PUBLIC SERVICE ENTERPRISE GROUP INC Form 8-K Current Report Filed 2023-02-21

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM

8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) February 21, 2023

Public Service Enterprise Group Incorporated

(Exact name of registrant as specified in its charter)


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

80 Park Plaza

Newark, New Jersey 07102

(Address of principal executive offices) (Zip Code)

973

430-7000

(Registrant’s telephone number, including area code)

Public Service Electric and Gas Company

(Exact name of registrant as specified in its charter)


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

80 Park Plaza

Newark, New Jersey

07102

(Address of principal executive offices) (Zip Code)

973

430-7000

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form

8-K

filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule

14a-12

under the Exchange Act (17 CFR

240.14a-12)

☐ Pre-commencement

communications pursuant to Rule

14d-2(b)

under the Exchange Act (17 CFR

240.14d-2(b))

☐ Pre-commencement

communications pursuant to Rule

13e-4(c)

under the Exchange Act (17 CFR

240.13e-4(c))


Securities registered pursuant to Section 12(b) of the Act:

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

Indicate by check mark whether any of the registrants is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule

12b-2

of the Securities Exchange Act of 1934

(§240.12b-2

of this chapter).


Emerging growth company ☐

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.		☐

The information contained in Item 2.02. Results of Operations and Financial Condition in this Form

8-K

is furnished solely for Public Service Enterprise Group Incorporated (PSEG). The information contained in Item 7.01 Regulation FD Disclosure in this combined Form

8-K

is separately furnished, as noted, by PSEG and Public Service Electric and Gas Company (PSE&G). Information contained herein relating to any individual company is provided by such company on its own behalf and in connection with its respective Form

8-K.

PSE&G makes representations only as to itself and makes no other representations whatsoever as to any other company. The materials furnished as Exhibits 99 and 99.1 are available on the corporate.pseg.com website under the investor tab, or at http://investor.pseg.com.

Item 2.02 Results of Operations and Financial Condition

PSEG

On February 21, 2023, PSEG announced financial results for the three and twelve months ended December 31, 2022. A copy of the earnings release dated February 21, 2023 is furnished as Exhibit 99 to this Form

8-K.

Item 7.01 Regulation FD Disclosure

PSEG and PSE&G

On February 21, 2023, PSEG conducted an earnings call regarding its results for the three and twelve months ended December 31, 2022. A copy of the slideshow presentation used during the earnings call is furnished as Exhibit 99.1 to this Form

8-K.

Item 9.01 Financial Statements and Exhibits

Exhibit 99 Press Release dated February 21, 2023

Exhibit 99.1 Slideshow Presentation

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

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. The signature of the undersigned company shall be deemed to relate only to matters having reference to such company and any subsidiaries thereof.


PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
(Registrant)

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

Date: February 21, 2023

SIGNATURE


PUBLIC SERVICE ELECTRIC AND GAS COMPANY
(Registrant)

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

Date: February 21, 2023

EXHIBIT 99

Investor Relations

Public Service Enterprise Group

80 Park Plaza, T4

Newark, NJ 07102

LOGO

CONTACT:


*Media Relations*				*Investor Relations*
Marijke.Shugrue@pseg.com				Carlotta.Chan@pseg.com
908-531-4253				973-430-6565

PSEG ANNOUNCES 2022 RESULTS

$2.06 PER SHARE NET INCOME

$3.47 PER SHARE NON-GAAP OPERATING EARNINGS

Narrows Full-Year 2023 non-GAAP Operating Earnings Guidance Range to $3.40 - $3.50 Per Share

Affirms outlook for 5%-7% long-term earnings growth through 2027

(February 21, 2023 – Newark, NJ) Public Service Enterprise Group (PSEG) reported full-year 2022 Net Income of $1,031 million, or $2.06 per share, compared to a Net Loss of $648 million, or $1.29 per share for full-year 2021. Non-GAAP Operating Earnings for 2022 were $1,739 million, or $3.47 per share, compared to $1,853 million, or $3.65 per share for 2021.

PSEG also reported Net Income for the fourth quarter of 2022 of $788 million, or $1.58 per share. This compares to Net Income of $445 million, or $0.88 per share in 2021’s fourth quarter. Non-GAAP Operating Earnings for the fourth quarter of 2022 were $318 million, or $0.64 per share, compared to fourth quarter 2021 non-GAAP Operating Earnings of $352 million, or $0.69 per share. Non-GAAP results for the fourth quarter and full year of 2022 and 2021, respectively, exclude items shown in Attachments 8 and 9.

“We are pleased to report strong operating and financial results for 2022, marking the 18^th year in a row that PSEG has delivered results within management’s non-GAAP Operating Earnings guidance. The main contributor to our results, PSE&G, posted an 8.2% annual increase in Net Income, representing approximately 90% of PSEG’s consolidated non-GAAP Operating Earnings,” said Ralph LaRossa – chair, president and chief executive officer of PSEG.

“PSEG successfully navigated last year’s challenges including inflation, supply chain disruptions, energy price spikes, and the steep rise in interest rates to deliver financial results above the midpoint of our 2022 non-GAAP Operating Earnings guidance. The Edison Electric Institute recognized PSE&G with its 2022 Edison Award, the electric power industry’s highest honor for leadership and innovation. We completed the sale of our fossil generating plants in February 2022, which simplified our business mix to approximately 90% regulated, and completed a $500 million share repurchase in May 2022. The passage of the Inflation Reduction Act last August will help to preserve the financial viability of our carbon-free nuclear fleet into the next decade, and creates valuable incentives in the near-term for our customers to transition to electric vehicles and advance New Jersey’s decarbonization goals.”

“The simplified business platform created by the strategic actions PSEG has taken over the past two years now drives our long-term, compound annual earnings growth rate of 5% to 7% through 2027. Moving into

this year, we extended our 2022 dividend increase of $0.12 per share to set the 2023 indicative rate at $2.28 per share – a testament to the financial discipline that has enabled us to pay a common dividend to our shareholders for 116 years.”

“Recognizing the critical importance shareholders place on the predictability and visibility of our financial results and goals, I have made increasing both factors a key focus of PSEG’s strategic plan. We intend to share the details of this plan at our upcoming investor conference on March 10. I am honored to lead this company and its 12,500 dedicated employees. Together, we will be guided by PSEG’s longstanding commitment to operational excellence, disciplined investment and financial strength as we continue building a practical path towards decarbonizing the New Jersey economy,” said LaRossa.

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

PSEG CONSOLIDATED (unaudited)



Full-Year Comparative Results	Income ($ millions)			Diluted Earnings (Per Share)

		2022	2021		2022	2021

Net Income/(Loss)		$1,031	$(648)		$2.06	$(1.29)

Reconciling Items		708	2,501		1.41	4.96

Share Differential*		-	-		-	(0.02)

Non-GAAP Operating Earnings		$1,739	$1,853		$3.47	$3.65

Average Shares					501	504

* Approximately three million potentially dilutive shares were excluded from fully diluted average shares outstanding used to calculate the diluted GAAP loss per share for year ended December 31, 2021 as their impact was antidilutive to GAAP results. For non-GAAP per share calculations, we used fully diluted average shares outstanding of 507 million, including the three million potentially dilutive shares, as they were dilutive to non-GAAP results.

PSEG CONSOLIDATED (unaudited)



Fourth Quarter Comparative Results	Income ($ millions)			Diluted Earnings (Per Share)

		2022	2021		2022	2021

Net Income		$788	$445		$1.58	$0.88

Reconciling Items		(470)	(93)		(0.94)	(0.19)

Non-GAAP Operating Earnings		$318	$352		$0.64	$0.69

Average Shares					500	508

During 2022, PSE&G invested over $3 billion upgrading its transmission and distribution infrastructure and in clean energy future programs, and plans to invest over $3.4 billion in these capital programs in 2023. The utility’s 2023-2027 planned capital investment program is $15.5 billion to $18 billion, which is expected to produce 6% to 7.5% compound annual growth in PSE&G’s rate base over the five-year period. We also expect that PSEG’s strong cash flow and solid investment grade ratings will enable us to fund this five-year capital plan through 2027 without the need to issue new equity.

The following table outlines PSEG’s full-year 2023 non-GAAP Operating Earnings expectations at the narrowed range of $3.40 to $3.50 per share, from the original range of $3.35 to $3.55 per share initiated in November 2022. The subsidiary ranges for 2023 reflect the impact of actual 2022 investment returns on 2023 pension calculations and higher expected interest expense, partly offset by operation and maintenance

(O&M) expense savings and the recent Board of Public Utilities (BPU) approval of an accounting order that defers PSE&G’s recognition of gains and losses on the pension trust assets.

PSEG 2023 Non-GAAP Operating Earnings Guidance

and 2022 Non-GAAP Operating Earnings Results



($ millions, except EPS)	2023E Narrowed	2023E Original	2022A

PSE&G	$1,500 - $1,525	$1,490 - $1,540	$1,565

Carbon-Free, Infrastructure & Other	200 - 225	185 - 235	174

PSEG non-GAAP Operating Earnings	$1,700 - $1,750	$1,675 - $1,775	$1,739

PSEG Non-GAAP Operating EPS	$3.40 - $3.50	$3.35 - $3.55	$3.47


E = Estimate A = Actual

Results and Outlook by Operating Subsidiary

PSE&G

Public Service Electric and Gas

Fourth Quarter & Full Year Comparative Results



($ millions, except per share amounts)	4Q 2022	4Q 2021	FY 2022	FY 2021

Net Income	$352	$271	$1,565	$1,446

Earnings Per Share	$0.70	$0.53	$3.12	$2.87

Share Differential*	-	-	-	(0.02)

Non-GAAP Operating EPS	$0.70	$0.53	$3.12	$2.85

*Approximately three million potentially dilutive shares were excluded from fully diluted average shares outstanding used to calculate PSEG’s diluted GAAP loss per share for year ended December 31, 2021, as their impact was antidilutive to PSEG’s consolidated GAAP results. For non-GAAP per share calculations, we used fully diluted average shares outstanding of 507 million, including the three million potentially dilutive shares, as they were dilutive to non-GAAP results.

For the full-year of 2022, PSE&G Net Income rose by $119 million, over 8% compared with 2021 results.

For the fourth quarter of 2022, net Transmission margin added $0.01 per share compared with the year-earlier quarter, reflecting growth in rate base partly offset by the timing of O&M recovery. Gas, electric and other margin combined to add $0.07 per share compared with last year’s fourth quarter, reflecting Gas System Modernization Program (GSMP) II roll-ins, the Conservation Incentive Program (CIP) decoupling for both electric and gas, appliance service and other margin. O&M was flat versus the prior-year quarter. Higher distribution depreciation and interest expense each reduced results by $0.01 per share, reflecting higher plant in service and investment. Lower pension expense added $0.01 per share versus the year-ago quarter. Flow through taxes, the impact of lower shares, and other items added $0.10 per share compared to the fourth quarter of 2021, with $0.07 of that amount reversing the timing impact of taxes from prior quarters in 2022.

During 2022, the BPU authorized our $511 million Infrastructure Advancement Program (IAP) to improve the reliability of the “last mile” of our electric distribution system and address aging substations and gas metering and regulation stations. PSE&G invested over $3 billion in planned capital spending to upgrade transmission and distribution facilities, enhance reliability and increase resiliency, implement clean energy future programs, and launch the IAP. At year-end 2022, PSE&G’s rate base was approximately $26.4 billion, a 7.7% increase over year-end 2021.

The number of Electric and Gas customers, the driver of margin growth under the CIP, rose by approximately 1% each in 2022. Weather-normalized Electric sales increased by ~2% for the year; with Residential sales flat, while C&I sales increased by ~3%. Weather-normalized Gas sales were flat for the year, with Residential sales down by ~1%, while C&I sales increased by ~2%.

Earlier in February 2023, PSE&G reduced its Basic Gas Supply Service residential rate by $0.15 to $0.50 cents per therm for the balance of the winter 2022/2023 heating season. This decrease in the pass-through commodity charge will reduce the typical residential winter gas bill by $13 per month, or 11.5%. On the electric side, the BPU recently completed its annual Basic Generation Service auction for default electric supply rates beginning June 1, 2023. A typical PSE&G residential customer will see this latest BGS auction reflected in an average estimated monthly bill increase of 3.3%.

During 2022, PSE&G was named the most reliable electric utility in the Mid-Atlantic region for the 21^st year in a row by PA Consulting. In addition, PSE&G ranked first in Residential customer satisfaction in the East among large utilities in both the Electric and Gas J.D. Power 2022 Studies.

We have narrowed PSE&G’s forecast of Net Income for 2023 to $1,500 million - $1,525 million, which reflects lower pension and OPEB income compared to 2022, offset by the benefit of near contemporaneously recovered investments, the predictability of utility margin from the Conservation Incentive Program, as well as the implementation of the pension accounting filing effective January 1, 2023.

PSEG Carbon-Free, Infrastructure & Other (CFIO)

Carbon-Free, Infrastructure & Other

Fourth Quarter & Full Year Comparative Results



($ millions, except per share amounts)	4Q 2022	4Q 2021	FY 2022	FY 2021

Net Income/(Loss)	$436	$174	$(534)	$(2,094)

Earnings/(Loss) Per Share (EPS)	$0.88	$0.35	$(1.06)	$(4.16)

Non-GAAP Operating Earnings	$(34)	$81	$174	$407

Non-GAAP EPS (Loss)	$(0.06)	$0.16	$0.35	$0.80

For full-year 2022, CFIO’s Net Loss of $534 million reflected higher losses on both mark-to-market transactions and nuclear decommissioning trust (NDT) fund related activity. The Net Loss for full-year 2021 included impairments and debt extinguishment costs related to the Fossil sale. Non-GAAP Operating Earnings declined to $174 million from $407 million for the full-year 2021, reflecting the absence of Fossil.

For the fourth quarter of 2022, CFIO’s Net Income improved to $436 million, from $174 million in the prior year period, reflecting higher gains on mark-to market transactions and NDT fund related activity. Net Income for the fourth quarter of 2021 included debt extinguishment costs and other charges related to the Fossil sale. The non-GAAP Operating Earnings of ($34) million compares to non-GAAP Operating Earnings of $81 million for the fourth quarter of 2021, which included the cessation of depreciation and lower interest costs related to the Fossil sale.

The nuclear fleet operated at an average capacity factor of 85.8% during the fourth quarter, which included a scheduled refueling at our 100%-owned Hope Creek station, and produced 7.3 TWh of

generation. An unplanned outage at Salem unit 2 in late December 2022 occurred during a PJM region-wide generation emergency action and resulted in capacity performance penalties. The net financial impact of the outage, including replacement power, capacity penalties, as well as bonuses earned by the other operating PSEG units, is not expected to be material.

For the full-year, the nuclear fleet operated at an average capacity factor of 92.2% and produced 31.3 TWh of carbon-free, base load power. PSEG is forecasting total baseload nuclear generation of approximately 31 TWh for the full year of 2023, hedged 95%-100% at an average price of $31 per MWh – an increase of approximately $4 per MWh compared to 2022. For 2024, total nuclear generation is forecast to be approximately 31 TWh and is 55%-60% hedged at an average price of $32 per MWh.

PSEG Power had net cash collateral postings of $1.5 billion at December 31, primarily related to out-of-the-money hedge positions because of higher energy prices throughout 2022. As of February 17, 2023, net cash collateral postings were approximately $700 million, reflecting recent declines in power prices.

In January 2023, PSEG announced it would sell its 25% equity interest in the Ocean Wind 1 offshore wind generation project to Ørsted. The sale is expected to close in the first half of 2023. PSEG has also decided not to exercise its option to purchase 50% of Ørsted’s two Skipjack generating projects in Maryland or pursue an ownership interest in Ørsted’s Ocean Wind 2 project or other offshore wind generation projects. PSEG is evaluating its options for the potential sale of its 50% interest in Garden State Offshore Energy, which holds rights to an offshore wind lease area south of New Jersey.

We have narrowed our forecast of non-GAAP Operating Earnings for Carbon-Free, Infrastructure and Other to $200 million - $225 million from our prior guidance of $185 million - $235 million.

###

PSEG will host a conference call to review its Fourth Quarter and Full-Year 2022 results with the financial community at 11AM EDT today. You can register to access this event by visiting https://investor.pseg.com/investor-news-and-events.

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 ESG and 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 returns (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, 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 Item 1A. Risk Factors, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A), Item 8. Financial Statements and Supplementary Data—Note 15. Commitments and Contingent Liabilities, and other filings we make with the United States Securities and Exchange Commission (SEC), including our 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 other 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;

•

the impact of the coronavirus pandemic;

•

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 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 at https://investor.pseg.com/resources/email-alerts/default.aspx.

Attachment 1

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

Consolidating Statements of Operations

(Unaudited, $ millions, except per share data)


		Three Months Ended December 31, 2022

	PSEG			Eliminations			PSE&G			Carbon-Free, Infrastructure & Other (CFIO)^(a)

OPERATING REVENUES	$	3,139		$	(466	)	$	2,030		$	1,575

OPERATING EXPENSES
Energy Costs		996			(466	)		881			581
Operation and Maintenance		868			-			489			379
Depreciation and Amortization		278			-			238			40
Losses on Asset Dispositions and Impairments		33			-			1			32


Total Operating Expenses		2,175			(466	)		1,609			1,032

OPERATING INCOME		964			-			421			543

Loss from Equity Method Investments		(2	)		-			-			(2	)
Net Gains (Losses) on Trust Investments		87			-			-			87
Other Income (Deductions)		38			-			22			16
Net Non-Operating Pension and OPEB Credits (Costs)		94			-			70			24
Interest Expense		(178	)		-			(108	)		(70	)



INCOME BEFORE INCOME TAXES		1,003			-			405			598

Income Tax Expense		(215	)		-			(53	)		(162	)



NET INCOME	$	788		$	-		$	352		$	436


Reconciling Items Excluded from Net Income^(b)		(470	)		-			-			(470	)


OPERATING EARNINGS (non-GAAP)	$	318		$	-		$	352		$	(34	)


Earnings Per Share
NET INCOME	$	1.58		$	-		$	0.70		$	0.88

Reconciling Items Excluded from Net Income^(b)		(0.94	)		-			-			(0.94	)


OPERATING EARNINGS (non-GAAP)	$	0.64		$	-		$	0.70		$	(0.06	)



	Three Months Ended December 31, 2021

	PSEG			Eliminations			PSE&G			CFIO^(a)

OPERATING REVENUES	$	3,056		$	(363	)	$	1,715		$	1,704

OPERATING EXPENSES
Energy Costs		1,004			(363	)		632			735
Operation and Maintenance		858			-			453			405
Depreciation and Amortization		270			-			230			40
Losses on Asset Dispositions and Impairments		22			-			-			22


Total Operating Expenses		2,154			(363	)		1,315			1,202

OPERATING INCOME		902			-			400			502

Income from Equity Method Investments		4			-			-			4
Net Gains (Losses) on Trust Investments		70			-			1			69
Other Income (Deductions)		5			-			16			(11	)
Net Non-Operating Pension and OPEB Credits (Costs)		82			-			65			17
Loss on Extinguishment of Debt		(298	)		-			-			(298	)
Interest Expense		(134	)		-			(101	)		(33	)



INCOME BEFORE INCOME TAXES		631			-			381			250

Income Tax Expense		(186	)		-			(110	)		(76	)



NET INCOME	$	445		$	-		$	271		$	174

Reconciling Items Excluded from Net Income^(b)		(93	)		-			-			(93	)


OPERATING EARNINGS (non-GAAP)	$	352		$	-		$	271		$	81


Earnings Per Share

NET INCOME	$	0.88		$	-		$	0.53		$	0.35

Reconciling Items Excluded from Net Income^(b)		(0.19	)		-			-			(0.19	)


OPERATING EARNINGS (non-GAAP)	$	0.69		$	-		$	0.53		$	0.16

(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)


		Year Ended December 31, 2022

	PSEG			Eliminations			PSE&G			CFIO^(a)

OPERATING REVENUES	$	9,800		$	(1,401	)	$	7,935		$	3,266

OPERATING EXPENSES
Energy Costs		4,018			(1,401	)		3,270			2,149
Operation and Maintenance		3,178			-			1,838			1,340
Depreciation and Amortization		1,100			-			935			165
Losses on Asset Dispositions and Impairments		123			-			-			123


Total Operating Expenses		8,419			(1,401	)		6,043			3,777

OPERATING INCOME		1,381			-			1,892			(511	)

Income from Equity Method Investments		14			-			-			14
Net Gains (Losses) on Trust Investments		(265	)		-			(2	)		(263	)
Other Income (Deductions)		124			(1	)		88			37
Net Non-Operating Pension and OPEB Credits (Costs)		376			-			281			95
Interest Expense		(628	)		1			(427	)		(202	)



INCOME (LOSS) BEFORE INCOME TAXES		1,002			-			1,832			(830	)

Income Tax Benefit (Expense)		29			-			(267	)		296



NET INCOME (LOSS)	$	1,031		$	-		$	1,565		$	(534	)

Reconciling Items Excluded from Net Income (Loss)^(b)		708			-			-			708


OPERATING EARNINGS (non-GAAP)	$	1,739		$	-		$	1,565		$	174


Earnings Per Share
NET INCOME (LOSS)	$	2.06		$	-		$	3.12		$	(1.06	)

Reconciling Items Excluded from Net Income (Loss)^(b)		1.41			-			-			1.41


OPERATING EARNINGS (non-GAAP)	$	3.47		$	-		$	3.12		$	0.35

Year Ended December 31, 2021


	PSEG			Eliminations			PSE&G			CFIO^(a)
OPERATING REVENUES	$	9,722		$	(1,167	)	$	7,122		$	3,767
OPERATING EXPENSES
Energy Costs		3,499			(1,167	)		2,688			1,978
Operation and Maintenance		3,226			-			1,692			1,534
Depreciation and Amortization		1,216			-			928			288
(Gains) Losses on Asset Dispositions and Impairments		2,637			-			(4	)		2,641


Total Operating Expenses		10,578			(1,167	)		5,304			6,441

OPERATING INCOME		(856	)		-			1,818			(2,674	)

Income from Equity Method Investments		16			-			-			16
Net Gains (Losses) on Trust Investments		194			-			2			192
Other Income (Deductions)		98			-			88			10
Net Non-Operating Pension and OPEB Credits (Costs)		328			-			264			64
Loss on Extinguishment of Debt		(298	)		-			-			(298	)
Interest Expense		(571	)		-			(402	)		(169	)



INCOME (LOSS) BEFORE INCOME TAXES		(1,089	)		-			1,770			(2,859	)
Income Tax Benefit (Expense)		441			-			(324	)		765



NET INCOME (LOSS)	$	(648	)	$	-		$	1,446		$	(2,094	)

Reconciling Items Excluded from Net Income (Loss)^(b)		2,501			-			-			2,501


OPERATING EARNINGS (non-GAAP)	$	1,853		$	-		$	1,446		$	407


Earnings Per Share

NET INCOME (LOSS)	$	(1.29	)	$	-		$	2.87		$	(4.16	)

Reconciling Items Excluded from Net Income (Loss)^(b)		4.96			-			-			4.96
Share Differential^(b)		(0.02	)		-			(0.02	)		-


OPERATING EARNINGS (non-GAAP)	$	3.65		$	-		$	2.85		$	0.80

(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) and the impact of using different share amounts (Share Differential) for calculating earnings per share for PSEG’s consolidated GAAP Net Loss versus consolidated Operating Earnings (non-GAAP).

Attachment 3

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

Capitalization Schedule

(Unaudited, $ millions)


	December 31,			December 31,
	2022			2021
DEBT
Commercial Paper and Loans	$	2,200		$	3,519
Long-Term Debt*		18,070			15,919

Total Debt		20,270			19,438

STOCKHOLDERS’ EQUITY
Common Stock		5,065			5,045
Treasury Stock		(1,377	)		(896	)
Retained Earnings		10,591			10,639
Accumulated Other Comprehensive Loss		(550	)		(350	)

Total Stockholders’ Equity		13,729			14,438

Total Capitalization	$	33,999		$	33,876

*Includes current portion of Long-Term Debt

Attachment 4

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, $ millions)


	Year Ended December 31,
	2022			2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income (Loss)	$	1,031		$	(648	)
Adjustments to Reconcile Net Income(Loss) to Net Cash Flows From Operating Activities		472			2,384

NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		1,503			1,736


NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES		(1,101	)		(2,244	)


NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES		(754	)		799

Net Change in Cash, Cash Equivalents and Restricted Cash		(352	)		291
Cash, Cash Equivalents and Restricted Cash at Beginning of Period		863			572

Cash, Cash Equivalents and Restricted Cash at End of Period	$	511		$	863

Attachment 5

PUBLIC SERVICE ELECTRIC & GAS COMPANY

Retail Sales

(Unaudited)

December 31, 2022


Electric Sales

Sales (millions kWh)	Three Months Ended		Change vs. 2021		Year Ended		Change vs. 2021
Residential		2,659		(5%)		13,975		0%
Commercial & Industrial		6,498		4%		26,508		2%
Other		97		(2%)		341		(1%)

Total		9,254		1%		40,824		2%



Gas Sold and Transported

Sales (millions therms)	Three Months Ended		Change vs. 2021		Year Ended		Change vs. 2021
Firm Sales
Residential Sales		467		17%		1,497		5%
Commercial & Industrial		314		19%		1,070		8%

Total Firm Sales		781		18%		2,567		6%


Non-Firm Sales*
Commercial & Industrial		207		(9%)		973		7%

Total Non-Firm Sales		207				973



Total Sales		988		11%		3,540		6%


*Contract Service Gas rate included in non-firm sales

Weather Data*


	Three Months Ended		Change vs. 2021		Year Ended		Change vs. 2021
THI Hours - Actual		340		(58%)		19,842		(7%)
THI Hours - Normal		423				17,077
Degree Days - Actual		1,520		24%		4,527		10%
Degree Days - Normal		1,570				4,607

*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						GWh Breakdown

	Three Months Ended December 31,						Year Ended December 31,
		2022			2021			2022			2021
Nuclear—NJ		4,681			4,945			20,172			20,024
Nuclear—PA		2,657			2,617			11,093			11,134
	7,338			7,562			31,265			31,158


	% Generation						% Generation

	Three Months Ended December 31,						Year Ended December 31,
		2022			2021			2022			2021
Nuclear—NJ		64	%		65	%		65	%		64	%
Nuclear—PA		36	%		35	%		35	%		36	%
		100	%		100	%		100	%		100	%

Attachment 7

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

Statistical Measures

(Unaudited)


	Three Months Ended December 31,				Year Ended December 31,
	2022		2021		2022		2021
Weighted Average Common Shares Outstanding (millions)*
Basic		497		504		498		504
Diluted		500		508		501		504

Stock Price at End of Period						$61.27		$66.73

Dividends Paid per Share of Common Stock		$0.54		$0.51		$2.16		$2.04

Dividend Yield						3.5%		3.1%

Book Value per Common Share						$27.63		$28.67

Market Price as a Percent of Book Value						222%		233%

*Approximately three million potentially dilutive shares were excluded from fully diluted average shares outstanding used to calculate the diluted GAAP loss per share for the year ended December 31, 2021 as their impact was antidilutive to GAAP results.

Attachment 8

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

Consolidated Operating Earnings (non-GAAP) Reconciliation


Reconciling Items	Three Months Ended December 31,						Year Ended December 31,
Reconciling Items	2022			2021			2022			2021
	($ millions, Unaudited)

Net Income (Loss)	$	788		$	445		$	1,031		$	(648	)
(Gain) Loss on Nuclear Decommissioning Trust (NDT) Fund Related Activity, pre-tax		(85	)		(62	)		270			(178	)
(Gain) Loss on Mark-to-Market (MTM), pre-tax^(a)		(611	)		(378	)		635			620
Plant Retirements, Dispositions and Impairments, pre-tax^(b)		14			308			31			2,940
Lease Related Activity, pre-tax		25			—			78			10
Income Taxes related to Operating Earnings (non-GAAP) reconciling items^(c)		187			39			(306	)		(891	)

Operating Earnings (non-GAAP)	$	318		$	352		$	1,739		$	1,853


PSEG Fully Diluted Average Shares Outstanding (in millions)^(d)		500			508			501			504
	($ Per Share Impact - Diluted, Unaudited)

Net Income (Loss)	$	1.58		$	0.88		$	2.06		$	(1.29	)
(Gain) Loss on NDT Fund Related Activity, pre-tax		(0.17	)		(0.12	)		0.54			(0.35	)
(Gain) Loss on MTM, pre-tax^(a)		(1.22	)		(0.75	)		1.27			1.23
Plant Retirements, Dispositions and Impairments, pre-tax^(b)		0.03			0.61			0.06			5.83
Lease Related Activity, pre-tax		0.05			—			0.15			0.02
Income Taxes related to Operating Earnings (non-GAAP) reconciling items^(c)		0.37			0.07			(0.61	)		(1.77	)
Share Differential^(d)		—			—			—			(0.02	)

Operating Earnings (non-GAAP)	$	0.64		$	0.69		$	3.47		$	3.65

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

(b) Full year 2022 includes the results for fossil generation sold in February 2022. Fourth quarter and full year 2021 amounts include a pre-tax loss of $298 million for the make-whole premium paid upon the early redemption of PSEG Power’s debt and other non-cash debt extinguishment costs.

(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, the additional investment tax credit (ITC) recapture related to the sale of PSEG Solar Source in 2021, and leveraged lease related activity, which is calculated at a combined leveraged lease effective tax rate.

(d) Approximately three million potentially dilutive shares were excluded from fully diluted average shares outstanding used to calculate the diluted GAAP loss per share for the year ended December 31, 2021 as their impact was antidilutive to GAAP results. For non-GAAP per share calculations, we used fully diluted average shares outstanding of 507 million, including the three million potentially dilutive shares as they were dilutive to non-GAAP results. As a result of the use of different denominators for non-GAAP Operating Earnings and GAAP Net Loss, a reconciling line item “Share Differential,” has been added to the year to date results to reconcile the two EPS calculations.

Attachment 9

CFIO Operating Earnings (non-GAAP) Reconciliation


Reconciling Items	Three Months Ended				Year Ended
	December 31,				December 31,
	2022		2021		2022		2021
	($ millions, Unaudited)

Net Income (Loss)		$ 436		$ 174	$	(534)	$	(2,094)
(Gain) Loss on NDT Fund Related Activity, pre-tax		(85)		(62)		270		(178)
(Gain) Loss on MTM, pre-tax^(a)		(611)		(378)		635		620
Plant Retirements, Dispositions and Impairments, pre-tax^(b)		14		308		31		2,940
Lease Related Activity, pre-tax		25		-		78		10
Income Taxes related to Operating Earnings (non-GAAP) reconciling items^(c)		187		39		(306)		(891)

Operating Earnings (non-GAAP)		$ (34)		$ 81		$ 174		$ 407


PSEG Fully Diluted Average Shares Outstanding (in millions)^(d)		500		508		501		504

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

(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, the additional ITC recapture related to the sale of PSEG Solar Source in 2021, and leveraged lease related activity, which is calculated at a combined leveraged lease effective tax rate.

(d) Approximately three million potentially dilutive shares were excluded from fully diluted average shares outstanding used to calculate the diluted GAAP loss per share for year ended December 31, 2021 as their impact was antidilutive to GAAP results. For non-GAAP per share calculations, we used fully diluted average shares outstanding of 507 million, including the three million potentially dilutive shares as they were dilutive to non-GAAP results.

Public Service Enterprise Group Financial Results Presentation February 21, 2023 1st QUARTER 2022 NYSE: PEG 4th QUARTER & FY 2022 NYSE: PEG EXHIBIT 99.1

Certain of the matters discussed in this presentation 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 other 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; the impact of the coronavirus pandemic; 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 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 presentation 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 presentation apply only as of the date of this presentation. 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 presentation 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. Forward-Looking Statements

PSEG presents Operating Earnings in addition to its Net Income/(Loss) reported in accordance with accounting principles generally accepted in the United States (GAAP). Operating Earnings is a non-GAAP financial measure that differs from Net Income/(Loss). Non-GAAP Operating Earnings exclude the impact of returns (losses) associated with the Nuclear Decommissioning Trust (NDT), Mark-to-Market (MTM) accounting and material one-time items. The last two slides in this presentation (Slides A and B) include a list of items excluded from Net Income/(Loss) to reconcile to non-GAAP Operating Earnings with a reference to those slides included on each of the slides where the non-GAAP information appears. 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. Due to the forward-looking nature of non-GAAP Operating Earnings, 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. GAAP Disclaimer 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.

PSEG 2022 Highlights Fourth Quarter and Full Year Results Net Income of $1.58 per share in Q4; Net Income of $2.06 per share in FY 2022 Non-GAAP Operating Earnings* of $0.64 per share in Q4; non-GAAP Operating Earnings* of $3.47 per share in FY 2022 PSE&G full year Net Income results up 8.2% driven by rate base growth CFIO full year non-GAAP Operating Earnings* reflect impact of Fossil sale and continued cost control Operational Excellence PSE&G ranked first in customer satisfaction in the East among large utilities for both Electric and Gas Utility Residential Customer Satisfaction Studies according to the J.D. Power 2022 Studies Nuclear capacity factor improved to 92.2% for full year 2022 Disciplined Investment PSE&G invested over $3 billion in T&D infrastructure aligned with New Jersey’s clean energy goals PSE&G planned capital spending for 2023 of over $3.4 billion, the highest in the company’s history CFIO - includes the remaining business activities of our nuclear generating fleet, investments in regional offshore wind, gas operations, PSEG Long Island operating contracts and other investments including Kalaeloa, as well as parent financing costs. * See Slides A and B for Items excluded from Net Income/(Loss) to reconcile to Operating Earnings (non-GAAP).

PSEG 2022 Year in Review Operational Excellence PSE&G awarded EEI’s 2022 Edison Award PA Consulting named PSE&G the most reliable electric utility in the Mid-Atlantic Metropolitan Service Area for the 21st year in a row PSE&G achieved top quartile results for overall customer satisfaction in the J.D. Power 2022 Residential Electric and Gas (ranked #1 in the East among large utilities for both) and Business Electric and Gas customer satisfaction studies Financial Strength Conservation Incentive Program minimizes variations on electric and gas revenues, supporting the rollout of our award winning energy efficiency programs The Inflation Reduction Act of 2022 establishes a decade-long commitment to the preservation of existing nuclear generation through the creation of a production tax credit BPU approved pension accounting settlement that helps reduce volatility in PSE&G’s earnings and customer rates Disciplined Investment Increased shareholder dividend $0.12 per share Completed $500M share repurchase $511 million Infrastructure Advancement Program approved by the BPU targets improving reliability of the “last mile” of our electric distribution system Environmental, Social and Governance MSCI raised PSEG’s corporate ESG rating to AAA PSEG named to Dow Jones Sustainability North America Index for 15th year in a row

Non-GAAP Operating Earnings Guidance PSEG – Narrowing Full-Year 2023 Guidance by $0.10 2023 Earnings Drivers vs. 2022 include: Continued growth from T&D investment programs, partially offset by regulatory lag Cost control initiatives pursued across PSEG Increase in average hedge price Higher interest rates on maturing and incremental debt to fund growth and continue to fund collateral needs Impact of 2022 Pension/OPEB asset returns and conclusion of OPEB amortization benefit, partially offset by BPU accounting order As a result of a more predictable business mix, the 2023 non-GAAP Operating Earnings Guidance Range has been narrowed to $0.10 from the $0.20 guidance range provided in prior years PSEG has met or exceeded its non-GAAP Operating Earnings guidance 18 years in a row

56% 54% 54% 57% 59% 58% 57% 57% 56% 62% 66%** Payout Ratio Annual Increase 12¢ Annual Increase 8¢ Annual Increase 4¢ 2023 annual dividend increased $0.12 per share, building on a 116-year history of returning cash to our shareholders PSEG Dividend per Share Opportunity for consistent and sustainable dividend growth * Indicative annual 2023 PSEG common dividend per share. ** 2023E Payout Ratio reflects the indicative annual dividend divided by the mid-point of non-GAAP Operating Earnings guidance of $3.40-$3.50 per share. Note: All future decisions and declarations regarding dividends on the common stock are subject to approval by the Board of Directors.

PSEG Q4 & Full Year 2022 Review

PSEG – Q4 Results Net Income 2022 2021 Change PSE&G $ 0.70 $ 0.53 $ 0.17 CFIO $ 0.88 $ 0.35 $ 0.53 Total PSEG $ 1.58 $ 0.88 $ 0.70 Non-GAAP Operating Earnings* 2022 2021 Change PSE&G $ 0.70 $ 0.53 $ 0.17 CFIO $ (0.06) $ 0.16 $ (0.22) Total PSEG $ 0.64 $ 0.69 $ (0.05) * See Slides A and B for Items excluded from Net Income to reconcile to Operating Earnings (non-GAAP) for PSEG and CFIO. PSEG EPS Summary – Three Months ended December 31

$ / share PSEG EPS Reconciliation – Q4 2022 versus Q4 2021 Electric Gross Margin (0.34) Capacity (0.13) Generation (0.11) Re-contracting & Market (0.09) ZECs (0.01) Gas Operations 0.04 PSEG Power Costs 0.06 O&M 0.07 Depreciation & Interest (0.01) Parent Activity 0.01 Taxes & Other 0.01 Transmission 0.01 Electric Margin 0.01 Gas Margin 0.04 Other Margin 0.02 Distribution Depreciation & Interest (0.02) Distribution Non-Operating Pension/OPEB 0.01 Distribution Taxes & Other 0.09 Lower Share Count 0.01 Q4 2021 Net Income Q4 2021 Operating Earnings (non-GAAP)* Q4 2022 Net Income Q4 2022 Operating Earnings (non-GAAP)* PSE&G CFIO * See Slides A and B for Items excluded from Net Income to reconcile to Operating Earnings (non-GAAP) for PSEG and CFIO. $1.50 $1.60 ~ ~

PSEG – Full Year Results Net Income/(Loss) 2022 2021* Change PSE&G $ 3.12 $ 2.87 $ 0.25 CFIO $ (1.06) $ (4.16) $ 3.10 Total PSEG $ 2.06 $ (1.29) $ 3.35 Non-GAAP Operating Earnings** 2022 2021* Change PSE&G $ 3.12 $ 2.85 $ 0.27 CFIO $ 0.35 $ 0.80 $ (0.45) Total PSEG $ 3.47 $ 3.65 $ (0.18) * Approximately three million potentially dilutive shares were excluded from fully diluted average shares outstanding used to calculate the diluted GAAP loss per share for the year ended December 31, 2021 as their impact was antidilutive to GAAP results. For non-GAAP per share calculations, we used fully diluted average shares outstanding of 507 million, including the three million potentially dilutive shares as they were dilutive to non-GAAP results. ** See Slides A and B for Items excluded from Net Income/(Loss) to reconcile to Operating Earnings (non-GAAP) for PSEG and CFIO. PSEG EPS Summary – Twelve Months ended December 31

$ / share PSEG EPS Reconciliation – Full Year 2022 versus Full Year 2021 Transmission (0.02) Renewables & Energy Efficiency 0.01 Gas Margin 0.15 Electric Margin 0.07 Other Margin 0.05 Distribution O&M (0.07) Distribution Depreciation & Interest (0.05) Distribution Non-Operating Pension/OPEB 0.03 Distribution Taxes & Other 0.06 Lower Share Count 0.04 Full Year 2021 Net Loss* Full Year 2021 Operating Earnings (non-GAAP)*,** Full Year 2022 Net Income Full Year 2022 Operating Earnings (non-GAAP)** PSE&G CFIO * Approximately three million potentially dilutive shares were excluded from fully diluted average shares outstanding used to calculate the diluted GAAP loss per share for the year ended December 31, 2021 as their impact was antidilutive to GAAP results. For non-GAAP per share calculations, we used fully diluted average shares outstanding of 507 million, including the three million potentially dilutive shares as they were dilutive to non-GAAP results. ** See Slides A and B for Items excluded from Net Income/(Loss) to reconcile to Operating Earnings (non-GAAP) for PSEG and CFIO. Note: Quarterly results may not add due to rounding. ($1.50) ~ ~ ($1.00) Electric Gross Margin (1.15) Capacity (0.54) Generation (0.38) Sale of Solar Source (0.04) Re-contracting & Market (0.19) Gas Operations 0.08 PSEG Power Costs 0.58 O&M 0.34 Depreciation & Interest 0.24 Parent Activity (0.01) Taxes & Other 0.05

PSE&G – Q4 Highlights Operations Top decile performance in OSHA Recordable Incidence Rate and electric reliability (SAIDI, SAIFI & CAIDI) Open year-end gas leaks have been reduced by 57% since 2017 The number of Residential Electric and Gas customers, the driver of margin growth under the CIP, each grew by ~1% Weather-normalized Electric sales increased by ~2% for the year; Residential sales were flat, while C&I sales increased by ~3% Weather-normalized Gas sales were flat for the year; Residential sales decreased by ~1%, while C&I sales increased by ~2% CIP minimizes margin volatility due to variations in sales, regardless of the sales driver (weather, energy efficiency, net-metered solar, economy) Regulatory and Market Environment PSE&G reduced the gas commodity charge to $0.50 per therm which will result in a bill reduction of ~11.5% per month for a typical residential gas customer effective February 1, 2023 The BPU BGS auction result will increase the typical residential electric customer monthly bill by an average of 3.3% on June 1, 2023 FERC annual transmission formula rate filing will result in an increase in revenue of $69 million effective January 1, 2023 The BPU approved an order authorizing PSE&G to modify its method for pension accounting for calendar year 2023 and beyond $320 million CEF-EE extension filing pending at BPU Distribution Base Rate Case to be filed by year-end 2023 Financial Invested $0.9 billion in Q4 including the continued execution of GSMP II, ES II, CEF investments, and the IAP focused on the “Last Mile” YE 2022 rate base of $26.4 billion, a 7.7% increase over YE 2021 2023 Net Income guidance narrowed to $1,500 million - $1,525 million from $1,490 million - $1,540 million

PSEG is advancing a predictable growth platform PSEG has met or exceeded its non-GAAP Operating Earnings guidance for 18 years in a row Narrowing 2023 non-GAAP Operating Earnings guidance by $0.10 to $3.40 - $3.50 per share (from $3.35 - $3.55 per share) PSE&G expected to contribute ~90% of consolidated 2023 non-GAAP Operating Earnings Long-term EPS growth rate of 5% - 7% from midpoint of 2023 non-GAAP Operating Earnings guidance to 2027 PSE&G Capital Spending of $15.5 billion to $18 billion from 2023 – 2027 drives 6% – 7.5% Rate Base CAGR No new equity needed through 2027 to execute capital spending program PSEG 2023 indicative annual common dividend increased by $0.12 to $2.28* per share PSE&G bills remain lowest among regional peers for residential gas; below the regional peer average for residential electric PSEG has decided to exit OSW generation with its decision to sell its 25% equity interest in Ocean Wind 1; evaluating options for potential sale of its 50% interest in Garden State Offshore Energy acreage * All future decisions and declarations regarding dividends on the common stock are subject to approval by the Board of Directors.

APPENDIX

PSEG – Full Year-2023 Guidance $ millions (except EPS) Original 2023E Guidance Narrowed 2023E Guidance PSE&G (Net Income) $1,490 - $1,540 $1,500 - $1,525 CFIO $185 - $235 $200 - $225 PSEG Operating Earnings (non-GAAP) $1,675 - $1,775 $1,700 - $1,750 PSEG Operating EPS (non-GAAP) $3.35 - $3.55 $3.40 - $3.50 Non-GAAP Operating Earnings Guidance

PSE&G’s residential customer bills compare favorably Regional gas bills lowest among peers; Regional electric bills lower than average Based upon a calculation of monthly bills for an electric customer using 500 kilowatt-hours using rates as of June 15, 2022 and a gas customer using 100 therms using rates as of February 1, 2023. Rates sourced from public company documents. Monthly Gas Bills Monthly Electric Bills PSE&G Peer NJ Utilities Peer Regional Utilities outside of NJ Average = $103 Average = $181

2023 Pension Update PSEG ($ Millions) 2022 2021 Discount Rate 5.20% 2.94% Expected Rate of Return on Plan Assets (EROA) 7.2% 7.7% Fair Value of Plan Assets at Beginning of Year $6,906 $6,368 Actual Return on Plan Assets ($1,606) $886 Fair Value of Plan Assets at Year-End $4,911 $6,906 Benefit Obligation at Year-End $5,628 $7,240 Funded Status at Year-End 87% 95% Net Actuarial Loss at Year-End $2,151 $1,643 As of 12/31/2022, PSEG’s Funded Status was ~87%; No cash contributions are anticipated in the near-term The BPU has approved an order authorizing PSE&G to modify its method for pension accounting for ratemaking purposes, which will mitigate variability in the calculation of PSE&G’s pension expense for calendar year 2023 and beyond

PSEG Power Issuer Credit Ratings Moody’s = Baa2 / Outlook = Stable S&P = BBB / Outlook = Stable PSEG Power Long-term Debt Outstanding (2) $1.25B PSEG maintains a solid financial position PSEG PSEG Senior Unsecured Credit Ratings Moody’s = Baa2 / Outlook = Stable S&P = BBB / Outlook = Stable PSEG 364-Day Term Loan Outstanding (1,2) $2.00B PSEG Long-term Debt Outstanding $4.12B PSEG Consolidated Debt to Capitalization 60% (1) 364-Day term loan is included in Short-Term Debt as Commercial Paper & Loans. As of 12/31/2022, 364-Day Term Loans include $1.5B maturing April 2023 and $0.5B maturing May 2023. Subsequent to year-end 2022, there was a partial redemption of $0.75B of the term loan due April 2023. (2) PSEG 364-Day Term Loans and PSEG Power Long-Term Debt are at a variable rate. During September and October 2022, PSEG entered into floating-to-fixed interest rate swaps totaling $1,050M in order to reduce the volatility in interest expense for a portion of our variable-rate debt at PSEG and PSEG Power. Note: Unless otherwise noted, balances are as of December 31, 2022. 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 one decimal place. Public Service Electric & Gas PSE&G Senior Secured Credit Ratings Moody’s = A1 / Outlook = Stable S&P = A / Outlook = Stable PSE&G Long-term Debt Outstanding $12.70B PSEG had approximately $3.7B of available liquidity plus cash and short-term investments of $0.5B (inclusive of $0.2B at PSE&G) PSEG Power had net cash collateral postings of $1.5B at year-end 2022 (net cash collateral postings were ~$700M at 2/17/2023) primarily related to out-of-the-money hedge positions resulting from higher energy prices PSEG Liquidity and Net Cash Collateral Postings PSEG Long-Term Debt Maturity Profile through 2027 Financing Activity Subsequent to Year-End 2022 Redemption: PSEG 364-Day Term Loan due April 2023 $0.75B

PSEG Liquidity as of December 31, 2022 Company Facility Expiration Date Total Facility Usage Available Liquidity ($ millions) PSE&G Revolving Credit Facility March 2027 $1,000 $18 $982 PSEG Money Pool PSEG/PSEG Power Revolving Credit Facility (PSEG) March 2027 $1,500 $202 $1,298 Revolving Credit Facility (PSEG Power) March 2027 1,250 63 1,187 Letter of Credit Facility (PSEG Power) April 2024 100 32 68 Letter of Credit Facility (PSEG Power) September 2024 200 120 80 Letter of Credit Facility (PSEG Power) April 2025 100 26 74 $3,150 $443 $2,707 Total Facilities $4,150 $461 $3,689 PSEG Money Pool Cash and Short-term Investments $245 PSE&G Cash and Short-term Investments $220 Total Liquidity Available $4,154 Total Money Pool Liquidity Available $2,952 (A,B) (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. 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.

Q4 & Full Year 2022 Generation Measures & Hedge Update Note: Generation indicates period net generation; Delivery Year runs from June 1 to May 31 of the next calendar year; Average Prices and Cleared Capacity reflect base and incremental auctions. Nuclear Generation Measures Three Months ended December 31 Twelve Months ended December 31 2021 2022 2021 2022 Capacity Factor 88.5% 85.8% 91.9% 92.2% Fuel Cost ($ millions) $45 $42 $188 $183 Generation (GWh) 7,562 7,338 31,158 31,265 Fuel Cost ($/MWh) $5.95 $5.72 $6.03 $5.85 * Numbers reflect management’s view of hedge percentages and prices as of December 31, 2022. Prices for 2023 reflect revenues of full requirement load deals based on contract price including renewable energy credits and ancillary, but excluding capacity and transmission components. Price for 2024 reflect energy revenues only. Hedge includes positions with MTM accounting treatment and options. Carbon-Free Contracted Energy Sales* 2023E 2024E Fuel Nuclear Nuclear Volume TWh 30 – 32 30 - 32 % Hedged 95-100% 55-60% Price $/MWh $31 $32 2021 Nuclear Refueling Completed: Spring – HC Fall – S2, PB3 2022 Nuclear Refueling Completed: Spring – S1 Fall – HC, PB2 2023 Nuclear Refueling Schedule: Spring – S2 Fall – S1, PB3 Other Financial Considerations The winter storm in late December 2022 is not expected to have a material impact on financial results New Jersey Zero Emissions Certificates ~$200 million/year through May 2025 Q4 2022 Generation Gross Margin $22.03/MWh, Full Year 2022 Generation Gross Margin $26.47/MWh Delivery Year PSEG’s Average Prices ($/MW-Day) PSEG’s Cleared Capacity (MW) 2021/2022 $142 3,700 2022/2023 $97 3,300 2023/2024 $49 3,700

Named to 2023 JUST 100 list of America’s Most JUST Companies by JUST Capital MSCI raised PSEG’s corporate ESG rating to its highest rating of AAA PSE&G was recognized with the 2022 PA Consulting ReliabilityOne® Award for Outstanding Reliability Performance in the Mid-Atlantic Metropolitan Service Area for the 21st consecutive year PSE&G won the 2022 EEI Edison Award, the electric utility industry's highest honor Named to the Dow Jones Sustainability North America Index for 15 years in a row Policies & Goals PSEG Leadership PSEG Sustainability and ESG Summary PSEG is a vocal advocate for an economy-wide price on carbon and preservation of our existing carbon-free nuclear generating fleet Committed to rigorous oversight of political contributions and transparency in disclosure Diversity, Equity & Inclusion Commitment Human Rights Policy LGBTQ+ Inclusion Pledge PSEG’s long-term ESG goals and business strategy are aligned with many of the U.N.’s SDGs as indicated by the colored boxes below *These reports and disclosures shall not be deemed incorporated into or part of these slides. Note: Scope 1 are direct emissions from power generation, vehicle fleets and methane, SF6 and refrigerant leaks; Scope 2 are indirect emissions from operations from purchased energy of electric and gas and line losses; Scope 3 are indirect emissions from our value chain. Joined the U.N.-backed Race to Zero and Business Ambition for 1.5°C campaigns PSE&G’s Clean Energy Future programs approved to invest $2B to decarbonize the NJ economy via Energy Efficiency, EV infrastructure, and AMI Accelerated PSEG’s climate vision for Net Zero GHG emissions to 2030 for scopes 1 & 2 PSEG committed to setting GHG emission targets for scopes 1, 2 and 3 using science-based targets by September 2023 PSEG generating fleet is a Top 10 U.S. producer of carbon-free energy and is coal-free ~$1B of regulated solar investments PSEG 2021 Sustainability and Climate Report * PSEG Diversity, Equity & Inclusion Report * PSEG ESG Performance Report * PSEG ESG Disclosures * Recognition & Memberships

MSCIMorgan Stanley Capital International OSHAOccupational Safety & Health Administration OSWOffshore Wind PBPeach Bottom SSalem SAIDISystem Average Interruption Duration Index SAIFISystem Average Interruption Frequency Index SF6Sulfur Hexafluoride T&DTransmission and Distribution U.N.United Nations ZECZero Emission Certificates PSEG Investor Relations 80 Park Plaza Newark NJ 07102 PSEG-IR-GeneralInquiry@pseg.com investor.pseg.com AMIAutomated Metering Infrastructure BGSBasic Generation Service BPUNew Jersey Board of Public Utilities C&ICommercial and Industrial CAIDICustomer Average Interruption Duration Index CAGRCompound Annual Growth Rate CEF Clean Energy Future CEF-EEEnergy Efficiency CFIOCarbon-Free, Infrastructure & Other CIPConservation Incentive Program EEstimate EEIEdison Electric Institute EROAExpected Return on Plan Assets ES IIEnergy Strong II ESGEnvironmental, Social and Governance EPSEarnings Per Share EVElectric Vehicle FERCFederal Energy Regulatory Commission FYFull Year GSMPGas System Modernization Program GHGGreenhouse Gas HCHope Creek IAPInfrastructure Advancement Program IRSInternal Revenue Service

Reconciliation of Non-GAAP Operating Earnings 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). Effective January 1, 2018, unrealized gains (losses) on equity securities are recorded in Net Income (Loss) instead of Other Comprehensive Income (Loss). Includes the financial impact from positions with forward delivery months. Full year 2022 includes the results for fossil generation sold in February 2022. Fourth quarter and full year 2021 amounts include a pre-tax loss of $298 million for the make-whole premium paid upon the early redemption of PSEG Power's debt and other non-cash debt extinguishment costs. Income tax effect calculated at 28.11% statutory rate for 2018 through 2022 and 40.85% statutory rate for prior years, except for qualified NDT related activity, which records an additional 20% trust tax on income (loss) from qualified NDT Funds, the additional investment tax credit recapture related to the sale of PSEG Solar Source in 2021, and leveraged lease related activity, which is calculated at a combined leveraged lease effective tax rate. Approximately three million potentially dilutive shares were excluded from fully diluted average shares outstanding used to calculate the diluted GAAP loss per share for the year ended December 31, 2021 as their impact was antidilutive to GAAP results. For non-GAAP per share calculations, we used fully diluted average shares outstanding of 507 million, including the three million potentially dilutive shares as they were dilutive to non-GAAP results. As a result of the use of different denominators for non-GAAP Operating Earnings and GAAP Net Loss, a reconciling line item, “Share Differential,” has been added to the 2021 results to reconcile the two Earnings/(Loss) per share calculations. A

Reconciliation of Non-GAAP Operating Earnings B Includes the financial impact from positions with forward delivery months. Full year 2022 includes the results for fossil generation sold in February 2022. Fourth quarter and full year 2021 amounts include a pre-tax loss of $298 million for the make-whole premium paid upon the early redemption of PSEG Power's debt and other non-cash debt extinguishment costs. 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, the additional ITC recapture related to the sale of PSEG Solar Source in 2021, and leveraged lease related activity, which is calculated at a combined leveraged lease effective tax rate. Approximately three million potentially dilutive shares were excluded from fully diluted average shares outstanding used to calculate the diluted GAAP loss per share for year ended December 31, 2021 as their impact was antidilutive to GAAP results. For non-GAAP per share calculations, we used fully diluted average shares outstanding of 507 million, including the three million potentially dilutive shares as they were dilutive to non-GAAP results. 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).

v3.22.4

Cover Page

Feb. 21, 2023

Entity Information [Line Items]

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Cover Page	Feb. 21, 2023
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Feb. 21, 2023
Entity File Number	001-09120
Entity Registrant Name	Public Service Enterprise Group Incorporated
Entity Incorporation, State or Country Code	NJ
Entity Tax Identification Number	22-2625848
Entity Address, Address Line One	80 Park Plaza
Entity Address, City or Town	Newark
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07102
City Area Code	973
Local Phone Number	430-7000
Entity Emerging Growth Company	false
Amendment Flag	false
Entity Central Index Key	0000788784
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Public Service Electric and Gas Company [Member]
Entity Information [Line Items]
Entity File Number	001-00973
Entity Registrant Name	Public Service Electric and Gas Company
Entity Incorporation, State or Country Code	NJ
Entity Tax Identification Number	22-1212800
Entity Address, Address Line One	80 Park Plaza
Entity Address, City or Town	Newark
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07102
City Area Code	973
Local Phone Number	430-7000
Amendment Flag	false
Entity Central Index Key	0000081033
Common Stock without par value [Member]
Entity Information [Line Items]
Title of 12(b) Security	Common Stock without par value
Trading Symbol	PEG
Security Exchange Name	NYSE
First and Refunding Mortgage Bonds Eight Percent, Due Two Thousand Thirty Seven [Member]
Entity Information [Line Items]
Title of 12(b) Security	8.00% First and Refunding Mortgage Bonds, due 2037
Trading Symbol	PEG37D
Security Exchange Name	NYSE
First and Refunding Mortgage Bonds Five Percent, Due Two Thousand Thirty Seven [Member]
Entity Information [Line Items]
Title of 12(b) Security	5.00% First and Refunding Mortgage Bonds, due 2037
Trading Symbol	PEG37J
Security Exchange Name	NYSE