Public Service Enterprise Group
35 named things its latest annual report says its results depend on, each in the company's own words. 19 of them are also named by other companies we've read.
Customers
Data centers
earns fromnamed as a riskIn addition, we are exploring opportunities for the potential sale of power from our nuclear facilities pursuant to long-term agreements with large power users, such as data centers.Risk factors (Item 1A)
Also named by AESI, AGX, BKR, BSM, CBRE, CEG, CMI, CNP and 26 more
Long Island Power Authority (LIPA)
earns fromnamed as a riskPSEG LI has an OSA with LIPA to operate LIPA’s electric T&D system in Long Island which was recently extended through 2030.Risk factors (Item 1A)
Suppliers
Single nuclear fuel fabrication services provider
depends onnamed as a riskHowever, each of the nuclear units we operate has contracted with a single fuel fabrication services provider, and transitioning to an alternative provider could take an extended period of time.Risk factors (Item 1A)
Partners and platforms
PJM Interconnection
earns fromnamed as a riskAs a nuclear generation owner and operator, our revenue has been derived primarily from energy, capacity and ancillary services sold to PJM in the spot markets.Business (Item 1)
Regional Energy Access Expansion Project
depends onIn September 2024, the United States Circuit Court for the District of Columbia Circuit vacated FERC approval of the REA Expansion Project, which involves a natural gas pipeline running through New Jersey and several other states, and in which PSEG Energy Resources & Trade, LLC, the provider of gas supplies to satisfy PSE&G’s BGSS customers, is a customer.Business (Item 1)
Other companies
Peach Bottom nuclear plant
operates in · 50% ownership interestnamed as a riskWhile we have a 50% ownership interest in the Peach Bottom nuclear generation plants, these plants are operated by a third party and, therefore, we have limited control over the risks associated with these plants.Risk factors (Item 1A)
Nuclear Decommissioning Trust Fund
exposed to its price · approximately $155 millionnamed as a riskAs of December 31, 2025, a hypothetical 10% change in the equity market would impact the value of the equity securities in the NDT Fund by approximately $155 million.Market risk (Item 7A)
S&P and Moody's credit ratings
named as a riskIn addition, if PSEG Power were to lose its investment grade credit rating from S&P or Moody’s, it would be required under certain agreements to provide a significant amount of additional collateral in the form of letters of credit or cash, which would have a material adverse effect on our liquidity and cash flows.Risk factors (Item 1A)
Places
Pennsylvania
operates in · 3,758 MWAll of our nuclear generation capacity is located in New Jersey and Pennsylvania.Business (Item 1)
Also named by AWK, CNX, DTM, EQT, FE, GMED, NFG, PPL and 6 more
New Jersey
concentrated in · about 74% of New Jersey’s populationOur regulated T&D public utility, PSE&G, distributes electric energy and natural gas to customers within a designated service territory running diagonally across New Jersey where approximately 6.8 million people, or about 74% of New Jersey’s population resides.Business (Item 1)
Salem and Hope Creek nuclear plants
operates innamed as a riskCeasing operations of these plants would result in a material adverse impact on PSEG’s results of operations.Risk factors (Item 1A)
Hazards
Hurricanes and severe storms
operates innamed as a riskIn addition, the effects of climate change will have increased the physical risks to our facilities and operations resulting from such climate hazards as more severe weather events (extreme wind, rainfall and flooding), such as experienced from Superstorm Sandy and Tropical Storms Isaias and Ida, sea level rise, and extreme heat and drought.Risk factors (Item 1A)
Also named by LUMN
Commodities and inputs
Henry Hub natural gas
exposed to its pricenamed as a riskLower natural gas prices often result in lower electricity prices, which could reduce our margins where our nuclear generation costs may not have declined similarly.Risk factors (Item 1A)
Also named by AM, AR, ATI, BSM, BTU, CNX, CRGY, DVN and 13 more
Uranium / nuclear fuel
exposed to its pricenamed as a riskWe are exposed to increases in the price of nuclear fuel, and significant changes in the price of nuclear fuel could affect our cash flow, future results and impact our liquidity needs.Risk factors (Item 1A)
PJM Western Hub electricity
exposed to its pricenamed as a riskOur hedge transactions in PJM generally reflect energy sales at the liquid PJM Western Hub or other basis locations when available and other transactions that seek to secure price certainty for our energy output.Business (Item 1)
Regulators
Federal Energy Regulatory Commission (FERC)
subject to · approximately $40 millionnamed as a riskElimination of the RTO adder for RTO membership would reduce PSE&G’s annual Net Income and annual cash inflows by approximately $40 million.Business (Item 1)
Also named by AA, AEE, AEP, AM, AMRC, AR, ARES, ATO and 62 more
Maryland Public Service Commission
subject to · approximately $424 millionnamed as a riskHowever, based on the procedural timeline established by order of the Maryland Public Service Commission, we do not currently believe a 2027 in-service date for the project is reasonably achievable.Business (Item 1)
New Jersey Board of Public Utilities (BPU)
subject to · $17.8 billion rate base, a 9.6% return on equitynamed as a riskThe Order provided for a $17.8 billion rate base, a 9.6% return on equity for PSE&G’s distribution business and a 55% equity component of its capitalization structure.Business (Item 1)
Commodity Futures Trading Commission (CFTC)
subject tonamed as a riskChanges to regulations or adoption of additional regulations by the CFTC, including any regulations relating to futures and other derivatives or margin for derivatives and increased investigations by the CFTC, could negatively impact PSEG Power’s ability to hedge its portfolio in an efficient, cost-effective manner by, among other things, potentially decreasing liquidity in the forward commodity and derivatives markets or limiting PSEG Power’s ability to utilize non-cash collateral for derivatives transactions.Risk factors (Item 1A)
Also named by AB, ADM, AGNC, AMG, BAC, BGC, BMNR, C and 35 more
Nuclear Regulatory Commission (NRC)
subject tonamed as a riskThe NRC has the ultimate authority to determine whether any U.S. nuclear generating unit may operate.Business (Item 1)
Also named by AEE, AEP, BRK/B, BWXT, CAH, CDRE, CEG, CW and 20 more
North American Electric Reliability Corporation (NERC)
subject tonamed as a riskFailure to comply with applicable NERC standards could result in penalties or increased costs to bring such facilities into compliance.Risk factors (Item 1A)
Also named by BKH, DUK, EIX, EVRG, EXC, FE, HASI, MDU and 5 more
U.S. Department of Energy spent nuclear fuel storage
subject tonamed as a riskHowever, future capital expenditures may be required to increase spent fuel storage capacity at our nuclear facilities.Risk factors (Item 1A)
Also named by AEP
Laws and programs
Inflation Reduction Act nuclear production tax credit
subject to · up to $15 per megawatt hour (MWh)named as a riskThe expected PTC rate is up to $15 per megawatt hour (MWh) subject to adjustment based upon a facility’s gross receipts and meeting prevailing wage rules.Business (Item 1)
Also named by VST
PJM Reliability Pricing Model (RPM) capacity market
exposed to its price · $333.44/MW-daynamed as a riskIn PJM’s most recent capacity auction run in December 2025, the auction cleared at the FERC-approved price cap of $333.44/MW-day, and PJM indicated that without the price cap the clearing price would have been $529.80/MW-day.Business (Item 1)
Clean Energy Future-Energy Efficiency II (CEF-EE II)
subject to · $2.9 billionIn addition, PSE&G’s Clean Energy Future – Energy Efficiency II Program provides nearly $1 billion of funding to continue the on-bill repayment program, which allows customers to repay their cost of equipment upgrades over time directly through their PSE&G bill.Risk factors (Item 1A)
Gas System Modernization Program (GSMP) III
subject to · $1.4 billionGSMP III—designed to replace at least 600 miles of cast iron and unprotected steel mains and services in our gas system.Business (Item 1)
Conservation Incentive Program (CIP)
subject to · over 90% of our Electric and Gas Distribution marginAs a result, electric and gas sales volumes and demands are no longer a driver of our margin and over 90% of our Electric and Gas Distribution margin will only vary based upon the number of customers.Business (Item 1)
Price-Anderson Act
subject tonamed as a riskFurther, as a licensed nuclear operator subject to the Price-Anderson Act and a member of a nuclear industry mutual insurance company, PSEG Power is subject to potential retroactive assessments as a result of an industry nuclear incident or retrospective premiums due to adverse industry loss experience and such assessments may be material.Risk factors (Item 1A)
Also named by BWXT, CDRE, CEG, CW, DUK, ETR, FLR, J and 5 more
EPA Coal Combustion Residuals Rule
subject tonamed as a riskPSEG is currently unable to estimate the impact of the CCR Rule, but it could have a material impact on our business, results of operations and cash flows.Business (Item 1)
Clean Water Act Section 316(b)
subject tonamed as a riskIf the markets or PTC do not provide sufficient financial support, or, in the case of the Salem nuclear plants, decisions by the EPA and state environmental regulators regarding the implementation of Section 316(b) of the CWA and related state regulations, or other factors, PSEG Power may take all necessary steps to cease to operate all of these plants and will incur associated costs and accounting charges in the event that the financial condition of the plants is materially adversely impacted in the future.Risk factors (Item 1A)
FERC Order 1000
subject tonamed as a riskWhile Order 1000 retains limited carve-outs for certain projects that will continue to default to incumbents for construction responsibility, increased competition for transmission projects could decrease the value of new investments that would be subject to recovery by PSE&G under its rate base, which could have a material adverse impact on our financial condition and results of operations.Risk factors (Item 1A)
Also named by PPL
PSEG Power BGSS full-requirements contract with PSE&G
earns fromnamed as a riskIn 2022, the BPU approved an extension of the long-term BGSS contract to March 31, 2027, and thereafter the contract remains in effect unless terminated by either party with a two-year notice.Risk factors (Item 1A)
New Jersey Industrial Site Recovery Act
subject tonamed as a riskThese primarily relate to obligations under environmental regulations, including remediation obligations under the New Jersey Industrial Site Recovery Act and the Connecticut Transfer Act.Risk factors (Item 1A)
BGS auction
subject tonamed as a riskThe February 2025 BGS auction resulted in a significant cost increase for electricity supplied by PSE&G and all other New Jersey electric distribution companies that was reflected in customers’ rates beginning June 1, 2025.Business (Item 1)
Remediation Adjustment Charge (RAC)
subject tonamed as a riskPSE&G recovers certain remediation and legal costs associated with its manufactured gas plant sites through Remediation Adjustment Charge (RAC) filings with the BPU.Risk factors (Item 1A)