Public Service : Q1 2024 PSEG Earnings Conference Call Presentation

Public Service Enterprise Group

FIRST QUARTER 2024

NYSE: PEG

Financial Results Presentation April 30, 2024

PSEG First Quarter 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 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.

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PSEG First Quarter 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 two slides in this presentation (Slides A and B) include a list of items excluded from Net Income to reconcile to non-GAAP Operating Earnings with a reference to those slides included on each of the slides where the non-GAAP information appears.

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.

Due to the forward-looking nature of non-GAAP Operating Earnings guidance, PSEG is unable to reconcile this non-GAAP financial measure to the most directly comparable GAAP financial measure because comparable GAAP measures are not reasonably accessible or reliable due to the inherent difficulty in forecasting and quantifying measures that would be required for such reconciliation. Namely, we are not able to reliably project without unreasonable effort MTM and NDT gains (losses), for future periods due to market volatility. These items are uncertain, depend on various factors, and may have a material impact on our future GAAP results.

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 or the Form 8-K to which it is an exhibit.

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PSEG First Quarter 2024

PSEG Q1 2024 Highlights

First Quarter Results

• Net Income of $1.06 per share
• Non-GAAPOperating Earnings* of $1.31 per share
• PSE&G non-GAAP Operating Earnings* driven by higher regulated investments, offset by anticipated higher O&M, depreciation and interest expense
• First quarter dividend increased by $0.03 per share to indicative 2024 annual rate of $2.40 per share**

Operational Excellence

• CEF-EC/AMIinstallations on schedule and on budget, nearing 80% completion
• CEF-EEprogram recognized with the ENERGY STAR Partner of the Year - Sustained Excellence Award
• Nuclear capacity factor was approximately 97% for the quarter

Disciplined Investment

• PSE&G invested approximately $0.8 billion in Q1 and is on track for 2024's $3.4 billion capital investment program
• PSE&G commenced in Q1 2024 GSMP II extension, representing ~$900 million of infrastructure spend through year end 2025
• Regulated capital investment program for 2024 - 2028 of $18 billion - $21 billion focused on infrastructure modernization and electrification initiatives

* See Slides A and B for Items excluded from Net Income to reconcile to Operating Earnings (non-GAAP) for PSEG, PSE&G and PSEG Power & Other.

** All future decisions and declarations regarding dividends on the common stock are subject to approval by the Board of Directors.4 Note: PSEG Power & Other includes nuclear generating fleet, gas supply operations, PSEG Long Island, Offshore wind lease area, competitively bid regulated transmission investments, potential hydrogen investments, Parent and other.

PSEG First Quarter 2024

PSEG Outlook Reaffirmed

$3.60 to $3.70

				Growth in earnings
				influenced by the
		$3.48		following drivers:
share			expense pending rate
			• Utility rate base growth
				net of investment-related
/			case resolution
$		•	Nuclear PTC benefit
			•	Incremental Parent
				interest expense

2023 Non-GAAP	2024E Non-GAAP
Operating Earnings
Operating Earnings
Guidance

• PSEG full-year 2024 non-GAAP Operating Earnings guidance of $3.60 to $3.70 per share reaffirmed
• $18B - $21B regulated capital investment program over 2024-2028
• 5-yearcapex plan supports Rate Base CAGR of 6% - 7.5% over the 2024-2028 period
• PSEG's improved business mix drives our non-GAAPearnings growth rate of 5% - 7% through 2028
• Carbon-freenuclear fleet with predictable cash flows stabilized by the PTC, which took effect January 1, 2024, and enables multiple growth paths with modest investment
• Solid balance sheet supports execution of 5-yearcapex plan with no new equity or asset sales needed to fund the plan
• PSE&G retains favorable "share of wallet" for combined residential bills:
• • Gas bills are the lowest in the region
  • Electric bills are below regional peer average

Guidance for 2024 is consistent with PSEG's non-GAAP Operating Earnings growth outlook

of 5% - 7% through 2028

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PSEG First Quarter 2024

Q1 2024

Review

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PSEG First Quarter 2024

PSEG Q1 Results

PSEG EPS Summary - Three Months ended March 31,

Net Income	2024	2023	Change
PSE&G	$0.98	$0.98	-
PSEG Power & Other	$0.08	$1.60	$(1.52)
Total PSEG	$1.06	$2.58	$(1.52)

Non-GAAP Operating Earnings*	2024	2023	Change
PSE&G	$0.98	$0.99	$(0.01)
PSEG Power & Other	$0.33	$0.40	$(0.07)
Total PSEG	$1.31	$1.39	$(0.08)

* See Slides A and B for Items excluded from Net Income to reconcile to Operating Earnings (non-GAAP) for PSEG, PSE&G and PSEG Power & Other.

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PSEG First Quarter 2024

PSEG EPS Reconciliation - Q1 2024 versus Q1 2023
	$2.75	$2.58
	$2.50
		~
		~
	$1.50		$1.39	($0.01)		($0.07)
share				Transmission 0.03		$1.31
$1.25			Gas Margin 0.01	Gross Margin 0.03
$ /				Other E&G Margin 0.03	O&M (0.03)		$1.06
	$1.00			Distribution O&M (0.05)	Interest (0.01)
			Taxes & Other
				Distribution Depreciation &
				(0.06)
				Interest (0.04)
	$0.75			Distribution Non-Operating
				Pension/OPEB (0.01)
				Distribution Taxes	0.02
	$0.50
	$0.25
	$0.00
		Q1 2023	Q1 2023	PSE&G		PSEG Power & Other	Q1 2024	Q1 2024
		Net Income	Operating Earnings				Operating Earnings	Net Income
			(non-GAAP)*				(non-GAAP)*

* See Slides A and B for Items excluded from Net Income to reconcile to Operating Earnings (non-GAAP) for PSEG, PSE&G and PSEG Power & Other.	8
Note: Results may not add due to rounding.

PSEG First Quarter 2024

PSE&G

Q1 2024

Highlights

Operations

• Residential Electric and Gas customer count, a driver of margin growth under the Conservation Incentive Program (CIP), each grew by ~1% for the trailing 12 months ended March 31, 2024
• CIP minimizes margin volatility due to variations in sales, regardless of the sales driver (weather, energy efficiency, net-metered solar, economy)
• Weather-normalizedsales for the trailing 12 months ended March 31: - Electric sales decreased ~1% and Gas sales increased ~1%
• PSE&G replaced 62 miles of gas main and 5,556 associated gas services to homes and businesses under gas main replacement program
• CEF-EC/AMIcompleted installations of ~1.8 million of the 2.3 million planned meter replacements by end of 2024
• CEF-EEprogram recognized with the ENERGY STAR Partner of the Year - Sustained Excellence Award

Regulatory and Market Environment

• Fully executed stipulation to recover an annualized increase in revenue of $12 million, effective May 1, 2024, representing the return of and on Energy Strong II investments (pending BPU approval on April 30, 2024)
• BPU approved annual increase in SBC revenues totaling $59 million, effective April 1, 2024, for costs incurred under PSE&G's EE &
  Renewable Energy and Social Programs
• Implemented annual FERC transmission formula rate increase of $58 million effective January 1, 2024, subject to true-up

Financial

• PSE&G invested ~$0.8 billion in Q1, on track to invest ~$3.4 billion in 2024
• Commenced GSMP II extension investments in Q1 2024 for ~$900 million of infrastructure replacement spend through year end 2025
• In March, PSE&G issued $450 million of 5.20% Secured Medium-Term Notes due March 2034 and $550 million of 5.45% Secured Medium-Term Notes due March 2054
• In March, PSE&G retired $250 million of 3.75% Secured Medium-Term Notes at maturity

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PSEG First Quarter 2024

PSEG Power & Other

Nuclear Generation Measures

	Three Months Ended	Three Months Ended
	March 31, 2024	March 31, 2023
Capacity Factor	96.8%	100%
Fuel Cost ($ millions)	$51	$48
Generation (GWh)	8,201	8,380
Fuel Cost ($/MWh)	$6.22	$5.72
Refueling Outages	Spring 2024 - HC	Spring 2023 - S2
Fall 2024 - S2, PB2	Fall 2023 - S1, PB3
PJM Capacity Auction Results
Delivery Period	PSEG's Average Prices	PSEG's Cleared Capacity
Jan 2024 - May 2024	$50/MW-Day	3,700 MW
Jun 2024 - May 2025	$65/MW-Day	3,700 MW

Other Financial Considerations

• For 2024, total nuclear generation is forecasted to be 30-32 TWh
• Transitioning PSEG's 100%-owned Hope Creek unit from 18-month to 24-month fuel cycles starting in 2025
• In March, PSEG issued $750 million of 5.20% Senior Notes due April 2029 and $500 million of 5.45% Senior Notes due April 2034

Note: Generation indicates period net generation; Average Prices and Cleared Capacity reflect base and incremental auctions.

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