Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Warren here, with Charlie looking over my shoulder. PEG is a New Jersey holding company with two businesses: PSE&G, a regulated electric and gas transmission-and-distribution utility serving roughly three-quarters of New Jersey's population, and PSEG Power, which owns about 3,750 megawatts of merchant nuclear capacity. The utility earns whatever the New Jersey Board of Public Utilities allows it to earn — currently a 9.6% return on equity — and the nuclear fleet earns whatever PJM's markets and the federal production tax credit deliver, with tantalizing but still-unsigned talk of premium-priced data center contracts. This is a decent business. It is not a wonderful business.
Recent filings analysed: 8-K (2026-08-04), 10-Q (2026-08-04), 8-K (2026-07-01), 8-K (2026-06-03).
Stock screener · Superinvestor 13F holdings · Analyst sentiment · Market valuation