Public Service Enterprise Group Incorporated (PEG): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage dynamique des infrastructures énergétiques, le groupe d'entreprise de services publics Incorporated (PEG) émerge comme une force transformatrice, naviguant stratégiquement sur le terrain complexe des services utilitaires et des solutions énergétiques durables. Avec un modèle commercial robuste qui entrelace l'innovation technologique, la conformité réglementaire et la gestion de l'environnement, PEG est à l'avant-garde du remodelage de l'écosystème énergétique du New Jersey. Leur approche complète mélange parfaitement la production d'électricité traditionnelle avec des investissements renouvelables de pointe, créant un récit convaincant de l'évolution des services publics qui promet la fiabilité, l'efficacité et la durabilité avant-gardiste.

Public Service Enterprise Group Incorporated (PEG) - Modèle commercial: partenariats clés

NJ Board of Public Utilities Regulatory Collaboration

Public Service Enterprise Group maintient un partenariat réglementaire critique avec le New Jersey Board of Public Utilities (NJBPU). En 2024, la collaboration implique:

Aspect de partenariat	Détails
Conformité réglementaire	Alignement à 100% avec les normes d'énergie renouvelable du NJBPU
Investissement réglementaire annuel	12,3 millions de dollars en efforts de conformité et de collaboration

Technologie énergétique et fournisseurs d'infrastructures renouvelables

Les principaux partenariats technologiques de PSEG comprennent:

• Siemens Energy - Technologies de modernisation du réseau
• Infrastructure d'énergie renouvelable générale
• Vestas Wind Systems - Wind Turbine Technologies

Partenaire technologique	Valeur d'investissement	Focus de partenariat
Siemens Energy	45,6 millions de dollars	Technologies de grille intelligente
Électrique générale	38,2 millions de dollars	Développement d'infrastructures renouvelables

Gouvernements municipaux locaux dans le New Jersey

PSEG collabore avec 21 municipalités du New Jersey grâce à des partenariats énergétiques stratégiques.

Type de partenariat	Nombre de municipalités	Impact économique annuel
Développement d'infrastructures énergétiques	21 municipalités	87,5 millions de dollars

Alliance stratégique avec les développeurs d'énergies renouvelables

Les partenariats des développeurs d'énergies renouvelables de PSEG comprennent:

• Nextera Energy Resources
• Cypress Creek Renewables
• Invenergie

Partenaire de développeur	Investissement du projet renouvelable	Capacité
Nextera Energy Resources	129,4 millions de dollars	Capacité solaire de 250 MW
Cypress Creek Renewables	96,7 millions de dollars	Capacité éolienne de 180 MW

Fabricants d'équipement et fournisseurs de technologies de réseau

Le réseau de fournisseurs d'équipement et de technologie de PSEG comprend:

• ABB LTD
• Schneider Electric
• Honeywell International

Fournisseur	Valeur d'achat annuelle	Focus technologique
ABB LTD	53,2 millions de dollars	Systèmes d'automatisation du réseau
Schneider Electric	41,9 millions de dollars	Solutions de gestion de l'énergie

Public Service Enterprise Group Incorporated (PEG) - Modèle d'entreprise: Activités clés

Génération d'électricité et transmission électrique

PSEG exploite une capacité de génération totale de 13 900 MW sur plusieurs centrales électriques. Le portefeuille de génération comprend:

Type de génération	Capacité (MW)	Pourcentage
Nucléaire	7,246	52.1%
Gaz naturel	5,497	39.5%
Solaire	1,157	8.4%

Services de distribution du gaz naturel

PSEG opère par le biais de la Société publique Electric and Gas Company (PSE & G), Servant:

• 2,3 millions de clients électriques
• 1,9 million de clients de gaz naturel
• Couvrant 2 600 miles carrés dans le New Jersey

Développement du projet d'énergie renouvelable

Les investissements en énergie renouvelable de PSEG comprennent:

Type de projet renouvelable	Capacité actuelle	Extension planifiée
Projets solaires	1 157 MW	500 MW supplémentaires d'ici 2026
Vent offshore	0 MW	1 232 MW prévus

Maintenance et modernisation des infrastructures de grille

PSEG investit 1,5 milliard de dollars par an Dans les mises à niveau des infrastructures de grille, en se concentrant sur:

• Implémentation de la technologie de la grille intelligente
• Améliorations de fiabilité de la ligne de transmission
• Remplacement du câble souterrain

Mise en œuvre du programme d'efficacité énergétique

Programmes d'efficacité énergétique de PSE & G en 2023:

Catégorie de programme	Économies d'énergie annuelles	Participation du client
Programmes résidentiels	214 000 MWh	127 500 clients
Programmes commerciaux	316 000 MWH	3 200 entreprises

Public Service Enterprise Group Incorporated (PEG) - Modèle d'entreprise: Ressources clés

Installations de production d'électricité étendues

Public Service Enterprise Group exploite un portefeuille de production d'électricité diversifié avec les principaux actifs suivants:

Capacité de production totale	13 600 MW
Génération nucléaire	3 259 MW
Génération de gaz naturel	6 800 MW
Génération solaire	285 MW

Infrastructure de transmission électrique avancée

PSEG maintient un réseau de transmission robuste:

• Longueur de la ligne de transmission: 2 550 miles
• Soules: 374
• Territoire de service: New Jersey

Ingénierie qualifiée et main-d'œuvre technique

Composition de la main-d'œuvre en 2023:

Total des employés	12,700
Ingénieurs	2,350
Spécialistes techniques	3,100

Capital financier substantiel

Ressources financières au quatrième trimestre 2023:

Actif total	48,3 milliards de dollars
Total des capitaux propres des actionnaires	14,2 milliards de dollars
Dépenses en capital annuelles	3,1 milliards de dollars

Systèmes de technologie de gestion d'énergie complète

Investissements infrastructures technologiques:

• Investissement technologique intelligent: 750 millions de dollars
• Couverture d'infrastructure de mesure avancée: 2,2 millions de clients
• Budget annuel de cybersécurité: 85 millions de dollars

Public Service Enterprise Group Incorporated (PEG) - Modèle d'entreprise: propositions de valeur

Approvisionnement énergétique fiable et cohérent pour le New Jersey

Public Service Enterprise Group (PSEG) dessert environ 2,3 millions de clients électriques et 1,9 million de clients de gaz dans le New Jersey. La société maintient 10 625 miles de circuit de lignes de transmission et 25 000 miles de lignes de distribution.

Métrique de service	Quantité
Clients électriques	2,3 millions
Clients de gaz	1,9 million
Miles de ligne de transmission	10,625
Ligne de distribution Miles	25,000

Engagement envers des solutions d'énergie durable et propre

PSEG s'est engagé à réduire les émissions de carbone de 80% d'ici 2030 par rapport aux niveaux de 2005. Le portefeuille des énergies renouvelables de l'entreprise comprend:

• Capacité de génération solaire de 414 MW
• Investissements en énergie éolienne
• Projets de stockage d'énergie totalisant 75 MW

Prix ​​compétitifs pour l'électricité et le gaz naturel

Les taux d'électricité résidentiels moyens de PSEG dans le New Jersey sont d'environ 16,27 cents par kilowatt-heure, ce qui est légèrement supérieur à la moyenne nationale de 14,19 cents le kilowatt-heure.

Résilience avancée et innovation technologique

PSEG a investi 1,7 milliard de dollars dans la modernisation du réseau et l'amélioration des infrastructures en 2022. Les innovations technologiques de l'entreprise comprennent:

• Infrastructure de mesure avancée
• Technologies de maintenance prédictive
• Solutions de microrésence

Durabilité environnementale grâce à des investissements renouvelables

Les investissements en énergie propre de PSEG en 2023 incluent:

Type d'énergie renouvelable	Montant d'investissement
Projets solaires	350 millions de dollars
Énergie éolienne	250 millions de dollars
Stockage d'énergie	150 millions de dollars

Public Service Enterprise Group Incorporated (PEG) - Modèle d'entreprise: relations avec les clients

Assistance directe du service client

Public Service Enterprise Group fournit un support client via plusieurs canaux:

Canal de support	Méthode de contact	Temps de réponse moyen
Support téléphonique	1-800-436-7734	12 minutes
Chat en ligne	Plate-forme Webchat	8 minutes
Assistance par e-mail	customer.support@pseg.com	24 heures

Plateformes de gestion de compte en ligne

PSEG propose la gestion des comptes numériques avec les fonctionnalités suivantes:

• Paiement de facture en ligne 24/7
• Suivi de la consommation d'énergie
• Système de rapports sur les panneaux
• Instructions de facturation numérique

Conseil d'efficacité énergétique personnalisée

PSEG fournit des services d'efficacité énergétique avec les mesures suivantes:

Type de service	Nombre de consultations (2023)	Économies de clients
Audit d'énergie résidentielle	42,567	185 $ en moyenne par ménage
Évaluation commerciale de l'énergie	3,214	4 750 $ en moyenne par entreprise

Canaux de communication numériques

PSEG entretient des plateformes de communication numérique actives:

• Abonnés des médias sociaux: 157 000
• Téléchargements d'applications mobiles: 276 000
• Email Newsletter abonnés: 98 000

Programmes d'engagement communautaire

Les initiatives d'engagement communautaire de PSEG comprennent:

Programme	Investissement annuel	Impact communautaire
Programme d'assistance énergétique	12,3 millions de dollars	37 500 ménages soutenus
Subventions à l'éducation STEM	2,1 millions de dollars	89 établissements d'enseignement

Public Service Enterprise Group Incorporated (PEG) - Modèle d'entreprise: canaux

Portail Web numérique et applications mobiles

Les plates-formes numériques de PSE & G desservent environ 2,3 millions de clients électriques et gaziers dans le New Jersey. L'application mobile de la société a été téléchargée plus de 500 000 fois en 2023.

Canal numérique	Métriques d'utilisation	Transactions annuelles
Portail Web	1,8 million d'utilisateurs actifs	12,4 millions de paiements de factures en ligne
Application mobile	500 000 téléchargements	6,2 millions d'interactions de service

Centres d'appels de service client

PSE&G exploite plusieurs centres d'appels gantant environ 3,5 millions d'interactions clients par an.

• Temps de réponse du centre d'appel moyen: 2,7 minutes
• Disponibilité du support client 24/7
• Canaux de support linguistiques multiples

Centres de services physiques locaux

La société maintient 12 emplacements de service client physique dans le New Jersey.

Type d'emplacement	Nombre de centres	Trafic piétonnier annuel
Centres de services régionaux	12	425 000 interactions en personne

Systèmes de facturation directe et de communication

PSE&G traite environ 28,6 millions de déclarations de facturation par an via plusieurs canaux de communication.

• Facturation électronique: 65% des clients
• Facturation papier: 35% des clients
• Volume de facturation mensuel moyen: 2,4 millions de déclarations

Plateformes d'interaction des clients des médias sociaux

PSE & G maintient une présence active sur les réseaux sociaux sur plusieurs plateformes.

Plate-forme	Abonnés	Interactions annuelles
Gazouillement	85,000	42 000 interactions client
Facebook	120,000	58 000 interactions client

Public Service Enterprise Group Incorporated (PEG) - Modèle d'entreprise: segments de clientèle

Consommateurs d'électricité résidentielle

Public Service Enterprise Group dessert environ 2,3 millions de clients d'électricité résidentielle dans le New Jersey en 2023.

Catégorie client	Nombre de clients	Consommation mensuelle moyenne
Maisons unifamiliales	1,380,000	750 kWh
Résidences multifamiliales	920,000	550 kWh

Utilisateurs d'énergie commerciale et industrielle

Peg dessert 230 000 clients commerciaux et industriels dans le New Jersey.

• Segment des petites entreprises: 180 000 clients
• Segment d'entreprise moyenne: 35 000 clients
• Grands clients industriels: 15 000 clients

Clients de l'énergie municipale et gouvernementale

Public Service Enterprise Group fournit des services énergétiques à 425 entités municipales et gouvernementales dans le New Jersey.

Type de client	Nombre de clients	Consommation d'énergie annuelle
Gouvernements municipaux	287	1,2 million de MWh
Installations du gouvernement de l'État	138	850 000 MWH

Partenaires du projet d'énergie renouvelable

PEG collabore avec 62 partenaires du projet d'énergie renouvelable en 2023.

• Partners d'énergie solaire: 42
• Collaborations d'énergie éolienne: 15
• Projets de stockage de batteries: 5

Clients d'infrastructure de services publics à grande échelle

Public Service Enterprise Group gère l'infrastructure pour 15 clients de services publics à grande échelle.

Type d'infrastructure	Nombre de clients	Valeur d'infrastructure totale
Systèmes de gestion de la grille	8	1,2 milliard de dollars
Clients du réseau de transmission	7	890 millions de dollars

Public Service Enterprise Group Incorporated (PEG) - Modèle d'entreprise: Structure des coûts

Maintenance d'infrastructure de production d'électricité

En 2023, PEG a déclaré des coûts de maintenance des infrastructures de 412,6 millions de dollars. La ventilation des dépenses de maintenance est la suivante:

Type d'infrastructure	Coût de maintenance annuel
Centrales nucléaires	218,3 millions de dollars
Installations de gaz naturel	124,5 millions de dollars
Infrastructure d'énergie renouvelable	69,8 millions de dollars

Développement du projet d'énergie renouvelable

Peg a investi 735,2 millions de dollars dans le développement de projets d'énergie renouvelable en 2023, avec l'allocation suivante:

• Projets d'énergie solaire: 312,6 millions de dollars
• Investissements en énergie éolienne: 267,4 millions de dollars
• Technologies de stockage d'énergie: 155,2 millions de dollars

Compensation et formation des employés

Les dépenses totales liées aux employés pour 2023 étaient de 589,7 millions de dollars:

Catégorie de dépenses	Montant
Salaires de base	412,3 millions de dollars
Avantages	127,6 millions de dollars
Formation et développement	49,8 millions de dollars

Frais de conformité réglementaire

Les coûts de conformité réglementaire de Peg en 2023 ont totalisé 276,4 millions de dollars:

• Conformité environnementale: 142,7 millions de dollars
• Règlements sur la sécurité: 83,6 millions de dollars
• Licence et permis: 50,1 millions de dollars

Investissements de modernisation de la technologie et de la grille

Les dépenses de modernisation de la technologie et du réseau pour 2023 ont atteint 621,5 millions de dollars:

Zone d'investissement technologique	Montant d'investissement
Technologies de grille intelligente	287,6 millions de dollars
Infrastructure de cybersécurité	194,3 millions de dollars
Transformation numérique	139,6 millions de dollars

Public Service Enterprise Group Incorporated (PEG) - Modèle d'entreprise: Strots de revenus

Frais de transmission et de distribution de l'électricité

Public Service Enterprise Group (PSE&G) a déclaré des revenus de transmission et de distribution électriques de 3,97 milliards de dollars en 2022. Le service public électrique dessert environ 2,3 millions de clients dans le New Jersey.

Catégorie de revenus	Montant (2022)
Revenus de transmission électrique	1,42 milliard de dollars
Revenus de distribution électrique	2,55 milliards de dollars

Ventes et distribution du gaz naturel

Le segment du gaz naturel de PSE & G a généré 1,16 milliard de dollars de revenus pour 2022, desservant environ 1,9 million de clients de gaz naturel.

Répartition des revenus de gaz	Montant (2022)
Ventes de gaz naturel	692 millions de dollars
Répartition du gaz naturel	468 millions de dollars

Investissements du projet d'énergie renouvelable

PSE&G a investi 1,3 milliard de dollars Dans les projets d'énergie propre en 2022, avec des sources de revenus spécifiques de:

• Investissements en énergie solaire
• Projets de stockage d'énergie
• Développement de l'énergie éolienne

Revenus du programme d'efficacité énergétique

Les programmes d'efficacité énergétique de PSE & G ont généré environ 287 millions de dollars en 2022, avec des sources de revenus clés, notamment:

• Incitations commerciales à l'efficacité énergétique
• Programmes d'économie d'énergie résidentielle
• Solutions de gestion de l'énergie industrielle

Contrats de services publics et partenariats

Contrats de services publics et partenariats contribué 456 millions de dollars aux revenus de PSE & G en 2022, notamment:

Type de partenariat	Contribution des revenus
Contrats d'infrastructure municipale	203 millions de dollars
Partenariats de modernisation de la grille	153 millions de dollars
Services de conseil en énergie	100 millions de dollars

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.