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Public Service Enterprise Group (NYSE: PEG) is a publicly traded, diversified energy holding company headquartered in Newark, New Jersey with total assets of approximately $50 billion as of March 31, 2021. PSEG's three operating subsidiaries are Public Service Electric & Gas (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company, included in the S&P 500 Index, and was named to the Dow Jones Sustainability Index -- North America for the 13th year in a row.

PSEG issues long-term debt at three entities, at the Parent level at PSEG and at the subsidiary level at PSE&G and PSEG Power. PSE&G provides electric transmission and electric and gas distribution service to 2.3 million electric and 1.9 million gas customers in a 2,600 square mile service territory in New Jersey, covering approximately 70% of the state's population. PSE&G's landmark Clean Energy Future (CEF) program invests in energy efficiency, smart meter installations and electric vehicle charging infrastructure that will enhance New Jersey’s environmental profile for years to come. In 2020, PSE&G was recognized as the most reliable electric utility in the Mid-Atlantic region for the 19th year in a row by ReliabilityOneTM. PSEG Power owns an 11 gigawatt fleet of efficient generating assets predominantly in the Northeast and Mid-Atlantic regions of the United States that are geographically well positioned and possess a low carbon footprint. PSEG has entered into an agreement to sell its 467 MWDC Solar Source portfolio to an affiliate of LS Power. PSEG Power is continuing the exploration of strategic alternatives for its fossil generating fleet. With over a decade of capital allocation directed mainly toward PSE&G, PSEG today is primarily a regulated electric and gas utility, and these transactions will move us even further in that direction. PSEG Long Island operates the Long Island Power Authority's electric distribution system serving 1.1 million customers under a 12-year management contract that began in January 2014. PSEG's April 2021 announcement on Ørsted's Ocean Wind project to expand its zero-carbon fleet with contracted, renewable generation supports New Jersey’s goal of 100% clean energy by 2050. PSEG's remaining generating business will consist of a carbon-free nuclear fleet, and regional offshore wind investments that will be highly contracted.

The PSE&G $13 billion to $15 billion 5-year capital spending program includes nearly $2 billion of CEF investments, which help fuel a 6.5% to 8% Rate Base compound annual growth rate. At PSEG Power, over 75% of 2021 gross margin is secured via energy hedges, capacity revenues, Zero Emission Certificates and ancillary service payments.

Operational excellence is producing the financial strength that allows us to invest in a disciplined way for growth through PSEG's robust 5-year, $14 billion to $16 billion capital spending forecast (2021 to 2025). We expect that our strong cash flow will enable us to fund our entire 5- year capital spending program without the need to issue new equity. We increased our 2021 indicative annual dividend by $0.08 to $2.04 per share, which marks our 17th increase in the last 18 years, and PSEG's 114th consecutive year of paying a dividend to our shareholders, and reflects our ongoing commitment to returning capital to our shareholders to enhance our total return profile as we also pursue growth.

PSEG continues its leadership in sustainability and its favorable environmental, social and governance (ESG) profile. We issued our inaugural Climate Report in 2020, following the Task Force on Climate-related Financial Disclosures (TCFD) framework, and our first ESG Performance Report in January 2021. To learn more and view all of our current ESG reports, visit ESGDisclosures.

Assets (as of 3/31/21): $50.2B

Long-Term Debt Outstanding (as of 3/31/21): $2.9B*

Sr. Unsecured Issuer Rating: Baa1 / BBB **

Regulated Electric & Gas T&D

Assets (as of 3/31/21): $36.2B

Long-Term Debt Outstanding (as of 3/31/21): $11.5B*

Sr. Secured Issuer Rating: Aa3 / A **

Wholesale Energy

Assets (as of 3/31/21): $12.7B

Long-Term Debt Outstanding (as of 3/31/21): $2.3B*

Sr. Unsecured Issuer Rating: Baa1 / BBB **

T&D=Transmission and Distribution

*Long-Term Debt Outstanding includes Long-Term Debt due within one year and is adjusted for net unamortized discount and debt issuance costs; subsidiary debt may not add to consolidated debt due to rounding.

**Issuer Credit Ratings are as of May 5, 2021 for Moody's/S&P. A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision, suspension or withdrawal at any time. Each credit rating should be evaluated independently of any other credit rating.

PSEG - Capital Spending Forecast

E=ESTIMATE; AMI=AUTOMATED METERING INFRASTRUCTURE; GSMP=GAS SYSTEM MODERNIZATION PROGRAM

Debt Maturity Profile

As of March 31, 2021

Debt Maturity Profile

NOTE: PSEG POWER PENNSYLVANIA ECONOMIC DEVELOPMENT FINANCING AUTHORITY BONDS ARE CLASSIFIED AS MATURING IN 2022 FOR ACCOUNTING PURPOSES; PROFILE SHOWS THEIR FINAL MATURITY IN 2042.

 

This webpage contains forward-looking information. Actual results may differ from those anticipated. Information describing the significant factors that could cause results to differ from those anticipated are described in Public Service Enterprise Group’s filings with the sec, which are available on our website https://investor.pseg.com. Information provided is as of May 5, 2021 unless otherwise noted. Any forward-looking statements included herein represent our estimates as of this date, and we disclaim any obligation to update the information provided. All future decisions regarding dividends on the common stock are subject to approval by the board of directors.