Public Service Electric & Gas 8-K PSEG Announces Second Quarter 2023 Results

EXHIBIT 99.1

Public Service Enterprise Group 2nd QUARTER 2023 NYSE: PEG Financial Results Presentation August 1, 2023

Forward-Looking Statements Certain of the matters discussed in this presentation about our and our subsidiaries’ future our ability to obtain adequate nuclear fuel supply; performance, including, without limitation, future revenues, earnings, strategies, prospects, changes in technology related to energy generation, distribution and consumption and changes in customer usage patterns; consequences and all other statements that are not purely historical constitute “forward-looking third-party credit risk relating to and purchase of nuclear fuel; statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward- any inability to meet our commitments under forward sale obligations and Regional Transmission looking statements are subject to risks and uncertainties, which could cause actual results to differ Organization rules; materially from those anticipated. Such statements are based on management’s beliefs as well as reliance on transmission facilities to maintain adequate transmission capacity for our nuclear assumptions made by and information currently available to management. When used herein, the generation fleet; words “anticipate,” “intend,” “estimate,” “believe,” “expect,” “plan,” “should,” “hypothetical,” “potential,” 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; “forecast,” “project,” variations of such words and similar expressions are intended to identify forward- PSE&G’s proposed investment programs may not be fully approved by regulators and its capital looking statements. Factors that may cause actual results to differ are often presented with the forward- investment may be lower than planned; looking statements themselves. Other factors that could cause actual results to differ materially from our ability to advocate for and our receipt of appropriate regulatory guidance to ensure long-term those contemplated in any forward-looking statements made by us herein are discussed in filings we support for our nuclear fleet; make with the United States Securities and Exchange Commission (SEC), including our Annual Report adverse changes in and non-compliance with energy industry laws, policies, regulations and on Form 10-K and subsequent reports on Form 10-Q and Form 8-K. These factors include, but are not standards, including market structures and transmission planning and transmission returns; limited to: risks associated with our ownership and operation of nuclear facilities, including increased any inability to successfully develop, obtain regulatory approval for, or construct transmission nuclear fuel storage costs, regulatory risks, such as compliance with the Atomic Energy Act and and distribution, and our nuclear generation projects; trade control, environmental and other regulations, as well as financial, environmental and health the physical, financial and transition risks related to climate change, including risks relating to and safety risks; potentially increased legislative and regulatory burdens, changing customer preferences and changes in federal and state environmental laws and regulations and enforcement; lawsuits; delays in receipt of, or an inability to receive, necessary licenses and permits and siting any equipment failures, accidents, critical operating technology or business system failures, approvals; and severe weather events, acts of war, terrorism or other acts of violence, sabotage, physical changes in tax laws and regulations. attacks or security breaches, cyberattacks or other incidents that may impact our ability to All of the forward-looking statements made in this presentation are qualified by these cautionary provide safe and reliable service to our customers; statements and we cannot assure you that the results or developments anticipated by management will any inability to recover the carrying amount of our long-lived assets; disruptions or cost increases in our supply chain, including labor shortages; be realized or even if realized, will have the expected consequences to, or effects on, us or our business, any inability to maintain sufficient liquidity or access sufficient capital on commercially prospects, financial condition, results of operations or cash flows. Readers are cautioned not to place reasonable terms; undue reliance on these forward-looking statements in making any investment decision. Forward-looking the impact of cybersecurity attacks or intrusions or other disruptions to our information statements made in this presentation apply only as of the date of this presentation. While we may elect technology, operational or other systems; to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, a material shift away from natural gas toward increased electrification and a reduction in the use even in light of new information or future events, unless otherwise required by applicable securities laws. of natural gas; failure to attract and retain a qualified workforce; The forward-looking statements contained in this presentation are intended to qualify for the safe harbor inflation, including increases in the costs of equipment, materials, fuel and labor; provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities the impact of our covenants in our debt instruments and credit agreements on our business; Exchange Act of 1934, as amended. adverse performance of our defined benefit plan trust funds and Nuclear Decommissioning Trust Fund and increases in funding requirements and pension costs; fluctuations in, or third party default risk in wholesale power and natural gas markets, including the potential impacts on the economic viability of our generation units; 2

PSEG 2nd Quarter 2023 GAAP Disclaimer PSEG presents Operating Earnings in addition to its Net Net Income/(Loss), which is an indicator of financial Income/(Loss) reported in accordance with accounting principles performance determined in accordance with GAAP. In addition, generally accepted in the United States (GAAP). Operating non-GAAP Operating Earnings as presented in this release may Earnings is a non-GAAP financial measure that differs from Net not be comparable to similarly titled measures used by other Income/(Loss). Non-GAAP Operating Earnings exclude the companies. impact of gains (losses) associated with the Nuclear Due to the forward-looking nature of non-GAAP Operating Decommissioning Trust (NDT), Mark-to-Market (MTM) Earnings guidance, PSEG is unable to reconcile this non-GAAP accounting and material one-time items. The last two slides in financial measure to the most directly comparable GAAP this presentation (Slides A and B) include a list of items financial measure because comparable GAAP measures are not excluded from Net Income/(Loss) to reconcile to non-GAAP reasonably accessible or reliable due to the inherent difficulty in Operating Earnings with a reference to those slides included on forecasting and quantifying measures that would be required for each of the slides where the non-GAAP information appears. such reconciliation. Namely, we are not able to reliably project Management uses non-GAAP Operating Earnings in its internal without unreasonable effort MTM and NDT gains (losses), for analysis, and in communications with investors and analysts, as future periods due to market volatility. These items are a consistent measure for comparing PSEG’s financial uncertain, depend on various factors, and may have a material performance to previous financial results. The presentation of impact on our future GAAP results. non-GAAP Operating Earnings is intended to complement, and should not be considered an alternative to, the presentation of 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. The information on https://investor.pseg.com and https://investor.pseg.com/resources/email-alerts/default.aspx is not incorporated herein and is not part of this communication or the Form 8-K to which it is an exhibit. 3

PSEG 2nd Quarter 2023 PSEG Q2 2023 Second Quarter Results – On track Net Income of $1.18 per share Non-GAAP Operating Earnings* of $0.70 per share PSE&G non-GAAP Operating Earnings* driven by T&D investments and timing of taxes PSEG Power & Other non-GAAP Operating Earnings* on track Operational Excellence PSE&G customer reliability results for total outage durations (SAIDI) are better than prior year-to-date; 2022 full-year SAIDI was the best in PSE&G’s recorded history PSE&G has completed the planned replacement of 135 miles of gas main and the ~12,500 associated gas services to homes and businesses PSEG Nuclear completed Spring refueling outage at Salem 2 on time and on budget Disciplined Investment PSEG completed the sale of 25% equity stake in Ocean Wind 1 to Ørsted PSE&G invested $1.7 billion year-to-date, as part of full-year 2023, $3.5 billion capital investment program PSE&G’s 5-year capital program of $15.5 billion—$18 billion is driven by focus on modernizing T&D infrastructure, CEF programs and “Last Mile” projects PSEG Nuclear is proceeding with Hope Creek fuel cycle extension project to reduce O&M and increase generation over the life of the plant * See Slides A and B for Items excluded from Net Income/(Loss) to reconcile to Operating Earnings (non-GAAP) for PSEG, PSE&G and PSEG Power & Other. Note: PSEG Power & Other includes our nuclear generating fleet, gas operations, PSEG Long Island, remaining offshore wind investment, potential hydrogen investments, Parent and other. 4

PSEG 2nd Quarter 2023 Re-affirming full-year 2023 guidance PSEG Non-GAAP Operating EPS 2023E Non-GAAP Operating EPS Drivers $3.40E—$3.50E CIP stabilizes distribution margin from weather impacts and other volumetric variances $0.40—$0.45 PSE&G transmission formula rate and infrastructure investment and clean energy program roll-ins provide current recovery of investments PSEG Power & Other realized the majority of higher average annual hedged prices for 2023 during Q1 $3.00—$3.05 PSEG cost comparisons in line with expectations PSE&G pension accounting order in effect for full-year 2023 2023E PSE&G PSEG Power & Other 5

PSEG 2nd Quarter 2023 Regulatory and Policy Update NJ Board of Public Utilities Investment Priorities Aligned with NJ’s Clean Energy Agenda CEF-EE nine-month extension through June 30, 2024 settled and approved for $280 million, increasing run rate Incremental investments in existing PSEG programs would support NJ’s increasing targets to decarbonize the economy BPU issued EE framework for second triennial program that through Governor Murphy’s Executive Orders will be basis for PSE&G filing in Q4 2023—Stakeholder proceedings, including on the “Future of Electric and Gas Distribution Base Rate Case to be filed by Natural Gas”, have commenced at the BPU and year-end 2023 Governor’s Office Council on the Green Economy for Two new BPU Commissioners, Christine Guhl-Sadovy and considering pathways to achieve: Marian Abdou, confirmed in May o 100% clean energy by 2035 o Electrifying transportation—No internal combustion Federal Energy Regulatory Commission engine vehicles sold after 2035 and increased incentives for Medium and Heavy-Duty EV adoption RTO incentive ROE adder continues to remain in place o Building electrification – 400,000 homes, 20,000 commercial properties and 10% of low-to-moderate income properties by 2030 o Goal to reduce gas emissions by 2030 BPU to address the balance of CEF filing regarding Medium and Heavy-Duty EVs in conjunction with ongoing stakeholder proceedings 6

PSEG: An improved business mix and platform for predictable growth Re-affirming full-year 2023 non-GAAP Operating Earnings PSEG’s solid balance sheet supports execution of 5-year guidance of $3.40—$3.50 per share capital plan with no new equity or need to sell assets PSE&G expected to contribute ~90% of 2023 non-GAAP 2023 indicative annual common dividend* of $2.28 per Operating Earnings share represents a 5.6% increase over 2022 Best-in-class, customer-centric regulated Utility with robust Favorable “share of wallet” for combined residential bills: 5-year capital investment program of $15.5B—$18B,—Gas bills are among the lowest in the region supporting our 6%—7.5% compound annual growth in —Electric bills are below regional peer average rate base over the 2023-2027 period Exited offshore wind generation, continuing to pursue Retaining Nuclear fleet with PTC stabilized, predictable cash flows and multiple growth paths with modest investment offshore transmission projects PSEG’s improved business mix drives the predictability of our long-term earnings growth rate of 5%—7% over the 2023-2027 period * All future decisions and declarations regarding dividends on the common stock are subject to approval by the Board of Directors. 7 7

Q2 2023 Review 8

PSEG Q2 Results PSEG EPS Summary – Three Months ended June 30 Net Income/(Loss) 2023 2022 Change PSE&G $ 0.67 $ 0.61 $ 0.06 PSEG Power & Other $ 0.51 $ (0.35) $ 0.86 Total PSEG $ 1.18 $ 0.26 $ 0.92 Non-GAAP Operating Earnings* 2023 2022 Change PSE&G $ 0.68 $ 0.61 $ 0.07 PSEG Power & Other $ 0.02 $ 0.03 $ (0.01) Total PSEG $ 0.70 $ 0.64 $ 0.06 * See Slides A and B for Items excluded from Net Income/(Loss) to reconcile to Operating Earnings (non-GAAP) for PSEG, PSE&G and PSEG Power & Other. 9

PSEG EPS Reconciliation – Q2 2023 versus Q2 2022 $1.20 $1.18 $1.05 ~ ~ $0.75 (0.01) 0.07 $0.70 share $0.64 Gross Margin 0.05 / $0.60 Re-contracting/Market 0.05 $ Transmission 0.02 Capacity (0.01) Electric Margin 0.01 Volume 0.01 $0.45 Gas Margin 0.01 O&M 0.01 Other Margin 0.02 Interest (0.02) Distribution O&M 0.02 Non-Operating $0.30 Pension/OPEB (0.03) $0.26 Distribution Depreciation & Interest (0.03) Taxes & Other (0.02) Distribution Non-Operating $0.15 Pension/OPEB (0.04) Distribution Taxes 0.06 $0.00 Q2 2022 Q2 2022 PSE&G PSEG Power & Other Q2 2023 Q2 2023 Net Operating Earnings Operating Earnings Net Income (non-GAAP)* (non-GAAP)* Income See Slides A and B for Items excluded from Net Income/(Loss) to reconcile to Operating Earnings (non-GAAP) for PSEG, PSE&G and PSEG Power & Other. 10    

PSEG First Half Results PSEG EPS Summary – Six Months ended June 30 Net Income/(Loss) 2023 2022 Change PSE&G $ 1.65 $ 1.62 $ 0.03 PSEG Power & Other $ 2.11 $ (1.36) $ 3.47 Total PSEG $ 3.76 $ 0.26 $ 3.50 Non-GAAP Operating Earnings* 2023 2022 Change PSE&G $ 1.67 $ 1.62 $ 0.05 PSEG Power & Other $ 0.42 $ 0.35 $ 0.07 Total PSEG $ 2.09 $ 1.97 $ 0.12 * See Slides A and B for Items excluded from Net Income/(Loss) to reconcile to Operating Earnings (non-GAAP) for PSEG, PSE&G and PSEG Power & Other. 11    

PSEG EPS Reconciliation – First Half 2023 versus First Half 2022 $4.00 $3.76 $3.75 ~ $2.25 ~ 0.07 $2.09 $1.97 0.05 $2.00 share Transmission 0.03 Gross Margin 0.15 / $1.75 Re-contracting/Market 0.22 $ Gas Margin 0.03 Capacity (0.03) $1.50 Other Margin 0.03 Volume 0.01 Gas Operations (0.05) Distribution O&M 0.05 $1.25 O&M 0.02 Distribution Depreciation & Interest (0.05) Interest (0.06) $1.00 Distribution Non-Operating Non-Operating Pension/OPEB (0.08) Pension/OPEB (0.06) $0.75 Distribution Taxes 0.03 Taxes & Other 0.02 Lower Share Count 0.01 $0.50 $0.26 $0.25 $0.00 YTD 2022 YTD 2022 PSE&G PSEG Power & Other YTD 2023 YTD 2023 Net Operating Earnings Operating Earnings Net Income (non-GAAP)* (non-GAAP)* Income * See Slides A and B for Items excluded from Net Income/(Loss) to reconcile to Operating Earnings (non-GAAP) for PSEG, PSE&G and PSEG Power & Other. Note: Quarterly results may not add due to rounding. 12

PSE&G Q2 Highlights Regulatory and Market Environment PSE&G submitted annual BGSS filing to reduce the gas commodity charge to $0.40 per therm beginning October 1; the Operations gas commodity charge was reduced twice during the prior winter heating season from $0.65 per therm to $0.47 per therm The number of Residential Electric and Gas customers, the driver PSE&G filed a petition in response to a generic BPU Order of margin growth under the CIP, each grew by ~1% for the trailing requesting recovery of incremental cost associated with the 12 months ended June 30 COVID-19 pandemic CIP minimizes margin volatility due to variations in sales, Financial regardless of the sales driver (weather, energy efficiency, net-metered solar, economy) PSE&G invested $0.9 billion in Q2, on track to invest $3.5 —For the trailing 12 months ended June 30, billion in 2023 on projects that support New Jersey’s policies weather-normalized Electric sales were flat for energy transition—For the trailing 12 months ended June 30, In May, PSE&G retired $500 million of 2.38% Secured weather-normalized Gas sales increased by ~4% Medium-Term Notes at maturity CEF-EC/AMI installations on schedule and on budget; ~1 million PSE&G 2023 non-GAAP Operating Earnings guidance is of the 2.3 million planned meter replacements in service unchanged at $1,500 million—$1,525 million 13

PSEG 2nd Quarter 2023 PSEG Power & Other Nuclear Generation Measures Carbon-Free Contracted Energy Sales* Three Months Ended Six Months Ended June 30, June 30, Baseload 2023E 2024E Nuclear 2022 2023 2022 2023 Volume TWh 30 – 32 30—32 Capacity Factor 88.9% 91.2% 94.9% 95.8% % Hedged 95-100% 75-80% Fuel Cost ($ millions) $44 $46 $93 $94 Price $/MWh $31 $38 Generation (GWh) 7,518 7,738 15,957 16,133 Fuel Cost ($/MWh) $5.85 $5.94 $5.83 $5.83 Other Financial Considerations 2022: Spring – S1 Fall – HC, PB2 Refueling Outages: 2023: Spring – S2 Fall – S1, PB3 Progress continues to transition PSEG’s 100%-owned Hope Creek unit from 18-month to 24-month fuel cycles as early as 2025 PJM Capacity Auction Results PSEG Power & Other 2023 non-GAAP Operating Earnings guidance unchanged at PSEG’s Average Prices PSEG’s Cleared Capacity 2023 Delivery Period $200 million—$225 million ($/MW-Day) (MW) Jan – May $97 3,300 Jun – Dec $50 3,700 * Numbers reflect management’s view of hedged percentages and prices as of December 31, 2022 for 2023E and June 30, 2023 for 2024E. Prices for 2023E reflect revenues of full requirement load deals based on contract price including renewable energy credits and ancillary, but excluding capacity and transmission components. Prices for 2024E reflect energy revenues only. Hedged positions include MTM accounting treatment and options. Note: Generation indicates period net generation; Average Prices and Cleared Capacity reflect base and incremental auctions. 14

PSEG 2nd Quarter 2023 Appendix 15

PSEG 2nd Quarter 2023 PSEG – Full Year 2023 Guidance by Business PSEG Non-GAAP Operating Earnings Guidance $ millions (except EPS) 2023E PSE&G $1,500—$1,525 PSEG Power & Other $200—$225 PSEG Operating Earnings (non-GAAP) $1,700—$1,750 PSEG Operating EPS (non-GAAP) $3.40—$3.50 16

PSEG 2nd Quarter 2023 2023 Pension Update PSEG ($ Millions) 2022 2021 Focused on increasing the predictability of future earnings Discount Rate 5.20% 2.94% by mitigating pension impacts Expected Rate of Return 7.2% 7.7% In February, the BPU approved an order authorizing on Plan Assets (EROA) PSE&G to modify its method for pension accounting for Fair Value of Plan Assets $6,906 $6,368 ratemaking purposes, which mitigates variability in the at Beginning of Year calculation of PSE&G’s pension expense for calendar year Actual Return on Plan Assets ($1,606) $886 2023 and beyond; as of June 30, 2023, PSE&G has deferred $30 million as a Regulatory Asset under this Fair Value of Plan Assets methodology $4,911 $6,906 at Year-End In July, PSEG executed an agreement for a pension Benefit Obligation at Year-End $5,628 $7,240 “lift-out”, transferring approximately $1 billion of pension obligations and associated plan assets which will help Funded Status at Year-End 87% 95% further increase the predictability of financial results Net Actuarial Loss at Year-End $2,151 $1,643 Post the “lift-out” transaction, strong funding ratio maintained 17

PSEG 2nd Quarter 2023 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 = Stable PSEG 364-Day Term Loan Outstanding (1,2) $0.75B PSE&G Long-term Debt Outstanding $13.09B PSEG Long-term Debt Outstanding $4.13B PSEG Long-Term Maturity Profile Through 2027 PSEG Consolidated Debt to Capitalization 57% PSEG Power Issuer Credit Ratings 2,500 Moody’s = Baa2 / Outlook = Stable S&P = BBB / Outlook = Stable 2,000 1,500 PSEG Power Long-term Debt Outstanding (2) $1.25B Maturing Millions) 1,000 $ 500 (PSEG Liquidity and Net Cash Collateral Postings PSEG Liquidity and Net Cash Collateral Postings Principal 0 2023 2024 2025 2026 2027 PSE&G PSEG Power PSEG PSEG had approximately $4.0B of total available liquidity, including $0.5B of cash and short-term investments, at 6/30/2023 PSEG Power had net cash collateral postings of $0.4B at 6/30/2023 All data is as of 6/30/2023 unless otherwise noted. (1) 364-Day Term Loan is included in Short-Term Debt as Commercial Paper & Loans and as of 6/30/2023 included one $0.75B term loan maturing April 2024. (2) PSEG 364-Day term loans and PSEG Power long-term debt are at a variable rate. As of 6/30/2023, PSEG has entered into floating-to-fixed interest rate swaps totaling $0.90B in order to reduce the volatility in interest expense for a portion of our variable rate debt on our $1.25B, 3-year term loan maturing March 2025 at PSEG Power. Note: 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 two decimal places. 18

PSEG 2nd Quarter 2023 PSEG Liquidity as of June 30, 2023 Expiration Total Available Company Facility Usage Date Facility Liquidity ($ millions) PSE&G Revolving Credit Facility March 2027 $1,000 $318 $682 PSEG Money Pool PSEG/PSEG Power (A,B) Revolving Credit Facility (PSEG) March 2027 $1,500 $152 $1,348 (A) Revolving Credit Facility (PSEG Power) March 2027 1,250 39 1,211 Letter of Credit Facility (PSEG Power) September 2024 200 86 114 Letter of Credit Facility (PSEG Power) April 2025 100—100 Letter of Credit Facility (PSEG Power) April 2024 100 66 34 $3,150 $343 $2,807 Total Facilities $4,150 $661 $3,489 PSEG Money Pool Cash and Short-term Investments $421 PSE&G Cash and Short-term Investments $126 Total Liquidity Available $4,036 Total Money Pool Liquidity Available $3,228 (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. (B) 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. 19

PSEG 2nd Quarter 2023 PSEG Sustainability and ESG Summary PSEG Leadership Policies & Goals Recognition & Memberships PSE&G’s Clean Energy Future programs PSEG is a vocal advocate for an economy- Named to Forbes List for America’s Best approved to invest $2B to decarbonize the wide price on carbon and preservation of our Employers for Diversity for 2023 NJ economy via Energy Efficiency, existing carbon-free nuclear generating fleet Named to JUST Capital’s 2023 list of EV infrastructure, and AMI Committed to rigorous oversight of political America’s 100 Most JUST Companies Accelerated PSEG’s climate vision for Net Zero contributions and transparency in disclosure MSCI has assigned PSEG its highest GHG emissions to 2030 for scopes 1 & 2 PSEG oversight of sustainability and climate corporate ESG rating of AAA initiatives by Board of Directors’ Governance, PSEG continues to evaluate the criteria for the PSE&G was recognized with the Nominating and Sustainability Committee ® science-based emission reduction targets PA Consulting ReliabilityOne Award for encompassing Scopes 1, 2 and 3 emissions in Human Rights Policy Outstanding Reliability Performance in relation to the Science Based Targets initiative the Mid-Atlantic Metropolitan Service Area $0.40 -$0.45 LGBTQ+ Inclusion Pledge for the 21st consecutive year PSEG generating fleet is a Top 10 U.S. PSEG’s ESG goals and business strategy producer of carbon-free energy and is coal-free Named to the Dow Jones Sustainability are aligned with many of the U.N.’s SDGs North America Index for 15 years in a row ~$1B of regulated solar $3. investments 00 -$3.05 PSE&G has issued $1.4 billion of Green Bonds and PSEG sub-limit of master credit facility includes sustainability-linked pricing mechanism Link to PSEG Sustainability and ESG Disclosures including Reports and Sustainable Financing Framework* *These reports and disclosures should not be deemed incorporated into or part of these slides. 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. 20

PSEG 2nd Quarter 2023 Glossary of Terms AMI Automated Metering Infrastructure PB Peach Bottom PSEG Investor Relations BGSS Basic Gas Supply Service PJM Pennsylvania New Jersey Maryland 80 Park Plaza BPU New Jersey Board of Public Utilities Newark NJ 07102 PTC Production Tax Credit CEF Clean Energy Future PSEG-IR-GeneralInquiry@pseg.com ROE Return on Equity CIP Conservation Incentive Program RTO Regional Transmission Organization Link to PSEG Investor Relations Website E Estimate S Salem EC Energy Cloud SAIDI System Average Interruption Duration Index EE Energy Efficiency SF6 Sulfur Hexafluoride Link to PSEG ESG Webpages EPS Earnings Per Share ESG Environmental, Social and Governance T&D Transmission and Distribution U.N. United Nations EV Electric Vehicle GAAP Generally Accepted Accounting Principles GHG Greenhouse Gas HC Hope Creek MSCI Morgan Stanley Capital International O&M Operation & Maintenance OPEB Other Postretirement Benefits 21

PSEG 2nd Quarter 2023 Reconciliation of Non-GAAP Operating Earnings Public Service Enterprise Group Incorporated—Consolidated Operating Earnings (non-GAAP) Reconciliation Three Months Ended Six Months Ended Year Ended a) Includes the financial impact from positions with June 30, June 30, December 31, Reconciling Items forward delivery months. 2023 2022 2023 2022 2022 b) Six months ended June 30, 2022 and full year ($ millions, Unaudited) 2022 includes the results for fossil generation sold Net Income $591 $131 $1,878 $129 $1,031 in February 2022. (Gain) Loss on Nuclear Decommissioning Trust (NDT) c) Income tax effect calculated at statutory rate (58) 185 (100) 257 270 Fund Related Activity, pre-tax except for qualified NDT related activity, which (Gain) Loss on Mark-to-Market (MTM), pre-tax(a) (296) 104 (1,068) 949 635 records an additional 20% trust tax on income Plant Retirements, Dispositions and Impairments, pre-tax(b)—(2)—14 31 (loss) from qualified NDT Funds, and lease related activity. Lease Related Activity, pre-tax — — 78 Exit Incentive Program (EIP), pre-tax 9—20 — Please see Slide 3 for an explanation of PSEG’s use of Income Taxes related to Operating Earnings (non-GAAP) reconciling items(c) 105 (98) 316 (357) (306) Operating Earnings as a non-GAAP financial measure and how it differs from Net Income. Operating Earnings (non-GAAP) $351 $320 $1,046 $992 $1,739 PSEG Fully Diluted Average Shares Outstanding (in millions) 500 500 500 502 501 ($ Per Share Impact – Diluted, Unaudited) Net Income $1.18 $0.26 $3.76 $0.26 $2.06 (Gain) Loss on NDT Fund Related Activity, pre-tax (0.12) 0.37 (0.20) 0.51 0.54 (Gain) Loss on MTM, pre-tax(a) (0.59) 0.20 (2.14) 1.89 1.27 Plant Retirements, Dispositions and Impairments, pre-tax(b)—(0.01)—0.02 0.06 Lease Related Activity, pre-tax — — 0.15 EIP, pre-tax 0.02—0.04 —Income Taxes related to Operating Earnings (non-GAAP) reconciling items(c) 0.21 (0.18) 0.63 (0.71) (0.61) Operating Earnings (non-GAAP) $0.70 $0.64 $2.09 $1.97 $3.47 A

PSEG 2nd Quarter 2023 Reconciliation of Non-GAAP Operating Earnings PSE&G Operating Earnings (non-GAAP) Reconciliation Three Months Ended Six Month Ended Year Ended June 30, June 30, December 31, Reconciling Items 2023 2022 2023 2022 2022 ($ millions, Unaudited) Net Income $336 $305 $823 $814 $1,565 EIP, pre-tax 7—14 — Income Taxes related to Operating Earnings (non-GAAP) reconciling (2)—(4) —items Operating Earnings (non-GAAP) $341 $305 $833 $814 $1,565 PSEG Fully Diluted Average Shares Outstanding (in millions) 500 500 500 502 501 PSEG Power & Other Operating Earnings (non-GAAP) Reconciliation Three Months Ended Six Months Ended Year Ended June 30, June 30, December 31, Reconciling Items 2023 2022 2023 2022 2022 ($ millions, Unaudited) Net Income (Loss) $255 $(174) $1,055 ($685) $(534) (Gain) Loss on Nuclear Decommissioning Trust (NDT) Fund Related Activity, pre-tax (58) 185 (100) 257 270 (Gain) Loss on Mark-to-Market (MTM), pre-tax(a) (296) 104 (1,068) 949 635 Plant Retirements, Dispositions and Impairments, pre-tax(b)—(2)—14 31 Lease Related Activity, pre-tax — — 78 EIP, pre-tax 2—6 — Income Taxes related to Operating Earnings (non-GAAP) reconciling items(c) 107 (98) 320 (357) (306) Operating Earnings (non-GAAP) $10 $15 $213 $178 $174 PSEG Fully Diluted Average Shares Outstanding (in millions) 500 500 500 502 501 (a) Includes the financial impact from positions with forward delivery months. (b) Amount for the six months ended June 30, 2022 and full year 2022 includes the results for fossil generation sold in February 2022. (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, and lease related activity. 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). B

PSEG 2nd Quarter 2023 Thank you