PSEG Maintains Earnings Outlook Following Storm-Impacted Quarter

The Newark-based energy provider reaffirmed its full-year 2026 non-GAAP operating earnings guidance of $4.28 to $4.40 per share. This financial stability persists despite an intense early July heatwave that triggered a peak summer load of 10,446 megawatts—the highest demand on the company's system in 14 years. The period was marked by severe weather, including thunderstorms with 70 mph winds, which forced crews to restore power to approximately 380,000 customers.

Ralph LaRossa, PSEG chair, president and CEO, noted that the company’s infrastructure investments proved critical during the recent volatility. Beyond grid reliability, the company is moving to lower residential gas bills by 5% starting October 1. Financial results were bolstered by strong performance from PSEG Nuclear, which supplied 7.8 terawatt-hours of carbon-free baseload generation with a 92% capacity factor. The firm continues to project a 6% to 8% long-term earnings growth rate through 2030, supported by a five-year capital investment program valued between $24 billion and $28 billion.