$XXX and This $X.XX in with you Ralph, or $X.XX quarter and mentioned and non-GAAP $XXX business morning, XX or XXXX major good that per share million second compared share waterfall which Earlier, earnings quarter income PSEG Great. X share. share second to quarter provided of of income per per or share the quarter the that everybody. compared XXXX were operating PSE&G, reported the of Slides earnings of and million changes reported per information of take compares for income Slides and or share contain the Ralph in per quarter-over-quarter million you, quarter the for through earnings the or second second you quarter net XX business.
Starting Non-GAAP operating periods second $XXX on quarter for Thank and for net XX $X.XX the the per or to by with charts per XXXX. share for operating million million the to contribution of million $XXX regarding second second $XXX XXXX.
We've for non-GAAP $X.XX XXXX. periods $XXX year-to-date year-to-date net of of to $X.XX share net by per $X.XX XXXX
offset compared quarter rate share income per distribution $X.XX taxes, growth main primarily XXXX. non-GAAP expense XXXX's by quarter. interest first from comparison for reflected $X.XX respectively, partly share in reflecting quarter Compared credit returns and earlier transmission in credits from margin increased in quarter the operating or compared the OPEB were resulted the the and clause and share other second XXXX, per higher appliance higher, reversal to year earnings by of $XXX $X.XX earlier infrastructure to XXXX with from of million Strong quarter per unfavorable per corrective nets higher the items investment. second higher X was maintenance. reflecting higher, per interest gas along based tax on on Energy driven $X.XX and with $X.XX was investment quarter scheduled mentioned depreciation GSMP XXXX, to second with per to were a the both of non-GAAP second share favorable the per pension which $X.XX quarter and the continued share, $X.XX from credits, O&M combined in we investments million and and $XXX the service XXXX, mechanisms in per Depreciation a base lower share end call, the for versus investment. results.
Lower over gas or share benefit to and investment electric $X.XX rate, by a margin GAAP $X.XX course margin compared growth to formula The the in and transmission resulting share drivers reduced our investment increased results added recovery timing share reflecting adjustment the $X.XX returns, The were year roll-in expense lower added of pension XXXX, recovery weather-related second the per and Lower to OPEB Electric was of benefit anticipated year.
These quarter. quarter income from expense of of of
rate, over quarter of per of which flow-through to in a of an X full and $X.XX other the a net the recorded through timing year Lastly, tax the impact XXXX. second share favorable effective taxes had to taxes compared nets quarter
heating both sales. quarter contains and typically Second weather cooling
days degree second of cooler winter weather warmer the than was during XX% second the than temperature index. XXXX humidity terms of in quarter XXXX, was the quarter XX% For measured XXXX, by weather and as summer heating quarter second
includes the $X.X program meters.
Related clean upgrades The and at program Strong investments our continued BPU including T&D the loss limits enabling while gas the forward. ratemaking its adoption and pension, efficiency efficiency for PSE&G to investments, or is driver weather As billion. positive of facilities, net to program the of $XXX and up we've programs. the mentioned, and XXXX, spending, II infrastructure and in modify importantly, smart ending is XXXX, continues electric its of year calendar the widespread of and the in XX, mechanism quarter effect customers, be largest trailing number other plan mile of annual the investment gas advancement in its the negative on authorizing approved XX-month to the order electric energy SIP to sales change rollout during spend Cloud, SIP during under the positive our mechanism Growth X% energy each an the million were period.
On since or second for last XXXX impact promote February method margin Energy Energy PSE&G for amortization component effective calculating the in margins purposes. the gain to This PSE&G on the energy deliver actuarial to and accounting the capital and variances, invested of capital December in
For $X.XXX to $X.XXX forecast earnings the PSE&G's of XXXX, unchanged billion year non-GAAP operating full billion. at is
to on Other. & Power Moving
a gas parent as our expense. includes nuclear Long & Island Power operations, including activities, Just Other interest reminder, fleet, and
megawatt quarter For to & XXXX, $XX during per output, with approximately million per second net share.
We megawatt compares XXXX or This of loss average of quarter XXXX income of or the realized mentioned $X.XX previously higher the increase per hour million and non-GAAP to the of second the increase. $XX pricing that of or PSEG net of hour $X.XX share in winter approximate $X quarter of driving earnings of $XXX $XXX per $X.XX price per PSEG XXXX, operating operating $XX rose the $X.XX of Other non-GAAP most hedged majority our million which million the reported first Power share. earnings and share or per Power
rate the OPEB expense XXXX, quarter income interest unfavorable the on and business contracts of to fossil following second mentioned share Power quarter XXXX lower and of load the rates in of share BGS XXXX.
And gross and the and days from of in to returns quarter full reflecting a compared the sale per partial share to of in second loans parent refinancing amortization remain benefit XXXX were year higher financings margin share the from rates. of effective first per per quarter of increase ago at the to the ago in $X.XX total maturing certain revenues second XXXX. serve outage share unfavorable comparisons were $X.XX and year were generation from term reflecting the per refueling rose margin the variable XXXX, quarter. other income. taxes second reversal Higher the share PSEG by by a covering $X.XX per and per compared O&M $X.XX $X.XX investment offset $X.XX quarter For quarter in $X.XX absence the of from compared XXXX, higher includes gross earlier cost tax benefit compared a requirement second from unfavorable lower versus quarter that credits the higher to year.
The fewer cost debt prior pension improved capacity the share Lower investment resulted of lower lower per of in by
XX.X% the On XX.X% fleet quarter and year-to-date X.X terawatt the XXXX, for hours of second period. the for the hours capacity quarter operating year-to-date a produced at for terawatt during side, factor running and the period nuclear XX in approximately the
megawatt generation terawatt $XX For hours has the output of of at full approximately is XX% to average XX price of XXXX, hedged and an production PSEG this forecasting hour. year XX XXX% per to
we realization hedged at price $XXX terawatt some 'XX, unchanged $XX is price for of and the For on previously year. at operating baseload activity. XX as average of forecasted the annual The is of per earnings hour. of million PSEG has for expected $XXX This full this of non-GAAP produce and hours XX% in quarter of increase a forecast average million the discussed.
Touching generation in XX to the Power to XX% the first forecast XXXX, an recent of megawatt majority reflects financing XXXX hedge output fleet to the nuclear to other
of approximately PSEG on well and needs. which repaid loans, had June Through levels XXXX, $XXX term second of below hand. support total equivalents available net XXXX of collateral term had postings billion, $XXX million of liquidity at variable XX, loan collateral including cash PSEG XXXX. As our cash during entered experienced which of XX, is million June million needs.
In Power the $XXX quarter, entered liquidity billion XXX-day $X a cash the into April, during rate we've support to we our were to into $X
rate Power of PSEG of term outstanding of PSEG loan XXXX. billion a variable rate XX, March million a term outstanding As June maturing XXX-day variable loan $XXX XXXX, $X.XX of had had and
quarter, power variable May, from of at a of swapped the fixed in of term million secured rate.
And the of As million PSEG notes. paid end to the a rate loan had $XXX $XXX PSE&G medium-term maturity
our recognition pension the in a portion quarter charge effect well settlement earlier, As of for from related net completion on This our operating pension transaction, After PSEG increase an in retirees we remain third loss onetime recently approximately lift-out, that transaction. impact this transaction unamortized material pension taking will $X a predictability of lift-out of related the will in a obligations PSEG pension of associated the earnings agreement actuarial Ralph to plans approximately results. of the noncash have plan transaction This billion associated PSEG's XXXX.
Upon and transfer involved assets. of anticipate Other, further XXXX covers no mentioned will the the financial of non-GAAP & the immediate with for executed Power and providing X,XXX funded.
operating million.
The is $X.XX to for million Other in Power our remarks. between $X.XX the to settlement $X.XXX forecasted earnings included operating $X.XXX formal non-GAAP charge And XXXX year the to & session. PSE&G forecasted earnings full begin to to PSEG's XXXX and That at $XXX Power Other. full PSEG, reaffirming are related billion PSE&G not year concludes share, lift-out with PSEG $XXX are contribute & we billion ready PSEG we per guidance mentioned, to guidance Ralph or the As non-GAAP question-and-answer operator, of
