Public Service Enterprise Group (PSEG) is a New Jersey-based utility holding company whose core business is regulated electric and gas distribution and transmission through its subsidiary, PSE&G. PSE&G serves roughly 2.4M electric and 1.9M gas customers across about 74% of New Jersey's population. PSE&G earns returns on its rate base through FERC-approved formula rates for transmission and BPU-approved rates for distribution — it passes through energy commodity costs to customers at no margin. A key feature of PSE&G's model is the Conservation Incentive Program, which decouples over 90% of distribution margin from volumes and weather, making earnings highly predictable. PSE&G accounts for roughly 90% of PSEG's earnings. PSEG's second business, PSEG Power, owns and operates nuclear generation assets — Salem 1, Salem 2, Hope Creek, and Peach Bottom — with roughly 3,758 MW of capacity sold into PJM's wholesale markets. The 2022 Inflation Reduction Act's nuclear Production Tax Credit provides a revenue floor through 2032, reducing PSEG Power's downside exposure to wholesale price swings. PSEG also manages Long Island's electric grid for LIPA under a fee-for-service contract. Growth is driven almost entirely by PSE&G's capital investment program — a $22.5B–$25.5B five-year plan targeting infrastructure modernization, clean energy programs, and rising load from data centers. At PSEG Power, growth opportunities include nuclear power purchase agreements with data centers and a planned ~200 MW uprate at Salem.