Public Service Enterprise Group Inc
corporate.pseg.comWhat Do They Do?
Provides electric and gas utility service to households and businesses, and sells nuclear-generated electricity and natural gas to wholesale buyers.
10-K for FY2025, filed Feb 26, 2026PSE&G—A New Jersey corporation, incorporated in 1924, which is a franchised public utility in New Jersey. It is also the provider of last…View ↗
PSEG Power—A Delaware limited liability company formed in 1999 as a result of the deregulation and restructuring of the electric power…View ↗
Our regulated T&D public utility, PSE&G, distributes electric energy and natural gas to customers within a designated service territory…View ↗
As a nuclear generation owner and operator, our revenue has been derived primarily from energy, capacity and ancillary services sold to PJM…View ↗
PSEG Power also sells wholesale natural gas, primarily through a full-requirements BGSS contract with PSE&G to meet the needs of PSE&G’s…View ↗
How Do They Make Money?
PSE&G customers pay under ongoing rates as electric and gas service is delivered; transmission customers pay as service is provided, while wholesale buyers pay for electricity, capacity and gas as they are supplied.
10-K for FY2025, filed Feb 26, 2026Electric and Gas Distribution and Transmission Revenues—PSE&G sells gas and electricity to customers under default commodity supply…View ↗
PSE&G’s transmission revenues are earned under a separate tariff using a FERC-approved annual formula rate mechanism. The performance…View ↗
Electricity and Related Products—PSEG Power owns generation solely within PJM, which facilitates the dispatch of energy and energy-related…View ↗
PSEG Power enters into capacity sales and capacity purchases through PJM. The transactions are reported on a net basis dependent on PSEG…View ↗
Gas Contracts—PSEG Power sells wholesale natural gas, primarily through an index based full-requirements Basic Gas Supply Service (BGSS)…View ↗
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10-K for FY2025, filed Feb 26, 2026
FY2025 revenue by product or service (Revenue from Contract with Customers) ↗
$12.2B
-
10-K for FY2025, filed Feb 26, 2026
$12.2B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Electric Distribution
Recurring
10-K for FY2025, filed Feb 26, 2026 |
40%
FY2022: 31%
|
Electric Distribution, FY2025
$4.9B Sources
|
Recurring |
|
Gas Distribution
Recurring
10-K for FY2025, filed Feb 26, 2026 |
20%
FY2022: 21%
|
Gas Distribution, FY2025
$2.5B Sources
|
Recurring |
|
Electric Transmission
Recurring
10-K for FY2025, filed Feb 26, 2026 |
15%
FY2022: 14%
|
Electric Transmission, FY2025
$1.8B Sources
|
Recurring |
|
Other Revenues from Contracts with Customers
|
9.3%
FY2022: 8.8%
|
Other Revenues from Contracts with Customers, FY2025
$1.1B Sources
|
Who Are Their Customers?
PSE&G provides electric and gas service at regulated rates to residential, commercial and industrial customers; PSEG Power sells electricity and capacity through PJM markets and supplies wholesale gas mainly to PSE&G under a supply contract.
10-K for FY2025, filed Feb 26, 2026PSE&G—A New Jersey corporation, incorporated in 1924, which is a franchised public utility in New Jersey. It is also the provider of last…View ↗
PSEG Power—A Delaware limited liability company formed in 1999 as a result of the deregulation and restructuring of the electric power…View ↗
We are a transmission owner in PJM Interconnection, L.L.C. (PJM) which is an Independent System Operator (ISO) and Regional Transmission…View ↗
As a nuclear generation owner and operator, our revenue has been derived primarily from energy, capacity and ancillary services sold to PJM…View ↗
PSEG Power also sells wholesale natural gas, primarily through a full-requirements BGSS contract with PSE&G to meet the needs of PSE&G’s…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 17 cents of every revenue dollar as net income in FY2025.
10-K for FY2025, filed Feb 26, 2026
$3BView ↗
10-K for FY2025, filed Feb 26, 2026
$2.1BView ↗
10-K for FY2025, filed Feb 26, 2026
$26MView ↗
How Are They Changing?
10-Q for Q2 FY2026, filed Aug 4, 2026
Open tableView ↗
Growing. Revenue grew 25% in 4 years, from $9.7B in FY2021 to $12.2B in FY2025, about 6% a year.
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