olivLaw · US equity research
PEG PEG
Electric & Other Services Combined · SIC 4931 · Vertical: Electric & Other Services Combined (SIC 4931)
PSEG is a utility holding company with predominantly regulated electric and gas transmission and distribution in New Jersey, plus a nuclear generation segment. For 2026, the company maintained non-GAAP Operating Earnings guidance of 4.28-4.40 USD per share. The 2026-2030 regulated capital plan of 22.5-25.5 billion USD points to a growing rate base, but it depends on regulatory decisions.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, PEG (PEG) stock was 73.22 USD (+0.56% on the day), with market capitalisation 36.5 bn USD, P/E 18.2 on diluted EPS of 4.02 USD over the last 12 months, dividend yield 3.55%, beta 0.40, 52-week range 66.56–86.95 USD. Latest reported quarter (Q2 2026): revenue of 2.6 bn USD (−8.9% YoY), net income of 334.0 m USD (−42.9% YoY), diluted EPS 0.67 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 57.0
- strong (55–70)
- Bollinger (20, 2)
- 69.49 – 74.53
- in the upper half of the band · %B 0.74 · band width 7.0%
- SMA 50 / 200
- 71.24 / 77.98
- mixed trend
- MACD (12, 26, 9)
- 0.76 / 0.53
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +6.6% | −1.1% | +7.7 pp | — |
| 3 months | −3.1% | −0.5% | −2.6 pp | — |
| 6 months | −7.7% | +4.4% | −12.1 pp | — |
| Year to date | −8.8% | +12.3% | −21.1 pp | — |
| 1 year | −10.5% | +13.5% | −24.1 pp | +4.6% |
| 3 years | +15.1% | +76.4% | −61.3 pp | +40.4% |
| 5 years | +14.1% | +63.7% | −49.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.6 bn | 2.5 bn | 3.2 bn | 2.8 bn | 3.2 bn | 2.9 bn | 3.8 bn | 2.6 bn |
| Cost of revenue | 899.0 m | 765.0 m | 1.2 bn | 826.0 m | 1.1 bn | 1.0 bn | 1.5 bn | 866.0 m |
| Operating income | 641.0 m | 445.0 m | 797.0 m | 817.0 m | 855.0 m | 511.0 m | 1.1 bn | 461.0 m |
| Interest expense | 227.0 m | 232.0 m | 241.0 m | 248.0 m | 253.0 m | 263.0 m | 272.0 m | 269.0 m |
| Pre-tax income | 559.0 m | 200.0 m | 617.0 m | 726.0 m | 720.0 m | 311.0 m | 848.0 m | 398.0 m |
| Income tax | 39.0 m | -86.0 m | 28.0 m | 141.0 m | 98.0 m | -4.0 m | 107.0 m | 64.0 m |
| Net income | 520.0 m | 286.0 m | 589.0 m | 585.0 m | 622.0 m | 315.0 m | 741.0 m | 334.0 m |
| Diluted EPS | 1.04 | 0.57 ≈ | 1.18 | 1.17 | 1.24 | 0.63 ≈ | 1.48 | 0.67 |
| Operating cash flow | 623.0 m ≈ | 367.0 m | 1.0 bn | 478.0 m ≈ | 1.1 bn ≈ | 721.0 m | 1.3 bn | 550.0 m ≈ |
| Capex | 768.0 m ≈ | 978.0 m | 628.0 m | 787.0 m ≈ | 728.0 m ≈ | 1.1 bn | 693.0 m | 766.0 m ≈ |
| Dividends paid | 299.0 m | 299.0 m | 314.0 m | 315.0 m | 314.0 m | 315.0 m | 334.0 m | 334.0 m |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 49 percentile of its own 39-quarter history (min 10.2, median 18.4, max 48.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 9.7 bn | 10.1 bn | 9.6 bn | 9.7 bn | 9.8 bn | 11.2 bn | 10.3 bn | 12.2 bn |
| Revenue YoY | +6.6% | +3.9% | −4.7% | +1.2% | +0.8% | +14.7% | −8.4% | +18.3% |
| Net income | 1.4 bn | 1.7 bn | 1.9 bn | -648.0 m | 1.0 bn | 2.6 bn | 1.8 bn | 2.1 bn |
| Net income YoY | −8.6% | +17.7% | +12.5% | −134.0% | unavailable | +148.6% | −30.9% | +19.1% |
| Diluted EPS | 2.83 | 3.33 | 3.76 | -1.29 | 2.06 | 5.13 | 3.54 | 4.22 |
| Diluted EPS YoY | −8.7% | +17.7% | +12.9% | −134.3% | unavailable | +149.0% | −31.0% | +19.2% |
| net % | 14.8% | 16.8% | 19.8% | -6.7% | 10.5% | 22.8% | 17.2% | 17.3% |
| Free cash flow | -999.0 m | 213.0 m | 179.0 m | -983.0 m | -1.4 bn | 481.0 m | -1.2 bn | 26.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 132.0 m USD
- Financial debt
- 22.5 bn USD
- Net debt
- 22.4 bn USD
- Equity
- 17.0 bn USD
- Total assets
- 57.6 bn USD
- Debt / equity
- 1.33x
- Current ratio
- 0.80x
- ROE
- 12.8%
- ROA
- 3.8%
- FCF margin
- 0.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 9.6 bn | 9.7 bn | 9.8 bn | 11.2 bn | 10.3 bn | 12.2 bn | SEC (XBRL)· 26 Feb 2026verified |
| Cost of revenue | 3.1 bn | 3.5 bn | 4.0 bn | 3.3 bn | 3.4 bn | 4.2 bn | SEC (XBRL)· 26 Feb 2026verified |
| Gross profit | 6.5 bn ≈ | 6.2 bn ≈ | 5.8 bn ≈ | 8.0 bn ≈ | 6.9 bn ≈ | 8.0 bn ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Operating income | 2.3 bn | -856.0 m | 1.4 bn | 3.7 bn | 2.4 bn | 3.0 bn | SEC (XBRL)· 26 Feb 2026verified |
| Interest expense | 600.0 m | 571.0 m | 628.0 m | 748.0 m | 882.0 m | 1.0 bn | SEC (XBRL)· 26 Feb 2026verified |
| Pre-tax income | 2.3 bn | -1.1 bn | 1.0 bn | 3.1 bn | 1.8 bn | 2.4 bn | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | 396.0 m | -441.0 m | -29.0 m | 518.0 m | 53.0 m | 263.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | 1.9 bn | -648.0 m | 1.0 bn | 2.6 bn | 1.8 bn | 2.1 bn | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | 3.76 | -1.29 | 2.06 | 5.13 | 3.54 | 4.22 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 507.0 m | 504.0 m | 501.0 m | 500.0 m | 500.0 m | 501.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividend per share | 1.96 | 2.04 | 2.16 | 2.28 | 2.40 | 2.52 | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 543.0 m | 818.0 m | 465.0 m | 54.0 m | 125.0 m | 132.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | 1.4 bn | 1.9 bn | 1.9 bn | 1.5 bn | 1.6 bn | 1.9 bn | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | 3.6 bn | 6.3 bn | 4.3 bn | 3.4 bn | 4.2 bn | 4.6 bn | SEC (XBRL)· 26 Feb 2026verified |
| Intangibles (excl. goodwill) | 158.0 m | 20.0 m | 14.0 m | — | — | — | SEC (XBRL)· 22 Feb 2023verified |
| Total assets | 50.1 bn | 49.0 bn | 48.7 bn | 50.7 bn | 54.6 bn | 57.6 bn | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 1.3 bn | 1.3 bn | 1.3 bn | 1.2 bn | 1.1 bn | 1.5 bn | SEC (XBRL)· 26 Feb 2026verified |
| Short-term debt | 1.7 bn | 700.0 m | 1.6 bn | 1.5 bn | 2.2 bn | 875.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Long-term debt | 14.5 bn | 15.2 bn | 16.5 bn | 17.8 bn | 19.0 bn | 21.7 bn | SEC (XBRL)· 26 Feb 2026verified |
| Current liabilities | 5.5 bn | 7.1 bn | 6.7 bn | 5.1 bn | 6.5 bn | 5.7 bn | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 16.0 bn | 14.4 bn | 13.7 bn | 15.5 bn | 16.1 bn | 17.0 bn | SEC (XBRL)· 26 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 3.1 bn | 1.7 bn | 1.5 bn | 3.8 bn | 2.1 bn | 3.3 bn | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 2.9 bn | 2.7 bn | 2.9 bn | 3.3 bn | 3.4 bn | 3.3 bn | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | 179.0 m ≈ | -983.0 m ≈ | -1.4 bn ≈ | 481.0 m ≈ | -1.2 bn ≈ | 26.0 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | -2.7 bn | -2.2 bn | -1.1 bn | -3.0 bn | -3.3 bn | -3.3 bn | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | -30.0 m | 799.0 m | -754.0 m | -1.3 bn | 1.2 bn | 12.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividends paid | 991.0 m | 1.0 bn | 1.1 bn | 1.1 bn | 1.2 bn | 1.3 bn | SEC (XBRL)· 26 Feb 2026verified |
| Share repurchases | 0 | 0 | 500.0 m | 0 | 0 | — | SEC (XBRL)· 25 Feb 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
3 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 76 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 36.5 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation82
- Balance sheet32
- Quality70
- Growth98
- Returns93
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.86 – 90.48 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)0.86 – 26.59 (Mid 6.36)WACC 7.7% · starting FCFF 1.2 bn USD · terminal value share of EV 78%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Dividend discount (DDM)33.12 – 44.53 (Mid 37.99)
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E79.58 – 90.48 (Mid 83.45)10 companies used · median multiple 20.8x · quartiles 19.8x – 22.5xAEE, CMS, DUK, ED, EVRG, EXC, LNT, NI, WEC, XEL
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 76/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 6.4% | 70 (vs peers) | 8% |
| Net margin · Quality | 16.0% | 70 (vs peers) | 8% |
| Revenue CAGR 3Y · Growth | 7.5% | 95 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | 27.0% | 100 (on a fixed band) | 11% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 2.7x | 36 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 0.9x | 22 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 18.2x | 82 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| Dividend yield · Returns | 3.6% | 100 (vs peers) | 19% |
| Payout ratio (EPS) · Returns | 64.7% | 76 (on a fixed band) | 8% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet32/100 · 2/3 factors with a value
- Growth98/100 · 2/2 factors with a value
- Quality70/100 · 2/2 factors with a value
- Returns93/100 · 2/2 factors with a value
- Valuation· partial82/100 · 1/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Public Service Enterprise Group Incorporated (PEG). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 12.2 bn USD in 2025; YoY growth 18.3%; net margin 16.0%; ROE 11.8%.
The estimated value range is 33.12–44.53 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 37.99 USD, the price of 73.22 USD leaves a potential of -48.1% (value / price − 1) and a margin of safety of -92.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 76/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: valuation. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 6.4%
- Net margin: 16.0%
- Revenue CAGR 3Y: 7.5%
- EPS CAGR 3Y: 27.0%
- P/E (TTM): 18.2x
- Dividend yield: 3.6%
- Payout ratio (EPS): 64.7%
What contradicts it
- Current ratio: 0.9x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Electric & Other Services Combined (SIC 4931) · same industry (4-digit SIC) · compared with 11 companies
Only companies with a capitalisation between 4.5 bn and 290.0 bn (within 8× of the company's); 6 of the vertical were left out.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DUKDuke Energy CORP | 101.0 bn | 19.8 | 9.8% | 15.8% | +5.6% | +5% / +40% |
| XELXcel Energy Inc | 51.7 bn | 18.8 | 11.4% | — | +1.2% | −2% / +32% |
| EXCExelon Corporation | 47.3 bn | 16.9 | 9.8% | 11.2% | +5.3% | −2% / +20% |
| EDConsolidated Edison Inc | 44.3 bn | 20.3 | 8.7% | 12.5% | +10.9% | +20% / +34% |
| WECWec Energy Group, Inc. | 38.9 bn | 21.4 | 12.5% | 17.6% | +14.0% | +5% / +41% |
| PEGPublic Service Enterprise Group Incorporated | 36.5 bn | 18.2 | 11.8% | 16.0% | +18.3% | −11% / +15% |
| PCGPg&E Corp | 35.9 bn | 9.6 | 9.7% | 12.3% | +2.1% | −17% / −22% |
| AEEAmeren Corp | 31.3 bn | 19.9 | 12.1% | 17.9% | +15.4% | +6% / +46% |
| CMSCms Energy Corp | 22.3 bn | 21.3 | 11.3% | 11.6% | +13.6% | −6% / +25% |
| NINiSource Inc. | 21.7 bn | 23.1 | 10.1% | 8.2% | +23.5% | +3% / +77% |
| EVRGEvergy, Inc. | 19.9 bn | 22.9 | 8.8% | 14.6% | +2.0% | +11% / +69% |
| LNTAlliant Energy Corp | 19.1 bn | 23.1 | 11.3% | 18.6% | +9.6% | +6% / +46% |
1- and 3-year price returns: for PEG from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 44.78 Total return -36% · Per year -36% | 79.05 Total return 12% · Per year 12% | 118.92 Total return 67% · Per year 67% |
| 3 years | 46.10 Total return -28% · Per year -10% | 91.32 Total return 37% · Per year 11% | 150.46 Total return 121% · Per year 30% |
| 5 years | 47.46 Total return -20% · Per year -4% | 105.49 Total return 66% · Per year 11% | 190.36 Total return 190% · Per year 24% |
- Exit P/E± 22.83
- Net margin± 15.98
- Annual revenue growth± 12.75
- Annual dilution± 1.34
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 10-Q (02 Nov 2026), 8-K (02 Nov 2026 · results).
In brief
PSEG is a utility holding company with predominantly regulated electric and gas transmission and distribution in New Jersey, plus a nuclear generation segment. For 2026, the company maintained non-GAAP Operating Earnings guidance of 4.28-4.40 USD per share 3. The 2026-2030 regulated capital plan of 22.5-25.5 billion USD 2 points to a growing rate base, but it depends on regulatory decisions.
SWOT
Strengths
- The regulated rate base is large and predictable, with approved tariffs that allow long-term recovery of investment 1.
- The carbon-free nuclear fleet runs at high capacity factors and benefits from PTC protection through 2032 2.
- The margin stabilization mechanism reduces dependence of revenue on customer sales volumes 1.
Weaknesses
Opportunities
- Growing demand from data centers and electrification could extend regulated investment beyond the current plan 1.
- Competitive transmission awards and possible long-term contracts for carbon-free nuclear power could add growth 2.
- Energy efficiency and gas main replacement programs could support rate base growth 2.
Risks
- Rate affordability and regulationhigh
Authorities could adopt measures that limit rate increases, which would affect investment and rate base growth 1.
- Exposure to gas and power pricesmedium
Nuclear revenue depends on PJM prices, and the PTC does not cover every market scenario 1.
- Project execution delaysmedium
Approvals, costs and construction timelines could delay projects, including the transmission project in Maryland and northern Virginia 1.
- Climate and weather riskmedium
Extreme events could interrupt service and create repair costs that may not always be recoverable 1.
- New Jersey policy uncertaintylow
The change of administration and the review of the energy plan could alter the policy framework and affect investment 2.
Investment thesis
What would need to be true (bull case)
- If the regulated investment plan proceeds, the rate base could keep growing and support long-term revenue growth 2.
- PTC protection and high capacity factors could help stabilize nuclear revenue in difficult market conditions 2.
- Rising demand in the PJM region could justify grid investment beyond the current plan if policy supports these projects 1.
What would break the thesis
- Pressure on rate affordability could cap regulated returns and slow rate base growth 1.
- If PJM prices stay volatile, nuclear revenue could fluctuate meaningfully, and the PTC does not cover every scenario 1.
- Removal of the transmission ROE adder or delays in transmission projects could reduce expected revenue and returns 2.
What to watch
- Quarterly results and non-GAAP guidanceQ3 2026
- PSE&G base rate update filingby year-end 2026
- New Jersey energy policy after the updated Energy Master Plan2027
- Decision on the Maryland and northern Virginia transmission project2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 10-Q (02 Nov 2026), 8-K (02 Nov 2026 · results).
The business
PSEG is a holding company incorporated in New Jersey in 1985, operating mainly through PSE&G, a regulated transmission and distribution utility for electricity and natural gas serving about 6.8 million people 1. Through PSEG Power, it sells energy and capacity from 3,758 MW of nuclear generation 1. Growth relies on regulated investment, and the regulated rate base rose to about 36 billion USD as of December 31, 2025 2.
PSE&G earns revenue from tariffs approved by FERC and the New Jersey Board of Public Utilities, and a conservation mechanism means its margin depends mainly on the number of customers rather than sales volumes 1. The commodity portion of supply passes through to customers without margin 1. PSEG Long Island also operates the LIPA system under a contract extended by five years in 2025 2.
Segments
PSE&G
The PSE&G segment covers electricity transmission, electricity and gas distribution, and regulated solar and energy efficiency investments. Its energy efficiency program CEF-EE II was approved at about 2.9 billion USD 1. The company anticipated filing to update base rates by year-end 2026 2.
Competitive transmission
Competitively bid FERC-regulated transmission is a selective growth area. A project awarded in 2023 could face schedule delays against its 2027 in-service target, which could affect execution 1.
Market context
The key market is PJM, where demand is rising from data centers, EV adoption and electrification, and a lack of capacity has pushed prices up 1. This affordability pressure could lead regulators to limit rate increases, changing the terms of regulated investment 1.
Power and capacity prices are tied to federal and market decisions, and New Jersey's policy framework, including the updated Energy Master Plan from November 2025, is still under review after the January 2026 change of administration 2. Policy shifts could change demand and investment expectations.
Trends
- Rising electricity demandtailwind
Demand in PJM is growing from data centers, EVs and electrification, which could justify additional grid investment 1.
- Rate affordabilityheadwind
Higher power prices have raised affordability concerns, and regulators could limit rate increases, reducing investment returns 1.
- Gas and power pricesmixed
Natural gas prices strongly influence PJM power prices, making nuclear revenue market-sensitive even though the PTC offers partial protection 1.
- New Jersey climate policymixed
Climate and electrification goals could create new investment as well as costs and regulatory uncertainty, especially after the change of administration 2.
Competitive position
In generation, the company competes with other PJM producers, where price is set by the marginal unit dispatched 1. Regulated transmission and distribution are protected by the tariff framework, so direct competition is lower there 1.
In competitive transmission, PSEG relies on PJM-run bidding processes and competes with other bidders. A competitor's court challenge to the LIPA contract process illustrates the competitive risk in this area 2.
- Other PJM power producers
Producers compete for energy and capacity sales in PJM, where prices are set by the marginal generating unit 1.
- Competing bidders in transmission auctions
Bidders in competitive transmission solicitations, including the party that challenged the LIPA contract process in court 2.
- PJM Interconnection
The grid and market operator in the region, not a direct competitor, but its capacity and reliability rules shape returns 1.
- Other utilities bidding for transmission
Other utility companies can bid in FERC-regulated transmission solicitations, which can limit growth opportunities 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report02 Nov 2026
- Current report02 Nov 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report04 Aug 2026
- Current report04 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report01 Jul 2026Regulation FD disclosure
- Current report03 Jun 2026Other events · Financial statements and exhibits
- Quarterly report05 May 2026
- Current report05 May 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report23 Apr 2026Shareholder vote
- Current report (amendment)23 Apr 2026Departure or appointment of officers
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / PEG · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / PEG · 04 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / PEG · 04 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.