Short answer
Public Service Enterprise Group (PEG) filed its fiscal 2024 10-K annual report with the SEC on Feb 25, 2025. It reported revenue of $10.3B (−8.4% year over year) and net income of $1.8B.
- Top risk flagged: Inflation Reduction Act 2022 production tax credit for nuclear facilities, effective 2024-2032, supports downside price protection for nuclear generation fleet
FY2024 key financial metrics · XBRL
- Revenue
- $10.3B
- −8.4% YoY
- Net income
- $1.8B
- −30.9% YoY
- Operating margin
- 22.9%
- −9.9 pp YoY
- EPS (diluted)
- $3.54
- −31.0% YoY
- ROE
- 11.0%
- −5.6 pp YoY
- Operating cash flow
- $2.1B
- −44.0% YoY
Source: XBRL data from the Public Service Enterprise Group (PEG) FY2024 10-K on SEC EDGAR. USD.
Public Service Enterprise Group FY2024 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Energy company focused on electricity generation, transmission, and distribution
- New emphasis on cybersecurity governance with detailed Board-level oversight structures introduced
- Strategic upgrade in cybersecurity leadership: CISO role filled in July 2024, alongside established CIDO since 2020
- Cybersecurity Council meets at least six times annually involving senior management and external advisors
- No material cybersecurity incidents impacting business reported for fiscal year 2025
Management Discussion & Analysis
- Operating cash flow $1,725M at PSE&G, up $185M YoY; total operating cash flow down $1,673M due to $131M outflow in net cash collateral at PSEG Power
- Available liquidity $2.51B as of Dec 31, 2024; credit facilities total $3.825B with $1.314B usage
- PSEG Power best liquidity with $1.243B available from $1.325B facility, $75M letters of credit outstanding under $200M uncommitted facilities
- Capital needs funded by internal cash flow, $1B PSE&G revolving credit, $2.75B Master Credit Facility for PSEG and PSEG Power
- Management expects operating cash flows, cash on hand, and financing sufficient for capital expenditures and dividends
Risk Factors
- Inflation Reduction Act 2022 production tax credit for nuclear facilities, effective 2024-2032, supports downside price protection for nuclear generation fleet
- New Jersey Board of Public Utilities (BPU) approval of $2.9B Clean Energy Future-EE II investment 2025-2027, increasing energy efficiency savings targets
- Gas System Modernization Program 2023-2025 extension for $900M main replacements, with $750M recovered via periodic rate updates
- Competitive risk from emerging electric vehicle charging infrastructure programs, capped at $30M for PSE&G with filings due February 2025
- Regulatory settlement sets PSE&G distribution rate base at $17.8B, 9.6% return on equity, and 55% equity ratio, impacting capital structure and returns
Generated from the filing text; verify against the original. How to read a 10-K
Other Public Service Enterprise Group annual reports
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.