Public Service Enterprise Group Incorporated · NYSE:PEG
Public Service Enterprise — Investor Presentation (November 2026)
47 slides from Public Service Enterprise's investor presentation, Nov 6, 2026
Slide 1: PSEG Investor Update
Exhibit 99 PSEG PSEG Investor Investor Update Update Leading toward a Leading toward a sustainable future sustainable future March 2026 November 2026 1 1
Slide 2: Forward-Looking Statements
PSEG Investor Update November 2026 Forward-Looking Statements Certain of the matters discussed in this report about our and our subsidiaries’ future performance, • development, adoption and use of Artificial Intelligence by us and our third-party vendors; • fluctuations in, or third-party default ri
Slide 3: GAAP Disclaimer
PSEG Investor Update November 2026 GAAP Disclaimer PSEG presents Operating Earnings in addition to its Net Income/(Loss) reported in Non-GAAP FFO reflects cash from operations excluding working capital and accordance with accounting principles generally accepted in the United States adjusts for cert
Slide 4: A Strong Business Mix and Predictable Growth
PSEG Investor Update November 2026 Public Service Enterprise Group A Strong Business Mix and Predictable Growth PSE&G • NJ’s Largest Utility 2.4 Million Electric and 1.9 Million Gas Customers PSEG Power & Other • Carbon-Free PSEG Nuclear Fleet Five units totaling 3,758 MW Gas Operations PSEG Long Is
Slide 5: PSEG Highlights
PSEG Investor Update November 2026 • PSEG is working constructively to support New Jersey’s energy policy goals and prioritizing affordability: ✓ PSE&G recently filed a proposal with the BPU to address regulatory lag, in-line with the spirit of PSEG Highlights Executive Orders 1 and 2 ✓ PSE&G also s
Slide 6: Operational Excellence in New Jersey and Long Island
PSEG Investor Update November 2026 Operational Excellence in New Jersey and Long Island: Best-in-class utilities and exemplary nuclear performance th • 2025 ReliabilityOne® Award for Outstanding Reliability Performance in the Mid-Atlantic Region for 24 consecutive year • PSE&G ranked #1 in Customer
Slide 7: Financial Outlook: More Predictable, Well Positioned for the Future
PSEG Investor Update November 2026 PSEG Financial Outlook: More Predictable, Well Positioned for the Future • GSMP III settlement approved by BPU; 3-year, $1.4B program started January 2026 • Achieved balanced settlement of last distribution base rate case in 2024; Recovered capital Settled Key Regu
Slide 8: Financial Strength to Achieve Strategic Plan
PSEG Investor Update November 2026 Financial Strength to Achieve Strategic Plan Long-Term non-GAAP Operating Earnings Growth Outlook of 6%-8% through 2030 • Outlook is based on a higher (2026) baseline for second year in a row • Primary contributor is PSE&G’s growth over this 5-year period • Rate Ba
Slide 9: Actions Supporting State Energy Policy
PSEG Investor Update November 2026 Actions Supporting State Energy Policy • Working constructively with the Sherrill Administration to help meet the goals of Executive Orders 1 and 2 issued earlier this year • In-line with the spirit of those EOs, PSE&G has filed a proposal with the BPU to address t
Slide 10: PSE&G Provides Compelling Value for Customers
PSEG Investor Update November 2026 PSE&G Provides Compelling Value for Customers We continuously target top quartile performance to deliver better service, at lower cost Delivering Highest Customer Reliability at Lowest Cost: Lowest Cost, but More Leaks/Mile than Peers: Age of cast iron system drive
Slide 11: Long-Term Outlook Incorporates Solid Growth Pipeline with Upside
PSEG Investor Update November 2026 PSEG’s Long-Term Outlook Incorporates Solid Growth Pipeline with Upside Higher/Expanded Regulated Investment in Clauses • Gas System Modernization Program III – incremental in-state resiliency investment Regional Competitive Transmission Projects • PJM Transmission
Slide 12: Public Service Electric & Gas
PSEG Investor Update November 2026 Public Service Electric & Gas
Slide 13: PSE&G: A Single State, Dual Jurisdiction Utility
PSEG Investor Update November 2026 PSE&G: A Single State, *** PSE&G YE 2025 Rate Base Dual Jurisdiction Utility Transmission $13.5B 38% New Jersey’s largest transmission and distribution utility • Electric and Gas Distribution (regulated by BPU) ~$36B • Utility Provider of Energy Efficiency Distribu
Slide 14: Top Safety and Reliability Performance Metrics
PSEG Investor Update November 2026 Top Safety and Reliability Performance Metrics Driven by Nonstop Focus on Continuous Improvement PSE&G OSHA Recordable SAIDI Open Leaks Incidence Rate Consistent top performance Sustained top decile performance Open year-end gas leaks in OSHA recordable incidence i
Slide 15: Monthly Electric and Gas Bills
PSEG Investor Update November 2026 Monthly Electric Bills $250 $197 $200 $172 $152 $147 $147 $144 Average = $140 $137 $150 $134 $128 $115 • PSE&G’s electric bills $105 $101 $100 are below the regional average, despite higher $50 PJM-related costs $0 JCP&L PP&L PECO BG&E RECO PSE&G O&R CL&P LIPA ACE
Slide 16: PSE&G Combined Bills Remain <3% Median NJ Income
PSEG Investor Update November 2026 PSE&G Combined Bills Remain <3% Median NJ Income, Favorable “Share of Wallet” vs. Lower-Cost Regions (1) (2) (6) PSE&G Electric & Gas Combined Bills (4) % of New Jersey Household Income (3) (5) (6) Including Low-Income Customers After Assumed Credits 5% Affordabili
Slide 17: PSE&G Value: Top decile performer in affordability nationally
PSEG Investor Update November 2026 PSEG Investor Update November 2026 West Virginia Mississippi Alabama Georgia Louisiana New York Arkansas Connecticut Kentucky Indiana Tennessee Oklahoma Texas PSE&G Value: Michigan Pennsylvania Florida Rhode Island Maine Top decile performer South Carolina North Ca
Slide 18: Regulated 5-Year Capital Investment Plan of $22.5B-$25.5B
PSEG Investor Update November 2026 Regulated 5-Year Capital Investment Plan of $22.5B-$25.5B 2026E – 2030E 6 Driven by infrastructure 5 modernization, 4 energy efficiency, and growing 3 customer demand 2 1 0 2025 2026E 2027E 2028E 2029E 2030E Transmission Electric Distribution Gas Distribution Clean
Slide 19: Regulated Capital Investment Plan ~$1.5B Higher for 2026-2030
PSEG Investor Update November 2026 Regulated Capital Investment Plan ~$1.5B Higher for 2026-2030 2024-2028E 2025-2029E 2026E-2030E $18B-$21B $21B-$24B $22.5B-$25.5B Rate Base CAGR Rate Base CAGR Rate Base CAGR 6% - 7.5% 6% - 7.5% 6% - 7.5% 26 24 22 20 18 16 14 12 10 8 6 4 2 0 Transmission Electric D
Slide 20: Robust Investment Opportunities Offer Continued Rate Base Growth
PSEG Investor Update November 2026 Robust Investment Opportunities Offer Continued Rate Base Growth Regulated Year-End Rate Base 55 50 45 40 35 30 25 20 15 10 5 0 2024 2025 2026E 2027E 2028E 2029E 2030E Transmission Electric Distribution Gas Distribution Clean Energy Transmission Non-PSE&G Low to Hi
Slide 21: Transmission Investment Focused on System Upgrades
PSEG Investor Update November 2026 Transmission Investment Focused on System Upgrades to Support Future Electrification Efforts and Load Growth • Investments in 69kV infrastructure over the last decade have resulted in 1,500 additional miles of 69kV lines. This replaced aging systems and prepared th
Slide 22: Electric Distribution Investment Focused on System Modernization
PSEG Investor Update November 2026 Electric Distribution Investment Focused on System Modernization, Providing Long Runway of Investment Opportunities to Maintain Our Best-in-Class Reliability We will build on the success of programs like Energy Strong and Infrastructure Advancement Program to meet
Slide 23: Gas Distribution Investment Focused on Infrastructure Replacement
PSEG Investor Update November 2026 Gas Distribution Investment Focused on Infrastructure Replacement, Accelerating Emission Reduction Benefits * Impact of GSMP on Methane Reduction Mileage of CI/US Inventory Remaining 0% -2% -5% 6,000 -12% 5,194 -20% -20% 5,068 5,000 -29% 4,784 -38% 4,440 -40% -45%
Slide 24: Award-Winning Clean Energy Future Energy Efficiency Programs
PSEG Investor Update November 2026 PSE&G’s Award-Winning Clean Energy Future – Energy Efficiency Programs Generate More Than $1 Billion in Annual Customer Savings Energy Efficiency Energy Cloud “AMI” Electric Vehicles Energy Efficiency Energy Cloud “AMI” Electric Vehicles BPU approved total programs
Slide 25: Effective Cost Controls and Continuous Improvement
PSEG Investor Update November 2026 Effective Cost Controls and Continuous Improvement to Support Affordability and Benefit Customers (1) PSE&G Total O&M Expense $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $0 2020 2021 2022 2023 2024 2025 2026E Distribution Transmission 25 (1) Excludes certain re
Slide 26: PSE&G Dual Jurisdiction Provides Options to Recover Capital Investments
PSEG Investor Update November 2026 PSE&G - Dual Jurisdiction Provides Options to Recover Capital Investments that Maintain our Top Tier Reliability and Deliver Meaningful Customer Value Transmission Distribution and Clean Energy • Federal Regulatory Entity: Federal Energy Regulatory Commission (FERC
Slide 27: Key Takeaways: Best-in-Class Operations with Important System Investment Needs
PSEG Investor Update November 2026 Key Takeaways: Best-in-Class Operations with Important System Investment Needs Driving Predictable Earnings Growth Disciplined Investment: Programs driven by Operational Excellence: Delivering top-tier safety, reliability infrastructure modernization and decarboniz
Slide 28: Power & Other
PSEG Investor Update November 2026 PSEG Power & Other PSEG Nuclear • Operates Salem 1 & 2 and Hope Creek • 50% owner of Peach Bottom 2 & 3 • Total 3,758 MW • Opportunities for growth A stable, predictable business that generates PSEG Gas Supply Operations significant free cash flow to support PSEG’s
Slide 29: Nuclear Units – Key Strategic, Financial and Operational Benefits
PSEG Investor Update November 2026 PSEG Nuclear Units – Key Strategic, Financial and Operational Benefits Key Strategic Benefits • Unique asset class of existing, low-cost, carbon-free, 24x7 base load generation, providing reliable energy integral to meeting New Jersey’s clean energy targets • Signi
Slide 30: Nuclear — Key Fleet Data
PSEG Investor Update November 2026 PSEG Nuclear — Key Fleet Data Fleet Average Capacity Factor of 94.3% for First Nine Months of 2026 • 57% PSEG ownership • 50% PSEG ownership • 658 MW owned capacity • 632.5 MW owned capacity • Current license expires 2036 • Current license expires 2053 • 18-month o
Slide 31: Nuclear Growth Opportunities: Salem Capacity Uprate
PSEG Investor Update November 2026 PSEG Nuclear has Compelling Growth Opportunities: Salem Capacity Uprate Simplified Plant Diagram • ~112 MW PSEG-share (includes ~7% thermal power increase and complementary investments that improve secondary side generation efficiency) 1 2 3 4 5 • Lowers $/MWh gene
Slide 32: Additional PSEG Nuclear Growth Opportunities
PSEG Investor Update November 2026 Additional PSEG Nuclear Growth Opportunities Transition from 18-month to 24-month Refueling Cycles • An extended fuel cycle eliminates refueling outages over the life of the plant, reducing O&M by eliminating one refueling outage every 6 years and increasing genera
Slide 33: Power & Other — Other Businesses
PSEG Investor Update November 2026 PSEG Power & Other — Other Businesses Gas Supply Operations — the Next Largest Component of PSEG Power & Other • Broad portfolio of pipeline and storage contracts providing access to low-cost gas and optionality • Serves Basic Gas Supply Service to PSE&G customers
Slide 34: Power & Other Financial Considerations + Nuclear PTC
PSEG Investor Update November 2026 PSEG Power & Other Financial Considerations + Nuclear PTC Inflation Adjustment Illustration • For 2026, total nuclear generation is forecasted to be 30-32 TWh of reliable, carbon-free energy Year PTC +2% PTC +3% PTC +4% • Realized energy price historically aligned
Slide 35: Key Takeaways: Earnings Predictability with Upside Potential
PSEG Investor Update November 2026 Key Takeaways: Earnings Predictability with Upside Potential • Disciplined Investment: • Operational Excellence: - Solid nuclear operations with exemplary ratings on all units, - Enables investment opportunities in power uprates, fuel cycle optimization and license
Slide 36: Financial Review & Outlook
PSEG Investor Update November 2026 Financial Review & Outlook
Slide 37: Strong Business Mix and Predictable Growth with Upside
PSEG Investor Update November 2026 Strong Business Mix and Predictable Growth with Upside grams for Residential and C&I Customers grams for Residential and C&I Customers grams for Residential and C&I Customers Steady Execution Alignment with NJ Energy Policy Energy Solutions Provide Upside • PSEG’s
Slide 38: No new equity needed through 2030 to fund business plan
PSEG Investor Update November 2026 While capital spending has increased, no new equity needed through 2030 to fund business plan PSEG Consolidated 2026E – 2030E PSEG Sources and Uses of Cash Funding PSE&G Growth PSE&G • Internally generated PSE&G cash flow • Incremental PSE&G debt PSE&G • PSEG Power
Slide 39: Strong Business Platform Supports Investment Grade Ratings
PSEG Investor Update November 2026 Strong Business Platform Supports Investment Grade Ratings PSEG Projected Average (1) FFO/Debt Debt Capacity (2026E-2030E) 20% $3.0 • We retain financial flexibility with debt capacity to capitalize on incremental growth opportunities Projected Average 15% ~Mid-Tee
Slide 40: Demonstrated Success in Controlling O&M
PSEG Investor Update November 2026 PSEG has Demonstrated Success in Controlling O&M, Keeping CAGR ~1% (1) PSEG O&M Expense $2,500 $2,000 $1,500 $1,000 $500 $0 2020 2021 2022 2023 2024 2025 2026E PSEG Power Distribution Transmission Other (1) Excludes Nuclear ARO, Bethlehem Energy Center goodwill wri
Slide 41: Maintains a Solid Financial Position
PSEG Investor Update November 2026 PSEG Maintains a Solid Financial Position PSEG Public Service Electric & Gas PSEG Senior Unsecured Credit Ratings PSE&G Senior Secured Credit Ratings Moody’s = Baa2 / Outlook = Stable S&P = BBB / Outlook = Stable Moody’s = A1 / Outlook = Stable S&P = A / Outlook =
Slide 42: 2026 Indicative Annual Dividend Increase of ~6%
PSEG Investor Update November 2026 PSEG’s 2026 Indicative Annual Dividend Increase of ~6% th Marks 15 Consecutive Annual Increase Annual PSEG Dividend Per Share $2.68* $2.52 $2.40 $2.28 $2.16 $2.04 $1.96 $1.88 $1.80 $1.72 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E 59% 58% 57% 57% 56% 62% 66%
Slide 43: Key Takeaways: A Strong Business Mix and Predictable Growth
PSEG Investor Update November 2026 Key Takeaways: A Strong Business Mix and Predictable Growth • 6%-8% long-term non-GAAP Operating Earnings growth outlook • Nuclear fleet with predictable cash flows and multiple growth driven by PSE&G rate base growth and PSEG Nuclear paths with modest investment •
Slide 44: Glossary of Terms
PSEG Investor Update November 2026 Glossary of Terms FFO Funds From Operations PTC Production Tax Credit A&G Administrative & General AFUDC Allowance for Funds Used During Construction GAAP Generally Accepted Accounting Principles PWR Pressurized Water Reactor AMI Automated Metering Infrastructure G
Slide 45: EPS Reconciliation – September 30, 2026 YTD Results
PSEG Investor Update November 2026 PSEG EPS Reconciliation – September 30, 2026 YTD Results $4.00 $3.59 $3.56 $0.16 $3.60 $0.07 $3.33 Gross Margin 0.13 Transmission: 0.03 $3.20 O&M 0.08 $2.91 Distribution: Depreciation & Interest $2.80 Margin 0.14 (0.03) O&M (0.03) Taxes & Other (0.02) $2.40 Depreci
Slide 46: Reconciliation of Non-GAAP Operating Earnings
PSEG Investor Update November 2026 Reconciliation of Non-GAAP Operating Earnings Public Service Enterprise Group Incorporated - Consolidated Operating Earnings (non-GAAP) Reconciliation Three Months Ended Nine Months Ended (a) Includes the financial impact from positions with forward delivery months
Slide 47: Reconciliation of Non-GAAP Operating Earnings
PSEG Investor Update November 2026 Reconciliation of Non-GAAP Operating Earnings Public Service Enterprise Group Incorporated - Consolidated Operating Earnings (non-GAAP) Reconciliation (a) Effective January 1, 2018, unrealized gains (losses) on equity Year Ended December 31, Reconciling Items secur
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