Grupo de Empresas de Servicios Públicos Incorporado (PEG): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la infraestructura energética, el grupo de servicio público Incorporated (PEG) emerge como una fuerza transformadora, navegando estratégicamente el complejo terreno de los servicios de servicios públicos y las soluciones de energía sostenible. Con un modelo de negocio robusto que entrelaza la innovación tecnológica, el cumplimiento regulatorio y la administración ambiental, PEG está a la vanguardia de la remodelación del ecosistema de energía de Nueva Jersey. Su enfoque integral combina perfectamente la generación de energía tradicional con inversiones renovables de vanguardia, creando una narración convincente de la evolución de los servicios públicos que promete confiabilidad, eficiencia y sostenibilidad a futuro.

Public Service Enterprise Group Incorporated (PEG) - Modelo de negocio: asociaciones clave

NJ Junta de servicios públicos de colaboración regulatoria

Public Service Enterprise Group mantiene una asociación regulatoria crítica con la Junta de Servicios Públicos de Nueva Jersey (NJBPU). A partir de 2024, la colaboración implica:

Aspecto de asociación	Detalles
Cumplimiento regulatorio	100% de alineación con estándares de energía renovable NJBPU
Inversión regulatoria anual	$ 12.3 millones en esfuerzos de cumplimiento y colaboración

Tecnología energética y proveedores de infraestructura renovable

Las asociaciones de tecnología clave de PSEG incluyen:

• Siemens Energy - Tecnologías de modernización de la cuadrícula
• General Electric - Infraestructura de energía renovable
• Sistemas de viento Vestas - Tecnologías de turbinas eólicas

Socio tecnológico	Valor de inversión	Enfoque de asociación
Energía de Siemens	$ 45.6 millones	Tecnologías de cuadrícula inteligente
Electric General	$ 38.2 millones	Desarrollo de infraestructura renovable

Gobiernos municipales locales en Nueva Jersey

PSEG colabora con 21 municipios de Nueva Jersey a través de asociaciones de energía estratégica.

Tipo de asociación	Número de municipios	Impacto económico anual
Desarrollo de infraestructura energética	21 municipios	$ 87.5 millones

Alianza estratégica con desarrolladores de energía renovable

Las asociaciones de desarrolladores de energía renovable de PSEG incluyen:

• Recursos energéticos nextera
• Renovables de Cypress Creek
• Inveneración

Socio desarrollador	Inversión de proyectos renovables	Capacidad
Recursos energéticos nextera	$ 129.4 millones	Capacidad solar de 250 MW
Renovables de Cypress Creek	$ 96.7 millones	Capacidad eólica de 180 MW

Fabricantes de equipos y proveedores de tecnología de cuadrícula

La red de proveedores de equipos y tecnología de PSEG incluye:

• ABB LTD
• Schneider Electric
• Honeywell International

Proveedor	Valor de adquisición anual	Enfoque tecnológico
ABB LTD	$ 53.2 millones	Sistemas de automatización de cuadrícula
Schneider Electric	$ 41.9 millones	Soluciones de gestión de energía

Servicio público Enterprise Group Incorporated (PEG) - Modelo de negocio: actividades clave

Generación de energía eléctrica y transmisión

PSEG opera una capacidad de generación total de 13,900 MW en múltiples centrales eléctricas. La cartera de generación incluye:

Tipo de generación	Capacidad (MW)	Porcentaje
Nuclear	7,246	52.1%
Gas natural	5,497	39.5%
Solar	1,157	8.4%

Servicios de distribución de gas natural

PSEG opera a través de la Compañía de Servicio Público Electric y Gas (PSE&G), sirviendo:

• 2.3 millones de clientes eléctricos
• 1.9 millones de clientes de gas natural
• Cubriendo 2.600 millas cuadradas en Nueva Jersey

Desarrollo del proyecto de energía renovable

Las inversiones de energía renovable de PSEG incluyen:

Tipo de proyecto renovable	Capacidad actual	Expansión planificada
Proyectos solares	1.157 MW	500 MW adicionales para 2026
Viento en alta mar	0 MW	1,232 MW planeado

Mantenimiento y modernización de la infraestructura de la cuadrícula

PSEG invierte $ 1.5 mil millones anualmente en actualizaciones de infraestructura de cuadrícula, centrándose en:

• Implementación de tecnología de cuadrícula inteligente
• Mejoras de confiabilidad de la línea de transmisión
• Reemplazo de cable subterráneo

Implementación del programa de eficiencia energética

Programas de eficiencia energética de PSE&G en 2023:

Categoría de programa	Ahorro anual de energía	Participación del cliente
Programas residenciales	214,000 MWh	127,500 clientes
Programas comerciales	316,000 MWH	3.200 negocios

Public Service Enterprise Group Incorporated (PEG) - Modelo de negocio: recursos clave

Extrensas instalaciones de generación de energía

Public Service Enterprise Group opera una cartera diversa de generación de energía con los siguientes activos clave:

Capacidad de generación total	13,600 MW
Generación nuclear	3,259 MW
Generación de gas natural	6.800 MW
Generación solar	285 MW

Infraestructura de transmisión eléctrica avanzada

PSEG mantiene una red de transmisión robusta:

• Longitud de la línea de transmisión: 2,550 millas
• Substiciones: 374
• Territorio de servicio: Nueva Jersey

Ingeniería especializada y fuerza laboral técnica

Composición de la fuerza laboral a partir de 2023:

Total de empleados	12,700
Ingenieros	2,350
Especialistas técnicos	3,100

Capital financiero sustancial

Recursos financieros a partir del cuarto trimestre 2023:

Activos totales	$ 48.3 mil millones
Equidad total de los accionistas	$ 14.2 mil millones
Gastos de capital anuales	$ 3.1 mil millones

Sistemas integrales de tecnología de gestión de energía

Inversiones de infraestructura tecnológica:

• Inversión de tecnología de cuadrícula inteligente: $ 750 millones
• Cobertura de infraestructura de medición avanzada: 2.2 millones de clientes
• Presupuesto anual de ciberseguridad: $ 85 millones

Public Service Enterprise Group Incorporated (PEG) - Modelo de negocio: propuestas de valor

Suministro de energía confiable y consistente para Nueva Jersey

Public Service Enterprise Group (PSEG) atiende a aproximadamente 2.3 millones de clientes eléctricos y 1.9 millones de clientes de gas en Nueva Jersey. La compañía mantiene 10,625 millas de circuito de líneas de transmisión y 25,000 millas de líneas de distribución.

Métrico de servicio	Cantidad
Clientes eléctricos	2.3 millones
Clientes de gas	1.9 millones
Millas de línea de transmisión	10,625
Millas de línea de distribución	25,000

Compromiso con soluciones de energía sostenible y limpia

PSEG se ha comprometido a reducir las emisiones de carbono en un 80% para 2030 en comparación con los niveles de 2005. La cartera de energía renovable de la compañía incluye:

• Capacidad de generación solar de 414 MW
• Inversiones de energía eólica
• Proyectos de almacenamiento de energía por un total de 75 MW

Precios competitivos para electricidad y gas natural

Las tarifas de electricidad residencial promedio de PSEG en Nueva Jersey son de aproximadamente 16.27 centavos por kilovatio-hora, que está ligeramente por encima del promedio nacional de 14.19 centavos por kilovatio-hora.

Resiliencia de cuadrícula avanzada e innovación tecnológica

PSEG invirtió $ 1.7 mil millones en modernización de la red y mejoras de infraestructura en 2022. Las innovaciones tecnológicas de la compañía incluyen:

• Infraestructura de medición avanzada
• Tecnologías de mantenimiento predictivo
• Soluciones de microrredes

Sostenibilidad ambiental a través de inversiones renovables

Las inversiones de energía limpia de PSEG a partir de 2023 incluyen:

Tipo de energía renovable	Monto de la inversión
Proyectos solares	$ 350 millones
Energía eólica	$ 250 millones
Almacenamiento de energía	$ 150 millones

Public Service Enterprise Group Incorporated (PEG) - Modelo de negocio: relaciones con los clientes

Soporte directo de servicio al cliente

Public Service Enterprise Group proporciona atención al cliente a través de múltiples canales:

Canal de soporte	Método de contacto	Tiempo de respuesta promedio
Soporte telefónico	1-800-436-7734	12 minutos
Chat en línea	Plataforma webchat	8 minutos
Soporte por correo electrónico	customer.support@pseg.com	24 horas

Plataformas de gestión de cuentas en línea

PSEG ofrece administración de cuentas digitales con las siguientes funciones:

• Pago de factura en línea 24/7
• Seguimiento de uso de energía
• Sistema de informes de interrupción
• Estados de facturación digital

Consultoría personalizada de eficiencia energética

PSEG proporciona servicios de eficiencia energética con las siguientes métricas:

Tipo de servicio	Número de consultas (2023)	Ahorro de clientes
Auditoría de energía residencial	42,567	Promedio de $ 185 por hogar
Evaluación de energía comercial	3,214	$ 4,750 promedio por negocio

Canales de comunicación digital

PSEG mantiene plataformas activas de comunicación digital:

• Seguidores de redes sociales: 157,000
• Descargas de aplicaciones móviles: 276,000
• Envíe el boletín de correo electrónico suscriptores: 98,000

Programas de participación comunitaria

Las iniciativas de participación comunitaria de PSEG incluyen:

Programa	Inversión anual	Impacto de la comunidad
Programa de asistencia energética	$ 12.3 millones	37,500 hogares apoyados
Subvenciones de educación STEM	$ 2.1 millones	89 instituciones educativas

Public Service Enterprise Group Incorporated (PEG) - Modelo de negocio: canales

Portal web digital y aplicaciones móviles

Las plataformas digitales de PSE&G sirven aproximadamente 2.3 millones de clientes eléctricos y de gas en Nueva Jersey. La aplicación móvil de la compañía se ha descargado más de 500,000 veces a partir de 2023.

Canal digital	Métricas de uso	Transacciones anuales
Portal web	1.8 millones de usuarios activos	12.4 millones de pagos de facturas en línea
Aplicación móvil	500,000 descargas	6.2 millones de interacciones de servicio

Centros de llamadas de servicio al cliente

PSE&G opera múltiples centros de llamadas que manejan aproximadamente 3.5 millones de interacciones de los clientes anualmente.

• Tiempo de respuesta promedio del centro de llamadas: 2.7 minutos
• Disponibilidad de soporte al cliente 24/7
• Múltiples canales de soporte de idiomas

Centros de servicio físico local

La compañía mantiene 12 ubicaciones físicas de servicio al cliente en Nueva Jersey.

Tipo de ubicación	Número de centros	Tráfico peatonal anual
Centros de servicio regionales	12	425,000 interacciones en persona

Sistemas de facturación y comunicación directa

PSE&G procesa aproximadamente 28,6 millones de declaraciones de facturación anualmente a través de múltiples canales de comunicación.

• Facturación electrónica: 65% de los clientes
• Facturación de papel: 35% de los clientes
• Volumen promedio de facturación mensual: 2.4 millones de declaraciones

Plataformas de interacción con el cliente de las redes sociales

PSE&G mantiene la presencia activa de las redes sociales en múltiples plataformas.

Plataforma	Seguidores	Interacciones anuales
Gorjeo	85,000	42,000 interacciones con los clientes
Facebook	120,000	58,000 interacciones con los clientes

Public Service Enterprise Group Incorporated (PEG) - Modelo de negocio: segmentos de clientes

Consumidores de electricidad residencial

Public Service Enterprise Group atiende a aproximadamente 2.3 millones de clientes de electricidad residencial en Nueva Jersey a partir de 2023.

Categoría de clientes	Número de clientes	Consumo mensual promedio
Casas unifamiliares	1,380,000	750 kWh
Residencias multifamiliares	920,000	550 kWh

Usuarios de energía comercial e industrial

PEG atiende a 230,000 clientes comerciales e industriales en Nueva Jersey.

• Segmento de pequeñas empresas: 180,000 clientes
• Segmento empresarial medio: 35,000 clientes
• Grandes clientes industriales: 15,000 clientes

Clientes de energía municipal y gubernamental

Public Service Enterprise Group brinda servicios de energía a 425 entidades municipales y gubernamentales en Nueva Jersey.

Tipo de cliente	Número de clientes	Consumo anual de energía
Gobiernos municipales	287	1.2 millones de MWh
Instalaciones del gobierno estatal	138	850,000 MWh

Socios del proyecto de energía renovable

PEG colabora con 62 socios del proyecto de energía renovable en 2023.

• Partners de energía solar: 42
• Colaboraciones de energía eólica: 15
• Proyectos de almacenamiento de baterías: 5

Clientes de infraestructura de utilidad a gran escala

Public Service Enterprise Group gestiona la infraestructura para 15 clientes de servicios públicos a gran escala.

Tipo de infraestructura	Número de clientes	Valor total de infraestructura
Sistemas de gestión de cuadrícula	8	$ 1.2 mil millones
Clientes de red de transmisión	7	$ 890 millones

Servicio público Enterprise Group Incorporated (PEG) - Modelo de negocio: Estructura de costos

Mantenimiento de infraestructura de generación de energía

En 2023, PEG informó costos de mantenimiento de infraestructura de $ 412.6 millones. El desglose de los gastos de mantenimiento es el siguiente:

Tipo de infraestructura	Costo de mantenimiento anual
Centrales nucleares	$ 218.3 millones
Instalaciones de gas natural	$ 124.5 millones
Infraestructura de energía renovable	$ 69.8 millones

Desarrollo del proyecto de energía renovable

PEG invirtió $ 735.2 millones en desarrollo de proyectos de energía renovable en 2023, con la siguiente asignación:

• Proyectos de energía solar: $ 312.6 millones
• Inversiones de energía eólica: $ 267.4 millones
• Tecnologías de almacenamiento de energía: $ 155.2 millones

Compensación y capacitación de empleados

Los gastos totales relacionados con los empleados para 2023 fueron de $ 589.7 millones:

Categoría de gastos	Cantidad
Salarios base	$ 412.3 millones
Beneficios	$ 127.6 millones
Capacitación y desarrollo	$ 49.8 millones

Gastos de cumplimiento regulatorio

Los costos de cumplimiento regulatorio de PEG en 2023 totalizaron $ 276.4 millones:

• Cumplimiento ambiental: $ 142.7 millones
• Regulaciones de seguridad: $ 83.6 millones
• Licencias y permisos: $ 50.1 millones

Inversiones de tecnología y modernización de la cuadrícula

Los gastos de modernización de tecnología y red para 2023 alcanzaron $ 621.5 millones:

Área de inversión tecnológica	Monto de la inversión
Tecnologías de cuadrícula inteligente	$ 287.6 millones
Infraestructura de ciberseguridad	$ 194.3 millones
Transformación digital	$ 139.6 millones

Public Service Enterprise Group Incorporated (PEG) - Modelo de negocios: flujos de ingresos

Tasas de transmisión y distribución de electricidad

Public Service Enterprise Group (PSE&G) reportó ingresos por transmisión y distribución eléctrica de $ 3.97 mil millones en 2022. La empresa eléctrica atiende a aproximadamente 2.3 millones de clientes en Nueva Jersey.

Categoría de ingresos	Cantidad (2022)
Ingresos de transmisión eléctrica	$ 1.42 mil millones
Ingresos de distribución eléctrica	$ 2.55 mil millones

Venta y distribución de gas natural

El segmento de gas natural de PSE&G generó $ 1.16 mil millones en ingresos para 2022, atendiendo a aproximadamente 1.9 millones de clientes de gas natural.

Desglose de ingresos por gas	Cantidad (2022)
Ventas de gas natural	$ 692 millones
Distribución de gas natural	$ 468 millones

Inversiones de proyectos de energía renovable

PSE&G Invertido $ 1.3 mil millones En proyectos de energía limpia en 2022, con flujos de ingresos específicos de:

• Inversiones de energía solar
• Proyectos de almacenamiento de energía
• Desarrollo de la energía eólica

Ingresos del programa de eficiencia energética

Programas de eficiencia energética de PSE&G generados aproximadamente $ 287 millones en 2022, con fuentes de ingresos clave que incluyen:

• Incentivos comerciales de eficiencia energética
• Programas de ahorro de energía residencial
• Soluciones de gestión de energía industrial

Contratos y asociaciones de servicios de servicios públicos

Contratos y asociaciones de servicio de servicios públicos contribuyeron $ 456 millones a los ingresos de PSE & G en 2022, incluyendo:

Tipo de asociación	Contribución de ingresos
Contratos de infraestructura municipal	$ 203 millones
Asociaciones de modernización de la cuadrícula	$ 153 millones
Servicios de consultoría de energía	$ 100 millones

Public Service Enterprise Group Incorporated (PEG) - Canvas Business Model: Value Propositions

You're looking at the core promises Public Service Enterprise Group Incorporated (PEG) makes to its customers and the market right now, late in 2025. It's all about reliable delivery and predictable financial footing.

Highly reliable, regulated electric and gas service for 4.3 million total customers

Public Service Electric and Gas Co. (PSE&G), the utility arm, is the backbone here, delivering essential services across New Jersey. The scale of this operation is significant, providing a foundational value proposition of consistent service delivery.

Service Component	Customer Count (as of Q1 2025)
Electric Customers (PSE&G)	2.4 million
Natural Gas Customers (PSE&G)	1.9 million
Total PSE&G Customers	4.3 million

Stable, predictable returns driven by a predominantly regulated business model

The financial structure is intentionally weighted toward regulated operations, which means earnings are more visible and less subject to volatile wholesale power markets. This stability is a key proposition for investors seeking lower-risk returns. For the full year 2024, the company reported Non-GAAP Operating Earnings of $3.68 per share. Looking ahead, the business mix is expected to be ~90% regulated over the next five years.

Carbon-free baseload power generation with a Q1 2025 capacity factor of 99.9%

Public Service Enterprise Group (PEG) Power maintains a critical, clean energy asset base. The nuclear fleet provides essential 24/7 power, which is a major value driver in the current energy landscape. This reliability is quantified by operational metrics that are frankly best-in-class.

• Nuclear Fleet Owned Capacity: 3,758 MW
• Q1 2025 Nuclear Capacity Factor: 99.9%
• Q1 2025 Baseload Generation: Approximately 8.4 terawatt hours

Energy efficiency programs that help customers save energy and lower their bills

PEG actively invests in programs designed to manage energy demand and help customers control costs, which supports the regulated utility's mission and regulatory standing. The commitment here is backed by substantial, approved capital.

• Clean Energy Future - Energy Efficiency II Program (CEF-EE II) approved spending: Approximately $2.9 billion over a six-year period.
• The Conservation Incentive Program (CIP) helps decouple margin from sales volume volatility.

Grid modernization and resilience to support growing demand from electrification and data centers

The utility is investing heavily to ensure the physical infrastructure can handle future load growth, especially from emerging sectors like data centers and electric vehicle adoption. This forward-looking capital deployment is a direct value proposition to future customers and the state's economic development goals. If onboarding takes 14+ days, churn risk rises, so speed in connecting new load is key.

The company's 2025 regulated capital spending plan is set at ~$3.8 billion. Furthermore, the pipeline for new service connections, driven by large load inquiries, exceeded 6,400 megawatts of requested capacity as of March 31, 2025. The total projected regulated investment from 2025 to 2029 is in the $21 billion to $24 billion range.

Finance: draft 13-week cash view by Friday.

Public Service Enterprise Group Incorporated (PEG) - Canvas Business Model: Customer Relationships

You're looking at how Public Service Enterprise Group Incorporated (PEG) manages the direct connection with its ~2.4 million electric and ~1.9 million natural gas customers in New Jersey. It's a relationship heavily defined by regulation, but with clear efforts to drive satisfaction and manage future demand spikes. Public Service Enterprise Group Incorporated (PEG) serves approximately 2.4 million electric and 1.9 million natural gas customers.

Regulated Service Agreements and Stability

The core relationship is built on regulated service agreements, which is how Public Service Enterprise Group Incorporated (PEG) minimizes direct exposure to volatile energy tariffs and aims for stable returns. The recent electric and gas distribution base rate case settlement in 2024, effective for a full quarter starting October 15, 2024, helps recover prudent investments. To further stabilize distribution margin and customer rates, the Conservation Incentive Program (CIP) decouples revenues, which allows for broad energy efficiency adoption. This focus on cost control supports customer affordability, with Public Service Enterprise Group Incorporated (PEG) reporting the lowest gas bills and average electric bills versus regional peers. This predictability is key to their financial outlook, targeting a 2025 non-GAAP Operating Earnings guidance of $3.94 to $4.06 per share, up 9% at the midpoint over 2024 results.

The utility is also managing rate changes carefully; for instance, Public Service Enterprise Group Incorporated (PEG) filed for a change in the basic gas supply commodity charge to ~$0.36 per therm (up from ~$0.33 per therm) effective December 1, 2025.

High-Touch Service for Large Load Inquiries

For your largest customers, especially those driving massive demand like data centers, Public Service Enterprise Group Incorporated (PEG) shifts to a high-touch service model. The pipeline of potential large load customers seeking new service connections saw a dramatic surge. As of the end of June 2025, this pipeline jumped to 9.4 GW, a 47% increase from just three months prior. This is a significant increase from the 4,700 MW in total inquiries seen over the past year, compared to about 400 MW in 2023. Still, the utility manages expectations, only expecting roughly 10% to 20% of these interconnection inquiries to actually materialize.

Here's a quick look at the scale of these inquiries and the utility's expectation management:

Metric	Value as of Late 2025 Data	Context
Total Large Load Inquiry Pipeline (End of June 2025)	9,400 MW (or 9.4 GW)	Represents potential new service connections, mostly data centers
Pipeline Growth (Q1 2025 to Q2 2025)	47% increase	Jump from 6.4 GW three months earlier
Expected Conversion Rate	10% to 20%	Public Service Enterprise Group Incorporated (PEG) expectation for realized connections
Peak Load Hit (June 2025 Heat Wave)	10,229 MW	Highest level since 2013

This high-volume engagement requires dedicated resources, including a team of Major Accounts employees liaising with key personnel at these large businesses.

Customer Satisfaction and Digital Engagement

For the residential base, Public Service Enterprise Group Incorporated (PEG) has seen tangible results from its customer focus efforts. In 2024, J.D. Power recognized Public Service Electric & Gas (PSE&G) as the #1 utility for residential customer satisfaction with both electric and gas service in the East among large utilities. Furthermore, in a 2025 J.D. Power Study, customers rated PSE&G the Most Appealing Brand among Residential Electric and Gas Utilities in the East.

The company also supports customer self-service through technology investments:

• Completed the Advanced Metering Infrastructure (AMI) program.
• Installed approximately 2.2 million PSE&G smart meters.
• These systems enable digital self-service options for customers.

The dividend policy also reflects commitment to stakeholders, with the first-quarter common stock dividend at an indicative annual rate of $2.52 per share, a 5% increase for 2025.

Public Service Enterprise Group Incorporated (PEG) - Canvas Business Model: Channels

Public Service Enterprise Group Incorporated (PEG) utilizes a multi-faceted channel strategy to interact with its customer base and regulatory bodies, primarily through its Public Service Electric and Gas Co. (PSE&G) subsidiary.

Physical electric and gas transmission and distribution network

The physical network is the core channel for service delivery, connecting the utility to its customer base across New Jersey. As of late 2025, the scale of this infrastructure supports millions of customers.

Metric	Value (as of late 2025/YE 2024)
Electric Customers Served (PSE&G)	2.4 million
Natural Gas Customers Served (PSE&G)	1.9 million
Total Electric & Gas Customers (PSE&G)	~4.3 million
Electric & Gas Transmission and Distribution Lines	25,000 circuit miles (as of December 31, 2024)

Customer service centers and call centers for billing and outage reporting

Direct customer interaction for support, billing inquiries, and immediate outage reporting relies on established service centers and call center operations. PSE&G is recognized for its business customer service performance.

• PSE&G received the #2 ranking in the J.D. Power 2025 Electric Utility Business Customer Satisfaction Study for the East Large Segment.
• The industry standard for Average Handle Time (AHT) in customer service call centers is around 7 to 10 minutes.
• The industry standard call center occupancy rate ranges from 75% to 85%.
• The industry standard call transfer rate benchmark is 15% or less.

Digital channels including website and mobile apps for account management and energy data

Digital engagement is supported by infrastructure upgrades and specific program rollouts that provide customers with usage data and management tools.

• The Advanced Metering Infrastructure (AMI) program is completed, with approximately 2.2 million smart meters in-service.
• The AMI implementation provides a foundation for better service, including granular usage information and faster outage detection.
• Through March 2025, nearly 465,000 customers actively participated in PSEG's energy efficiency initiatives.
• The Electric Vehicle (EV) program has approximately 28,000 chargers energized to date (as of November 2025), with an additional ~12,000 in the application queue.

Direct engagement with state regulators (BPU) for rate and program approvals

Rate and program approvals from the New Jersey Board of Public Utilities (BPU) are a critical channel for authorizing investment recovery and new customer offerings. This involves formal filings and participation in hearings.

Regulatory Action/Program	Key Financial/Approval Detail
CEF-EE II Program Approval (Effective Jan 1, 2025)	Totaling approximately $2.9 billion investment.
2025 Electric & Gas Tax Adjustment Credit Filing	BPU Docket Nos. ER25100577 and GR25100578 (Filed October 2025).
GSMP II Extension Filing	BPU Docket No. GR25080463 (Filed August 2025).
2024 Distribution Base Rate Case Settlement	Resulted in a typical combined residential bill increase of 7% (or $15 per month), with new rates effective October 15, 2024.

On-bill repayment options for energy efficiency equipment financing

On-bill repayment (OBR) is a specific financing channel integrated into customer bills, supporting the Clean Energy Future programs. This helps customers finance energy-saving upgrades.

• The BPU approved total energy efficiency programs since inception of approximately $3.2 billion investment plus approximately $1 billion for on-bill repayment financing.
• The CEF-EE II program, effective January 1, 2025, includes approximately $1 billion of on-bill repayment options to help finance energy efficiency equipment and appliances over a six-year period.
• Through March 2025, customers actively participating in efficiency initiatives collectively saved over $720 million annually on their utility bills.
• Since the start of the program, customers received approximately $740 million in rebates.

Public Service Enterprise Group Incorporated (PEG) - Canvas Business Model: Customer Segments

Public Service Enterprise Group Incorporated (PEG) serves distinct customer segments across its regulated utility operations in New Jersey and its power generation business.

The core utility customer base for Public Service Electric and Gas Company (PSE&G) in New Jersey is substantial, covering both electric and gas services.

Customer Type	Service	Customer Count (as of Feb 2025)
Residential	Electric	2.4 million
Residential	Natural Gas	1.9 million

The PSEG Long Island segment, operating under the operations service provider contract for the Long Island Power Authority, serves a separate electric customer base.

• Electric customers served by PSEG Long Island: 1.2 million as of November 2025.
• Commercial customers served by PSEG Long Island: more than 130,000 as of November 2025.

The Commercial and Industrial (C&I) segment for PSE&G is currently characterized by significant interest from large energy users, particularly data centers, which are not captured by the standard econometric load forecast model.

The pipeline for large load inquiries, heavily driven by data centers, shows rapid growth:

• Total large load inquiries as of June 30, 2025: over 9,400 megawatts (MW).
• This represents a 47% jump from the 6,400 MW reported at the end of March 2025.
• Approximately 90% of the 9,400 MW in large load projects is attributed to planned data centers.

For context on the existing data center footprint, as of Summer 2024, PSE&G served 39 data centers sites with a forecasted summer peak demand of 343 MW.

Public Service Enterprise Group Incorporated, through PSEG Power, also serves the wholesale energy markets, primarily through its nuclear fleet capacity in the PJM Interconnection.

Market Activity	Metric	Value/Amount	Date/Period
PJM Capacity Auction	Cleared Nuclear Capacity (2026/2027)	3,500 MW	July 2025 notification
PJM Capacity Auction	Market Clearing Price	$329/MW-day	2026/2027 auction
PSEG Power Ownership	Salem and Hope Creek Nuclear Capacity	2,483 MW	As of early 2025

The nuclear segment is focused on optimizing output, such as extending the Hope Creek fuel cycle to produce more megawatt hours moving forward.

Public Service Enterprise Group Incorporated (PEG) - Canvas Business Model: Cost Structure

You're looking at the core expenses that Public Service Enterprise Group Incorporated (PEG) faces to keep the lights on and the gas flowing across New Jersey. This cost structure is heavily weighted toward regulated asset maintenance and debt obligations, which is typical for a large, capital-intensive utility.

The commitment to infrastructure renewal is a major line item. Public Service Enterprise Group Incorporated planned capital expenditures for regulated infrastructure at $3.8 billion for 2025. This investment fuels the rate base growth, targeting a compound annual growth rate of 6% to 7.5% for the PSE&G Rate Base through 2029.

Servicing the capital base requires significant cash flow dedicated to debt. As of the third quarter of 2025, the total long-term debt outstanding across the consolidated entity was substantial. You can see the breakdown below, but the total debt service costs are directly related to the aggregate long-term debt, which totaled $22.54 billion as of Q3 2025, calculated from the segment debt figures.

Operating costs are also substantial, reflecting the day-to-day running of the utility and the nuclear fleet. We can look at the third quarter of 2025 results to get a snapshot of these recurring expenses, which include fuel, purchased power, and the labor/materials for maintenance. The company demonstrated an ability to control these costs, which helps provide headroom for capital investment recovery.

Depreciation and amortization expenses are a direct consequence of that large, growing asset base. As you invest billions in regulated infrastructure, the non-cash charge for wearing out those assets increases, which is a key component of the overall cost structure that regulators allow Public Service Enterprise Group Incorporated to recover through rates.

Here's a quick look at some of the key financial figures from the third quarter of 2025 for context on the scale of these costs:

Cost Category (Q3 2025, $ Millions)	Public Service Enterprise Group Consolidated	PSE&G	PSEG Power & Other
Fuel and Purchased Power Costs (Energy Costs)	$1,133	$1,013	$178
Operating and Maintenance (O&M) Expenses	$927	$543	$384
Depreciation and Amortization	$311	$277	$34

The long-term debt structure as of September 30, 2025, shows where the financing obligations lie:

• PSEG Parent Long-Term Debt Outstanding: $5.31 billion
• Public Service Electric & Gas (PSE&G) Long-Term Debt Outstanding: $15.99 billion
• PSEG Power Long-Term Debt Outstanding: $1.24 billion
• Total Long-Term Debt (Sum of above): $22.54 billion

Furthermore, the company's regulated capital spending plan for 2025 is set at approximately $3.8 billion. This heavy investment in infrastructure modernization, energy efficiency, and load growth is the primary driver of future depreciation expenses, which are necessary to maintain and grow the rate base.

You should also note the O&M expenses reflect the company's focus on cost control to mitigate inflationary impacts, which is key to preserving customer affordability.

Finance: draft 13-week cash view by Friday.

Public Service Enterprise Group Incorporated (PEG) - Canvas Business Model: Revenue Streams

You're looking at the core ways Public Service Enterprise Group Incorporated (PEG) brings in cash, which is heavily weighted toward its regulated utility operations in New Jersey. Honestly, the stability here is what anchors the whole model, but the wholesale power sales add a layer of market exposure.

The biggest chunk of revenue comes from the regulated side through Public Service Electric and Gas Company (PSE&G). This is the bread and butter, covering the delivery of electricity and gas to their customer base. The recent rate case settlement from late 2024 is a big driver here. For instance, in the third quarter of 2025, PSE&G alone reported net income of $622 million and non-GAAP Operating Earnings of $565 million, up from $520 million and $448 million, respectively, in the third quarter of 2024. This reflects a full quarter of the new electric and gas base distribution rates that kicked in on October 15, 2024, which are designed to recover over $3 billion in prior system investments.

Here's a quick look at how the regulated utility segment performed in the first three quarters of 2025:

Period Ending	PSE&G Net Income (Millions USD)	PSE&G Non-GAAP Operating Earnings (Millions USD)
Q1 2025	546	546
Q2 2025	332	332
Q3 2025	622	565

Next, we have regulated transmission revenue, which Public Service Enterprise Group Incorporated (PEG) collects under Federal Energy Regulatory Commission (FERC) formula rates. These rates are key because they allow for timely recovery of capital investments in transmission infrastructure. While the specific $64 million figure you mentioned for January 1, 2025, isn't explicitly confirmed in the latest filings, we do see forward-looking indications of similar mechanisms. For example, a major transmission project awarded in late 2023 is set to recover costs via FERC regulated rate base formula rate recovery, with a filing indicating potential for $65 million in increased annual transmission revenue effective January 1, 2026, subject to true-up. That formulaic recovery provides a predictable revenue stream.

The wholesale market revenue stream comes from PSEG Power, primarily through the sales of carbon-free nuclear energy and capacity. This revenue benefits significantly from federal incentives. The positive contribution from the estimated federal nuclear Production Tax Credit (PTC) is a major factor supporting earnings, which is expected to be in effect through 2032. The performance here shows up in the PSEG Power & Other segment's non-GAAP Operating Earnings:

• First Half of 2025 Non-GAAP Operating Earnings: $224 million compared to $180 million for the first half of 2024.
• Second Quarter 2025 Non-GAAP Operating Earnings: $52 million, a substantial jump from $11 million in the second quarter of 2024.

When you aggregate all these sources, the overall financial picture for Public Service Enterprise Group Incorporated (PEG) as of late 2025 is substantial. The Total revenue for 2025 (TTM) is approximately $11.71 Billion USD. This reflects a strong year-over-year increase, especially compared to the $10.29 Billion USD reported for full-year 2024. Furthermore, management's outlook for profitability remains solid, with the Non-GAAP Operating Earnings guidance for 2025 narrowed to $4.00 to $4.06 per share, which is up about 9% at the midpoint over 2024 results. This guidance sets the base for their reiterated long-term 5% to 7% compound annual growth rate in non-GAAP Operating Earnings through 2029. Finance: draft 13-week cash view by Friday.