PSE&G wins $1.4B gas main program; Power earnings jump on capacity revenues

Filed May 5, 2026 · Period ending March 31, 2026 · Compared to 10-Q Apr 30, 2025 · ~2 min read

Key Changes

• high

  BPU approved $1.4 billion GSMP III program to replace 600 miles of gas mains through 2028, with $1.05 billion recovered through periodic rate adjustments and $360 million deferred to future rate case.

  MD&A: GSMP III program approval verify on EDGAR →
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  Net income rose 26% to $741 million driven by Power segment earnings tripling to $164 million on higher PJM capacity revenues and $105 million lower mark-to-market losses.

  MD&A: Net Income Q1 2026 verify on EDGAR →
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  Regulated rate base grew to $36 billion (up $2 billion year-over-year); five-year capital plan increased to $22.5-25.5 billion targeting 6-7.5% annual rate base growth through 2030.

  MD&A: regulated rate base growth verify on EDGAR →