1) Financial Performance Overview
- Reported net income of $1.48 per share, up from $1.18 in Q1 2025.
- Non-GAAP operating earnings of $1.55 per share, compared to $1.43 in the prior year.
- PSEG Power's net income increased to $164 million from $43 million in Q1 2025.
- Full-year non-GAAP operating earnings guidance maintained at $4.28 to $4.40 per share.

2) Operational Highlights and Infrastructure Investments
- PSEG invested approximately $800 million in Q1 2026, on track for a total of $4.2 billion for the year.
- Successful winter weather preparedness led to effective storm response, restoring service to affected customers within 24 hours.
- Peak winter gas send-out occurred on February 7, demonstrating the need for continued investment in gas infrastructure modernization.

3) Regulatory and Legislative Developments
- FERC's ruling on PJM transmission cost allocations is expected to yield refunds exceeding $100 million for customers.
- New Jersey's BPU certified a 1.8% reduction in residential electric bills starting June 1, due to favorable auction results.
- The lifting of the nuclear construction moratorium opens opportunities for new nuclear development at PSEG's Salem site.

4) Strategic Initiatives and Customer Programs
- Launched demand response program with over 32,000 customers enrolled to reduce energy use during peak times.
- Introduced a residential time-of-use rate to encourage off-peak usage, leveraging smart meter data.
- Continued focus on energy efficiency and conservation programs to help customers manage their bills.

5) Market Outlook and Future Guidance
- PSEG is maintaining a 6% to 8% CAGR for non-GAAP operating earnings through 2030, supported by a $22.5 billion to $25.5 billion capital investment plan.
- The company is closely monitoring developments in the PJM capacity and reserve auction process, emphasizing the need for fair cost allocation.
- Potential challenges include balancing customer affordability with external supply-demand pressures and regulatory changes.

Bottom line: PSEG's strong Q1 results reflect effective operational management and strategic investments, positioning the company for continued growth while navigating regulatory landscapes and market dynamics. Shareholders can expect stable earnings and potential for future capital appreciation driven by ongoing infrastructure investments and customer-focused initiatives.