Public Service : Q3 2023 Performance Update

Quarterly Update Q3 2023

NYSE: PEG

Q3 2023 Performance Update

PSEG posted solid operating and financial results for the third quarter. 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 and focused 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 electric vehicle 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.

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 ongoing 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.

We have also helped to secure the financial viability of important New Jersey energy assets with the decision to retain our carbon-free, base load nuclear fleet, enhanced by the revenue stability of a production tax credit (PTC) that begins January 2024. Having decade-long visibility of cash flows from the nuclear PTC will help us to maintain a solid financial profile that does not require us to issue any new equity or sell any assets to fund our 5-year capital investment program and supports our ability to pay a competitive and growing dividend.

Ralph LaRossa

Chair, President & CEO - October 31, 2023

PSEG Q3 2023

Results

• Net Income of $0.27 per share
• Non-GAAPOperating 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 Capital 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

Q3 Results by Subsidiary	Financial Results	Earnings/(Loss) per
Share (EPS)
$ millions (except EPS)	2023	2022	2023	2022
PSE&G (Net Income)	$401	$399	$0.80	$0.80
PSE&G (non-GAAP Operating Earnings)*	$403	$399	$0.80	$0.80
PSEG Power & Other (Net Loss)	$(262)	$(285)	$(0.53)	$(0.58)
PSEG Power & Other (non-GAAP Operating Earnings)*	$22	$30	$0.05	$0.06
PSEG (Net Income)	$139	$114	$0.27	$0.22
PSEG (non-GAAP Operating Earnings)*	$425	$429	$0.85	$0.86

Key Performance Highlights	as of 9/30/2023
Stock Price	$56.91
Dividends Paid per Share** (year-to-date)	$1.71
Dividend Yield (%)**	4.0%
Book Value per Common Share	$30.46

*See Items excluded from Net Income/(Loss) to reconcile to non-GAAP Operating Earnings on next page or https://investor.pseg.com/non-GAAP.

**All future decisions and declarations regarding dividends on common stock are subject to approval by the Board of Directors. Dividend yield based on annualized dividends paid per share. E=Estimate; T&D=Transmission & Distribution; CEF=Clean Energy Future

Public Service Enterprise Group (PSEG)	This document contains forward-looking information. Actual results may differ from those anticipated. Information describing the significant
80 Park Plaza, Newark, NJ 07102	factors that could cause results to differ from those anticipated are described in Public Service Enterprise Group's filings with the SEC,
Investor Relations: [e-mail]	which are available on our website https://investor.pseg.com. Information provided is as of October 31, 2023. Any forward-looking
https://investor.pseg.com	statements included herein represent our estimates as of this date and we disclaim any obligation to update the information provided.

GAAP Disclaimer

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.

Management uses non-GAAP Operating Earnings in its internal analysis, and in communications with investors and analysts, as a consistent

measure for comparing PSEG's financial performance to previous

financial results. The presentation of non-GAAP Operating Earnings is intended to complement, and should not be considered an alternative to, the presentation of Net Income/(Loss), which is an indicator of financial performance determined in accordance with GAAP. In addition, non- GAAP Operating Earnings as presented in this release may not be comparable to similarly titled measures used by other companies.

Quarterly Update Q3 2023

NYSE: PEG

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.

From time to time, PSEG and PSE&G release important information via postings on their corporate Investor Relations website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the Investor Relations website to review new postings. You can sign up for automatic email alerts regarding new postings at the bottom of the webpage at https://investor.pseg.comor by navigating to the Email Alerts webpage here. The information on https://investor.pseg.comand https://investor.pseg.com/resources/email-alerts/default.aspxis not incorporated herein and is not part of this communication.

Public Service Enterprise Group Incorporated

Consolidated Operating Earnings (non-GAAP) Reconciliation

		Three Months Ended	Year Ended
Reconciling Items		September 30,	December 31,
		2023		2022		2022
		($ millions, Unaudited)
Net Income	$	139	$	114	$	1,031
(Gain) Loss on Nuclear Decommissioning Trust (NDT)
Fund Related Activity, pre-tax		42		98		270
(a)		25		297		635
(Gain) Loss on Mark-to-Market (MTM), pre-tax
Pension Settlement Charge, pre-tax		332		-		-
(b)		-		3		31
Plant Retirements, Dispositions and Impairments, pre-tax
Lease Related Activity, pre-tax		-		53		78
Exit Incentive Program (EIP), pre-tax		5		-		-
Income Taxes related to Operating Earnings (non-GAAP) reconciling items	(c)	(118)		(136)		(306)
Operating Earnings (non-GAAP)	$	425	$	429	$	1,739
PSEG Fully Diluted Average Shares Outstanding (in millions)		500		500		501
	($ Per Share Impact - Diluted, Unaudited)
Net Income	$	0.27	$	0.22	$	2.06
(Gain) Loss on NDT Fund Related Activity, pre-tax		0.09		0.20		0.54
(a)		0.05		0.60		1.27
(Gain) Loss on MTM, pre-tax
Pension Settlement Charge, pre-tax		0.66		-		-
(b)		-		0.01		0.06
Plant Retirements, Dispositions and Impairments, pre-tax
Lease Related Activity, pre-tax		-		0.10		0.15
EIP, pre-tax		0.01		-		-
Income Taxes related to Operating Earnings (non-GAAP) reconciling items	(c)	(0.23)		(0.27)		(0.61)
Operating Earnings (non-GAAP)	$	0.85	$	0.86	$	3.47

1. Includes the financial impact from positions with forward delivery months.
2. Full year 2022 includes the results for fossil generation sold in February 2022.
3. Income tax effect calculated at 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.

PSE&G Operating Earnings (non-GAAP) Reconciliation

		Three Months Ended	Year Ended
Reconciling Items		September 30,	December 31,
		2023			2022			2022
			($ millions, Unaudited)
Net Income	$	401	$	399	$	1,565
EIP, pre-tax		3			-			-
Income Taxes related to Operating Earnings (non-GAAP) reconciling items		(1)			-			-
Operating Earnings (non-GAAP)	$	403	$	399	$	1,565
PSEG Fully Diluted Average Shares Outstanding (in millions)		500			500			501

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

		Three Months Ended	Year Ended
Reconciling Items		September 30,	December 31,
		2023			2022			2022
			($ millions, Unaudited)
Net Income (Loss)	$	(262)	$	(285)	$	(534)
(Gain) Loss on NDT Fund Related Activity, pre-tax		42			98			270
(Gain) Loss on MTM, pre-tax(a)		25			297			635
Pension Settlement Charge, pre-tax		332			-			-
Plant Retirements, Dispositions and Impairments, pre-tax(b)		-			3			31
Lease Related Activity, pre-tax		-			53			78
EIP, pre-tax		2			-			-
Income Taxes related to Operating Earnings (non-GAAP) reconciling items(c)		(117)			(136)			(306)
Operating Earnings (non-GAAP)	$	22	$	30	$	174
PSEG Fully Diluted Average Shares Outstanding (in millions)		500			500			501

1. Includes the financial impact from positions with forward delivery months.
2. Full year 2022 includes the results for fossil generation sold in February 2022.
3. 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.