everybody. Thanks, Ralph. morning, Good
quarter flat X As major you the and X distribution transmission the in XXXX, business. results XXXX, share by transmission, return XXXX, contribution charts for earnings offset of the rate and net PSEG discuss contain included continued results and PSE&G's third Compared the and third compared the to by changes non-GAAP now by first of you on of provided XXXX quarter through periods margin investments quarter-over-quarter driven and $X.XX on and higher of equity take earnings and starting August waterfall and I as information by PSE&G. the share. operating capital XX. for will timing Ralph combination XXXX, O&M reported base We energy. of was Slides XX third lower that to to XXXX year-to-date expense and non-GAAP growth formula XX $X.XX of with per $X.XX of earnings per of share with and were net the regarding business, recovery. operating third mentioned, income operating quarter ended a quarter the the non-GAAP $X.XX September Slides settlement clean year-to-date per which rate was
the other had with the compared rate. third of and annual quarter impact share share margin by reflecting share, O&M CIP per quarter was expense Strong per share net in compared impact interest the items Gas a of margin XXXX, program electric driven of mechanism. the higher quarter unfavorable driven per distribution, to compared and the Flow-through of $X.XX the of $X.XX $X.XX was incentive by primarily conservation business with Energy quarter third unfavorable compared System favorable tax or effective XXXX, also third to an taxes third per share to and margin investments added and For related service Modernization II investments improved II of other our quarter $X.XX expense of use was recoveries reflecting appliance $X.XX investment. third XXXX. Gas of the our unfavorable XXXX, XXXX over per by $X.XX
the of per benefit year per will the XXXX. quarter, a of year outstanding unfavorable share had on completed reverse in $X.XX For the shares earlier of $XXX reflecting to the quarter fourth impact $X.XX third Lower third XXXX. quarter the quarter results share program. versus share Weather non-operating the share but in taxes quarter, expense through date, XXXX THI conditions addition, flow of as year-over-year by And was with index, warmer third or to per during the during XX% compared measured normal, temperature-humidity repurchase XXXX. quarter the the similar favorable third than pension $X.XX was million
both weather on and negative of programs. for exceeded and September customers With a gas megawatts and PSE&G's to XX-month enabling the adoption number in ended for August gas approximately efficiency effect, in electric XX,XXX energy CIP period a at growth trailing a summer system in impact of have electric positive while on widespread the peak has variations load the row X. in limited margins, second XX. the continued And X% track PSE&G's
capital a forecast and $X the our PSE&G the Energy system’s our year-to-date PSE&G XX. XXXX rollout planned spending mile. distribution billion. the investments, program investment, capital XXXX, for of up Strong capital-spending II, XXXX transmission from invested $XXX Program the during Clean billion Advancement quarter third focused Modernization million Energy program Future System Regarding through The and Program now last billion $X.X II, $X.X revised the Gas approximately expects Infrastructure of program, spending September and includes capital continued on of
$XX its with the for requesting filed in method On accounting PSE&G variability Also date to order an petition BPU PSE&G would XXXX, extension And with in its PSE&G partly authorize with gas in Formula Transmission X, to which annual modify $XXX in million with Jersey front, update XXXX, a October, pension an serve and with a of Energy electric petition New ratemaking increases X, transmission which future the Rate - January align by X-month for September, BPU future other million, effective pension January requesting of the would which Energy a its reduce utilities. expense to of the purposes, filed Future calculating revenue Efficiency regulatory filed program, Clean expense. program effective PSE&G September its timing requirement annual FERC, XXXX.
by Infrastructure of $XXX Now of per $X.XX & reported to net capacity the Carbon-Free Fossil Non-GAAP XXXX, third Other, $X,XXX or share XXXX, per $X.XX were turning which quarter lower per million earnings the remaining impacted of third or re-contracting and the in loss lower net third the of share in a a operating with sale for driven divestiture, compared million, to $X.XX prices. lower lower loss quarter for the the related quarter Fossil by prices nuclear process. fleet at share margin
per nuclear quarter generation gross of share, per terawatt $X.XX which hour margin at re-contracting approximately X third price. $X includes the XXXX, of declined electric lower average a hours by megawatt For
commodity Taxes per customers quarter also place. driven per benefiting In and the gross $X.XX share in added margin the at depreciation mechanism sales of to versus improved third addition, were to from quarter per Cost of sharing favorable heightened comparisons by operations year-earlier third expense O&M, and of related quarter volatility Fossil versus higher XXXX a the divestiture. total third 'XX from for the interest by share gas the off-system period, XXXX. standing lower with $X.XX other long $X.XX share from
retirement occurred assets were at And approximately Source quarter refueling forecasts output generation accordingly, ramp X favorable into Fossil the this has the output for debt began generating comparisons quarter was outages. for related reflecting Peach Nuclear of Creek was in August the an sale X megawatt slightly Fossil capacity of and year-to-date XXXX, fleet first onward June, XXX% in Bottom approximately PSEG declined the hour. as October. the majority XX.X%. hours and of X the hours production 'XX, hedged factor outstanding of PSEG fourth Power’s down of the to occurred of divestiture in terawatt held-for-sale, to quarter and XXXX, of the price average of the cost the through Solar Hope the nuclear approximately in third of XX% cessation the reflected $XX terawatt the fourth to During in half of September period XXXX. XX of The depreciation
PSEG 'XX, output to XX% is at For hedged has a to of this baseload XX XX of output and hour. an average forecasting nuclear price XXX% hours terawatt $XX of megawatt
output XXXX, at XX% XX% and an to For to of of is this XX has PSEG nuclear forecasting hedged output baseload terawatt hour. average $XX a megawatt hours of price XX
Friday. collateral place or be the PSEG expected amount obligations under As XXXX, XXXX, of as Power July $X a its interim. billion was was the of short-term loan Power this capacity satisfies as In XX $X.XX prices August. $X.X billion September relates PSEG of credit The in $X.X in market had through out-of-the-money PSE&G. prices 'XX that billion, repaid billion positions result last and those due our cash contracts, at hedge a a hedges net billion returned is in higher of of and September through end collateral of that related XX, majority total available energy decline was at including $X.X postings to to if to PSEG
for and and And into PSEG to May from PSEG outlooks of debt. billion term this loan these our we for floating power of outstanding repayment interest billion during of Power XX. XXX variable Moody's comprise expiring day the $X.XX $X.XX entered billion of credit reducing recently published Power term loans September loans October, March a Following of opinions $X.XX of had total rate credit billion loans, collateral with outstanding PSEG, swaps remaining exposure. Combined, term April, expiring PSEG loan, unchanged. And term variable term rate needs. support to of debt fixed PSE&G of ratings outstanding XXXX had rate updated $X and
items costs, Regarding influence the continue take we of several when measure that monitor December the potential headwinds pension to on pension on we impact calculations actual XXXX the XX. will
of return the including of and setting assets and inclusion net earlier XXXX the assess this markets rate impact the updating the year. year-to-date, interest on will various impact the of petition the the of planned BPU component, We factors for financial decline filed discount with expected the
which EEI. pension as said, on will our impacts earnings We provide the include we an XXXX estimate will of of Ralph at guidance,
non-GAAP per earlier, total. share, mentioned also Ralph As XXXX operations contributing guidance regulated earnings to we've approximately $X.XX $X.XX narrowed of to with our operating XX% the
is to For the period. in full million transmission strong million, costs. million $XXX year, margin PSE&G's forecast year-to-date excludes growth reflecting financial our divested distribution Fossil guidance of XXXX CFIO at prepared non-GAAP XXXX interest earnings net remarks. higher to now the to $XXX That earnings income the and operating is assets. $X,XXX from narrowed reflecting forecasted PSEG's for $X,XXX million, concludes results XXXX
question-and-answer So begin we the line session. up can now to open the
