What were the key takeaways from Public Service's earnings call?

What is Public Service's latest dividend and current dividend yield?

What does Public Service do and what are its main business segments?

What is the market's earnings forecast for Public Service next quarter?

What is Public Service's gross profit margin?

What guidance did Public Service's management provide for the next earnings period?

What factors drove the changes in Public Service's revenue and profit?

What were the key takeaways from Public Service’s earnings call?

- **Earnings Guidance Narrowed**: 2025 non-GAAP EPS narrowed to $4.00-$4.06 (from $3.94-$4.06), reflecting strong execution against 5-7% CAGR target.
- **$22.5B Capital Program**: 5-year plan funds infrastructure modernization, energy efficiency, and nuclear optimization without new equity.
- **11.5 GW Data Center Pipeline**: NJ policy discussions expected to accelerate edge computing projects post-election.
- **Nuclear Efficiency**: Hope Creek fuel cycle extension saves $10M/year; Salem uprate project adds 200 MW by 2027.
- **Affordability Framework**: Decoupling mechanism (CIP program) limits rate volatility; O&M savings keep T&D rates flat.

**【CEO Summary Section】**
- Reported solid Q3 2025 results with narrowed full-year non-GAAP operating earnings guidance to $4.00-$4.06 per share (from $3.94-$4.06). 
- Reaffirmed 5-7% CAGR through 2029, supported by $22.5B-$26B 5-year capital program focused on modernizing infrastructure and expanding energy efficiency programs.
- PSEG Nuclear delivered 7.9 TWh of carbon-free power in Q3, with Hope Creek unit completing 499-day run and extending fuel cycle to 24 months.
- Highlighted growing supply-demand imbalance in PJM region, advocating for new in-state generation to address reliability and affordability.
- Discussed potential collaboration with incoming NJ governor to address rising costs and implement solutions for energy affordability.

**【CFO Financial Commentary】**
- Q3 2025 net income: $1.24 per share (vs. $1.04 in 2024); non-GAAP operating earnings: $1.13 per share (vs. $0.90 in 2024).
- PSE&G: Distribution margin up $0.30 per share due to rate case implementation; 2025 regulated CapEx of $3.8B (9M: $2.7B).
- PSEG Power: Nuclear generation up 2% YTD; Salem uprate project to add 200 MW by 2027; O&M savings from Hope Creek fuel cycle extension.
- Liquidity remains strong at $3.6B; no new equity needed to fund 5-year plan.

**【Q&A Highlights】**
- **Data Center Pipeline**: 11.5 GW inquiries (mostly edge computing), with 2,600-2,800 MW in mature applications; NJ policy discussions expected post-election.
- **Affordability Strategy**: Decoupling mechanism (CIP program) limits weather volatility impact; O&M cost control keeps rates flat.
- **Nuclear Optimization**: Hope Creek fuel cycle extension saves $10M/year; Salem uprate project to enhance dispatchability.
- **Regulatory Outlook**: NJ election results will shape approach to new generation (gas, solar, storage) and resource adequacy solutions.
- **Balance Sheet Strength**: No equity needed for $22.5B-$26B 5-year plan; FERC rulemaking on large load interconnection could accelerate project timelines.

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