Public Service Enterprise Group (PEG) investor relations material

Business mix and strategic direction

• Business mix includes New Jersey’s largest utility, with 2.4M electric and 1.9M gas customers, a five-unit, 3,758 MW carbon-free nuclear fleet, gas supply operations, Long Island operations and competitive transmission.

• Long-term non-GAAP Operating Earnings growth target is 6%–8% through 2030, based primarily on regulated utility growth and a higher 2026 baseline.

• The 2026–2030 regulated capital plan is $22.5B–$25.5B; total capital spending is $24B–$28B, with more than 90% of capital allocation directed to regulated investments.

• The five-year plan is expected to be funded without new equity or asset sales; the annualized indicative 2026 dividend is $2.68 per share, ~6% above 2025 and the 15th consecutive annual increase.

• 2026 non-GAAP Operating Earnings guidance was maintained at $4.28–$4.40 per share; guidance has been met or exceeded for 21 consecutive years.

Regulated utility investment and affordability

• Regulated rate base is targeted to grow at a 6%–7.5% CAGR in 2026–2030, supported by system modernization, reliability work, clean energy programs and customer demand.

• The Gas System Modernization Program III is a BPU-approved three-year, $1.4B program that began in January 2026; it includes replacement of at least 600 miles of main.

• PSE&G filed a proposal for deferral accounting to offset earnings lag from higher interest and depreciation on electric and gas assets in service but not yet in rates; the filing proposes a June 2027 base rate case.

• The proposal would keep distribution base rates stable during the deferral period; the presentation anticipates new rates in 2028.

• Residential gas heating bills fell 5% effective October 2026; PSE&G reported the lowest gas bills in New Jersey and the Mid-Atlantic region.

Customer programs and operating performance

• Clean Energy Future energy-efficiency programs have generated more than $1B in annual customer savings; the BPU-approved CEF-EE II program covers ~ $1.9B of spending plus $1B in on-bill repayment financing.

• PSE&G launched a residential virtual power plant pilot in 2026, using customer-owned battery storage to assess peak-demand reduction and grid reliability benefits.

• Year-end open gas leaks fell ~77% from 2020 to 2025; electric reliability remained in the top decile of comparable U.S. utilities.

• PSE&G ranked first in customer satisfaction among large electric utilities in the East for the fourth consecutive year; PSEG Long Island also ranked first in its East-region business customer segment.

• Combined residential bills remained below 3% of New Jersey median income; affordability improved 40% since 2009 for median-income customers and ~29% for low-income customers.