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PSEG Announces 2021 First Quarter Results May 5 , 2021 $ 1.28 PER SHARE OF NET INCOME NON - GAAP OPERATING EARNINGS OF $ 1.28 PER SHARE Re - Affirms Non - GAAP 2021 Operating Earnings Guidance of $ 3.35 - $ 3.55 per Share BPU Extends $ 10 / MWh Zero Emission Certificates for Three NJ Nuclear Units to May 2025 Progress on Strategic Alternatives Yields Sale of Solar Source Portfolio NEWARK , N.J. , May 5 , 2021 / PRNewswire / -- Public Service Enterprise Group ( NYSE : PEG ) reported Net Income for the first quarter of 2021 of $ 648 million , or $ 1.28 per share as compared to Net Income of $ 448 million , or $ 0.88 per share , in the first quarter of 2020. Non - GAAP Operating Earnings for the first quarter of 2021 were $ 650 million , or $ 1.28 per share , compared to non - GAAP Operating Earnings for the first quarter of 2020 of $ 520 million , or $ 1.03 per share . Non - GAAP results for the first quarter exclude items shown in Attachments 7 and 8 . The New Jersey Board of Public Utilities ' ( BPU ) April 27 decision to award our three New Jersey nuclear units a continuation of the full $ 10 per MWh Zero Emission Certificate through May 2025 will similarly advance climate action in New Jersey by recognizing nuclear's reliability , resiliency and environmental benefits and help to preserve the state's largest carbon - free generating resource . We applaud the BPU for its decision - which we believe is in the best interests of the state of New Jersey and its ability to achieve its long - term clean energy goals . PSEG Power has also made progress on the exploration of strategic alternatives for its fossil and solar generating fleet . PSEG has entered into an agreement to sell its 467 MWDC Solar Source portfolio to an affiliate of LS Power . The solar sale is expected to close in the second or third quarter of 2021 , subject to customary regulatory and other closing conditions . PSEG Power is continuing the exploration of strategic alternatives for its fossil generating fleet , and currently anticipates reaching the contract stage around mid - year . With over a decade of capital allocation directed mainly toward PSE & G , PSEG today is primarily a regulated electric and gas utility , and these transactions will move us even further in that direction . PSEG's remaining generating business will consist of a carbon - free nuclear fleet , and regional offshore wind investments that will be highly contracted . The COVID - 19 pandemic and its economic dislocations continue to impact the New Jersey economy . The large contribution of the Transmission and Residential electric and gas segments to our overall sales mix , as well as a supportive regulatory order that authorizes deferral of certain COVID - 19 related costs for future recovery , have had a stabilizing effect on the margins of our utility business . New Jersey has been successful in vaccinating nearly half its population with at least one dose of the available vaccines , and we are hopeful that the remaining restrictions on economic activity will continue to ease in the near term . " The following table provides a reconciliation of PSEG's Net Income to non - GAAP Operating Earnings for the first quarter . See Attachments 7 and 8 for a complete list of items excluded from Net Income in the determination of non - GAAP Operating Earnings . PSEG CONSOLIDATED RESULTS ( unaudited ) First Quarter Comparative Results 2021 and 2020 Income Diluted Earnings ( $ millions ) Per Share 2021 2020 2021 2020 Net Income $ 648 $ 448 $ 1.28 $ 0.88 Reconciling Items 2 72 0.15 Non - GAAP Operating Earnings $ 650 $ 520 $ 1.28 $ 1.03