8-K

EXHIBIT 99


		Public Service Enterprise Group 80 Park Plaza Newark, NJ 07102

CONTACTS:
*Media Relations*		*Investor Relations*
Marijke Shugrue		Carlotta Chan
908-531-4253		973-430-6565
[email protected]		[email protected]

PSEG Announces Third Quarter 2023 Results

$0.27 Per Share Net Income

$0.85 Per Share Non-GAAP Operating Earnings

Re-Affirms Full-Year 2023 Non-GAAP Operating EPS Guidance Range of $3.40 - $3.50

(NEWARK, N.J. – October 31, 2023) Public Service Enterprise Group (NYSE: PEG) reported third quarter 2023 Net Income of $139 million, or $0.27 per share, compared to Net Income of $114 million, or $0.22 per share, for the third quarter 2022. Non-GAAP Operating Earnings for the third quarter of 2023 were $425 million, or $0.85 per share, compared to non-GAAP Operating Earnings of $429 million, or $0.86 per share for the third quarter of 2022. Non-GAAP results for the third quarter of 2023 and 2022 exclude items shown in Attachments 8 and 9.

“PSEG posted solid operating and financial results for the third quarter, and is on pace to achieve our guidance for full-year, 2023 non-GAAP Operating Earnings of $3.40 to $3.50 per share – which we are re-affirming today. PSE&G invested approximately $1 billion in capital spending during the third quarter, bringing the year-to-date spend to $2.7 billion. For the full-year 2023, capital spend is expected to total $3.7 billion, slightly higher than our original plan of $3.5 billion, ahead of scheduled execution on our Clean Energy Future-Energy Efficiency and Infrastructure Advancement Programs. This work is helping our customers to save energy and lower their bills, upgrading the ‘Last Mile’ of our system, as well as adding new electric infrastructure due in part to an increase in EV penetration. These critical New Jersey energy investments support our rate base growth trajectory of 6% to 7.5% through 2027 – and our long-term, non-GAAP Operating Earnings growth rate of 5% to 7% over the same period,” said Ralph LaRossa, PSEG’s chair, president and CEO.

LaRossa added, “We continue to execute on PSEG’s improved business strategy. Earlier in October, the New Jersey Board of Public Utilities (BPU) approved a settlement to extend PSE&G’s Gas System Modernization Program II (GSMP) through 2025 for approximately $900 million to replace 400 miles of cast iron and unprotected steel main at a higher run rate than our prior programs. In addition, consistent with on-going efforts to streamline and increase the predictability of our business profile, we completed the previously announced pension ‘lift-out’ in August, and the sale of Kalaeloa, our last fossil fuel generating unit, in July.”

The following tables provide a reconciliation of PSEG’s Net Income to non-GAAP Operating Earnings for the third quarter. See Attachments 8 and 9 for a complete list of items excluded from Net Income in the determination of non-GAAP Operating Earnings.

PSEG Consolidated (unaudited)

Third Quarter Comparative Results


	Income				Diluted Earnings Per Share
($ millions, except per share amounts)	2023		2022		2023		2022
Net Income	$	139	$	114	$	0.27	$	0.22
Reconciling Items		286		315		0.58		0.64
Non-GAAP Operating Earnings	$	425	$	429	$	0.85	$	0.86
Average Shares						500		500

Results and Outlook by Operating Subsidiary

Public Service Electric and Gas

Third Quarter Comparative Results


($ millions, except per share amounts)	2023		2022		Change
Net Income	$	401	$	399	$	2
Net Income Per Share (EPS)	$	0.80	$	0.80		—
Non-GAAP Operating Earnings	$	403	$	399	$	4
Non-GAAP Operating EPS	$	0.80	$	0.80		—

PSE&G benefited from growth in Transmission and Distribution margins resulting from continued investment in infrastructure replacement and clean energy programs, as well as lower operating and maintenance expense. These improvements were offset by lower pension income and other postretirement benefit (OPEB) credits and incremental depreciation and interest expense related to higher investment. The Conservation Incentive Program (CIP) continues to effectively offset the impact of volumetric changes in electric and gas sales due to variables such as energy efficiency savings, net metered solar, weather and general economic conditions.

PSE&G’s forecast of non-GAAP Operating Earnings for 2023 is unchanged at $1,500 million - $1,525 million, which reflects lower pension income and OPEB credits compared to 2022, offset by the combined benefit of investments with recovery mechanisms, the predictability of utility margin from CIP, and the BPU pension accounting order for full-year 2023.

PSEG Power & Other

Third Quarter Comparative Results


($ millions, except per share amounts)	2023			2022			Change
Net Loss	$	(262	)	$	(285	)	$	23
Net Loss Per Share (EPS)	$	(0.53	)	$	(0.58	)	$	0.05
Non-GAAP Operating Earnings	$	22		$	30		$	(8	)
Non-GAAP Operating EPS	$	0.05		$	0.06		$	(0.01	)

PSEG Power & Other results for the quarter reflect a continued improvement in energy margin from lower cost-to-serve hedges, and were offset by a reduction in capacity revenues, lower pension income and OPEB credits, and higher interest expense compared with third quarter 2022.

The full-year 2023 forecast for PSEG Power & Other non-GAAP Operating Earnings is unchanged at $200 million - $225 million. During August 2023, PSEG completed a “lift-out” of approximately $1 billion of pension obligations and associated plan assets. As a result of the transaction, PSEG recognized a one-time settlement charge of $332 million ($239 million, net of tax) in the third quarter of 2023 related to the immediate recognition of unamortized net actuarial loss associated with the portion of the pension involved in the transaction, which was within the previously estimated range.

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PSEG will host a conference call to review its third quarter 2023 results, earnings guidance, and other matters with the financial community at 11 a.m. ET today. You can register to access this event by visiting https://investor.pseg.com/investor-news-and-events.

About PSEG

Public Service Enterprise Group (PSEG) (NYSE: PEG) is a predominantly regulated infrastructure company focused on a clean energy future. Guided by its Powering Progress vision, PSEG aims to power a future where people use less energy, and it’s cleaner, safer and delivered more reliably than ever. PSEG’s commitment to sustainability is demonstrated in our net-zero 2030 climate vision and participation in the U.N. Race to Zero, as well as our inclusion on the Dow Jones Sustainability North America Index and the list of America’s most JUST Companies. PSEG’s businesses include Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island (https://corporate.pseg.com).

Non-GAAP Financial Measures

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. 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.

See Attachments 8 and 9 for a complete list of items excluded from Net Income/(Loss) in the determination of non-GAAP Operating Earnings. 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 this non-GAAP financial measure to the most directly comparable GAAP financial measure because comparable GAAP measures are not reasonably accessible or reliable due to the inherent difficulty in forecasting and quantifying measures that would be required for such reconciliation. Namely, we are not able to reliably project without unreasonable effort MTM and NDT gains (losses), for future periods due to market volatility. These items are uncertain, depend on various factors, and may have a material impact on our future GAAP results.

Forward-Looking Statements

Certain of the matters discussed in this report 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 our nuclear 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;

•

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, or third party default risk 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-party credit 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 report 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 report apply only as of the date of this report. 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 report 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.

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 press release or the Form 8-K to which it is an exhibit.

Attachment 1

Public Service Enterprise Group Incorporated

Consolidating Statements of Operations

(Unaudited, $ millions, except per share data)


	Three Months Ended September 30, 2023
	PSEG			Eliminations			PSE&G			PSEG Power & Other^(a)
OPERATING REVENUES	$	2,456		$	(89	)	$	1,999		$	546

OPERATING EXPENSES
Energy Costs		831			(89	)		765			155
Operation and Maintenance		792			—			459			333
Depreciation and Amortization		282			—			244			38

Total Operating Expenses		1,905			(89	)		1,468			526

OPERATING INCOME		551			—			531			20

Net Gains (Losses) on Trust Investments		(40	)		—			—			(40	)
Other Income (Deductions)		41			(2	)		21			22
Net Non-Operating Pension and OPEB Credits (Costs)		(302	)		—			30			(332	)
Interest Expense		(185	)		2			(128	)		(59	)

INCOME (LOSS) BEFORE INCOME TAXES		65			—			454			(389	)

Income Tax Benefit (Expense)		74			—			(53	)		127

NET INCOME (LOSS)	$	139		$	—		$	401		$	(262	)

Reconciling Items Excluded from Net Income (Loss)^(b)		286			—			2			284

OPERATING EARNINGS (non-GAAP)	$	425		$	—		$	403		$	22

Earnings Per Share

NET INCOME (LOSS)	$	0.27		$	—		$	0.80		$	(0.53	)

Reconciling Items Excluded from Net Income (Loss)^(b)		0.58			—			—			0.58

OPERATING EARNINGS (non-GAAP)	$	0.85		$	—		$	0.80		$	0.05


	Three Months Ended September 30, 2022
	PSEG			Eliminations			PSE&G			PSEG Power & Other^(a)
OPERATING REVENUES	$	2,272		$	(114	)	$	1,953		$	433

OPERATING EXPENSES
Energy Costs		1,012			(114	)		791			335
Operation and Maintenance		765			—			452			313
Depreciation and Amortization		270			—			229			41
(Gains) Losses on Asset Dispositions and Impairments		52			—			(1	)		53

Total Operating Expenses		2,099			(114	)		1,471			742

OPERATING INCOME		173			—			482			(309	)

Income from Equity Method Investments		5			—			—			5
Net Gains (Losses) on Trust Investments		(97	)		—			—			(97	)
Other Income (Deductions)		43			(1	)		25			19
Net Non-Operating Pension and OPEB Credits (Costs)		94			—			70			24
Interest Expense		(163	)		1			(109	)		(55	)

INCOME (LOSS) BEFORE INCOME TAXES		55			—			468			(413	)

Income Tax Benefit (Expense)		59			—			(69	)		128

NET INCOME (LOSS)	$	114		$	—		$	399		$	(285	)

Reconciling Items Excluded from Net Income (Loss)^(b)		315			—			—			315

OPERATING EARNINGS (non-GAAP)	$	429		$	—		$	399		$	30

Earnings Per Share

NET INCOME (LOSS)	$	0.22		$	—		$	0.80		$	(0.58	)

Reconciling Items Excluded from Net Income (Loss)^(b)		0.64			—			—			0.64

OPERATING EARNINGS (non-GAAP)	$	0.86		$	—		$	0.80		$	0.06

(a)	Includes activities at PSEG Power, PSEG Long Island, Energy Holdings, PSEG Services Corporation and the Parent.

(b)	See Attachments 8 and 9 for details of items excluded from Net Income (Loss) to compute Operating Earnings (non-GAAP).

Attachment 2

Public Service Enterprise Group Incorporated

Consolidating Statements of Operations

(Unaudited, $ millions, except per share data)


	Nine Months Ended September 30, 2023
	PSEG			Eliminations			PSE&G			PSEG Power & Other^(a)
OPERATING REVENUES	$	8,632		$	(797	)	$	5,954		$	3,475

OPERATING EXPENSES
Energy Costs		2,517			(797	)		2,300			1,014
Operation and Maintenance		2,279			—			1,348			931
Depreciation and Amortization		843			—			728			115

Total Operating Expenses		5,639			(797	)		4,376			2,060

OPERATING INCOME		2,993			—			1,578			1,415

Income from Equity Method Investments		1			—			—			1
Net Gains (Losses) on Trust Investments		63			—			—			63
Other Income (Deductions)		132			(4	)		65			71
Net Non-Operating Pension and OPEB Credits (Costs)		(245	)		—			86			(331	)
Interest Expense		(550	)		4			(364	)		(190	)

INCOME BEFORE INCOME TAXES		2,394			—			1,365			1,029

Income Tax Expense		(377	)		—			(141	)		(236	)

NET INCOME	$	2,017		$	—		$	1,224		$	793

Reconciling Items Excluded from Net Income^(b)		(546	)		—			12			(558	)

OPERATING EARNINGS (non-GAAP)	$	1,471		$	—		$	1,236		$	235

Earnings Per Share

NET INCOME	$	4.03		$	—		$	2.45		$	1.58

Reconciling Items Excluded from Net Income^(b)		(1.09	)		—			0.02			(1.11	)

OPERATING EARNINGS (non-GAAP)	$	2.94		$	—		$	2.47		$	0.47


	Nine Months Ended September 30, 2022
	PSEG			Eliminations			PSE&G			PSEG Power & Other^(a)
OPERATING REVENUES	$	6,661		$	(935	)	$	5,905		$	1,691

OPERATING EXPENSES
Energy Costs		3,022			(935	)		2,389			1,568
Operation and Maintenance		2,310			—			1,349			961
Depreciation and Amortization		822			—			697			125
(Gains) Losses on Asset Dispositions and Impairments		90			—			(1	)		91

Total Operating Expenses		6,244			(935	)		4,434			2,745

OPERATING INCOME		417			—			1,471			(1,054	)

Income from Equity Method Investments		16			—			—			16
Net Gains (Losses) on Trust Investments		(352	)		—			(2	)		(350	)
Other Income (Deductions)		86			(1	)		66			21
Net Non-Operating Pension and OPEB Credits (Costs)		282			—			211			71
Interest Expense		(450	)		1			(319	)		(132	)

INCOME (LOSS) BEFORE INCOME TAXES		(1	)		—			1,427			(1,428	)

Income Tax Benefit (Expense)		244			—			(214	)		458

NET INCOME (LOSS)	$	243		$	—		$	1,213		$	(970	)

Reconciling Items Excluded from Net Income (Loss)^(b)		1,178			—			—			1,178

OPERATING EARNINGS (non-GAAP)	$	1,421		$	—		$	1,213		$	208

Earnings Per Share

NET INCOME (LOSS)	$	0.48		$	—		$	2.42		$	(1.94	)

Reconciling Items Excluded from Net Income (Loss)^(b)		2.35			—			—			2.35

OPERATING EARNINGS (non-GAAP)	$	2.83		$	—		$	2.42		$	0.41

(a)	Includes activities at PSEG Power, PSEG Long Island, Energy Holdings, PSEG Services Corporation and the Parent.

(b)	See Attachments 8 and 9 for details of items excluded from Net Income (Loss) to compute Operating Earnings (non-GAAP).

Attachment 3

Public Service Enterprise Group Incorporated

Capitalization Schedule

(Unaudited, $ millions)


	September 30, 2023			December 31, 2022
DEBT
Commercial Paper and Loans	$	695		$	2,200
Long-Term Debt*		19,039			18,070

Total Debt		19,734			20,270

STOCKHOLDERS’ EQUITY
Common Stock		5,008			5,065
Treasury Stock		(1,384	)		(1,377	)
Retained Earnings		11,755			10,591
Accumulated Other Comprehensive Loss		(213	)		(550	)

Total Stockholders’ Equity		15,166			13,729

Total Capitalization	$	34,900		$	33,999

*	Includes current portion of Long-Term Debt

Attachment 4

Public Service Enterprise Group Incorporated

Condensed Consolidated Statements of Cash Flows

(Unaudited, $ millions)


	Nine Months Ended September 30,
	2023			2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	$	2,017		$	243
Adjustments to Reconcile Net Income to Net Cash Flows
From Operating Activities		1,079			458

NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		3,096			701

NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES		(2,030	)		(299	)

NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES		(1,477	)		(847	)

Net Change in Cash, Cash Equivalents and Restricted Cash		(411	)		(445	)

Cash, Cash Equivalents and Restricted Cash at Beginning of Period		511			863

Cash, Cash Equivalents and Restricted Cash at End of Period	$	100		$	418

Attachment 5

Public Service Electric & Gas Company

Retail Sales

(Unaudited)

September 30, 2023

Electric Sales


Sales (millions kWh)	Three Months Ended		Change vs. 2022			Nine Months Ended		Change vs. 2022
Residential		4,518		(9	%)		10,271		(9	%)
Commercial & Industrial		7,133		(2	%)		19,499		(3	%)
Other		72		0	%		241		(1	%)

Total		11,723		(4	%)		30,011		(5	%)

Gas Sold and Transported


Sales (millions therms)	Three Months Ended		Change vs. 2022			Nine Months Ended		Change vs. 2022
Firm Sales
Residential Sales		94		15	%		900		(13	%)
Commercial & Industrial		102		13	%		670		(11	%)

Total Firm Sales		196		14	%		1,570		(12	%)

Non-Firm Sales*
Commercial & Industrial		280		(24	%)		614		(20	%)

Total Non-Firm Sales		280					614

Total Sales		476		(12	%)		2,184		(14	%)

*	Contract Service Gas rate included in non-firm sales

Weather Data*


	Three Months Ended		Change vs. 2022			Nine Months Ended		Change vs. 2022
THI Hours - Actual		14,176		(5	%)		17,130		(12	%)
THI Hours - Normal		12,722					16,902
Degree Days - Actual		28		(22	%)		2,308		(23	%)
Degree Days - Normal		19					3,024

Winter weather as defined by heating degree days (HDD) to serve as a measure for the need for heating. For each day, HDD is calculated as HDD = 65°F – the average hourly daily temperature. Summer weather is measured by the temperature-humidity index (THI), which takes into account both the temperature and the humidity to measure the need for air conditioning. Both measures use data provided by the National Oceanic and Atmospheric Administration based on readings from Newark Liberty International Airport. Comparisons to normal are based on twenty years of historic data.

Attachment 6

Nuclear Generation Measures

(Unaudited)

GWh Breakdown

Three Months Ended

September 30,

Nine Months Ended

September 30,

2023

2022

2023

2022

Nuclear - NJ

5,432

5,247

15,824

15,491

Nuclear - PA

2,706

2,721

8,447

8,435

8,138

7,968

24,271

23,926

Attachment 7

Public Service Enterprise Group Incorporated

Statistical Measures

(Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023			2022
Weighted Average Common Shares Outstanding (millions)
Basic		498		497		497			498
Diluted		500		500		500			501
Stock Price at End of Period					$	56.91		$	56.23
Dividends Paid per Share of Common Stock	$	0.57	$	0.54	$	1.71		$	1.62
Dividend Yield						4.0	%		3.8	%
Book Value per Common Share					$	30.46		$	26.67
Market Price as a Percent of Book Value						187	%		211	%

Attachment 8

Public Service Enterprise Group Incorporated

Consolidated Operating Earnings (non-GAAP) Reconciliation


Reconciling Items	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
	($ millions, Unaudited)
Net Income	$	139		$	114		$	2,017		$	243
(Gain) Loss on Nuclear Decommissioning Trust (NDT)
Fund Related Activity, pre-tax		42			98			(58	)		355
(Gain) Loss on Mark-to-Market (MTM), pre-tax^(a)		25			297			(1,043	)		1,246
Pension Settlement Charge, pre-tax		332			—			332			—
Plant Retirements, Dispositions and Impairments, pre-tax^(b)		—			3			—			17
Lease Related Activity, pre-tax		—			53			—			53
Exit Incentive Program (EIP), pre-tax		5			—			25			—
Income Taxes related to Operating Earnings (non-GAAP) reconciling items^(c)		(118	)		(136	)		198			(493	)

Operating Earnings (non-GAAP)	$	425		$	429		$	1,471		$	1,421

PSEG Fully Diluted Average Shares Outstanding (in millions)		500			500			500			501

	($ Per Share Impact - Diluted, Unaudited)
Net Income	$	0.27		$	0.22		$	4.03		$	0.48
(Gain) Loss on NDT Fund Related Activity, pre-tax		0.09			0.20			(0.11	)		0.71
(Gain) Loss on MTM, pre-tax^(a)		0.05			0.60			(2.09	)		2.49
Pension Settlement Charge, pre-tax		0.66			—			0.66			—
Plant Retirements, Dispositions and Impairments, pre-tax^(b)		—			0.01			—			0.03
Lease Related Activity, pre-tax		—			0.10			—			0.10
EIP, pre-tax		0.01			—			0.05			—
Income Taxes related to Operating Earnings (non-GAAP) reconciling items^(c)		(0.23	)		(0.27	)		0.40			(0.98	)

Operating Earnings (non-GAAP)	$	0.85		$	0.86		$	2.94		$	2.83

(a)	Includes the financial impact from positions with forward delivery months.

(b)	Nine months ended September 30, 2022 includes the results for fossil generation sold in February 2022.

(c)	Income tax effect calculated at the statutory rate except for qualified NDT related activity, which records an additional 20% trust tax on income (loss) from qualified NDT Funds, and lease related activity.

Attachment 9

PSE&G Operating Earnings (non-GAAP) Reconciliation


Reconciling Items	Three Months Ended September 30,					Nine Months Ended September 30,
	2023			2022		2023			2022
	($ millions, Unaudited)
Net Income	$	401		$	399	$	1,224		$	1,213
EIP, pre-tax		3			—		17			—
Income Taxes related to Operating Earnings (non-GAAP) reconciling items		(1	)		—		(5	)		—

Operating Earnings (non-GAAP)	$	403		$	399	$	1,236		$	1,213

PSEG Fully Diluted Average Shares Outstanding (in millions)		500			500		500			501

PSEG Power & Other Operating Earnings (non-GAAP) Reconciliation


Reconciling Items	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
	($ millions, Unaudited)
Net Income (Loss)	$	(262	)	$	(285	)	$	793		$	(970	)
(Gain) Loss on NDT Fund Related Activity, pre-tax		42			98			(58	)		355
(Gain) Loss on MTM, pre-tax^(a)		25			297			(1,043	)		1,246
Pension Settlement Charge, pre-tax		332			—			332			—
Plant Retirements, Dispositions and Impairments, pre-tax^(b)		—			3			—			17
Lease Related Activity, pre-tax		—			53			—			53
EIP, pre-tax		2			—			8			—
Income Taxes related to Operating Earnings (non-GAAP) reconciling items^(c)		(117	)		(136	)		203			(493	)

Operating Earnings (non-GAAP)	$	22		$	30		$	235		$	208

PSEG Fully Diluted Average Shares Outstanding (in millions)		500			500			500			501

(a)	Includes the financial impact from positions with forward delivery months.

(b)	Nine months ended September 30, 2022 includes the results for fossil generation sold in February 2022.

(c)	Income tax effect calculated at the statutory rate except for qualified NDT related activity, which records an additional 20% trust tax on income (loss) from qualified NDT Funds, and lease related activity.

Exhibit 99.1 Public Service Enterprise Group 3rd QUARTER 2023 NYSE: PEG Financial Results Presentation October 31, 2023

PSEG 3rd Quarter 2023 Forward-Looking Statements Certain of the matters discussed in this presentation about our and our subsidiaries’ future • our ability to obtain adequate nuclear fuel supply; performance, including, without limitation, future revenues, earnings, strategies, prospects, • changes in technology related to energy generation, distribution and consumption and changes consequences and all other statements that are not purely historical constitute “forward-looking in customer usage patterns; • third-party credit risk relating to and purchase of nuclear fuel; statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward- • any inability to meet our commitments under forward sale obligations and Regional Transmission looking statements are subject to risks and uncertainties, which could cause actual results to differ Organization rules; materially from those anticipated. Such statements are based on management’s beliefs as well as • reliance on transmission facilities to maintain adequate transmission capacity for our nuclear assumptions made by and information currently available to management. When used herein, the generation fleet; words “anticipate,” “intend,” “estimate,” “believe,” “expect,” “plan,” “should,” “hypothetical,” “potential,” • the impact of changes in state and federal legislation and regulations on our business, including “forecast,” “project,” variations of such words and similar expressions are intended to identify forward- 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 looking statements. Factors that may cause actual results to differ are often presented with the forward- investment may be lower than planned; looking statements themselves. Other factors that could cause actual results to differ materially from • our ability to advocate for and our receipt of appropriate regulatory guidance to ensure long-term those contemplated in any forward-looking statements made by us herein are discussed in filings we support for our nuclear fleet; make with the United States Securities and Exchange Commission (SEC), including our Annual Report • adverse changes in and non-compliance with energy industry laws, policies, regulations and on Form 10-K and subsequent reports on Form 10-Q and Form 8-K. These factors include, but are not standards, including market structures and transmission planning and transmission returns; limited to: • 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 • any inability to successfully develop, obtain regulatory approval for, or construct transmission trade control, environmental and other regulations, as well as financial, environmental and health and distribution, and our nuclear generation projects; and safety risks; • the physical, financial and transition risks related to climate change, including risks relating to • changes in federal and state environmental laws and regulations and enforcement; potentially increased legislative and regulatory burdens, changing customer preferences and • delays in receipt of, or an inability to receive, necessary licenses and permits and siting lawsuits; approvals; and • any equipment failures, accidents, critical operating technology or business system failures, • changes in tax laws and regulations. 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 All of the forward-looking statements made in this presentation are qualified by these cautionary provide safe and reliable service to our customers; statements and we cannot assure you that the results or developments anticipated by management will • any inability to recover the carrying amount of our long-lived assets; • disruptions or cost increases in our supply chain, including labor shortages; be realized or even if realized, will have the expected consequences to, or effects on, us or our business, • any inability to maintain sufficient liquidity or access sufficient capital on commercially prospects, financial condition, results of operations or cash flows. Readers are cautioned not to place reasonable terms; undue reliance on these forward-looking statements in making any investment decision. Forward-looking • the impact of cybersecurity attacks or intrusions or other disruptions to our information statements made in this presentation apply only as of the date of this presentation. While we may elect technology, operational or other systems; to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, • a material shift away from natural gas toward increased electrification and a reduction in the use even in light of new information or future events, unless otherwise required by applicable securities laws. of natural gas; • failure to attract and retain a qualified workforce; The forward-looking statements contained in this presentation are intended to qualify for the safe harbor • inflation, including increases in the costs of equipment, materials, fuel and labor; provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities • the impact of our covenants in our debt instruments and credit agreements on our business; Exchange Act of 1934, as amended. • adverse performance of our defined benefit plan trust funds and Nuclear Decommissioning Trust Fund and increases in funding requirements and pension costs; • fluctuations in, or third party default risk in wholesale power and natural gas markets, including the potential impacts on the economic viability of our generation units; 2 2

PSEG 3rd Quarter 2023 GAAP Disclaimer PSEG presents Operating Earnings in addition to its Net Net Income/(Loss), which is an indicator of financial Income/(Loss) reported in accordance with accounting principles performance determined in accordance with GAAP. In addition, generally accepted in the United States (GAAP). Operating non-GAAP Operating Earnings as presented in this release may Earnings is a non-GAAP financial measure that differs from Net not be comparable to similarly titled measures used by other Income/(Loss). Non-GAAP Operating Earnings exclude the companies. impact of gains (losses) associated with the Nuclear Due to the forward-looking nature of non-GAAP Operating Decommissioning Trust (NDT), Mark-to-Market (MTM) Earnings guidance, PSEG is unable to reconcile this non-GAAP accounting and material one-time items. The last two slides in financial measure to the most directly comparable GAAP this presentation (Slides A and B) include a list of items financial measure because comparable GAAP measures are not excluded from Net Income/(Loss) to reconcile to non-GAAP reasonably accessible or reliable due to the inherent difficulty in Operating Earnings with a reference to those slides included on forecasting and quantifying measures that would be required for each of the slides where the non-GAAP information appears. such reconciliation. Namely, we are not able to reliably project Management uses non-GAAP Operating Earnings in its internal without unreasonable effort MTM and NDT gains (losses), for analysis, and in communications with investors and analysts, as future periods due to market volatility. These items are a consistent measure for comparing PSEG’s financial uncertain, depend on various factors, and may have a material performance to previous financial results. The presentation of impact on our future GAAP results. non-GAAP Operating Earnings is intended to complement, and should not be considered an alternative to, the presentation of 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 or the Form 8-K to which it is an exhibit. 3 3

PSEG 3rd Quarter 2023 PSEG Q3 2023 Third Quarter Results – On track • Net Income of $0.27 per share • Non-GAAP Operating Earnings* of $0.85 per share • PSE&G non-GAAP Operating Earnings* driven by higher T&D infrastructure investments, offset by pension impacts Operational Excellence • PSE&G’s electric customer reliability results are better than the 5-year average, with SAIDI on track to meet top decile performance by year end 2023 • PSE&G has replaced 187 miles of gas main and ~15,280 associated gas services to homes and businesses • Salem Unit 1 completed its second consecutive breaker-to-breaker run, operating for 508 continuous days since last refueling outage Disciplined Investment • PSE&G invested $2.7 billion year-to-date, as part of $3.7 billion capital investment program for full year 2023 • PSE&G’s 5-year capital program of $15.5 billion - $18 billion is driven by focus on modernizing T&D infrastructure, CEF programs and “Last Mile” projects • GSMP II ~$900 million, two-year extension settlement approved by BPU covering January 2024 – December 2025 * See Slides A and B for Items excluded from Net Income/(Loss) to reconcile to Operating Earnings (non-GAAP) for PSEG, PSE&G and PSEG Power & Other. Note: PSEG Power & Other includes our nuclear generating fleet, gas operations, PSEG Long Island, Parent and other. 4 4

PSEG 3rd Quarter 2023 Re-affirming full-year 2023 guidance PSEG Non-GAAP Operating EPS 2023E Non-GAAP Operating EPS Drivers $3.40E - $3.50E • CIP stabilizes distribution margin from weather impacts and other volumetric variances $0.40 - $0.45 • PSE&G transmission formula rate, infrastructure investment and clean energy program roll-ins provide current recovery of investments • PSEG Power & Other realized the majority of higher average annual hedged prices for 2023 during Q1 $3.00 - $3.05 • PSEG cost comparisons in line with expectations • PSE&G pension accounting order in effect for full-year 2023 2023E PSE&G PSEG Power & Other 5 5

PSEG 3rd Quarter 2023 Regulatory and Policy Update NJ Board of Public Utilities Investment Priorities Aligned with NJ’s Clean Energy Agenda • Electric and Gas Distribution Base Rate Case to be filed by year-end 2023 • Incremental investments in existing PSEG programs would support NJ’s increasing targets to decarbonize the economy • BPU EE framework for second triennial program will be basis through Governor Murphy’s Executive Orders for PSE&G filing in Q4 2023 - Stakeholder proceedings, including on the “Future of • BPU approved GSMP II extension settlement through Natural Gas”, have commenced at the BPU and December 2025 totaling ~$900 million Governor’s Office Council on the Green Economy for - ~$750 million accelerated clause-based recovery and considering pathways to achieve: $150 million stipulated base o 100% clean energy by 2035 - Replacement of a minimum of 400 miles of main o Electrifying transportation - No internal combustion - Sustains the thousands of jobs and skilled workforce created engine vehicles sold after 2035 and increased under GSMP II incentives for Medium and Heavy-Duty EV adoption • GSMP III filing, including RNG and Hydrogen pilot projects, o Building electrification – 400,000 homes, 20,000 held in abeyance commercial properties and 10% of low-to-moderate income properties by 2030 - Parties to reconvene by no later than January 31, 2025 (if approved, work would commence in January 2026 ) o Goal to reduce gas emissions by 2030 Federal Energy Regulatory Commission • BPU to address the balance of CEF filing regarding Medium and Heavy-Duty EVs in conjunction with ongoing • RTO incentive ROE adder remains in place stakeholder proceedings 6 6

PSEG 3rd Quarter 2023 PSEG: An improved business mix and platform for predictable growth • Re-affirming full-year 2023 non-GAAP Operating Earnings • PSEG’s solid balance sheet supports execution of 5-year guidance of $3.40 - $3.50 per share capital plan with no new equity or need to sell assets • PSE&G expected to contribute ~90% of 2023 non-GAAP • 2023 indicative annual common dividend* of $2.28 per Operating Earnings share represents a 5.6% increase over 2022 • Best-in-class, customer-centric regulated Utility with robust • Favorable “share of wallet” for combined residential bills: 5-year capital investment program of $15.5B - $18B, - Gas bills are among the lowest in the region supporting our 6% - 7.5% compound annual growth in - Electric bills are below regional peer average rate base over the 2023-2027 period • Exited offshore wind generation, continuing to pursue • Retaining Nuclear fleet with PTC stabilized, predictable cash offshore and other competitive transmission projects, flows beginning January 2024, enabling multiple growth including PJM Window 3 opportunity paths with modest investment • PSEG’s improved business mix drives the predictability of our long-term earnings growth rate of 5% - 7% over the 2023-2027 period * All future decisions and declarations regarding dividends on the common stock are subject to approval by the Board of Directors. 7 7

PSEG 3rd Quarter 2023 Q3 2023 Review 8

PSEG 3rd Quarter 2023 PSEG Q3 Results PSEG EPS Summary – Three Months ended September 30 Net Income/(Loss) 2023 2022 Change PSE&G $ 0.80 $ 0.80 $ - PSEG Power & Other $ (0.53) $ (0.58) $ 0.05 Total PSEG $ 0.27 $ 0.22 $ 0.05 Non-GAAP Operating Earnings* 2023 2022 Change PSE&G $ 0.80 $ 0.80 $ - PSEG Power & Other $ 0.05 $ 0.06 $ (0.01) Total PSEG $ 0.85 $ 0.86 $ (0.01) * See Slides A and B for Items excluded from Net Income/(Loss) to reconcile to Operating Earnings (non-GAAP) for PSEG, PSE&G and PSEG Power & Other. 9 9

PSEG 3rd Quarter 2023 PSEG EPS Reconciliation – Q3 2023 versus Q3 2022 $1.05 $1.20 $0.86 $0.00 ($0.01) $1.05 $0.90 $0.85 Transmission 0.03 Gross Margin 0.03 Electric Margin 0.02 $0.75 Re-contracting/Market 0.04 Gas Margin 0.01 Capacity (0.02) Distribution O&M 0.01 Volume 0.01 $0.60 Distribution O&M 0.03 Depreciation & Interest Depreciation 0.01 (0.03) Interest (0.01) $0.45 Distribution Non-Operating Pension/OPEB (0.05) Non-Operating Pension/OPEB Distribution Taxes 0.01 (0.03) $0.27 $0.30 Taxes & Other $0.22 (0.04) $0.15 $0.00 Q3 2022 Q3 2022 PSE&G PSEG Power & Other Q3 2023 Q3 2023 Net Operating Earnings Operating Earnings Net Income (non-GAAP)* (non-GAAP)* Income * See Slides A and B for Items excluded from Net Income/(Loss) to reconcile to Operating Earnings (non-GAAP) for PSEG, PSE&G and PSEG Power & Other. 10 10 $ / share

PSEG 3rd Quarter 2023 PSEG Year-to-Date Results PSEG EPS Summary – Nine Months ended September 30 Net Income/(Loss) 2023 2022 Change PSE&G $ 2.45 $ 2.42 $ 0.03 PSEG Power & Other $ 1.58 $ (1.94) $ 3.52 Total PSEG $ 4.03 $ 0.48 $ 3.55 Non-GAAP Operating Earnings* 2023 2022 Change PSE&G $ 2.47 $ 2.42 $ 0.05 PSEG Power & Other $ 0.47 $ 0.41 $ 0.06 Total PSEG $ 2.94 $ 2.83 $ 0.11 * See Slides A and B for Items excluded from Net Income/(Loss) to reconcile to Operating Earnings (non-GAAP) for PSEG, PSE&G and PSEG Power & Other. 11 11

PSEG 3rd Quarter 2023 PSEG EPS Reconciliation – YTD 2023 versus YTD 2022 $4.50 $4.00 $4.03 $4.00 $3.50 $2.94 $0.06 $3.00 $0.05 $2.83 Transmission 0.06 Gross Margin 0.18 Re-contracting/Market 0.27 $2.50 Renewables & Capacity (0.05) Energy Efficiency 0.01 Volume 0.02 Electric Margin 0.03 Gas Operations (0.06) $2.00 Gas Margin 0.03 O&M 0.05 Other Margin 0.03 Depreciation & Interest (0.06) $1.50 Distribution O&M 0.05 Non-Operating Distribution Pension/OPEB (0.09) Depreciation & Interest (0.07) $1.00 Taxes & Other (0.02) Distribution Non-Operating $0.48 Pension/OPEB (0.14) Distribution Taxes 0.04 $0.50 Lower Share Count 0.01 $0.00 YTD 2022 YTD 2022 PSE&G PSEG Power & Other YTD 2023 YTD 2023 Net Operating Earnings Operating Earnings Net Income (non-GAAP)* (non-GAAP)* Income * See Slides A and B for Items excluded from Net Income/(Loss) to reconcile to Operating Earnings (non-GAAP) for PSEG, PSE&G and PSEG Power & Other. Note: Quarterly results may not add due to rounding. 12 12 $ / share ~ ~

PSEG 3rd Quarter 2023 PSE&G Regulatory and Market Environment Q3 Highlights • BPU approved PSE&G’s request to lower the gas commodity charge to ~40 cents per therm, effective October 1, 2023; Gas commodity charge has declined by a total of 25 cents, Operations or ~38%, since January 31, 2023 • Residential Electric and Gas customer count, the driver of margin growth • PSE&G petition in response to a generic BPU Order requesting under the CIP, each grew by ~1% year-to-date 2023 recovery of incremental cost associated with the COVID-19 • CIP minimizes margin volatility due to variations in sales, regardless of pandemic is pending the sales driver (weather, energy efficiency, net-metered solar, economy) • Filed annual transmission formula rate update with FERC in - For the trailing 12 months ended September 30, October, will result in $58 million in increased annual transmission weather-normalized Electric sales decreased ~1% revenue effective January 1, 2024, subject to true-up - For the trailing 12 months ended September 30, Financial weather-normalized Gas sales increased ~5% • PSE&G invested ~$1 billion in Q3, on track to invest $3.7 billion • CEF-EC/AMI installations on schedule and on budget; ~1.3 million of the in 2023 on projects that support New Jersey’s policies for 2.3 million planned meter replacements in service energy transition • In August, PSE&G issued $500 million of 5.20% Secured Medium-Term Notes due August 2033 and issued $400 million of 5.45% Secured Medium-Term Notes due August 2053 • In September, PSE&G retired $325 million of 3.25% Secured Medium-Term Notes at maturity • PSE&G 2023 non-GAAP Operating Earnings guidance is unchanged at $1,500 million - $1,525 million 13

PSEG 3rd Quarter 2023 PSEG Power & Other * Nuclear Generation Measures Carbon-Free Contracted Energy Sales Three Months Ended Nine Months Ended Baseload 2023E 2024E September 30, September 30, Nuclear 2022 2023 2022 2023 Volume TWh 30 – 32 30 - 32 Capacity Factor 93.2% 95.3% 94.3% 95.8% % Hedged 95-100% 85-90% Fuel Cost ($ millions) $48 $50 $141 $144 Price $/MWh $31 $38 Generation (GWh) 7,968 8,138 23,926 24,271 Fuel Cost ($/MWh) $6.02 $6.14 $5.89 $5.93 Other Financial Considerations 2022: Spring – S1 Fall – HC, PB2 Refueling Outages: • Transitioning PSEG’s 100%-owned Hope Creek unit 2023: Spring – S2 Fall – S1, PB3 from 18-month to 24-month fuel cycles as early as 2025 • In August 2023, PSEG completed a “lift-out” of ~$1 billion of PSEG Power & Other, excluding Services, pension PJM Capacity Auction Results obligations and associated Plan assets PSEG’s Average Prices PSEG’s Cleared Capacity 2023 Delivery Period • PSEG Power & Other 2023 non-GAAP Operating Earnings ($/MW-Day) (MW) guidance unchanged at $200 million - $225 million Jan – May $97 3,300 Jun – Dec $50 3,700 * Numbers reflect management’s view of hedged percentages and prices as of December 31, 2022 for 2023E and September 30, 2023 for 2024E. Prices for 2023E reflect revenues of full requirement load deals based on contract price including renewable energy credits and ancillary, but excluding capacity and transmission components. Prices for 2024E reflect energy revenues only. Hedged positions include MTM accounting treatment and options. Note: Generation indicates period net generation; Average Prices and Cleared Capacity reflect base and incremental auctions. 14 14

PSEG 3rd Quarter 2023 Appendix 15

PSEG 3rd Quarter 2023 PSEG – Full Year 2023 Guidance by Business PSEG Non-GAAP Operating Earnings Guidance $ millions (except EPS) 2023E PSE&G $1,500 - $1,525 PSEG Power & Other $200 - $225 PSEG Operating Earnings (non-GAAP) $1,700 - $1,750 PSEG Operating EPS (non-GAAP) $3.40 - $3.50 16 16

PSEG 3rd Quarter 2023 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 (1,2) PSEG 364-Day Term Loan Outstanding $0.50B PSE&G Long-term Debt Outstanding $13.66B PSEG Long-term Debt Outstanding $4.13B PSEG Long-Term Maturity Profile Through 2027 PSEG Consolidated Debt to Capitalization 57% 2,500 PSEG Power Issuer Credit Ratings 2,000 Moody’s = Baa2 / Outlook = Stable S&P = BBB / Outlook = Stable 1,500 1,000 (2) PSEG Power Long-term Debt Outstanding $1.25B 500 PSEG Liquidity and Net Cash Collateral Postings 0 PSEG Liquidity and Net Cash Collateral Postings 2023 2024 2025 2026 2027 PSE&G PSEG Power PSEG • PSEG had approximately $3.8B of total available liquidity, including $57M of cash and cash equivalents, at 9/30/2023 • PSEG Power had net cash collateral postings of $0.35B at 9/30/2023 Financing Activity Subsequent to September 30, 2023 PSEG issued 5.88% Senior Notes due October 2028* $0.60B All data is as of 9/30/2023 unless otherwise noted. PSEG issued 6.13% Senior Notes due October 2033* $0.40B (1) 364-Day Term Loan is included in Short-Term Debt as Commercial Paper & Loans and as of 9/30/2023 included one term loan maturing April 2024 with a remaining balance of $0.50B. * Prior to pricing on October 2, 2023, $800 million of treasury locks were executed which had a positive fair (2) PSEG 364-Day term loans and PSEG Power long-term debt are at a variable rate. As of 9/30/2023, PSEG has value of $14 million as of September 30, 2023. This benefit will be amortized over the life of the Senior entered into floating-to-fixed interest rate swaps totaling $0.90B in order to reduce the volatility in interest expense for Notes to partially offset interest expense. a portion of our variable rate debt on our $1.25B, 3-year term loan maturing March 2025 at PSEG Power. Note: Total Long-Term Debt Outstanding amounts may not add to PSEG Consolidated Total Long-Term Debt Outstanding due to rounding. Amounts on slide are rounded up to two decimal places. 17 17 Principal Maturing ($ Millions)

PSEG 3rd Quarter 2023 PSEG Liquidity as of September 30, 2023 Expiration Total Available Company Facility Usage Date Facility Liquidity ($ millions) PSE&G Revolving Credit Facility March 2027 $1,000 $120 $880 PSEG Money Pool (A,B) PSEG/PSEG Power Revolving Credit Facility (PSEG) March 2027 $1,500 $97 $1,403 (A) Revolving Credit Facility (PSEG Power) March 2027 1,250 39 1,211 Letter of Credit Facility (PSEG Power) September 2024 200 79 121 Letter of Credit Facility (PSEG Power) April 2025 100 - 100 Letter of Credit Facility (PSEG Power) April 2024 100 66 34 $3,150 $281 $2,869 Total Facilities $4,150 $401 $3,749 PSEG Money Pool Cash and Short-term Investments $31 PSE&G Cash and Short-term Investments $26 Total Liquidity Available $3,806 Total Money Pool Liquidity Available $2,900 (A) Master Facility of $2.75B with a PSEG sublimit of $1.5B and PSEG Power sublimit of $1.25B, which can be adjusted subject to terms within the credit agreement. (B) The PSEG sublimit includes a sustainability linked pricing based mechanism with potential increases or decreases, which are not expected to be material, depending on performance relative to targeted methane emission reductions. 18 18

PSEG 3rd Quarter 2023 PSEG Sustainability and ESG Summary PSEG Leadership Policies & Goals Recognition & Memberships • PSEG is a vocal advocate for an economy- • PSE&G’s Clean Energy Future programs • Named to Forbes List for America’s Best wide price on carbon and preservation of our approved to invest $2B to decarbonize the Employers for Diversity for 2023 existing carbon-free nuclear generating fleet NJ economy via Energy Efficiency, • Named to JUST Capital’s 2023 list of EV infrastructure, and AMI • Committed to rigorous oversight of political America’s 100 Most JUST Companies contributions and transparency in disclosure • Accelerated PSEG’s climate vision for Net Zero • MSCI has assigned PSEG its highest GHG emissions to 2030 for Scopes 1 & 2 • PSEG oversight of sustainability and climate corporate ESG rating of AAA initiatives by Board of Directors’ Governance, • PSEG submitted emissions reduction targets to the • PSE&G was recognized with the Nominating and Sustainability Committee Science Based Targets initiative ® PA Consulting ReliabilityOne Award for • Human Rights Policy Outstanding Reliability Performance in • PSEG generating fleet is a Top 10 U.S. the Mid-Atlantic Metropolitan Service Area $0.40 -$0.45 producer of carbon-free energy and is carbon-free • LGBTQ+ Inclusion Pledge st for the 21 consecutive year • ~$1B of regulated solar investments • PSEG’s ESG goals and business strategy • Named to the Dow Jones Sustainability are aligned with many of the U.N.’s SDGs North America Index for 15 years in a row • PSE&G has issued $1.4 billion of Green Bonds $3.00 - and PSEG sub-limit of master credit facility $3.05 includes sustainability-linked pricing mechanism • Link to PSEG Sustainability and ESG Disclosures including Reports and Sustainable Financing Framework* *These reports and disclosures should not be deemed incorporated into or part of these slides. Scope 1 are direct emissions from power generation, vehicle fleets and methane, SF and refrigerant leaks; Scope 2 are indirect emissions from operations from purchased energy of 6 electric and gas and line losses; Scope 3 are indirect emissions from our value chain. 19

PSEG 3rd Quarter 2023 Glossary of Terms AMI Automated Metering Infrastructure PB Peach Bottom PSEG Investor Relations 80 Park Plaza BPU New Jersey Board of Public Utilities PJM Pennsylvania New Jersey Maryland Newark NJ 07102 CEF Clean Energy Future PTC Production Tax Credit [email protected] CIP Conservation Incentive Program RNG Renewable Natural Gas E Estimate ROE Return on Equity Link to PSEG Investor Relations Website EC Energy Cloud RTO Regional Transmission Organization EE Energy Efficiency S Salem EPS Earnings Per Share SAIDI System Average Interruption Duration Index Link to PSEG ESG Webpages ESG Environmental, Social and Governance SF Sulfur Hexafluoride 6 EV Electric Vehicle T&D Transmission and Distribution GAAP Generally Accepted Accounting Principles U.N. United Nations GHG Greenhouse Gas GSMP II Gas System Modernization Program II HC Hope Creek MSCI Morgan Stanley Capital International O&M Operation & Maintenance OPEB Other Postretirement Benefits 20 20

PSEG 3rd Quarter 2023 Reconciliation of Non-GAAP Operating Earnings Public Service Enterprise Group Incorporated - Consolidated Operating Earnings (non-GAAP) Reconciliation Three Months Ended Nine Months Ended Year Ended (a) Includes the financial impact from positions with forward delivery months. Reconciling Items September 30, September 30, December 31, 2023 2022 2023 2022 2022 (b) Nine months ended September 30, 2022 and full ($ millions, Unaudited) year 2022 includes the results for fossil generation sold in February 2022. Net Income $ 139 $ 114 $ 2,017 $ 243 $ 1,031 (c) Income tax effect calculated at statutory rate (Gain) Loss on Nuclear Decommissioning Trust (NDT) except for qualified NDT related activity, which Fund Related Activity, pre-tax 42 98 (58) 355 270 records an additional 20% trust tax on income (a) (Gain) Loss on Mark-to-Market (MTM), pre-tax 25 297 (1,043) 1,246 635 (loss) from qualified NDT Funds, and lease related activity. Pension Settlement Charge, pre-tax 332 - 332 - - (b) Plant Retirements, Dispositions and Impairments, pre-tax - 3 - 17 31 Please see Slide 3 for an explanation of PSEG’s use of Lease Related Activity, pre-tax - 53 - 53 78 Operating Earnings as a non-GAAP financial measure and how it differs from Net Income. Exit Incentive Program (EIP), pre-tax 5 - 25 - - (c) Income Taxes related to Operating Earnings (non-GAAP) reconciling items ( 118) (136) 198 (493) ( 306) Operating Earnings (non-GAAP) $ 425 $ 429 $ 1,471 $ 1,421 $ 1,739 PSEG Fully Diluted Average Shares Outstanding (in millions) 500 500 500 501 501 ($ Per Share Impact - Diluted, Unaudited) Net Income $ 0.27 $ 0.22 $ 4.03 $ 0.48 $ 2.06 (Gain) Loss on NDT Fund Related Activity, pre-tax 0 .09 0.20 (0.11) 0.71 0.54 (a) (Gain) Loss on MTM, pre-tax 0 .05 0.60 (2.09) 2.49 1 .27 Pension Settlement Charge, pre-tax 0 .66- 0 .66 - - (b) Plant Retirements, Dispositions and Impairments, pre-tax - 0.01 - 0.03 0 .06 Lease Related Activity, pre-tax - 0.10 - 0.10 0.15 EIP, pre-tax 0 .01 - 0 .05 - - (c) Income Taxes related to Operating Earnings (non-GAAP) reconciling items (0.23) (0.27) 0.40 (0.98) (0.61) Operating Earnings (non-GAAP) $ 0.85 $ 0.86 $ 2.94 $ 2.83 $ 3.47 A 21 21

PSEG 3rd Quarter 2023 Reconciliation of Non-GAAP Operating Earnings PSE&G Operating Earnings (non-GAAP) Reconciliation Three Months Ended Nine Months Ended Year Ended Reconciling Items September 30, September, 30, December 31, 2023 2022 2023 2022 2022 ($ millions, Unaudited) Net Income $ 401 $ 399 $ 1,224 $ 1,213 $ 1,565 EIP, pre-tax 3 - 17 - - Income Taxes related to Operating Earnings (non-GAAP) reconciling items (1) - (5) - - Operating Earnings (non-GAAP) $ 403 $ 399 $ 1,236 $ 1,213 $ 1,565 PSEG Fully Diluted Average Shares Outstanding (in millions) 500 500 500 501 501 PSEG Power & Other Operating Earnings (non-GAAP) Reconciliation Three Months Ended Nine Months Ended Year Ended (a) Includes the financial impact from positions with forward delivery months. Reconciling Items September 30, September, 30, December 31, 2023 2022 2023 2022 2022 (b) Nine months ended September 30, 2022 and full year 2022 includes the results for fossil generation sold in ($ millions, Unaudited) February 2022. Net Income (Loss) $ (262) $ (285) $ 793 $ (970) $ (534) (c) Income tax effect calculated at the statutory rate except for qualified NDT related activity, which (Gain) Loss on NDT Fund Related Activity, pre-tax 42 98 (58) 355 270 (a) records an additional 20% trust tax on income (loss) (Gain) Loss on MTM, pre-tax 25 297 (1,043) 1,246 635 from qualified NDT Funds, and lease related activity. Pension Settlement Charge, pre-tax 332 - 332 - - (b) Plant Retirements, Dispositions and Impairments, pre-tax - 3 - 17 31 Lease Related Activity, pre-tax - 53 - 53 78 EIP, pre-tax 2 - 8 - - (c) Income Taxes related to Operating Earnings (non-GAAP) reconciling items (117) (136) 203 ( 493) (306) Operating Earnings (non-GAAP) $ 22 $ 30 $ 235 $ 208 $ 174 PSEG Fully Diluted Average Shares Outstanding (in millions) 500 500 500 501 501 B Please see Slide 3 for an explanation of PSEG’s use of Operating Earnings as a non-GAAP financial measure and how it differs from Net Income/(Loss). 22 22

PSEG 3rd Quarter 2023 Thank you 23


New Jersey	001-09120	22-2625848
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification Number)


New Jersey	001-00973	22-1212800
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification Number)


Title of Each Class	Trading Symbol(s)	Name of Each Exchange On Which Registered
Public Service Enterprise Group Incorporated

Common Stock without par value	PEG	New York Stock Exchange

Public Service Electric and Gas Company
8.00% First and Refunding Mortgage Bonds, due 2037	PEG37D	New York Stock Exchange
5.00% First and Refunding Mortgage Bonds, due 2037	PEG37J	New York Stock Exchange


Exhibit 99		Press Release dated October 31, 2023

Exhibit 99.1		Slideshow Presentation

Exhibit 104		Cover Page Interactive Data File (embedded within the Inline XBRL document)


PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
(Registrant)

By:		/s/ Rose M. Chernick
		ROSE M. CHERNICK
		Vice President and Controller
		(Principal Accounting Officer)


If an emerging growth company, indicate by check mark if such registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.			☐