Public Service : 2023 PSEG Investor Conference

2023

PSEG

Investor

Conference

Leading toward a sustainable future

March 10, 2023

2023

PSEG Investor Conference Agenda

PSEG Overview

Ralph LaRossa

Chair, President & CEO

Public Service Electric and Gas
Kim Hanemann	Dave Johnson
President &	VP Customer Care &
Chief Operating Officer, PSE&G	Chief Customer Officer, PSE&G
Scott Jennings
SVP Finance, Planning & Strategy

A Question & Answer session will follow this presentation

15 Minute Break

PSEG Power & Other
Eric Carr	Charles McFeaters
President & Chief Nuclear Officer	SVP Nuclear Operations
Lathrop Craig
SVP & Chief Commercial Officer
PSEG Financial Review & Outlook
Dan Cregg

EVP and Chief Financial Officer

A Question & Answer session will follow this presentation

Conference Concludes

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Public Service Enterprise Group

Ralph LaRossa

Chair, President & CEO

PSEG | Investor Conference 2023

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 other 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, 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;
• the impact of the coronavirus pandemic;
• failure to attract and retain a qualified workforce;
• inflation, including increases in the costs of equipment, materials, fuel 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;
• fluctuations 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 and purchase of nuclear fuel;
• any inability to meet our commitments under forward sale obligations and Regional Transmission Organization rules;
• reliance on transmission facilities to maintain adequate transmission capacity for our nuclear generation fleet;
• 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 programs may not be fully approved by regulators and its capital investment may be lower than planned;
• our ability to advocate for and our receipt of appropriate regulatory guidance to ensure long-term support for our nuclear fleet;
• 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 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 Conference 2023

GAAP Disclaimer

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

Management uses non-GAAP Operating Earnings in its internal analysis, and in communications with investors and analysts, as a consistent measure for comparing PSEG's financial performance to previous financial results. The presentation of non- GAAP Operating Earnings is intended to complement, and should not be considered an alternative to, the presentation of Net Income/(Loss), which is an indicator of financial performance determined in accordance with GAAP. In addition, non-GAAP Operating Earnings as presented in this 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 to 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.

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.

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