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Dec 31, 2020
PSEG Q4 2020 Earnings Report
PSEG reported strong operating and financial results for the fourth quarter of 2020, with full-year non-GAAP Operating Earnings rising by 4.6% over 2019 results.
Key Takeaways
PSEG announced its 2020 results, with a Q4 Net Income of $431 million, or $0.85 per share. Non-GAAP Operating Earnings for the fourth quarter of 2020 were $329 million. The company's full-year 2020 non-GAAP Operating Earnings rose by 4.6% over 2019 results.
PSEG posted strong operating and financial results for the fourth quarter.
Full-year 2020 non-GAAP Operating Earnings rose by 4.6% over 2019 results.
PSE&G contributed over 75% of consolidated full-year non-GAAP Operating Earnings.
PSEG Power is on-track with the asset sale processes tied to the exploration of strategic alternatives for its non-nuclear generating fleet.
Forward Guidance
PSEG introduced non-GAAP Operating Earnings guidance of $3.35 - $3.55 per share for 2021, with PSE&G expected to contribute over 80% of consolidated earnings at the mid-point of guidance.
Positive Outlook
- PSE&G is expected to contribute over 80% of consolidated earnings at the mid-point of guidance.
- PSE&G will represent 80-90% of PSEG’s Operating Earnings.
- PSEG Power, over 70% of its 2021 gross margin has been secured via energy hedges, capacity revenues established in prior auctions, Zero Emission Certificates and ancillary service payments.
- PSEG has updated its 5-year capital spending forecast to $14 billion - $16 billion for the 2021-2025 period.
- PSEG expects that its strong cash flow will enable it to fund the entire $14 - $16 billion, 5-year capital spending program – as well as our planned offshore wind investments during the 2021-2025 period – without the need to issue new equity.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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