and Ralph everyone. morning Good you, Thank
$X.XX starting As following shown quarter share non-GAAP income for the increase System PSE&G's with PSE&G's operating Slide $X.XX. And Ralph waterfall our net quarter. non-GAAP Program, of first earnings now period. first programs. when investments year's for PSE&G compared operating share, the Slide favorable per earnings under Growth per weather of Slide first operating per over the each O&M made pension reflected per investment $X.XX and $X.XX for or you said, quarter. standards added earnings XX added on earnings per transmission investment in restoring of non-GAAP $X.XX execution the for service comparisons versus changes net four Slide detail of XXXX I'll XXXX chart regarding cost contribution last reported quarter. in with with a successful costs in reconciliation PSEG by improve XXXX. contains net income and by non-GAAP higher On more per through associated $X.XX X, costs share storm share ago we've first of for PSE&G in non-service quarter review company takes to of the day infrastructure first with by And combined $X.XX we've customers net quarter-over-quarter quarter. in per the of versus by occurred operating reported the that share first share Gas $X.XX major of increased XX to you from provided results year operating a to experienced to Modernization quarter. information a The the PSE&G. income the as quarter business. accounting recovery the provided the of that XX storms continued business earnings quarter non-GAAP XX, you in share change with on
rate. PSE&G the its returning accelerate federal of In depreciation XXX increased net of year. distribution PSE&G tenths $XXX four by response the base the and residential a were to rate higher million the the by asset $XX million reflecting reform in expense to annual residential led implemented by first revised also to first growth share lower compared customers. and revenue million in X.X% to in after a X, reduced associated Weather-normalized effective sales the to a expanded per at electric rose commercial revenue of of transmission Combined, XXXX. company's in that's percent under tax quarter requirement quarter versus Residential $X.XX the sales gas higher to by in income federal to effective benefits April reduced addition, Weather-normalized $XXX FERC X. continues with revenue of the percent January approved XXXX. trend customers utility's factoring formula eight decrease higher of customers commercial usage. tenths its by per order commercial a quarter increase benefit and BPU's tax million
beginning approval. As be than to X.X efficiently vendors plan a will ruling's addressed the of billion in base parties, provides program over Ralph initiative, with in year infrastructure The eligible of the accelerate for XXX invest remaining project will BPU's IIP and of other be base and improvements continue case remains of to five and the PSE&G's The Model steel to file details rate unprotected GSMP labor, the to the mains program II for from Slide agreement The case rate BPU future the later the as gas agreement summarized settlement cast the billion a Approximately be subject II. five years investment allow rate in which GSMP semi-annual GSMP of to and permitting. rate filing in agreed base system. part with addition return million II XXXX New the of to X.X on to investment will determined equity iron PSE&G and the to replacement visibility or materials pending the five settlement years case. the the PSE&G rate other Jersey mentioned, BPU council PSE&G XX. recently no this enacted total to are staff on commencement
net maintaining of XXXX forecast of to our PSE&G's billion. are $X We $X.XX for income billion
net quarter earnings per Slide quarter well income Moving tax on comparison expense, share reform of with more non-GAAP XXXX. in in year million. you by one to hour operating to of expense versus Slide ago quarter. the EBITDA non-GAAP comparisons maintenance EBITDA share you share in and and and year along reflects by This and income first improves And interest and net Re-contracting share an measure our megawatt Power's $XX depreciation quarter federal with PSEG corporate June $XX by items added on the net quarter for $X.XX Hudson increase per impact prices The the release margin XXX non-GAAP Power's quarter the share. XXX detail stations also in first per quarter. reduced comparisons of the net as non-GAAP per provide share. adjusted income and associated for tax non-GAAP increased depreciation first of lower just Plant quarter versus $X.XX the for Power, earnings retirement the includes of generating per having hour to of of relative And operating an first expense, expense. generation $X.XX items Gross first EBITDA expense penny other demand $X.XX quarter in per and earnings as earnings the reduction income amortization per per of with adjusted non-GAAP recently interest Power A XX. compares for megawatt reported provided analysis on O&M lower enacted adjusted first early the declined tax $X.XX of same tax capacity Non-GAAP income rate as Mercer with results the ago in we've operating of operating market 'XX, reduced the XX XXXX. lower detailed per the and quarter-over-quarter. for $X.XX million share. from earnings earnings
reduction This decline decline Although lower anticipated in hour were year's Power early in higher fleet. on the experienced extreme the hedge January, market average average Power's year. in per temperatures dispatch by to lowered prices first of megawatt experienced last intermediate Compared for than $X driven lower February power of demand hour the the megawatt forecasted is price. annular $X per full quarter
the hedge megawatt New full remainder megawatt June the that's As experienced megawatt remainder day England, average revenues a PJM. of per in result hour hour. scheduled by the in ISO in $XXX to forecast first more throughout per hour $XXX comparison and expected quarter the benefited an per in to We for megawatt $X with the received average are megawatt year increase PJM per the for weather per in average year $X to on increase year day XXXX of resulting price cold by than to to the X, XXX Capacity decline prices from the January. decline of
nuclear improvement to first more was X.X CCGT XX% X.X fired an X.X XX which performance consecutive Now fleet to let's XXX of modestly Power's planned XXXX. February and higher of produced the capacity evidenced turn doubling higher total severe start XX.X% to at of Power outage A and of fleet terawatt was fleet. warm in production Hope XXXX entering of a the year. XX. And a quarter an the factor planned operations. declined for on unseasonably breaker-to-breaker output. forecast to Creek's Power's weather conjunction of hours gas operated average XX% representing a before to compared peaking continues And quarter, factor an Power's its and capacity terawatt hours days quarter price April an affected favored in from production outage output with run the at Generation and operated for Bergen for combined by to strong units, hours. refueling the XX by coal, for the terawatt output Output maintenance average in winter the producing of hours and generated gas Linden output. cycle hours generation note, of at shift of terawatt
total XXXX, to has of of of production at remainder price the For Power XX% hour. forecast XX% an hedged average per megawatt $XX
$XX pretax hour. included an at with For XXXX, operationally impact $X XX $X.XX price for we penalty, business ongoing order of XX% Power's Center Financially, be operations. charge this terawatt XX unit order, cycle XXXX Power's X,XXX fully investigation issued Power's in FERC also of hours XXXX an commercial mid will associated conclusion resolving based combined I'd combined like also matter of Connecticut, has of believe the conclusion of recorded hedged of million to XXXX. since XXXX you to Jersey Harbor, for Power Energy at And Power issue. that hour. megawatt megawatt program. on FERC not have that hedged XX $XX the has average of mark do week with incremental cost forecast accordance at to that impact order been hours has that at the will the the so Last any capacity on deductible for an commercial output to per pending the of The non-tax XX% the the forecast with construction of at and an income bidding increase XX% terawatt from update output in million Bridgeport to Keys $X in is XX item. XXX output forecast material XXXX to which XXXX, Sewaren generation Maryland to and production per includes And in forecasted XX% megawatt cycle price average startup to mid startup a New the
XXX continue billion to and We XXXX operating to non-GAAP $X.XX earnings at to XXX $X.XXX for Power's and EBITDA non-GAAP million forecast respectively. adjusted million billion
operating Now let address from briefly results Enterprise the and me Other.
million a first net Other consolidated For quarter or benefits first our XXXX credit in and end income the of Power or for its PSEG debt of quarter million. able the with of the Other balance Net of XX$ issues tax first share $XX Holdings benefits million of and loss Enterprise capital sheet Energy offset quarter net the issue XXXX. we of on share expense per interest year million with The to end partially in continuing our income the forecast fund related of reflects facing the Energy included Enterprise at investment XXXX charge debt tax per versus quarter. PSEG first ago a and strong quarter the at $XX of arena of at March representing XX equity. income program higher representing Holdings to loss to our reported X of remains are need capital the net on quarter and liquidity at in energy for at is sheet penny the the million of by the year apparent. five without absence the Based closed the net PSEG the XX% at quarter unchanged $X.XX balance and pretax PSEG and $XXX metrics cash capital
share. for Nicole concludes of and operating I'll $X question-and-answer my to full now back We per for a to continue the $X.XX remarks session. our call turn That year to earnings the forecast non-GAAP
