PUBLIC SERVICE ENTERPRISE GROUP INC (PEG) Risk Factors

Recent key developments

Concrete developments — dated events, named agreements and instruments, legal proceedings — that PUBLIC SERVICE ENTERPRISE GROUP INC surfaced in its latest filing.

• PSE&G's base rates were most recently approved in October 2024.October 2024
• PSEG Power's full-requirements BGSS contract with PSE&G was extended to March 31, 2027, thereafter continuing unless terminated with two-year notice.March 31, 2027
• PSEG LI's OSA with LIPA to operate LIPA's electric T&D system in Long Island was recently extended through 2030.2030
• FERC's April 2021 proposal to eliminate the RTO membership incentive for transmitting utilities that have received it for three or more years; PSE&G has received a 50 basis point adder since 2008.April 2021
• In December 2025, all of PSEG's operating companies with MBR authority filed at FERC for acceptance of their updated triennial market power analysis; the filing remains pending.December 2025
• In January 2026, PJM provided an annual update of its load forecast in the PSEG zone and across PJM to reflect continued expectations of large customer growth.January 2026
• Salem 1, Salem 2 and Hope Creek nuclear plants were awarded Zero Emission Certificates (ZECs) by the BPU through May 2025.May 2025
• The Inflation Reduction Act established a nuclear production tax credit (PTC) of up to $15/MWh from January 1, 2024 through 2032, subject to adjustment based on gross receipts and annual inflation.2024-2032
• PSE&G's Clean Energy Future – Energy Efficiency II Program provides nearly $1 billion of funding to continue the on-bill repayment program.
• FERC Order 1000 opened transmission development to competition from independent developers, allowing them to compete with incumbent utilities for construction and operation of transmission facilities.
• Physical risks from climate hazards such as Superstorm Sandy and Tropical Storms Isaias and Ida have impacted the business.