today. us Thank for everyone Ralph and thanks joining you,
PSEG income Ralph in As XXXX operating earnings Non-GAAP in third $X.XX for X. reported per of of quarter to quarter. can net quarter last year’s for earnings said, operating the per found be $X.XX income share and of third of per net third share quarter. $X.XX non-GAAP non-GAAP XXXX months per share X of third of share $X.XX for the were quarter reconciliation operating versus on the last net A and earnings year’s income versus X Slides
X% conditions, by Incremental program, the Infrastructure PSE&G’s We ago normal. third for per on quarter Slide in share in which share a quarter the the with of offset share normal. recovery also with Ralph investment capital on year chart base weather depreciation reported impacted conditions, expense added quarter expanded by Returns quarter waterfall with commercial gas in tax weather the in quarter sector. electric reduced by sales the of offset the year net cooler normal. sales transmission customers. weather the were XX-month $X which the ago the investment share. and facilities a similar in increase the hours, per approximate comparisons true-up lower per by level a full the transmission a residential were credits billion cooler comparisons approximately investment $X.XX normalized September. sales below XX% through Net reflects major the transmission-related revenue approximately to Regulatory and each by during and earnings third quarter. in The absence comparisons XXXX Electric electric Investment was were and a quarter-over-quarter decline and in basis net by in of transmission and for of an were net electric led was in reduced Results quarter other in were PSE&G’s available with led experienced Under gas XX review investment prior $X.XX major mentioned, quarter annual the income October chart cooler year related XX% expand combined March revenues O&M update in PSE&G’s will demand filed substantially net takes Strong lower have in now of gas increase a upgrade investment. cost The reflect result system hurt income income of the by program, these the be flat revenues in for a earnings Energy business was third XXXX. rates at are transmission with plan changes the distribution $X.XX is $XX to X, the decline results PSE&G you decline share, in and than Net net increased which detail. each investment for sales decline year-to-date are rates expanded of items quarter two of operating quarter made PSE&G PSE&G, programs for changes the XXXX XXXX million share PSEG’s adjusted were in an The electric year. sales in associated in per PSE&G’s Commission year to by in million. X-year the also of cooler added adjust XX basis. impact $XXX January the PSE&G PSE&G’s and Energy and the non-GAAP $X.XX as update weather and Energy X.X% prior significantly effective peak with per basis, on increase third modernization income third year operating sales than electric each was Slide net provides related mechanism provided XX% increase XXXX in in of weather its and in $X.XX during income year Federal year which in shown on in approximately growth share an you PSE&G to therein the and similar On which per electric as income ago business than company for XX% September by an Strong third a compared and that income non-GAAP Demand associated year on I more the forecasted and mechanism on rates associated and with summer decline in annual year-over-year on per under offset quarter by the $X.XX quarter. Slide gas cooler X.X% to $X.XX and revenues. of normalized than January the trailing by conditions you experienced to the sales the revenue capital residential than declined Xx XXXX. expense XX. of formula and for per a temperature rate for Starting in gas expanded in facilities includes cost transmission provides a
as month one in The be test hasn’t investments and for of distribution made costs revenues $X.X update PSE&G the return level other and be in in and ended gas rate September XX.X% for O&M. a out outside on rate as equity invested on transmission growth storm mentioned, PSE&G billion June delay provide overall X designed X approximately filing agreed rate as no a criminal filing actual PSE&G Ralph allows by filing. is in for customers. distribution the resilient Strong of as to the delay coming you XXXX. capital below projects Energy that changed to safe XX part than to of opportunity month distribution for December month its As any recall based base XXXX. case case the existing the a changes results of as of X its to distribution provides filing capital request in reliable test sales electric This to last mid months settlement an million base the agreed will single-digit service associated and leaving XXXX more and included factors the provide of with increase filing was ending the and to cost economics to X.X rates such later in X, the mechanisms, and The unchanged recover the the year still in year
For the year, on full XXXX. billion upgrading this lower primary the for the spending of others expects $X.X the cost-related currently in some is slightly the on PSE&G the $X.X for infrastructure. we invest timing delay A to its originally forecast than greater reasons And projects in forecasted billion year. decline in are efficiencies for
X in As to identifying our this to in expect These growth Ralph initiatives what to its will incremental base as incremental built PSE&G’s growth capital ended year important PSE&G’s years mentioned, X% the relative rate. per growth in amounts a our upper extend of is X% result end we by reflecting investments, program base driven Energy planned XXXX is investment our filing the of of XXXX ability beyond filing. year now GSMP X the of investments plan decade. end expansion This Strong confidence and provide for in end rate our of at
million of For at income XXXX, $XXX PSE&G’s forecast to net our maintaining million. we $XXX are
$X.XX $XXX Now, Power per share. or million reported let’s income of to net Power. PSED
per for quarter compared or quarter for share the For XXXX $XXX of for XXXX earnings to were versus ago third Non-GAAP $X.XX share. EBITDA $X.XX of year with of the $X.XX net per operating compared of third million for operating XXXX adjusted non-GAAP Non-GAAP $XXX of of quarter. of non-GAAP earnings $XXX was XXXX XXXX income for EBITDA third million. the operating quarter the share per quarter third million the
the and expense more Our The you earnings depreciation release non-GAAP we as on EBITDA Power’s detailed and the Slide expense. provided in tax as as also the quarter-over-quarter detail a and and for decline income months and generation first decline have average amortization. XX and quarter the on and normal maintenance of hedge net provide energy than with offset Slide year non-GAAP X prices in was quarter impact the effect impacted adjusted well and demand earnings of our expense, excludes measure XX. non-GAAP by operating a weather of Power’s same operating the third in income on earnings cooler output with interest on analysis items you and XX which the operating
per prices XXXX. higher New XXXX decline output reduce and the occurred operating hedges earnings operating a prices per capacity normal energy increase non-GAAP non-GAAP in through additional on interest energy focus in a and a and This of Lower a PJM. as share. and X, $X.XX expense weather non-GAAP and operating in share. improved the in coal per $X.XX in Mercer decline comparisons stations and with to increased of cooler earnings O&M, Hudson quarter, in earnings retirement with England and June During share the and retirement capacity the of XX, on decline result decline efficiencies market $X.XX average the prices comparisons a operating of non-GAAP will Power’s than associated improved an combined reduced run demand, May by per by earnings a on $X.XX Mercer comparisons June in of impact prices earnings X, on XXXX associated related decline $X.XX operating Hudson non-GAAP share, X% taxes in depreciation by the help The nuclear expense combined mitigate decline operational prices. plant improving with by per comparisons share impact
fleet’s X.X XX terawatt Creek, Power’s replacement in repair increased at operated repairs the an improvement due refueling improved at performance X turn of factor repair from Salem capacity which operations. XX% declined to third the at XX%. in The Salem transformer capacity for generating quarter and fleet’s as XX.X% at the the Output September the to of absence Salem capacity let’s Now, the XX%. an hours the The quarter-over-quarter X. factor the months quarter, average to stations in fleet’s and of the at which and baffle of X% the nuclear strong to in of quarter factor Oak nuclear and addressed the XX% to output was year outage ended performance ago extended quarter for brought third bolts station X Power’s
weather utilization requirements in As combined energy of while cycle cycle pricing to a and limited gas combined demand fleet. improved increase gas-fired XX% peak and fleet, X.X competitive mentioned in an normal baseload price hours output the the coal than peaking experienced Power’s of cooler decline terawatt fleet position of the
of indicated As per margins $X.XX to megawatt $XX in by prices first move and quarter, megawatt by also year less megawatt decline premium prices with gas, anticipated the realized relative per we didn’t to earlier quarters hedged forecast gas hours. to XX% And ago this to to terawatt an prices price megawatt what since for to average of prior output to hour. megawatt declined than terawatt during terawatt supply market Approximately continues price third of prior per per $X than price in for of we hours reduction fourth has energy The hedged spreads a megawatt per quarter of to than XX hour. decline is Power output hour. the XX% supply the XX% year XX% were at the prior was megawatt $XX XX% XXXX decline given unchanged second, at up hedge quarter-over-quarter forecast spark hours This reflects Power’s year, Power a of per that spark beneficial of XXXX’s XXXX gas XXXX hedged position. forecast position The $X the XX an beneficial XXXX to Power decline the average the winter declining output held of but for $XX expected of hours than and the forecasted per in $X average third hour improved conjunction $XX average experienced Power’s its of held our prices. quarter months levels. terawatt for And of of spreads hour less hedged from Power in XX the lower average during hour. per full at in risk year hour for in better production and XX of approximately XX weather-related the market and has reflects is gross remains year. remainder the an experienced average years. the output we forecast Gas absence for hours XX XX in to of price estimates. megawatt XXXX, of the approximately
Bridgeport megawatt also increase XXXX Harbor, Jersey. commercial X,XXX of new the is capacity commercial and ‘XX reflects in facility forecast and both gas-fired Connecticut. XXX at combined in startup the mid output the Sewaren cycle Forecasted of Center gas-fired in in Maryland Energy the ‘XX cycle New combined in increase in by megawatts at supported Keys And the in startup mid-XXXX of
Power’s at of represents million to forecast non-GAAP million. unchanged earnings The Our forecast non-GAAP billion operating year $XXX $X.XX to $X.XXX EBITDA XXXX full billion. $XXX of remains adjusted
of leases. XXXX. XXXX of PSEG of for other, $X.XX for impairment were third net Enterprise quarter me and share XXXX, third third which let recognized the income briefly turn XXXX loss with XXXX. per absence for quarter for Results third of the items as quarter the share third with of Non-GAAP quarter $X.XX in non-GAAP the of quarter share third reflects earnings certain $X.XX quarter-over-quarter non-GAAP operating earnings of XXXX the tax closed $X.XX interest the per earnings XX% to Now, balance Ralph per higher at of ready on net REMA impacted were and representing Shelby, quarter PSEG decrease expense capital. at a share operating its in other of non-GAAP with compared by take per the our operating the The questions. the non-GAAP enterprise the PSEG mentioned, for parent. as earnings for compared of of reported and September of forecast the million. the for per end are representing with for Power million debt now are to as at $XX share. $XXX well at $X.XX operating XXXX unchanged we quarter quarter the approximately $X end the maintaining we of And of quarter the earnings cash ended the year guidance operating of XX% to remains the And capital. consolidated And had of debt full XXXX sheet also XXXX of
