Public Service Enterprise Group Incorporated · NYSE:PEG
Public Service Enterprise — Investor Presentation (January 2026)
51 slides from Public Service Enterprise's investor presentation, January 2026
Slide 1: PSEG Investor Update
PSEG Investor Update Leading toward a sustainable future January 2026 1
Slide 2: Forward-Looking Statements
PSEG Investor Update January 2026 Forward-Looking Statements Certain of the matters discussed in this report about our and our subsidiaries’ future performance, • fluctuations in, or third-party default risk in wholesale power and natural gas markets, including, without limitation, future revenues,
Slide 3: GAAP Disclaimer
PSEG Investor Update January 2026 GAAP Disclaimer PSEG presents Operating Earnings in addition to its Net Income/(Loss) reported in Non-GAAP EBITDA excludes the same items as our non-GAAP Operating Earnings accordance with accounting principles generally accepted in the United States measure, as wel
Slide 4: Public Service Enterprise Group
PSEG Investor Update January 2026 Public Service Enterprise Group
Slide 5: PSEG: A Strong Business Mix and Predictable Growth
PSEG Investor Update January 2026 PSEG: A Strong Business Mix and Predictable Growth PSE&G • Regulated Operations Represent ~90% of PSEG’s non-GAAP Operating Earnings Over Next 5 Years NJ’s Largest T&D Utility: 2.4 Million Electric and 1.9 Million Gas Customers PSEG Power & Other • Carbon-Free PSEG
Slide 6: Vision: Powering Progress
PSEG Investor Update January 2026 Operational Excellence in New Jersey and Long Island: Best-in-class utilities and exemplary nuclear performance • According to the J.D. Power 2025 U.S. Electric Utility Residential Customer Satisfaction Study, PSE&G was PSEG’s recognized as the highest-ranked utilit
Slide 7: PSEG Financial Outlook: More Predictable, Well Positioned for the Future
PSEG Investor Update January 2026 PSEG Financial Outlook | More Predictable, Well Positioned for the Future • GSMP III settlement approved by BPU; 3-year, $1.4B program (January 2026 – December 2028) • Achieved balanced settlement of first distribution base rate case in six years in 2024; Recovered
Slide 8: PSEG's 2025-2029 Outlook Incorporates Solid Growth Pipeline with Upside
PSEG Investor Update January 2026 PSEG’s 2025-2029 Outlook Incorporates Solid Growth Pipeline with Upside • Gas System Modernization Program III – incremental in-state resiliency investment Higher/Expanded Regulated Investment in Clauses • Electric System Infrastructure Advancement Program (IAP) – n
Slide 9: PSEG: Financial Strength to Achieve Strategic Plan
PSEG Investor Update January 2026 PSEG: Financial Strength to Achieve Strategic Plan Long-Term non-GAAP Operating Earnings Growth Outlook of 5%-7% for 2025-2029 • Outlook is based on the midpoint of 2025 initial guidance range (a 9% higher baseline) and assumes the PTC threshold price • Primary cont
Slide 10: PSEG is aligned with NJ energy and economic policy goals
PSEG Investor Update January 2026 PSEG is aligned with NJ energy and economic policy goals, and our capabilities to deploy investment capital and economic stimulus have played a key role in sustaining employment in the state Maintaining safe, reliable and affordable access to essential utility servi
Slide 11: PSEG advocating for a New Jersey-focused Integrated Resource Plan
PSEG Investor Update January 2026 PSEG is advocating for a New Jersey-focused Integrated Resource Plan (IRP), as the state’s gap of energy needs and in-state supply continues to grow “All our engagement [in the PJM process] has been intended to protect customers from excessive price increases in fut
Slide 12: PSE&G Provides Compelling Value for Customers
PSEG Investor Update January 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: Achieving low SAIDI outage sco
Slide 13: Public Service Electric & Gas
PSEG Investor Update January 2026 Public Service Electric & Gas
Slide 14: PSE&G – A Single State, Dual Jurisdiction Utility
PSEG Investor Update January 2026 PSE&G – A Single State, Dual Jurisdiction Utility New Jersey’s largest transmission and distribution utility • Electric and Gas Distribution (regulated by BPU) • Utility Provider of Energy Efficiency PSE&G YE 2024 Rate Base*** and Renewable Energy Programs Transmiss
Slide 15: Top Safety and Reliability Performance Metrics
PSEG Investor Update January 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
Slide 16: Monthly Electric and Gas Bills vs. Peers
PSEG Investor Update January 2026 Monthly Electric Bills $250 $205 $200 $175 $144 $148 $150 Average = $123 $118 $127 $108 $112 • PSE&G’s electric bills $100 $83 $101 $103 are below the regional $50 $55 average, despite higher PJM-related costs $0 JCP&L RECO PSE&G PP&L ACE PECO BG&E O&R LIPA CL&P UI
Slide 17: PSE&G Combined Bills 2.8% of Median NJ Income
PSEG Investor Update January 2026 PSE&G Combined Bills 2.8% of Median NJ Income, Favorable “Share of Wallet” vs. Lower-Cost Regions PSE&G Electric & Gas Combined Bills (1) (2) (6) % of New Jersey Household Income (4) Including Low-Income Customers After Assumed Credits (3) (5) (6) 5.0% Affordability
Slide 18: Share of Wallet – PSE&G is a Top Performer Nationally
PSEGInvestor PSEG InvestorUpdate Update January January2026 2026 Mississippi West Virginia Alabama Oklahoma Arkansas Georgia North Carolina Kentucky Share of Wallet – Louisiana New York Connecticut PSE&G is a Top Maine Missouri Vermont Performer Nationally Texas Rhode Island in Affordability South C
Slide 19: Regulated 5-Year Capital Investment Plan of $21B-$24B
PSEG Investor Update January 2026 Regulated 5-Year Capital Investment Plan of $21B-$24B 2025E – 2029E 6 5 4 Driven by Infrastructure ($ Billions) 3 Modernization, Energy Efficiency, 2 and Growing Customer Demand 1 0 2024 2025E 2026E 2027E 2028E 2029E Transmission Electric Distribution Gas Distributi
Slide 20: Regulated Capital Investment Plan ~$3B Higher for 2025-2029
PSEG Investor Update January 2026 Regulated Capital Investment Plan ~$3B Higher for 2025-2029 2023-2027E: $15.5B-$18B 2024-2028E: $18B-$21B 2025E-2029E: $21B-$24B Rate Base CAGR: 6%-7.5% Rate Base CAGR: 6%-7.5% Rate Base CAGR: 6%-7.5% 24 22 20 18 16 ($ Billions) 14 12 10 8 6 4 2 0 Transmission Elect
Slide 21: Robust Investment Opportunities: Regulated Year-End Rate Base
PSEG Investor Update January 2026 Robust Investment Opportunities Regulated Year-End Rate Base 50 45 40 35 Provide Consistent, Long-Term ($ Billions) 30 Rate Base Growth 25 20 15 10 5 0 2023 2024 2025E 2026E 2027E 2028E 2029E Transmission Electric Distribution Gas Distribution Clean Energy Transmiss
Slide 22: Transmission Investment Focused on 69kV Upgrades
PSEG Investor Update January 2026 Transmission Investment Focused on 69kV 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 has replaced aging systems and prepared t
Slide 23: Electric Distribution Investment Focused on System Modernization
PSEG Investor Update January 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 c
Slide 24: Gas Distribution Investment Focused on Infrastructure Replacement
PSEG Investor Update January 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% 6,000 -20% -12% GSMP III settlement approved by BPU: unprotected steel main remai
Slide 25: PSE&G's Award-Winning Clean Energy Future Programs
PSEG Investor Update January 2026 PSE&G’s Award-Winning Clean Energy Future Programs are Delivering Benefits to Customers and Rate Base Growth Energy Energy Efficiency Efficiency Energy Energy Cloud “AMI” Cloud “AMI” Electric Electric Vehicles Vehicles BPU BPUapproved approved total programssince to
Slide 26: PSE&G's Energy Efficiency Offerings
PSEG Investor Update January 2026 PSE&G’s Energy Efficiency Offerings: An Expanded Suite of Ten Residential, C&I, and Multifamily & Other programs Program Description Energy Efficient Products Offers incentives and on-bill repayment (OBR) for energy efficient equipment and appliances. Residential Pr
Slide 27: Effective Cost Controls at PSE&G Help Mitigate Inflationary Impacts
PSEG Investor Update January 2026 Effective Cost Controls at PSE&G Help to Mitigate Inflationary Impacts and Preserve Customer Affordability PSE&G O&M Expense (1) $1,600 • Demonstrated ability to control O&M $1,400 • Focus on cost control provides $1,200 ($ Millions) headroom for recovery of capital
Slide 28: PSE&G Dual Jurisdiction Regulation and Cost Recovery Mechanisms
PSEG Investor Update January 2026 Distribution Transmission PSE&G Dual Jurisdiction Distribution and Clean Energy Regulation Provides for a • State Regulatory Entity: NJ Board of Public Utilities Mixture of Investment and Clean Energy Cost Recovery Mechanisms • Timely recovery of investment programs
Slide 29: Key Takeaways: Best-in-Class Operations with Important System Investment Needs
PSEG Investor Update January 2026 Key Takeaways: Best-in-Class Operations with Important System Investment Needs Driving Predictable Earnings Growth Operational Excellence: Delivering top-tier safety, Disciplined Investment: Programs driven by reliability and customer service, while maintaining infr
Slide 30: PSEG Power & Other
PSEG Investor Update January 2026 PSEG Power & Other
Slide 31: PSEG Power & Other
PSEG Investor Update January 2026 PSEG Nuclear • PSEG Power Operates Salem 1 & 2 and Hope Creek • 50% owner of Peach Bottom 2 & 3 • Total 3,758 MW • & Other Opportunities for growth PSEG Gas Supply Operations A stable, predictable business that generates significant free Power & Serves Basic Gas Sup
Slide 32: Generation Fleet is 100% Carbon-Free
PSEG Investor Update January 2026 PSEG Generation Fleet is 100% Carbon-Free 1,400 PSEG Generation Output 70 U.S. Average CO2 Intensity PSEG CO2 Intensity 1,200 60 PSEG Generation Output (Million MWh) Direct CO2 Intensity (lbs/MWh) 1,000 50 Cleaner 800 40 600 30 PSEG's 400 Nuclear: Higher capacity fa
Slide 33: PSEG Nuclear Units – Key Strategic, Financial and Operational Benefits
PSEG Investor Update January 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 • Signif
Slide 34: PSEG Nuclear — Key Fleet Data
PSEG Investor Update January 2026 PSEG Nuclear — Key Fleet Data Fleet Average Capacity Factor of 93.7% for First Nine Months of 2025 • 57% PSEG ownership • 50% PSEG ownership • 655.5 MW owned capacity • 637.5 MW owned capacity • Current license expires 2036 • Current license expires 2053 • 18-month
Slide 35: PSEG Nuclear Growth Opportunities: Salem Capacity Uprate
PSEG Investor Update January 2026 PSEG Nuclear has Compelling Growth Opportunities: Salem Capacity Uprate • ~112 MW PSEG-share (includes ~7% thermal power increase and Simplified Plant Diagram complementary investments that improve secondary side generation efficiency) 1 2 3 4 5 • Lowers $/MWh gener
Slide 36: Additional PSEG Nuclear Growth Opportunities
PSEG Investor Update January 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 (~$50M O&M) and increa
Slide 37: Power & Other — Other Businesses
PSEG Investor Update January 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 •
Slide 38: Power & Other Other Financial Considerations
PSEG Investor Update January 2026 PSEG Power & Other Other Financial Considerations • For 2025, total nuclear generation is forecasted to be 30-32 TWh of reliable, carbon-free energy Nuclear PTC Inflation Adjustment Illustration+ • Realized energy price most historically aligned with the PECO hub Ye
Slide 39: Key Takeaways: Increasing Predictability
PSEG Investor Update January 2026 Key Takeaways: Increasing Predictability • Operational Excellence: • Disciplined Investment: - Solid nuclear operations with exemplary ratings on all units, - The PTC provides long-term price stability for nuclear units gas supply operations benefiting PSE&G custome
Slide 40: Financial Review & Outlook
PSEG Investor Update January 2026 Financial Review & Outlook
Slide 41: No new equity needed through 2029 to fund business plan
PSEG Investor Update January 2026 While capital spending has increased, no new equity needed through 2029 to fund business plan 2025E – 2029E PSEG Sources and Uses of Cash PSEG Consolidated Funding PSE&G Growth PSE&G • Internally generated PSE&G cash flow • Incremental PSE&G debt PSE&G Dividend to •
Slide 42: Strong Business Platform Supports Investment Grade Ratings
PSEG Investor Update January 2026 Strong Business Platform Supports Investment Grade Ratings PSEG Projected Average FFO/Debt (1) Debt Capacity (2025E-2029E) 20% $3.0 • We retain financial flexibility with debt capacity to capitalize on incremental growth $ Billions Projected Average 15% ~Mid-Teens o
Slide 43: PSEG's 2025 Annual Dividend Increase of 5%
PSEG Investor Update January 2026 PSEG’s 2025 Annual Dividend Increase of 5% Supported by Predictable Earnings Annual PSEG Dividend Per Share $2.52 $2.40 $2.28 $2.16 $2.04 $1.96 $1.88 $1.80 $1.72 $1.64 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 57% 59% 58% 57% 57% 56% 62% 66% 65% Payout Ratio
Slide 44: Key Takeaways: A Strong Business Mix and Predictable Growth
PSEG Investor Update January 2026 Key Takeaways: A Strong Business Mix and Predictable Growth • 5%-7% long-term non-GAAP Operating Earnings growth rate for 2025- • Nuclear fleet with PTC stabilized, predictable cash flows and 2029 driven by PSE&G rate base growth and PTC threshold for Nuclear multip
Slide 45: Appendix
PSEG Investor Update January 2026 Appendix
Slide 46: 2025 Increase in PSE&G Electric Bills Primarily a Pass-Through
PSEG Investor Update January 2026 The 2025 increase in PSE&G electric bills was primarily a pass-through of higher Energy Supply costs procured through the default NJ Supply (BGS) auction $134/month as of January 2025 $158/month as of June 2025 Capacity $4 PJM Capacity Auction Price was the main dri
Slide 47: PSEG Has Demonstrated Success in Controlling O&M
PSEG Investor Update January 2026 PSEG has Demonstrated Success in Controlling O&M, Keeping CAGR ~(1%) PSEG O&M Expense (1) $2,500 $2,000 ($ Millions) $1,500 $1,000 $500 $0 2019 2020 2021 2022 2023 2024 2025E PSEG Power Distribution Transmission PSEG (1) Excludes Nuclear ARO, Bethlehem Energy Center
Slide 48: PSEG Maintains a Solid Financial Position
PSEG Investor Update January 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 = S
Slide 49: Glossary of Terms
PSEG Investor Update January 2026 Glossary of Terms A&G Administrative & General GDP Gross Domestic Product PTC Production Tax Credit AFUDC Allowance for Funds Used During Construction GSMP Gas System Modernization Program PWR Pressurized Water Reactor AMI Automated Metering Infrastructure GSOE Gard
Slide 50: Reconciliation of Non-GAAP Operating Earnings
PSEG Investor Update January 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 Reconciling Items Septem
Slide 51: Reconciliation of Non-GAAP Operating Earnings
PSEG Investor Update January 2026 Reconciliation of Non-GAAP Operating Earnings Public Service Enterprise Group Incorporated - Consolidated Operating Earnings (non-GAAP) Reconciliation Year Ended December 31, (a) Effective January 1, 2018, unrealized gains (losses) on equity Reconciling Items securi
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