Reworded10-Q 2026-11-02 vs 10-K 2026-02-26
PEGPublic Service Enterprise Group
We were incorporated under the laws of the State of New Jersey in 1985 and our principal executive offices are located at 80 Park Plaza, Newark, New Jersey 07102. 10-K, Item 1
- Headquarters
- Newark, NJ
- CEO
- Ralph A. LaRossa
- Next results
- around Feb 25, 2027
6 paragraphs in Risk Factors of the 10-K filed Feb 26, 2026 with nothing like them in the 10-K filed Feb 25, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 30 Utilities companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.
Significant resource adequacy challenges present affordability and reliability concerns that could cause policymakers to implement responsive measures that could have a material, adverse impact on our business, strategy, growth rates, cash flows, results of operation, and financial condition and increase regulatory uncertainty for utility investment initiatives and programs.
PJM continues to face significant resource adequacy challenges, driven by a lack of sufficient supply to meet electric demand, which has increased significantly over the past several years and is expected to continue to increase going forward. Increasing demand is caused by data centers, EV adoption, electrification and other factors. Insufficient supply to meet forecasted demand has caused increases in energy and capacity prices which, in turn, have caused the customer rates by which we recover electric supply costs to materially increase. This has resulted in continuing affordability concerns that have caused regulators and other policymakers to consider ways to reduce utility rates, including proposing to mitigate electric rate increases, and create increased regulatory uncertainty for utility investment initiatives and programs. Actions that policymakers could implement in response to these affordability concerns could have a material, adverse impact on our business, strategy, growth rates, cash flows, results of operation, and financial condition.
Read in the 10-K ↗
While the CIP protects PSE&G’s margin variances against changes in customer usage of gas and electricity, climate change-related state policy goals, including but not limited to those related to GHG emissions reductions, energy efficiency targets, solar targets, energy storage targets, encouragement of electrification through EV adoption, policies to encourage electrification of end use equipment currently fueled by natural gas, and the associated legislative and regulatory responses, may create additional costs for our customers and/or our business, which could be material.
Read in the 10-K ↗
Generation activities at the Peach Bottom plants present risks similar to those to which nuclear generation plants that we operate are subject.
Generation activities at, and the operation of, the Peach Bottom plants present risks similar to those described above in GENERAL OPERATIONAL AND FINANCIAL RISKS and RISKS RELATED TO OUR GENERATION BUSINESS and below in REGULATORY, LEGISLATIVE AND LEGAL RISKS.
Read in the 10-K ↗
Hazardous Substance Liability—PSEG’s operations involve substances and byproducts classified by environmental regulations as hazardous. These regulations impose handling, storage and disposal requirements for hazardous materials. They can also impose strict and joint and several liability for damages to the environment, including cash penalties. Federal and state environmental laws and regulations require the cleanup of discharged hazardous substances.
Read in the 10-K ↗
New in the latest 10-Q
10 paragraphs in the 10-Q filed Nov 2, 2026 with nothing like them in the 10-Q filed Aug 4, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
10-Q
In October 2026, PSE&G filed its annual transmission formula rate update with FERC, which will result in an approximate $60 million increase in its annual transmission revenue effective January 1, 2027, subject to true-up.
Read in the 10-Q ↗
ZEC Program - In January 2026, the BPU directed PSE&G to eliminate its ZEC tariff rate, effective February 1, 2026 and for PSE&G to apply the overcollected ZEC revenue balance into the Universal Service Fund component of PSE&G’s SBC clause.
Read in the 10-Q ↗
In September 2026, the EPA announced a proposed Consent Decree that would require ERH to undertake certain work in preparation for the broader Passaic River cleanup, which is subject to public comment and judicial review. PSEG cannot predict the outcome of this matter.
Read in the 10-Q ↗
challenge by FERC Enforcement to the end-of-life determination relative to the project and that no disgorgement had been sought. In both a December 2024 proceeding related to PJM’s annual cost allocation filing and in PSE&G’s 2025 annual formula rate true-up filing, an intervenor raised an objection related to the recovery of costs for the RPV project. In January 2026, that same intervenor filed a FERC complaint against PSE&G requesting that FERC set a hearing on the recovery of these costs. In July 2026, FERC issued an order setting the matter for hearing and settlement judge procedures. We cannot predict the outcome of this matter and intend to vigorously defend against any challenge to the prudency of these costs. BPU Audit of PSE&G In 2020, the BPU ordered the commencement of a comprehensive affiliate and management audit of PSE&G. It has been more than ten years since the BPU last conducted a management and affiliate audit of this kind of PSE&G, which is initiated periodically as required by New Jersey statutes/regulations. Phase 1 of the audit reviews affiliate relations and cost allocation between PSE&G and its affiliates, including an analysis of the relationship between PSE&G and PSEG Energy Resources & Trade, LLC, a wholly owned subsidiary of PSEG Power over the past ten years, and between PSE&G and PSEG LI. Phase 2 is a comprehensive management audit, which addresses, among other things, executive management, corporate governance, system operations, human resources, cyber security, compliance with customer protection requirements and customer safety. The audit officially began in late May 2021. The BPU Audit Staff submitted the final audit report to the BPU in June 2023. The BPU has not yet determined which audit recommendations it will require PSE&G to implement. It is not possible at this time to predict the outcome of this matter. Litigation Sewaren 7 Construction In June 2018, a complaint was filed in federal court in Newark, New Jersey against PSEG Fossil LLC, which at the time was a wholly owned subsidiary of PSEG Power, regarding an ongoing dispute with Durr Mechanical Construction, Inc. (Durr), a contractor on the Sewaren 7 project. Among other things, Durr sought damages of $93 million and alleges that PSEG Power withheld money owed to Durr and that PSEG Power’s intentional conduct led to the inability of Durr to obtain prospective contracts. PSEG Power intends to vigorously defend against these allegations. In January 2021, the court partially granted PSEG Power’s motion to dismiss certain claims, reducing the amount claimed to $68 million. In December 2018, Durr filed for Chapter 11 bankruptcy in the federal court in the Southern District of New York (SDNY). The SDNY bankruptcy court has allowed the New Jersey litigation to proceed. PSEG Power has accrued an amount related to outstanding invoices which does not reflect an assessment of claims and potential counterclaims in this matter. At this time, PSEG Power cannot predict the outcome of this matter. Sherman Act Antitrust Matter In July 2025, a putative class action complaint was filed in the United States District Court for the District of Maryland against 26 nuclear generation power companies, including PSEG, and two consulting companies. The plaintiffs allege defendants violated federal antitrust laws by conspiring to fix the compensation and exchange information regarding compensation for nuclear generation workers. The alleged class includes all persons employed in nuclear power generation by the defendants and their subsidiaries from 2003 until the present, and the relief sought includes treble damages. In August 2026, the court granted the defendants’ motion to dismiss the complaint but allowed the plaintiffs to file a revised complaint, which the plaintiffs filed in October 2026. PSEG cannot predict the outcome of this matter. Other Litigation and Legal Proceedings PSEG and its subsidiaries are party to various lawsuits in the ordinary course of business. In view of the inherent difficulty in predicting the outcome of such matters, PSEG and PSE&G generally cannot predict the eventual outcome of the pending matters, the timing of the ultimate resolution of these matters, or the eventual loss, fines or penalties related to each pending matter. In accordance with applicable accounting guidance, a liability is accrued when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued.
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MD&A
PSE&G currently anticipates filing by year end 2026 to address regulatory lag of capital investments made since our last distribution rate case.
Read in the 10-Q ↗
In October 2026, during a scheduled refueling outage at Salem 1, a visual inspection revealed degradation to the thermal shield inside the reactor vessel. We have initiated further testing, which is ongoing and is expected to extend the refueling outage. The impact of the outage on Salem 1 will depend on the timing and results of the inspection and necessary repairs.
Read in the 10-Q ↗
In May 2025, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants zero emission certificate (ZEC) sales concluded. Pursuant to a process established by the BPU, ZECs were purchased from these nuclear plants by the electric distribution
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Other information
In August 2026, PJM filed at FERC for approval of rules that would allow for curtailment of new “large load” customers, including data centers, during times of peak demand on the system if those customers do not have new generation committed to supply their demand. In October 2026, FERC issued an order rejecting the principal components of PJM’s filing, including the provisions permitting the curtailment of new large load customers. In its order, FERC found significant deficiencies with PJM’s proposal, including that key aspects fell outside of FERC’s jurisdiction under the Federal Power Act.
Read in the 10-Q ↗
In September 2026, FERC issued an order finding key components of the RBP filing to be just and reasonable, while rejecting other components. FERC also encouraged PJM to make a revised filing within 30 days based on the guidance it provided. At the end of October 2026, PJM made a revised RBP filing, seeking FERC approval by January 29, 2027. Assuming FERC approval, PJM plans to run the RBP auction on March 1, 2027.
Read in the 10-Q ↗
In August 2026, PJM filed at FERC for approval of rules that would allow for curtailment of new “large load” customers, including data centers, during times of peak demand on the system if those customers do not have new generation committed to supply their demand. In October 2026, FERC issued an order rejecting the principal components of PJM’s filing, including the provisions permitting the curtailment of new large load customers. In its order, FERC found significant deficiencies with PJM’s proposal, including that key aspects fell outside of FERC’s jurisdiction under the Federal Power Act.
Read in the 10-Q ↗
The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Nov 2, 2026 against Item 1A of the 10-K filed Feb 26, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
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