Public Service : March 2024 Investor Update

PSEG

Investor

Update

Leading toward a sustainable future

March 2024

PSEG Investor Update March 2024

Forward-Looking Statements

Certain of the matters discussed in this presentation 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;
• 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, 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;
• a material shift away from natural gas toward increased electrification and a reduction in the use of natural gas;
• 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 and pension costs;

• any inability to extend certain significant contracts on terms acceptable to us;
• 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;
• our ability to obtain adequate nuclear fuel supply;
• changes in technology related to energy generation, distribution and consumption and changes in customer usage patterns;
• third-partycredit 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;
• 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, production tax credit and/or zero emission certificates program;
• 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 federal and state 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 presentation 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 presentation apply only as of the date of this presentation. 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 presentation 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.

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PSEG Investor Update March 2024

GAAP Disclaimer

PSEG presents Operating Earnings in addition to its Net Income 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. 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 slide in this presentation (Slide A) includes a list of items excluded from Net Income 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, 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.

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

Non-GAAP EBITDA excludes the same items as our non-GAAP Operating Earnings measure, as well as income tax expense (except for production tax credits (PTCs)), interest expense and depreciation and amortization. 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 EBITDA and 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, non-GAAP Adjusted EBITDA 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 non-GAAP Operating Earnings and non-GAAP EBITDA; working capital (including accounts receivable/payable, cash collateral), adjustments to Net Income (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 February 26, 2024.

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.comor by navigating to the Email Alerts webpage here. The information on https://investor.pseg.comand https://investor.pseg.com/resources/email-alerts/default.aspxis not incorporated herein and is not part of this communication.

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PSEG Investor Update March 2024

Public Service Enterprise Group

PSEG Investor Update March 2024

PSEG 2024: An improved business mix and platform for predictable growth

PSEG

PSE&G

• Regulated Operations Represent ~90% of PSEG's non-GAAP Operating Earnings

Over Next 5 Years

NJ's Largest T&D Utility:

1. Million Electric and

1. Million Gas Customers

PSEG Power & Other

• Carbon-FreePSEG Nuclear Fleet

Production Tax Credit makes PSEG Nuclear's cash flows more predictable and provides downside price protection

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PSEG Investor Update March 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-classutility and strong nuclear performance
• Financial Strength: Solid balance sheet to fund our growth objectives
• • No new equity required to support 5-year capital plan through 2028
  • Solid investment grade ratings supported by credit metrics that allow for incremental investment
  • 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

• Disciplined Investment: >90% of capital allocation to PSE&G and other regulated investments, aligned with clean energy policies
• • Investments to modernize utility infrastructure - Energy
    Strong, "Last Mile" reliability, GSMP
  • Investments to support decarbonization - Energy Efficiency, EV, AMI, Solar and other
  • Recently awarded investment into competitively bid regulated transmission

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PSEG Investor Update March 2024

PSEG Financial Outlook:

More Predictability from an Improved Business Profile

Well Positioned for the Future

Exited Merchant Fossil Generation	✓ Eliminated market price volatility on earnings with proceeds used to pay down debt and
return capital to shareholders
Exited Offshore Wind Generation	✓ Completed sale of 25% equity stake in Ocean Wind 1, recouping full investment
✓ Evaluating options to monetize our 50% stake in Garden State Offshore Energy acreage
Retained Carbon Free Nuclear Fleet	✓ PTC provides downside price protection through 2032
✓ Enhances PSEG Power & Other cash flow visibility and predictability
Progress on Reducing Pension Variability	✓ BPU pension accounting order helps reduce volatility in PSE&G earnings
✓ "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
PSEG Compelling Risk-Adjusted Return Opportunity	✓ Continued opportunity for consistent and sustainable dividend growth
				✓ Supports our long-termnon-GAAP Operating Earnings growth outlook of 5%-7% through 2028

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PSEG Investor Update March 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

• BPU issued 2nd triennium Energy Efficiency framework (2023)
• February 2023 NJ Governor's Executive Orders advance 100% Clean
  Energy by 2035 (#315), prioritize Electrification of Building Sector (#316), and initiate Stakeholder Proceeding on Future of Natural Gas Utilities (#317)
• BPU Order for Energy Efficiency Adoption (2020)
• NJ Energy Master Plan (2020)
• NJ Clean Energy Act (2018)
• NJ Zero Emissions Certificate Law (2018)

Key Federal Policies

• Inflation Reduction Act (2022)
• Infrastructure Investment and Jobs Act (2021)
• PIPES Act (2020) Supports Replacement of Aged Gas Pipeline Infrastructure

PSEG Opportunities

• "Last Mile" distribution system investments increase reliability and prepare for electrification
• GSMP targets methane leaks and infrastructure replacement
• EE programs reduce usage, emissions and customer bills
• EV programs address the #1 source of emissions in NJ
• PTC helps preserve NJ nuclear units; offers opportunities
  to invest in uprates, fuel-cycle extension and license extension
• PSEG's carbon-free nuclear fleet supports incremental opportunities for hydrogen and revenue enhancements aligned with
  NJ's economic development efforts to attract high tech industry

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PSEG Investor Update March 2024

PSEG: Key Assets and Leadership

PSE&G - Best-in-Class Regulated Electric & Gas T&D Utility Focused on Affordability, Reliability and Customer Satisfaction

• Top quartile safety performance
• Recipient of PA Consulting 2023 ReliabilityOne® Award for Outstanding Reliability Performance in the Mid-Atlantic Metropolitan Service Area for 22 consecutive years
• #1 in Customer Satisfaction with Residential and Business Electric Service in the East among Large Utilities by J.D. Power in 2023*
• Robust pipeline of regulated investment opportunities
• Residential electric bills are below the regional average
• Residential gas bills are the lowest in the region
• Award-winningSolar, Energy Efficiency, and EV programs

PSEG Power & Other

• Solid nuclear operations with exemplary ratings on all units, gas supply operations benefiting PSE&G customers, and PSEG Long Island
• Nuclear fleet consisting of 3,761 MW carbon-free, base load assets with a PTC stabilized revenue stream and opportunities for low-cost uprates and other enhancements
• Supporting revenues from Gas Operations, PSEG Long Island, and other investments offset by Parent interest

PSEG's Workforce of ~12,500 Engaged Associates Led by an Experienced Management Team with Continuity

• CEO, CFO, GC, Presidents of PSE&G and PSEG Nuclear have an 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. Visitjdpower.comawardsfor more details.

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PSEG Investor Update March 2024

PSEG: Financial Strength to Achieve Strategic Plan

Long-TermNon-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

Indicative Annual Dividend Rate for 2024 Increased $0.12 Per Share over 2023*

• 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