EX-99 2 d497801dex99.htm EX-99

EXHIBIT 99 PSEG Investor Update Leading toward a sustainable future October 2023 1 1

PSEG Investor Update October 2023 Forward-Looking Statements • our ability to obtain adequate nuclear fuel supply; Certain of the matters discussed in this presentation about our and our subsidiaries’ future • changes in technology related to energy generation, distribution and consumption and changes performance, including, without limitation, future revenues, earnings, strategies, prospects, in customer usage patterns; consequences and all other statements that are not purely historical constitute “forward-looking • third-party credit risk relating to and purchase of nuclear fuel; statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward- • any inability to meet our commitments under forward sale obligations and Regional Transmission looking statements are subject to risks and uncertainties, which could cause actual results to differ Organization rules; materially from those anticipated. Such statements are based on management’s beliefs as well as • reliance on transmission facilities to maintain adequate transmission capacity for our nuclear generation fleet; assumptions made by and information currently available to management. When used herein, the • the impact of changes in state and federal legislation and regulations on our business, including words “anticipate,” “intend,” “estimate,” “believe,” “expect,” “plan,” “should,” “hypothetical,” “potential,” PSE&G’s ability to recover costs and earn returns on authorized investments; “forecast,” “project,” variations of such words and similar expressions are intended to identify forward- • PSE&G’s proposed investment programs may not be fully approved by regulators and its capital looking statements. Factors that may cause actual results to differ are often presented with the forward- investment may be lower than planned; looking statements themselves. Other factors that could cause actual results to differ materially from • our ability to advocate for and our receipt of appropriate regulatory guidance to ensure long-term those contemplated in any forward-looking statements made by us herein are discussed in filings we support for our nuclear fleet; make with the United States Securities and Exchange Commission (SEC), including our Annual Report • adverse changes in and non-compliance with energy industry laws, policies, regulations and standards, including market structures and transmission planning and transmission returns; on Form 10-K and subsequent reports on Form 10-Q and Form 8-K. These factors include, but are not • risks associated with our ownership and operation of nuclear facilities, including increased limited to: nuclear fuel storage costs, regulatory risks, such as compliance with the Atomic Energy Act and • any inability to successfully develop, obtain regulatory approval for, or construct transmission trade control, environmental and other regulations, as well as financial, environmental and health and distribution, and our nuclear generation projects; and safety risks; • the physical, financial and transition risks related to climate change, including risks relating to • changes in federal and state environmental laws and regulations and enforcement; potentially increased legislative and regulatory burdens, changing customer preferences and • delays in receipt of, or an inability to receive, necessary licenses and permits and siting lawsuits; approvals; and • any equipment failures, accidents, critical operating technology or business system failures, • changes in tax laws and regulations. severe weather events, acts of war, terrorism or other acts of violence, sabotage, physical attacks or security breaches, cyberattacks or other incidents that may impact our ability to All of the forward-looking statements made in this presentation are qualified by these cautionary provide safe and reliable service to our customers; statements and we cannot assure you that the results or developments anticipated by management will • any inability to recover the carrying amount of our long-lived assets; be realized or even if realized, will have the expected consequences to, or effects on, us or our business, • disruptions or cost increases in our supply chain, including labor shortages; prospects, financial condition, results of operations or cash flows. Readers are cautioned not to place • any inability to maintain sufficient liquidity or access sufficient capital on commercially reasonable terms; undue reliance on these forward-looking statements in making any investment decision. Forward-looking • the impact of cybersecurity attacks or intrusions or other disruptions to our information statements made in this presentation apply only as of the date of this presentation. While we may elect technology, operational or other systems; to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, • a material shift away from natural gas toward increased electrification and a reduction in the use even in light of new information or future events, unless otherwise required by applicable securities laws. of natural gas; • failure to attract and retain a qualified workforce; The forward-looking statements contained in this presentation are intended to qualify for the safe harbor • inflation, including increases in the costs of equipment, materials, fuel and labor; provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities • the impact of our covenants in our debt instruments and credit agreements on our business; Exchange Act of 1934, as amended. • adverse performance of our defined benefit plan trust funds and Nuclear Decommissioning Trust Fund and increases in funding requirements and pension costs; • fluctuations in, or third party default risk in wholesale power and natural gas markets, including the potential impacts on the economic viability of our generation units; 2 2

PSEG Investor Update October 2023 GAAP Disclaimer PSEG presents Operating Earnings in addition to its Net Income/(Loss) reported in presentation. Non-GAAP EBITDA excludes the same items as our non-GAAP Operating accordance with accounting principles generally accepted in the United States (GAAP). Earnings measure, as well as income tax expense (except for production tax credits Operating Earnings is a non-GAAP financial measure that differs from Net (PTCs)), interest expense and depreciation and amortization. Non-GAAP FFO reflects Income/(Loss). Non-GAAP Operating Earnings exclude the impact of gains (losses) cash from operations excluding working capital and adjusts for certain items including associated with the Nuclear Decommissioning Trust (NDT), Mark-to-Market (MTM) taxes on asset sales, cost of removal and energy efficiency investments. Non-GAAP Debt accounting and material one-time items. The last two slides in this presentation (Slides A consists of long-term debt, short-term debt and other imputed debt primarily related to an and B) include a list of items excluded from Net Income/(Loss) to reconcile to non-GAAP unfunded pension obligation. Non-GAAP EBITDA and non-GAAP FFO, as referenced in Operating Earnings. this presentation, may not be comparable to similarly titled measures used by other companies. Given the forward-looking nature of non-GAAP Operating Earnings, non- Management uses non-GAAP Operating Earnings in its internal analysis, and in GAAP Adjusted EBITDA and non-GAAP FFO estimates and our inability to project certain communications with investors and analysts, as a consistent measure for comparing reconciling items that would be excluded from the most directly comparable GAAP PSEG’s financial performance to previous financial results. The presentation of non- measures – such as MTM and NDT gains (losses), with respect non-GAAP Operating GAAP Operating Earnings is intended to complement, and should not be considered an Earnings and non-GAAP EBITDA; working capital (including accounts receivable/payable, alternative to, the presentation of Net Income/(Loss), which is an indicator of financial cash collateral), adjustments to Net Income (including changes in regulatory performance determined in accordance with GAAP. In addition, non-GAAP Operating assets/liabilities, deferred taxes) with respect to non-GAAP FFO and non-GAAP debt and Earnings as presented in this release may not be comparable to similarly titled measures imputed debt (including unfunded pension obligation) with respect to non-GAAP debt - due used by other companies. to the volatility, complexity and low visibility of these items, PSEG is unable to reconcile PSEG also includes forward-looking estimates of non-GAAP Operating Earnings, non- these non-GAAP financial measures to the most directly comparable GAAP financial GAAP Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) and non- measure. These items are uncertain, depend on various factors, and may have a material GAAP Funds From Operations (FFO), including the non-GAAP ratio FFO/Debt, in this impact on our future GAAP results. Guidance included herein is as of August 1, 2023. From time to time, PSEG and PSE&G release important information via postings on their corporate Investor Relations website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the Investor Relations website to review new postings. You can sign up for automatic email alerts regarding new postings at the bottom of the webpage at https://investor.pseg.com or by navigating to the Email Alerts webpage here. The information on https://investor.pseg.com and https://investor.pseg.com/resources/email-alerts/default.aspx is not incorporated herein and is not part of this communication. 3 3

PSEG Investor Update October 2023 Public Service Enterprise Group Dan Cregg Ralph LaRossa Executive Vice President & CFO Chair, President & CEO

PSEG Investor Update October 2023 PSEG 2023: Increased Strategic Clarity PSE&G • Regulated Operations Represent ~85%-90% of PSEG’s non-GAAP Operating Earnings Over Next 5 Years NJ’s Largest T&D Utility: 2.3 Million Electric and 1.9 Million Gas Customers PSEG Power & Other* PSEG • PSEG Will Retain Nuclear Production Tax Credit makes Nuclear’s cash flows more predictable and provides downside price protection • Exited Offshore Wind Generation, Streamlining Business and Eliminating Project Risk * PSEG Power & Other includes PSEG Nuclear, Gas Operations, PSEG Long Island, Offshore wind lease area and potential transmission investments, potential Hydrogen investments, Parent and other. 5 5

PSEG Investor Update October 2023 PSEG’s Powering Progress Vision: Powering a future where people use less energy, and it’s cleaner, safer and delivered more reliably than ever • Operational Excellence: Best-in-class utility • Disciplined Investment: >90% of capital allocation and strong nuclear performance to PSE&G, aligned with clean energy policies - Investments to modernize utility infrastructure – Energy • Financial Strength: Solid balance sheet to fund Strong, “Last Mile” reliability, GSMP our growth objectives - Investments to support decarbonization – Energy Efficiency, EV, AMI, Solar and other - No new equity required to support 5-year capital plan - Solid investment grade ratings supported by credit metrics that allow for incremental investment - PTC provides long-term certainty and downside price ...which produces a strong protection for Nuclear business mix and platform - Cost control supports customer affordability with one of the lowest gas bills and below average electric bills for predictable growth vs. regional peers 6 6

PSEG Investor Update October 2023 PSEG Financial Outlook: More Predictability from an Improved Business Profile Well Positioned for the Future ü Eliminates market price volatility on earnings, proceeds used to pay down debt, Exited Merchant Fossil Generation return capital to shareholders ü Completed sale of 25% equity stake in Ocean Wind 1, recouping full investment Exited Offshore Wind Generation ü Evaluating options to monetize our 50% stake in Garden State Offshore Energy acreage ü PTC provides downside price protection through 2032 Decision to Retain Nuclear Assets ü Enhances PSEG Power & Other cash flow visibility and predictability ü BPU pension accounting order helps reduce volatility in PSE&G earnings Progress on Reducing Pension Variability ü Recent “lift-out” of ~$1 billion of PSEG Power & Other pension obligations PSE&G Transmission Formula Rateü Provides timely recovery of capital investments PSE&G Conservation Incentive Program ü Decoupling of volumes from revenues supportive of widespread adoption of EE investments PSE&G’s Robust Capital Program ü Long-term visibility from infrastructure replacement and support of NJ’s decarbonization efforts PSEG Financial Strength ü Solid balance sheet enables funding of 5-year capital investment program without new equity ü Continued opportunity for consistent and sustainable dividend growth PSEG Compelling Risk-Adjusted Return Opportunity ü Supports our long-term earnings growth outlook of 5%-7% through 2027 7 7 7

PSEG Investor Update October 2023 PSEG 2023: Growth Opportunities Aligned with Clean Energy Policies Significant events (i.e., the Northeast Blackout of 2003 and Superstorm Sandy) have driven policy changes and led to investment opportunities Future investment will address growing demand for electrification and need for an even more reliable grid, all aligned with New Jersey and federal energy policies Key State Policies nd PSEG Opportunities • BPU recently issued 2 triennial Energy Efficiency framework • Recent NJ Executive Orders Advance 100% Clean Energy by 2035, • “Last Mile” distribution system investments increase reliability Prioritizes Electrification of Building Sector, and Initiates Stakeholder and prepare for electrification Proceeding on Future of Natural Gas Utilities • GSMP targets methane leaks and infrastructure replacement • BPU Order for Energy Efficiency Adoption (2020) • EE programs reduce usage, emissions and customer bills • NJ Energy Master Plan (2020) • NJ Clean Energy Act (2018) • EV programs address the #1 source of emissions in NJ • NJ Zero Emissions Certificate Law (2018) • PTC helps preserve NJ nuclear units; offers opportunities to invest in uprates, fuel-cycle extension and license extension; Key Federal Policies incremental opportunities in hydrogen and non-fossil fuel delivery • Inflation Reduction Act (2022) • Investment upside from NJ Governor’s Executive Orders • Infrastructure Investment and Jobs Act (2021) • PIPES Act (2020) Supports Replacement of Aged Gas Pipeline Infrastructure 8

PSEG Investor Update October 2023 PSEG 2023: Key Assets and Leadership PSEG Power & Other PSE&G – Best-in-Class Regulated Electric & Gas T&D Utility • Solid nuclear operations with exemplary ratings on all units, gas • Top decile safety performance operations benefiting PSE&G customers, and PSEG Long Island • Most Reliable Electric Utility in Mid-Atlantic Metropolitan Service Area • Nuclear fleet consisting of 3,766 MW carbon-free, base load for 21 consecutive years assets with a PTC stabilized revenue stream and opportunities • #1 in Customer Satisfaction with both Residential Electric and Natural for low-cost uprates and other enhancements Gas Service in the East among Large Utilities by J.D. Power in 2022* • Supporting revenues from Gas Operations, PSEG Long Island, • Robust pipeline of regulated investment opportunities and other investments offset Parent interest • Affordability through below average residential electric bills in the region PSEG’s Workforce of 12,500 Engaged Associates Led by an and among the lowest residential gas customer bills in region Experienced Management Team with Continuity • EEI Edison Award for our industry-leading efforts to protect New Jersey • CEO, CFO, GC, Presidents of PSE&G and PSEG Nuclear have an communities and customers from extreme weather conditions average of > 25 years of service with PSEG in a variety of roles • Award-winning Solar, Energy Efficiency, and EV programs • Strong union partnerships with our six unions and the ~7,700 employees they represent: - Recently reached new four-year labor agreements with all of our unions representing employees in New Jersey - Negotiating PSEG Long Island labor agreement in advance of Q4 2023 contract expiration * PSE&G Company received the highest score in the East Large segment of the J.D. Power 2022 U.S. Electric Utility Residential Customer Satisfaction Study of customers’ satisfaction with electric utility residential services and the J.D. Power 2022 U.S. Gas Utility Residential Customer Satisfaction Study of customers’ satisfaction nationally among gas residential customers. Visit jdpower.com\awards for more details. 9

PSEG Investor Update October 2023 PSEG 2023: Financial Strength to Achieve Strategic Plan Long-Term Growth Outlook of 5%-7% for 2023-2027 • Primary contributor is PSE&G’s 5%-7% Net Income growth rate over this 5-year period • Nuclear revenues at PTC threshold level offer stability that supports long-term growth outlook • Addresses cost updates to pension, interest and inflation Robust Utility Capital Investment Plan of $15.5B-$18B for 2023-2027 • Continuation of current investments focused on system modernization, “Last Mile” reliability and clean energy programs • Long runway of system infrastructure investments, decarbonization and electrification opportunities Solid Balance Sheet • Supports 5-year capital plan with no new equity or required asset sales, and potential for incremental investments • Solid investment grade credit ratings with improved business mix 2023 Indicative Shareholder Dividend Increased by 5.6% over 2022* • Opportunity for consistent, sustainable growth Compelling Growth Profile of PSE&G, Complemented by PSEG Power & Other’s Nuclear PTC Enhanced Outlook 10 *All future decisions and declarations regarding dividends on the common stock are subject to approval by the Board of Directors.

PSEG Investor Update October 2023 PSEG Provides Compelling Value for Our Customers We continuously target top quartile performance to deliver better service, at lower cost Lowest Cost, but More Leaks/Mile than Peers: Age of cast iron system Delivering Highest Customer Reliability at Lowest Cost: Achieving drives need for GSMP program low SAIDI outage scores with Lowest Distribution O&M spend 0.00 0 PSE&G 50 0.01 100 0.02 150 0.03 200 PSE&G 0.04 250 300 0.05 $- 0 $100 $200 $300 $400 $- 0 $50 $100 $150 $200 $250 $300 $350 Electric Distribution O&M per Customer ($) Gas Distribution O&M per Customer ($) Lower Cost Lower Cost Peers subset of SNL Energy Electric and Diversified Utilities with > 500,000 customers Peers consist of LDCs in NY, NJ, MD and PA. Achieving Highest Customer Satisfaction at Lowest Cost: For Overall Lowest A&G Cost/Customer vs. Peers Residential Customer Satisfaction PSE&G Elec. 800 780 PSE&G Elec. (#1) 760 Electric 740 PSE&G Gas 720 PSE&G Gas (#2) 700 680 Gas 660 640 $- $50 $100 $150 $200 $250 $- 0 $100 $200 $300 $400 0 Distribution O&M per Customer ($) Lower Cost Lower Cost Electric Peer Companies * Gas Peer Companies * * Peers and Overall Residential Customer Satisfaction from the East Large segment of the J.D. Power 2022 U.S. Electric Peers subset of SNL Energy Electric and Diversified Utilities with > 500,000 customers operating in CT, DE, MD, NY, NJ or PA Electric Utility Residential Customer Satisfaction Study of customers’ satisfaction with electric utility residential services Gas Peers LDCs operating in CT, MD, NJ, NY or PA with > 500,000 customers and the J.D. Power 2022 U.S. Gas Utility Residential Customer Satisfaction of customers’ satisfaction with natural gas residential services. Excludes PSEG Long Island for Electric and Eversource Energy and National Grid for Gas. 11 11 Note: Data and analytics for O&M and A&G Cost provided by S&P Global Market Intelligence. Leaks/Mile from PHMSA annual data. Data from 2022. Higher Reliability Higher Satisfaction SAIDI (minutes per year) Overall Residential Customer Satisfaction Lower Leaks Repaired System Leaks per Mile of Mains

PSEG Investor Update October 2023 PSEG Provides a Compelling Value for Our Communities Corporate Citizenship & Economic Development NJ Spend ~$2.1B • Recognized as One of America’s Most Responsible ~$1.8B ~$1.7B Substantial Companies (Newsweek 2023) investment in • Choose NJ – Chair of leading NJ economic development group NJ economy • Clean Energy Jobs Program – Ahead of schedule with more than (1) 2020 2021 2022 2,300 hires with a focus on diversity, equity and inclusion, in collaboration with NJ’s Council on the Green Economy • PSEG’s Corporate Citizenship priorities of environmental sustainability, social justice and equity focus on creating a U.S. Diversity Spend positive impact on the communities we serve ~$1.0B • With over $10M funded annually, the PSEG Foundation and Continued growth ~$0.8B ~$0.6B Corporate Social Responsibility support a framework of social in spending with value through strategic partnerships and activities, charitable giving as diverse businesses well as in-kind donations, and a robust employee-giving program • Over 6,000 employees volunteered over 30,000 hours 2020 2021 2022 with hundreds of local organizations in 2022, including >80% of executives serving on boards of 59 non-profit organizations • Offshore Wind Port – Provided land as well as development and permitting support 12 (1) As of June 30, 2023

PSEG Investor Update October 2023 PSEG Provides a Compelling Value for the Environment Environmental Targets • Carbon-free generation and net-zero for operations (Scope 1 and 2 emissions) by 2030 • Methane emissions – 22% reduction from 2018 through GSMP • Energy Efficiency – PSE&G on path to achieve EE savings targets established by the BPU • Electrifying transportation – Clean Energy Future–EV and the IAP focus on make-ready investments; targeting PSE&G fleet transition to electric by 2030 • PSEG has made a submission to the Science Based Targets initiative encompassing Scopes 1, 2 and 3 emissions; our submission is under review as part of SBTi’s validation process th Dow Jones Sustainability North America Index – 15 year in a row Carbon-Free Generation • Preserved New Jersey’s carbon-free, base load nuclear generation resource • Retired coal generation • Sold PSEG Fossil generating assets including Kalaeloa 13 13

PSEG Investor Update October 2023 PSEG Sustainability and ESG Summary PSEG Leadership Policies & Goals Recognition & Memberships • PSEG is a vocal advocate for an economy- • Named to Forbes List for America’s Best • PSE&G’s Clean Energy Future programs wide price on carbon and preservation of our Employers for Diversity for 2023 approved to invest $2B to decarbonize the existing carbon-free nuclear generating fleet NJ economy via Energy Efficiency, • Named to JUST Capital’s 2023 list of EV infrastructure, and AMI • Committed to rigorous oversight of political America’s 100 Most JUST Companies contributions and transparency in disclosure • Accelerated PSEG’s climate vision for Net Zero • MSCI has assigned PSEG its highest GHG emissions to 2030 for scopes 1 & 2 • PSEG oversight of sustainability and climate corporate ESG rating of AAA initiatives by Board of Directors’ Governance, • PSEG has made a submission to the Science • PSE&G was recognized with the Nominating and Sustainability Committee Based Targets initiative ® PA Consulting ReliabilityOne Award for • Human Rights Policy Outstanding Reliability Performance in • PSEG generating fleet is a Top 10 U.S. the Mid-Atlantic Metropolitan Service Area $0.40 -$0.45 producer of carbon-free energy and is coal-free • LGBTQ+ Inclusion Pledge st for the 21 consecutive year • PSEG’s ESG goals and business strategy • ~$1B of regulated solar investments • Named to the Dow Jones Sustainability are aligned with many of the U.N.’s SDGs North America Index for 15 years in a row • PSE&G has issued $1.4 billion of Green Bonds $3.00 - and PSEG sub-limit of master credit facility $3.05 includes sustainability-linked pricing mechanism • Link to PSEG Sustainability and ESG Disclosures including Reports and Sustainable Financing Framework* *These reports and disclosures should not be deemed incorporated into or part of these slides. Scope 1 are direct emissions from power generation, vehicle fleets and methane, SF and refrigerant leaks; Scope 2 are indirect emissions from operations from purchased energy of 6 14 electric and gas and line losses; Scope 3 are indirect emissions from our value chain.

PSEG Investor Update October 2023 PSEG Provides a Compelling Value for Our Investors P/E Rolling • average 2nd and 3rd year expectations We intend to continue improving our relative 22.5 valuation through a better business mix and 20.0 visible earnings growth: 17.5 • Regulated investment opportunities in decarbonization of NJ economy and electrification of transportation 15.0 and buildings 12.5 • Broader opportunities in transmission due to recent DOE Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 study and PJM fast track proceeding PSEG Peer Avg Top Quartile Avg • Unique asset class of carbon-free baseload nuclear fleet with PTC stabilized price beginning in 2024 Investment Proposition Return Opportunity • De-risked long-term growth outlook from visible, LT EPS Growth Rate Outlook 2023E-2027E 5% – 7% investments Dividend Yield 3% – 4% Total Potential Shareholder Return 8% – 11% Opportunity for Multiple Expansion to Further Enhance Return Opportunity 15

PSEG Investor Update October 2023 Public Service Electric & Gas

PSEG Investor Update October 2023 PSE&G – A Single State, Dual Jurisdiction Utility • Electric Transmission • Electric and Gas Distribution • Appliance Service Provider • Utility Provider of Energy Efficiency and Renewable Energy Programs *** PSE&G YE 2022 Rate Base As of YE 2022 Electric Gas Transmission Total Customers 2.3 Million 1.9 Million $11.8 B 45% 5-YR Annual Growth* 0.9% 0.7% 40,816 2,567M Total Sales ** GWh Therms ~$26.4B Sales Mix Residential 34% 59% Distribution $13.8 B Commercial 57% 37% 52% Clean Energy $0.8 B Industrial 9% 4% 3% *Annual customer growth uses 2017 as base year. **Gas Firm sales only. *** Excludes CWIP. Year-end CWIP 2022 balance was ~$1.3B. 17 17

PSEG Investor Update October 2023 Top-Tier Safety and Reliability Performance Metrics Driven by Nonstop Focus on Continuous Improvement OSHA Recordable SAIDI Open Leaks Incidence Rate 4.0 200.0 12.0 10.0 3.0 150.0 8.0 100.0 2.0 6.0 1.16 56.1 1.11 1.04 47.3 4.0 44.5 43.6 0.85 0.83 42.3 0.77 33.9 1.0 50.0 1,481 1,230 1,123 2.0 965 808 637 0.0 0.0 0.0 2017 2018 2019 2020 2021 2022 2017 2018 2019 2020 2021 2022 2017 2018 2019 2020 2021 2022 Top decile Sustained top decile Open year-end gas leaks performance in OSHA performance in electric reduced by 57% recordable incidence reliability results from 2017 st nd rd Top Decile 1 Quartile 2 Quartile 3 Quartile PSE&G Open Leaks, OSHA and SAIDI compared to their respective national panels. 18 18 Better Better Thousands Better

PSEG Investor Update October 2023 PSE&G’s Residential Electric bills are lower than regional average and Residential Gas bills are among the lowest in the region $300 $300 Monthly Electric Bills Monthly Gas Bills $250 $250 $215 $205 $192 $190 $200 $200 $153 $151 Average = $148 $141 $150 $150 $137 $134 $134 $130 $130 $122 $119 $118 $114 Average = $109 $106 $104 $98 $97 $91 $100 $100 $82 $69 $62 $50 $50 $0 $0 JCP&L BG&E RECO PECO PSE&G PP&L ACE O&R CL&P LIPA UI Con Ed E-Town PSE&G BG&E PECO O&R CNG SCG NJN Brooklyn SJG Yankee Con Ed PSE&G Peer NJ Utilities Peer Regional Utilities outside of NJ Based upon a calculation of monthly bills for an electric customer using 500 kilowatt-hours and a gas customer using 100 therms using rates as of June 1, 2023. Rates sourced from public company documents. 19

PSEG Investor Update October 2023 PSE&G Combined Bills Under 3% of Median NJ Income, Favorable “Share of Wallet” vs. Lower-Cost Regions (1) PSE&G Electric & Gas Combined Bills % of New Jersey Household Income Including Low-Income Customers After Assumed Credits Affordability of the combined bill has improved 5.0% by ~40% since 2009 for 4.5% median and low-income 4.5% 4.0% 4.3% customers 4.0% 3.5% 3.8% 3.7% 3.6% NJ 2022 electric residential rate 3.0% 3.3% 3.1% year-over-year increase is 2.9% 2.5% 2.8% 2.8% th 4 lowest among 50 states and 2.6% 2.6% 2.6% 2.5% 2.5% 2.5% 2.4% 2.0% (2) 2.2% Washington, D.C. 2.0% 2.0% 1.9% 1.5% 1.8% 1.7% 1.6% 1.6% 1.6% 1.5% 1.5% 1.5% Recent changes to 1.0% low-income support programs 0.5% (LIHEAP, USF and Lifeline) 0.0% have increased 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022E 2023E customer eligibility Combined Bill as a % of NJ Median Income Combined Bill as a % of Low Income Threshold (1) Based on a typical residential electric customer using 740 kilowatt-hours per summer month and 6,920 kilowatt-hours on an annual basis using rates as of June 1 for each year and a typical residential gas heating customer using 172 therms per winter month and 1,040 therms on an annual basis using rates as of January 1 of each year, February 1 for 2023. (2) Source: Data provided by S&P Global Market Intelligence. Notes: NJ Median income source https://fred.stlouisfed.org/series/MEHOINUSNJA646N. 2022E and 2023E are not available, therefore assume 3% annual increase per year over 2021. Income level of USF, the lowest threshold of the three low-income programs, is 175% of the Federal Poverty Line. Assumes the customer also qualifies for LIHEAP and Lifeline. 20 2022 results were adjusted to normal levels of customer assistance, which was elevated in 2022 due to funds received through the American Recovery Plan.

PSEG Investor Update October 2023 PSE&G's 5-Year Capital Investment Plan of $15.5B-$18B is Driven by System Modernization and NJ's Decarbonization and Energy Policy Goals PSE&G Capital Spending 2023E – 2027E 4 3 2 1 0 2023E 2024E 2025E 2026E 2027E Transmission Electric Distribution Gas Distribution Clean Energy Low to High Investment Range* Includes AFUDC. CEF-EC/AMI is included in Electric LDC. *The low end of the range includes extensions of GSMP and CEF-EE at current annual spending levels plus inflation. The hashed portion of the chart represents incremental investment that may occur for programs related to gas and electric modernization, energy efficiency, energy storage, electric vehicles and solar, 21 ($ Billions)

PSEG Investor Update October 2023 PSE&G's 10-Year Capital Plan Focuses on System Modernization, Climate Mitigation and Adaptation PSE&G’s Capital Spending Program Investment in the 10-year Period Primarily Driven by: 2023E-2032E Range $34B-$40B • Transmission: 69kV upgrades to support future electrification • Electric Distribution: System modernization and upgrades to replace “Last Mile”, aging station equipment, and Transmission Clean support for electrification 16% Energy 17% • Gas Distribution: Complete replacement of aged cast iron and unprotected steel mains and services by 2032, reducing methane leaks PSE&G High-End and completing system modernization 2023E-2032E Capex ~$40B Electric Distribution • Clean Energy: Programs to meet NJ clean energy targets and help Gas 34% customers save money Distribution 33% Supporting state energy policy focusing on electrification of transportation and buildings offers additional investment opportunity Includes AFUDC. CEF-EC/AMI is included in Electric LDC. Note: The low end of the range includes extensions of GSMP and CEF-EE at current annual spending levels plus inflation. The hashed portion of the chart represents incremental investment that may occur for programs related to gas and electric modernization, energy efficiency, energy storage, electric vehicles and solar. 22

PSEG Investor Update October 2023 Transmission Investment Is Focused on 69kV Upgrades to Support Future Electrification Efforts • Transitioning from large end-of-life projects to 69kV conversion/expansion and new stations to improve reliability, address aging system and load growth including future electrification efforts • Lifecycle investments focused on overhead conductor and pipe cable replacements and upgrades • Generation topology changes due to retiring plants and interconnections/ upgrades for OSW transmission and other renewables • Broader opportunities in transmission due to recent DOE study and PJM fast track proceeding • Annual formula rate incorporates forward test year, eliminates investment and cost recovery lag, which provides predictable earnings growth 23

PSEG Investor Update October 2023 Electric Distribution Investment Is Focused on System Modernization Providing Long Runway of Investment Opportunities and Maintains Our Best-in-Class Reliability We will build on the success of programs like Energy Strong and Infrastructure Advancement Program to meet current and future needs of our customers, including investments for: • “Last Mile” – Modernize circuits via targeted replacement of a myriad of asset types to support reliability, hardening and future electrification • Station Upgrades – Modernize or eliminate aging electric distribution substations and switchgear to support EV/DER growth and address expanded security requirements Outside Plant Construction • Community Needs – Expertise in tailoring station design to harmonize with our communities • Technology – AMI, new enhanced capacitor banks and other technology to enable capabilities for remote monitoring and system control to support EV/DER integration, urban networks and cost reductions Madison Street Substation 24

PSEG Investor Update October 2023 Gas Distribution Investment Is Focused on Infrastructure Replacement Accelerating Emission Reduction Benefits th Pending NJBPU review and potential approval on October 11 : • GSMP II extension proposed settlement, - ~$900 million, 2-year extension (January 2024 – December 2025) - ~$750 million accelerated clause-based recovery and $150 million stipulated base - Replacement of a minimum of 400 miles of main GSMP main replacement - Sustains the thousands of jobs and skilled workforce created under GSMP II • GSMP III filing, including RNG and Hydrogen projects: - Held in abeyance; parties to reconvene by no later than January 31, 2025 - If approved, would commence in January 2026 25

PSEG Investor Update October 2023 PSE&G’s Award-Winning Clean Energy Future Programs Are Delivering Benefits to Customers, and Rate Base Growth ENERGY EFFICIENCY ENERGY CLOUD “AMI” ELECTRIC VEHICLES BPU approved ~$1.3B investment since BPU approved $707M investment* in BPU approved $166M investment in September 2020 January 2021 January 2021 Programs for Residential and C&I Customers “Smart meters,” new software and product solutions Residential Smart Charging, Level 2 Mixed-Use including low-income, multi-family, small business to improve PSE&G processes and better manage the Charging, and Public DC Fast Charging (Make-Ready) and local government electric grid • Program on target including nine-month • Program on target, ~1 million meters in service • Program on target, enrollment increasing quickly (1) extension through June 2024 of $280 million to date and full deployment on schedule for due to education, outreach and supply chain ($320 million requested), increasing run rate, ~ year-end 2024 improvements with 8,850 chargers in the BPU issued EE framework for second triennial • Foundation for better customer service by application queue and 6,200 chargers energized (1) program that will be basis for Q4 2023 filing providing customers granular usage information, to date • Has won 27 awards, including two for creating automated reconnections and faster outage • Won Plug-In America Utility Award, and in 2022 clean energy jobs in NJ detection and EVgo Charging Hero award in 2023 • BPU to address Medium and Heavy-Duty EVs in conjunction with ongoing stakeholder process PSE&G’s Clean Energy Jobs Program has supported more than 2,300 unemployed and underemployed people from (1) low-to-moderate income areas secure clean energy careers (1) As of June 30, 2023 26

PSEG Investor Update October 2023 Incremental to PSE&G’s 10-Year Plan Are Opportunities Linked to New Jersey’s Accelerated Electrification Goals Governor Murphy’s February 2023 Incremental investments to support NJ’s Executive Orders increasing targets to decarbonize the economy • 100% clean energy by 2035 • Incremental clean energy investments (Solar, EE, EV, Battery storage) • Electrifying transportation – No internal combustion engine vehicles sold after 2035 and increased • Enhanced “Last Mile” reliability work to support incentives for Medium and Heavy-Duty EV adoption accelerated EV adoption and electrification • Building electrification – 400,000 homes and 20,000 • Supports accelerated replacement of aging gas mains commercial properties and 10% of low-to-moderate prone to leaks and breaks income properties by 2030 • Potential investments for low carbon fuels • Initiated 18-month stakeholder process to achieve to integrate into gas distribution system 2021 reduced gas emission goal by 2030 … representing a $3B-$7B incremental investment opportunity through 2032 27 27

PSEG Investor Update October 2023 PSE&G’s Rate Base Growth Delivers Improved Reliability, Enhanced Resiliency, Increased Customer Satisfaction, and Lower Emissions PSE&G Year-End Rate Base 60 Strong pipeline of opportunities will allow 50 for continued rate base 2022YE - 2027YE growth comparable to CAGR: 6%-7.5% current growth rates 40 The hashed portion of 30 2032E rate base includes the high-end of our 10-year capital spending 20 program, as well as incremental investment 10 opportunity from NJ’s accelerated electrification goals 0 2022 2023E 2024E 2025E 2026E 2027E 2032E Transmission Electric Distribution Gas Distribution Clean Energy Low to High Investment Range* Chart excludes CWIP. Year-end 2022 CWIP balance was ~$1.3B. *The low end of the range includes extension of GSMP and CEF-EE at current annual spending levels plus inflation. The hashed portion of the chart represents incremental investment that may occur for programs related to gas and electric modernization, energy efficiency, energy storage, electric vehicles, solar and State energy policy goals. 28 ($ Billions)

PSEG Investor Update October 2023 Effective Cost Control to Mitigate Inflation Impacts and Preserve Customer Affordability Keeps O&M CAGR ~1% (1) PSE&G O&M Expense • Demonstrated ability to control O&M 1,500 • 2023 cost reductions more than offset inflation and partially addresses the impact of Pension and OPEB 1,000 • Our focus on cost control provides headroom for recovery of capital investment, as $1 of O&M offsets the impact of ~$10 of capital 500 investment on customer bills • Implementation of AMI and productivity efforts are expected to 0 continue to control O&M costs for the next several years 2018 2019 2020 2021 2022 2023E Distribution Transmission 29 (1) Excludes certain regulatory balance account items. ($ Millions)

PSEG Investor Update October 2023 PSE&G Dual Jurisdiction Distribution Regulation Provides for a • State Regulatory Entity: NJ Board of Public Utilities Mixture of Investment and • Timely recovery of investment programs: - Contemporaneous recovery of EE and Solar programs Cost Recovery Mechanisms - Clause investment recovered via periodic filings for historic spending on Infrastructure Investment Programs (GSMP, Energy Strong, IAP) - Rate case recovery: Base spending, stipulated base Transmission • Current Distribution ROE: 9.6% for all programs • Federal Regulatory Entity: Federal Energy - Equity Ratio: 54% Regulatory Commission - YE 2022 Distribution Rate Base: ~$14B (55%) • Annual Formula Rate filing provides for • 4Q 2023 base rate filing is first since 2018, and will address recent investments, contemporaneous recovery with with cost control that helps keep bills affordable forward-looking test year - Test Year – Mid-2023 through mid-2024 • Current Transmission ROE: 10.4% inclusive of 50 basis - Request recovery of base distribution investments ~$3B including Board point RTO adder approved stipulated base spend - Equity Ratio: ~55% • Cost control and other factors mitigate other rate increases - YE 2022 Transmission Rate Base: ~$12B (~45%) - O&M control limits customer bill impact from last rate case and keeps costs below peers - Pension/OPEB expectations comparable to 2018 levels; seek to further reduce volatility - Weighted average cost of debt is flat compared to 2018 due to favorable refinancing and long-dated maturities - COVID and storm deferral recovery can be offset by completion of Superstorm Sandy recovery 30

PSEG Investor Update October 2023 Key Takeaways: Best-in-Class Operations with Important System Investment Needs Driving a Predictable Earnings Growth Platform Operational Excellence: Delivering top-tier safety, Disciplined Investment: Programs driven by reliability and customer service, while maintaining infrastructure modernization and decarbonization customer bill affordability • $15.5B-$18B capital investment program drives rate base growth of 6%-7.5% over the 2023-2027 period Financial Strength: Strong track record of • On schedule and on budget to deliver largest single-year capital growth continues spending program of $3.5 billion in 2023 • Distribution base rate case in 2024 driven by capital recovery, • Investments aligned with NJ climate policies, with upside to while continuing to keep customer bills affordable address Governor Murphy’s recent Executive Orders • Conservation Incentive Program decouples revenues, enabling • Gas business capital investments driven by replacement of broad EE adoption aged pipe prone to leaks • Cost control supports customer affordability with one of the • Technology investments will improve the customer experience lowest gas bills and below average electric bills vs. regional and reliability while continuing to control O&M peers • Investment recovery mechanisms help minimize regulatory lag 31

PSEG Investor Update October 2023 PSEG Power & Other

PSEG Investor Update October 2023 PSEG Nuclear • Operates Salem 1 & 2 and Hope Creek • 50% owner of Peach Bottom 2 & 3 • Total 3,766 MW PSEG Power • Opportunities for growth & Other PSEG Gas Operations A more stable, predictable business Serves BGSS contract with Power & PSE&G, providing low-cost that generates significant free gas and multiple value streams cash flow to support PSEG’s Other investment program Other PSEG Long Island contracts, Offshore wind lease area and potential transmission investments, potential Hydrogen investments, and Parent 33

PSEG Investor Update October 2023 PSEG Decision to Retain Nuclear Based on Several Drivers Decision to Retain Nuclear Units Clarified with Passage of the IRA, and Anticipated Start of PTC in 2024 Key Strategic Drivers: • Unique asset class of existing, low-cost, carbon-free, 24x7 base load generation, providing reliable energy integral to meeting New Jersey’s clean energy targets • Significant free cash flow supports PSEG as it allocates capital for PSE&G’s growth Key Financial Drivers: • Predictable earnings from PTC through 2032 provides escalating support for energy prices • Prices above PTC threshold will provide upside opportunity • Low-cost, high-value growth opportunities at nuclear, and prospects for growth in developing hydrogen hubs Key Operational Drivers: • Demonstrated operational excellence and equipment reliability, providing improved predictability • Safety is always our highest priority 34 34

PSEG Investor Update October 2023 PSEG Nuclear — Key Fleet Data 2022 Fleet Average Capacity Factor 92.2% • 57% PSEG ownership • 50% PSEG ownership • 659 MW owned capacity • 637.5 MW owned capacity • Current license expires 2036 • Current license expires 2053* • 18-month operating cycle • 24-month operating cycle • Next refueling scheduled Fall 2023 • Next refueling scheduled Fall 2024 Peach Salem Unit 2 Hope Creek Bottom Unit 3 PWR BWR BWR NJ NJ Peach PA Salem Unit 1 Bottom Unit 2 PWR BWR NJ PA • 100% PSEG ownership • 57% PSEG ownership • 50% PSEG ownership • 1,173 MW owned capacity • 659 MW owned capacity • 637.5 MW owned capacity • Current license expires 2046 • Current license expires 2040 • Current license expires 2054* • 18-month operating cycle • 18-month operating cycle • 24-month operating cycle • Next refueling scheduled Spring 2024 • Next refueling scheduled Fall 2024 • Next refueling scheduled Fall 2023 * Both Peach Bottom units have received subsequent license renewals for an additional 20 years from the NRC. However, the NRC is revisiting the environmental review and the license expiration dates were reverted back 35 35 to 2033 and 2034 pending this review.

PSEG Investor Update October 2023 Nuclear Is Critical to the Energy Transition Nuclear is a unique asset class providing reliable 24x7, carbon-free energy and price stabilization PSEG Nuclear provides ~40% of New Jersey’s energy and ~85% of NJ Electric Generation by Fuel Source 2022* New Jersey’s clean energy • New Jersey’s energy goals can only be met through preserving our nuclear Renewables Other assets through an extended license life 8% 1% • Integrated Energy Plan supporting NJ’s EMP concluded that retaining nuclear is the least-cost scenario for achieving NJ’s goals PSEG Nuclear is important to New Jersey’s economy • Supports an annual payroll of more than $175 million Nuclear 41% • Purchases more than $60 million a year in New Jersey goods and services Natural Gas 49% PSEG Nuclear is a leading employer in Salem County and Southern NJ • 4,530 in-state direct and secondary jobs, including 3,990 jobs in Salem County • 1,639 full-time employees — 70% of employees live in South Jersey • 1,000 additional contractors twice a year to support refueling outages and maintenance Coal 1% 36 36 *Source: Form EIA-923 (Electricity Data Browser as of Oct 4, 2023.)

PSEG Investor Update October 2023 Simplified Drawing of Secondary Side of Plant PSEG Nuclear Has Compelling Growth Opportunities: Salem Capacity Uprate • ~45-60 MW PSEG-share (4%-5%) thermal increase targeted • Lowers $/MWh generating cost (same O&M, more MWh) • Targeting in service in 2027-2029 • Low-cost investment — Capital is ~$100M PSEG-share for upgrades on the secondary side of the plant (shown to right); no upgrades to reactor equipment expected, no incremental O&M • Opportunity for a larger uprate will be evaluated • Compelling value: - Incremental PTC benefit — Expected to qualify for the incremental * clean energy production credit, providing 10 years of $27/MWh incremental value to market - Average annual net income for first five full years ~$15M-$25M 37 37 *Amounts reflect 2023 dollars, subject to IRS inflation adjustment factor.

PSEG Investor Update October 2023 Additional PSEG Nuclear Growth Opportunities Transition from 18-month to 24-month Refueling Cycles • An extended fuel cycle eliminates refueling outages over the life of the plant, reducing O&M by eliminating one refueling outage every 6 years (~$50M O&M) and increasing generation ~25 days every six years (~$30M) to end of extended life (avoids 6 refueling outages)* • Hope Creek: Authorized funding required to transition fuel cycle starting with Fall 2025 outage • Salem: Monitoring NRC approval of new fuel type that would enable transitioning to 24-month cycles License Extensions — Salem and Hope Creek • 20-year extensions to 2056 (Salem Unit 1), 2060 (Salem Unit 2) and 2066 (Hope Creek) • $95M total PSEG-share investment (includes ~$40M capex for equipment replacement), ~$10M–$15M through 2027 • Scoping study underway, Salem 1 & 2 license extension request submittal 2026, NRC approval anticipated 2028, Hope Creek to follow sequentially 38 38 *Amounts reflect 2023 dollars.

PSEG Investor Update October 2023 Hydrogen Opportunities Federal Government Created Programs to Incentivize the Development of a Hydrogen Economy to Drive Decarbonization Efforts Toward Some of the Hardest Sectors to Abate • Infrastructure Investment and Jobs Act, 2021 — Up to $8 billion to be awarded to at least 4 hydrogen hubs across the country • Inflation Reduction Act, 2022 — Creation of hydrogen PTC and ITC, dependent upon carbon intensity of hydrogen production process PSEG is Actively Evaluating Hydrogen-Related Opportunities • Participating in two hydrogen hubs in the Northeast and mid-Atlantic • Evaluating multiple roles - Owner and operator of hydrogen production facilities powered by carbon-free, nuclear power - Seller of RECs and/or nuclear power to third party hydrogen producers - End-user of hydrogen blended into selected segments of PSE&G’s gas distribution system 39 39 39

PSEG Investor Update October 2023 PSEG Power & Other — Other Businesses Gas Operations — the Next Largest Component of PSEG Power & Other • Broad portfolio of pipeline and storage contracts providing access to low-cost gas and optionality • Serves Basic Gas Supply Service (BGSS) to PSE&G customers • Multiple value streams from gas commodity and pipeline capacity sales to third parties and margins on gas sales to certain customer classes • Lowest-cost gas supplier in New Jersey with 75% of off-system sales margins credited to customers Other Components PSEG Long Island — Two Categories of Offshore Wind Competitive PJM Transmission Services • Ocean Wind 1 — Completed sale • Exploring bids into PJM competitive • Operating Services Agreement to of our 25% equity stake to Ørsted windows manage T&D utility • GSOE Lease Area — Evaluating • Fuel & Energy Management options to monetize our interests in Contracts acreage • Transmission (Offshore) — Pursue multiple solutions to support NJ’s offshore wind transmission goals, beginning with second State Agreement Approach solicitation expected to take place in 2024 40 40 40

PSEG Investor Update October 2023 Key Takeaways: Increasing Predictability • Operational Excellence: Solid nuclear operations with • Disciplined Investment: exemplary ratings on all units, gas operations benefiting - The PTC is a game-changer, providing LT price stability, PSE&G customers, and PSEG Long Island driving our strategic decision to retain our nuclear assets - Enables investment opportunities in power uprates, fuel • Financial Strength: cycle optimization, license extensions and hydrogen - Nuclear long-term price stability through PTC threshold into the next decade - Nuclear operations generate significant free cash flow to support PSEG’s growth objectives Transformed business with the sale of fossil - Other businesses, while smaller components, provide generating assets and exit from offshore stable value wind generation, and decision to retain PSEG’s nuclear assets following IRA 41

PSEG Investor Update October 2023 Financial Review & Outlook

PSEG Investor Update October 2023 PSEG’s Long-term Growth Outlook Driven by PSE&G’s Regulated Earnings Non-GAAP Operating Earnings Continuing on Path of Increasing Predictability • ~85%-90% of PSEG’s non-GAAP operating earnings are from PSE&G PSEG Power & Other • >90% of capital program allocated to PSE&G • Execution of robust capital plan PSE&G • Growth CAGR reflects Nuclear at PTC threshold • Continued cost control 2023E 2027E 43

PSEG Investor Update October 2023 Starting in 2024, Nuclear PTC Adds Stability and Visibility to PSEG Power & Other Illustrative EBITDA Contributions Illustrative Drivers of PSEG Power & Other for PSEG Power & Other + • At the PTC threshold, average annual nuclear EBITDA is estimated in the range of ~$500M in 2024, growing to ~$600M in 2027, as PTC adjusts annually for inflation after 2024 Other PSEG + Power • Remaining components of PSEG Power & Other expected to generate average -Nuclear annual EBITDA estimated at ~$225M over the same period PSEG Power- Gas Ops - • Annual depreciation is expected to average ~$135M over the same period • Annual interest expense is estimated ~$250M, growing to ~$325M in 2027, as we refinance at higher rates This predictability and visibility drives our strategic decision to retain nuclear Note – Illustrative representation of Nuclear EBITDA in years with PTC. Assumes PTC threshold of $43.75/MWh in 2024 with escalation of 3% per year, rising to $48.88/MWh for 2027, calculated in accordance with Internal Revenue Code Section 45U. 44

PSEG Investor Update October 2023 PSEG Power & Other Provides Significant Cash Flow, Including Nuclear PTC Starting in 2024 2023E – 2027E PSEG Power & Other Cash Flow Collateral rolls off as hedges satisfied, or as Return of market prices decline Collateral & (2022 YE balance of $1.5B) OSW Proceeds Free Cash LI & Other Other EBITDA Flow PSEG Power- Gas Ops Gas Ops EBITDA Other Net Uses PSEG Power- (primarily Nuclear interest & taxes) EBITDA Annual capital spend ~$150M, Capital consisting of primarily Nuclear projects Sources Uses 45

PSEG Investor Update October 2023 No New Equity Needed through 2027 to Fund PSE&G Capital Program 2023E – 2027E PSEG Sources and Uses of Cash PSEG Consolidated Funding PSE&G Growth PSE&G • Internally generated PSE&G cash flow • Incremental PSE&G debt • PSEG Power & Other enables PSE&G to retain equity to maintain capital structure PSE&G Dividend to Parent Incremental PSE&G Debt PSE&G Capital Expenditures PSEG Power & Other PSE&G Cash from (1) Incremental Ops Short Term PSEG Power & Debt/Loans Other LTD PSEG Power PSEG & Other FCF Shareholder Dividend from Dividend PSE&G S o u r ces U ses S o u r ces U ses S o u r ces U ses (1) PSE&G Cash from Operations is adjusted for cost of removal and Energy Efficiency spending, which are included in Capital Expenditures. 46

PSEG Investor Update October 2023 Our Business Profile Supports Solid BBB Credit Ratings and Meaningful Debt Capacity PSEG Projected Average (1) FFO/Debt Debt Capacity (2023E-2027E) 20% $3.0 Financial flexibility utilized to fund planned investments, Projected Average with meaningful debt 15% ~Mid-Teens capacity remaining for incremental opportunities Minimum Threshold 10% $0.0 ~$4B of investment capacity if Targeting Solid ‘BBB’ credit debt capacity funds regulated ratings for PSEG Senior growth at target capital structure Unsecured Debt (1) FFO/Debt is an internal estimate of a non-GAAP measure. FFO reflects cash from operations excluding working capital and adjusts for certain items including taxes on asset sales, cost of removal and energy efficiency investments. Debt consists of long-term debt, short-term debt and other imputed debt primarily related to an unfunded pension obligation. 47 $ Billions

PSEG Investor Update October 2023 PSEG’s 2023 Indicative Annual Dividend Increase Supported by Predictable Earnings Annual PSEG Dividend per Share * $2.28 • Opportunity for consistent and sustainable dividend growth $2.16 $2.04 • Dividend coverage by PSE&G $1.96 earnings exceeds 130% $1.88 $1.80 $1.72 $1.64 $1.56 $1.48 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023E ** 54% 54% 57% 59% 58% 57% 57% 56% 62% Payout Ratio *Indicative annual 2023 PSEG common dividend rate per share. **Payout Ratios reflect the dividend rate divided by non-GAAP Operating Earnings. See Slide A for Items excluded from Net Income/(Loss) to reconcile to Operating Earnings (non-GAAP) for PSEG. Note: All future decisions and declarations regarding dividends on the common stock are subject to approval by the Board of Directors. 48

PSEG Investor Update October 2023 Meeting Takeaways: A Strong Business Mix and Platform for Predictable Growth • 5%-7% long-term earnings growth rate for 2023-2027 driven by • Retaining Nuclear fleet with PTC stabilized, predictable cash PSE&G rate base growth and PTC threshold for Nuclear flows and multiple growth paths with modest investment • Best-in-class, customer-centric regulated Utility with robust - Predictability – Long-term growth outlook through 2027 based on 5-year capex of $15.5B–$18B PTC threshold, with upside for potential market price increases - Focused on infrastructure modernization and - Opportunities - Increase capacity via uprates, extend fuel cycles, decarbonization of NJ economy seek license extensions and potential hydrogen opportunities - Investment opportunities aligned with New Jersey • Effective cost control to mitigate macro-inflationary concerns, and federal Clean Energy policies reduce volatility and maintain customer affordability - Customer affordability with lower prices • 2023 indicative annual common dividend* of $2.28 per share than the average among regional peers represents a 5.6% increase over 2022 - Constructive NJ regulatory environment • Sustainability recognized in top-tier ESG scores for climate leadership and commitment to ethical business practices • Exited offshore wind generation, continuing to pursue offshore transmission projects • Strong management track record of delivering on commitments, including meeting earnings guidance 18 years in a row 49 * All future decisions and declarations regarding dividends on the common stock are subject to approval by the Board of Directors.

PSEG Investor Update October 2023 Appendix

PSEG Investor Update October 2023 PSE&G Recognized for Excellence PSE&G was honored on numerous fronts for best-in-class operations • 2022 PSE&G ranked #1 in Customer Satisfaction with both Residential Electric and Natural Gas Service in the East among Large Utilities by J.D. Power* ® • 2022 PA Consulting ReliabilityOne Award for Outstanding Reliability Performance in the Mid-Atlantic Metropolitan Service Area for the 21st consecutive year • 2022 EEI Edison Award, the electric utility industry’s highest honor • Escalent’s 2022 Cogent Most Trusted Utility Brands – Residential & Business * PSE&G Company received the highest score in the East Large segment of the J.D. Power 2022 U.S. Electric Utility Residential Customer Satisfaction Study of customers’ satisfaction with electric utility residential services and the J.D. Power 2022 U.S. Gas Utility Residential Customer Satisfaction Study of customers’ satisfaction nationally among gas residential customers. Visit jdpower.com/awards for more details. 51 51 51

PSEG Investor Update October 2023 PSEG Provides Compelling Careers for 2022 DEI Our Employees Recognitions PSEG 12,500 Employees • America’s Best Employers for Diversity • Strong union partnerships with our six unions and the ~7,700 employees • America’s Best Large Employers they represent: • America’s Best Employers for Women - Recently reached new four-year labor agreements with all of our unions • America’s Best Employer by State representing employees in New Jersey • America’s Most JUST Companies - Negotiating PSEG Long Island labor agreement in advance of Q4 2023 contract expiration • Bloomberg Gender-Equality Index • For 2022, our voluntary turnover rate excluding retirements was ~3% • Bronze Military Friendly Employers • DEI – 28% are racially/ethnically diverse, 18% are women • Campus Forward Award • Corporate Equality Index - Representation of racially/ethnically diverse employees has increased 1.5% in the past two years; exceeds median industry benchmark by ~10% • Disability Equality Index - Hired approximately 1,750 employees in 2022 • Leading Disability Employer § 40% were racially/ethnically diverse, a 10% improvement over 2021 • No. 1 Utility in 100 Best Corporate Citizens § 23% were women, a 4% improvement over 2021 - Numerous DEI recognitions 52 52

PSEG Investor Update October 2023 PSEG has Demonstrated Success in Controlling O&M, Keeping CAGR ~(3%) (1) PSEG O&M Expense 2,500 2,000 1,500 1,000 500 0 - 2018 2019 2020 2021 2022 2023E PSEG Power PSEG Power & Other Distribution Transmission Other (1) Excludes Nuclear ARO, early retirement of Hudson/Mercer coal plants, Bethlehem Energy Center goodwill write-off, write-offs related to Strategic Alternatives and certain regulatory balance account and pass-through items. Excludes PSEG Fossil and PSEG Power Ventures as of 2022. 53 ($ Millions)

PSEG Investor Update October 2023 2023 Pension Update PSEG ($ Millions) 2022 2021 • Focused on increasing the predictability of future earnings Discount Rate 5.20% 2.94% by mitigating pension impacts Expected Rate of Return 7.2% 7.7% • In February, the BPU approved an order authorizing on Plan Assets (EROA) PSE&G to modify its method for pension accounting for Fair Value of Plan Assets $6,906 $6,368 ratemaking purposes, which mitigates variability in the at Beginning of Year calculation of PSE&G’s pension expense for calendar year 2023 and beyond; as of June 30, 2023, PSE&G Actual Return on Plan Assets ($1,606) $886 has deferred $30 million as a Regulatory Asset under Fair Value of Plan Assets this methodology $4,911 $6,906 at Year-End • In August, PSEG closed on its previously announced Benefit Obligation at Year-End $5,628 $7,240 pension “lift-out”, transferring approximately $1 billion of pension obligations and associated plan assets, which will Funded Status at Year-End 87% 95% help to further increase the predictability of financial results • Post the “lift-out” transaction, strong funding ratio maintained Net Actuarial Loss at Year-End $2,151 $1,643 54 54

PSEG Investor Update October 2023 PSEG Power & Other * Nuclear Generation Measures Carbon-Free Contracted Energy Sales Six Months Ended Year Ended Baseload 2023E 2024E June 30, December 31, Nuclear 2022 2023 2021 2022 Volume TWh 30 – 32 30 - 32 Capacity Factor 94.9% 95.8% 91.9% 92.2% % Hedged 95-100% 75-80% Fuel Cost ($ millions) $93 $94 $188 $183 Price $/MWh $31 $38 Generation (GWh) 15,957 16,133 31,158 31,265 Fuel Cost ($/MWh) $5.83 $5.83 $6.03 $5.85 Other Financial Considerations 2021 Refueling Outages: Spring – HC Fall – S2, PB3 2022 Refueling Outages: Spring – S1 Fall – HC, PB2 • Majority of higher average annual hedged 2023 Refueling Outages: Spring – S2 Fall – S1, PB3 prices vs. 2022 realized in Q1 • Progress continues to transition PSEG’s PJM Capacity Auction Results 100%-owned Hope Creek unit from 18-month PSEG’s Average Prices PSEG’s Cleared Capacity to 24-month fuel cycles as early as 2025 2023 Delivery Period ($/MW-Day) (MW) Jan – May $97 3,300 Jun – Dec $50 3,700 * Numbers reflect management’s view of hedged percentages and prices as of December 31, 2022 for 2023E and June 30, 2023 for 2024E. Prices for 2023E reflect revenues of full requirement load deals based on contract price including renewable energy credits and ancillary, but excluding capacity and transmission components. Prices for 2024E reflect energy revenues only. Hedged positions include MTM accounting treatment and options. Note: Generation indicates period net generation; Average Prices and Cleared Capacity reflect base and incremental auctions. 55 55

PSEG Investor Update October 2023 PSEG maintains a solid financial position PSEG Public Service Electric & Gas PSEG Senior Unsecured Credit Ratings PSE&G Senior Secured Credit Ratings Moody’s = Baa2 / Outlook = Stable S&P = BBB / Outlook = Stable Moody’s = A1 / Outlook = Stable S&P = A / Outlook = Stable (1,2) PSEG 364-Day Term Loan Outstanding $0.75B PSE&G Long-term Debt Outstanding $13.09B PSEG Long-term Debt Outstanding $4.13B PSEG Long-Term Maturity Profile Through 2027 at June 30, 2023 PSEG Consolidated Debt to Capitalization 57% PSEG Power Issuer Credit Ratings 2,500 Moody’s = Baa2 / Outlook = Stable S&P = BBB / Outlook = Stable 2,000 (2) 1,500 PSEG Power Long-term Debt Outstanding $1.25B 1,000 500 PSEG Liquidity and Net Cash Collateral Postings 0 PSEG Liquidity and Net Cash Collateral Postings 2023 2024 2025 2026 2027 PSE&G PSEG Power PSEG • PSEG had approximately $4.0B of total available liquidity, including $0.5B of cash and short-term investments, at 6/30/2023 Financing Activity Subsequent to June 30, 2023 • PSEG Power had net cash collateral postings of $0.4B at 6/30/2023 PSE&G issued 5.20% Secured MTNs due August 2033 $0.50B PSE&G issued 5.45% Secured MTNs due August 2053 $0.40B All data is as of 6/30/2023 unless otherwise noted. MTNs=Medium-Term Notes (1) 364-Day Term Loan is included in Short-Term Debt as Commercial Paper & Loans and as of 6/30/2023 included one $0.75B PSE&G retired 3.25% MTNs due September 2023 ($0.33B) term loan maturing April 2024. (2) PSEG 364-Day term loans and PSEG Power long-term debt are at a variable rate. As of 6/30/2023, PSEG has entered into PSEG issued 5.88% Senior Notes due October 2028 $0.60B floating-to-fixed interest rate swaps totaling $0.90B in order to reduce the volatility in interest expense for a portion of our variable rate debt on our $1.25B, 3-year term loan maturing March 2025 at PSEG Power. Note: Total Long-Term Debt Outstanding amounts may not add to PSEG Consolidated Total Long-Term Debt Outstanding due PSEG issued 6.13% Senior Notes due October 2033 $0.40B to rounding. Amounts on slide are rounded up to two decimal places. 56 56 Principal Maturing ($ Millions)

PSEG Investor Update October 2023 PSEG EPS Reconciliation – First Half 2023 versus First Half 2022 $4. $2.00 75 $3.76 $3.75 $2.50 $2.25 0.07 $2.09 0.05 $1.97 $2.00 Gross Margin 0.15 Transmission 0.03 $1.75 Re-contracting/Market 0.22 Gas Margin 0.03 Capacity (0.03) Volume 0.01 Other Margin 0.03 $1.50 Gas Operations (0.05) Distribution O&M 0.05 O&M 0.02 $1.25 Distribution Interest (0.06) Depreciation & Interest (0.05) $1.00 Non-Operating Pension/OPEB (0.06) Distribution Non-Operating $0.75 Taxes & Other 0.02 Pension/OPEB (0.08) Distribution Taxes 0.03 $0.50 Lower Share Count $0.26 0.01 $0.25 $0.00 YTD 2022 YTD 2022 PSE&G PSEG Power & Other YTD 2023 YTD 2023 Net Operating Earnings Operating Earnings Net Income (non-GAAP)* (non-GAAP)* Income * See Slides A and B for Items excluded from Net Income/(Loss) to reconcile to Operating Earnings (non-GAAP) for PSEG, PSE&G and PSEG Power & Other. Note: Quarterly results may not add due to rounding. 57 57 $ / share ~ ~

PSEG Investor Update October 2023 Glossary of Terms/ Reconciliation

PSEG Investor Update October 2023 Glossary of Terms EPA Environmental Protection Agency PB Peach Bottom A&G Administrative & General AFUDC Allowance for Funds Used During Construction EPS Earnings Per Share PHMSA Pipeline and Hazardous Materials AGA American Gas Association Safety Administration ESG Environmental, Social and Governance AMI Automated Metering Infrastructure PJM Pennsylvania Jersey Maryland EV Electric Vehicle ARO Asset Retirement Obligation PTC Production Tax Credit FCF Free Cash Flow BGSS Basic Gas Supply Service PWR Pressurized Water Reactor FFO Funds from Operations BPU New Jersey Board of Public Utilities ROE Return on Equity GAAP Generally Accepted Accounting Principles BWR Boiling Water Reactor GC General Counsel RTO Regional Transmission Organization CAGR Compound Annual Growth Rate GHG Greenhouse Gas S Salem C&I Commercial and Industrial GSMP Gas System Modernization Program SAIDI System Average Interruption Duration Index CEF Clean Energy Future HC Hope Creek SF Sulfur Hexafluoride 6 CI/US Cast Iron and Unprotected Steel Main IAP Infrastructure Advancement Program T&D Transmission and Distribution CO e Carbon Dioxide equivalent 2 IRA Inflation Reduction Act U.N. United Nations CWIP Construction Work in Progress ITC Investment Tax Credit USF Universal Service Fund DEI Diversity Equity & Inclusion LDC Local Distribution Company YE Year-End DER Distributed Energy Resource LIHEAP Low Income Home Energy Assistance Program DOE Department of Energy LT Long-Term PSEG Investor Relations E Estimate MSCI Morgan Stanley Capital International 80 Park Plaza Earnings before Interest, Income Taxes, EBITDA Newark NJ 07102 NRC Nuclear Regulatory Commission Depreciation & Amortization PSEG-IR-GeneralInquiry@pseg.com O&M Operations and Maintenance EE Energy Efficiency OPEB Other Post-Employment Benefits Edison Electric Institute EEI Link to PSEG Investor Relations Website OSHA Occupational Safety and Health Administration Energy Information Administration EIA OSW Offshore Wind EMP Energy Master Plan P/E Price to Earnings Ratio Link to PSEG ESG Webpages 59 59

PSEG Investor Update October 2023 Reconciliation of Non-GAAP Operating Earnings a) Effective January 1, 2018, unrealized gains (losses) on Public Service Enterprise Group Incorporated - Consolidated Operating Earnings (non-GAAP) Reconciliation equity securities are recorded in Net Income (Loss) Six Months Ended Year Ended instead of Other Comprehensive Income (Loss). Reconciling Items June 30, December 31, 2022 2021 2020 2019 2018 2017 2023 2022 2016 2015 2014 b) Includes the financial impact from positions with forward ($ millions, Unaudited) delivery months. c) Six months ended June 30, 2022 and full year 2022 Net Income (Loss) $ 1,878 $ 129 $ 1,031 $ (648) $ 1,905 $ 1,693 $ 1,438 $ 1,574 $ 887 $ 1,679 $ 1,518 (Gain) Loss on Nuclear Decommissioning Trust (NDT) includes the results for fossil generation sold in February (a) Fund Related Activity, pre-tax (100) 257 270 ( 178) ( 231) (255) 144 (133) (5) (24) ( 138) 2022. 2021 amounts include a pre-tax loss of $298 (b) (Gain) Loss on Mark-to-Market (MTM), pre-tax (1,068) 949 635 620 81 ( 285) 117 167 168 ( 157) ( 111) million for the make-whole premium paid upon the early Storm O&M, net of insurance recoveries, pre-tax - - - - - - - - - ( 172) 27 redemption of PSEG Power's debt and other non-cash (c) Plant Retirements, Dispositions and Impairments, pre-tax - 14 31 2,940 (122) 402 (51) 975 669 - - debt extinguishment costs. Oil Lower of Cost or Market adjustment, pre-tax - - - - 2 - - - - - - Goodwill Impairment, pre-tax - - - - - 16 - - - - - d) Income tax effect calculated at 28.11% statutory rate for Lease Related Activity, pre-tax - - 78 10 - 58 8 77 147 - - Exit Incentive Program (EIP), pre-tax 20 - - - - - - - - - - 2018 through 2023 and 40.85% statutory rate for prior Income Taxes related to Operating Earnings (non-GAAP) reconciling items, years, except for qualified NDT related activity, which (d) excluding Tax Reform 316 (357) (306) (891) 106 37 (74) (427) ( 391) 150 104 records an additional 20% trust tax on income (loss) Tax Reform - - - - - - - (745) - - - Operating Earnings (non-GAAP) $ 1,046 $ 992 $ 1,739 $ 1,853 $ 1,741 $ 1,666 $ 1,582 $ 1,488 $ 1,475 $ 1,476 $ 1,400 from qualified NDT Funds, the additional investment tax credit recapture related to the sale of PSEG Solar (e) PSEG Fully Diluted Average Shares Outstanding (in millions) 500 502 501 504 507 507 507 507 508 508 508 Source in 2021, and lease related activity. ($ Per Share Impact - Diluted, Unaudited) e) Approximately three million potentially dilutive shares Net Income (Loss) $ 3.76 $ 0.26 $ 2.06 $ (1.29) $ 3.76 $ 3.33 $ 2.83 $ 3.10 $ 1.75 $ 3.30 $ 2.99 (a) were excluded from fully diluted average shares (Gain) Loss on NDT Fund Related Activity, pre-tax (0.20) 0.51 0. 54 ( 0.35) ( 0.46) (0.50) 0. 28 (0.26) (0.01) ( 0.05) (0.27) (b) outstanding used to calculate the diluted GAAP loss per (Gain) Loss on MTM, pre-tax ( 2.14) 1.89 1. 27 1. 23 0. 16 (0.56) 0. 23 0. 33 0. 33 ( 0.31) (0.22) Storm O&M, net of insurance recoveries, pre-tax - - - - - - - - - ( 0.34) 0. 05 share for the year ended December 31, 2021 as their (c) Plant Retirements, Dispositions and Impairments, pre-tax - 0.02 0. 06 5. 83 ( 0.24) 0.79 (0.10) 1. 92 1.32 - - impact was antidilutive to GAAP results. For non-GAAP Goodwill Impairment, pre-tax - - - - - 0.03 - - - - - Lease Related Activity, pre-tax - - 0. 15 0. 02 - 0. 11 0. 02 0. 15 0. 29 - - per share calculations, we used fully diluted average EIP, pre-tax 0. 04 - - - - - - - - - - shares outstanding of 507 million for the year ended Income Taxes related to Operating Earnings (non-GAAP) reconciling items, (d) December 31, 2021, including the three million excluding Tax Reform 0.63 (0.71) (0.61) ( 1.77) 0.21 0. 08 (0.14) (0.84) ( 0.78) 0. 31 0. 21 Tax Reform - - - - - - - (1.47) - - - potentially dilutive shares as they were dilutive to non- (e) Share Differential - - - ( 0.02) - - - - - - - GAAP results. As a result of the use of different Operating Earnings (non-GAAP) $ 2.09 $ 1.97 $ 3.47 $ 3.65 $ 3.43 $ 3.28 $ 3.12 $ 2.93 $ 2.90 $ 2.91 $ 2.76 denominators for non-GAAP Operating Earnings and GAAP Net Loss, a reconciling line item, “Share Differential,” has been added to the year ended December 31, 2021 results to reconcile the two EPS calculations. . Please see Slide 3 for an explanation of PSEG’s use of Operating Earnings as a non-GAAP financial measure and how it differs from Net Income/(Loss). A 60 60

PSEG Investor Update October 2023 Reconciliation of Non-GAAP Operating Earnings PSE&G Operating Earnings (non-GAAP) Reconciliation PSEG Power & Other Operating Earnings (non-GAAP) Reconciliation Six Months Ended Six Months Ended Reconciling Items June, 30, Reconciling Items June, 30, 2023 2022 2023 2022 ($ millions, Unaudited) ($ millions, Unaudited) Net Income (Loss) $ 1,055 $ (685) Net Income $ 823 $ 814 EIP, pre-tax 14 - (Gain) Loss on NDT Fund Related Activity, pre-tax ( 100) 257 (a) Income Taxes related to Operating Earnings (non-GAAP) reconciling items (4) - (Gain) Loss on MTM, pre-tax (1,068) 949 (b) Operating Earnings (non-GAAP) $ 833 $ 814 Plant Retirements, Dispositions and Impairments, pre-tax - 14 Lease Related Activity, pre-tax - - PSEG Fully Diluted Average Shares Outstanding (in millions) 500 502 EIP, pre-tax 6 - (c) Income Taxes related to Operating Earnings (non-GAAP) reconciling items 320 ( 357) Operating Earnings (non-GAAP) $ 213 $ 178 PSEG Fully Diluted Average Shares Outstanding (in millions) 500 502 (a) Includes the financial impact from positions with forward delivery months. (b) Amount for the six months ended June 30, 2022 includes the results for fossil generation sold in February 2022. (c) Income tax effect calculated at the statutory rate except for qualified NDT related activity, which records an additional 20% trust tax on income (loss) from qualified NDT Funds, and lease related activity. Please see Slide 3 for an explanation of PSEG’s use of Operating Earnings as a non-GAAP financial measure and how it differs from Net Income/(Loss). B 61 61

PSEG Investor Update October 2023 Thank you