PEG Public Service Enterprise Group 8-K 2026-11-06 slides

Forward-Looking Statements

Certain of the matters discussed in this report about our and our subsidiaries’ future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences, and all other statements that are not purely historical constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. Such statements are based on management’s beliefs as well as assumptions made by and information currently available to management. When used herein, the words “anticipate,” “intend,” “estimate,” “believe,” “expect,” “plan,” “should,” “hypothetical,” “potential,” “forecast,” “project,” variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in filings we make with the United States Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K. These factors include, but are not limited to:

• any inability to successfully develop, obtain regulatory approval for, or construct transmission and distribution, and our nuclear generation projects;
• significant resource adequacy challenges that present affordability and reliability concerns and that could cause policymakers to implement responsive measures that could have a material, adverse impact on our business, strategy, growth rates, cash flows, results of operations, and financial condition and increase regulatory uncertainty for utility investment initiatives and programs;
• the physical, financial and transition risks related to climate change, including risks relating to potentially increased legislative and regulatory burdens, changing customer preferences and lawsuits;
• any equipment failures, gas explosions, accidents, critical operating technology or business system failures, natural disasters, 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;
• any inability to recover the carrying amount of our long-lived assets;
• disruptions or cost increases in our supply chain, including labor shortages;
• any inability to maintain sufficient liquidity or access sufficient capital on commercially reasonable terms;
• the impact of cybersecurity attacks or intrusions or other disruptions to our information technology, operational or other systems;
• failure to attract and retain a qualified workforce;
• increases in the costs of equipment, materials, fuel, services and labor;
• the impact of our covenants in our debt instruments and credit agreements on our business;
• adverse performance of our defined benefit plan trust funds and Nuclear Decommissioning Trust Fund and increases in funding requirements;
• any inability to enter into or extend certain significant contracts;
• development, adoption and use of Artificial Intelligence by us and our third-party vendors;
• 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;
• the ability to obtain adequate nuclear fuel supply;
• changes in technology related to energy generation, distribution and consumption and changes in customer usage patterns;
• third-party credit risk relating to our sale of nuclear generation output and purchase of nuclear fuel;
• any inability to meet our commitments under forward sale obligations and Regional Transmission Organization rules;
• risks associated with generation activities at, and operation of, the Peach Bottom plants, which are similar to those to which nuclear generation plants that we operate are subject;
• 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;
• PSE&G’s proposed investment projects or programs may not be fully approved by regulators and its capital investment may be lower than planned;
• our ability to receive sufficient financial support for our New Jersey nuclear plants from the markets, and/or production tax credits;
• adverse changes in and non-compliance with energy industry laws, policies, regulations and standards, including market structures and transmission planning and transmission returns;
• risks associated with our ownership and operation of nuclear facilities, including increased nuclear fuel storage costs, regulatory risks, such as compliance with the Atomic Energy Act and trade control, environmental and other regulations, as well as operational, financial, environmental and health and safety risks;
• changes in or violation of federal, state and local environmental laws and regulations and enforcement;
• delays in receipt of, or an inability to receive, necessary licenses and permits and siting approvals; and
• changes in tax laws and regulations.

All of the forward-looking statements made in this report are qualified by these cautionary statements and we cannot assure you that the results or developments anticipated by management will be realized or even if realized, will have the expected consequences to, or effects on, us or our business, prospects, financial condition, results of operations or cash flows. Readers are cautioned not to place undue reliance on these forward-looking statements in making any investment decision. Forward-looking statements made in this report apply only as of the date of this report. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even in light of new information or future events, unless otherwise required by applicable securities laws.

The forward-looking statements contained in this report are intended to qualify for the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.

GAAP Disclaimer

PSEG presents Operating Earnings in addition to its Net Income/(Loss) reported in accordance with accounting principles generally accepted in the United States (GAAP). Operating Earnings is a non-GAAP financial measure that differs from Net Income/(Loss). Non-GAAP Operating Earnings exclude the impact of gains (losses) associated with the Nuclear Decommissioning Trust (NDT), Mark-to-Market (MTM) accounting and other material infrequent items. The last two slides in this presentation (Slides A and B) include a list of items excluded from Net Income/(Loss) to reconcile to non-GAAP Operating Earnings.

Management uses non-GAAP Operating Earnings in its internal 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/(Loss), which is an indicator of financial performance determined in accordance with GAAP. In addition, non-GAAP Operating Earnings as presented in this report may not be comparable to similarly titled measures used by other companies.

PSEG also includes forward-looking estimates of non-GAAP Operating Earnings and non-GAAP Funds From Operations (FFO), including the forward-looking non-GAAP FFO/Debt ratio target, in this presentation.

Non-GAAP 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. Non-GAAP Debt consists of long-term debt, short-term debt and other imputed debt primarily related to an unfunded pension obligation. Non-GAAP FFO, as referenced in this presentation, may not be comparable to similarly titled measures used by other companies. Given the forward-looking nature of non-GAAP Operating Earnings and non-GAAP FFO estimates and our inability to project certain reconciling items that would be excluded from the most directly comparable GAAP measures – such as MTM and NDT gains (losses), with respect to non-GAAP Operating Earnings; working capital (including accounts receivable/payable, cash collateral), adjustments to Net Income/(Loss) (including changes in regulatory assets/liabilities, deferred taxes) with respect to non-GAAP FFO and non-GAAP debt and imputed debt (including unfunded pension obligation) with respect to non-GAAP debt - due to the volatility, complexity and low visibility of these items, PSEG is unable to reconcile these non-GAAP financial measures to the most directly comparable GAAP financial measure. These items are uncertain, depend on various factors, and may have a material impact on our future GAAP results. Guidance included herein is as of November 2, 2026.

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.

Public Service Enterprise Group

A Strong Business Mix and Predictable Growth

PSE&G

• NJ’s Largest Utility
• 2.4 Million Electric and 1.9 Million Gas Customers

PSEG Power & Other

• Carbon-Free PSEG Nuclear Fleet
• Five units totaling 3,758 MW
• Gas Operations
• PSEG Long Island
• Competitive Transmission

PSEG Highlights

Continued execution of strategic plan utilizing a strong business mix to deliver predictable growth with upside

• PSEG is working constructively to support New Jersey’s energy policy goals and prioritizing affordability:
  • Check mark: PSE&G recently filed a proposal with the BPU to address regulatory lag, in-line with the spirit of Executive Orders 1 and 2
  • Check mark: PSE&G also submitted its Energy Efficiency 2.5 extension proposal for the upcoming program year (from 7/1/2027 to 6/30/2028 - Triennium 2.5 Framework)
• Maintaining LT non-GAAP Operating Earnings growth target of 6%-8% through 2030; Expect to be in range each year while pursuing incremental growth
• Robust and low-risk 5-year regulated capital plan of $22.5-$25.5B focused on system replacement and modernization, “Last Mile” reliability and clean energy programs with proven value for customers
• Progress on regulatory initiatives in NJ and at PJM continues: BPU in Phase 2 of EDC business model study and PJM moving ahead on RBP process
• PSEG Power bilateral contracting with large load entities for generation opportunities continues to progress favorably
• Our hedging strategy positions us to continue managing basis risk effectively
• Solid financial position supports continued execution of PSEG’s 5-year capital investment program without new equity or asset sales

PSEG’s Vision

Powering a future where people use energy more efficiently, and it’s safer and delivered more reliably than ever

Operational Excellence in New Jersey and Long Island: Best-in-class utilities and exemplary nuclear performance

• 2025 ReliabilityOne® Award for Outstanding Reliability Performance in the Mid-Atlantic Region for 24th consecutive year
• PSE&G ranked #1 in Customer Satisfaction among Large Electric Utilities in the East Region according to the J.D. Power 2025 U.S. Electric Utility Residential Customer Satisfaction Study
  • This marks the fourth consecutive year PSE&G has earned the top position in its segment
• PSEG Long Island ranked #1 in Customer Satisfaction among Large Electric Utilities in the East Region according to the J.D. Power 2025 U.S. Electric Utility Business Customer Satisfaction Study
  • An 11-year rise from the bottom of the rankings since PSEG Long Island began operating the Long Island electric grid

Disciplined Investment

>90% of capital allocation through 2030 to PSE&G and other regulated investments

• Investments to modernize utility infrastructure – Electric modernization, “Last Mile” reliability, and GSMP
• Investments to support decarbonization – Energy Efficiency, EV, Solar and other
• Awarded investment in competitively bid process to build regulated transmission

Financial Strength

Solid balance sheet to fund our growth objectives

• No new equity or asset sales required to support 5-year capital plan through 2030
• Solid investment grade ratings supported by credit metrics that allow for incremental investment
• Cost control supports customer affordability with favorable regional bill comparisons
• PTC provides long-term visibility and downside price protection for Nuclear through 2032

PSE&G received the highest score in the East Large Segment in the J.D. Power 2025 Electric Utility Residential Customer Satisfaction Study and PSEG Long Island received the highest score in the East Large Segment in the J.D. Power 2025 U.S. Electric Utility Business Customer Satisfaction Study. Visit jdpower.com/awards for more details.

PSEG Financial Outlook: More Predictable, Well Positioned for the Future

(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.

Financial Strength to Achieve Strategic Plan

Long-Term non-GAAP Operating Earnings Growth Outlook of 6%-8% through 2030

• Outlook is based on a higher (2026) baseline for second year in a row
• Primary contributor is PSE&G’s growth over this 5-year period
• Rate Base CAGR of 6%-7.5% driven by expanded regulated capital investment program starting from ~7% higher rate base at YE 2025 vs YE 2024

Robust Regulated Capital Investment Plan Updated to $22.5B-$25.5B for 2026-2030; total PSEG capital plan of $24B-$28B

• Clean Energy Future - Energy Efficiency II (CEF-EE II) filing approved for ~$2.9 billion to be spent over a six-year period to deliver energy efficiency programs that help New Jersey residents and businesses save energy, reduce utility costs and lower emissions
• Expansion of current investments focused on system modernization, “Last Mile” reliability and clean energy programs, reflecting long runway of infrastructure investments, decarbonization and electrification opportunities, and meeting growing customer demand

Solid Balance Sheet

• Supports 5-year capital plan with no new equity or asset sales required through 2030
• Solid investment grade credit ratings with strong business mix

Annualized Indicative Dividend Rate of $2.68 Per Share for 2026 Represents ~6% Increase over 2025*

• 119th year of paying a dividend; 15th consecutive annual dividend increase in 2026

Compelling Growth Profile of PSE&G Complemented by PSEG Power & Other’s Nuclear Revenue Opportunities

* All future decisions and declarations regarding dividends on the common stock are subject to approval by the Board of Directors.

PSE&G Continues to Align with the State’s Energy Policy Goals

Actions Supporting State Energy Policy

• Working constructively with the Sherrill Administration to help meet the goals of Executive Orders 1 and 2 issued earlier this year
• In-line with the spirit of those EOs, PSE&G has filed a proposal with the BPU to address the regulatory lag of capital investments made since its last distribution rate case
• Maintaining a stable base rate environment for all PSE&G customers in keeping with EO 1
• Following a PSE&G-led effort on cost allocation at FERC, PJM will prospectively reduce costs for PSE&G’s wholesale transmission customers; we expect to file in early 2027 to credit our retail customers for this reduction
• PSE&G lowered residential gas heating bills by 5% effective October 2026, maintaining the lowest gas bills in NJ and Mid-Atlantic Region
• Scheduled 12-month ZEC refund to PSE&G electric customers of ~$166M began June 2026
• Surpassed $1B in annual PSE&G customer savings through CEF-EE programs
• Launched its virtual power plant pilot this past summer
• Strong track record enabling interconnections that bring renewable resources to the grid
• Outstanding 2026 storm response at PSE&G and PSEG Long Island to multiple weather events

PSE&G Provides Compelling Value for Customers

We continuously target top quartile performance to deliver better service, at lower cost

Delivering Highest Customer Reliability at Lowest Cost

Achieving low SAIDI outage scores with Lowest Distribution O&M spend*

• up arrow: HIGHER RELIABILITY
• left arrow: LOWER COST
• Markers: green dot for PSE&G; black dots for Peers

Lowest Cost, but More Leaks/Mile than Peers

Age of cast iron system drives need for GSMP program**

• up arrow: LOWER LEAKS
• left arrow: LOWER COST
• Markers: green dot for PSE&G; black dots for Peers

Achieving Highest Customer Satisfaction at Lowest Cost

For Overall Residential Customer Satisfaction^

• up arrow: HIGHER SATISFACTION
• left arrow: LOWER COST
• Markers: green dots for PSE&G; orange dots for Electric Peer Companies; dark blue dots for Gas Peer Companies

Low A&G Cost/Customer vs. Peers^^

• left arrow: LOWER COST
• Markers: green dots for PSE&G; orange dots for Electric Peer Companies; dark blue dots for Gas Peer Companies

* Reliability metrics based on IEEE standards and exclude Major Event Days.
** Sources: 2024 Annual LDC filings with State Commissions, 2024 Annual Form PHMSA.
^ Sources: 2024 Annual LDC Filings with State Commissions, 2024 FERC Form 1s, 2025 JD Power Residential Customer Satisfaction Surveys. Also, peer group includes all companies included in the JD Power Gas and Electric Large East regions at the consolidated level and excludes LIPA.
^^ Peer group includes all operating companies classified by SNL as an “Electric Utility” or “Diversified Utility” with a customer count of more than 500,000 in CT, DE, MD, NJ, NY or PA. Administrative and general (A&G) costs exclude 10 Account 926 (Employee Pensions and Benefits).

PSEG’s Long-Term Outlook Incorporates Solid Growth Pipeline with Upside

PSE&G: A Single State, Dual Jurisdiction Utility

New Jersey’s largest transmission and distribution utility

• Electric and Gas Distribution (regulated by BPU)
• Utility Provider of Energy Efficiency and Renewable Energy Programs
• Electric Transmission (regulated by FERC)
• Appliance Service Provider

Customer Data¹

Sales Mix¹

PSE&G YE 2025 Rate Base* — chart values

PSE&G YE 2024 Rate Base* — chart value

¹ Customer and Sales Mix data are as of year-end 2025.

• Annual customer growth uses 2020 as base year.
  ** Gas Firm sales only.
  *** Includes CWIP; year-end CWIP 2025 balance was ~$1.2B and year-end CWIP 2024 balance was ~$1.1B.

Top Safety and Reliability Performance Metrics Driven by Nonstop Focus on Continuous Improvement

PSE&G OSHA Recordable Incidence Rate

Consistent top performance in OSHA recordable incidence

SAIDI

Sustained top decile performance in electric reliability results

Open Leaks

Open year-end gas leaks reduced by ~77% from 2020

Benchmark categories: Top Decile; 1st Quartile; 2nd Quartile; 3rd Quartile; PSE&G

Benchmarks based on panels of comparable US utilities.

Monthly Electric Bills and Monthly Gas Bills

• PSE&G’s electric bills are below the regional average, despite higher PJM-related costs.
• PSE&G gas bills are the lowest in NJ and the lowest in the region.

Monthly Electric Bills

Average = $140

Monthly Gas Bills

Average = $185

Legend: PSE&G; Peer NJ Utilities; Peer Regional Utilities outside of NJ

Comparison of Electric Residential Service and Gas Residential Service based on a historical average monthly bill for a 500 kilowatt-hour electric customer and 100 therm gas customer using the twelve months ended June 30, 2026.

PSE&G Combined Bills Remain <3% Median NJ Income, Favorable “Share of Wallet” vs. Lower-Cost Regions

PSE&G Electric & Gas Combined Bills (1) (2) (6)
% of New Jersey Household Income (4) (5) (6)
Including Low-Income Customers After Assumed Credits (3) (5) (6)

up arrow Affordability
The combined bill has improved ~40% since 2009 for median-income customers and ~29% for low-income customers.

PSEG continues active engagement with NJ policymakers to support reliability, resource adequacy and customer affordability.

Footnotes

(1) Based on a typical residential electric customer using 683 kilowatt-hours per summer month and 6,700 kilowatt-hours on an annual basis using rates as of June 1 for 2025 onward. Prior to 2025 is based on a typical residential customer using 740 kWh in a summer month and 6,920 kWh on an annual basis.

(2) Based on 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.

(3) 175% of the Federal Poverty Line represents the income level associated with USF which is the lowest threshold of the three low-income programs. It is assumed that if the customer qualifies for USF they would also qualify for LIHEAP and Lifeline.

(4) NJ Median income for 2026 is not available. Assumes 3% annual increase over 2025.

(5) 2022 Results were adjusted to normal levels of customer assistance, which was elevated in 2022 due to funds received through the American Recovery Plan. 2024 Results were also adjusted in 2024 for LIHEAP to normal levels of customer assistance due to a supplemental payment that was intended to be awarded in 2023 but was received in 2024.

(6) The 2025E electric bill for PSE&G includes the full NJ RUBC of $100 and includes a REAP credit for low-income customers of $175. The 2026E electric bill for PSE&G includes a one-time credit of $25 and a REAP credit for low-income customers of $150.

PSE&G Value: Top decile performer in affordability nationally & a perennial reliability leader

PSEG Investor Update November 2026

Chart: National Residential Customer Share of Wallet
percent of income

Chart axis labels: 0.0%, 1.0%, 2.0%, 3.0%, 4.0%, 5.0%, 6.0%

Sources:

• State Electric and Gas data sourced from the Energy Information Administration (EIA) for 2025. PSEG Natural Gas was supplemented with data from American Gas Association (AGA).
• Income data for 2025 sourced from the Federal Reserve Economic Data.

Regulated 5-Year Capital Investment Plan of $22.5B-$25.5B

Chart period: 2026E – 2030E
Y-axis: ($ Billions), 0–6

Chart series: Transmission; Electric Distribution; Gas Distribution; Clean Energy; Transmission Non-PSE&G; Low to High Investment Range.

Callout: Driven by infrastructure modernization, energy efficiency, and growing customer demand.

Includes AFUDC.

Note: The Maryland Piedmont Reliability Project that was awarded to PSEG by PJM in December 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 regulated investment that may occur for programs related to gas and electric modernization, energy efficiency, energy storage, electric vehicles, load growth and solar.

Regulated Capital Investment Plan ~$1.5B Higher for 2026-2030

PSEG Investor Update — November 2026

Investment plan ($ Billions)

Chart series: Transmission; Electric Distribution; Gas Distribution; Clean Energy; Transmission Non-PSE&G; Low to High Investment Range.

Chart callouts:

• Up arrow: ~15% Increase
• Up arrow: ~7% Increase

Callout: Consistent rate base CAGR reflects ~7% higher rate base at year-end 2025 versus year-end 2024

Footnotes:

• Includes AFUDC.
• Note: The Maryland Piedmont Reliability Project that was awarded to PSEG by PJM in December 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 regulated investment that may occur for programs related to gas and electric modernization, energy efficiency, energy storage, electric vehicles, load growth and solar.

Robust Investment Opportunities Offer Continued Rate Base Growth

Chart: Regulated Year-End Rate Base
Units: $ Billions

Periods shown: 2024, 2025, 2026E, 2027E, 2028E, 2029E, 2030E. Series: Transmission; Electric Distribution; Gas Distribution; Clean Energy; Transmission Non-PSE&G; Low to High Investment Range. Individual bar values are not printed.

Y-axis labels: 0, 5, 10, 15, 20, 25, 30, 35, 40, 45, 50, 55.

• ~7% Increase
• 2026E – 2030E Rate Base CAGR: 6%–7.5%

Includes CWIP and AFUDC.
Note: The Maryland Piedmont Reliability Project that was awarded to PSEG by PJM in December 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 regulated investment that may occur for programs related to gas and electric modernization, energy efficiency, energy storage, electric vehicles, load growth and solar.

Transmission Investment Focused on System Upgrades to Support Future Electrification Efforts and Load Growth

• Investments in 69kV infrastructure over the last decade have resulted in 1,500 additional miles of 69kV lines. This replaced aging systems and prepared the system to address load growth.
• The extensive 69kV network can allow for reduced times to energization for data center customers.
• Lifecycle investments focused on overhead conductor and pipe cable replacements and upgrades.
• Broader opportunities in transmission, 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.
• In June 2026, legislation was passed in New Jersey that requires, effective January 1, 2027, transmission owners that own and operate transmission facilities in New Jersey to be members of an RTO approved by FERC. This mandatory RTO membership requirement could result in the future loss of PSE&G’s 50 basis-point ROE adder for participating in an RTO.

Electric Distribution Investment Focused on System Modernization, Providing Long Runway of Investment Opportunities to Maintain 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
• 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
• Meeting Growing Customer Demand

Gas Distribution Investment Focused on Infrastructure Replacement, Accelerating Emission Reduction Benefits

Impact of GSMP on Methane Reduction*

Mileage of CI/US Inventory Remaining

• Left axis: % Reduction from Reported 2011 Subpart W Emissions
• Right axis: Mileage of cast iron and unprotected steel main remaining
• Chart series: Methane Level; Mileage Remaining Future GSMP+
• Programs shown: GSMP I; GSMP II; GSMP II ext; GSMP III; Future GSMP+
• Periods shown: 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023, 2024, 2025E, 2026E, 2027E, 2028E, 2029E, 2030E, 2031E, 2032E, 2033E, 2034E, 2035E, 2036E, 2037E, 2038E, 2039E, 2040E

GSMP III settlement approved by BPU:

• 3-year, $1.4B program started January 2026
• Work related to GSMP III will not increase rates in 2026
• ~$1.05B accelerated recovery and $360M stipulated base
• Replacement of at least 600 miles of main
• Sustains the thousands of jobs and skilled workforce created under GSMP II

Future GSMP+ = Assumed continued BPU approval and run rate and current base capital plan continues until all eligible remaining cast iron / unprotected steel (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. Reduction forecast is based on former (2016) 40 CFR 98, Subpart W methodology. This forecast does not include regulatory, and calculation changes reflected in the revised 40 CFR 98, Subpart W emissions released by the U.S EPA on May 6, 2024.

PSE&G’s Award-Winning Clean Energy Future – Energy Efficiency Programs Generate More Than $1 Billion in Annual Customer Savings

Energy Efficiency

BPU approved total programs since inception ~$3.2B investment + ~$1B for on-bill repayment financing

Programs for Residential and C&I customers including low-income, multi-family, small business and local government, Building Decarbonization & Demand Response. In 2026, PSE&G launched a residential Virtual Power Plant (VPP) pilot, incentivizing the installation of customer-owned battery storage to evaluate its ability to reduce peak demand and support grid reliability.

• BPU approved 30-month CEF-EE II program, ~$1.9B + ~$1B in on-bill repayment, effective January 1, 2025
• PSE&G submitted its proposed extension of its EE programs running from 7/1/2027 - 6/30/2028 (Triennium 2.5 Framework)

Energy Cloud “AMI”

Completed ~$550M investment

“Smart meters,” new software and product solutions to improve PSE&G processes and better manage the electric grid

• CEF-EC/AMI program completed with ~2.2 million smart meters in-service
• Foundation for better service by providing customers granular usage information, automated reconnections and faster outage detection

Electric Vehicles

BPU approved $166M investment

Residential Smart Charging, Level 2 Mixed-Use Charging, and Public DC Fast Charging (Make-Ready)

• Program on target, expected to be fulfilled by December 31, 2027, due to education, outreach and supply chain improvements with ~35,800 chargers energized(1)
• PSE&G has a pending Medium and Heavy-Duty (MHD) EV filing, and is awaiting further action from the BPU

Illustration labels: LED Lighting; Smart Thermostats; Smart Outlets and Power Strips; Air Purifiers; Smart Home Hub; Smart Appliances; Energy Storage; EV; EV Charger (Make-Ready); Solar Panels; AMI Smart Meter

PSE&G’s Clean Energy Jobs program has supported the placement of more than 11,000(2) New Jerseyans into clean energy careers across the state since its inception.

(1) As of October 1, 2026.
(2) Jobs metric reflects data through June 2026.

Effective Cost Controls and Continuous Improvement to Support Affordability and Benefit Customers

PSE&G Total O&M Expense (1)
(Millions; y-axis labels: $0, $200, $400, $600, $800, $1,000, $1,200, $1,400, $1,600)

(1) Excludes certain regulatory balance count items.

PSE&G - Dual Jurisdiction Provides Options to Recover Capital Investments that Maintain our Top Tier Reliability and Deliver Meaningful Customer Value

Transmission

• Federal Regulatory Entity: Federal Energy Regulatory Commission (FERC)
  • Five-member Commission: Laura Swett (Chair); David Rosner; Lindsay See; Judy Chang; David LaCerte
• YE 2025 Transmission Rate Base: ~$13.5B (~38%)
  • Authorized Transmission ROE: 9.9% and 50 BP RTO adder*; Equity Ratio: 55%
• Annual formula rate filing provides for contemporaneous recovery with forward-looking test year
• PJM transmission cost allocation case is a win for PSE&G transmission customers, expected to deliver an annual benefit of ~$65M starting in 2027

Customer Value: Stable distribution rates and the lowest gas bill in the mid-Atlantic region, combined with best-in-class reliability and recognized customer service excellence

Distribution and Clean Energy

• State Regulatory Entity: New Jersey Board of Public Utilities
  • Five-member Commission: Ben Hertz-Shargel (President) (D); Michael Bange (R); Joseph Coviello (I); Christine Guhl-Sadovy (D); Emma Rebhorn (D)
• YE 2025 Distribution Rate Base (with Clean Energy): ~$22.4B (~62%)
  • Authorized Distribution ROE: 9.6% including Clean Energy; Equity Ratio: 55%
• PSE&G has filed a proposal with the BPU requesting a Deferral Accounting Order; As filed:
  • Enables recording of a regulatory asset to offset earnings lag from higher interest and depreciation related to E&G assets in service but not in base rates
  • Deferral period begins January 2027 and runs until new rates in effect
  • PSE&G’s base distribution rates remain stable throughout the deferral period
  • Establishes a June 2027 E&G distribution base rate filing date
  • Preserves full BPU review and determination of prudency
  • Responsive to NJ’s EO1 goals: Rate stability, accountability and transparency

Additional percentage labels: ~90%, ~10%, ~30%, ~70%

* In June 2026, legislation was passed in New Jersey that requires, effective January 1, 2027, transmission owners that own and operate transmission facilities in New Jersey to be members of an RTO approved by FERC. This mandatory RTO membership requirement could result in the future loss of PSE&G’s 50 basis-point ROE adder for participating in an RTO.

Key Takeaways: Best-in-Class Operations with Important System Investment Needs Driving Predictable Earnings Growth

Operational Excellence: Delivering top-tier safety, reliability and customer service, while maintaining favorable affordability profile

Financial Strength: Strong track record of growth continues

• Proposed Deferral Accounting Order to offset higher costs until new rates are in effect in 2028; Sets June 2027 date for E&G base rate filing
• Conservation Incentive Program decouples revenues, enabling broad EE adoption
• Cost control supports customer affordability

Disciplined Investment: Programs driven by infrastructure modernization and decarbonization

• $22.5B-$25.5B regulated capital investment program drives rate base growth of 6%-7.5% over the 2026-2030 period
• 2025 year-end rate base grew by ~7% over 2024
• Investments aligned with NJ energy policies
• Gas business capital investments driven by replacement of aged pipe prone to leaks
• Technology investments will improve the customer experience and reliability while continuing to control O&M

PSEG Power & Other

A stable, predictable business that generates significant free cash flow to support PSEG’s investment program

PSEG Nuclear

• Operates Salem 1 & 2 and Hope Creek
• 50% owner of Peach Bottom 2 & 3
• Total 3,758 MW
• Opportunities for growth

PSEG Gas Supply Operations
Serves Basic Gas Supply Service (BGSS) contract with PSE&G, providing low-cost gas and multiple value streams

Other
PSEG Long Island, competitively bid regulated transmission investments and Parent

PSEG Nuclear Units – Key Strategic, Financial and Operational Benefits

Key Strategic Benefits

• 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
• Three-unit nuclear site (Hope Creek, Salem 1 and 2) located in Southern New Jersey
• PSEG Nuclear’s site holds an Early Site Permit from the NRC for new nuclear development

Key Financial Benefits

• High value growth opportunities with low capital requirements include capacity uprates, refueling cycle extensions and operating license extensions
• Continue to pursue growth opportunities incremental to PSEG’s stated 6%-8% long-term non-GAAP Operating Earnings growth outlook, including the potential to contract existing and incremental nuclear output under longer-term contracts
• PTC through 2032 provides inflation-indexed price floor

Key Operational Benefits

• Exemplary ratings on all units
• Demonstrated operational excellence and equipment reliability, providing improved predictability

PSEG Nuclear — Key Fleet Data

Fleet Average Capacity Factor of 94.3% for First Nine Months of 2026

Hope Creek

• BWR
• NJ
• 100% PSEG ownership
• 1,174 MW owned capacity
• Current license expires 2046
• 24-month operating cycle
• Next refueling scheduled Fall 2027

Salem Unit 1

• PWR
• NJ
• 57% PSEG ownership
• 658 MW owned capacity
• Current license expires 2036
• 18-month operating cycle
• Next refueling scheduled Fall 2026

Salem Unit 2

• PWR
• NJ
• 57% PSEG ownership
• 651 MW owned capacity
• Current license expires 2040
• 18-month operating cycle
• Next refueling scheduled Fall 2027

Peach Bottom Unit 2

• PWR
• PA
• 50% PSEG ownership
• 632.5 MW owned capacity
• Current license expires 2053
• 24-month operating cycle
• Next refueling scheduled Fall 2026

Peach Bottom Unit 3

• BWR
• PA
• 50% PSEG ownership
• 642.5 MW owned capacity
• Current license expires 2054
• 24-month operating cycle
• Next refueling scheduled Fall 2027

PSEG Nuclear is a leading employer in Salem County and Southern NJ

• Supports an annual payroll of more than $250 million; ~1,600 full-time employees; ~1,000 additional contractors twice a year to support refueling outages and maintenance

PSEG Nuclear has Compelling Growth Opportunities: Salem Capacity Uprate

• ~112 MW PSEG-share (includes ~7% thermal power increase and complementary investments that improve secondary side generation efficiency)
• Lowers $/MWh generating cost (same O&M, more MWh)
• In service in 2027-2029
• Includes multiple investments in Salem Units 1 and 2 that will increase generation capacity and reliability and support long-term operation of the units, including through a potential subsequent license renewal (80-year life)
  • Moisture Separator Reheaters (2027/2028)
  • Power Uprate – thermal increase (2029)
  • Low Pressure Turbines – Unit 2 (2029)
• Compelling value:
  • Incremental PTC benefit — Expected to qualify for the incremental clean energy production credit, providing 10 years of ~$30/MWh* incremental value to market

Simplified Plant Diagram

1. Nuclear Reactor
2. High Pressure Turbine
3. Moisture Separator Reheaters
4. Low Pressure Turbines
5. Electrical Generator

Amount reflects 2025 dollars, subject to IRS inflation adjustment factor.

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 and increasing generation ~25 days every six years to end of extended life
• Hope Creek: Completed work in Fall 2025 to extend refueling cycle from 18 to 24 months
• Salem: Monitoring NRC approval to enable transition to 24-month cycles, potential 2032 implementation
• Transitioning all 3 units to 24-month cycles could provide an opportunity to further levelize the annual outage costs and generation output of our nuclear units

License Extensions — Salem and Hope Creek

• NRC has been informed of our intention to submit a subsequent 20-year license renewal extension for both Salem and Hope Creek generating stations (Salem Unit 1 to 2056, Salem Unit 2 to 2060, and Hope Creek to 2066)
• PSEG has authorized the first phase of the project to proceed
• ~$66M total PSEG-share investment to obtain NRC license changes

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

• PSEG Long Island OSA to manage LIPA’s T&D utility was extended for five years through 2030

Competitively Bid, FERC Regulated Transmission Projects

• In December 2023, PJM awarded PSEG an ~$424 million project in Maryland as part of its 2022 Window 3 competitive solicitation

PSEG Power & Other — Financial Considerations

Nuclear PTC Inflation Adjustment Illustration†

PJM Capacity Auction Results

Illustrative Gross Margin Change Above PTC

Financial Considerations

• For 2026, total nuclear generation is forecasted to be 30-32 TWh of reliable, carbon-free energy.
• Realized energy price historically aligned with the PECO hub.
• More than 95% of expected nuclear output hedged for 2026; high percentage of output sold forward for 2027, and less in 2028 and beyond.
• PSEG’s 100%-owned Hope Creek unit extended refueling cycle from 18 months to 24 months.
• Capacity uprate potential at Salem of nearly 200 MW total (~112 MW PSEG share).
• Notified NRC of intention to file for extension of operating licenses for Salem Units 1&2 and Hope Creek by 20 years to 2056, 2060 and 2066, respectively.
• Optionality around data centers/large load customers and PPAs under multi-year agreements:
  • Three-unit site at Artificial Island.
  • Latency close to population/fiber.
  • Early Site Permit options for technology-neutral nuclear capacity build.
  • Locational flexibility to consider all options, including out of state.

Note: Generation indicates period net generation.
*PJM’s new conversion of ICAP (installed capacity) to UCAP (unforced capacity, which is what is bid), has resulted in less UCAP per MW of ICAP. PSEG Nuclear sold the full UCAP value of the units.

• Illustration based on the adjustment mechanism found in subsection (c)(1) of section §45U of the IRC. PTC +2% means the PTC value as calculated assuming a 2% increase in the GDP Price Deflator (the underlying inflation metric) each year.

Key Takeaways: Earnings Predictability with Upside Potential

• Operational Excellence:

  • Solid nuclear operations with exemplary ratings on all units, gas supply operations benefiting PSE&G customers, and PSEG Long Island

• Financial Strength:

  • Nuclear operations generate significant free cash flow to support PSEG’s growth objectives
  • Other businesses, while smaller components, provide stable value

• Disciplined Investment:

  • Enables investment opportunities in power uprates, fuel cycle optimization and license extensions
  • Opportunities to contract existing and planned additions of nuclear output under multi-year agreements

Strong Business Mix and Predictable Growth with Upside

Steady Execution

• PSEG’s outlook for long-term, non-GAAP Operating Earnings CAGR is 6%-8% through 2030
• Total PSEG capital program of $24B - $28B for 2026-2030, >90% regulated investments focused largely on system replacement
• Rate Base CAGR of 6%-7.5% over same period efficiently translates to earnings growth
• Able to fund 5-year capital spending plan without the need to issue equity or sell assets
• Opportunistically hedging nuclear output to support long-term earnings CAGR
• Management track record of 21 consecutive years meeting or exceeding non-GAAP Operating Earnings guidance

Alignment with NJ Energy Policy

• Stringent cost control supports customer affordability
• Regulated capital investment program focused on reliability of utility infrastructure and cost saving energy efficiency
• PSEG’s investments provide customer value, economic stimulus and support jobs in NJ
• Favorable affordability profile in the state, the mid-Atlantic region and nationally
• Best-in-class operating performance in safety, reliability, storm response and customer satisfaction measures
• PSE&G transparency on connecting renewables to the grid

Energy Solutions Provide Upside

• Potential growth beyond forecasted 6%-8% CAGR in non-GAAP Operating Earnings includes:
  • Contracting existing and planned additions of nuclear output above current market prices
  • Winning incremental competitive transmission solicitations
  • Making incremental system investments to connect solar and battery storage resources to the grid to meet new demand
  • Potential for regulated/contracted supply opportunities

PSEG maintained 2026 non-GAAP Operating Earnings guidance of $4.28 - $4.40 per share

While capital spending has increased, no new equity needed through 2030 to fund business plan

2026E – 2030E PSEG Sources and Uses of Cash

No numeric values are printed on the chart.

Funding PSE&G Growth

• Internally generated PSE&G cash flow
• Incremental PSE&G debt
• PSEG Power Cash from Operations helps support PSE&G to retain equity to maintain capital structure

Footnote: (1) PSE&G Cash from Operations is adjusted for cost of removal and Energy Efficiency spending, which are included in capital expenditures.

Strong Business Platform Supports Investment Grade Ratings

PSEG FFO/Debt (1)

Minimum Threshold

Targeting Solid ‘BBB’ credit ratings for PSEG Senior Unsecured Debt

Projected Average Debt Capacity (2026E-2030E)

~$4B of investment capacity if debt capacity funds regulated growth at target capital structure

• We retain financial flexibility with debt capacity to capitalize on incremental growth opportunities
• Additional cash from opportunities to contract existing nuclear output under multi-year agreements could increase debt capacity

(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.

PSEG has Demonstrated Success in Controlling O&M, Keeping CAGR ~1%

PSEG O&M Expense (1)
(Millions; stacked bar chart)

Y-axis labels (Millions): $0, $500, $1,000, $1,500, $2,000, $2,500

(1) Excludes Nuclear ARO, Bethlehem Energy Center goodwill write-off, write-offs related to Strategic Alternatives and certain regulatory balance count and pass-through items. Excludes PSEG Fossil and PSEG Power Ventures as of 2022.

PSEG Maintains a Solid Financial Position

PSEG

PSEG Senior Unsecured Credit Ratings

PSEG Power Senior Unsecured Credit Ratings

Public Service Electric & Gas

PSE&G Senior Secured Credit Ratings

PSEG Liquidity

• PSEG had approximately $3.9B of total available liquidity (including $837M of cash and cash equivalents)
• PSEG’s variable rate debt was ~3% of total debt
• PSEG Power had net cash collateral postings of $610M

PSEG Maturity Profile 2026 - 2030

Principal Maturing ($ Millions). The chart’s vertical axis is labeled 0, 500, 1,000, 1,500, 2,000, and 2,500. Bar values are not labeled.

All data is as of September 30, 2026 unless otherwise noted.

(1) 364-Day Term Loan is at a variable rate and is included in Short-Term Debt as Commercial Paper & Loans. In December 2025, PSEG Power amended its existing $400 million 364-day variable rate term loan, which increased the balance to $500 million and extended the maturity to December 2026.

(2) In September 2026, PSEG Power issued $400 million of 5.55% Senior Notes due September 2031.

Note: Total long-term debt outstanding amounts may not add to PSEG Consolidated total long-term debt outstanding due to rounding. Amounts on slide are rounded up to two decimal places.

PSEG’s 2026 Indicative Annual Dividend Increase of ~6% Marks 15th Consecutive Annual Increase

Annual PSEG Dividend Per Share

Up arrow: Consistent and sustainable dividend growth

PSEG has a 119-year history of paying dividends to shareholders

* Indicative annual 2026 common dividend rate per share.
** Payout Ratios reflect the dividend rate divided by non-GAAP Operating Earnings. See Slide B 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.

Key Takeaways: A Strong Business Mix and Predictable Growth

• 6%-8% long-term non-GAAP Operating Earnings growth outlook driven by PSE&G rate base growth and PSEG Nuclear
• Best-in-class, customer-centric regulated Utility with robust 5-year capital expenditures of $22.5B–$25.5B
  • Settled key regulatory filings, including PSE&G’s last distribution base rate case and CEF-EE II in 2024 and GSMP III in 2025
  • Focused on infrastructure modernization and decarbonization of NJ economy and meeting growing customer demand
  • Favorable “share of wallet” for combined residential bills
  • Constructive NJ regulatory environment
• 2026 annualized indicative common dividend* of $2.68 per share represents ~6% increase over 2025
• Nuclear fleet with predictable cash flows and multiple growth paths with modest investment
  • Opportunities – Increase capacity via uprates, extend fuel cycles, seek license extensions, optionality around potential data center power sales and potential hydrogen opportunities
  • Nuclear PTC threshold continues to provide inflation-indexed, downside pricing protection through 2032
• Effective cost control and continuous improvement efforts to support customer affordability
• Recognized sustainability leader with top-tier scores and commitment to ethical business practices
• Strong management track record of delivering on commitments: PSEG has met or exceeded earnings guidance 21 years in a row

* All future decisions and declarations regarding dividends on the common stock are subject to approval by the Board of Directors.

Glossary of Terms

PSEG Investor Relations
80 Park Plaza
Newark NJ 07102
PSEG-IR-GeneralInquiry@pseg.com

Link to PSEG Investor Relations Website
Link to PSEG ESG Webpages

PSEG EPS Reconciliation – September 30, 2026 YTD Results

Chart values ($ / share)

PSE&G components

PSEG Power & Other components

See Slides A and B for Items excluded from Net Income/(Loss) to reconcile to Operating Earnings (non-GAAP).

Results may not add due to rounding.

Reconciliation of Non-GAAP Operating Earnings

Public Service Enterprise Group Incorporated – Consolidated Operating Earnings (non-GAAP) Reconciliation

(a) Includes the financial impact from positions with forward delivery months.
(b) 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.

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.

Reconciliation of Non-GAAP Operating Earnings

Public Service Enterprise Group Incorporated – Consolidated Operating Earnings (non-GAAP) Reconciliation

($ millions, Unaudited)

($ Per Share Impact – Diluted, Unaudited)

(a) Effective January 1, 2018, unrealized gains (losses) on equity securities are recorded in Net Income (Loss) instead of Other Comprehensive Income (Loss).

(b) Includes the financial impact from positions with forward delivery months.

(c) 2022 includes the results for fossil generation sold in February 2022. 2021 amounts include a pre-tax loss of $298 million for the make-whole premium paid upon the early redemption of PSEG Power's debt and other non-cash debt extinguishment costs.

(d) Income tax effect calculated at 28.11% statutory rate for 2018 through 2025 and 40.85% statutory rate for 2017, except for qualified NDT related activity, which records an additional 20% trust tax on income (loss) from qualified NDT Funds, the additional investment tax credit recapture related to the sale of PSEG Solar Source in 2021 and lease related activity.

(e) Approximately three million potentially dilutive shares were excluded from fully diluted average shares outstanding used to calculate the diluted GAAP loss per share for the year ended December 31, 2021 as their impact was antidilutive to GAAP results. For non-GAAP per share calculations, we used fully diluted average shares outstanding of 507 million, including the three million potentially dilutive shares as they were dilutive to non-GAAP results. As a result of the use of different denominators for non-GAAP Operating Earnings and GAAP Net Loss, a reconciling line item, “Share Differential,” has been added to the 2021 results to reconcile the two Earnings/(Loss) per share 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).