Public Service Enterprise Group (PSEG) Expands Its Energy Empire—Will BYOG Partnerships Become Its Next Big Revenue Engine?

Public Service Enterprise Group (PSEG) delivered a solid financial performance in the third quarter of 2025, showcasing both resilience and strategic progression. The company reported net income of $1.24 per share, an increase from $1.04 in the same period last year, and non-GAAP operating earnings of $1.13 per share, compared with $0.90 per share in 2024. The improved performance was notably driven by the impact of the October 2024 electric and gas base distribution rate increase, which enabled PSE&G to recover returns on prior capital investments exceeding $3 billion. On the strategic front, PSEG’s capital investment in regulated operations continued robustly, with about $1 billion spent in the third quarter and $2.7 billion over the first nine months. This capital investment is aligned with PSEG’s full-year plan of $3.8 billion, focusing on modernizing New Jersey’s energy infrastructure to manage load growth and enhance energy efficiency.