to $166M in Q2 2026 (vs $155M in Q2 2025) and $317M in H1 2026 (vs $307M in H1 2025), fully reimbursed.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  Standard regulatory rate updates; no adverse outcomes. Largest filing is $368M pending GPRC.
  Notable

  • BPU approved $89 million gas CIP cost recovery based on 12 months through Sep 2025, effective June 2026.
  • PSE&G seeks $316M electric and $52M gas revenue increases in 2026 GPRC filing, still pending.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  Contains specific regulatory events ($166M refund) and growing OBR loan portfolio ($231M).
  Notable

  • $28 million 2025 true-up increase in revenue requirement, mostly already recognized in 2025.
  • OBR loans outstanding rose 59% to $231M (June 2026) from $145M (Dec 2025); no defaults and losses recoverable through rates.
  Negative

  • $166 million ZEC refund ordered by BPU due to double payment from PTCs, to be paid to customers over 12 months.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  Standard trust investment disclosure; no operational or risk flags.
  Notable

  • Unrealized gains on equity securities recognized in Q2 2026: $98 million; first six months: $62 million.
  • Net unrealized loss on debt securities of $39 million after-tax included in AOCL at June 30, 2026.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  Standard NDT investment disclosure with material unrealized losses but no new risks.
  Notable

  • NDT Fund has $96M gross unrealized losses on $1,218M fair value as of June 30, 2026, but company states no intent to sell.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  Routine pension cost disclosure; lower costs and $100M contribution are notable but not critical.
  Notable

  • PSEG may contribute up to $100M to its pension plan in 2026, subject to market and assumptions.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  Specific pension funding plan and guarantee exposure metrics.
  Notable

  • Servco plans $15M pension contribution in 2026, a future funding commitment.
  • PSEG Power's guarantee exposure is measured by current exposure, not face value, a key risk framing.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  Guarantees up 16%; $2.85B in potential environmental cleanup costs.
  Negative

  • EPA cleanup plans for Passaic River total $2.85B; PSEG may be liable.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  Environmental liabilities with $66M accrued and material future cost uncertainty.
  Notable

  • Occidental sold in Jan 2026; successor assumed environmental liability, but PSEG disputes Occidental's ongoing responsibility.
  • PSE&G's $53M environmental liability is offset by a regulatory asset, reflecting expected rate recovery.
  Negative

  • PSEG has $66M accrued for cleanup costs and warns that additional material costs are possible but unquantifiable.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  Quantified MGP liability $172M as of June 2026, plus uncertain legacy costs and new EPA requests.
  Notable

  • MGP remediation estimated cost $172M-$189M; PSE&G recorded $172M liability as of June 30, 2026.
  Negative

  • EPA identified PSE&G as PRP for Lower Hackensack Operable Unit 2; future costs could be material.
  • EPA identified PSE&G for Operable Unit 3 in Sep 2025; company considering request, cannot predict outcome.
  • Legacy fossil site remediation costs not yet estimable but likely material in aggregate.
  • CCR Rule revisions in 2024 and proposed 2026 changes could have material impact on business and cash flows.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  Specific auction prices and pending FERC complaint with amounts.
  Notable

  • BGS-CIEP auction price for June 2026 dropped 2.6% to $677.73/MW-day from $696.05 prior.
  • FERC resolved a non-public investigation with a $6.6 million civil penalty, already settled.
  Negative

  • PSE&G faces a FERC complaint filed January 2026 challenging cost recovery for the RPV transmission project.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  Multiple quantified litigation risks and a new antitrust class action with treble damages.
  Notable

  • BPU audit of PSE&G final report submitted June 2023; recommendations pending implementation.
  Negative

  • FERC order in July 2026 sets hearing on prudency of costs; outcome uncertain.
  • Construction dispute claim reduced to $68 million; accrued amount does not reflect claims or counterclaims.
  • New class action alleging conspiracy to fix nuclear worker pay, seeks treble damages; scope includes 2003 to present.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  Real debt transactions, credit extensions, and liquidity specifics.
  Notable

  • Net debt increased $1.05B in H1 2026 ($1.5B issued, $450M retired at lower rate).
  • Extended $3.75B revolving credit facilities to March 2031 and removed sustainability linked pricing.
  • Available credit capacity of $3.2B as of June 30, 2026; no single bank over 9% of commitments.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  Concrete liquidity figures: $3.21B available, $500M loan prepaid, $450M CP outstanding.
  Positive

  • PSEG prepaid $500 million term loan in June 2026, signaling strong cash position.
  Notable

  • Total committed credit facilities of $3.825 billion with $3.21 billion available as of June 30, 2026.
  • PSEG had $450 million commercial paper outstanding at 3.94% weighted average interest rate.
  • PSEG Power amended its 364-day term loan from $400M to $500M, extended to December 2026.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  Contains specific hedge positions, fair values ($8M, $33M AOCL), and a $10M settlement in Q2 2026.
  Notable

  • PSEG hedged a portion of its $500M variable rate loan due Dec 2026 with interest rate swaps to convert to fixed.
  • Fair value of hedges for anticipated 2026 debt issuances was $8M as of June 30, 2026.
  • After-tax AOCL on cash flow hedges was $33M at June 30, 2026, up from $24M at Dec 31, 2025.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  Quantified derivative positions and cash collateral are material changes for a utility.
  Notable

  • Cash collateral posted to counterparties nearly doubled to $414 million as of June 30, 2026 from $222 million at December 31, 2025.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  $250M contingent collateral requirement nearly tripled from Dec 31, 2025 to June 30, 2026, real liquidity risk.
  Negative

  • Additional collateral obligation if downgraded rose to $250M as of June 30, 2026, from $85M at Dec 31, 2025.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  Routine disclosure with one specific figure on unsecured credit exposure.
  Notable

  • PSE&G had $245 million unsecured credit exposure to its energy suppliers as of June 30, 2026.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  Only $317M NAV exclusion; rest is standard fair-value boilerplate.
  Notable

  • $317 million in commingled equity funds now valued using NAV practical expedient beginning 2026.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  CAMT liability $180M and new IRS audit; both company-specific.
  Notable

  • PSEG recorded $180M CAMT liability as of June 30, 2026; rules unclear, could materially impact results.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  Net income plunged 43% YoY; dividend raised despite drop.
  Notable

  • Dividend per share rose to $0.67 in Q2 2026 from $0.63 in Q2 2025; Q3 2026 also $0.67.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  Segment results show net income split and mark-to-market impact at Power.
  Negative

  • PSEG Power & Other net income down 47% to $156M in H1 2026.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  Note has specific intercompany numbers and ZEC end, but is recurring filler.
  Notable

  • The ZEC program ended June 1, 2025, with the final payment settled in August 2025, removing a recurring intercompany transaction.

• Item 2

  Significant net income swing at PSEG Power, new NJ RTO membership law threatening $40M annual ROE adder.
  Positive

  • Nuclear units generated 15.8 TWh at 93.7% capacity factor in H1 2026.
  Notable

  • PSEG plans $22.5-25.5B in regulated capex for 2026-2030, driving rate base growth.
  Negative

  • New Jersey RTO membership law could eliminate 50 bps ROE adder, cutting annual net income by $40M.
  • Bad debt expense rose in 2025 from deferred payment plans and disconnection ban, further increases possible.

• Other Information (Item 5)

  Quantified $40M annual income risk from ROE adder loss; new NJ data center and nuclear laws.
  Notable

  • No directors or officers adopted, terminated, or modified trading plans in Q2 2026, a change from the prior quarter.
  • PJM proposed a backstop procurement to address a 6.8 GW resource shortfall for the 2028/2029 delivery year.
  • February 2026 BGS auction resulted in a slight cost decrease, reversing the prior year's significant increase.
  • Data Center Fair Share Act creates separate rate class for large data centers, shifting costs away from other customers.
  • Power NJ Act seeks at least 1,100 MW of new nuclear generation via competitive procurement, including advanced reactors.

What changed: Jun 2026 vs. Mar 2026

About 14% of PEG's Jun 2026 10-Q is new information. 79 paragraphs were added, 177 changed, and 29 removed. Below are the most important lines SECSift identified.

• Item 2 97
• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 82
• Item 5 15
• Item 6 6
• Item 3 1
• Item 4 1