Public Service Enterprise Group Incorporated · NYSE:PEG
Public Service Enterprise — Investor Day (May 2019)
118 slides from Public Service Enterprise's investor day presentation, May 29, 2019
Slide 1: 2019 PSEG Investor Conference
Exhibit 99 2019 PSEG Investor Conference « May 29, 2019 NYSE: PEG * NYSE:PEG * NYSE: PEG * NYSE:PEG * NYSE: PEG * NYSE:PEG * NYSE: PEG We make things work for you.
Slide 2: Forward-Looking Statements
Forward-Looking Statements
Slide 3: GAAP Disclaimer
GAAP Disclaimer for PSEG Po T tization ported in accordance with acco EBITDA, differ from Net income. Non-GAAP Operating Earni ith th Trust (NOM), Non GAAP interest expense zation. The last three im N GAAP Adjusted EBITDA GAAP id evaluating operating performance becau Mi also depreciation and amorti
Slide 4: 2019 PSEG Conference Agenda
2019 PSEG Conference Agenda Welcome and Introductions Carlotta Chan PSEG Ralph Izzo Regulatory & Policy Overview Tamara Linde Q&A Session PSE&G Dave Daly Q&A Session Break PSEG Power Ralph LaRossa Q&A Session Financial Review & Outlook Daniel Cregg Summary and Q&A Conference Conclusion
Slide 5: PSEG Strategy: Building a Sustainable, Financially Sound Energy Infrastructure Company
PSEG STRATEGY: BUILDING A SUSTAINABLE, FINANCIALLY SOUND ENERGY INFRASTRUCTURE COMPANY oe) wy WM a i iam - = " ii a ly " wht mae Newark, NJ Ralph Izzo CHAIRMAN, PRESIDENT AND CHIEF EXECUTIVE OFFICER
Slide 6: ting
ting Mem ing
Slide 7: Newark-based business investing in critical energy infrastructure
A 116 year Newark-based business investing in critical energy infrastructure, providing safe and increasingly clean energy through two strong businesses
Slide 8: PSEG's strategy in action - building on a decade of success
PSEG’s strategy in action - building on a decade of success % Business mix - more stable and predictable platform <. PSEG investment platform - broadened and sustainable & Climate strategy — business and future investments closely aligned with public policy goals and, specifically, New Jersey's init
Slide 9: Business Mix – investment focus towards utility needs
Business Mix – investment focus towards utility needs creates a more stable platform
Slide 10: PSEG Investment Platform – increased capital allocation to the utility
PSEG Investment Platform – outlook increases capital allocation to the utility, addressing infrastructure needs, customer expectations and public policy
Slide 11: PSEG Investment Platform – sustainable over the long term
PSEG Investment Platform – sustainable over the long term
Slide 12: PSE&G's investments have driven best in class rate base growth
PSEG Investment Platform - PSE&G’s investments have driven best in class rate base growth and broadened our platform or ‘CAGR Transmission ‘mElectric Distribution Gas Distribution More balanced and diversified Clean Energy mix $20 ESI CAGR Distribution cer 2009-2018 ~50% * 11% Transmission ~40% Clea
Slide 13: Climate Strategy – aligned with public policy
Climate Strategy – PSEG’s business strategy is climate-focused and aligned with public policy
Slide 14: Climate Strategy – Power's fleet transformation
Climate Strategy – Power’s fleet transformation is addressing climate change
Slide 15: Power Generation Fleet – increasingly efficient and environmentally friendly
Power Generation Fleet – transformed to be increasingly efficient and environmentally friendly
Slide 16: Cost Control - PSEG's 'always on' strategy
Cost Control - PSEG’s ‘always on’ strategy focused on continuous improvement and meeting operating targets $2.5 EG O&M Gee) (a) 2019E CAGR: (0. Gee) $2.0 . Transmission CAGR: 6.3% gq $15 Distribution s CAGR: (1.5%) a & $1.0 Power $0.5 CAGR: (0.0%) $0.0 2009 2010 2011 2012 2013 2014 2015 2016 2017 20
Slide 17: Customer Focus - top performance to customers
Customer Focus - PSEG’s operating strategy delivers top performance to customers PSEG OSHA Incident Rate 5 PSEG Nuclear 7 50) 8 J INPO Performance Trends = = 1 pal 110 . 3s | 100 a0: | mm th Quartile oo me x custo 25 | sm 21d Quartile 7 and Quartile 20 a 2d uarite is ] 6 mmm 3rd Quartile ral mess: u
Slide 18: Customer Focus – bills have declined
Customer Focus – Customer’s bills have declined, supporting needed investment in the system
Slide 19: Customer bills have declined in absolute terms and relative to income
Customer’s bills have declined in absolute terms and relative to customer’s income
Slide 20: PSEG's commitment to its many stakeholders is widely recognized
PSEG’s commitment to its many stakeholders is widely recognized Industry R | prevention” 1g Mid-Atlantic Reson award ~ forthe 17th ‘consecutive year (2018) Smart Electric H Power Alliance Utility of the Year by SEPA Solar 4 All (2017) PONIEREAO = INTERNATION AL— Grid Gpimization Erojectof the oa ~ A
Slide 21: Opportunity for consistent and sustainable dividend growth
Opportunity for consistent and sustainable dividend growth giag $137 $1.37 $142 ($/Share) 2009 «©2010 42011 «262012 «2013 «2014. 2015) 2016S 2017) = 2018) 2019E
Slide 22: Successful execution of strategy recognized by the market
Successful execution of PSEG’s strategy has been recognized by the market PSEG Comp Market Per r Total Shareholder Returns (For the periods ended April 30, 2019) One Year Three Year Five Year ™ PSEG ™ S&P 500 ™ Dow Jones Utilities Average ™ S&P 500 Utility Index
Slide 23: Our PSEG focus – day in, day out
Our PSEG focus – day in, day out
Slide 24: PSEG Value Proposition
PSEG Value Proposition . PSE&G - Delivering on disciplined investments that improve reliability and customer satisfaction and meet NJ's clean energy goals promise and result in rate base and earnings growth * PSEG Power - Efficient, low-cost, clean fleet advantaged by asset diversity, fuel mix and l
Slide 25: PSEG Strategy: Review of Regulatory & Policy Initiatives
PSEG STRATEGY: REVIEW OF REGULATORY & POLICY INITIATIVES EXECUTIVE VICE PRESIDENT & GENERAL COUNSEL
Slide 26: Alignment with NJ's energy policy goals
Slide 27: PSEG regulatory and policy review - agenda
PSEG regulatory and policy review - agenda < PSE&G Rate Case Settlement Recap ™% Infrastructure Investment Program Recap % NJ Clean Energy Act a} Zero Emission Certificates %, Federal Regulatory Activity /, Governance - ESG
Slide 28: PSEG realized many regulatory and policy priorities in 2018
PSEG realized many regulatory and policy priorities in 2018…
Slide 29: New Jersey balancing stakeholder interests while advancing energy goals
New Jersey is working to balance the interests of its stakeholders while advancing the state’s energy goals
Slide 30: NJ Clean Energy Act sets ambitious energy goals
NJ Clean Energy Act sets ambitious energy goals
Slide 31: NJ has advanced its clean energy agenda
NJ has advanced its clean energy agenda …
Slide 32: NJ realizes broad benefits from preserving zero carbon nuclear generation
New Jersey realizes broad based benefits from preserving zero carbon nuclear generation …
Slide 33: The facts about NJ's zero emission certificates
The facts about NJ’s zero emission certificates …
Slide 34: PSEG advocating for competitive market reforms
PSEG advocating for competitive market reforms … process still moving slowly
Slide 35: PSEG advocating for competitive market reforms
PSEG advocating for competitive market reforms ... process still moving slowly = Energy market: Evaluating a carbon pricing mechanism consistent with the social cost of carbon = Energymarket: FERC Order on fast-start price formation reform directs NYISO to make comprehensive changes to its fast-star
Slide 36: PSEG is committed to excellence in corporate governance
PSEG is committed to excellence in corporate governance
Slide 37: PSEG Value Proposition
PSEG Value Proposition PSE&G - Delivering on promise for rate base growth through alignment with customer interests and state policy goals * PSEG Power - Increasingly efficient, clean fleet advantaged by asset diversity, fuel mix and location * Focus on providing strong, sustainable returns of inves
Slide 38: PSE&G
PSE&G New Brunswick, NJ Dave Daly PRESIDENT & CHIEF OPERATING OFFICER PUBLIC SERVICE ELECTRIC & GAS CHAIRMAN OF THE BOARD, PSEG LONG ISLAND
Slide 39: tlantic Re
tlantic Re Consecut Leac NJ Cle
Slide 40: PSE&G Strategy: Building a sustainable platform
PSE&G Strategy: Building a sustainable platform that balances reliability, customer rates and public policy; achieving growth at reasonable returns ¢ Capital investment program ; DISCIPLINED ¢ Operational excellence INVESTMENT ° ENGAGED Customer rates MVGRILORGE FINANCIAL OPERATIONAL STRENGTH EXCELL
Slide 41: PSE&G's distribution rate case reasonably concluded
PSE&G’s distribution rate case reasonably concluded
Slide 42: ~$14B investment program delivered benefits and rate base growth
~$14B investment program delivered benefits to New Jersey and delivered 13% annual compound growth of rate base and 10% growth in earnings $20,000 PSE&G Rate Base and Earnings $1,200 $15,000 ry os g2 =: gs 38 €* $10,000 - $600 “8 $5,000 $0 ; $0 2014 2015 2016 2017 2018 M@ETransmission mal@Electric D
Slide 43: PSE&G's $11B - $16B investment program
PSE&G’s $11B - $16B investment program focused on reliability, grid modernization and clean energy
Slide 44: Transmission: ~$5 Billion investment program
Transmission: ~$5 Billion investment program focused on enhancing reliability and resiliency, and replacing aging infrastructure PJM’s Regional Transmission Expansion Plan (RTEP) identifies system enhancements needed for reliability + Reliability Criteria Violations: upgrades to relieve network over
Slide 45: Gas Distribution Investments
Gas Distribution Investments
Slide 46: Energy Strong II: Program Overview as Filed
Energy Strong II: Program Overview as Filed
Slide 47: Energy Strong II: Flood Mitigation Investments
Energy Strong II: Flood Mitigation Investments
Slide 48: Energy Strong II: Life Cycle Stations
Energy Strong II: Life Cycle Stations
Slide 49: Energy Strong II: Outside Plant Design Standards and Contingency Reconfiguration
Energy Strong II: Outside Plant Design Standards and Contingency Reconfiguration
Slide 50: Energy Strong II: Grid Modernization
Energy Strong II: Grid Modernization
Slide 51: Energy Strong II: Gas Resiliency and Lifecycle
Energy Strong Il: Gas Resiliency and Lifecycle Recent pipeline interruptions highlight curtailment risk and possible extended shut-off for many customers Resiliency program targets at-risk areas of the distribution system which is supplied by four major pipelines Upgrades to seven M&R stations with
Slide 52: Partnership for a Clean Energy Future (CEF)
Partnership for a Clean Energy Future (CEF)
Slide 53: CEF: Energy Efficiency Programs
CEF: Energy Efficiency Programs
Slide 54: CEF - EE Residential programs
CEF - EE Residential programs
Slide 55: CEF - EE C&I and pilot programs
CEF - EE C&I and pilot programs
Slide 56: CEF: Electric Vehicle and Energy Storage Programs
CEF: Electric Vehicle and Energy Storage Programs
Slide 57: CEF: Energy Cloud Program
CEF: Energy Cloud Program of $600M in Ad’ d Metering (AMI) across PSE&G’s territory Customer Benefits NJ is one of three states (Rhode Island, W. v Usage transparency/advanced analytics Virginia) that will have less than 1% penetration in 2019 (NY in middle of expanding roll-out) v Bill savings via
Slide 58: Investment program provides opportunity for 7%-9% rate base growth
Investment program provides opportunity for approximately 7% - 9% compound annual rate base growth 35,000 5 | PSE&GYearEndRateBase _| 30,000 + ($ Millions) aa 25,000 20,000 + 15,000 10,000 + 5,000 0+ = ; : |___d
Slide 59: Operational Excellence: Safety & Reliability
Operational Excellence: Safety & Reliability
Slide 60: Operational Excellence: Customer Satisfaction
Operational Excellence: Customer Satisfaction Achieved residential top quartile performance in 2018 JD Power Residential and Business Scores JD Power JD Power Electric Residential 5 Gas Residential 5 800 = 800 3 3 a 750 750 700 700 ss 1st Quartile 650 sme 1st Quartile 650 mm 2nd Quartile _ a 2od Qua
Slide 61: Operational Excellence: Successfully managing O&M costs
Operational Excellence: Successfully managing O&M costs
Slide 62: Investments in technology driving innovative solutions
Investments in technology are driving innovative solutions for customers and reducing costs
Slide 63: Customer bills will remain in line with inflation
Customer’s bills will remain in line with inflation, even with inclusion of our active and proposed programs …
Slide 64: PSE&G's 2019 Net Income benefits from full year of rate relief
PSE&G’s 2019 Net Income benefits from a full year of rate relief and return on investment programs
Slide 65: PSEG Long Island
PSEG LONG ISLAND
Slide 66: PSEG Long Island: Focused on improving customer service and reliability
PSEG Long Island: Focused on improving customer service and reliability while managing costs
Slide 67: PSEG Long Island continues to drive improvement in performance metrics
PSEG Long Island continues to drive improvement in performance metrics
Slide 68: Customer Satisfaction: Most improved utility in the U.S.
Customer Satisfaction: Most improved utility in the U.S.
Slide 69: PSEG Long Island experience brings multiple opportunities
PSEG Long Island experience brings multiple opportunities
Slide 70: PSE&G Value Proposition
PSE&G Value Proposition Highly reliable, electric and gas transmission and distribution utility Infrastructure investment programs focused on reliability and resiliency, customer satisfaction, renewable energy and energy efficiency and public policy goals * Rate base diversified between state and FE
Slide 71: PSEG Power
PSEG POWER Camden, NJ Ralph LaRossa PRESIDENT & CHIEF OPERATING OFFICER PSEG POWER
Slide 72: Construction Projects
struction Pros
Slide 73: Power's generating assets mainly located in three competitive markets
Power’s generating assets mainly located in three competitive markets
Slide 74: Power's fleet transformed with focus on efficiency and reduced carbon footprint
Power’s fleet transformed with focus on improvement in efficiency and reduced carbon footprint Keys Energy Center - 761 MW Sewaren 7-538 MW 7 Solar Assets-38 MW Peach Bottom MUR Uprate-34 MW Additions Peach Bottom EPU Uprate- 130 MW Bergen 2 AGP Uprate- 31 MW Kearny 13/14-267 MW New Haven 24-120 mw
Slide 75: Sewaren and Keys Energy Center transforming Power into a cleaner fleet
Sewaren 7 and Keys Energy Center transforming Power into a cleaner, more efficient fleet
Slide 76: Bridgeport Harbor CCGT nearing completion for mid-2019
Bridgeport Harbor 5 CCGT nearing completion for mid-2019 addition to ISO-NE
Slide 77: Power's fleet is transitioning to be more efficient, productive and clean
Power's fleet is transitioning to be more efficient, productive and clean Fleet Emissions Ibs/MWh Fleet O&M ($/MWh) 0.40 900] | $22 3 J ‘800 @. naan $21 = 700 0.20 600] | $20 0.10 06 $19 0.00 + 400 2015 2023E sis : 2015 20236 Combined Cycle Average Heat Rate Fossil FleetAverage Age 7.6 . 34 e 5 J A
Slide 78: Power's NJ nuclear plants awarded Zero Emission Certificates
Power’s three NJ nuclear plants recently awarded Zero Emission Certificates to help support NJ’s primary supply of zero-carbon electricity
Slide 79: ZECs enable NJ to maintain fuel diversity and prevent rise in emissions
ZECs enable New Jersey to maintain fuel diversity and prevents a rise in harmful air emissions
Slide 80: Power's Solar Source portfolio
Power’s Solar Source portfolio adds to our clean, zero carbon generating fleet
Slide 81: NJ Offshore Wind Opportunity – option to invest in Ørsted's Ocean Wind
NJ Offshore Wind Opportunity – Power has an option to invest in Ørsted’s Ocean Wind Project
Slide 82: PSEG Power provides stable gross margin
PSEG Power provides stable gross margin 2019 - 2021 Gross Margin 100% 90% 80% ¢ Expected three year cumulative 70% gross margin over $6 billion 60% from 2019 to 2021 50% eeea0k * ZEC revenues approved on staroce through May 2022 30% margin * Approximately $1.8 billion noe pred locked in via capacity
Slide 83: Stable Gross Margin - PJM capacity markets
Stable Gross Margin - Capacity markets provide a solid and continuing revenue stream in PJM PJM’s RPM Auction Results* PJM Capacity Revenue 3250 Delivery Year 2018/2019 2019/2020 2020/2021 2021/2022 = z $200 Power's Average Prices el $205 $115 $170 $178 Bs RTO Prices $165/$150 _ $100/$80 $77 $140 =
Slide 84: Stable Gross Margin - ISO NE capacity markets
Stable Gross Margin - Capacity markets provide a solid and continuing revenue stream in ISO NE ISO New England's Forward Capacity Market Auction Results* ISO NE Capacity Revenue 300 Delivery Year 2018/2010 || 2038/2020 || 2020/2001 || 2023/2022 || 2022/2028 | = * 3 $250 Power's Average Prices 2 2 a
Slide 85: Stable Gross Margin - Hedging strategy
Stable Gross Margin - Hedging strategy is designed to mitigate risk and secure free cash flow May - Dec 2019 ©2020-2021 Volume TWh 23 36 36 Base Load % Hedged 100% 90-95% 40-45% (Nuclear and Base Load Coal) Price $/MWh $38 $39 $40 Volume TWh 19-21 24-26 24-26 Intermediate Coal, Combined . % Hedged 6
Slide 86: Power's fleet is well-located with access to shale gas production
Power’s fleet is well-located with access to shale gas production
Slide 87: Power has successfully controlled O&M
Power has successfully controlled O&M and continues to drive cost efficiencies to optimize free cash flows
Slide 88: Power's capital needs will decline following completion of construction
Power’s capital needs will decline following completion of construction, enhancing free cash flow Power Capital Investment $1,400 $1,200 $1,000 $800 ($ Millions) $600 $400 + $200 + 2016 2017 2018 2019 2020€ 20216 2022E 2023 Maintenance mEnvironmental / Regulatory Growth
Slide 89: Power's free cash flow is increasing
Power’s free cash flow is increasing as O&M is controlled and new CCGTs are completed
Slide 90: Power's 2019 non-GAAP Operating Earnings
Power’s 2019 non-GAAP Operating Earnings
Slide 91: PSEG Power Value Proposition
PSEG Power Value Proposition
Slide 92: PSEG Financial Review & Outlook
PSEG FINANCIAL REVIEW & OUTLOOK
Slide 93: Following cash flow
Followin sh Flow
Slide 94: Focus on regulated growth and optimizing Power's cash flow
Focus on regulated growth and optimizing Power’s cash flow © PSEG PSEG Power LLC © PSEG Strong business position 7 RSEa $18 ont 20H YE ia aaa bale ee Y Next base not re 2023 Y GSMP Il investing is rial energy infrastructure ¥ Best.in class CCGT additions in PJM and CT Low cont efelen rt. Hi flexible
Slide 95: Continued strong financial position driven by stable earnings and cash profile
Continued strong financial position driven by stable earnings and cash profile
Slide 96: Utility investment expected to drive 4% increase in 2019 non-GAAP Operating Earnings
Growth in utility infrastructure investment is expected to drive 4% increase in 2019 non-GAAP Operating Earnings
Slide 97: PSE&G's capital investment balanced between T&D spending
PSE&G’s capital investment is balanced between T&D spending with clause recoveries
Slide 98: PSE&G proven track record of identifying new rate base opportunities
PSE&G has a proven track record of identifying new opportunities to grow rate base PSE&G 2019 Rate Base Forecast From PriorAnnual Financial Conferences $20.3B-$20.4B (S Billions) $20 ' $0 2019 in 2015 2019 in 2017 2019E ESESTIMATE
Slide 99: Strong PSE&G cash from operations complemented by free cash flow from Power
Strong PSE&G cash from operations is complemented by meaningful free cash flow from Power
Slide 100: We have deployed debt capacity to grow our regulated business
We have deployed debt capacity to grow our regulated business
Slide 101: Solid credit metrics support additional debt capacity
Solid credit metrics support additional debt capacity
Slide 102: PSEG deploys capital consistent with commitment to sustainability
PSEG deploys capital consistent with its longstanding commitment to sustainability and environmental stewardship
Slide 103: PSEG has controlled O&M with actions focused on continuous improvement
PSEG has controlled O&M with actions focused on continuous improvement PSEG O&M Expense () 2014 - 2019ECAGR: (1.3%) $2,500 * Continued focus on 7 vendors to ensure maximum valu . a ae reviews to drive efficiency and cost optimization . pe la and $1,000 OPEB e) * ‘Best meats teams focused on improvin
Slide 104: Strategic focus continues to deliver solid results
Strategic focus continues to deliver solid results
Slide 105: Opportunity for consistent and sustainable dividend growth
Opportunity for consistent and sustainable dividend growth Annual Dividend Per Share PSE&G (2014-2019E CAGR: 4.9%) 2019 YUU) Net income Guidance Range ($/Share) 2014 2015 2016 2017 2018 2019E
Slide 106: PSEG Value Proposition
PSEG Value Proposition . PSE&G - Delivering on promise for rate base growth through disciplined investment, customer satisfaction and safety PSEG Power - Efficient, low-cost, clean fleet advantaged by asset diversity, fuel mix and location . Focus on providing strong, sustainable returns of invested
Slide 107: PSEG Meeting Takeaways
PSEG Meeting Takeaways (( y >) Regulatory & Policy Focus De-risks/Presents Opportunities Enhanced * Settled distribution base rate case; next case not required before 2023 Stability, Risk | * ZEC award preserves nuclear and supports stable gross margin Mitigated * Power fleet efficiency & geographic
Slide 108: We make things work for you.
oO We make things work for you.
Slide 109: PSEG's longer-term outlook influenced by PSE&G investment and Power's hedge position
PSEG’s longer-term outlook is influenced by investment at PSE&G and Power’s hedge position
Slide 110: 2019 PSEG Executive Profiles
2019 PSEG EXECUTIVE PROFILES
Slide 111: Ralph Izzo
Ralph Izzo PUBLIC Enterprise Group Incorporated (PSEG) since April 2007. He has been the CHAIRMAN, PRESIDENT AND CHIEF EXECUTIVE OFFICER SERVICE ENTERPRISE GROUP INCORPORATED concentration in finance, from the Rutgers Graduate School of Monsees ei ted Ej ntinstoos eclos of W's Wis, ert sn lzzo ecive
Slide 112: Tamara L. Linde
PUBLIC Tamara Linde has been executive vice tint and general course for Public Service Enterprise Group Incorporated (PSI Jul 2014, She is algo the excoutve vee president and siaral oe of Public Service Electric and Gas Company (PSE&G). PSEG Powel and PSEG Services Corporation. Tamara L. Linde EXECU
Slide 113: David M. Daly
PUBLIC David M. it of David M. Daly PRESIDENT AND CHIEF OPERATING OFFICER SERVICE ELECTRIC AND GAS COMPANY (PSE&G) ing PSE&G in 1983, Mr. Daly has held a variety , including vice r and technology, division manager - 2017. PSE&G is New Jersey’ gas and nearly three-quarters of the state’s population.
Slide 114: Ralph A. LaRossa
PSEG POWER Ralph A. LaRossi Ralph A. LaRossa PRESIDENT AND CHIEF OPERATING OFFICER ir. LaRossa joined PSE&G in 1985 as an associate engineer and eae through a variety of management positions in the utility's 1998, (COO) of PSEG's neta generation business, PSEG Power, effective October PSEG Power is
Slide 115: Daniel J. Cregg
Daniel J. Cregg EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED, PUBLIC SERVICE ELECTRIC Daniel J. Cregg has been executive vice president and chief financial officer for Public Service Enterprise Group Incorporated (PSEG) and its subsidiaries since
Slide 116: Reconciliation of Non-GAAP Operating Earnings
Reconciliation of Non-GAAP Operating Earnings
Slide 117: Reconciliation of non-GAAP Operating Earnings and Adjusted EBITDA for PSEG Power
Reconciliation of non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA for PSEG Power P36 Power LLC Operating Earnings on GAP) Reconctation
Slide 118: Reconciliation of non-GAAP Operating Earnings for PSE&G and PSEG Enterprise/Other
Reconciliation of non-GAAP Operating Earnings for PSE&G and PSEG Enterprise/Other exclucing Tax Reform ® 2 6 ‘ = an oo operating Eamings (non-GAAP) Peewee eas wes Bes BSS SS yaueites) et income $1067 $ 973 $ soo $ 7ar $ 725 $ G12 $ S2H $ 521 $ 359 $ 325 ‘Market Tranation Changs Refund, protax (PSEAG
Public Service Enterprise Group — Investor Day (May 2019) on 6ix