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Financial report summary
?Risks
- Inability to successfully develop, obtain regulatory approval for, or construct T&D, and our nuclear generation projects could adversely impact our businesses.
- We are subject to physical, financial and transition risks related to climate change, including potentially increased legislative and regulatory burdens and changing customer preferences, and we may be subject to lawsuits, all of which could impact our businesses and results of operations, as well as our ability to implement our clean energy strategy.
- We may be adversely affected by asset and equipment failures, accidents, critical operating technology or business system failures, natural disasters, severe weather events, acts of war or terrorism or other acts of violence, sabotage, physical attacks or security breaches, cyberattacks, or other incidents, including pandemics such as the coronavirus pandemic, that impact our ability to provide safe and reliable service to our customers and remain competitive and could result in substantial financial losses.
- Any inability to recover the carrying amount of our long-lived assets could result in future impairment charges which could have a material adverse impact on our financial condition and results of operations.
- Disruptions or cost increases in our supply chain, including labor shortages, could materially impact our business.
- Inability to maintain sufficient liquidity in the amounts and at the times needed or access sufficient capital at reasonable rates or on commercially reasonable terms could adversely impact our business.
- Cybersecurity attacks or intrusions or other disruptions to our IT, operational or other systems could adversely impact our businesses.
- Increases in the costs of equipment and materials, fuel, services and labor could adversely affect our operating results.
- Covenants in our debt instruments and credit agreements may adversely affect our business.
- Financial market performance directly affects the asset values of our defined benefit plan trust funds and Nuclear Decommissioning Trust (NDT) Fund. Market performance and other factors could decrease the value of trust assets and could result in the need for significant additional funding.
- If we are unable to extend certain significant contracts on terms acceptable to us, this may negatively affect our financial condition and operating results
- Fluctuations in the wholesale power and natural gas markets could negatively affect our financial condition, results of operations and cash flows.
- We may be unable to obtain an adequate nuclear fuel supply in the future.
- The introduction or expansion of technologies related to energy generation, distribution and consumption and changes in customer usage patterns could adversely impact us.
- We are subject to third-party credit risk relating to our sale of nuclear generation output and purchase of nuclear fuel.
- There may be periods when PSEG Power generation may not operate and/or may not be able to meet its commitments under forward sale obligations and PJM rules at a reasonable cost or at all.
- PSE&G’s revenues, earnings and results of operations are dependent upon state laws and regulations that affect distribution and related activities.
- PSE&G’s proposed investment projects or programs may not be fully approved by regulators and actual capital investment by PSE&G may be lower than planned, which would cause lower than anticipated rate base.
- We are subject to comprehensive federal regulation that affects, or may affect, our businesses.
- The markets, PTC and/or ZEC program may not provide sufficient financial support for our New Jersey nuclear plants which could result in the retirement of all of these nuclear plants.
- We may be adversely affected by changes in energy regulatory policies, including energy and capacity market design rules and developments affecting transmission.
- Our ownership and operation of nuclear power plants involve regulatory risks as well as financial, environmental and health and safety risks.
- We are subject to numerous federal, state and local environmental laws and regulations that may significantly limit or affect our businesses, adversely impact our business plans or expose us to significant environmental fines and liabilities.
- We may not receive necessary licenses, permits and siting approvals in a timely manner or at all, which could adversely impact our business and results of operations.
- Changes in tax laws and regulations may adversely affect our financial condition, results of operations and cash flows.