N.J. Governor Steps Up Green Game; More Growth Tailwinds for Public Service Enterprise Group

We are reaffirming our $65 fair value estimate for Public Service Enterprise Group, or PSEG, after New Jersey Gov. Phil Murphy laid out one of the most aggressive set of state clean energy targets in the U.S. We think PSEG, which is New Jersey's largest utility, has the most to gain if Murphy's executive orders result in more aggressive state legislative or regulatory policies. We are maintaining our narrow moat and stable moat trend ratings for PSEG.