PSEG outlines $24B-$28B capital plan for 2026-2030
The RTO membership requirement takes effect January 1, 2027; PSEG says it could result in future loss of PSE&G's 50 basis-point ROE adder.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Public Service Enterprise Group Incorporated (PEG) posted updated investor materials outlining a $22.5 billion-$25.5 billion regulated capital plan for 2026-2030 and a long-term non-GAAP Operating Earnings growth outlook of 6%-8% through 2030. Its total PSEG capital plan is $24 billion-$28 billion. The company says the plan requires no new equity or asset sales through 2030. The 2026 annualized indicative dividend rate is $2.68 per share, about 6% above 2025; future dividend decisions and declarations are subject to Board approval.
For the three months ended September 30, 2026, consolidated GAAP net income was $376 million, versus $622 million a year earlier, while non-GAAP Operating Earnings were $574 million versus $565 million. For the first nine months of 2026, net income was $1.451 billion versus $1.796 billion, and Operating Earnings were $1.777 billion versus $1.667 billion. PSEG reported an average nuclear fleet capacity factor of 94.3% for the first nine months of 2026. PSE&G said New Jersey residential gas heating bills fell 5% effective October 2026.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointNine-month non-GAAP Operating Earnings rose to $1.777 billion from $1.667 billion.
Negative
- Moderate pointNine-month GAAP net income fell to $1.451 billion from $1.796 billion.
Filing Explained
From January first, 2027, a New Jersey law requires transmission owners to join a FERC-approved regional transmission organization, potentially ending PSE&G’s 50-basis-point return adder.
PSE&G reports that it has filed a proposal with the BPU for an accounting order; the proposed order would let it record a regulatory asset to offset higher interest and depreciation costs on electric and gas assets already in service but not yet in base rates. The proposed deferral would start in
Separately, legislation passed in New Jersey requires transmission owners to join a FERC-approved regional transmission organization effective
8-K Event Classification
Key Figures
Key Terms
non-GAAP Operating Earnings financial
FFO/Debt financial
Rate Base CAGR financial
Transmission Formula Rate regulatory
50 basis-point ROE adder financial
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What could New Jersey's RTO requirement mean for PSE&G's return?
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(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification Number) |
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification Number) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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Name of Each Exchange On Which Registered | ||
Public Service Enterprise Group Incorporated |
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Public Service Electric and Gas Company |
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The information contained in Item 7.01 Regulation FD Disclosure in this combined Form 8-K is separately furnished, as noted, by Public Service Enterprise Group Incorporated (PSEG) and Public Service Electric and Gas Company (PSE&G). Information contained herein relating to any individual company is provided by such company on its own behalf and in connection with its respective Form 8-K. PSE&G makes representations only as to itself and makes no other representations whatsoever as to any other company.
Item 7.01 Regulation FD Disclosure
PSEG and PSE&G
On November 6, 2026, PSEG posted updated investor materials to its Investor Relations website at https://investor.pseg.com. A copy of the materials is furnished as Exhibit 99 to this Current Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits
| Exhibit 99 | Discussion Materials | |
| Exhibit 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |
1
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. The signature of the undersigned company shall be deemed to relate only to matters having reference to such company and any subsidiaries thereof.
| PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED (Registrant) | ||
| By: | /s/ Rose M. Chernick | |
| ROSE M. CHERNICK | ||
| Vice President and Controller | ||
| (Principal Accounting Officer) | ||
Date: November 6, 2026
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. The signature of the undersigned company shall be deemed to relate only to matters having reference to such company and any subsidiaries thereof.
| PUBLIC SERVICE ELECTRIC AND GAS COMPANY (Registrant) | ||
| By: | /s/ Rose M. Chernick | |
| ROSE M. CHERNICK | ||
| Vice President and Controller | ||
| (Principal Accounting Officer) | ||
Date: November 6, 2026
2
Exhibit 99 PSEG PSEG Investor Investor Update Update Leading toward a Leading toward a sustainable future sustainable future March 2026 November 2026 1 1
PSEG Investor Update November 2026 Forward-Looking Statements Certain of the matters discussed in this report about our and our subsidiaries’ future performance, • 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, without limitation, future revenues, earnings, strategies, prospects, consequences, and including the potential impacts on the economic viability of our generation units; all other statements that are not purely historical constitute “forward-looking statements” within • the ability to obtain adequate nuclear fuel supply; the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking • changes in technology related to energy generation, distribution and consumption and statements are subject to risks and uncertainties, which could cause actual results to differ changes in customer usage patterns; • third-party credit risk relating to our sale of nuclear generation output and purchase of materially from those anticipated. Such statements are based on management’s beliefs as well as nuclear fuel; assumptions made by and information currently available to management. When used herein, the • any inability to meet our commitments under forward sale obligations and Regional words “anticipate,” “intend,” “estimate,” “believe,” “expect,” “plan,” “should,” “hypothetical,” Transmission Organization rules; “potential,” “forecast,” “project,” variations of such words and similar expressions are intended to • 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; identify forward-looking statements. Factors that may cause actual results to differ are often • the impact of changes in state and federal legislation and regulations on our business, presented with the forward-looking statements themselves. Other factors that could cause actual including PSE&G’s ability to recover costs and earn returns on authorized investments; results to differ materially from those contemplated in any forward-looking statements made by us • PSE&G’s proposed investment projects or programs may not be fully approved by regulators herein are discussed in filings we make with the United States Securities and Exchange and its capital investment may be lower than planned; • our ability to receive sufficient financial support for our New Jersey nuclear plants from the Commission (SEC), including our Annual Report on Form 10-K and subsequent reports on Form markets, and/or production tax credits; 10-Q and Form 8-K. These factors include, but are not limited to: • adverse changes in and non-compliance with energy industry laws, policies, regulations and • any inability to successfully develop, obtain regulatory approval for, or construct transmission standards, including market structures and transmission planning and transmission returns; and distribution, and our nuclear generation projects; • risks associated with our ownership and operation of nuclear facilities, including increased • significant resource adequacy challenges that present affordability and reliability concerns nuclear fuel storage costs, regulatory risks, such as compliance with the Atomic Energy Act and that could cause policymakers to implement responsive measures that could have a and trade control, environmental and other regulations, as well as operational, financial, material, adverse impact on our business, strategy, growth rates, cash flows, results of environmental and health and safety risks; operations, and financial condition and increase regulatory uncertainty for utility investment • changes in or violation of federal, state and local environmental laws and regulations and initiatives and programs; enforcement; • the physical, financial and transition risks related to climate change, including risks relating to • delays in receipt of, or an inability to receive, necessary licenses and permits and siting potentially increased legislative and regulatory burdens, changing customer preferences and approvals; and lawsuits; • changes in tax laws and regulations. • 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 All of the forward-looking statements made in this report are qualified by these cautionary of violence, sabotage, physical attacks or security breaches, cyberattacks or other incidents statements and we cannot assure you that the results or developments anticipated by that may impact our ability to provide safe and reliable service to our customers; management will be realized or even if realized, will have the expected consequences to, or • any inability to recover the carrying amount of our long-lived assets; • disruptions or cost increases in our supply chain, including labor shortages; effects on, us or our business, prospects, financial condition, results of operations or cash flows. • any inability to maintain sufficient liquidity or access sufficient capital on commercially Readers are cautioned not to place undue reliance on these forward-looking statements in reasonable terms; making any investment decision. Forward-looking statements made in this report apply only as • the impact of cybersecurity attacks or intrusions or other disruptions to our information of the date of this report. While we may elect to update forward-looking statements from time to technology, operational or other systems; • failure to attract and retain a qualified workforce; time, we specifically disclaim any obligation to do so, even in light of new information or future • increases in the costs of equipment, materials, fuel, services and labor; events, unless otherwise required by applicable securities laws. • 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 The forward-looking statements contained in this report are intended to qualify for the safe Trust Fund and increases in funding requirements; harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of • any inability to enter into or extend certain significant contracts; the Securities Exchange Act of 1934, as amended. 2 2
PSEG Investor Update November 2026 GAAP Disclaimer PSEG presents Operating Earnings in addition to its Net Income/(Loss) reported in Non-GAAP FFO reflects cash from operations excluding working capital and accordance with accounting principles generally accepted in the United States adjusts for certain items including taxes on asset sales, cost of removal and energy (GAAP). Operating Earnings is a non-GAAP financial measure that differs from Net efficiency investments. Non-GAAP Debt consists of long-term debt, short-term debt Income/(Loss). Non-GAAP Operating Earnings exclude the impact of gains (losses) and other imputed debt primarily related to an unfunded pension obligation. Non- associated with the Nuclear Decommissioning Trust (NDT), Mark-to-Market (MTM) GAAP FFO, as referenced in this presentation, may not be comparable to similarly accounting and other material infrequent items. The last two slides in this titled measures used by other companies. Given the forward-looking nature of non- presentation (Slides A and B) include a list of items excluded from Net GAAP Operating Earnings and non-GAAP FFO estimates and our inability to Income/(Loss) to reconcile to non-GAAP Operating Earnings. project certain reconciling items that would be excluded from the most directly comparable GAAP measures – such as MTM and NDT gains (losses), with respect Management uses non-GAAP Operating Earnings in its internal analysis, and in non-GAAP Operating Earnings; working capital (including accounts communications with investors and analysts, as a consistent measure for receivable/payable, cash collateral), adjustments to Net Income/(Loss) (including comparing PSEG’s financial performance to previous financial results. The changes in regulatory assets/liabilities, deferred taxes) with respect to non-GAAP presentation of non-GAAP Operating Earnings is intended to complement, and FFO and non-GAAP debt and imputed debt (including unfunded pension obligation) should not be considered an alternative to, the presentation of Net Income/(Loss), with respect to non-GAAP debt - due to the volatility, complexity and low visibility of which is an indicator of financial performance determined in accordance with these items, PSEG is unable to reconcile these non-GAAP financial measures to GAAP. In addition, non-GAAP Operating Earnings as presented in this report may the most directly comparable GAAP financial measure. These items are uncertain, not be comparable to similarly titled measures used by other companies. depend on various factors, and may have a material impact on our future GAAP PSEG also includes forward-looking estimates of non-GAAP Operating Earnings results. Guidance included herein is as of November 2, 2026. and non-GAAP Funds From Operations (FFO), including the forward-looking non- GAAP FFO/Debt ratio target, in this presentation. 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 November 2026 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 Investor Update November 2026 • PSEG is working constructively to support New Jersey’s energy policy goals and prioritizing affordability: ✓ PSE&G recently filed a proposal with the BPU to address regulatory lag, in-line with the spirit of PSEG Highlights Executive Orders 1 and 2 ✓ 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) Continued execution • Maintaining LT non-GAAP Operating Earnings growth target of 6%-8% through 2030; of strategic plan Expect to be in range each year while pursuing incremental growth utilizing a strong • Robust and low-risk 5-year regulated capital plan of $22.5-$25.5B focused on system business mix to replacement and modernization, “Last Mile” reliability and clean energy programs with proven value for customers deliver predictable • Progress on regulatory initiatives in NJ and at PJM continues: BPU in Phase 2 of growth with upside 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 5
PSEG Investor Update November 2026 Operational Excellence in New Jersey and Long Island: Best-in-class utilities and exemplary nuclear performance th • 2025 ReliabilityOne® Award for Outstanding Reliability Performance in the Mid-Atlantic Region for 24 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 PSEG’s o This marks the fourth consecutive year PSE&G has earned the top position in its segment Vision • 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 o 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 Powering a future Financial Strength: where people use Solid balance sheet to fund our growth objectives energy more efficiently, • No new equity or asset sales required to support 5-year capital plan through 2030 and it’s safer and • Solid investment grade ratings supported by credit metrics that allow for incremental investment delivered more reliably • Cost control supports customer affordability with favorable regional bill comparisons than ever • 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 6 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 Investor Update November 2026 PSEG Financial Outlook: More Predictable, Well Positioned for the Future • GSMP III settlement approved by BPU; 3-year, $1.4B program started January 2026 • Achieved balanced settlement of last distribution base rate case in 2024; Recovered capital Settled Key Regulatory Filings investments with no disallowances; Maintained favorable regional affordability profile • Clean Energy Future – Energy Efficiency II settlement approved for ~$2.9B spend over 6 years • Cash flow generation from nuclear fleet is differentiator among T&D peers Exemplary Carbon-Free Nuclear Fleet • PTC provides downside price protection, visibility and predictability through 2032 • BPU approved pension accounting order in 2023 and pension mechanism in 2024 Reduced Pension and Storm Variability • “Lift-out” of ~$1 billion of PSEG Power & Other pension obligations • Storm deferral mechanism approved as part of 2024 distribution base rate case settlement PSE&G Conservation Incentive Program • Supports widespread adoption of EE investments and has benefitted customers with bill credits PSE&G Transmission Formula Rate • Provides contemporaneous recovery of capital investments PSE&G’s Robust Capital Program • Long-term visibility from infrastructure replacement and support of NJ’s decarbonization efforts • Solid balance sheet enables funding of 5-year capital investment program without need for new equity PSEG Financial Strength (1) • Non-GAAP FFO/Debt projected to be in the mid-teens through 2030 • Continued opportunity for consistent and sustainable dividend growth Compelling Risk-Adjusted Return Opportunity • Supports our long-term non-GAAP Operating Earnings growth outlook of 6%-8% through 2030 (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. 7 7
PSEG Investor Update November 2026 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* th th • 119 year of paying a dividend; 15 consecutive annual dividend increase in 2026 Compelling Growth Profile of PSE&G Complemented by PSEG Power & Other’s Nuclear Revenue Opportunities 8 8 * All future decisions and declarations regarding dividends on the common stock are subject to approval by the Board of Directors.
PSEG Investor Update November 2026 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 PSE&G Continues to 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 Align with the State’s • Following a PSE&G-led effort on cost allocation at FERC, PJM will prospectively reduce costs Energy Policy Goals 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 9
PSEG Investor Update November 2026 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: Lowest Cost, but More Leaks/Mile than Peers: Age of cast iron system drives need for GSMP program** Achieving low SAIDI outage scores with Lowest Distribution O&M spend* 0 0.0000 50 PSE&G 0.0100 100 0.0200 150 0.0300 PSE&G 200 250 0.0400 300 0.0500 $0 $100 $200 $300 $400 $500 $600 $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 Peers Achieving Highest Customer Satisfaction at Lowest Cost: Low A&G Cost/Customer vs. Peers^^ For Overall Residential Customer Satisfaction^ PSE&G Elec 600 580 PSE&G Gas 560 Electric 540 520 PSE&G Elec 500 PSE&G Gas 480 460 440 Gas 420 400 380 $0 $50 $100 $150 $200 $250 $300 $350 $400 $0 $50 $100 $150 $200 $250 Distribution O&M per Customer ($) LOWER COST LOWER COST Electric Peer Companies Gas Peer Companies Electric Peer Companies 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). HIGHER RELIABILITY HIGHER SATISFACTION Overall Customer SAIDI (minutes per year) Satisfaction LOWER LEAKS Known System Leaks Scheduled for Repair per Mile of Mains
PSEG Investor Update November 2026 PSEG’s Long-Term Outlook Incorporates Solid Growth Pipeline with Upside Higher/Expanded Regulated Investment in Clauses • Gas System Modernization Program III – incremental in-state resiliency investment Regional Competitive Transmission Projects • PJM Transmission Window Solicitations • Clean Energy Future – EV Medium & Heavy Duty Clean Energy Future Programs • Clean Energy Future – Battery Storage • Investments to connect significant additions of clean energy resources to the distribution grid PSE&G Higher Demand Related Capital • New business potential driven by new data center/large load inquiries and electric transition • Data center deal potential and other nuclear PPAs Premium Power Price Opportunities Above PTC • Energy & capacity market price escalation • Nuclear Capacity Uprates at Artificial Island Physical Upgrades to Nuclear to Increase Output • Nuclear Fuel Cycle Extensions • Nuclear Operating License Extensions • Transmission infrastructure solutions to address regional resource adequacy Alternative Energy Investment Opportunities • Potential for regulated/contracted supply opportunities • Submitted proposals into the PJM RBP process 11 11
PSEG Investor Update November 2026 Public Service Electric & Gas
PSEG Investor Update November 2026 PSE&G: A Single State, *** PSE&G YE 2025 Rate Base Dual Jurisdiction Utility Transmission $13.5B 38% New Jersey’s largest transmission and distribution utility • Electric and Gas Distribution (regulated by BPU) ~$36B • Utility Provider of Energy Efficiency Distribution and Renewable Energy Programs $20.5B 57% • Electric Transmission (regulated by FERC) • Appliance Service Provider Clean Energy 1 $1.9B Customer Data Electric Gas 5% Total Customers 2.4 Million 1.9 Million PSE&G YE 2024 *** Rate Base 5-YR Annual 0.9% 0.7% Growth* 40,561 2,633M Total Sales ** GWh Therms ~$34B 1 Sales Mix Electric Gas Residential 34% 58% Commercial 57% 38% Industrial 9% 4% 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. 13
PSEG Investor Update November 2026 Top Safety and Reliability Performance Metrics Driven by Nonstop Focus on Continuous Improvement PSE&G OSHA Recordable SAIDI Open Leaks Incidence Rate Consistent top performance Sustained top decile performance Open year-end gas leaks in OSHA recordable incidence in electric reliability results reduced by ~77% from 2020 st nd rd Top Decile 1 Quartile 2 Quartile 3 Quartile PSE&G 14 14 Benchmarks based on panels of comparable US utilities.
PSEG Investor Update November 2026 Monthly Electric Bills $250 $197 $200 $172 $152 $147 $147 $144 Average = $140 $137 $150 $134 $128 $115 • PSE&G’s electric bills $105 $101 $100 are below the regional average, despite higher $50 PJM-related costs $0 JCP&L PP&L PECO BG&E RECO PSE&G O&R CL&P LIPA ACE UI Con Ed Monthly Gas Bills $350 $295 $300 • PSE&G gas bills are the $262 $250 lowest in NJ and the $205 $195 Average = $185 $187 $200 $183 $179 lowest in the region $167 $148 $145 $139 $150 $116 $100 $50 $0 PSE&G CNG PECO SCG ETG BG&E NJN O&R SJG Yankee BUG ConEd PSE&G Peer NJ Utilities Peer Regional Utilities outside of NJ 15 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.
PSEG Investor Update November 2026 PSE&G Combined Bills Remain <3% Median NJ Income, Favorable “Share of Wallet” vs. Lower-Cost Regions (1) (2) (6) PSE&G Electric & Gas Combined Bills (4) % of New Jersey Household Income (3) (5) (6) Including Low-Income Customers After Assumed Credits 5% Affordability of the combined bill has 4.5% 4.3% 4% improved ~40% since 2009 4.0% for median-income 3.8% 3.7% 3.6% customers and ~29% for 3.3% 3% 3.1% 3.0% 2.9% low-income customers 2.8% 2.8% 2.7% 2.7% 2.6% 2.6% 2.6% 2.5% 2.5% 2.5% 2.4% 2% 2.2% 2.0% 2.0% 2.0% 2.0% 1.9% 1.9% 1.7% PSEG continues active 1.6% 1.6% 1.6% 1.5% 1.5% 1.5% 1.5% engagement with NJ 1% policymakers to support reliability, resource adequacy 0% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E and customer affordability 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 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 16 16 $25 and a REAP credit for low-income customers of $150.
PSEG Investor Update November 2026 PSEG Investor Update November 2026 West Virginia Mississippi Alabama Georgia Louisiana New York Arkansas Connecticut Kentucky Indiana Tennessee Oklahoma Texas PSE&G Value: Michigan Pennsylvania Florida Rhode Island Maine Top decile performer South Carolina North Carolina in affordability nationally Missouri Vermont Virginia National Residential & Kansas Customer Share of Wallet Delaware a perennial Wyoming Maryland (percent of income) Massachusetts reliability leader Arizona Ohio North Dakota Electricity Oregon New Jersey Natural Gas South Dakota Wisconsin Iowa New Mexico Illinois Minnesota New Hampshire Washington Montana PSE&G PSEG Nevada Nebraska California Idaho Sources: Colorado • State Electric and Gas data sourced from the Energy Information Administration Utah (EIA) for 2025. PSEG Natural Gas was supplemented with data from American Gas Association (AGA). 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 17 • Income data for 2025 sourced from the Federal Reserve Economic Data.
PSEG Investor Update November 2026 Regulated 5-Year Capital Investment Plan of $22.5B-$25.5B 2026E – 2030E 6 Driven by infrastructure 5 modernization, 4 energy efficiency, and growing 3 customer demand 2 1 0 2025 2026E 2027E 2028E 2029E 2030E Transmission Electric Distribution Gas Distribution Clean Energy Transmission Non-PSE&G Low to High Investment Range Includes AFUDC. Note: The Maryland Piedmont Reliability Project that was awarded to PSEG by PJM in December 2023 will be managed and owned outside of PSE&G but is included here given FERC regulated rate base formula rate recovery. The low end of the range includes extensions of GSMP and CEF-EE. The hashed portion of the chart represents incremental regulated investment that 18 18 may occur for programs related to gas and electric modernization, energy efficiency, energy storage, electric vehicles, load growth and solar. ($ Billions)
PSEG Investor Update November 2026 Regulated Capital Investment Plan ~$1.5B Higher for 2026-2030 2024-2028E 2025-2029E 2026E-2030E $18B-$21B $21B-$24B $22.5B-$25.5B Rate Base CAGR Rate Base CAGR Rate Base CAGR 6% - 7.5% 6% - 7.5% 6% - 7.5% 26 24 22 20 18 16 14 12 10 8 6 4 2 0 Transmission Electric Distribution Gas Distribution Clean Energy Transmission Non-PSE&G Low to High Investment Range Consistent rate base CAGR reflects ~7% higher rate base at year-end 2025 versus year-end 2024 Includes AFUDC. Note: The Maryland Piedmont Reliability Project that was awarded to PSEG by PJM in December 2023 will be managed and owned outside of PSE&G but is included here given FERC regulated rate base formula rate recovery. The low end of the range includes extensions of GSMP and CEF-EE. The hashed portion of the chart represents incremental regulated investment that may occur for programs related to gas and electric modernization, 19 energy efficiency, energy storage, electric vehicles, load growth and solar. ($ Billions)
PSEG Investor Update November 2026 Robust Investment Opportunities Offer Continued Rate Base Growth Regulated Year-End Rate Base 55 50 45 40 35 30 25 20 15 10 5 0 2024 2025 2026E 2027E 2028E 2029E 2030E Transmission Electric Distribution Gas Distribution Clean Energy Transmission Non-PSE&G Low to High Investment Range 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, 20 energy efficiency, energy storage, electric vehicles, load growth and solar. ($ Billions)
PSEG Investor Update November 2026 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. 21
PSEG Investor Update November 2026 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 22
PSEG Investor Update November 2026 Gas Distribution Investment Focused on Infrastructure Replacement, Accelerating Emission Reduction Benefits * Impact of GSMP on Methane Reduction Mileage of CI/US Inventory Remaining 0% -2% -5% 6,000 -12% 5,194 -20% -20% 5,068 5,000 -29% 4,784 -38% 4,440 -40% -45% 4,004 4,000 -50% GSMP III settlement approved by BPU: 3,534 -56% -60% -61% 3,173 -66% 3,000 • 3-year, $1.4B program started January 2026 2,862 -70% -75% 2,540 -79% 2,218 -83% -80% • Work related to GSMP III will not increase 1,896 2,000 1,574 rates in 2026 1,252 769 -100% 1,000 608 • ~$1.05B accelerated recovery and $360M stipulated base -120% 0 • Replacement of at least 600 miles of main • Sustains the thousands of jobs and skilled Methane Level Mileage Remaining Future GSMP+ 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, 23 23 Subpart W emissions released by the U.S EPA on May 6, 2024. % Reduction from Reported 2011 Subpart W Emissions 2011 2012 2013 2014 2015 2016 2017 GSMP I 2018 2019 2020 2021 GSMP II 2022 2023 2024 GSMP II ext 2025E 2026E 2027E GSMP III 2028E 2029E 2030E Future 2031E GSMP+ 2032E 2033E 2034E 2035E 2036E 2037E 2038E 2039E 2040E Mileage of cast iron and unprotected steel main remaining
PSEG Investor Update November 2026 PSE&G’s Award-Winning Clean Energy Future – Energy Efficiency Programs Generate More Than $1 Billion in Annual Customer Savings Energy Efficiency Energy Cloud “AMI” Electric Vehicles Energy Efficiency Energy Cloud “AMI” Electric Vehicles BPU approved total programs since BPU approved $707M investment BPU approved $166M investment BPU approved total programs since Completed ~$550M investment BPU approved $166M investment inception ~$3.2B investment + inception ~$3.2B investment + ~$1B for ~$1B for on-bill repayment financing on-bill repayment financing Programs for Residential and C&I customers “Smart meters,” new software and product solutions Residential Smart Charging, Level 2 Mixed-Use including low-income, multi-family, small business to improve PSE&G processes and better manage Charging, and Public DC Fast Charging (Make- and local government, Building Decarbonization & Demand Response. In 2026, PSE&G launched a the electric grid Ready) residential Virtual Power Plant (VPP) pilot, • CEF-EC/AMI program completed with ~2.2 • Program on target, expected to be fulfilled by incentivizing the installation of customer-owned battery storage to evaluate its ability to reduce peak million smart meters in-service December 31, 2027, due to education, outreach demand and support grid reliability. and supply chain improvements with ~35,800 • Foundation for better service by providing (1) chargers energized customers granular usage information, • BPU approved 30-month CEF-EE II program, automated reconnections and faster outage • PSE&G has a pending Medium and Heavy-Duty ~$1.9B + ~$1B in on-bill repayment, effective detection (MHD) EV filing, and is awaiting further action January 1, 2025 from the BPU • PSE&G submitted its proposed extension of its EE programs running from 7/1/2027 - 6/30/2028 (Triennium 2.5 Framework) PSE&G’s Clean Energy Jobs program has supported the (2) placement of more than 11,000 New Jerseyans into clean energy careers across the state since its inception. (1) As of October 1, 2026. 24 (2) Jobs metric reflects data through June 2026.
PSEG Investor Update November 2026 Effective Cost Controls and Continuous Improvement to Support Affordability and Benefit Customers (1) PSE&G Total O&M Expense $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $0 2020 2021 2022 2023 2024 2025 2026E Distribution Transmission 25 (1) Excludes certain regulatory balance count items. (Millions)
PSEG Investor Update November 2026 PSE&G - Dual Jurisdiction Provides Options to Recover Capital Investments that Maintain our Top Tier Reliability and Deliver Meaningful Customer Value Transmission Distribution and Clean Energy • Federal Regulatory Entity: Federal Energy Regulatory Commission (FERC) • State Regulatory Entity: New Jersey Board of Public Utilities ✓ Five-member Commission: Laura Swett (Chair); David Rosner; Lindsay See; ✓ Five-member Commission: Ben Hertz-Shargel (President) (D); Michael Bange Judy Chang; David LaCerte (R); Joseph Coviello (I); Christine Guhl-Sadovy (D); Emma Rebhorn (D) • YE 2025 Distribution Rate Base (with Clean Energy): ~$22.4B (~62%) • YE 2025 Transmission Rate Base: ~$13.5B (~38%) ✓ Authorized Transmission ROE: 9.9% and 50 BP RTO adder*; Equity Ratio: 55%✓ 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; • Annual formula rate filing provides for contemporaneous recovery with forward-looking test year As filed: • PJM transmission cost allocation case is a win for PSE&G transmission✓ Enables recording of a regulatory asset to offset earnings lag from higher customers, expected to deliver an annual benefit of ~$65M starting in 2027 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 ~90% ~10% ✓ PSE&G’s base distribution rates remain stable throughout the deferral period Customer Value: Stable distribution rates and the lowest ✓ Establishes a June 2027 E&G distribution base rate filing date gas bill in the mid-Atlantic region, combined with best-in- ✓ Preserves full BPU review and determination of prudency ~30% ~70% class reliability and recognized customer service excellence ✓ Responsive to NJ’s EO1 goals: Rate stability, accountability and transparency * 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 26 membership requirement could result in the future loss of PSE&G’s 50 basis-point ROE adder for participating in an RTO.
PSEG Investor Update November 2026 Key Takeaways: Best-in-Class Operations with Important System Investment Needs Driving Predictable Earnings Growth Disciplined Investment: Programs driven by Operational Excellence: Delivering top-tier safety, reliability infrastructure modernization and decarbonization and customer service, while maintaining favorable affordability profile • $22.5B-$25.5B regulated capital investment program drives rate base growth of 6%-7.5% over the 2026-2030 period Financial Strength: Strong track record of growth continues • 2025 year-end rate base grew by ~7% over 2024 • Proposed Deferral Accounting Order to offset higher costs until new rates • Investments aligned with NJ energy policies are in effect in 2028; Sets June 2027 date for E&G base rate filing • Gas business capital investments driven by replacement of • Conservation Incentive Program decouples revenues, aged pipe prone to leaks enabling broad EE adoption • Technology investments will improve the customer experience • Cost control supports customer affordability and reliability while continuing to control O&M 27
PSEG Investor Update November 2026 PSEG Power & Other PSEG Nuclear • Operates Salem 1 & 2 and Hope Creek • 50% owner of Peach Bottom 2 & 3 • Total 3,758 MW • Opportunities for growth A stable, predictable business that generates PSEG Gas Supply Operations significant free cash flow to support PSEG’s Serves Basic Gas Supply Power & Service (BGSS) contract with investment program PSE&G, providing low-cost gas and multiple value streams Other Other PSEG Long Island, competitively bid regulated transmission investments and Parent
PSEG Investor Update November 2026 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 29 29
PSEG Investor Update November 2026 PSEG Nuclear — Key Fleet Data Fleet Average Capacity Factor of 94.3% for First Nine Months of 2026 • 57% PSEG ownership • 50% PSEG ownership • 658 MW owned capacity • 632.5 MW owned capacity • Current license expires 2036 • Current license expires 2053 • 18-month operating cycle • 24-month operating cycle • Next refueling scheduled Fall 2026 • Next refueling scheduled Fall 2026 Peach Salem Unit 2 Hope Creek Bottom Unit 3 PWR BWR BWR Peach NJ NJ Salem Unit 1 PA Bottom Unit 2 PWR BWR NJ PA • 100% PSEG ownership • 57% PSEG ownership • 50% PSEG ownership • 651 MW owned capacity • 642.5 MW owned capacity • 1,174 MW owned capacity • Current license expires 2040 • Current license expires 2054 • Current license expires 2046 • 24-month operating cycle • 18-month operating cycle • 24-month operating cycle • Next refueling scheduled Fall 2027 • Next refueling scheduled Fall 2027 • 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 30 30
PSEG Investor Update November 2026 PSEG Nuclear has Compelling Growth Opportunities: Salem Capacity Uprate Simplified Plant Diagram • ~112 MW PSEG-share (includes ~7% thermal power increase and complementary investments that improve secondary side generation efficiency) 1 2 3 4 5 • 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) 1. Nuclear Reactor o Moisture Separator Reheaters (2027/2028) 2. High Pressure Turbine o Power Uprate – thermal increase (2029) 3. Moisture Separator Reheaters 4. Low Pressure Turbines o Low Pressure Turbines – Unit 2 (2029) 5. Electrical Generator • Compelling value: o Incremental PTC benefit — Expected to qualify for the incremental * clean energy production credit, providing 10 years of ~$30/MWh incremental value to market 31 31 * Amount reflects 2025 dollars, subject to IRS inflation adjustment factor.
PSEG Investor Update November 2026 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 32 32
PSEG Investor Update November 2026 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 Competitively Bid, FERC Regulated Transmission Projects • PSEG Long Island OSA to manage LIPA’s T&D utility was extended for five years • In December 2023, PJM awarded PSEG through 2030 an ~$424 million project in Maryland as part of its 2022 Window 3 competitive solicitation 33 33 33
PSEG Investor Update November 2026 PSEG Power & Other Financial Considerations + Nuclear PTC Inflation Adjustment Illustration • For 2026, total nuclear generation is forecasted to be 30-32 TWh of reliable, carbon-free energy Year PTC +2% PTC +3% PTC +4% • Realized energy price historically aligned with the PECO hub 2025 $44.75 $44.75 $44.75 • More than 95% of expected nuclear output hedged for 2026; high percentage of output sold 2026 $44.75 $45.75 $45.75 forward for 2027, and less in 2028 and beyond 2027 $45.75 $48.88 $49.88 2028 $45.75 $49.88 $50.88 • PSEG’s 100%-owned Hope Creek unit extended refueling cycle from 18 months to 24 months PJM Capacity Auction Results • Capacity uprate potential at Salem of nearly 200 MW total (~112 MW PSEG share) Delivery PSEG’s Average PSEG’s Cleared Prices Capacity Period • Notified NRC of intention to file for extension of operating licenses for Salem Units 1&2 and 6/25 – 5/26 $270/MW-Day 3,500 MW* Hope Creek by 20 years to 2056, 2060 and 2066, respectively 6/26 – 5/27 $329/MW-Day 3,500 MW* • Optionality around data centers/large load customers and PPAs under multi-year agreements: 6/27 – 5/28 $333/MW-Day 3,500 MW* o Three-unit site at Artificial Island 6/28 – 5/29 $325/MW-Day 3,600 MW* o Latency close to population/fiber Illustrative Gross Margin Change Above PTC o Early Site Permit options for technology-neutral nuclear capacity build Output $10/MWh $25/MWh $50/MWh o Locational flexibility to consider all options, including out of state 10 TWh $100M $250M $500M 20 TWh $200M $500M $1,000M Note: Generation indicates period net generation. 30 TWh $300M $750M $1,500M *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 34 calculated assuming a 2% increase in the GDP Price Deflator (the underlying inflation metric) each year.
PSEG Investor Update November 2026 Key Takeaways: Earnings Predictability with Upside Potential • Disciplined Investment: • Operational Excellence: - Solid nuclear operations with exemplary ratings on all units, - Enables investment opportunities in power uprates, fuel cycle optimization and license extensions gas supply operations benefiting PSE&G customers, and PSEG Long Island - Opportunities to contract existing and planned additions of nuclear output under multi-year agreements • Financial Strength: - Nuclear operations generate significant free cash flow to support PSEG’s growth objectives - Other businesses, while smaller components, provide stable value 35
PSEG Investor Update November 2026 Financial Review & Outlook
PSEG Investor Update November 2026 Strong Business Mix and Predictable Growth with Upside grams for Residential and C&I Customers grams for Residential and C&I Customers grams for Residential and C&I Customers Steady Execution Alignment with NJ Energy Policy Energy Solutions Provide Upside • PSEG’s outlook for long-term, non-GAAP • Stringent cost control supports customer • Potential growth beyond forecasted 6%-8% Operating Earnings CAGR is 6%-8% affordability CAGR in non-GAAP Operating Earnings through 2030 includes: • Regulated capital investment program • Total PSEG capital program of $24B - $28B focused on reliability of utility infrastructure o Contracting existing and planned additions of for 2026-2030, >90% regulated investments and cost saving energy efficiency nuclear output above current market prices focused largely on system replacement • PSEG’s investments provide customer value, o Winning incremental competitive transmission • Rate Base CAGR of 6%-7.5% over same economic stimulus and support jobs in NJ solicitations period efficiently translates to earnings growth • Favorable affordability profile in the state, o Making incremental system investments to • Able to fund 5-year capital spending plan the mid-Atlantic region and nationally connect solar and battery storage resources without the need to issue equity or sell assets to the grid to meet new demand • Best-in-class operating performance • Opportunistically hedging nuclear output to in safety, reliability, storm response and o Potential for regulated/contracted supply support long-term earnings CAGR customer satisfaction measures opportunities • Management track record of 21 consecutive • PSE&G transparency on connecting years meeting or exceeding non-GAAP renewables to the grid Operating Earnings guidance PSEG maintained 2026 non-GAAP Operating Earnings guidance of $4.28 - $4.40 per share 37
PSEG Investor Update November 2026 While capital spending has increased, no new equity needed through 2030 to fund business plan PSEG Consolidated 2026E – 2030E PSEG Sources and Uses of Cash Funding PSE&G Growth PSE&G • Internally generated PSE&G cash flow • Incremental PSE&G debt PSE&G • PSEG Power Cash from Operations Dividend to Incremental helps support PSE&G to retain equity Parent PSE&G Debt to maintain capital structure PSE&G PSE&G Capital Cash from Expenditures PSEG Power & Other (1) Ops Power and Other Parent Financing Investments Power Cash from Ops and PSEG Incremental Debt Shareholder Dividend Dividend from PSE&G S o u r c e s U s e s S o u r c e s U s e s S o u r c e s U s e s (1) PSE&G Cash from Operations is adjusted for cost of removal and Energy Efficiency spending, which are included in capital expenditures. 38
PSEG Investor Update November 2026 Strong Business Platform Supports Investment Grade Ratings PSEG Projected Average (1) FFO/Debt Debt Capacity (2026E-2030E) 20% $3.0 • We retain financial flexibility with debt capacity to capitalize on incremental growth opportunities Projected Average 15% ~Mid-Teens • Additional cash from opportunities to contract Minimum Threshold existing nuclear output under multi-year agreements could increase debt capacity 10% $0.0 ~$4B of investment capacity if Targeting Solid ‘BBB’ credit debt capacity funds regulated ratings for PSEG Senior growth at target capital structure Unsecured Debt (1) FFO/Debt is an internal estimate of a non-GAAP measure. FFO reflects cash from operations excluding working capital and adjusts for certain items including taxes on asset sales, cost of removal and energy efficiency investments. Debt consists of long-term debt, short-term debt and other imputed debt primarily related to an unfunded pension obligation. 39 $ Billions
PSEG Investor Update November 2026 PSEG has Demonstrated Success in Controlling O&M, Keeping CAGR ~1% (1) PSEG O&M Expense $2,500 $2,000 $1,500 $1,000 $500 $0 2020 2021 2022 2023 2024 2025 2026E PSEG Power Distribution Transmission Other (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 40 Fossil and PSEG Power Ventures as of 2022. (Millions)
PSEG Investor Update November 2026 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 PSEG Long-term Debt Outstanding $5.82B PSE&G Long-term Debt Outstanding $17.11B PSEG Consolidated Debt to Capitalization 60% PSEG Maturity Profile 2026 - 2030 PSEG Power Senior Unsecured Credit Ratings Moody’s = Baa2 / Outlook = Stable S&P = BBB / Outlook = Stable 2,500 (1) PSEG Power 364-Day Term Loan Outstanding $0.50B 2,000 (2) PSEG Power Long-term Debt Outstanding $1.64B 1,500 1,000 PSEG Liquidity 500 PSEG Liquidity and Net Cash Collateral Postings • PSEG had approximately $3.9B of total available liquidity (including $837M of cash and cash equivalents) 0 2026 2027 2028 2029 2030 • PSEG’s variable rate debt was ~3% of total debt • PSEG Power had net cash collateral postings of $610M PSE&G PSEG Power PSEG 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. 41 41 (2) In September 2026, PSEG Power issued $400 million of 5.55% Senior Notes due September 2031. Note: Total long-term debt outstanding amounts may not add to PSEG Consolidated total long-term debt outstanding due to rounding. Amounts on slide are rounded up to two decimal places. Principal Maturing ($ Millions)
PSEG Investor Update November 2026 PSEG’s 2026 Indicative Annual Dividend Increase of ~6% th Marks 15 Consecutive Annual Increase Annual PSEG Dividend Per Share $2.68* $2.52 $2.40 $2.28 $2.16 $2.04 $1.96 $1.88 $1.80 $1.72 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E 59% 58% 57% 57% 56% 62% 66% 65% 62% Payout Ratio** 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. 42 Note: All future decisions and declarations regarding dividends on the common stock are subject to approval by the Board of Directors.
PSEG Investor Update November 2026 Key Takeaways: A Strong Business Mix and Predictable Growth • 6%-8% long-term non-GAAP Operating Earnings growth outlook • Nuclear fleet with predictable cash flows and multiple growth driven by PSE&G rate base growth and PSEG Nuclear paths with modest investment • Best-in-class, customer-centric regulated Utility with robust - Opportunities – Increase capacity via uprates, extend fuel cycles, 5-year capital expenditures of $22.5B–$25.5B seek license extensions, optionality around potential data center power sales and potential hydrogen opportunities - Settled key regulatory filings, including PSE&G’s last distribution base rate case and CEF-EE II in 2024 and GSMP III in 2025 - Nuclear PTC threshold continues to provide inflation-indexed, downside pricing protection through 2032 - Focused on infrastructure modernization and decarbonization of NJ economy and meeting growing customer demand • Effective cost control and continuous improvement efforts to support customer affordability - Favorable “share of wallet” for combined residential bills • Recognized sustainability leader with top-tier scores and - Constructive NJ regulatory environment commitment to ethical business practices • 2026 annualized indicative common dividend* of $2.68 per share • Strong management track record of delivering on commitments: represents ~6% increase over 2025 PSEG has met or exceeded earnings guidance 21 years in a row 43 * All future decisions and declarations regarding dividends on the common stock are subject to approval by the Board of Directors.
PSEG Investor Update November 2026 Glossary of Terms FFO Funds From Operations PTC Production Tax Credit A&G Administrative & General AFUDC Allowance for Funds Used During Construction GAAP Generally Accepted Accounting Principles PWR Pressurized Water Reactor AMI Automated Metering Infrastructure GDP Gross Domestic Product RBP Reliability Backstop Procurement ARO Asset Retirement Obligation GSMP Gas System Modernization Program REAP Residential Energy Assistance Payment BGS Basic Generation Service HC Hope Creek REC Renewable Energy Credit BGSS Basic Gas Supply Service HEDD High Electric Demand Days RFP Request for Proposal BPU New Jersey Board of Public Utilities IAP Infrastructure Advancement Program ROE Return on Equity BWR Boiling Water Reactor ICAP Installed Capacity RTO Regional Transmission Organization CAGR Compound Annual Growth Rate IEEE Institute of Electrical and Electronics Engineers RUBC Residential Universal Bill Credit C&I Commercial and Industrial IIP Infrastructure Incentive Program S Salem CEF Clean Energy Future IPP Independent Power Producer SAIDI System Average Interruption Duration Index CI/US Cast Iron and Unprotected Steel Main ITC Investment Tax Credit CWIP Construction Work in Progress T&D Transmission and Distribution LDC Local Distribution Company DC Direct Current LIHEAP Low Income Home Energy Assistance Program UCAP Unforced Capacity DER Distributed Energy Resource LIPA Long Island Power Authority USF Universal Service Fund DOE Department of Energy LT Long-Term YE Year End E Estimate MW Megawatt YTD Year to Date E&G Electric and Gas NRC Nuclear Regulatory Commission ZEC Zero Emission Certificate EC Energy Cloud O&M Operations and Maintenance EE Energy Efficiency OSA Operating Services Agreement EO Executive Order OSHA Occupational Safety and Health Administration PSEG Investor Relations EIA Energy Information Administration PB Peach Bottom 80 Park Plaza EPA Environmental Protection Agency PECO PECO Energy Company Newark NJ 07102 ESG Environmental, Social and Governance PHMSA Pipeline and Hazardous Materials PSEG-IR-GeneralInquiry@pseg.com EV Electric Vehicle Safety Administration FERC Federal Energy Regulatory Commission Link to PSEG Investor Relations Website PJM Pennsylvania Jersey Maryland PPA Power Purchase Agreement Link to PSEG ESG Webpages 44 44
PSEG Investor Update November 2026 PSEG EPS Reconciliation – September 30, 2026 YTD Results $4.00 $3.59 $3.56 $0.16 $3.60 $0.07 $3.33 Gross Margin 0.13 Transmission: 0.03 $3.20 O&M 0.08 $2.91 Distribution: Depreciation & Interest $2.80 Margin 0.14 (0.03) O&M (0.03) Taxes & Other (0.02) $2.40 Depreciation & Interest (0.06) $2.00 Taxes & Other (0.01) $1.60 $1.20 $0.80 $0.40 $0.00 YTD 2025 YTD 2025 PSE&G PSEG Power & Other YTD 2026 YTD 2026 Net Income Operating Earnings Operating Earnings Net Income (non-GAAP) (non-GAAP) See Slides A and B for Items excluded from Net Income/(Loss) to reconcile to Operating Earnings (non-GAAP). 45 45 Results may not add due to rounding. $ / share
PSEG Investor Update November 2026 Reconciliation of Non-GAAP Operating Earnings Public Service Enterprise Group Incorporated - Consolidated Operating Earnings (non-GAAP) Reconciliation Three Months Ended Nine Months Ended (a) Includes the financial impact from positions with forward delivery months. September 30, September 30, Reconciling Items 2026 2025 2026 2025 (b) Income tax effect calculated at the statutory rate except for qualified NDT related activity, which ($ millions, Unaudited) records an additional 20% trust tax on income (loss) from qualified NDT Funds. Net Income $ 376 $ 622 $ 1,451 $ 1,796 Please see Slide 3 for an explanation of PSEG’s use of Operating Earnings as a non-GAAP financial measure (Gain) Loss on Nuclear Decommissioning Trust (NDT) and how it differs from Net Income. Fund Related Activity, pre-tax 21 (70) ( 126) (190) (a) (Gain) Loss on Mark-to-Market (MTM), pre-tax 251 (20) 550 (22) (b) Income Taxes related to Operating Earnings (non-GAAP) reconciling items (74) 33 (98) 83 Operating Earnings (non-GAAP) $ 574 $ 565 $ 1,777 $ 1,667 PSEG Fully Diluted Average Shares Outstanding (in millions) 499 501 499 501 ($ Per Share Impact - Diluted, Unaudited) Net Income $ 0.76 $ 1.24 $ 2.91 $ 3.59 (Gain) Loss on NDT Fund Related Activity, pre-tax 0 .04 (0.13) (0.25) (0.38) (a) (Gain) Loss on MTM, pre-tax 0 .50 (0.04) 1.10 (0.04) (b) Income Taxes related to Operating Earnings (non-GAAP) reconciling items (0.15) 0.06 ( 0.20) 0.16 Operating Earnings (non-GAAP) $ 1.15 $ 1.13 $ 3.56 $ 3.33 A 46 46
PSEG Investor Update November 2026 Reconciliation of Non-GAAP Operating Earnings Public Service Enterprise Group Incorporated - Consolidated Operating Earnings (non-GAAP) Reconciliation (a) Effective January 1, 2018, unrealized gains (losses) on equity Year Ended December 31, Reconciling Items securities are recorded in Net Income (Loss) instead of Other 2025 2024 2023 2022 2021 2020 2019 2018 2017 Comprehensive Income (Loss). ($ millions, Unaudited) (b) Includes the financial impact from positions with forward $2,111 $1,772 $2,563 $1,031 ($648) $1,905 $1,693 $1,438 $1,574 Net Income (Loss) delivery months. (a) (Gain) Loss on Nuclear Decommissioning Trust (NDT) Fund Related Activity, pre-tax (223) (137) (184) 270 (178) (231) (255) 144 (133) (b) (c) 2022 includes the results for fossil generation sold in February (Gain) Loss on Mark-to-Market (MTM), pre-tax 75 210 (1,334) 635 620 81 (285) 117 167 2022. 2021 amounts include a pre-tax loss of $298 million for Pension Settlement Charges, pre-tax - - 338 - - - - - - the make-whole premium paid upon the early redemption of (c) Plant Retirements, Dispositions and Impairments, pre-tax - - - 31 2,940 (122) 402 (51) 975 PSEG Power's debt and other non-cash debt extinguishment costs. Oil Lower of Cost or Market adjustment, pre-tax - - - - - 2 - - - Goodwill Impairment, pre-tax - - - - - - 16 - - (d) Income tax effect calculated at 28.11% statutory rate for 2018 through 2025 and 40.85% statutory rate for 2017, except for Lease Related Activity, pre-tax - (4) 7 78 10 - 58 8 77 qualified NDT related activity, which records an additional Exit Incentive Program (EIP), pre-tax - - 29 - - - - - - 20% trust tax on income (loss) from qualified NDT Funds, the Income Taxes related to Operating Earnings (non-GAAP) reconciling items, excluding additional investment tax credit recapture related to the sale of 66 (2) 323 (306) (891) 106 37 (74) (427) (d) Tax Reform PSEG Solar Source in 2021 and lease related activity. Tax Reform - - - - - - - - (745) (e) Approximately three million potentially dilutive shares were Operating Earnings (non-GAAP) $2,029 $1,839 $1,742 $1,739 $1,853 $1,741 $1,666 $1,582 $1,488 excluded from fully diluted average shares outstanding used (e) PSEG Fully Diluted Average Shares Outstanding (in millions) 501 500 500 501 504 507 507 507 507 to calculate the diluted GAAP loss per share for the year ($ Per Share Impact – Diluted, Unaudited) ended December 31, 2021 as their impact was antidilutive to GAAP results. For non-GAAP per share calculations, we used $4.22 $3.54 $5.13 $2.06 ($1.29) $3.76 $3.33 $2.83 $3.10 Net Income (Loss) fully diluted average shares outstanding of 507 million, (a) (Gain) Loss on NDT Fund Related Activity, pre-tax (0.45) (0.27) (0.37) 0.54 (0.35) (0.46) (0.50) 0.28 (0.26) including the three million potentially dilutive shares as they (b) (Gain) Loss on MTM, pre-tax 0.15 0.42 (2.67) 1.27 1.23 0.16 (0.56) 0.23 0.33 were dilutive to non-GAAP results. As a result of the use of different denominators for non-GAAP Operating Earnings and Pension Settlement Charges, pre-tax - - 0.68 - - - - - - GAAP Net Loss, a reconciling line item, “Share Differential,” (c) Plant Retirements, Dispositions and Impairments, pre-tax - - - 0.06 5.83 (0.24) 0.79 (0.10) 1.92 has been added to the 2021 results to reconcile the two Goodwill Impairment, pre-tax - - - - - - 0.03 - - Earnings/(Loss) per share calculations. Lease Related Activity, pre-tax - (0.01) 0.01 0.15 0.02 - 0.11 0.02 0.15 Please see Slide 3 for an explanation of PSEG’s use of Operating EIP, pre-tax - - 0.06 - - - - - - Earnings as a non-GAAP financial measure and how it differs from Income Taxes related to Operating Earnings (non-GAAP) reconciling items, excluding 0.13 - 0.64 (0.61) (1.77) 0.21 0.08 (0.14) (0.84) (d) Net Income (Loss). Tax Reform Tax Reform - - - - - - - - (1.47) (e) Share Differential - - - - (0.02) - - - - Operating Earnings (non-GAAP) $4.05 $3.68 $3.48 $3.47 $3.65 $3.43 $3.28 $3.12 $2.93 B 47 47