EX-99 2 d656577dex99.htm EX-99

EXHIBIT 99 PSEG Investor Update Leading toward a sustainable future January 2024 1 1

PSEG Investor Update January 2024 Forward-Looking Statements Certain of the matters discussed in this presentation about our and our subsidiaries’ future • 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; performance, including, without limitation, future revenues, earnings, strategies, prospects, • our ability to obtain adequate nuclear fuel supply; consequences and all other statements that are not purely historical constitute “forward-looking • changes in technology related to energy generation, distribution and consumption and statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such changes in customer usage patterns; forward-looking statements are subject to risks and uncertainties, which could cause actual • third-party credit risk relating to and purchase of nuclear fuel; • any inability to meet our commitments under forward sale obligations and Regional results to differ materially from those anticipated. Such statements are based on Transmission Organization rules; management’s beliefs as well as assumptions made by and information currently available to • reliance on transmission facilities to maintain adequate transmission capacity for our management. When used herein, the words “anticipate,” “intend,” “estimate,” “believe,” nuclear generation fleet; “expect,” “plan,” “should,” “hypothetical,” “potential,” “forecast,” “project,” variations of such • the impact of changes in state and federal legislation and regulations on our business, including PSE&G’s ability to recover costs and earn returns on authorized investments; words and similar expressions are intended to identify forward-looking statements. Factors that • PSE&G’s proposed investment programs may not be fully approved by regulators and its may cause actual results to differ are often presented with the forward-looking statements capital investment may be lower than planned; themselves. Other factors that could cause actual results to differ materially from those • our ability to advocate for and our receipt of appropriate regulatory guidance to ensure long-term support for our nuclear fleet; contemplated in any forward-looking statements made by us herein are discussed in filings we • adverse changes in and non-compliance with energy industry laws, policies, regulations make with the United States Securities and Exchange Commission (SEC), including our and standards, including market structures and transmission planning and transmission Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K. These returns; factors include, but are not limited to: • risks associated with our ownership and operation of nuclear facilities, including increased nuclear fuel storage costs, regulatory risks, such as compliance with the • any inability to successfully develop, obtain regulatory approval for, or construct Atomic Energy Act and trade control, environmental and other regulations, as well as transmission and distribution, and our nuclear generation projects; financial, environmental and health and safety risks; • the physical, financial and transition risks related to climate change, including risks • changes in federal and state environmental laws and regulations and enforcement; relating to potentially increased legislative and regulatory burdens, changing customer • delays in receipt of, or an inability to receive, necessary licenses and permits and siting preferences and lawsuits; approvals; and • any equipment failures, accidents, critical operating technology or business system • changes in tax laws and regulations. failures, 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 provide safe and reliable service to our customers; All of the forward-looking statements made in this presentation are qualified by these cautionary • any inability to recover the carrying amount of our long-lived assets; statements and we cannot assure you that the results or developments anticipated by • disruptions or cost increases in our supply chain, including labor shortages; management will be realized or even if realized, will have the expected consequences to, or • any inability to maintain sufficient liquidity or access sufficient capital on commercially effects on, us or our business, prospects, financial condition, results of operations or cash flows. reasonable terms; • the impact of cybersecurity attacks or intrusions or other disruptions to our information Readers are cautioned not to place undue reliance on these forward-looking statements in technology, operational or other systems; making any investment decision. Forward-looking statements made in this presentation apply • a material shift away from natural gas toward increased electrification and a reduction in only as of the date of this presentation. While we may elect to update forward-looking the use of natural gas; statements from time to time, we specifically disclaim any obligation to do so, even in light of • failure to attract and retain a qualified workforce; • inflation, including increases in the costs of equipment, materials, fuel and labor; new information or future events, unless otherwise required by applicable securities laws. • the impact of our covenants in our debt instruments and credit agreements on our The forward-looking statements contained in this presentation are intended to qualify for the safe business; • adverse performance of our defined benefit plan trust funds and Nuclear harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of Decommissioning Trust Fund and increases in funding requirements and pension costs; the Securities Exchange Act of 1934, as amended. 2 2

PSEG Investor Update January 2024 GAAP Disclaimer PSEG presents Operating Earnings in addition to its Net Income Due to the forward-looking nature of non-GAAP Operating Earnings reported in accordance with accounting principles generally accepted in guidance, PSEG is unable to reconcile this non-GAAP financial the United States (GAAP). Operating Earnings is a non-GAAP financial measure to the most directly comparable GAAP financial measure measure that differs from Net Income. Non-GAAP Operating Earnings because comparable GAAP measures are not reasonably accessible or exclude the impact of gains (losses) associated with the Nuclear reliable due to the inherent difficulty in forecasting and quantifying Decommissioning Trust (NDT), Mark-to-Market (MTM) accounting and measures that would be required for such reconciliation. Namely, we material one-time items. The last slide in this presentation (Slide A) are not able to reliably project without unreasonable effort MTM and includes a list of items excluded from Net Income to reconcile to non- NDT gains (losses), for future periods due to market volatility. These GAAP Operating Earnings. items are uncertain, depend on various factors, and may have a material impact on our future GAAP results. Guidance included herein Management uses non-GAAP Operating Earnings in its internal is as of January 3, 2024. analysis, and in communications with investors and analysts, as a consistent measure for comparing PSEG’s financial performance to previous financial results. The presentation of non-GAAP Operating Earnings is intended to complement, and should not be considered an alternative to, the presentation of Net Income, which is an indicator of financial performance determined in accordance with GAAP. In addition, non-GAAP Operating Earnings as presented in this release may not be comparable to similarly titled measures used by other companies. 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 January 2024 Public Service Enterprise Group

PSEG Investor Update January 2024 PSEG 2024: An improved business mix and platform for predictable growth PSE&G • Regulated Operations Represent ~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 • Carbon-Free PSEG Nuclear Fleet Production Tax Credit makes PSEG Nuclear’s cash flows more predictable and provides downside price protection 5 5

PSEG Investor Update January 2024 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 and other regulated investments, aligned with clean energy policies • Financial Strength: Solid balance sheet to fund - Investments to modernize utility infrastructure – Energy our growth objectives Strong, “Last Mile” reliability, GSMP - No new equity required to support 5-year capital plan - Investments to support decarbonization – Energy through 2028 Efficiency, EV, AMI, Solar and other - Solid investment grade ratings supported by credit - Recently awarded investment into competitively bid metrics that allow for incremental investment regulated transmission - PTC provides long-term certainty and downside price protection for Nuclear - Cost control supports customer affordability with one of the lowest gas bills and below average electric bills vs. regional peers 6 6

PSEG Investor Update January 2024 PSEG Financial Outlook: More Predictability from an Improved Business Profile Well Positioned for the Future ✓ Eliminates market price volatility on earnings, proceeds used to pay down debt, and Exited Merchant Fossil Generation return capital to shareholders ✓ Completed sale of 25% equity stake in Ocean Wind 1, recouping full investment Exited Offshore Wind Generation ✓ Evaluating options to monetize our 50% stake in Garden State Offshore Energy acreage ✓ PTC provides downside price protection through 2032 Retained Carbon Free Nuclear Fleet ✓ Enhances PSEG Power & Other cash flow visibility and predictability ✓ BPU pension accounting order helps reduce volatility in PSE&G earnings Progress on Reducing Pension Variability ✓ Recent “lift-out” of ~$1 billion of PSEG Power & Other pension obligations PSE&G Transmission Formula Rate✓ Provides timely recovery of capital investments PSE&G Conservation Incentive Program ✓ Decoupling of volumes from revenues supportive of widespread adoption of EE investments PSE&G’s Robust Capital Program ✓ Long-term visibility from infrastructure replacement and support of NJ’s decarbonization efforts PSEG Financial Strength ✓ Solid balance sheet enables funding of 5-year capital investment program without new equity ✓ Continued opportunity for consistent and sustainable dividend growth PSEG Compelling Risk-Adjusted Return Opportunity ✓ Supports our long-term non-GAAP Operating Earnings growth outlook of 5%-7% through 2028 7 7 7

PSEG Investor Update January 2024 PSEG 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 PSEG Opportunities nd • BPU issued 2 triennium Energy Efficiency framework (2023) • “Last Mile” distribution system investments increase reliability • February 2023 NJ Governor’s Executive Orders advance 100% Clean and prepare for electrification Energy by 2035 (#315), prioritize Electrification of Building Sector (#316), • GSMP targets methane leaks and infrastructure replacement and initiate Stakeholder Proceeding on Future of Natural Gas Utilities (#317) • EE programs reduce usage, emissions and customer bills • BPU Order for Energy Efficiency Adoption (2020) • NJ Energy Master Plan (2020) • EV programs address the #1 source of emissions in NJ • NJ Clean Energy Act (2018) • PTC helps preserve NJ nuclear units; offers opportunities • NJ Zero Emissions Certificate Law (2018) to invest in uprates, fuel-cycle extension and license extension; incremental opportunities in hydrogen Key Federal Policies • Investment upside from NJ Governor’s Executive Orders • Inflation Reduction Act (2022) • Infrastructure Investment and Jobs Act (2021) • PIPES Act (2020) Supports Replacement of Aged Gas Pipeline Infrastructure 8

PSEG Investor Update January 2024 PSEG: 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 supply • Top quartile safety performance operations benefiting PSE&G customers, and PSEG Long Island • Recipient of PA Consulting 2023 ReliabilityOne® Award for Outstanding • Nuclear fleet consisting of 3,766 MW carbon-free, base load assets Reliability Performance in the Mid-Atlantic Metropolitan Service Area with a PTC stabilized revenue stream and opportunities for for 22 consecutive years low-cost uprates and other enhancements • #1 in Customer Satisfaction with Residential and Business Electric • Supporting revenues from Gas Operations, PSEG Long Island, Service in the East among Large Utilities by J.D. Power in 2023* and other investments offset by Parent interest • Robust pipeline of regulated investment opportunities PSEG’s Workforce of 12,500 Engaged Associates Led by an • Affordability as evidenced by below average residential electric bills in the Experienced Management Team with Continuity region and among the lowest residential gas customer bills in region • CEO, CFO, GC, Presidents of PSE&G and PSEG Nuclear have an • Award-winning Solar, Energy Efficiency, and EV programs average of > 25 years of service with PSEG in a variety of roles • Strong union partnerships with our six unions and the ~7,700 employees they represent: - In May 2023, PSEG reached new four-year labor agreements with all unions representing employees in New Jersey - In November 2023, PSEG Long Island reached a new four-year labor agreement * PSE&G received the highest score in the East Large segment of the J.D. Power 2023 U.S. Electric Utility Residential and Business Customer Satisfaction Study of electric utility satisfaction among residential and business customers. Visit jdpower.com\awards for more details. 9

PSEG Investor Update January 2024 PSEG: Financial Strength to Achieve Strategic Plan Long-Term Non-GAAP Operating Earnings Growth Outlook of 5%-7% for 2024-2028 • Primary contributor is PSE&G’s Net Income over this 5-year period • Rate Base CAGR of 6-7.5% driven by expanded capital program starting from a 10% higher Rate Base at YE 2023 vs YE 2022 • Nuclear revenues at PTC threshold level offer stability that supports long-term growth outlook Robust Regulated Capital Investment Plan Updated to $18B-$21B for 2024-2028; total PSEG capital plan of $19B-$22.5B • Clean Energy Future – Energy Efficiency II filing proposes $3.1 billion of programs to save energy, lower utility bills, decarbonize the NJ economy and continue developing green jobs beginning in January 2025 • Expansion of current investments focused on system modernization, “Last Mile” reliability and clean energy programs, reflecting 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 through 2028 • Solid investment grade credit ratings with improved business mix 2023 Shareholder Dividend Increased 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 *All future decisions and declarations regarding dividends on the common stock are subject to approval by the Board of Directors. 10

PSEG Investor Update January 2024 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 Q2 Q3 Q4 Q1 720 PSE&G Gas (#2) 700 680 Gas 660 Q1 Q2 Q3 Q4 640 $- 0 $100 $200 $300 $400 $0 $50 $100 $150 $200 $250 Distribution O&M per Customer ($) 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 January 2024 PSEG Provides a Compelling Value for Our Communities Corporate Citizenship & Economic Development NJ Spend • Recognized as One of America’s Most Responsible Companies ~$2.1B ~$1.8B (Newsweek 2023) ~$1.7B Substantial • Choose NJ – Chair of leading NJ economic development group investment in NJ economy (1) • Clean Energy Jobs Program – Ahead of schedule with over 2,400 hires with a focus on diversity, equity and inclusion, in collaboration with NJ’s Council on the Green Economy 2020 2021 2022 • PSEG’s Corporate Citizenship priorities of environmental sustainability, social justice and equity focus on creating a positive impact on the communities we serve U.S. Diversity Spend • With over $10M funded annually, the PSEG Foundation and Corporate ~$1.0B Social Responsibility support a framework of social value through strategic partnerships and activities, charitable giving as well as in-kind donations, and Continued growth ~$0.8B ~$0.6B a robust employee-giving program in spending with diverse businesses • Over 6,000 employees volunteered over 30,000 hours with hundreds of local organizations in 2022 with executives serving on boards of 59 non-profit organizations 2020 2021 2022 • Offshore Wind Port – Provided land as well as development and permitting support 12 (1) As of November 30, 2023

PSEG Investor Update January 2024 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 (2% for electric and 0.75% for natural gas) • Electrifying transportation – Clean Energy Future–EV and the IAP focus on make-ready investments; targeting PSE&G fleet transition to electric by 2030 • PSEG’s submission to the Science Based Targets initiative encompasses 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 – 16 year in a row Carbon-Free, Baseload Generating Fleet • Preserved New Jersey’s carbon-free, base load nuclear generation resource • PSEG Power has retired or divested all coal and fossil-fired generation 13 13

PSEG Investor Update January 2024 PSEG Sustainability and ESG Summary PSEG Leadership Policies & Goals Recognition & Memberships • PSEG is a vocal advocate for an economy- • PSE&G’s Clean Energy Future programs have • MSCI rates PSEG at AAA, its highest wide price on carbon and preservation of our invested ~$2B to decarbonize the NJ economy corporate ESG rating existing carbon-free nuclear generating fleet via Energy Efficiency, EV infrastructure, and AMI • Named to the Dow Jones Sustainability • Committed to rigorous oversight of political North America Index for 16 years in a row • Accelerated PSEG’s climate vision for Net Zero contributions and transparency in disclosure GHG emissions to 2030 for Scopes 1 & 2 • Named to Forbes List for America’s Best • PSEG oversight of sustainability and climate Employers for Diversity for 2023 • PSEG submitted proposed emissions reduction initiatives by Board of Directors’ Governance, targets to the Science Based Targets initiative • Named to JUST Capital’s 2023 list of Nominating and Sustainability Committee America’s 100 Most JUST Companies • PSEG generating fleet is a Top 10 U.S. • Human Rights Policy producer of carbon-free energy and is carbon-free • PSE&G received the PA Consulting $0.40 -$0.45 ® • LGBTQ+ Inclusion Pledge ReliabilityOne Award for Outstanding • ~$1B of regulated solar investments Reliability Performance in the Mid-Atlantic • PSEG’s business strategy is aligned with nd Metropolitan Service Area for 22 • PSE&G has issued $1.4 billion of Green Bonds many of the United Nations’ Sustainable consecutive year and the 2023 and PSEG sub-limit of master credit facility Development Goals ReliabilityOne® Outstanding Customer includes sustainability-linked pricing mechanism Engagement Award • Link to PSEG’s 2023 Sustainability Report* • PSEG named to 2023 CPA-Zicklin Index “Trendsetters” with a score of 90 out of a possible 100 for Corporate Political Disclosure practices and Accountability * The 2023 Sustainability Report 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 electric and gas and line losses; Scope 3 are indirect emissions from our value chain. 14

PSEG Investor Update January 2024 PSEG Provides a Compelling Value for Our Investors P/E Rolling average 2nd and 3rd year expectations Improved business mix and visible earnings growth: 22.5 • Regulated investment opportunities in decarbonization 20.0 of NJ economy and electrification of transportation and buildings 17.5 • Broader opportunities in competitively bid regulated transmission 15.0 due to recent DOE study and PJM fast track proceeding 12.5 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 • Unique asset class of carbon-free baseload nuclear fleet with PTC stabilized price beginning in 2024 PSEG Peer Avg Top Quartile Avg • De-risked long-term growth outlook from visible, long-term investments Investment Proposition Return Opportunity Non-GAAP Operating Earnings Growth Rate 5% – 7% Outlook 2024E-2028E Dividend Yield 3% – 4% Total Potential Shareholder Return 8% – 11% Opportunity for Multiple Expansion to Further Enhance Return Opportunity 15

PSEG Investor Update January 2024 Public Service Electric & Gas

PSEG Investor Update January 2024 PSE&G – A Single State, Dual Jurisdiction Utility *** PSE&G YE 2023E Rate Base • Electric Transmission • Electric and Gas Distribution • Appliance Service Provider Transmission • Utility Provider of Energy Efficiency $12.4 B and Renewable Energy Programs 43% ~$29 B 1 Customer Data Electric Gas Distribution $15.3 B Total Customers 2.3 Million 1.9 Million 53% 5-YR Annual Growth* 0.9% 0.7% Clean Energy $1.2 B 40,816 2,567M 4% Total Sales ** GWh Therms PSE&G YE 2022E *** 1 Rate Base Sales Mix Electric Gas Residential 34% 59% Commercial 57% 37% ~$26 B Industrial 9% 4% 1 Customer and Sales Mix data are as of year-end 2022. * Annual customer growth uses 2017 as base year. **Gas Firm sales only. *** Excludes CWIP. Year-end CWIP 2023E balance is ~$1.2B. 17 17

PSEG Investor Update January 2024 Top-Tier Safety and Reliability Performance Metrics Driven by Nonstop Focus on Continuous Improvement OSHA Recordable SAIDI Open Leaks Incidence Rate 400.0 6.0 12.0 350.0 5.0 10.0 300.0 4.0 8.0 250.0 3.0 200.0 6.0 150.0 2.0 4.0 1.16 1.11 1.04 100.0 0.85 0.83 0.77 56.1 47.3 43.6 44.5 42.3 1,481 1.0 33.9 1,230 1,123 2.0 965 808 50.0 637 0.0 0.0 0.0 2017 2018 2019 2020 2021 2022 2017 2018 2019 2020 2021 2022 2017 2018 2019 2020 2021 2022 Consistent top tier 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 OSHA, SAIDI and Open Leaks compared to their respective national panels. 18 18 Thousands

PSE&G’s Residential Electric Bills Are Lower than Regional Average and Gas Bills Are Among the Lowest Among Regional Peers $250 $250 $236 Monthly Electric Bills Monthly Gas Bills $203 $200 $200 $181 $178 $163 $158 Average = $148 $149 $148 $145 $150 $144 $150 $127 $122 $118 $117 Average = $116 $111 $112 $110 $108 $105 $105 $98 $100 $100 $87 $83 $66 $50 $50 $0 $0 PSE&G E-Town* BG&E PECO O&R SCG CNG NJN Brooklyn Yankee SJG Con Ed JCP&L BG&E Rockland PECO PP&L PSE&G O&R Atlantic LIPA CL&P UI Con Ed Electric Electric 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 using rates as of September 1, 2023 and a gas customer using 100 therms using rates as of October 1, 2023. Rates sourced from public company documents. 19 * E-Town rates as of December 1, 2023 for BGSS-P and CIP as October change was delayed.

PSEG Investor Update January 2024 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 5.0% 4.5% Affordability of the combined bill 4.0% 4.3% has improved ~40% since 2009 4.0% for median-income customers and 3.8% 3.7% 3.6% ~30% for low-income customers 3.0% 3.3% 3.1% 2.9% 2.8% 2.9% 2.8% 2.6% 2.6% 2.6% 2.5% 2.5% 2.5% 2.4% 2.0% 2.2% 2.3% NJ 2022 electric residential rate 2.0% 2.0% 1.9% 1.8% year-over-year increase is 1.7% 1.6% 1.6% 1.6% th 1.5% 1.5% 1.5% 4 lowest among 50 states and 1.0% (2) Washington, D.C. 0.0% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023E 2024E 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, March 1 for 2023. (2) Source: Data provided by S&P Global Market Intelligence. Notes: NJ Median income source https://fred.stlouisfed.org/series/MEHOINUSNJA646N. 2023E and 2024E are not available, therefore assume 3% annual increase per year over 2022. 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. 2022 results were adjusted to normal levels of customer assistance, which was elevated in 2022 due to funds received through the American Recovery Plan. 20

PSEG Investor Update January 2024 Regulated planned capital spending range increased by >$2B for 2024-2028 reflecting expanded Clean Energy, Electric reliability and electrification needs at PSE&G, and inclusion of a competitively bid transmission project Regulated Capital Spending and Rate Base CAGR 2024 vs. Prior Plan New Capital Spending Plan $18B-$21B Prior Capital Spending Plan Rate Base CAGR 6-7.5% 22 $16B-$18.5B 20 Rate Base CAGR 6-7.5% 18 16 14 12 10 8 6 4 2 0 2023E-2027E Capital Spending Plan 2024E-2028E Capital Spending Plan (December 2023 Investor Update) (January 2024 Investor Update) Transmission Electric Gas Utility Clean Energy Transmission Non-PSE&G* Low to High Investment Range** Consistent Rate Base CAGR driven by expanded capital program starting from a 10% higher Rate Base at YE 2023E vs YE 2022 Includes AFUDC. CEF-EC/AMI is included in Electric. * The Conastone-Doubs transmission project that was awarded to PSEG by PJM on December 11, 2023, will be managed and owned outside of PSE&G but is included here given FERC regulated rate base formula rate recovery. ** The low end of the range includes extensions of GSMP and CEF-EE. The hashed portion of the chart represents incremental PSE&G investment that may occur for programs related to gas and electric modernization, energy 21 efficiency, energy storage, electric vehicles and solar. ($ Billions)

PSEG Investor Update January 2024 Regulated 5-Year Capital Investment Plan of $18B-$21B is Driven by System Modernization and NJ's Decarbonization and Energy Policy Goals Regulated Capital Spending 2024E – 2028E 5 4 3 2 1 0 2024E 2025E 2026E 2027E 2028E Transmission Electric Distribution Gas Distribution Clean Energy Transmission Non-PSE&G* Low to High Investment Range** December '23-'27 Low December '23-'27 High Includes AFUDC. CEF-EC/AMI is included in Electric. * The Conastone-Doubs transmission project that was awarded to PSEG by PJM on December 11, 2023, will be managed and owned outside of PSE&G but is included here given FERC regulated rate base formula rate recovery. ** The low end of the range includes extensions of GSMP and CEF-EE. The hashed portion of the chart represents incremental PSE&G investment that may occur for programs related to gas and electric modernization, energy efficiency, energy storage, electric vehicles and solar. 22 ($ Billions)

PSEG Investor Update January 2024 Regulated Rate Base Growth Delivers Improved Reliability, Enhanced Resiliency, Increased Customer Satisfaction, and Lower Emissions Projected Regulated Year-End Rate Base 2023YE - 2028YE 45 CAGR: 6%-7.5% 40 35 Our investment 30 opportunities provide consistent 25 rate base growth 20 15 10 5 0 2023E 2024E 2025E 2026E 2027E 2028E Transmission Electric Distribution Gas Distribution Clean Energy Transmission Non-PSE&G* Low to High Investment Range** Includes AFUDC. CEF-EC/AMI is included in Electric. * The Conastone-Doubs transmission project that was awarded to PSEG by PJM on December 11, 2023, will be managed and owned outside of PSE&G but is included here given FERC regulated rate base formula rate recovery. ** The low end of the range includes extensions of GSMP and CEF-EE. The hashed portion of the chart represents incremental PSE&G investment that may occur for programs related to gas and electric modernization, energy efficiency, energy storage, electric vehicles and solar. 23 ($ Billions)

PSEG Investor Update January 2024 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, including competitively bid opportunities addressing reliability needs • Annual formula rate incorporates forward test year, eliminates investment and cost recovery lag, which provides predictable earnings growth 24

PSEG Investor Update January 2024 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 25

PSEG Investor Update January 2024 Gas Distribution Investment Is Focused on Infrastructure Replacement that Accelerates Emission Reduction Benefits * Impact of GSMP on Methane Reduction Mileage of CI/US Inventory Remaining 0% 6,000 -12% -20% GSMP main replacement -20% 5,000 5,259 4,784 -40% • GSMP II extension settlement approved in October 4,000 4,440 -42% — ~$900M, 2-year extension (January 2024 – December 2025) -60% -55% 3,327 — ~$750M accelerated clause-based recovery and 3,000 $150M stipulated base -68% 2,549 -80% — Replacement of a minimum of 400 miles of main 2,000 -80% — Sustains the thousands of jobs and skilled workforce created 1,830 -88% -100% under GSMP II 1,116 1,000 -97% 150 • GSMP III filing, including RNG and Hydrogen projects: 879 -120% 0 — Parties scheduled to reconvene by no later than January 31, 2025; if approved, work would commence in January 2026 Methane Level Mileage Remaining Future GSMP+ (right axis) Future GSMP+ Assumption=GSMP II extension run rate and current base capital plan continues until all eligible remaining CI/US mileage is replaced. * Methane reductions starting from 2011 when greenhouse gas emissions were required to be reported by the U.S. EPA for gas distribution companies 26 % Reduction from Reported 2011 Subpar w Emissions 2011 2012 2013 2014 2015 2016 2017 GSMP I 2018 2019 2020 2021 GSMP II 2022 2023E 2024E GSMP II ext 2025E 2026E Future 2027E GSMP+ 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E 2036E 2037E Mileage of cast iron and unprotected steel main remaining

PSEG Investor Update January 2024 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 BPU approved $707M investment BPU approved $166M investment Programs for Residential and C&I Customers “Smart meters,” new software and product solutions to Residential Smart Charging, Level 2 Mixed-Use including low-income, multi-family, small business and improve PSE&G processes and better manage the Charging, and Public DC Fast Charging (Make-Ready) local government electric grid • Existing CEF-EE program on target, BPU approved • Program on target, over 1.4 million meters in • Program on target, enrollment increasing quickly (1) a 9-month extension through June 2024 of $280M service to date and full deployment on schedule due to education, outreach and supply chain for ~ year-end 2024 improvements with ~9,000 chargers energized to • Proposed 6-month extension of existing CEF-EE date and an additional 10,000+ chargers in the program investment of ~$300M beginning July 2024 • Foundation for better customer service by (1) application queue providing customers granular usage information, • Winner of over 40 awards for Energy Efficiency • Won Plug-In America Utility Award in 2022 and automated reconnections and faster outage and Clean Energy Jobs programs EVgo Charging Hero award in 2023 detection • BPU to address Medium and Heavy-Duty EVs in conjunction with ongoing stakeholder process Filed EE II programs for $3.1B in PSE&G’s Clean Energy Jobs Program commitments starting Jan 2025 has supported over 2,400 unemployed and through June 2027 based on underemployed people from low-to-moderate BPU’s EE II framework, (1) income areas secure clean energy careers spent over ~6-year period (1) As of November 30, 2023 27

PSEG Investor Update January 2024 PSE&G’s Proposed Energy Efficiency Offerings: An Expanded Suite of 11 Residential, C&I, and Multifamily & Other programs Program Description Energy Efficient Products Offers incentives and on-bill repayment (OBR) for energy efficient equipment and appliances. Provides comprehensive residential energy efficiency assessment and installation services to provide ‘one-stop shop’ for all applicable energy Whole Home efficiency and decarbonization upgrades for PSE&G residential customers, including OBR, for weatherization and equipment replacement. Provides electric and gas customers with information about their energy use, peer usage data, and suggested actionable steps to produce Behavioral energy savings through behavioral changes and engagement with other energy efficiency programs. Similar offering to Whole Home program with 100% incentive coverage for assessment and efficiency upgrades for income-qualified Income Qualified residential customers; also includes enhanced financial support for pre-weatherization barrier mitigation and health and safety measures. Whole-building engineered savings including expanded outreach, technical assistance, and financial incentives supporting whole-building Energy Solutions energy efficiency upgrades through a streamlined suite of energy solutions. Also includes incentives for retro-commissioning and strategic energy management, in addition to OBR. Rebates & OBR for measures such as HVAC, lighting, motors & drives, refrigeration, water heaters, air compressors, food service Prescriptive & Custom equipment, and custom measures. Provides free audit and easy-to-complete process with enhanced incentive coverage and OBR available for relatively simple EE projects Direct Install for smaller C&I customers. Targeted program directed at the specific challenges of this hard-to-reach customer segment. Offers a standalone program that leverages Multifamily measures from both Residential and C&I programs with multi-family specific incentive levels and marketing, including OBR. Next Generation Savings Support for field testing and assessment of opportunities to incorporate new technologies and program designs. Includes several approaches that incentivize switching from fossil fuel to electric measures in buildings. Includes a utility-owned, Geothermal Building Decarbonization Network Demonstration and a PSE&G Building Decarbonization Demonstration. OBR will be available for pathways where the incentives do not cover the full cost of the project. Several different demand response approaches to residential and commercial customers to reduce usage during times of high demand; Demand Response OBR may be available for pathways where there are costs to customers. 28 Commercial Residential Multifamily & Other & Industrial Programs

PSEG Investor Update January 2024 PSE&G’s 10-Year Investment Opportunities are Aligned with 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 (#315) • Electrifying transportation – No internal combustion engine vehicles sold after 2035 and increased incentives • Building electrification – 400,000 homes and 20,000 for Medium and Heavy-Duty EV adoption commercial properties and 10% of low-to-moderate income properties by 2030 (#316) • Incremental clean energy investments (Solar, EE, EV, Battery storage) • Initiated 18-month stakeholder process to achieve 2021 reduced gas emission goal by 2030 (#317) • Enhanced “Last Mile” reliability work to support accelerated EV adoption and electrification • Supports accelerated replacement of aging gas mains prone to leaks and breaks • Potential investments for low carbon fuels to integrate into gas distribution system 29 29

PSEG Investor Update January 2024 Effective Cost Control to Mitigate Inflation Impacts and Preserve Customer Affordability Keeps O&M CAGR at ~2% (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 ~$10 of capital 500 investment on customer bills • Implementation of AMI and productivity efforts are expected to 0 continue to control O&M costs for the next several years 2018 2019 2020 2021 2022 2023E Distribution Transmission (1) Excludes certain regulatory balance account items. 30 ($ Millions)

PSEG Investor Update January 2024 Transmission Distribution PSE&G Dual Jurisdiction Distribution and Clean Energy Regulation Provides for a • State Regulatory Entity: NJ Board of Public Utilities Clean Energy 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 (FERC) - YE 2023E Distribution Rate Base: ~$17 B (~57%) • Annual Formula Rate filing provides for • 4Q 2023 base rate filing is first since 2018 contemporaneous recovery with - Test Year – Mid-2023 through mid-2024 forward-looking test year - Request recovery of base distribution investments of $3.3B, including BPU approved • Current Transmission ROE: 10.4% inclusive of 50 basis stipulated base spend point RTO adder • Cost control and other factors mitigate other rate increases - Equity Ratio: ~55% - O&M control limits customer bill impact from last rate case and keeps costs below peers - YE 2023E Transmission Rate Base: ~$12 B (~43%) - 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 31

PSEG Investor Update January 2024 PSE&G Base Rate Filing Seeks Recovery for Recent Investments; Cost Control and CEF-EE Programs Help to Keep Bills Affordable ▪ Base Electric (ER23120924) and Gas (GR23120925) rate cases filed with BPU in December 2023, as scheduled by infrastructure program settlements ▪ First base rate request in six years since January 2018; 9% overall revenue increase requested o Requested increase estimated to have a 12% impact on a typical combined residential customer o PSE&G’s electric charge CAGR of 1.5% is one-third of the average NJ Electric Utility CAGR of 5% over the 2018-2023 period o PSE&G gas charge CAGR of 4.3% is less than half of the average NJ Gas Utility CAGR of 10.6% over the 2018-2023 period ▪ Seeking recovery of $3.3B of recent capital investment, including BPU approved stipulated base spend ▪ Requested a regulatory pension deferral mechanism to address variability of costs ▪ Tax Adjustment Clause provides flowback of additional benefits (included in requested amounts) ▪ Recovery of COVID deferrals to be addressed in a separate proceeding; recovery from Superstorm Sandy rolls off in comparable amount ▪ Test year data will be updated in mid-2024 to reflect 12 months of actual data ▪ Rate case schedule expected to be released in Q1-Q2 2024; expect resolution during Q4 2024 Requested Electric Gas Return on Equity Common Equity Revenue Increase $462 Million $364 Million 10.4% 55.5% Rate Base $9.3 Billion $8.6 Billion PSE&G has delivered stable distribution rates since 2018, paired with award-winning customer satisfaction 32

PSEG Investor Update January 2024 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 infrastructure modernization and decarbonization reliability and customer service, while maintaining customer bill affordability • $18B-$21B capital investment program drives rate base growth of 6%-7.5% over the 2024-2028 period Financial Strength: Strong track record of • 2023E year-end rate base grew by ~10% over 2022 growth continues • Investments aligned with NJ climate policies, with upside to • Distribution base rate case in 2024 driven by capital recovery, address Governor Murphy’s February 2023 Executive Orders while continuing to keep customer bills affordable • Gas business capital investments driven by replacement of • Conservation Incentive Program decouples revenues, enabling aged pipe prone to leaks broad EE adoption • Technology investments will improve the customer experience • Cost control supports customer affordability with one of the lowest and reliability while continuing to control O&M gas bills and below average electric bills vs regional peers • Investment recovery mechanisms help minimize regulatory lag 33

PSEG Investor Update January 2024 PSEG Power & Other

PSEG Investor Update January 2024 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 Supply Operations A more stable, predictable business Serves Basic Gas Supply Power & Service (BGSS) contract with that generates significant free PSE&G, providing low-cost cash flow to support PSEG’s gas and multiple value streams Other investment program Other PSEG Long Island contracts, competitively bid regulated transmission investments, GSOE lease area, potential hydrogen investments, and Parent 35

PSEG Investor Update January 2024 PSEG Decision to Retain Nuclear Based on Several Drivers Decision to Retain Nuclear Units Clarified with Passage of the IRA, and 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 36 36

PSEG Investor Update January 2024 PSEG Nuclear — Key Fleet Data Fleet Average Capacity Factor of 95.8% for Nine Months Ended September 30, 2023 • 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 Spring 2025 • 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 2025 * 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 37 37 to 2033 and 2034 pending this review.

PSEG Investor Update January 2024 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 Other Renewables assets through an extended license life 1% 8% • 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% 38 38 * Source: Form EIA-923 (Electricity Data Browser as of October 4, 2023)

PSEG Investor Update January 2024 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 *Amounts reflect 2023 dollars, subject to IRS inflation adjustment factor. 39 39

PSEG Investor Update January 2024 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 *Amounts reflect 2023 dollars. 40 40

PSEG Investor Update January 2024 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 $7 billion was awarded in October 2023 by the DOE to seven hydrogen hubs across the country, including the MACH2 Hub of which PSEG is a participant • 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 • 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 41 41 41

PSEG Investor Update January 2024 PSEG Power & Other — Other Businesses Gas Supply 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 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 Competitively Bid, FERC Regulated GSOE Lease Area Services Transmission Projects • Evaluating options to monetize our • Operating Services Agreement to • In December 2023, the PJM Board manage T&D utility approved a $447M PSEG proposed acreage solution be included in the Window 3 • Fuel & Energy Management projects Contracts • NJBPU OSW Transmission solicitations o Prebuild infrastructure expected in April 2024 o Expected second State Agreement Approach solicitation later in 2024 42 42 42

PSEG Investor Update January 2024 Key Takeaways: Increasing Predictability • Operational Excellence: Solid nuclear operations with • Disciplined Investment: exemplary ratings on all units, gas supply operations - The PTC is a game-changer, providing LT price stability, benefiting 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 43

PSEG Investor Update January 2024 Financial Review & Outlook

PSEG Investor Update January 2024 PSEG Initiated 2024 Guidance Consistent with its 5% to 7% Long-Term Earnings CAGR $3.60 to $3.70 ~6% growth in earnings from the 2023 to 2024 mid-point of guidance influenced by the following drivers: $3.40 to $3.50 + Utility Rate Base Growth + Nuclear PTC/ZEC - Parent Interest Expense 2023E Non-GAAP 2024E Non-GAAP Operating Earnings Guidance Operating Earnings Guidance 45 45 $ / share

PSEG Investor Update January 2024 PSEG’s Long-term Growth Outlook Driven by PSE&G’s Regulated Earnings Non-GAAP Operating Earnings Continuing Path of Increasing Predictability • ~90% of PSEG’s non-GAAP Operating Earnings over the 2024-2028 period are from PSE&G • >90% of capital program allocated to regulated activities • Execution of robust capital plan • Growth CAGR reflects Nuclear at PTC threshold, adjusting with inflation beginning 2025 • Continued cost control 2024E 2028E 46

PSEG Investor Update January 2024 PSEG’s 2023 Annual Dividend Increase Supported by Predictable Earnings Annual PSEG Dividend per Share Opportunity for consistent and $2.28 sustainable dividend growth $2.16 $2.04 $1.96 $1.88 $1.80 $1.72 $1.64 $1.56 $1.48 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 * 54% 54% 57% 59% 58% 57% 57% 56% 62% Payout Ratio * Payout Ratios reflect the dividend rate divided by non-GAAP Operating Earnings. See Slide A for Items excluded from Net Income 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. 47

PSEG Investor Update January 2024 Meeting Takeaways: A Strong Business Mix and Platform for Predictable Growth • 5%-7% long-term earnings growth rate for 2024-2028 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 2028 based on 5-year capex of $18B–$21B 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 and federal • Effective cost control to mitigate macro-inflationary concerns, Clean Energy policies reduce volatility and maintain customer affordability - Customer affordability with lower prices than the average among • 2023 annual common dividend* of $2.28 per share represents a regional peers 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 • Strong management track record of delivering on commitments, including meeting earnings guidance 18 years in a row * All future decisions and declarations regarding dividends on the common stock are subject to approval by the Board of Directors. 48

PSEG Investor Update January 2024 Appendix

PSEG Investor Update January 2024 PSE&G Recognized for Excellence PSE&G has been honored on numerous fronts for best-in-class operations • #1 in Customer Satisfaction with Residential and Business Electric Service in the East among Large Utilities by J.D. Power in 2023* ® • 2023 PA Consulting ReliabilityOne Award for Outstanding Reliability Performance in the Mid-Atlantic Metropolitan nd Service Area for the 22 consecutive year • 2023 ReliabilityOne® Outstanding Customer Engagement Award • Escalent’s 2023 Cogent Most Trusted Utility Brands – Residential * PSE&G received the highest score in the East Large segment of the J.D. Power 2023 U.S. Electric Utility Residential and Business Customer Satisfaction Study of electric utility satisfaction among residential and business customers. Visit jdpower.com\awards for more details. 50 50 50

PSEG Investor Update January 2024 PSEG Provides Compelling Careers for 2022-2023 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 - In May 2023, PSEG reached new four-year labor agreements with all unions • America’s Best Employer by State representing employees in New Jersey • America’s Most Just Companies - In November 2023, PSEG Long Island reached a new four-year labor agreement • Bloomberg Gender-Equality Index • DEI – ~29% are racially/ethnically diverse, ~18% are women* • Bronze Military Friendly Employers - Representation of racially/ethnically diverse employees has increased 2.8% since 2019; exceeds industry benchmark by 2.5% • 2023 Campus Forward Award - Representation of racially/ethnically diverse employees in management has • Corporate Equality Index increased 4.9% since 2019 • 2023 Best Places to Work for People with - Representation of women employees has increased 0.4% since 2019 Disabilities - Representation of women in management has increased 2.9% since 2019 • Leading Disability Employer - Hired more than 3,000 employees in 2022 and 2023 • 100 Best Corporate Citizens of 2022 - Numerous DEI recognitions • Link to 2022-2023 DEI Report * As of October 31, 2023. 51 51

PSEG Investor Update January 2024 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. 52 ($ Millions)

PSEG Investor Update January 2024 PSEG Power & Other * Nuclear Generation Measures Carbon-Free Contracted Energy Sales Three Months Ended Nine Months Ended Baseload 2023E 2024E September 30, September 30, Nuclear 2022 2023 2022 2023 Volume TWh 30 – 32 30 - 32 Capacity Factor 93.2% 95.3% 94.3% 95.8% % Hedged 95-100% 85-90% Fuel Cost ($ millions) $48 $50 $141 $144 Price $/MWh $31 $38 Generation (GWh) 7,968 8,138 23,926 24,271 Fuel Cost ($/MWh) $6.02 $6.14 $5.89 $5.93 2022: Spring – S1 Fall – HC, PB2 Refueling Outages: Other Financial Considerations 2023: Spring – S2 Fall – S1, PB3 • Transitioning PSEG’s 100%-owned Hope Creek unit 2024: Spring – HC Fall – S2, PB2 from 18-month to 24-month fuel cycles as early as 2025 • In August 2023, PSEG completed a “lift-out” of ~$1 billion PJM Capacity Auction Results of PSEG Power & Other, excluding Services, pension PSEG’s Average Prices PSEG’s Cleared Capacity 2023 Delivery Period obligations and associated Plan assets ($/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 September 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. 53 53

PSEG Investor Update January 2024 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 $0.50B PSE&G Long-term Debt Outstanding $13.66B PSEG Long-term Debt Outstanding $4.13B PSEG Long-Term Maturity Profile 2024 - 2027 PSEG Consolidated Debt to Capitalization 57% 2,500 2,000 PSEG Power Issuer Credit Ratings (3) Moody’s = Baa2 / Outlook = Positive S&P = BBB / Outlook = Stable 1,500 1,000 (2) PSEG Power Long-term Debt Outstanding $1.25B 500 PSEG Liquidity and Net Cash Collateral Postings 0 PSEG Liquidity and Net Cash Collateral Postings 2024 2025 2026 2027 PSE&G PSEG Power PSEG • PSEG had approximately $3.8B of total available liquidity, including $57M of cash and cash equivalents, at 9/30/2023 • PSEG Power had net cash collateral postings of $0.35B at 9/30/2023 Financing Activity Subsequent to September 30, 2023 PSEG issued 5.88% Senior Notes due October 2028* $0.60B PSEG issued 6.13% Senior Notes due October 2033* $0.40B All data is as of 9/30/2023 unless otherwise noted. (1) 364-Day Term Loan is included in Short-Term Debt as Commercial Paper & Loans and as of 9/30/2023 included one term loan maturing April 2024 with a remaining balance of $0.50B. PSEG retired 0.84% Senior Notes due November 2023 $0.75B (2) PSEG 364-Day term loans and PSEG Power long-term debt are at a variable rate. As of 9/30/2023, PSEG has entered into 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. * Prior to pricing on October 2, 2023, $800 million of treasury locks were executed which had a positive fair (3) On October 30, 2023, Moody's changed PSEG Power's rating outlook to positive from stable; Issuer Rating value of $14 million as of September 30, 2023. This benefit will be amortized over the life of the Senior affirmed. Notes to partially offset interest expense. Note: Total Long-Term Debt Outstanding amounts may not add to PSEG Consolidated Total Long-Term Debt 54 54 Outstanding due to rounding. Amounts on slide are rounded up to two decimal places. Principal Maturing ($ Millions)

PSEG Investor Update January 2024 Glossary of Terms ESG Environmental, Social and Governance PHMSA Pipeline and Hazardous Materials A&G Administrative & General AFUDC Allowance for Funds Used During Construction Safety Administration EV Electric Vehicle AMI Automated Metering Infrastructure GAAP Generally Accepted Accounting Principles PJM Pennsylvania Jersey Maryland ARO Asset Retirement Obligation GC General Counsel PTC Production Tax Credit BGSS Basic Gas Supply Service GHG Greenhouse Gas PWR Pressurized Water Reactor BPU New Jersey Board of Public Utilities GSMP Gas System Modernization Program REC Renewable Energy Credit BWR Boiling Water Reactor GSOE Garden State Offshore Energy RNG Renewable Natural Gas CAGR Compound Annual Growth Rate HC Hope Creek ROE Return on Equity C&I Commercial and Industrial IAP Infrastructure Advancement Program RTO Regional Transmission Organization CEF Clean Energy Future IRA Inflation Reduction Act S Salem CI/US Cast Iron and Unprotected Steel Main ITC Investment Tax Credit SAIDI System Average Interruption Duration Index CWIP Construction Work in Progress LDC Local Distribution Company SBTi Science Based Targets initiative DC Direct Current LIHEAP Low Income Home Energy Assistance Program SF Sulfur Hexafluoride DEI Diversity Equity & Inclusion LT Long-Term 6 DER Distributed Energy Resource T&D Transmission and Distribution MSCI Morgan Stanley Capital International DOE Department of Energy TEAC Transmission Expansion Advisory Committee NRC Nuclear Regulatory Commission E Estimate USF Universal Service Fund O&M Operations and Maintenance Energy Cloud EC OPEB Other Post-Employment Benefits YE Year-End EE Energy Efficiency OSHA Occupational Safety and Health Administration ZEC Zero Emission Certificate EEI Edison Electric Institute OSW Offshore Wind EIA Energy Information Administration P/E Price to Earnings Ratio PSEG Investor Relations EMP Energy Master Plan PB Peach Bottom 80 Park Plaza EPA Environmental Protection Agency Newark NJ 07102 PSEG-IR-GeneralInquiry@pseg.com Link to PSEG Investor Relations Website Link to PSEG ESG Webpages 55 55

PSEG Investor Update January 2024 Reconciliation of Non-GAAP Operating Earnings Public Service Enterprise Group Incorporated - Consolidated Operating Earnings (non-GAAP) Reconciliation Year Ended (a) Includes the financial impact from positions with Reconciling Items December 31, forward delivery months. 2022 (b) 2022 includes the results for fossil generation sold ($ millions, Unaudited) in February 2022. (c) Income tax effect calculated at statutory rate Net Income $ 1,031 except for qualified NDT related activity, which Loss on Nuclear Decommissioning Trust (NDT) records an additional 20% trust tax on income (loss) from qualified NDT Funds, and lease Fund Related Activity, pre-tax 270 related activity. (a) Loss on Mark-to-Market (MTM), pre-tax 635 (b) Please see Slide 3 for an explanation of PSEG’s use of Plant Retirements, Dispositions and Impairments, pre-tax 31 Operating Earnings as a non-GAAP financial measure Lease Related Activity, pre-tax 78 and how it differs from Net Income. (c) Income Taxes related to Operating Earnings (non-GAAP) reconciling items (306) Operating Earnings (non-GAAP) $ 1,739 PSEG Fully Diluted Average Shares Outstanding (in millions) 501 ($ Per Share Impact - Diluted, Unaudited) Net Income $ 2 .06 Loss on NDT Fund Related Activity, pre-tax 0.54 (a) Loss on MTM, pre-tax 1.27 (b) Plant Retirements, Dispositions and Impairments, pre-tax 0.06 Lease Related Activity, pre-tax 0.15 (c) Income Taxes related to Operating Earnings (non-GAAP) reconciling items (0.61) Operating Earnings (non-GAAP) $ 3 .47 A 56 56