Public Service Enterprise Group PSEG Earnings Conference Call 3 rd Quarter 2019 October 31, 2019 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 2018 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: • 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 fuel supply; • any inability to manage our energy obligations with available supply; • PSE&G’s proposed investment programs may not be fully approved by regulators and its capital investment may be lower than planned; • increases in competition in wholesale energy and capacity markets; • changes in technology related to energy generation, distribution and consumption and customer usage patterns; • economic downturns; • third-party credit risk relating to our sale of generation output and purchase of fuel; • adverse performance of our decommissioning and defined benefit plan trust fund investments and changes in funding requirements; • changes in state and federal legislation and regulations, and PSE&G’s ability to recover costs and earn returns on authorized investments; • the impact of any future rate proceedings; • risks associated with our ownership and operation of nuclear facilities, including 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; • the impact on our New Jersey nuclear plants if such plants are not selected to participate in future Zero Emission Certificate (ZEC) programs, ZEC programs are overturned or modified through legal proceedings or if adverse changes are made to the capacity market construct; • adverse changes in energy industry laws, policies and regulations, including market structures and transmission planning; • changes in federal and state environmental regulations and enforcement; • delays in receipt of, or an inability to receive, necessary licenses and permits; • adverse outcomes of any legal, regulatory or other proceeding, settlement, investigation or claim applicable to us and/or the energy industry; • changes in tax laws and regulations; • the impact of our holding company structure on our ability to meet our corporate funding needs, service debt and pay dividends; • lack of growth or slower growth in the number of customers or changes in customer demand; • any inability of PSEG Power to meet its commitments under forward sale obligations; • reliance on transmission facilities that we do not own or control and the impact on our ability to maintain adequate transmission capacity; • any inability to successfully develop, obtain regulatory approval for, or construct generation, transmission and distribution projects; • any equipment failures, accidents, severe weather events or other incidents that impact our ability to provide safe and reliable service to our customers; • our inability to exercise control over the operations of generation facilities in which we do not maintain a controlling interest; • any inability to recover the carrying amount of our long-lived assets and leveraged leases; • any inability to maintain sufficient liquidity; • any inability to realize anticipated tax benefits or retain tax credits; • challenges associated with recruitment and/or retention of key executives and a qualified workforce; • the impact of our covenants in our debt instruments on our operations; and • the impact of acts of terrorism, cybersecurity attacks or intrusions. 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 2

PSEG presents Operating Earnings and Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) in addition to its Net Income reported in accordance with accounting principles generally accepted in the United States (GAAP). Operating Earnings and Adjusted EBITDA are non-GAAP financial measures that differ from Net Income. 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. Non-GAAP Adjusted EBITDA excludes the same items as our non-GAAP Operating Earnings measure as well as income tax expense, interest expense and depreciation and amortization. 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 and non-GAAP Adjusted EBITDA 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. Management believes non-GAAP Adjusted EBITDA is useful to investors and other users of our financial statements in evaluating operating performance because it provides them with an additional tool to compare business performance across companies and across periods. Management also believes that non-GAAP Adjusted EBITDA is widely used by investors to measure operating performance without regard to items such as income tax expense, interest expense and depreciation and amortization, which can vary substantially from company to company depending upon, among other things, the book value of assets, capital structure and whether assets were constructed or acquired. Non-GAAP Adjusted EBITDA also allows investors and other users to assess the underlying financial performance of our fleet before management’s decision to deploy capital. The presentation of non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA 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 and non- GAAP Adjusted EBITDA 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 and non-GAAP Adjusted EBITDA guidance, PSEG is unable to reconcile these non-GAAP financial measures to the most directly comparable GAAP financial measure. Management is unable to project certain reconciling items, in particular MTM and NDT gains (losses), for future periods due to market volatility. GAAP Disclaimer These materials and other financial releases can be found on the PSEG website at https://investor.pseg.com. From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The “Email Alerts” link at https://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings at https://investor.pseg.com/rss. 3

PSEG 2019 Q3 Review Ralph Izzo Chairman, President and Chief Executive Officer

PSEG Q3 2019 Third Quarter Highlights Net Income per share of $0.79 in Q3 2019 vs. $0.81 in Q3 2018 Non-GAAP Operating Earnings* per share of $0.98 in Q3 2019 vs. $0.95 in Q3 2018 PSE&G results benefited from increased investment in utility infrastructure and rate relief PSEG Power results impacted by lower capacity revenues partly offset by Zero Emission Certificate (ZEC) revenues Operational Excellence Nuclear achieved a capacity factor of 91% for Q3 and YTD 2019 Disciplined Capital Investment PSEG on track to invest ~$3.1 billion in 2019:  $2.7 billion at PSE&G Clean Energy Future – Energy Efficiency (CEF-EE) procedural schedule extended Completed sale of PSEG Power’s ownership interest in Keystone and Conemaugh, creating path to complete exit of coal units from Power’s fleet PSEG exercised an option to potentially acquire a 25% equity interest in Ørsted’s 1,100 MW Ocean Wind project, subject to advanced due diligence negotiations toward a joint venture agreement *See Slides A and B for Items excluded from Net Income/(Loss) to reconcile to Operating Earnings (non-GAAP). 5

PSEG Q3 Results Summary Quarter ended September 30 6 $ millions (except EPS) 2019 2018 Net Income $      403 $     412 Reconciling Items 92 69 Operating Earnings (non-GAAP)* $      495 $     481 EPS from Net Income $     0.79 $    0.81 EPS from Operating Earnings (non-GAAP)* $     0.98 $    0.95 *See Slide A for Items excluded from Net Income to reconcile to Operating Earnings (non-GAAP).

PSEG Year-to-Date Results Summary Nine Months ended September 30 7 $ millions (except EPS) 2019 2018 Net Income $   1,256 $   1,239 Reconciling Items 80 59 Operating Earnings (non-GAAP)* $   1,336 $   1,298 EPS from Net Income $     2.47 $     2.44 EPS from Operating Earnings (non-GAAP)* $     2.64 $     2.56 *See Slide A for Items excluded from Net Income to reconcile to Operating Earnings (non-GAAP).

PSEG - Regulatory and Policy Initiative Update ES II Settlement PSE&G Energy Strong II (ES II) settlement approved by NJ Board of Public Utilities (NJBPU); Investment to begin Q4 2019 and extends through 2023 PSEG’s Priorities Aligned with New Jersey’s Clean Energy Agenda NJBPU approved the extension of the CEF-EE procedural schedule to March 2020 NJBPU expects to finalize the Energy Master Plan by year-end PSEG exercised an option to potentially acquire a 25% equity interest in Ørsted’s 1,100 MW Ocean Wind project, subject to advanced due diligence and negotiations toward a JV agreement PSEG Powering Progress In line with PSEG Power’s goal to reduce CO 2 emissions 80% by 2046 from 2005 levels, Keystone and Conemaugh sale creates path to complete exit of coal units from fleet by mid-2021 PSEG named to Dow Jones Sustainability Index – North America for the 12 th consecutive year FERC/PJM Wholesale Market Reforms Pending PJM’s capacity market reforms to accommodate state supported resources and to address price suppression awaiting FERC quorum 8

Subsidiary contributions adjusted to reflect an increased contribution from PSE&G, balancing lower expected results at PSEG Power Non-GAAP Operating Earnings* Contribution by Subsidiary 2018 Actual and 2019E Guidance *See Slides A and B for Items excluded from Net Income/(Loss) to reconcile to Operating Earnings (non-GAAP). **Based on the mid-point of 2019 non-GAAP Operating Earnings guidance of $3.20 - $3.30 per share. E = Estimate.                               2018 2019E** PSE&G PSEG Power PSEG Enterprise/Other $3.12 $3.20 - $3.30E PSE&G represents approximately 75% of 2019 Operating Earnings Guidance PSEG Updating 2019 Full-Year Guidance and Adjusting Subsidiary Contribution Ranges 9

PSEG 2019 Q3 Operating Company Review Dan Cregg EVP and Chief Financial Officer

PSEG – Q3 Results by Subsidiary Net Income 2019 2018 Change PSE&G $  0.68 $  0.54 $  0.14  PSEG Power $  0.10 $  0.25 $ (0.15) PSEG Enterprise/Other $  0.01. $  0.02 $ (0.01) Total PSEG $  0.79 $  0.81 $ (0.02) Non-GAAP Operating Earnings* 2019 2018 Change PSE&G $  0.68 $  0.54 $  0.14 PSEG Power $  0.29 $  0.39 $ (0.10) PSEG Enterprise/Other $  0.01. $  0.02 $ (0.01) Total PSEG* $  0.98 $  0.95 $  0.03 *See Slides A and B for Items excluded from Net Income to reconcile to Operating Earnings (non-GAAP) for PSEG, PSEG Power and PSEG Enterprise/Other. PSEG Q3 EPS Summary – Quarter ended September 30 11

$0.81 $0.95 $0.98 $0.79 0.14 (0.10) (0.01) $0.00 $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 Q3 2018 Net Income Q3 2018 Operating Earnings (non-GAAP)* PSE&G PSEG Power PSEG Enterprise/ Other Q3 2019 Operating Earnings (non-GAAP)* Q3 2019 Net Income PSEG EPS Reconciliation – Q3 2019 versus Q3 2018 ZECs  0.07 Capacity  (0.10) Re-contracting, Lower Cost to Serve 0.00 Volume  (0.01) Gas Operations  (0.01) Depreciation & Interest  (0.01) Taxes & Other  (0.04) 12 Transmission 0.06 Electric Margin 0.03 Gas Margin  0.03 Weather  (0.01) Distribution O&M 0.01 Distribution   Depreciation & Interest (0.02) Distribution Non-Operating Pension/OPEB 0.03 Distribution Taxes & Other  0.01 Interest Expense *See Slide A for Items excluded from Net Income to reconcile to Operating Earnings (non-GAAP).

PSEG – Year-to-Date Results by Subsidiary Net Income/(Loss) 2019 2018 Change PSE&G $  1.92 $  1.63 $  0.29 PSEG Power $  0.61 $  0.79 $ (0.18) PSEG Enterprise/Other $ (0.06) $  0.02 $ (0.08) Total PSEG $  2.47 $  2.44 $  0.03 Non-GAAP Operating Earnings* 2019 2018 Change PSE&G $  1.92 $  1.63 $  0.29 PSEG Power $  0.71 $  0.88 $ (0.17) PSEG Enterprise/Other $  0.01 $  0.05 $ (0.04) Total PSEG* $  2.64 $  2.56 $  0.08 *See Slides A and B for Items excluded from Net Income/(Loss) to reconcile to Operating Earnings (non-GAAP) for PSEG, PSEG Power and PSEG Enterprise/Other. PSEG YTD EPS Summary – Nine Months ended September 30 13

$2.44 $2.56 $2.64 $2.47 0.29 (0.17) (0.04) $0.00 $0.40 $0.80 $1.20 $1.60 $2.00 $2.40 $2.80 YTD 2018 Net Income YTD 2018 Operating Earnings (non-GAAP)* PSE&G PSEG Power PSEG Enterprise/ Other YTD 2019 Operating Earnings (non-GAAP)* YTD 2019 Net Income PSEG EPS Reconciliation – YTD 2019 versus YTD 2018 ZECs  0.12 Capacity  (0.06) Re-contracting, Lower Cost to Serve  (0.11) Volume  0.01 Gas Operations  (0.04) O&M  0.01 Depreciation  (0.04) Interest Expense  (0.05) Taxes & Other  (0.01) 14 Transmission 0.13 Gas Margin  0.14 Electric Margin  0.04 Weather  (0.02) Distribution O&M  0.01 Distribution   Depreciation & Interest (0.06) Distribution Non-Operating Pension/OPEB 0.05 Interest Expense & Absence of One-Time Investment Income *See Slide A for Items excluded from Net Income to reconcile to Operating Earnings (non-GAAP). Note:  Prior quarter results may not add due to rounding.

PSE&G 2019 Q3 Review

$0.54 $0.68 0.11 0.03 $0.00 $0.10 $0.20 $0.30 $0.40 $0.50 $0.60 $0.70 Q3 2018 Net Income Q3 2019 Net Income PSE&G EPS Reconciliation – Q3 2019 versus Q3 2018 Transmission  0.06 Electric Margin  0.03 Gas Margin  0.03 Weather  (0.01) Distribution O&M 0.01 Distribution Depreciation & Interest (0.02) Distribution Non-Operating Pension/OPEB  0.03 Distribution Taxes & Other  0.01 16

6,710 4,522 2,216 5,464 6,296 3,199 5,275 4,673 2,116 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 July August September 2019 2018 Normal PSE&G – Q3 Weather Summary Q3 2019 vs. Q3 2018 vs. Q3 Normal PSE&G Monthly Weather Summary 17 Monthly Temperature Humidity Index (THI) Q3 2019 temperature-humidity index was ~10% lower than Q3 2018 and ~12% higher than normal 92 45 63 9 66 31 5 23 6 0 20 40 60 80 100 120 140 160 2019 2018 Normal July August September Total Hours at 90°F or Higher Q3 2019 total hours at or above 90°F were ~21% lower than Q3 2018 and ~6% higher than normal

PSE&G – Q3 Highlights Filed for 2020 FERC Formula Rate to be effective January 1, 2020; customer bill increase ~2% reflecting investment in transmission, changes in cost allocation and completion of certain tax flow backs to customers in 2019 PSE&G residential gas customers will have lower rates totaling ~$13 million during Winter 2019-20; residential gas bills are ~50% lower than in 2008 NJBPU approved extension of the CEF-EE procedural schedule to March 2020 NJBPU approved ES II settlement; work to begin in Q4 2019 Operations PSE&G invested ~$2 billion in first nine months, on track to invest $2.7 billion for full-year 2019 PSE&G’s Q3 2019 earnings increased by $0.14 per share, or 26%, versus Q3 2018 In August, PSE&G issued $400 million of 30-year Medium-Term Notes (MTNs) at 3.20% and retired $250 million of 2.00% MTNs PSE&G 2019 earnings guidance updated to $1,225-$1,250 million from $1,200-$1,230 million Financial For the trailing 12-months ended September 30, weather-normalized electric sales were flat and weather-normalized gas sales were 1% higher Residential electric and gas customer growth continues trending higher at ~1% per year 18 Regulatory and Market Environment

PSEG Power 2019 Q3 Review

PSEG Power EPS Reconciliation – Q3 2019 versus Q3 2018 $0.25 $0.39 $0.29 $0.10 (0.05) (0.05) $0.00 $0.10 $0.20 $0.30 $0.40 Q3 2018 Net Income Q3 2018 Operating Earnings (non-GAAP)* Q3 2019 Net Income Q3 2019 Operating Earnings (non-GAAP)* ZECs  0.07 Capacity  (0.10) Re-contracting, Lower Cost to Serve 0.00 Volume  (0.01) Gas Operations (0.01) Depreciation & Interest (0.01) Taxes & Other (0.04) *See Slide B for Items excluded from Net Income to reconcile to Operating Earnings (non-GAAP). 20

7,991 7,780 1,364 1,249 7,208 7,252 0 2,500 5,000 7,500 10,000 12,500 15,000 17,500 2018 2019 PSEG Power – Q3 Generation Measures Total Nuclear Total Coal Natural Gas & Oil *Excludes Solar, Kalaeloa and pumped storage. **Excludes peaking and steam generation. ***Includes Oil Fuel Costs of $1 million in 2018. PSEG Power – Generation (GWh)* 16,563 16,281 PSEG Power – Capacity Factors (%)* Quarter ended September 30 ($ millions) 2018 2019 Gas*** $    142 $   146 Coal 30 24 Total Fossil 172 170 Nuclear 48 47 Total Fuel Cost $  220 $  217 Total Generation (GWh)* 16,563 16,281 $ / MWh 13.28 13.33 PSEG Power – Fuel Costs* 21 Quarter ended September 30 2018 2019 Combined Cycle** 68.2% 63.4% Coal PA 78.6% 73.5% CT 3.1% 0.0% Nuclear 92.7% 90.8%

23,744 23,140 4,306 3,867 13,589 16,504 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 2018 2019 Nine Months ended September 30 2018 2019 Combined Cycle** 52.5% 51.3% Coal PA 80.2% 75.4% CT 10.1% 2.3% Nuclear 92.9% 91.0% PSEG Power – YTD Generation Measures Total Nuclear Total Coal Natural Gas & Oil *Excludes Solar, Kalaeloa and pumped storage. **Excludes peaking and steam generation. ***Includes Oil Fuel Costs of $27 million and $4 million in 2018 and 2019, respectively. PSEG Power – Generation (GWh)* 41,639 43,511 PSEG Power – Capacity Factors (%)* Nine Months ended September 30 ($ millions) 2018 2019 Gas*** $    324 $   396 Coal 107 78 Total Fossil 431 474 Nuclear 143 137 Total Fuel Cost $  574 $  611 Total Generation (GWh)* 41,639 43,511 $ / MWh 13.79 14.04 PSEG Power – Fuel Costs* 22

23 PSEG Power – Gross Margin Performance ZEC revenues earned for full quarter PJM capacity prices decrease to $116 MW/day (from $205 MW/day) through May 2020 ISO-NE capacity prices decrease to $231 MW/day (from $314 MW/day) through May 2020; Bridgeport Harbor 5 capacity price locked in for seven years at $231 MW/day Lower cost to serve offset re-contracting at lower market prices Lower realized spark spreads Regional Performance Region Q3 Gross Margin ($M) Q3 2019 Performance PJM $449 Lower capacity revenues, re- contracting at lower market prices and lower spark spreads partially offset by ZEC revenues and lower cost to serve New England $43 Higher volume from new CCGT generation partially offset by lower  market prices New York $17 Lower prices and demand PSEG Power Gross Margin ($/MWh) $40 $33 $31 $0 $10 $20 $30 $40 $50 2017 2018 2019 Quarter ended September 30

Hedging Update  Contracted Energy* *Hedge percentages and prices as of September 30, 2019 and reflect revenues of full requirement load deals based on contract price including renewable energy credits, ancillary and transmission components but excluding capacity. Hedges include positions with MTM accounting treatment and options. 24 Oct - Dec 2019 2020 2021 Nuclear Volume TWh 7 31 31 % Hedged 100% 100% 70-75% Price $/MWh $37 $37 $35 Combined Cycle Volume TWh 6-7 21-23 21-23 % Hedged 100% 70-75% 0% Price $/MWh $37 $37 $ - Total Volume TWh 13-14 52-54 52-54 % Hedged 100% 85-90% 40-45% Price $/MWh $37 $37 $35

PSEG Power – Q3 Highlights Q3 total output down 2% primarily on lower market demand vs Q3 2018 Nuclear fleet achieved a capacity factor of 91% in Q3 and for YTD 2019 CCGT fleet achieved 63% capacity factor in Q3; new units operated at capacity factors > 75% Nuclear fleet produced 7.8 TWh, down ~3% due to Hope Creek coast down to fall refueling outage; CCGT fleet produced 7.2 TWh of output; and coal fleet produced 1.2 TWh Operations Financial Completed the sale of interests in Keystone and Conemaugh coal-fired generating units PJM capacity market reforms remain pending at FERC, awaiting quorum 2019 expected generation output remains 57 - 59 TWh PSEG Power’s total debt as a percentage of capitalization was 33% at September 30 PSEG Power’s 2019 guidance range for non-GAAP Operating Earnings is updated to $395-$420 million from $395-$460 million; non-GAAP Adjusted EBITDA guidance has been lowered to $1,000-$1,050 million from $1,030-$1,130 million 25 Regulatory and Market Environment

PSEG

PSEG Financial Highlights Updating and narrowing 2019 non-GAAP Operating Earnings guidance to $3.20 - $3.30 per share, from $3.15 - $3.35 per share prior; adjusting subsidiary contribution ranges Business mix for 2019 guidance reflects approximately 75% of Operating Earnings contribution from regulated operations at PSE&G PSEG’s 5-year capital spending forecast of $13 - $15.5 billion, with over 90% directed at PSE&G, is expected to produce ~7.5% - 8.5% compound annual growth in rate base over 2019-2023 period PSEG Power’s free cash flow increases with conclusion of CCGT construction program Hope Creek and Salem 1 and Salem 2 awarded ZECs by NJBPU in April Financial position remains strong: Increased 2019 indicative annual common dividend by $0.08 to $1.88 per share PSEG continues to be a net beneficiary from tax reform Cash from PSEG Power and increasing cash from operations at PSE&G support dividend growth and fund existing capital spending program without the need to issue equity Debt as a percentage of capitalization was 52% at September 30 27

Updating PSEG 2019 Guidance - By Subsidiary $ millions (except EPS) 2019E 2018 PSE&G (Net Income) $1,225 - $1,250 $1,067 PSEG Power $395 - $420 $502 PSEG Enterprise/Other $5 $13 Operating Earnings (non-GAAP)* $1,625 - $1,675 $1,582 Operating EPS (non-GAAP)* $3.20 - $3.30 $3.12 Segment Operating Earnings Guidance and Prior Year Results (non-GAAP, except as noted)* $ millions 2019E 2018 PSEG Power $1,000 - $1,050 $1,059 PSEG Power Adjusted EBITDA (non-GAAP)* Note:  PSEG Power guidance includes a partial year of ZECs  *See Slide A for Items excluded from Net Income to reconcile to Operating Earnings (non-GAAP) and Slide B for Items excluded from Net Income/(Loss) to reconcile to Operating Earnings (non-GAAP) and Adjusted EBITDA (non-GAAP).  E = Estimate. 28

PSEG Liquidity as of September 30, 2019 29 Expiration Total Available Company Facility Date Facility Usage Liquidity ($ Millions) PSE&G 5-year Credit Facility Mar-23 $600 (A) $26 $574 PSEG Money Pool PSEG / PSEG Power 5-year Credit Facilities (PSEG) Mar-23 $1,500 (B) $349 $1,151 5-year Credit Facilities (PSEG Power) Mar-23 $1,900 (C) $40 $1,860 3-year LC Facilities (PSEG Power) Sep-21 $200 $136 $64 Total Money Pool $3,600 $525 $3,075 Total $4,200 $551 $3,649 (A) PSE&G facility will be reduced by $4 million in March 2022. $0 (B) PSEG facilities will be reduced by $9 million in March 2022. PSE&G ST Investment $0 (C) PSEG Power facilities will be reduced by $12 million in March 2022. Total Liquidity Available $3,649 PSEG Money Pool ST Investment

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. A (a) Includes the financial impact from positions with forward delivery months. (b) Income tax effect calculated at the statutory rate except for lease related activity which is calculated at a combined leveraged lease effective tax rate and NDT related activity which is calculated at the statutory rate plus a 20% tax on income (losses) from qualified NDT funds. 2019 2018 2019 2018 2018 Net Income 403 $         412 $      1,256 $      1,239 $    1,438 $      (Gain) Loss on Nuclear Decommissioning Trust (NDT) Fund Related Activity, pre-tax (PSEG Power) 4 (43) (164) (28) 144 (Gain) Loss on Mark-to-Market (MTM), pre-tax (a) (PSEG Power) 121 133 (195) 82 117 Plant Retirements and Dispositions, pre-tax (PSEG Power) 7 - 402 3 (51) Lease Related Activity, pre-tax (PSEG Enterprise/Other) - - 58 20 8 Income Taxes related to Operating Earnings (non-GAAP) reconciling items (b) (40) (21) (21) (18) (74) Operating Earnings (non-GAAP) 495 $         481 $      1,336 $      1,298 $    1,582 $      PSEG Fully Diluted Average Shares Outstanding (in millions) 507 507 507 507 507 Net Income 0.79 $        0.81 $     2.47 $        2.44 $     2.83 $        (Gain) Loss on NDT Fund Related Activity, pre-tax (PSEG Power) 0.01 (0.08) (0.32) (0.05) 0.28 (Gain) Loss on MTM, pre-tax (a) (PSEG Power) 0.24 0.26 (0.38) 0.16 0.23 Plant Retirements and Dispositions, pre-tax (PSEG Power) 0.01 - 0.79 0.01 (0.10) Lease Related Activity, pre-tax (PSEG Enterprise/Other) - - 0.11 0.03 0.02 Income Taxes related to Operating Earnings (non-GAAP) reconciling items (b) (0.07) (0.04) (0.03) (0.03) (0.14) Operating Earnings (non-GAAP) 0.98 $        0.95 $     2.64 $        2.56 $     3.12 $        ($ millions, Unaudited) ($ Per Share Impact - Diluted, Unaudited) Year Ended September 30, September 30, December 31, Reconciling Items Three Months Ended Nine Months Ended PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED Consolidated Operating Earnings (non-GAAP) Reconciliation

Reconciliation of Non-GAAP Operating Earnings and     Non-GAAP Adjusted EBITDA Please see Slide 3 for an explanation of PSEG’s use of Operating Earnings and Adjusted EBITDA as non-GAAP financial measures and how they differ from Net Income/(Loss). B (a) Income tax effect calculated at a combined leveraged lease effective tax rate. 2019 2018 2019 2018 2018 Net Income 53 $           125 $      309 $         400 $     365 $         (Gain) Loss on NDT Fund Related Activity, pre-tax 4 (43) (164) (28) 144 (Gain) Loss on MTM, pre-tax (a) 121 133 (195) 82 117 Plant Retirements and Dispositions, pre-tax (PSEG Power) 7 - 402 3 (51) Income Taxes related to Operating Earnings (non-GAAP) reconciling items (b) (40) (21) 5 (12) (73) Operating Earnings (non-GAAP) 145 $         194 $      357 $         445 $     502 $         Depreciation and Amortization, pre-tax (c) 91 91 278 253 346 Interest Expense, pre-tax (c) (d) 32 29 80 46 72 Income Taxes (c) 54 46 122 139 139 Adjusted EBITDA (non-GAAP) 322 $         360 $      837 $         883 $     1,059 $      PSEG Fully Diluted Average Shares Outstanding (in millions) 507 507 507 507 507 PSEG Power Operating Earnings (non-GAAP) and Adjusted EBITDA (non-GAAP) Reconciliation Year Ended December 31, Three Months Ended Nine Months Ended Reconciling Items September 30, September 30, ($ millions, Unaudited) 2019 2018 2019 2018 2018 Net Income (Loss) 6 $            9 $          (27) $          11 $       6 $            Lease Related Activity, pre-tax - - 58 20 8 Income Taxes related to Lease related activity (a) - - (26) (6) (1) Operating Earnings (non-GAAP) (2) $           9 $          5 $            25 $       13 $           PSEG Fully Diluted Average Shares Outstanding (in millions) 507 507 507 507 507 September 30, September 30, Year Ended PSEG Enterprise/Other Operating Earnings (non-GAAP) Reconciliation ($ millions, Unaudited) December 31, Reconciling Items Three Months Ended Nine Months Ended (a) Includes the financial impact from positions with forward delivery months. (b) Income tax effect calculated at the statutory rate except for NDT related activity which is calculated at the statutory rate plus a 20% tax on income (losses) from qualified NDT funds. (c) Excludes amounts related to Operating Earnings (non-GAAP) reconciling items. (d) Net of capitalized interest.