PSEG Reaffirms 2026 Outlook Amid Q2 Results

Public Service Enterprise Group (PSEG) has reaffirmed its full-year 2026 operating-earnings outlook. The company reported second-quarter results, with non-GAAP operating earnings increasing to $0.86 per share from $0.77 in the prior year. Net income, however, decreased to $0.67 per share from $1.17.

Investments in system replacement, reliability, and energy efficiency significantly contributed to the second-quarter financial growth. PSEG Power saw improved performance due to higher market prices and gas operations, which offset the expiration of Zero Emission Certificate programs in May 2025. The company reiterated its 2026 non-GAAP operating-earnings guidance of $4.28 to $4.40 per share.

PSE&G, the utility subsidiary, recorded $342 million in net income and operating earnings for the second quarter, an increase from the previous year. This growth was driven by continued investment in energy efficiency and gas-system modernization. The utility invested approximately $1 billion during the quarter and plans to spend about $4.2 billion in regulated capital investments in 2026, with a five-year plan totaling $22.5 billion to $25.5 billion through 2030.

PSEG also highlighted its successful response to severe weather events, including heat waves and thunderstorms, over the July 4 holiday weekend. The company restored power to approximately 380,000 affected customers, with most restorations completed within 24 hours. The restoration effort involved over 330 crews and extensive customer communication. PSEG will submit a post-event performance report to the New Jersey Board of Public Utilities.