Public Service : January 2023 Investor Update

Public Service Enterprise Group

January 2023 Investor Update

NYSE TICKER: PEG

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 solar and wind 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, sabotage, cyberattack 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;
• the impact of the ongoing 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 on our business;
• adverse performance of our nuclear decommissioning and defined benefit plan trust fund investments and changes in funding requirements and pension costs;
• the failure to complete, or delays in completing, the Ocean Wind 1 offshore wind project and the failure to realize the anticipated strategic and financial benefits of this project;
• 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;
• market risks impacting the operation of our nuclear generating stations;
• 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;
• 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
• 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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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 returns (losses) associated with the Nuclear Decommissioning Trust (NDT), Mark-to-Market (MTM) accounting and material one-time items. The last slide in this presentation (Slide A) includes a list of items excluded from Net Income/(Loss) to reconcile to non-GAAP Operating Earnings with a reference to that slide 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/(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.

Due to the forward-looking nature of non-GAAP Operating Earnings guidance, PSEG is unable to reconcile these non-GAAP financial measures to the most directly comparable GAAP financial measure. Management is unable to project certain reconciling items, in particular MTM and NDT gains (losses), for future periods due to market volatility. Guidance included herein is as of November 11, 2022.

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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PSEG is increasing the stability and predictability of our business results

• PSEG 2022-2023: 90% regulated business mix from stable, predictable operations of PSE&G
• PSE&G: Robust capital program of $15.5B - $18B from 2023 - 2027, aligned with state clean energy goals at our best-in-class utility
• • Effective cost control to maintain customer affordability
• Long runway of regulated investments supported by policy advocacy paired with effective governance and strong ethics
• Future infrastructure opportunities aligned with New Jersey energy policy
• Growth platform of predictable earnings, dividends and capital spend visibility
• • Sustainable 2023 - 2027 Operating EPS CAGR of 5% - 7% driven by PSE&G's 6% - 7.5% Rate Base CAGR and Nuclear at PTC value, with upside for market improvements
  • Long-termoutlook for existing PSEG nuclear fleet based on the indicative ~$44/MWh PTC floor established by the Inflation Reduction Act of 2022, minimizing future earnings volatility from changes in forward power market prices
  • 2022 common dividend rate of $2.16 per share represents a 5.9% increase over 2021
  • Completed $500 million share repurchase program in May 2022
• Addressing long-term nuclear opportunity, offshore wind investments and near-term pension headwinds
• PSEG's top-tier ESG scores highlight our leadership in tackling climate change

Note: All future decisions and declarations regarding dividends on the common stock are subject to approval by the Board of Directors.	4

PSEG has a 17-year track record of meeting or exceeding guidance

Delivering on our Commitments

• PSEG has met or exceeded its non-GAAP Operating Earnings guidance for 17 years in a row

Looking Forward

• PSEG initiated non-GAAP Operating EPS Guidance of $3.35 - $3.55 per share for 2023
• • Estimate of 12/31/2022 pension measurement captured in initial 2023 guidance
  • Core growth, O&M savings and pending initiatives mitigate impact of pension headwinds and higher interest costs
• Established long-term EPS growth outlook of 5% to 7%, updated for 2023 pension impact and higher interest rates
• • PSE&G Rate Base growth and Nuclear at PTC value, with upside for market improvements
• PSE&G 2023 - 2027 Capital Spending plan: $15.5B - $18B (up $2B at high-end)
• PSE&G Rate Base CAGR to 2027: 6% - 7.5%

Enhancing Predictability

• PSE&G capital allocation and investment aligned with customer requirements and NJ's energy policy goals
• Nuclear: PTC stabilizes long-term financial profile
• Pension: Multiple actions underway to reduce volatility
• No new equity needed to realize growth through 2027
• Sustainable dividend growth

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