Public Service Enterprise Group (PSEG) reported full-year 2024 net income of $1.77 billion, or $3.54 per share, compared to $2.56 billion, or $5.13 per share, in 2023. Non-GAAP operating earnings for 2024 were $1.84 billion, or $3.68 per share, up from $1.74 billion, or $3.48 per share, in 2023.

For the fourth quarter of 2024, net income was $286 million, or $0.57 per share, compared to $546 million, or $1.10 per share, in the same period of 2023. Non-GAAP operating earnings for the quarter were $421 million, or $0.84 per share, compared to $271 million, or $0.54 per share, in the fourth quarter of 2023.

PSEG initiated 2025 non-GAAP operating earnings guidance of $3.94 to $4.06 per share, reflecting a midpoint increase of approximately 9% over 2024 results. The company also extended its 5% to 7% non-GAAP operating earnings compound annual growth rate (CAGR) through 2029, supported by an increased capital spending plan of $22.5 billion to $26 billion for 2025-2029.

In 2024, PSEG achieved key strategic objectives, including settling its first electric and gas distribution base rate case in six years, securing approval for a $2.9 billion investment in energy efficiency programs, and investing $3.6 billion in regulated capital expenditures. The company also completed the installation of 2.2 million smart meters on time and on budget.

PSEG Nuclear benefited from the start of the nuclear production tax credit in January, contributing to financial stability. PSE&G was recognized for customer satisfaction and service reliability, receiving the PA Consulting ReliabilityOne® Award for outstanding service in the Mid-Atlantic region for the 23rd consecutive year.

CEO Ralph LaRossa emphasized the company’s commitment to operational excellence and predictable earnings growth, stating that PSEG has now met or exceeded its non-GAAP operating earnings guidance for 20 consecutive years.

source: Public Service Enterprise Group, SEC Form 8-K, February 25, 2025.