you, Thank Good Ralph. everybody. morning
to results the for share share, share, for to per the GAAP in fossil you power 'XX may XXXX the XXXX for fossil impairments. retirement fourth which per debt. sale XXXX's sale earnings held compared excluded $X.XX a year share XXXX, which full per $X.XX results of GAAP $X.XX full loss per $X.XX quarter non-GAAP recall and the for depreciation of of year assets related For related Non-GAAP compared included of to of were
improved fourth For XXXX. fourth GAAP compared earnings of for the quarter XXXX with quarter $X.XX of to per the share $X.XX per share,
on to $X.XX just and the the information fourth quarter the quarter fourth slides earnings periods were XXXX X and share mentioned. year Non-GAAP sale I by of provided share $X.XX operating operating related We non-GAAP XX. per regarding contain ended business with the items for compared earnings contribution which fossil full on per December XX
changes waterfall through Slides take you will earnings charts and operating starting net XX year-over-year I PSE&G. business quarter-over-quarter which XX with the non-GAAP now and that by review contain major and
rose favorable programs X% in $XXX year decoupling XXXX. of XXXX of a $X.XXX reflecting compared of year higher income and by income TND XXXX $X.XXX from million over investment to in continued earnings full Full net billion net the billion impact or to
of share of to For or in net million utilities share million the the quarter $X.XX $XXX fourth rose $XX per per quarter XXXX, $X.XX to XXXX. fourth by income the compared
and by As rate on the timing transmission see penny XX margin can and base per offset of growth partly the reflecting share year O&M you to a quarter, compared earlier Slide recovery.
with margin for CIP and add GSMP margins. and electric appliance share Gas, other quarter roll-ins II to per compared Conservation program service contributed fourth other and decoupling the or gas, year's reflecting combined electric last incentive $X.XX both
reflecting flow $X.XX XXXX. the flat penny the prior plant outstanding investment. O&M added of service $X.XX in impact quarters ago of year the Higher prior amount the of share side, of higher 'XX taxes Lower a penny shares each by in versus with expense and results share that reduce interest added and a reversing versus other per pension per depreciation through from to the year lower taxes items per compared On and quarter share expense a quarter. quarter was expense distribution and timing impact fourth
and last transmission improve launched upgrade PSEG During and reliability our facilities, authorized last over XXXX, distribution in planned the invested stations. capital to $XXX we and 'XX, program, billion which address mile M&R the the In of advancement to and infrastructure the June also resiliency. our enhance $X distribution of electric system substations gas IAP reliability spending BPU increased aging million
in at X.X% rate PSE&G's XXXX. As base year year over Ralph XXXX mentioned stood end billion increase $XX.X a a approximately
the ratemaking accounting for to Friday, will year Last Utilities Board an in method variability authorizing modify approved PSE&G beyond. order calendar pension and pension calculation expense mitigate Public purposes, of its for PSE&G's which the of XXXX of
to improve in economic XXXX. during New of backdrop conditions continue Jersey The
megawatts to row. unemployment the XX,XXX average on at level the New exceeding load for pre-pandemic a second in and rate X.X% end. megawatt System peak return year the remain national XX,XXX September, X, August levels year below reached of in Jersey's
the impact each to The of number as by and margin in of with earnings sales sales the electric gas the sales increasing for [The normalized sales flat with major were the number leaving rate flat approximately increased driver sales usage or gas year sale] most the cap down margin because residential customer growth of gas mechanism by normalize from year XXXX. X% X% customers increased electric residential CNI of X% for in limitations, forward. X%. while subject by sales CNI Weather the by going Weather and X%. rose change customer
We've XXXX coupling, our accounting PSE&G's filing implementation of utility To well billion updates billion $X.X narrowed for compared calendar Wrapping predictability to safety the pension investments, XXXX the reflects benefit as utility up forecast recovered to from OPEB pension contemporaneously the the of effective for offset which margin as 'XX. of year the and net $X.XXX income update. by of
Now infrastructure turning to free carbon another.
related of to impairments decommissioning loss declined share reflecting XX net loss mark share the on income included XXXX net assets. $X.XX costs For full NDT for extinguishment on or both quarter, fund losses XX share full operating fourth year million full higher to per CFIOs higher the $XXX million reflecting $XXX to Non-GAAP $XXX debt quarter and mark trust and related transactions market per market improved 'XX net million earnings related from million year activity. The of and million or fossil fund absence The reflected $XXX to year $X.XX ago nuclear fossil year the gains or from $XXX the activities. per CFIOs $X.XX sale. in both transactions
for charges debt related costs the ‘XX fossil. included other fourth quarter income sale Net to extinguishment the and of
costs which For related or the fossil cessation XXXX the absence the quarter million share, $X.XX $XX loss reflected depreciation the compared of non-GAAP non-GAAP of to earnings earnings XXXX of assets of the million and fourth the sale. fossil per or reflected operating fourth share interest per the to $XX $X.XX lower quarter
in XX, of were prices earnings lower lower non-GAAP revenue nuclear and recontracting quarter Slide the driven operating remaining lower volume quarter. fourth ago fourth by lower to again for to XXXX capacity prices the fleet, $X.XX but than deck regeneration share the year per Referring the quarter compared
items and higher by per $X.XX Combined share, to reflecting margin higher electric operations pricing share. per drove system off stores. Gas decline sales, gross commodity improved $X.XX higher these
his issuance related Again the fossil to sale, overall the at cost comparisons ago improve sale. plant of owned by per quarter. the March fourth compared fourth year Creek year Power offset for related fossil the nuclear the the debt refueling quarter. retirements share per that to interests were in versus penny expense $X.XX reflecting XXXX XXXX by Hope was quarter reflected favorable plan the debt year's power Appreciation XXX% partly higher and a earlier O&M share assets this
favorable in the the 'XX, reflecting over and interest share of tax penny XXXX. tax Activity expected carried XXXX Taxes was of from of to per claim parent foundation, benefits impact fourth higher receipt offset a by prior essence partly PSEG of of includes offset a by XXXX's of partially XXXX out per is primarily quarter in reversing $X.XX. which and pay other in compare quarter the the the fourth of quarters accelerated instead a 'XX share improved by donation the timing
nuclear Salem occurred XXXX of An late fleet included The net ops. and generation emergency an to in factor units outage quarter, PSEG two a earned and capacity material. terawatt operating performance the in impact including for PJM generation. Turning unplanned during and operated as financial capacity which outage be requirement capacity region The of XX.X% Hope the expect Creek replacement fourth by the at wide unit X.X did average the resulted bonuses it penalties. December hours penalties, action to power, other not during well as
of full approximately average price forecasting hours hour an full hour baseload the about to at and producing compared year of megawatt the fleet increase per $X an to $XX for PSEG's of 'XX. XX generation year of For average capacity operated XXX% terawatt XX.X the factor XX% per XX.X% of generation. an total nuclear baseline hedged terawatt of hours megawatt nuclear XX
nuclear to of 'XX forecast terawatt than be For total an $XX also megawatt XX% average is hour. XX approximately to and XX% hours, per generation price hedged
December, volatility addition, or and certain basic rebalance to service reduce contracts we in portfolio In fleet exited nuclear BGS in baseload in our generation and our hedge XXXX. order realign legacy it to
non-GAAP million to $XXX of financing forecast quick to postings. we've CFIO million our operating collateral on up A million activity $XXX update from narrowed and $XXX Wrapping earnings million. to $XXX
PSE&G. a XX, billion As available including capacity credit of XXXX, was billion at total December $X.X
related $XXX million which to $X.X In collateral December higher a last from cash as net of postings resulting hand addition, had billion equivalents $XXX primarily million. have hedge at to power cash and XX PSEG energy positions money declined approximately prices, cash on we total Friday. of through
we improvement Given was prepaid position, in a collateral the year, term of in January $X.X loan in that billion recent our $XXX due short April. of this
of Combined, of total had loan Following collateral of outstanding comprise needs of and a an support $X.XX $X.XX XXX repayment loans a billion had loans term in debt. the variable these to rate term expiring powers $X.X day March this a outstanding XXXX. term PSEG billion expiring loan, term billion spring power this
swaps third during $X.XX we of our outstanding October reducing entered and As September call, rate last from loans fixed billion of we variable during mentioned rate our converted year, our quarter into floating which interest term rate exposure. debt to
measurement the XXXX the interest rates XXXX, Following of actual impact we've returns, rate discount [calculations]. XXXX pension of the at end year investment and incorporated pension the into the
on securities to higher them increased higher interest return on enables a going assets XXXX, declining income rates value fixed expected X.X% as to yield the Our during of for due plan forward. 'XX the
returns has at the rates calculations, with pension increase reduce to year in investment XXXX ending pension status impact funded XX%. plan, the of the While liability XXXX solid on serves a pension negative a a interest the
create by liability to going overlay accounting, addition, the approved will settlement pension In expense calculations impact county a or will the forward. our related of the which BPU certain mitigate partly current regulatory asset
earlier, to mentioned per guidance the narrowed with non-GAAP $X.XX $X.XX operations per of operating midpoint, same XXXX share our contribute we've regulated continuing total. to around Ralph to As approximately earnings that XX% share $X.XX
long PSEG not reminder, a growth related rates. GAAP earnings and related does As forecast term
cost is income the by net investment recovery, reflecting XXXX expected predictability transmission narrowed on of billion the forecast distribution to control. $X.XXX focus and provided $X.XXX owned to and billion PSE&G's
tax Non-GAAP XXXX guidance guidance $XXX to benefits the operating carry at narrowed claim PSEG's is back expected operating CFIOs earnings CFIO now for million. guidance. removed previously the also from million forecasted $XXX of
remarks. That concludes prepared our
Shamali questions. please take And So we'll open the some line.
