Thank you, and morning, good everyone. Ralph,
earnings by quarter. non-GAAP in Slide quarter, said, waterfall to the for contains for that We've quarter-over-quarter provided $X.XX net Ralph chart business contribution operating per non-GAAP the in reported earnings changes XXXX you major and last XX takes regarding share on second a you business. the the Slide per year's $X.XX As by operating through of operating versus with earnings non-GAAP second quarter share PSEG of XX information
Slide on reported PSE&G, shown more the the of per XXXX. And detail for I'll second quarter of to now in review PSE&G. share compared income of company quarter with net share $X.XX XX, per with second starting $X.XX as XXXX each
of share, in the customers from first transmission of PSE&G's taxes and relief first lower the electric XXXX. of per the the in deferred from net and resulted results investments lower reversal that rate quarter the to $X.XX and in half income the by $X.XX by resulted For were driven earned offset income weather half was year, up distribution, by flowback unfavorable the excess first rate demand. tax that in XX.X% of
As rate a quarter the largely the would of P&L tax on quarter's quarter. last a reminder, call in reflected we that earnings first in mentioned reverse second this positive impact effective
flat addition, Unfavorable by relief interest added by and Higher net benefiting income from of under $X.XX of share per base PSE&G's $X.XX the by improved investment XXXX share. the cool growth Electric in distribution net utility's was quarter quarter reduced net first share demand. higher expanded the rate in XXXX. to a our reflecting as as compared share rate versus a case each reduced well spring summer. a $X.XX program. net $X.XX quarter-over-quarter per to And as income second expense settlement lower weather year-ago mild recovery remaining income by per asset transmission comparisons Gas and lowered results the expense quarter-over-quarter margin early depreciation made of O&M margin investments offset was the GSMP $X.XX, income per as comparisons. result by
second impact Nonoperating share the $X.XX in $X.XX expense. larger second the taxes would seen revenue of Adjusting excess first net $X.XX share, compared on the this deferred benefit when effective per for the taxes up from had a share pension X.X% of earnings $X.XX second reflecting this a the And per the share and with negative utility reversal quarter of through results XXXX for year versus and customers been XXXX. flowback item, second to a of quarter income in quarter, on had per flow tax have the quarter. last added of last quarter year's year's impact OPEB the per quarter in second
experienced weather were gas Weather this during summer for clause, weather not but days XX-month quarter customer trailing higher with year's XX% basis quarter. but Heating unfavorable impact the was Early weather trend to electric year. provides causing on second was were lower, which both due of gas cooler, the flat. long-term X% year second compared gas weather results. degree last gas electric per weather-normalized at relatively and did growth continues demand, data, approximately and Residential lower electric to a normalization trending sales
PSE&G its is on to electric maintain reliability in transmission and gas facilities increase distribution invest infrastructure and to upgrades and billion track $X.X resiliency. XXXX during to
income $X.XXX XXXX to to to And XX% XXXX starting for compounded to Energy the We utility $XX will rate updating for are PSE&G point time over of continue directed spend our forecast capital X.X% from estimated to to billion. at a net investment of its $X.X rate of annual base. capital agreement, PSEG's we billion recent billion, of $XX to of translates the narrowing $XX XXXX billion the is X.X% over XXXX which from Strong the And be of $XX II frame. billion maintaining year-end planned PSE&G's billion $XX.X forecast growth to billion range
Now moving of of share $XXX second non-GAAP $XXX EBITDA earnings to per of share for adjusted of operating million. $X.XX non-GAAP non-GAAP $X.XX Power quarter second of XXXX. non-GAAP million and to and Power. reported adjusted the operating the This earnings quarter EBITDA in compares per
the EBITDA depreciation as operating items expense, expense. excludes our non-GAAP Our tax interest well earnings expense, amortization as non-GAAP as same adjusted and measure income
the analysis on quarter The operating half also XXXX and more an earnings earnings impact items quarter-over-quarter. we've for the XX with and Power's on you Slide income And to having net of you on provided Slides of first provide for release relative detailed XX detail and with generation XX. PSEG non-GAAP the
the second compared impacts $X.XX by with in capacity and by quarter. market quarter PJM Power's approximately the compared results year's were and the decline in $X $X.XX April for Recontracting prices per reduced England an last price New New the reflected megawatt average nuclear plants realized step with hour in PSEG X lowered results anticipated down year-ago Emission Jersey and Zero both quarter reflecting by $X.XX XX, share second ISO results the lower year-ago share a over this other expense per on the reflects by which quarter, starting Certificates per and last margins. absence April the Power's per operations share XXXX and quarter. and hedge quarter lower per of PSEG awarded share, that and with increases were reduced quarter, compared Volume cold added added gas $X.XX $X.XX per quarter. together the off-systems versus higher year-ago lowered share versus sales on gas benefit the lower share prices. net income and comparisons year's per versus Higher depreciation $X.XX year-ago interest second and were $X.XX taxes year-ago
that the natural which in York power spreads. Weather-related also weakness Maryland, with Gross the prices lower were $XX natural hour the hour from megawatt and in Power across weather and quarter in prices declined $XX gas, quarter. unseasonably year-ago and compressed reflecting megawatt second per to accelerated PJM prices depressed lower margin mild gas New reduction per demand compared spark load. pressured price
the I've in But England, the prices we of year started Bridgeport XXXX. escalating June New prices five operations were months average capacity X, to megawatt XXXX. seven capacity on $XXX X. which XXXX $XXX the per in declined unit's through megawatt receiving basis with declined is megawatts, first In June day lower per new the same $XXX day. ISO as $XXX in mentioned, for These of on Harbor years. Power's prices into prices of a energy in continue will first commercial began locked XXX from per megawatt five As $XXX an for to payments months average X And PJM, and period capacity day. positive revenues from compared June move starting declined for
Keys of and combined second of production a hours, operations. to from last quarter. increased in cycle combined let's output with Now of XX.X Harbor up hours full late cycle by new the PSEG quarter X.X the from of of by Generation to the hours terawatt turn X total addition XX%, X.X quarter. produced terawatt Power's addition year's terawatt driven Power's fleet of output, PSEG the and a primarily Sewaren second Bridgeport compared capacity benefit
in buildout Marcellus market. realized spreads power an gas spark the gas of PJM in summer, were to more increasingly Shale in the energy and by the demand, efficient region and spring the Lower gas margins limited of early the pressure older, less efficient to Wholesale continue and in erode Power's affected given prices as temperatures mild dispatch cycles combined price advantage infrastructure also continues fell weak declines prices prices. which cost than
generated slightly we terawatt producing the demand, hours total generation. of as for and service Coal X.X quarter, XX.X% completed last XX% Salem after X.X of completing XXth fleet hours, quarter. replacements to reactor nuclear at outage operated Power's capacity a result its the mid-June representing discussed in and average returned bolt market lower factor an refueling and X terawatt down of
extension, vessel of XXX During XXX replaced the one outage Power's successfully bolts. month nuclear the team unit's reactor
at Over of of operating in volumes to remaining power terawatt hour. XXXX gas and and approximately for forecasting $XX as megawatt now the remainder address production prompted Conemaugh an XXXX of XX% of XX output as at has price Power's of terawatt the average hours. of volumes The as X. sale each hours Conemaugh from is said, to hedged and in projected sale remainder of the XX well Power X per Power XX hours XX% by bolts as of and XX the by is XXXX and reactor X.X expected identified And plans PSEG terawatt to XXXX. and That XXXX PSEG Keystone terawatt hours cycles, to XXXX lower in well to our vessel a Salem next interests prices Keystone natural X for reduction few replacement PSEG for expected and previous proactively Salem and for lower in XXXX have the
has Power forecast XXXX XXXX, forecast an output three at of volumes XXXX from XX% combined lower price $XX of XX% XX% per and hedged of to units, of hedged hour. the $XX Power XX also current And the is this announced megawatt XX The terawatt price terawatt XX hours, includes conditions from of average of for hours and Keystone to output new generation hour. cycle For to approximately market of forecasting average of XX% of additions sale production at volumes per Conemaugh. with to an to megawatt XX recent XXXX
continue We earnings respectively. $X.XXX million adjusted $X.XXX XXXX $XXX and EBITDA $XXX to million and at Power's to non-GAAP forecast to non-GAAP operating billion for billion,
Now let me other. and operating Enterprise address briefly for results
the XXXX. For second reported non-GAAP second of million per $X.XX $XX compared $X.XX quarter quarter million share quarter, $X was million net XXXX of per loss to for a we Non-GAAP of second quarter $XX the the net or loss share earnings for the a XXXX. operating loss second $X for million of operating of compared or to of
year interest quarter. at an higher also to $XX Energy to expense During impairment recorded at related market Energy of in to quarter this its quarter embedded onetime estimated as income liquidity absence second of gain NRG leverage the period. income adverse the residual conditions in leases. the Powerton the values the This year-ago as challenges with coal-fired at completed related related the expected Results parent year-ago impairment review compares versus as REMA investment of the of a XXXX, last in net well of a lower residual reflect million lease. Holdings Holdings $XX the after-tax future was after-tax of its result of annual million the of An unit value
net $XX million income Enterprise the of to and remains other XXXX, For PSEG $X million. at unchanged forecast
PSEG at capital, the and position million financial end the of XX% consolidated sheet strong. with XX% the capital representing quarter. Power at our Our on the June with $XX debt of of of and representing cash PSEG debt remains the end quarter its of closed balance at
interest a and year $XXX of notes the favorable During rates million maturing and and June $XXX of and loan in XX X.X% issued at retired that of million X.X% quarter, senior of year matured of repaid medium-term secured interest PSEG at total term of XX issued a five notes. medium-term million million XXXX. $XXX PSE&G respectively rates $XXX of X.XX% notes
for to to fully full continue share. forecast Ralph period capital need mentioned, we We the to without five XXXX $X.XX equity. investment And PSEG's issue year, to over expect non-GAAP billion the per updated year XXXX continue to fund as to program $XX.X of billion new $X.XX operating $XX to the earnings
are concludes now my to Maria? That and we take questions. ready remarks, your
