Public Service Enterprise Group Incorporated · NYSE:PEG
Public Service Enterprise — Investor Presentation (March 2026)
48 slides from Public Service Enterprise's investor presentation, March 2026
Slide 1: PSEG Investor Update March 2026
PSEG PSEG Investor Investor Update Update Leading toward a Leading toward sustainable future a sustainable future March 2026 March 2026 1
Slide 2: Forward-Looking Statements
PSEG Investor Update March 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, ea
Slide 3: GAAP Disclaimer
PSEG Investor Update March 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
Slide 4: Public Service Enterprise Group
PSEG Investor Update March 2026 Public Service Enterprise Group
Slide 5: PSEG: A Strong Business Mix and Predictable Growth
PSEG Investor Update March 2026 PSEG: 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 Production Tax Credit makes PSEG Nuclear’s cash flows more predictable and provides d
Slide 6: Vision: Powering Progress
PSEG Investor Update March 2026 Operational Excellence in New Jersey and Long Island: Best-in-class utilities and exemplary nuclear performance • 2025 ReliabilityOne® Award for Outstanding Reliability Performance in the Mid-Atlantic Region for 24th PSEG’s consecutive year • PSE&G ranked #1 in Custom
Slide 7: PSEG Financial Outlook: More Predictable, Well Positioned for the Future
PSEG Investor Update March 2026 PSEG Financial Outlook: More Predictable, Well Positioned for the Future • GSMP III settlement approved by BPU; 3-year, $1.4B program starting January 2026 • Achieved balanced settlement of first distribution base rate case in six years in 2024; Recovered Settled Key
Slide 8: PSEG's Long-Term Outlook Incorporates Solid Growth Pipeline with Upside
PSEG Investor Update March 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 Wi
Slide 9: Financial Strength to Achieve Strategic Plan
PSEG Investor Update March 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
Slide 10: Maintaining safe, reliable and affordable access to essential utility services
PSEG Investor Update March 2026 Maintaining safe, reliable and affordable access to essential utility services PSEG is aligned with NJ energy and economic Past Programs Ongoing & Potential Opportunities policy goals, and our • Energy Efficiency II (2024) • GSMP III capabilities to deploy • GSMP II (
Slide 11: PSE&G Provides Compelling Value for Customers
PSEG Investor Update March 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 score
Slide 12: Public Service Electric & Gas
PSEG Investor Update March 2026 Public Service Electric & Gas
Slide 13: PSE&G: A Single State, Dual Jurisdiction Utility
PSEG Investor Update March 2026 PSE&G: A Single State, Dual Jurisdiction Utility PSE&G YE 2025 Rate Base*** Transmission $13.5B New Jersey’s largest transmission 38% and distribution utility • Electric and Gas Distribution (regulated by BPU) ~$36B • Utility Provider of Energy Efficiency Distribution
Slide 14: Top Safety and Reliability Performance Metrics
PSEG Investor Update March 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 e
Slide 15: Monthly Electric and Gas Bills
PSEG Investor Update March 2026 Monthly Electric Bills $250 $204 $200 $175 $164 Average = $144 $152 $155 $150 $148 $134 $139 $133 • PSE&G’s electric bills $105 $109 $115 $100 are below the regional average, despite higher $50 PJM-related costs $0 PP&L JCP&L PECO PSE&G LIPA RECO CL&P O&R ACE BG&E UI
Slide 16: PSE&G Combined Bills Remain <3% Median NJ Income
PSEG Investor Update March 2026 PSE&G Combined Bills Remain <3% 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% Affordability
Slide 17: PSE&G Value: Top decile performer in affordability nationally
PSEGInvestor PSEG InvestorUpdate Update March March2026 2026 Mississippi West Virginia Alabama Oklahoma Arkansas Georgia North Carolina Kentucky Louisiana New York Connecticut Maine Missouri Vermont Texas PSE&G Value: Rhode Island South Carolina Top decile performer Nevada Florida in affordability n
Slide 18: Regulated 5-Year Capital Investment Plan of $22.5B-$25.5B
PSEG Investor Update March 2026 Regulated 5-Year Capital Investment Plan of $22.5B-$25.5B 2026E – 2030E 6 Driven by 5 infrastructure modernization, ($ Billions) 4 energy efficiency, 3 and growing customer demand 2 1 0 2025 2026E 2027E 2028E 2029E 2030E Transmission Electric Distribution Gas Distribu
Slide 19: Regulated Capital Investment Plan ~$1.5B Higher for 2026-2030
PSEG Investor Update March 2026 Regulated Capital Investment Plan ~$1.5B Higher for 2026-2030 2024-2028E 2025-2029E 2026E-2030E $18B-$21B $21B-$24B $22.5B-$25.5B Rate Base CAGR Rate Base CAGR Rate Base CAGR 6% - 7.5% 6% - 7.5% 6% - 7.5% 26 24 22 20 ($ Billions) 18 16 14 12 10 8 6 4 2 0 Transmission
Slide 20: Robust Investment Opportunities Offer Continued Rate Base Growth
PSEG Investor Update March 2026 Robust Investment Opportunities Offer Continued Rate Base Growth Regulated Year-End Rate Base 55 50 45 40 ($ Billions) 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
Slide 21: Transmission Investment Focused on 69kV Upgrades
PSEG Investor Update March 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 the
Slide 22: Electric Distribution Investment Focused on System Modernization
PSEG Investor Update March 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 cur
Slide 23: Gas Distribution Investment Focused on Infrastructure Replacement
PSEG Investor Update March 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% -20% 5,194 -20% unprotected steel main remaining % Reduction fro
Slide 24: PSE&G's Award-Winning Clean Energy Future Programs
PSEG Investor Update March 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 tota
Slide 25: Effective Cost Controls and Continuous Improvement
PSEG Investor Update March 2026 Effective Cost Controls and Continuous Improvement to Support Affordability and Benefit Customers PSE&G Total O&M Expense (1) $1,600 $1,400 $1,200 (Millions) $1,000 $800 $600 $400 $200 $0 2020 2021 2022 2023 2024 2025 2026E Distribution Transmission (1) Excludes certa
Slide 26: PSE&G Dual Jurisdiction Regulation and Cost Recovery Mechanisms
PSEG Investor Update March 2026 PSE&G Dual Jurisdiction Regulation Provides for a Distribution Transmission Mixture of Investment and Cost Recovery Mechanisms Clean Energy Transmission Distribution and Clean Energy • Federal Regulatory Entity: Federal Energy • State Regulatory Entity: NJ Board of Pu
Slide 27: Key Takeaways: Best-in-Class Operations with Important System Investment Needs
PSEG Investor Update March 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 infras
Slide 28: PSEG Power & Other
PSEG Investor Update March 2026 PSEG Power & Other
Slide 29: PSEG Power & Other
PSEG Investor Update March 2026 PSEG Nuclear • Operates Salem 1 & 2 and Hope Creek PSEG Power • • • 50% owner of Peach Bottom 2 & 3 Total 3,758 MW Opportunities for growth & Other PSEG Gas Supply Operations A stable, predictable business that generates significant free Power & Serves Basic Gas Suppl
Slide 30: PSEG Nuclear Units – Key Strategic, Financial and Operational Benefits
PSEG Investor Update March 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 • Signific
Slide 31: PSEG Nuclear — Key Fleet Data
PSEG Investor Update March 2026 PSEG Nuclear — Key Fleet Data Fleet Average Capacity Factor of 91.2% for Full Year 2025 • 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
Slide 32: PSEG Nuclear Growth Opportunities: Salem Capacity Uprate
PSEG Investor Update March 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 generat
Slide 33: Additional PSEG Nuclear Growth Opportunities
PSEG Investor Update March 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 generatio
Slide 34: PSEG Power & Other — Other Businesses
PSEG Investor Update March 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 • M
Slide 35: Power & Other Financial Considerations
PSEG Investor Update March 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
Slide 36: Key Takeaways: Earnings Predictability with Upside Potential
PSEG Investor Update March 2026 Key Takeaways: Earnings Predictability with Upside Potential • 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 benefi
Slide 37: Financial Review & Outlook
PSEG Investor Update March 2026 Financial Review & Outlook
Slide 38: PSEG Initiates Full Year 2026 Guidance
PSEG Investor Update March 2026 PSEG Initiates Full Year 2026 Guidance Continuing Execution of PSEG Strategic Plan • 2026 non-GAAP Operating Earnings guidance of 2026 midpoint represents ~7% increase over 2025 results $4.28 - $4.40 per share • 2026 outlook driven by: o Higher regulated rate base, in
Slide 39: Long-Term Growth Outlook is now 6%-8%
PSEG Investor Update March 2026 Strong Business Mix, Predictable Growth and Nuclear Upside Long-Term Growth Outlook is now • PSEG’s long-term, non-GAAP earnings growth outlook updated to 6%-8% through 2030 • Total PSEG capital program of $24B - $28B for 2026-2030, >90% regulated investments 6%-8% •
Slide 40: No new equity needed through 2030 to fund business plan
PSEG Investor Update March 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 Dividend to • P
Slide 41: Strong Business Platform Supports Investment Grade Ratings
PSEG Investor Update March 2026 Strong Business Platform Supports Investment Grade Ratings PSEG Projected Average FFO/Debt (1) Debt Capacity (2026E-2030E) 20% $3.0 • We retain financial flexibility with debt capacity to capitalize on incremental growth opportunities $ Billions Projected Average 15%
Slide 42: PSEG Has Demonstrated Success in Controlling O&M
PSEG Investor Update March 2026 PSEG has Demonstrated Success in Controlling O&M, Keeping CAGR ~1% PSEG O&M Expense (1) $2,500 $2,000 $1,500 (Millions) $1,000 $500 $0 2020 2021 2022 2023 2024 2025 2026E PSEG Power Distribution Transmission Other (1) Excludes Nuclear ARO, Bethlehem Energy Center good
Slide 43: PSEG Maintains a Solid Financial Position
PSEG Investor Update March 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 = Sta
Slide 44: PSEG's 2026 Indicative Annual Dividend Increase of ~6%
PSEG Investor Update March 2026 PSEG’s 2026 Indicative Annual Dividend Increase of ~6% Marks 15th 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%
Slide 45: Key Takeaways: A Strong Business Mix and Predictable Growth
PSEG Investor Update March 2026 Key Takeaways: A Strong Business Mix and Predictable Growth • 6%-8% long-term non-GAAP Operating Earnings growth outlook • Nuclear fleet with PTC stabilized, predictable cash flows and driven by PSE&G rate base growth and PSEG Nuclear multiple growth paths with modest
Slide 46: Glossary of Terms
PSEG Investor Update March 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 Garden
Slide 47: Reconciliation of Non-GAAP Operating Earnings
PSEG Investor Update March 2026 Reconciliation of Non-GAAP Operating Earnings Public Service Enterprise Group Incorporated - Consolidated Operating Earnings (non-GAAP) Reconciliation Three Months Ended Year Ended (a) Includes the financial impact from positions with Reconciling Items December 31, De
Slide 48: Reconciliation of Non-GAAP Operating Earnings
PSEG Investor Update March 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 securiti
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