PSEG's Q2 2025: Unpacking Key Contradictions on Nuclear Opportunities, Capacity Auctions, and Data Center Demand

Nuclear plant opportunities and data center conversations, capacity auction impact on gross receipts, data center demand and capacity auction results, economic viability of utility-owned vs merchant batteries, and generation and capacity concerns are the key contradictions discussed in Public Service Enterprise



Earnings Growth and Regulated Investments:
- PSEG reported net income of $1.17 per share for Q2 2025, compared to $0.87 per share in 2024, with non-GAAP operating earnings of $0.77 per share in Q2 2025, up 20% from last year.
- growth was driven by new distribution rates, higher generating volume, and the absence of a scheduled refueling outage.

Infrastructure and Capital Expenditure:
- PSEG invested approximately $900 million during Q2 2025, with plans to execute a $3.8 billion regulated capital investment program for 2025.
- Investments are focused on infrastructure modernization, energy efficiency, and growing customer demand.

Nuclear Energy Performance:
- PSEG's nuclear fleet produced approximately 7.5 terawatt hours of carbon-free power in Q2 2025, achieving a fleet capacity factor of 88.8%.
- The higher output benefited from the absence of a Spring Hope Creek refueling outage.

Large Load Inquiries and Economic Development:
- PSEG's pipeline of large load inquiries for new service connections grew to over 9,400 megawatts, up 47% from 6,400 megawatts reported as of March 31.
- This increase reflects strong demand from data centers and other industries, driving economic growth in New Jersey.