Public Service Enterprise Group Inc

Company facts

Industry

Electric & Other Services Combined

Headquarters

Newark, New Jersey

Most recent report

8-K, filed Nov 6, 2026

Incorporated

New Jersey

Filings on record

1,002+ filings

On EDGAR

CIK 788784

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Sep 2026 10-Q

SECSift found 30 of 62 sections worth reading, with 0 positive, 59 notable, and 18 negative flags.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  Section defines the regulated utility and merchant nuclear structure, essential for understanding PSEG's results and risks.
  Notable

  • PSEG's earnings come from two very different businesses: regulated utility (PSE&G) and competitive merchant nuclear (PSEG Power).
  • PSE&G is regulated by the BPU and FERC, so its profits are capped by rate cases, not market prices.
  • PSEG LI operates LIPA's grid under a contract, a separate source of fee-based income.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  Cash jump from $156M to $861M in nine months; key liquidity fact for a utility.
  Notable

  • Restricted cash of $24M at both dates is tied to PSE&G construction deposits; stable.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  Contains a material refund ($207M) and a contract extension, both company-specific.
  Notable

  • ZEC sales for Salem 1, Salem 2, and Hope Creek nuclear plants concluded in May 2025.
  • ZEC revenue will be adjusted based on final PTC value; that adjustment could be material.
  • A five-year extension of the PSEG LI contract with LIPA was approved in 2025.
  • PSEG Power's energy management and fuel procurement services agreement with LIPA expired in December 2025.
  Negative

  • PSEG Power refunded ~$207M to EDCs in May 2025 per a BPU order on ZEC/PTC offsets.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  Allowance for credit losses details and write-off trends are company-specific and material.
  Notable

  • Allowance for credit losses was about 12% of accounts receivable (including unbilled) at both Q3 2026 and year-end 2025.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  Capacity auction prices and MW cleared for three delivery years; OSA extension details and competitor litigation outcome.
  Notable

  • PSEG LI extended LIPA contract to 2030; fixed fee ~$43M in 2026-2027, rising to ~$47M in 2028.
  • Competitor's lawsuit against LIPA dismissed; appeal missed July 2026 deadline.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  Regulatory approvals and rate filings directly drive PSEG's revenue and cash flow.
  Notable

  • PSEG LI's annual contract fee can be offset by storm costs denied FEMA reimbursement.
  • Servco recorded $488M O&M expense for 9 months 2026, fully reimbursed by LIPA.
  • BPU gave final approval for $65M annual electric CIP rate in Jan 2026, effective June 2025.
  • PSE&G filed to return $26M excess electric CIP revenues to customers; matter pending.
  • BPU approved $23M annual gas base rate for GSMP II Ext in March 2026.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  Multiple pending rate cases and a $166M refund order directly impact future revenue and cash flows.
  Notable

  • BPU approved $4M annual gas revenue increase for GSMP II Ext investments, effective Sep 1, 2026.
  • PSE&G filed for $316M electric and $52M gas annual revenue increases under GPRC; both 2025 and 2026 petitions are pending.
  • BPU approved ~$10M electric and $4M gas annual revenue increases under IAP, effective Oct 1, 2026.
  • PSE&G filed for $49M electric and $75M gas annual revenue increases under TAC; 2025 petition still pending.
  • FERC filing will increase annual transmission revenue by ~$60M effective Jan 1, 2027, subject to true-up.
  Negative

  • BPU ordered a $166M refund to customers for ZEC double payments; $62M already refunded by Sep 30, 2026.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  OBR loan book doubled to $310M; new program with regulatory backstop disclosed.
  Notable

  • No defaults recorded; regulatory recovery mechanism covers losses, so no credit loss allowance needed.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  The notes behind the statements live here.
  Notable

  • Net unrealized losses on debt securities of $73M after-tax were in AOCL as of Sep 2026.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  The notes behind the statements live here.
  Notable

  • PSEG could contribute up to $100M to its pension plan in 2026, depending on market and assumptions.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  The notes behind the statements live here.
  Notable

  • Servco plans to contribute $15 million to its pension plan in 2026, a known future cash outflow.
  • Pension costs and revenues are equal for the nine months ended September 30, 2026, at $15 million each, confirming full reimbursement.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  Guarantees up 18% and $2.85B in Superfund exposure with quantified costs.
  Negative

  • EPA's Lower 8.3 miles cleanup alone estimated at $2.3B; Upper 9 miles at $550M. PSE&G and PSEG Power are potentially liable.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  Material environmental liability with $66M accrued, uncertain total, and active litigation.
  Notable

  • EPA settlement with 82 parties for $150M is being appealed; PSEG is not included but made a good faith offer in June 2022.
  • PSE&G has $53M accrued, with a Regulatory Asset for rate recovery; PSEG Power has $13M with no such offset.
  • PSEG Power sold the Hudson site and transferred environmental liabilities to a third party, limiting exposure there.
  Negative

  • Occidental sued PSE&G to recover past cleanup costs and get a court to decide future shares.
  • $66M accrued as of Sep 30, 2026, but total cost is unknown and could be material.
  • PSEG cannot estimate additional costs beyond the $66M accrued; outcome is uncertain.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  Quantified environmental liabilities and new EPA actions with material cost uncertainty.
  Negative

  • EPA identified PSE&G as PRP for Lower Hackensack River Operable Unit 2 in 2024 and Unit 3 in Sep 2025; future costs could be material.
  • MGP remediation liability of $193M recorded as of Sep 30, 2026, with cost range up to $208M.
  • PSEG Power's legacy fossil site remediation costs are not yet estimable but will likely be material in aggregate.
  • 2024 CCR Rule revisions and 2026 proposed changes could have material impact on PSEG's business and cash flows; impact not yet estimable.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  Contains specific auction prices, FERC penalty, and ongoing cost recovery dispute.
  Notable

  • BGS-CIEP auction price fell to $677.73 per MW-day for June 2026, from $696.05 for the prior year.
  • ZEC program ended June 1, 2025; final payment from PSE&G to PSEG Power settled in August 2025.
  Negative

  • FERC imposed a $6.6 million civil penalty on PSE&G for the RPV transmission project in December 2024.
  • A FERC complaint filed in January 2026 challenges recovery of RPV project costs; hearing set for July 2026.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  BPU audit final report submitted; $68M construction dispute; new antitrust class action filed in 2025.
  Notable

  • BPU audit final report submitted June 2023; implementation decisions pending, outcome unpredictable.
  • Construction dispute claim reduced from $93M to $68M after partial dismissal in January 2021.
  • New antitrust class action filed July 2025; initial complaint dismissed but revised complaint allowed October 2026.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  Debt issuances, retirements, and credit facility extension with specific amounts and rates.
  Notable

  • Retired $875M in maturing notes (PSE&G) at 0.95% and 2.25% rates, replacing with higher-cost debt.
  • Extended $3.75B credit facilities to March 2031, removed sustainability pricing; $3.1B available as of September 30, 2026.
  • No single bank holds over 9% of credit facility commitments, reducing concentration risk.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  Liquidity table with $3.1B available, $575M CP at 4.13%, and $500M term loan due Dec 2026.
  Notable

  • PSEG had $575M commercial paper at 4.13% weighted average rate as of Sep 30, 2026.
  • PSEG Power has $425M uncommitted credit facilities; $350M in letters of credit drawn as of Sep 30, 2026.
  • PSEG Power has $500M term loan due Dec 2026; PSEG prepaid a $500M term loan in Jun 2026.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  Contains specific hedge amounts, maturities, and unwinding details for PSEG Power and PSEG.
  Notable

  • PSEG hedged a $500 million variable-rate loan due December 2026 and fixed rates for anticipated 2027 debt issuances.
  • PSEG received $27 million in settlement payments from unwinding hedges tied to $400M and $500M debt issuances in 2026.
  • AOCI loss from cash flow hedges rose to $40 million at September 30, 2026 from $24 million at December 31, 2025.
  • After-tax unrealized gains of $10 million on hedges expected to be reclassified to earnings in the next 12 months.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  The notes behind the statements live here.
  Notable

  • Cash collateral posted to counterparties rose to $610M from $222M, reflecting larger margin requirements.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  Quantified collateral risk from a credit downgrade, with specific dollar amounts for both periods.
  Negative

  • Collateral obligation from a downgrade jumped to $298M at Sep 30, 2026 from $85M at Dec 31, 2025, a 3.5x increase.
  • Uncollateralized derivative liabilities with credit-risk features rose to $299M at Sep 30, 2026 from $96M at Dec 31, 2025.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  The notes behind the statements live here.
  Notable

  • 98% of wholesale credit exposure is investment grade; two counterparties above 10% threshold (one eliminated in consolidation).
  • PSE&G had $275 million in unsecured mark-to-market credit exposure with suppliers as of September 30, 2026.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  The notes behind the statements live here.
  Notable

  • No transfers to/from Level 3 in the nine months ended September 30, 2026 and 2025.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  The notes behind the statements live here.
  Notable

  • $320M in commingled equity funds measured at NAV practical expedient, new in 2026.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  Debt table shows $24.6B carrying value vs $21.8B fair value, a $2.7B gap at Sep 30 2026.
  Notable

  • Level 3 net assets fell from $3.2B at Sep 30 2025 to $2.8B at Sep 30 2026.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  Contains material CAMT liability and large uncertain tax position specific to this period.
  Notable

  • PSEG recorded a $52 million cumulative CAMT liability as of Q3 2026, with a corresponding deferred tax asset expected to be fully utilized.
  Negative

  • PSEG recorded a $207 million uncertain tax position for CAMT in Q3 2026, which will not affect the tax rate if recognized.
  • Unclear CAMT rules could materially impact PSEG's results, financial condition, and cash flows if guidance changes.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  EPS fell sharply; dividend rose; segment details matter for utility.
  Notable

  • Two reportable segments: PSE&G (regulated utility) and PSEG Power & Other (nuclear, gas).

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  Segment results show PSEG Power net income collapsed from $403M to $26M, a 94% drop.
  Notable

  • PSEG Power had $395M after-tax loss from non-trading commodity mark-to-market activity, nine months 2026.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  Large related-party flows between PSEG utilities; ZEC program ended June 2025, changing future cash.
  Notable

  • ZEC program ended June 1, 2025; final payment settled August 2025. No future ZEC sales from PSEG Power to PSE&G.

• Item 2

  MD&A with detailed segment results, a nuclear outage, regulatory changes, and liquidity details.
  Notable

  • PSE&G's rate base grew to ~$36B at Dec 2025 from ~$34B at Dec 2024, driven by investments and working capital recovery.
  • PSEG plans $24B-$28B total capital investment for 2026-2030, with $22.5B-$25.5B in regulated investments.
  • PSEG Power's ZEC sales ended in May 2025; PTCs now support nuclear, with rates up to $15/MWh through 2032.
  • PSE&G's operating cash flow rose $528M to $2,056M for nine months 2026, driven by higher earnings and lower deferrals.
  • If PSEG Power lost investment grade, it could need to post ~$682M in additional collateral as of Sep 30, 2026.
  Negative

  • Salem 1 refueling outage extended by degradation to the thermal shield; impact depends on inspection and repairs.
  • New Jersey law may end PSE&G's 50 bps ROE adder, cutting annual net income and cash by ~$40M from Jan 2027.

What changed: Sep 2026 vs. Jun 2026

About 4% of PEG's Sep 2026 10-Q is new information. 20 paragraphs were added, 210 changed, and 41 removed. Below are the most important lines SECSift identified.

• Item 2 89
• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 79
• Item 5 6
• Item 3 2
• Item 4 1