Public Service Enterprise Group Incorporated

To throw your question, please press star and the number 2. If anyone should require operator assistance during the conference, please press star 0 on your telephone keypad. As a reminder, this conference is being recorded today, November 3, 2025, and will be available for replay at any webcast on PSGG's investor relations website at https://investor.psgg.com. I would now like to turn the conference over to Carlotta Chan. Please go ahead.

Good morning, and welcome to CSPD's third quarter 2025 earnings presentation. On today's call are Ralph DeRosa, their president and CEO, and Dan Craig, executive vice president and CFO. The press release attachments and live for today's discussion are posted on our IR website at investor.esbt.com, and our 10Q will be filed later today. ESBT's earnings release and other materials discussed during today's call contain forward-looking statements and amendments that are subject to various risks and uncertainties. We will also discuss non-GAAP operating earnings, which differs from net income, as reported in accordance with generally accepted accounting principles, or GAAP, in the United States. We include reconciliations of our non-GAAP financial measures and a disclaimer regarding forward-looking statements on our IR website and in today's materials. Following our prepared remarks, we will conduct a 30-minute question and answer session. I will now turn the call over to Ralph Barroza.

Thank you, Carlotta, and thank you all for joining us to review the results we announced this morning and to discuss our outlook for the business over the remainder of the year. BSEG reported solid third quarter and year-to-date operating and financial results, reflecting the expected positive impact of the new rates from the October 2024 distribution rate case settlement that benefited the full third quarter. Our results through the first nine months enable us to narrow our 2025 non-GAAP operating earnings guidance to the upper half of the range at $4 to $4.06 per share from prior guidance of $3.94 to $4.06 per share. At PSE&G, we invested approximately $1 billion in the quarter and $2.7 billion over the first nine months of 2025. all part of our planned full-year $3.8 billion regulated capital spending program. This program is focused on replacing and modernizing New Jersey's energy infrastructure, meeting load growth, and expanding energy efficiency programs that lower energy demand and customer bills. During the quarter, PSEG Nuclear supplied the grid with 7.9 terawatt hours of reliable, carbon-free baseload energy while providing PSEG with the financial flexibility to fund our regulated investments. Our 100% owned Hope Creek unit completed a 499-day continuous run since its last refueling outage, and we recently completed work to extend its fuel cycle from 18 to 24 months, positioning the unit to produce more megawatt hours going forward. Also during the past quarter, the Board of Trustees of the Long Island Power Authority approved a five-year contract extension for us to continue as the operations service provider for the electric service on Long Island and in the Rockaways through 2030. We are executing on PSEG's growth plan with a focus on operational excellence and rigorous cost discipline to maintain reliability and provide value for our customers. The need for investment and leadership has never been more evident than now, with the significant and growing supply demand imbalance in New Jersey and the entire PGM region. To address this resource adequacy imbalance, which will adversely impact both reliability and affordability for customers in the future if it's not addressed, we are actively collaborating with current and potential future policymakers to develop real solutions in New Jersey and ensure we can affordably meet our customers' energy needs. The next governor of New Jersey will be faced with addressing a broad set of rising costs, and implementing practical solutions to get to the root cause of these cost pressures will be a focus. These cost pressures have many sources. For example, the latest Rutgers-Eagleton poll showed that 36% of likely voters cited taxes as the top problem facing New Jersey, while 21% said it was affordability. Other topics trail these two leading concerns, with 6% pointed specifically to housing affordability and 5% saw utility costs as the top problem in the state. We stand ready to work with the incoming administration to do our part to keep rates as low as possible in the short term and work on longer-term solutions to add supply. While the supply, demand, and balance remains a significant and growing problem, We expect the capacity market impact on customer bills next June will be limited by two factors. First, the FERC approved price collar that will extend to at least the upcoming capacity auction in December. And two, gradualism of the basic generation supply mechanism that feathers in changes over a three-year period here in New Jersey. This assumes other supply-related costs remain the same, preserving the reduction from other charges expected to come off the bill. One energy topic where there is broad common ground is that New Jersey needs to add generation supply to reduce its over-reliance on the PGM capacity market and ensuring continuing reliability and affordability for customers, with imports having grown to over 40% of our generation consumption. Legislation has been introduced that allows electric distribution companies to compete to participate in offering supply solutions. We are supportive of legislation that would increase competition for generation supply should New Jersey decide to pursue new in-state generation. In addition, we have sites with grid connection capability and pipeline supplies, as well as the in-house expertise to build new supply here in New Jersey with prevailing wage labor. Now turning to PSEG nuclear, we continue to implement projects designed to optimize our plants and increase megawatt production. In addition to the Hope Creek fuel cycle extension I mentioned earlier, our Salem upgrade project will bring an incremental 200 megawatts to the grid during the 2027 to 2029 timeframe, as this kind of baseload carbon-free dispatchable power continues to increase in scarcity value. We also note the potential significance of the recent Department of Energy notice, which has now become FERC rulemaking, seeking to accelerate interconnection of large loads in a way that is timely, fair, and affordable for customers. The notice is requesting that FERC take final action by April 30th of 2026. There are many positive elements to this proposal, but it will take a while before we see the ultimate impact of the rulemaking. So to summarize, We delivered a solid operating quarter for our customers, and our financial results through the first nine months enabled us to narrow our full-year 2025 non-GAAP operating earnings guidance to the upper half of the range at $4 to $4.06 per share from our prior guidance of $3.94 to $4.06 per share. We are also reaffirming PSEG's five-year non-GAAP operating earnings growth outlook of 5% to 7% through 2029 as we continue to pursue incremental opportunities to our long-term forecast, including the potential to contract our nuclear output under multi-year agreements and potential utility investments to address near-term need for additional supply due to the growing customer demand. Notably, our balance sheet continues to enable us to fund PSEG's five-year capital investment program of $22.5 to $26 billion without the need to issue new equity or sell assets, and provides the opportunity for consistent and sustainable dividend growth. Before I conclude, I would like to recognize the outstanding performance of both our transmission and distribution system, as well as our nuclear business over the last quarter. Both demonstrated exceptional reliability and resiliency for our customers. This collective achievement reflects the hard work, dedication, and technical expertise of everyone at PSEG. Now, as you know, tomorrow is Election Day in New Jersey. Let me say this clearly. PSEG has been around for over a century, and we have worked successfully with every New Jersey administration on both sides of the aisle with aligned objectives for the state's advancement. Based on our meetings with both candidates for governor, I have every confidence that we will do so again with the new incoming administration. I'll now turn the call over to Dan, who will walk you through our financial results and the outlook for the remainder of 2025, and then rejoin the call for Q&A.