PEG - Earnings call 4 2023 | Public Service Enterprise Group Incorporated

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Operator

Ladies and gentlemen, thank you for standing by. My name is Rob, and I am your event operator today. I'd like to welcome everyone to today's conference, Public Service Enterprise Group's Fourth Quarter and Full Year Results 2023 Earnings Conference Call and webcast. [Operator Instructions] As a reminder, this conference is being recorded today, February 26, 2024, and will be available for replay as an audio webcast on PSEG's Investor Relations website at https://investor.pseg.com.

I would now like to turn the conference over to Carlotta Chan. ahead. go Please

Carlotta Chan

welcome XXXX and Fourth and Quarter Good Presentation. to Year Earnings Full morning, PSEG's

On Ralph CFO. today. call are and Cregg, attachments today's our are slides posted Executive and and and be website Vice Dan on CEO XX-K our President at today's will and for The IR release, LaRossa, press discussion Chair investor.pseg.com President later filed

uncertainties. to statements other and PSEG's during forward-looking that discussed and contain matters and earnings various are subject release call today's estimates risks

will operating accordance website net generally materials. GAAP We non-GAAP non-GAAP income and disclaimer as We accepted or financial from discuss which differs our a States. regarding also earnings, principles reconciliations in United reported with in IR forward-looking and today's of measures our include statements in the accounting on

conduct remarks, a question-and-answer prepared session. the we XX-minute Following will

the I over will now turn LaRossa. to Ralph call

Ralph LaRossa

Thank you, Carlotta.

thanks and quarter us everyone, and to year review fourth results. full morning for PSEG's XXXX joining Good to

$X.XX For the of the the share compared XXXX. $X.XX of of reported to income XXXX, operating to quarter PSEG fourth were $X.XX quarter income XXXX in quarter quarter compared per $X.XX XXXX. for share earnings fourth fourth in per Non-GAAP share net of the share fourth of per per of net

Our X earnings we provided shown release. non-GAAP with in excluding items and results, the the attachments X, which

to share the share For income net for of full year of $X.XX per compared XXXX. full reported $X.XX per XXXX, of PSEG the year

results our year full of and share per share $X.XX delivered the our XXth $X.XX of $X.XX year range high the in guidance to of earnings marked we for meeting operating guidance. non-GAAP consecutive XXXX at came exceeding Our the end or that per

non-GAAP you that our rate CapEx off financial results a full to this earnings Building operating to year operating supports reaffirm XXXX. base XXXX, through billion $XX X% PSEG's Slide to as we X billion $X.XX $XX regulated earnings Our X% guidance XXXX per our $X.XX on of on as see plan of CAGR X.X% to solid fourth quarter can year. also share X% through capped well that XXXX our and CAGR result,

updates our from XXXX forward billion our approximately opportunities These rolling of year-end to the of started growth. a rate to we added we January In continue unchanged financial all will XXXX, XXXX billion. prior base capital plan results investments for from are remarks. investor in $XX $X following potential detail discuss X-year that and to rate investment greater identify our Dan base my future plan

objectives will focus So a and back XXXX. look outlook on I on for quick our than

efficiency PSE&G program Energy driven updated the January XXXX achieve offerings Board program. energy required XXXX, has to our savings II BPU's will to efficiency submitted over important targets and under the Utilities. by in If June our filed the $X.X through this state's XXXX In increase an X-year New period. made X launch Efficiency a with earnings call, the Since beginning second of work of run investments in energy approved, framework. cycle Jersey This significantly investment December filings last of billion Public we early expanded

and filing which the the and unchanged all electric goals New are reduction Energy II gas with through aligns Clean for program X.XX% XXXX, EE of for Our Jersey's annual XXXX extends Act in year. X% of contained

$XXX extension November, through period. XXXX July totaling to which continue last we interim, for approximately This the filed oversubscribed. program award-winning million we to In conduct the this covering program, Efficiency second our remains Energy a year-end

a Energy middle-income hiring of result also lower direct and focus program its community and a on advancing with is training. Jobs PSE&G As programs, these Clean

emissions on EE the providing efficiency and energy return customer continue create reducing Our and over lowering of spending. programs to bills, value energy and the by shareholders use

New an important Jersey's national of clean EE, us New goals. reach and energy broad the a in promoting in Jersey remains leader adoption be it continues helping to tool

The second case base, that addresses was we rate. of X nearly This made the our case given first distribution our rate regulatory XX% December our first regulated in filing years. rate other base in formula is under XX%

was our X-year or back in residential filing pursuant increase second to this the that proposes modernization over typical X% the overall growth X% aware proposed program system of settlement than of of period. the a increase gas filing an customers gas compounded of with required XXXX. You're and electric revenue combined The XX% seeing less

in And we this issued XXXX. We that rate expect in based rate previous for conclude to the schedule term. anticipate on case case later procedural this rate the timelines, be near will case

vehicle expenditures, to case obtain more as is The revenue-related yet a approved capital proposes programs. providing previously impacts to largest in electric not insulating bills, the bill. for but the in pension, customer including and and capital implement modernize market of well and recovery weather the improve Besides rate AMI swing mechanisms impact for several our to of mitigate made interest as predictable in the reliability recovery, of recovery severe rates, case already on volatility item events expenditures to of monthly rate from infrastructure system rates customers

customers, that electric to their also save incentivizing hours. off-peak rate their to residential that are periods, by new on allow including during charge a time We bills vehicles proposing option shifting off-peak usage a these will of use customers rates can benefit to customers all

return million, year. rate months New several years we covering gas prior of $XXX experience. data in for These a for on our The in X infrastructure on reduction over Counsel, XXXX, the continued water that million BPU settlements with June staff, approve agenda, GSMP interveners retired and X.X%. as the and also recent X-month and past Michael have Phil program settlements including $XXX adjudicated are between already results, preference consistent several to X the of existing In commissioners case the a adopted equity rate demonstrate will full extend past II Rate points Jersey's new a utilities agreements a other BPU advance that BPU as through has The the to appointed EEI program settlements recently Jersey. the our cases continue to Bange, with for Murphy invest commissioners executive extension monetization over utility added New well operations X XXXX. greenhouse

be has our state since in costs. discipline, O&M our our followed you This able know XXXX, we over lowest to that increases on for If case containment. positioned agreements years, Jersey last with in laser-focused us also the In which back of XXXX. the addresses lock of our largest labor the cost X just X-year is filing rate rate relentless one our we represented example in are cost were distribution employees, you several to case all which years New one

continue to of very natural during peers than was of average reduce of distribution last than the half Jersey increases season. the remain Slide New gas gas basis. ability commodity XX. bills New customers XXXX comparison and for wallet historical Of X and monthly of Jersey lower gas with residential distribution in-state a regional considerable gas compare and CAGR. well to our note PSE&G's reductions was since and prior typical share X/X on is for customer our with CAGR from electric XXXX heating shown A CAGR residential electric was our rate rate less electric electric net service average gas our the bills to case distribution less PSE&G's CAGR

we outstanding reliability. on focus this to to addition provide continue affordability, In

received Mid-Atlantic year, service benchmarking in consecutive PSE&G For Consulting, from an a area metropolitan Reliability group. PA the One the award industry XXnd

year regionally very the the the in ranked it Utility Satisfaction J.D. are for We with our customer #X reputation large satisfaction Customer in Study our reliability among PSE&G for consecutive nationally second proud, combines and XXXX favorable recognized Electric Power our utilities. U.S. East affordability scores. Residential

We the also customer that study U.S. position secured Power business same satisfaction region. the electric in top in XXXX J.D. utility

investment to capital our programs. let's turn Now

largest During to $X bringing ever full billion the approximately XXXX, clean PSE&G of quarter energy billion, and infrastructure $X.X single year expenditure. in spend fourth the capital invested energy, our

PSE&G with key for of continues our earlier, total a program, billion. $XX to of base. growth over XXXX $XXX the this to driver A efficiency mentioned and increase experience residential XX% I accounting As XXXX was $X.X offerings, rate which billion, close finished demand energy higher which rate a C&I of year-end is million for base approximately

has mile service system for critical focused additional response new requests large advancement the up. in Our infrastructure more to our as specific program, and activity modernizing make-ready last picks on which EV is been never centers projects of data including

service is completed budget. more expected placed installed into Advanced schedule through and The our million million AMI. still in on intended this AMI X.X smart on CEF meters to Metering We which program, be total also total than X.X to meters and program or year, is replace

to up Inflation XXXX on a and X nuclear turning production Now in nuclear of with Act credit the tax nuclear gross year Reduction The XXXX receipts. provided through to hour megawatt extends payment began units on a of January our this based operations. $XX

XX% of carbon-free operated factor capacity refuelings. hours fleet year of baseload included X which for full a Salem terawatt energy, XXXX, nuclear between breaker-to-breaker approximately run the XX Our producing

a highlights. I In to wrapping up, other few want note

America For Sustainability Dow XXXX, the PSEG U.S. S&P named And the PSEG Yearbook. North in consecutive XXth Index. included been Sustainability also year, to Jones for has will the be Global

in companies News of work And political & a CPA-Zicklin for Index XXX accountability. XXXX, for. to we corporate recognized PSEG disclosure named list best and were as practices World Report the to trendsetter by its also inaugural recently

the the and current last year, baseload in fleet This country. hubs our few extension last in is data one situated the benefit none of potential also in Hawaii of We license Power the sale to our completed from a fossil plan. hydrogen fleets growth, unit of center PSEG X-year potential with carbon-free upside well generating making

investments increased energy our new data report port in goals well X robust were as set mentions recently continues including as PSE&G loads. recognized electrification EV PJM adoption, of by as well aligned a forecast their XXXX growth for load from Jersey's growth expected execute including January on business, with center to zone. PS as New last electrification, These policy

X-year far without our very of the the need progress PSEG. on ability part with pleased or to increase are made of assets. achieving to predictability the thus comes capital execute to plan issue sell investment important our from current equity this An new We

reliability said delivered we and and like and remarks this ahead. forward execute the we would safety, to to business what plan in dedication customers. plus in years close for by our my look all continue I'd do, ability employees to on on XX,XXX PSEG thanking with PSEG confidence team's I their has our

over outlook I'll now Dan detail results discuss his questions and our available after in remarks. for to to your and I'll greater be call the financial turn

Daniel Cregg

Ralph, you, everyone. good and Thank morning,

earlier, of full compared income XXXX to share $X.XX full to were $X.XX mentioned compared XXXX. operating per of PSEG net net $X.XX 'XX earnings Ralph for the income per per year share XXXX. As year share per Non-GAAP of of reported for for $X.XX share the for

share per operating $X.XX XXXX, For the of per XXXX, $X.XX per the $X.XX quarter for share per net in were share to XXXX, share quarter XXXX. and fourth $X.XX was in non-GAAP fourth to income compared of compared earnings

information X charts that and and you We've major per provided the business XXXX. earnings earnings and full and to the per with contain fourth changes, contribution periods of year operating business. on non-GAAP operating waterfall the and regarding non-GAAP segment X the by you quarter-over-quarter XX X quarter share net Slides for Slide by take through year full share

transmission Starting PSE&G XXXX per also quarter driven margin we to our the had to quarter favorable. higher, income net fourth XXXX, $X.XX share share $X.XX amortization XXXX. and non-GAAP investments $X.XX our primarily fourth rates share gas anticipated in in reflected full the of as for not for $X.XX per per $X.XX to of with in higher were earnings operating GSMP share both depreciation, $X.XX items main $X.XX growth per of of in margin also share OPEB-related well investment. $X.XX compared quarter at operating income timing per the quarter PSE&G, reported recovery yet XXXX in as compared offset for decline O&M the gas net non-GAAP distribution. and and utility and XXXX. income higher, year. These at quarter higher share, clause margin per was in favorable by were the expected fourth pension drivers and per lower within was results and by earnings resulting in share investments the The driven Compared interest was from credits of by Other that the transmission expectations expense for

per of operational year But O&M each distribution seasonality was $X.XX O&M Distribution reflecting to the increased and $X.XX year, quarter share for to XXXX. share Depreciation interest expense versus fourth flat the and compared timing. compared full expense per increased growth per investment, XXXX, earlier to of quarter. resulting OPEB fourth share resulting the pension income returns, lower which comparison the unfavorable combined XXXX's a ended quarter $X.XX XXXX, from reflecting in in with investment in continued XXXX, credits, lower

impact year taxes had X across per tax full a Lastly, which and flow-through the through to $X.XX effective nets net the recorded unfavorable timing of other an taxes XXXX. XX% rate, in share to measured by the warmer the XX% the quarter warmer fourth degree as than during last normal compared of than fourth quarter heating quarter, Weather and year. days, was of

efficiency the gas Incentive of electric in mentioned, or adoption of the X% margin positive sales mechanism, margins promote while its broadly XXXX. about Program, the gas impact we've Conservation PSE&G number electric and energy programs. on of weather Growth positive the under by has with the for negative in the variances other customers, and As mechanism limits driver each CIP and CIP up or remained helping

full of smart billion meter recently XXXX. $XXX infrastructure. to clean the to new regulated our year $XX the investment well plan facilities, advancement capital replacements approximately year. as GSMP spend the and rollout last II program II and On at in investments, capital the via energy $X XXXX, quarter to the as Ralph through ongoing our gas included completed We infrastructure million billion single of CEF-EE and forward its upgrades to existing X-year efficiency, and The $X.X mentioned, mile infrastructure EE billion expansion incorporates energy EV invested II during for largest billion, amounting installation rolled replacements the which program the the program Strong of billion $XX T&D continued Energy $X.X base spending, end fourth in both investments spending, investment program, as filing PSE&G make-ready

For XXXX, $X.X capital our billion. plan investment approximately totals regulated

Moving Other. on & PSEG to Power

non-GAAP XXXX, operating quarter for compared loss net income compared share share fourth of share Power XXXX $X.XX per quarter XXXX. fourth $X.XX of for net XXXX. for $X.XX of of income was the Other a loss PSEG For $X.XX & reported the per per to to per Non-GAAP share operating of

including the $X.XX quarter. energy of rose capacity lower unfavorable lower the year quarter that to offset fourth gas net earlier after For revenues share per XXXX, by $X.XX were $X.XX share were margin and by per share per compared

primarily collateral O&M comparisons interest share by refueling in income Hope of $X.XX was Lower 'XX driven Creek per investment returns a credits pension the a favorable, of taxes were the from per the $X.XX XXXX. and expense per fourth quarter from XXXX. absence improved $X.XX share and result outage. lower share of amortization by requirements. share, fourth Lower OPEB reflecting the from unfavorable effective the tax benefit per quarter quarter partial unfavorable lower the versus benefit were to quarter fourth reversal other And $X.XX of rate of compared XXXX, of the first

of operating On running factor capacity for terawatt XX% the the fourth full hours side, year for quarter fleet terawatt the approximately produced during and hours XX% quarter the XX XXXX, a of the X.X and hour per at XXXX, XXXX. average in its from PSEG and hour, approximately full an year-end At XX% year Power of at respectively. to megawatt up $XX XXXX $XX hedged megawatt per generation price had XX% for of expected nuclear

recent some activity. on financing Touching

below term XXXX, including variable billion substantially loan the variable billion XXXX. full PSEG April the collateral of and million and $X.X December total $X.X on PSEG collateral Power XXXX loan XXXX. had $XXX PSEG year to PSEG's of approximately a experience had elevated XX, cash outstanding full these rate reduction from fixed seen from Power helped This levels historical a in total for cash of versus in loans net of in December in had billion variability to at Power with for a bolster year-end outstanding operations had also more available rate a billion at and to PSEG the million billion, year of PSEG consistent interest cash during rates. hand. term $XXX maturing to XXXX. $X.X rate $XX term $X.X of of At XXX-day a of XXXX March variable of liquidity As million maturing mitigate X $X.XX PSEG We've from XX, postings swapped

short-term As billion. year-end a approximately down our nearly by $X.X of a was at rate, variable XXXX, since debt of in our which X% December parent swaps, reflecting debt of nearly driven reduction is total X% XX,

We continue solid to investment-grade ratings. maintain

PSEG the PTC ahead, Looking will plan, expect dominated which that assets. to visibility from generation with capital cash cash enhanced execution spending the support combined Power's nuclear new PSE&G's need of regulated by PSEG's issue is considerable flow CapEx we X-year the equity sell or without

In closing, we a in non-GAAP or executed guidance. operating exceeding on year of our earnings XXth row meeting our

share, annual growth to non-GAAP $X.XX and per are PSEG's operating earnings are operating year compounded XXXX. We earnings the XXXX we reaffirming $X.XX to rate our of reaffirming extension full X% through of X% guidance

to and begin we formal now question-and-answer are remarks That the ready concludes our session.

Operator

question The Partners. Guggenheim Pourreza Instructions] with Shahriar first [Operator is from

Konstantin Lednev

beyond here contribution quarter. Constantine Shahriar. cycle business, maybe Creek of pushes the for power Starting any off Hope earnings the actually refueling takes these any upside basis? a utility and could you great in going and the further versus consolidated on as side growth to a Congrats nuclear see sale the accretive operates from of on be adjustments It's on do on like 'XX and

Ralph LaRossa

standpoint decisions thought of some anticipation Constantine, plan down give for got to we're me we've from we of a and process. let a then or economic -- But at potentially have lot make that of that. and there. moves wind mentioning how what in the And down upsides I been from state the very look similar you some an We've from specific the the something quite state around development think work time going done to some we've -- PPAs port. kind

area that that that or it. could be at provide very and set work center if there are that so moving process that use happy area, state don't opportunity. an maybe look that has got with They've down Maybe vicinity some still in us be a in that data up they down an either that could with manufacturers electrolyzer it. could area. in into of But all the been we progressed of And the considering could

all done But do for enable us going excel. many growth driven that an standpoint, the of have by that's of years those we and continue looking development with and to economic really to things to from here policy the the state state are is aligns the as to

options our think going of been it open. is there has and in some we're plan, keep in of None that just None I is So our upside. plan. our to

Konstantin Lednev

that you're And frame now particular Okay. time at any looking ongoing? or

Ralph LaRossa

No. No.

think to see about to here, years ad able that the place the need a the is in once able PTC revenues talking to how together, out are And and rules we'll come of get 'XX look we companies once plan couple all be comes those through are nauseam, to out. of I ZECs plants. still a at be the we'll all optimize as from

Konstantin Lednev

learned And the around shifting or Perfect. like or little any the around how any Okay. around rate to activity anything And maybe you PSE&G you thinking are update proceedings any settlement ROE recent maybe have Do filings and breakers settlement like just process lessons the a terms in through for bit. negotiations thoughts deal in state? of else?

Ralph LaRossa

and Yes. There the any Constantine, good think case. used Jersey -- been that anything process real been together. biggest within if is here hasn't a are deviations be our look I there the recently that we state JCP&L outcomes. with been wouldn't or I I looking and the act more everybody expect happened there. people methodology and its is really But different don't for has think learned to you has always -- say at And really that's what Electric, little the past. always consistent City New with lesson Atlantic the has

this in have a customers a as that's the of remarks, a seen you case. as inflation. others done And very in well if we with time deck, in has over look XX prepared contentious Going big mentioned the to period as be really in with. really We're a Page our gone at not we've not case some anticipating by that lot

Operator

Stanley. The Morgan next line Arcaro question is with David from the of

David Arcaro

some outlook Ralph, I the PJM we've and the latest New initiatives there We've be Jersey, that thought get and think AI some seen in the state in to in of could data load forecast. that reflected centers. past, load growth upside pushing you've also seen obviously for some

load guess seeing I activity, what you ground any latest the to on of in are So center growth expectations? upside data terms

Ralph LaRossa

Yes.

So a there, couple David. of pieces

all, and that importantly, to state see on our PJM of were state's listened recommendations First happy the policy. we to to the level, most very

both reflected of they've latest forecast. in those so And things their

New being PJM bigger That Jersey. is lot said, a than of state the

And methodology across sure a takes so entire methodologies a the used we're its in are that all have and footprint the and PJM different that States hoping being consistent states. look make same policies.

opinion, that great they PJM. the outcomes, be a are -- different across So may have example. consistent, But looked any entire those of at how loads vehicles in being how electric being footprint should of our

system for that with self the for opportunities that is really side economic we far, the then specifically investments to be here. all neighborhood We've upgrades talked into area. is seen starting. been about XXX are data activities. are governor I'd conversations just backyard, from those pop AI pushing of a our transmission been did less starting we've might up doing. some companies what we've centers well our Once standpoint, development so for we state the driving that think megawatts, but if us. in us, with the to and years you some And entice It's some move And again, past. the to that's say transmission but trying is to the an talked more see The build in the of positioned. XX there what some -- Again, lot happens, what you in on somewhere we've about there's mile consistent also, about has

Daniel Cregg

do Yes. Incentive place. the Program we Conservation reminder, a just in And that's have David,

up in Jersey. have less much that New the from these And perspective, about able would and the folks to shop particular our growth be more volumes It's sell. so road what this here it's needs about infrastructure to set we more matters the

Ralph LaRossa

is is the in this putting use customers. -- he's Dan going it about to megawatts the XXX XXX all more David, way, over for only center, a that's data spread costs And to too, megawatts, Yes. if the think

for our customers. So also residential creates more it headroom

all it positive in come So bits of together way. a

David Arcaro

Yes, Got could the am incremental thinking you you stem this growing opportunity And that I'm T&D if if already. driver? from a it. kind the potential about it's that that's CapEx so within programs you're correctly this -- Are upside of helpful. that there's potential wondering hearing that I far. you're becomes bigger wondering

Ralph LaRossa

look But Dan wherever you Yes, got to we that our that would signal been Carlotta then what investments last we've certainly and if we make. I think we we've to going did. right and saying now, I've been been, need if mile has you And built that is would a CapEx the we've say in that's of the driving above few the and there's charts low, bar that at incrementally bit little have past. I we but provided upside high a us our nothing -- into those charts,

David Arcaro

Yes.

you just if to the through et it. forward, cetera, wondering, of looking elements ZECs, was I case things could rate wondering fall just storms, of about we headroom Got in Then off that Okay. I increase into the plan, perspective. I'm thinking think the affordability run as state, you put was see the rate rate just that

Ralph LaRossa

Page that, but people and we've going it walk takes Dan puts let you through, from and because been with but start David, a lot -- take taking there's there. to Yes, through of XX I'm that

Daniel Cregg

it right. exactly up tees Ralph

the that think dollars. for as on bill Page this relative the Ralph of over you available a job Jersey. to an talked the manage it affordable And state able studies think maintaining for prepared And affordable headroom of in those very we it about an the New that I his the with not remarks. been about system and X tend about And years. think, as but sat rate. the within that have I a customers exactly at doing talked just rates remarks also try if XX, to a shows last I take is scale, reliability at look done good -- well very also as we've it I about to think

a the that a come mention state. do I dollars to If customers You May and is you'll look roll $XXX million will million take the that across important ZECs as will see PSEG something think at in XXXX, well. of hundred off that closer of of off we couple

some I for the and to transition in is that that of the the we think from really headroom, affordability just think, we the So of as extent while we're capital that affordable service that about needed there's bills benefit don't can a think customers. an still reliability But providing we regard. energy as to about perspective it that's can to trying help maintain quality system

Operator

line Chopra Our ISI. next of question comes from Durgesh the Evercore with

Durgesh Chopra

'XX Just on on can is the from from 'XX, expect just is efficiency decision that's $X.X that? should billion energy the X-year one. to commission the we spending, then clarify, that you Or is when that a period? filing, part maybe over a that And part two,

Ralph LaRossa

Yes.

Durgesh. a they do about period confusing it be the little a triennial period. as talk can questions, And great So because

have have the done. actually done those for closer to as commitments get remarked actually And is it's that described upon you're But so the that to spending which the extensions some our period years, going prepared that 'XX you've period. Think to it's the that X-year magnitude X.X X- being of that going get a the to period to the during actual important seen X-year work folks, we to 'XX, commitments the which reason remarks. and to be it's given understood of for numbers, is in we satisfy about earlier that the

December right over described think in that's that's bit period. will now but it. about place think a is in quarter. spend how fourth The all schedule see little made We in longer is to for us that filing, same if more should a It that's at the third And as the did period. state. about triennial So quarter the I you And the to to as We time commitments. X. move utilities be recall, that getting the you forward. the

get I there. of this is us for the to up year coming date outcome an October estimated think it's

Durgesh Chopra

case, rate process Got it. Just separate that independent the right? clear. And from is to be and

Ralph LaRossa

correct. Yes, that That is correct. is

Durgesh Chopra

then can what just getting on of just Dan, and discussions timeline expect Perfect. up, we your to there? where in Okay. and terms nuclear thoughts guidance and quickly the follow And stand on PTC later I do

Daniel Cregg

aware Yes, I we different them we're sit we every a Treasury, I still in that months get answer a the we made we important them for that waiting to time which a have out as as that provide ago, of than is you. last, later. try guess. for they not by do will wish game, which to we had just rather them can a guidance. spoken couple I issued here But that date rules it's to have today, sooner they as

we So I don't have awaiting specific. more their did. answer. just are anything I I wish

Operator

Our question Goldman with Carly Sachs. the from line next of Davenport comes

Carly Davenport

just Durgesh's to follow under question quickly there. Maybe up

think hedges we Should the then? the get the guidance, in the PTC to starting see interim program incremental hedges and about think we or meantime? how As expect should we we before about layer now between 'XX hedge any potential in 'XX to

Daniel Cregg

when And we've with out it exactly going respect definition XXXX obviously, is juncture. how they're is. have we little at this of some hedges to where know a come provided to receipts. bit Carly, more gross Yes. out do data don't challenging 'XX, you that so with for mean, some I

internally do what we've triangulate do of risk basically overall of some so could to to the logical be and try minimize a that what with potential business. take inherent try look is done outcomes we've always off tried try exactly is that And to what just to to most at the

in to it see what could try so by being to if of under the if to what might we to there's put a moderating Again, would that, do And scenarios, we're objective different the a hedge bit identical that's want hedges moderation the little doing. a been basically has that's of different bit, risk. our end of overall where going And do. a position little up to you to on risk past minimize we

Carly Davenport

it. Got

of for mind pressure about That's O&M, some that outages flag maybe pieces about And helpful. XXXX. the Okay. should you nuclear keeping managing talk that some of be some upward in just we really as can you there O&M on then might 'XX? anything that just think be moving you'd I know but for from the have, you

Ralph LaRossa

there's No, Yes. really. nothing

for that X-year had with -- our though, labor unions outcome have where and negotiated have X% union our we increase than deal reminder, the where X%, great really certainty we X% with negotiations we at years. last continuing had a and starting that a Just everyone, we we subsequent May, X% in

conversation see overall such So more give on we have side, O&M some talk on and the that point. prices horizon from the fuel aspect about can doesn't we there's a it a certainly us But nuclear which you become that there's -- percentage a of if the surprises no really lot for about you're we of interested. that it's small material it's this that at

activities, see really don't other we about. and but storms that nothing we its coming So anything specifically always that's us, concerned there's at are

Daniel Cregg

even already. Ralph's And comment, on fuel to of is nuclear the will in for reactor just most for we what the follow what's comments incur XXXX of 'XX

seen for you've time, XXXX, do shouldn't we very increment some you expect step through in But those as different. markets. so anything And

Operator

next with is of from Citi. Levine Ryan Our the question line

Ryan Levine

on expect look out could treasury of place tax we a is or thereafter Should shortly a for? that in would more there is you terms that do around plan on get in follow-up there you timeline policy response delayed what One you roll the once nuclear. that we regulation should

Ralph LaRossa

of much can't far as and team looking I his far how as now. enough Dan say options they've done about as different Ryan, as at a right Yes. bunch

and to we need we're when it very well think But to more thoughtful you any I been give very specifics. Dan give I'll So that. to they've act to about positioned act

Daniel Cregg

I we've to done guess we say has the where it, could given I out. as the having would treasury this liked. Ralph out come of us understand trying have to some lot think, work said early time guidance do mean, might by I a as work I Yes. that not

of any outcomes. you So out to situations, they guidance you what yourself about those think for to -- prepare those in be to is where try may ready with come do and

that's so what been we've And doing.

will to one be your in if share and through full the be in that -- it how be we're a are. be would know yes, it our does we and your final comes guidance we it we it definitely or sure guidance things would it To form, was understand response rules done, come that may of will great out. will out, follow, we have other when come not incremental comes instead once if will out but what out, we're to does approaching what know the nuances after let I able thoroughly what that may it of make everything part question, hope you all read the

Ryan Levine

Jersey. development is that that think Great. the hearing right? I time And opportunity touching maybe are unrelated, any further were in industry important the discussed rates being of for being am center And as that potential New state? design data mechanisms in Is to rate attract on that -- use you there I

Daniel Cregg

Yes.

So topic a did is anticipate about in remarks, talked encourage centers, the center broader electrification think that helpful on less through you perspective, that adoption that have EVs, there. I being perspective, find could ultimately maybe think touch that's one use the of from of And bit case and time little we'd that to case. Ralph's rates less this within was things it but we data rate rate that a a and would that about would you from a certainly where if some data work those more prepared he incremental EV. more about and EVs in But about we

Ralph LaRossa

structure place dead the for had time in between are really well some standpoint just Dan's where We're Ryan, rate from on. are that that comments a we've we and CIP positioned,

Operator

are the for Mr. floor There LaRossa no to would Instructions] like questions comments. closing to [Operator at back turn further And time. this I

Ralph LaRossa

the different call us. a call, across that for based on And that service in we've of its J.D. service have place it's I came XXXX high-quality out results provided fact is the as deliver that's together. to to in areas do our uneventful -- of execution of service a to our Great. full it's year for the just we utility uniquely worked really from this team close really first we're the positioned. day, a on customers, we it's all another Thanks. It's provided affordable company. we've was questions But -- questions base number only got built of customers folks think just -- Power that asking got upon our end for of and one it the that this those continued all X the its and that at it's . Listen, reliable customers examples. of -- year being in polling it's with hard was put really what hoping is a

and we'll those want That's assets nuclear combine our that. the on from to and an sell has that to we've expectation. issue more that with standpoint, capacity provide us side. a opportunity to improve the great continue revenues you continue operating the XX% then fleet year, now to only continue we We capacity but not continued not had with growth on the we're provide see plants that's what factor and to and And be not utility that you XX% to and deck, continue to equity, any going our went from because in revenue from side of predictable, seeing the from factored PTCs, this

and past year. made progress over for So we same from XXXX, this expect you consistent that all uneventful you've and the us that we've can the thank support throughout us given you

thanks, a and have So great day.

Operator

Ladies gentlemen, concludes today's teleconference. and this

this your disconnect you at lines participation. Thank may You your for time.

Public Service Enterprise (PEG) 26 Feb 242023 Q4 Earnings call transcript