Since PSEG’s founding in 1903, our company has been proudly headquartered in New Jersey. For over 120 years, we’ve played a vital role in the lives of millions while managing through rapid and extensive energy transitions from lighting to air conditioning to electrification of transportation.

As any New Jerseyan will tell you, there’s a unique pride that comes with calling this state home. I share that pride, both as someone born and raised here and as the leader of a company so deeply rooted in the place I—and the majority of our 13,000 employees—call home.

Looking ahead, New Jersey, our region and the world are changing, reshaping industries and economies, while increasing our reliance on energy. We are changing with it.

We are getting ready – ready for a reliable and sustainable future. Utilities like ours have an important role to play in this technology-driven, power-reliant future. From bustling cities and sprawling farmland to iconic landmarks and everything in between, our New Jersey utility, PSE&G, serves 2.4 million electric customers and 1.9 million natural gas customers while PSEG Long Island serves about 1.1 million electric customers.

At PSEG Nuclear, we are getting ready by investing in our systems and continuing to support this 24x7 source of carbon-free generation.

We also understand the need to support the state’s

We also understand the need to support the state’s economic development goals by building a strong workforce that can represent the communities we serve. As our region’s economy and power needs evolve, PSEG is prepared to evolve as well. Energy jobs are expected to grow exponentially over the next few years, and we want to train and build a workforce that can fill those jobs. We are also developing broad supply chains that enable effective operations, support our communities and mitigate risk.

economic development goals by building a strong workforce that can represent the communities we serve. As our region’s economy and power needs evolve, PSEG is prepared to evolve as well. Energy jobs are expected to grow exponentially over the next few years, and we want to train and build a workforce that can fill those jobs. We are also developing broad supply chains that enable effective operations, support our communities and mitigate risk.

Below are some highlights that demonstrate our focus on preparing for the future:

Continuing operational excellence. Our customers expect their utility service to be predictable, reliable and accountable. To meet those expectations, we focus on efficient operations to deliver quality service today, position us to meet the energy needs of the future and keep bills as affordable as possible.

Investments to keep our utility best-in-class. PSE&G’s regulated capital investment plan calls for $21 billion to $24 billion for capital projects through 2029. These projects include meeting growing energy demand, reducing methane leaks, enhancing storm resiliency and improving local reliability in neighborhoods and on streets.

Advancing affordable and clean energy initiatives. More than 415,000 people have taken advantage of our energy efficiency programs, which both reduce carbon emissions and save customers money. Clean energy is also an important economic driver, with job opportunities in this sector booming.

Supporting our carbon-free nuclear fleet. We’re pursuing power uprates, refueling cycle extensions and 20-year operating license renewals for our nuclear facilities, which provide 85% of New Jersey’s carbon-free power generation and about 40% of the state’s total energy

Continuing focus on affordability. As of December 2024, average combined bills represent about 3% of median New Jersey income. For low-income customers utilizing eligible payment support programs, combined bills are approximately 2% of their income. Our electric rates are average regionally and our gas bills remain the lowest in the region.

At PSEG, we are embracing a strategic approach that includes updating our infrastructure to prepare for the future while reducing emissions and fostering a culture where our workforce is equipped to operate in an evolving energy landscape while we strive to keep customer bills affordable. We are also implementing new technology with the completion of our Advanced Metering Infrastructure program, which provides a foundation for us to respond to outages more effectively and restore power more quickly.

I am proud to say that our work is being recognized by our customers. PSE&G ranked #1 in customer satisfaction for both residential electric and gas service in the east among large utilities in the J.D. Power 2024 U.S. Electric and Gas Utility Residential Customer Satisfaction Studies.

In 2024, we also received the ReliabilityOne® Award for Outstanding Metropolitan Service Area Reliability Performance in the Mid-Atlantic region for the 23rd consecutive year, were named to the Dow Jones Sustainability Index

In 2024, we also received the ReliabilityOne® Award for Outstanding Metropolitan Service Area Reliability Performance in the Mid-Atlantic region for the 23rd consecutive year, were named to the Dow Jones Sustainability Index for the 17th consecutive year, were ranked as the top utility on Newsweek’s America’s Most Responsible Companies 2025 list and were named by JUST Capital to the JUST 100 Ranking of America’s Most JUST Companies. These recognitions demonstrate our ongoing efforts to support our employees and the communities we serve while also keeping affordability, reliability, sustainability and environmental management as focuses of our business strategy.

for the 17th consecutive year, were ranked as the top utility on Newsweek’s America’s Most Responsible Companies 2025 list and were named by JUST Capital to the JUST 100 Ranking of America’s Most JUST Companies. These recognitions demonstrate our ongoing efforts to support our employees and the communities we serve while also keeping affordability, reliability, sustainability and environmental management as focuses of our business strategy.

Our leadership team is deeply committed to proven business principles that balance long-term value creation with alignment to future state, regional and national energy and affordability goals. This approach makes us not only a sound investment choice, but also a stable force amid the energy transition.

Thank you, our shareholders, for your trust, confidence and ongoing support. We are proud of our accomplishments, energized by the opportunities ahead and focused on building a future-ready company that serves New Jersey and beyond.

Sincerely,

Ralph LaRossa

Chair of the Board, President and Chief Executive Officer
Public Service Enterprise Group Incorporated

February 25, 2025