Sector: Utilities|Industry: Utilities - Regulated Electric|Market Cap: $41.34B|Employees: 12.5K
Public Service Enterprise Group (PSEG) is a public utility holding company with operations primarily in the regulated electric and gas utility sector and a nuclear generation business. Through its subsidiaries, PSEG delivers electricity and natural gas to customers in New Jersey and generates power through nuclear facilities in New Jersey and Pennsylvania. The company's market position is supported by its regulated utility operations and its nuclear generation assets.
Operating revenues reached $2.642 billion, up from $2.456 billion in the same quarter last year, indicating solid top-line growth. This growth was driven by increases in both electric and gas revenues.
Net income was $520 million, a substantial increase compared to $139 million in the same quarter last year. This is primarily due to a significant decrease in net non-operating pension and OPEB costs.
Operating income increased to $641 million from $551 million in the same quarter last year, showing improvement in the core business operations.