Public Service Enterprise Group Inc. executives have increased their five-year regulated capital spending plan by $1.5 billion versus last year and have lifted their profit growth forecast range by a full percentage point.
The leaders of Newark-based PSEG, which serves about 2.4 million electric and 1.9 million natural gas customers in New Jersey and on Long Island, now plan to spend between $22.5 billion and $25.5 billion on regulated projects through the end of 2030. The high end of their previous plan covering 2024 through 2029 was $24 billion.
Chairman, President and CEO Ralph LaRossa and his team expect that additional spending to help generate more profits and have updated their long-term growth target for adjusted earnings growth to a range of 6% to 8% from their previous forecast of 5% to 7%.
Speaking to analysts and investors on a Feb. 26 conference call after his team reported PSEG’s fourth-quarter results, LaRossa said the new growth target could go higher still if PSEG can contract for more generation or is cleared to add to its regulated capex plans, including for transmission and distribution projects.
“The supply-demand dynamic we are seeing in New Jersey has prompted executive orders to be issued to explore supply options, including the development of an additional 3,000 megawatts of community solar and battery storage,” LaRossa said. “We have been cooperatively working with policymakers since last November, and we look to help New Jersey achieve the high-priority goals of these executive orders, which include the exploration of regulatory reform.”
PSEG’s capex plan is expected to help the company’s rate base grow between 6% and 7.5% on average through 2030. CFO Daniel Cregg told analysts the $1.5 billion growth in added capex is being driven by a mix of new customers—including some data centers—as well as reliability and resiliency projects, with no one major project sticking out.
In the last three months of 2025, PSEG produced a net profit of $315 million on operating revenues of a little more than $2.9 billion. In late 2024, those numbers were $286 million and nearly $2.5 billion, respectively.
Shares of PSEG (Ticker: PEG) closed at $85.85 on Feb. 26, flat from the day before. Over the past six months, they have risen slightly, growing the company’s market capitalization to about $43 billion.
About the Author
Geert De Lombaerde
Senior Editor
A native of Belgium, Geert De Lombaerde has more than two decades of business journalism experience and writes about markets and economic trends for Endeavor Business Media publications T&D World, Healthcare Innovation, IndustryWeek, FleetOwner and Oil & Gas Journal. With a degree in journalism from the University of Missouri, he began his reporting career at the Business Courier in Cincinnati and later was managing editor and editor of the Nashville Business Journal. Most recently, he oversaw the online and print products of the Nashville Post and reported primarily on Middle Tennessee’s finance sector as well as many of its publicly traded companies.