Achieved 2025 non-GAAP operating earnings at the high end of guidance, marking the 21st consecutive year of meeting or exceeding financial targets.

Performance was driven by strong execution of a $3.7 billion regulated capital plan and high nuclear fleet reliability, achieving a 91.2% capacity factor.

Management attributes the successful navigation of extreme weather events to an operational excellence model that maintained top-tier reliability and customer satisfaction rankings.

Strategic positioning is reinforced by New Jersey's lowest residential gas bills, providing a favorable headroom for continued infrastructure investment.

The nuclear fleet serves as a critical differentiator, providing carbon-free baseload power and significant cash flow that supports the broader capital program.

Operational efficiency was enhanced by transitioning the Hope Creek nuclear unit to a 24-month refueling cycle, expected to increase long-term output and reduce O&M costs.

Management emphasized a 'predictable and linear' growth strategy, leveraging a decoupled distribution margin via the Conservation Incentive Program to mitigate weather volatility.

Raised long-term non-GAAP operating earnings CAGR to 6% to 8% through 2030, up from the previous 5% to 7% range, reflecting higher market power prices.

The 2026 guidance midpoint represents a 7% increase in non-GAAP operating earnings over 2025, supported by the investment program at PSE&G and expected nuclear output realizing market prices that exceed the nuclear PTC threshold.

Forecasted regulated capital spending of $22.5 billion to $25.5 billion through 2030, with over 90% focused on infrastructure modernization and energy efficiency.

The five-year capital plan is designed to be fully funded by internal cash flow and debt, requiring no new equity issuance or asset sales through 2030.

Guidance assumes continued stringent cost control and a 95% hedge position for 2026 nuclear output to ensure earnings predictability.

Identified potential for growth beyond the 6% to 8% CAGR through incremental regulated investments in transmission, solar, and battery storage.

Monitoring New Jersey legislative bills that could establish new procurement programs for natural gas and nuclear generation to address regional supply scarcity.

Noted that while PJM-related supply costs are rising, the company is offsetting impacts through residential bill credits and successful electric supply auctions.

Management highlighted the 'scarcity issue' of power in the PJM region as a structural shift that supports higher long-term valuation of existing nuclear assets.

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Management is helping policymakers think through variables for new generation but noted the process is still 'in play' with no fixed timeline.

The focus remains on enabling opportunities for gas or nuclear to address load increases and high electricity supply costs in the region.

The goal is to remain as linear as possible, though structural changes in the supply-demand curve necessitated the upward adjustment in the growth range.

Confidence in the higher range is anchored by market signals moving above the Nuclear PTC floor, particularly in the PECO zone.

Management sees 'fertile ground' for larger-scale data center opportunities in Pennsylvania, while New Jersey opportunities currently trend toward smaller-scale locations.

Discussions with potential customers are progressing well, though New Jersey's administration is currently focused on the state budget before economic development.

PSEG is advocating for 'big nuclear' as the highest and best use of their existing footprint, though their early site permit is technology-agnostic.

Management remains open to enabling SMR technology if directed by policymakers but prefers the scale of traditional large-scale reactors.

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