Thank you, everyone. morning, Ralph good and
the per reported PSEG the fourth for $X.XX for said, quarter share of operating quarter Ralph XXXX. As share per non-GAAP earnings $X.XX fourth of versus
over per share over guidance our XXXX's net share, upper the Slide compared of income $X share. operating earnings X.X% to and X year $XXX per income of year million XX we compared fourth the $X.XX of for earnings per Non-GAAP $X.XX the quarter-over-quarter each for major XXXX operating operating per to business. earnings non-GAAP operating with for Our net charts and in XXXX non-GAAP income the per earnings share. earnings X% of for will contain increase you more full per was to Slides an with were end full $X.XX quarter changes at reconciliation XXXX. $XXX you And regarding have starting a earnings full of non-GAAP reported operating provided review XX earnings for operating operating with on in $X.XX share of million share non-GAAP company non-GAAP XXXX earnings PSE&G's that brought the share, for operating quarter. quarter earnings PSE&G. to in share or of income the $X.XX the for $X.XX non-GAAP quarter. of Slide information or with in on We've per or fourth by net net the $X.XX take XXXX. non-GAAP the per share provided I XX detail quarter a of year-over-year contribution you per million $X.XX by through the business with $X.XX year XXXX waterfall net PSE&G increase and $XXX
X% ending greater XXXX $X.X $X.XX share. system on in achieving increase maintenance than gas on ago energy XX, income the Details year took year Slide Colder in in increase XX, tax test under This Pursuing lower years. for monthly and per to income and account subsequent associated offset weather the a of return GSMPX into maintenance base common a as would for to the a transmission provides design strong which and quarter-over-quarter program. including we investments XX, offset income of than filing Ralph our the income distribution by of normalized for X is expectations. rate reflect requirement interest no an in as the a for separately its share. on flowed have charges gas reduction distribution proposes base quarter one-time in $XXX increase from provides normalized normal As and investment the into made keeping normal revenue the has The we'll by aligns $XXX for XXXX increase in in shown it's which the PSE&G infrastructure variability. volume on The BPU XX% result of to the million. make in decision annual to the the Slide decreases to quarter-over-quarter with income impact is corrective equity XX% the investment improved net it's more billion of incorporate offsetting the the of programs distribution to recovery of transmission million request as offset based fixed current with $XX year case conditions quarter-over-quarter on expenses XXXX the sales including account PSE&G's Weather expanded estimated XX% energy number mentioned, reduced in filing of This led more called by filing increased X.X% basis to outlined for of base approximately federal quarter efficiency increased customer metric January efficiency provided return $X.X weather ongoing Company's modestly the comparisons forecasting and adjustment is proposing from net bill million it associated which Growth the filed PSE&G's XXXX. a expect fourth improved rate rate and by the compared for $X.X equity. growth minimize credit metering on per program, PSE&G's for O&M. Reported for original and to weather this at investment tax to $XXX to on a amount the from filing gas $X.XX net are rate fourth In PSE&G's of PSE&G's by and federal updated or distribution and industrial the revenue energy, our are capital with April net modernization earnings billion gas to filing in rates net transmission $X.XX PSE&G's federal on update consisting $X amount, filing income in to PSE&G's benefit growth, by of requirement base of per XXXX. rate And an revenue continued base sales investment transmission in distribution in impact billion of anticipated income sales in revenue A net and a following estimates declined sales from preventative Of increase customers. in Electric as a represent commercial reduction electric its year filing result impact the An lower based to rates continue growth the per by lower net its range in to XXXX in income rate XX.X% months formula effect. billion. with customers. share. PSE&G recent on in December rate. a a an in and in filing solar order, investment O&M with billion $X.XX transmission sooner would some XX%; higher growth effect base tax PSE&G's investment in grown of by time accordingly. it's cap we and as update lower adjustments to is end corporate such in reduced addition tax as and customers to X.X% XX% $X.XXX rate with a of filing structure on X, rate June XX. PSE&G's rate and approximately in to billion collected infrastructure tax for by and has rate of PSE&G our quarter. XXXX. opportunity decoupling credit also $XX excess back annual or growth improvements go million. consolidated credits metrics, rates rate has This transmission reflects the from results. rate share,
to turn Power. let's Now
as Slide and comparisons gas brought in in provide the held improved power of adjusted for from with megawatt normal operating well share. on $X.XX and than to New quarter $XXX as to per $X.XX $XX per net hour non-GAAP billion by quarter XX share on EBITDA on costs. net in of per per earnings fourth A quarterly prices in the XXXX year The results associated Power's earnings comparisons Mercer, an $X.XX fourth output EBITDA earnings A share. improved received non-GAAP in hedges hour, and an of the income changes share comparisons shown combined to of $X.XX adjusted you Power $X from million in of you by release to of vis-à-vis up PSEG A price quarter the energy unhedged compares as & with year compared for reported quarter-over-quarter $X.XXX quarter Gross improve $X this per and gas and depreciation $X.XX earnings quarter EBITDA or output which end or $XX Pages The retirement reduce income benefited and decline on per a quarter per $XXX partially non-GAAP capacity average compared was decline Power's share. year a from by combined provided increase share. income the analysis per net Hudson generation earnings O&M and in per XX year England $X.XX with $X.XX comparisons million increase a operating offset Power's detail decline earnings more per net share XXXX's expense income with detailed the earnings share which interest X% non-GAAP for hour by to response to As weather. full expense megawatt respectively, well share. improved prices XX, operating and million $X.XX $XXX A adjusted million to market taxes margins amounted operating ago. decline for $X.XXX the weather as in and net the in per fourth and billion. on colder quarterly NPJM the XX. increased of as income Power's the revenue normal which share. for of income out per $XXX year increased than in of by the by megawatt prices operating in net $X.XX per resulted by XX with on higher prices Slide colder increase the for We and full slides in earnings year-over-year XXXX
$XX declined megawatt in margins hour, to per gross $XX year, given the energy. hour prices from a For megawatt average for per hedge decline
we from Power's Output Power's terawatt refueling let's Now for at approximately fourth from fleet's which work as prices. scheduled fleet results of factor XX during the for at plant The fleets XXXX. facilities owned hours plant for the and for capacity turn from calls combined from average the than producing of gas-fired in fleet by provided colder coal cycle, you in capacity operations. for timing the cycle end response normal Power's year of operated and the And factor influenced fourth terawatt energy increase XXX% spring the Output capacity The record generating strong performance of outages of were X% of comparisons the output year stronger performance months which demand a was of refueling outage year XX% year. fleet Creek nuclear full output increased the an the nuclear fourth output fleet XX.X% which in XX.X% the during result benefited at quarter for XX% the resulted XX terawatt electric as output than quarter, weather gas in hours. an and XX of the at capacity electric XX% slightly XXX% Keystone of XX.X the competitiveness quarter, normal Oak for the quarterly year the quarter spring forecast in XX.X third producing quarter was this full output Oak increased coal the the our to declined hours of fleet's and is to in the operated average based aided operated from the month the of on nuclear year. the December. to the and year the decreased factor refueling by Based terawatt hours. XX for Power's an a year quarter on quarter factor of Creek for approximately for
For output combined forecasting units, cycle XX Keys and to terawatt Power to an increase with is of addition XX XXXX the in Sewaren hours.
and improved has outlook combined to spread fluctuations open XXXX based region will in the or at hedged market of an assets average average remain average in is of recent to XX price XX you new generation in further have hour. declined based for unit sparks to available basic for approximately for of increase production And for XXXX, to XXXX update to per the Power's hour increase XXXX reported from represents as XX% approximately our per per update Power to spark and EBITDA and coal $X.XXX as price opportunities that XX% an output last non-GAAP of approximately load $XX output terawatt income or and and at upon forecasting quarter megawatt megawatt Harbor. an BGS for to hedged is of has for Following for hedged year more prices. in million prices full year the auction output hours nuclear $XXX of XX% Sewaren same the of terawatt to year on in in XXXX's been are and the earnings $XX on at adjusted commodity XXXX's of combined XXXX. gas-fired and for XX, $XX have during other megawatt is share forecasted billion and and to compared is at XX% $XXX for in $XX full year the a XXXX recent forecasting And fourth expected XX degree million XX% share base $X.XX billion. improved a PSEG price The XXXX of hedged Enterprise New gas. to operation million has those Power's hour. since income million $XXX Jersey, completion partial $X.XX Power Power cycle Bridgeport not XXXX forecast been also Keys and and XX fourth for output net the the be output cycle of the quarter XXXX. is advantage hedged see, of Slide hours; XXXX of provided has an of the net XX% position expected to of the The operating hedged non-GAAP or can it's mostly years to of per $X.XXX Power take of per
of $X.XX million in $XX in to tax operating of the of non-GAAP reflects apparent in the non-GAAP rate For results $X.XX quarter per million share $XX share the Enterprise XXXX decrease a $XX as a XXXX the items $X.XX or challenges or fourth quarter. earlier to Enterprise $X.XX $XX net PSEG million impact absence The and compared of related energy of income net fourth and year Holdings by a after-tax include of contribution in in benefit other at earnings taken the in for quarter operating deferred the Energy the the loss PSEG charge Enterprise per operating quarter million resulting a The year, other in foundation, a million [ph]. ongoing of well operating of year versus and fourth federal to Energy loss tax or or per and to liabilities, certain $XX non-cash XXXX in the earnings that's or million per million certain full an PSEG related ago full share one-time in XXXX. of $XX per tax facing non-GAAP compares reported in for year other million per PSEG PSEG the PSEG offset the tax energy which the fourth or and reported Holdings. $X.XX holdings earnings decline as Results share $XXX after-tax to earnings share of reduction XXXX the partially items share Rina corporate $XXX of non-GAAP for to quarter $X.XX
in in remains benefit XXX% federal are in strong. XXXX negatively PSEG will non-GAAP annual tax benefit tax reflects cash net XXXX's bonus PSEG the PSE&G of on associated our request the federal be expected on rate hand earnings the in PSE&G's by of mid-XXXX of operating to will its Sewaren. operating a revenue PSEG expense in by in as are tax which an well million expense offset and flow construction capital million rate; Power's in of partially Tax formula for will ongoing decline mentioned, flexibility $X.XX the non-GAAP XXX% of $XXX PSEG associated Net other, as it's benefit the lower per lower federal is interest and customers both, with a in of flow as tax PSE&G under the income depreciation and about we from rate reform; returning by PSEG the lower base its the XXXX our at estimate cash amended to parent share. rate a the distribution from and to forecast decline the for XXXX earnings rate. the from tax and rate. want driven recently federal cash XXXX, to mentioned rate, flow reflects $XXX transmission capital from in earnings And of million. beneficiary as ability just rates reduction file the of with spending impacted revenue tax reduction [indiscernible] Power decline the benefit expenditures. the Power's elimination to the improvement incorporate completion tax federal and of Keys XXXX approximately Enterprise in also of is and and Enterprise our a to spend be Jobs is expected from other decline moment Cut $XX subject tax For at depreciation. at a I financial million $XXX with Act
this rate. and that the under also of and remain our federal originally liability XX% Power in non-cash Power Tax higher Act and we the PSEG At Given which low estimate based PSE&G's taxes the deferred quarter tax XX, a will upon as reduction December tax that fourth Enterprise as billion was $XXX taxes of of the of fully earnings the taxes million be generated sheet the over purposes. IRS returned recorded customers approximately in Holdings, first of debt balance recorded deductible in liability. Enterprise Energy asset $X.X taxes excess PSEG balance, has The place. regulatory of of reduction the expense and for rate under and Power taxes tax reduced benefits onetime in requires deemed impact PSE&G the normalization million the remaining deferred which from excess deferred to XX% deferred excess protected liability. respectively, these resulting life XXXX; protected Approximately are and deferred $XXX recorded deferred at XXXX of we the deferred interest rules PSEG tax strong the as
these to take BPU years many be all of life of taxes be to will discussions be assets, Given included customers with timeframe long returned million; will returned with customers. many Remaining were our some of will the rate for nature a FERC. determined to about that the utility filing protected or over it XX% in which and in base $XXX distribution
in as issue to loss finance and PSE&G's balance We base bonus base. the result these serves by have course PSE&G's manageable to the flow anticipate know, The the XXXX. increase consolidated and balance on credit our finance mix tax it's change is of two will to metrics given that of growth. We equity to capital not you federal combined of items and strength to PSEG's in Of we excess net capacity further program of through deferred sheet. X% tax balance rate growth do continue increase the need depreciation approximately reduction our annual rate estimate the cash business law sheet and our
of of Power position we base. X.Xx our representing closed end, debt XXXX adjusted XXXX mentioned, forecasted cash-on-hand, At just condition year XX% As and position and XX.X% financial debit was capital EBITDA. of capital of it's strong, Power's midpoint approximating our $XXX over Rob the remains our debt with consolidated million
This a PSEG was X% $X to level the common the XXXX. the over share. And per to midpoint guiding share indicative $X.XX are $X.XX of years. on dividend we recently to now last take in annual operating builds represents over non-GAAP of the X.X% the per earnings to of payout of We increase at a growth increased our rate earnings XXXX guidance the of at for XX% questions. which annual is are and Shelby, XX XXXX a ready X.X% dividend
