The regulated capital investment program is estimated to be in the range of $21 billion to $24 billion for the years 2025-2029. This investment is expected to result in a compound annual growth rate in regulated rate base in the range of 6% to 7.5% from year-end 2024 to year-end 2029.

The BPU approved the CEF-EE II filing authorizing approximately $2.9 billion for energy efficiency projects committed between January 1, 2025, through June 30, 2027. This demonstrates a continued focus on energy efficiency programs.

The company is exploring opportunities for the potential sale of power and/or emission credits from its nuclear facilities pursuant to long-term agreements, indicating a strategic focus on maximizing the value of its existing assets.

During the first three months of 2025, the nuclear units generated approximately 8.4 terawatt hours and operated at a capacity factor of 99.9%. This indicates efficient operation of the company's nuclear generation assets.

Effective April 2025, PSEG Power revised the estimated useful lives for the Salem 1, Salem 2, and Hope Creek nuclear plants due to the expectation that a 20-year license extension will be approved. This shows management's proactive planning and strategic foresight.

The BPU is currently considering public comments on the audit report and has not yet determined which audit recommendations it will require PSE&G to implement. It is not possible at this time to predict the outcome of this matter.

A complaint was filed in federal court in Newark, New Jersey against PSEG Fossil LLC regarding an ongoing dispute with Durr Mechanical Construction, Inc. The outcome of this matter is uncertain.

The company is working with the New Jersey Department of Environmental Protection (NJDEP) to assess, investigate, and remediate environmental conditions at its former MGP sites. The estimated cost to remediate all MGP sites to completion could range between $199 million and $224 million on an undiscounted basis.

The EPA finalized revisions to the coal combustion residuals rule (CCR Rule) which established new requirements for the investigation and, if necessary, the cleanup of certain types of coal ash. PSEG is currently unable to estimate the impact of the CCR Rule, but it could have a material impact on PSEG's business, results of operations and cash flows.

PSEG Power's Salem 1, Salem 2 and Hope Creek nuclear plants were awarded zero emission certificates (ZECs) for the three-year eligibility period from June 2022 through May 2025. PSE&G has implemented a tariff to collect a non-bypassable distribution charge in the amount of $0.004 per KWh from its retail distribution customers to be used to purchase the ZECs from these plants.

Prices from the July 2024 PJM annual capacity market auction, which were approximately 10 times higher than prices from the 2023 auction and which will be reflected in customer bills, have provoked concern from state regulators and legislators and could create regulatory uncertainty.

The company is exploring opportunities for the potential sale of power and/or emission credits from its nuclear facilities pursuant to long-term agreements, indicating a strategic focus on maximizing the value of its existing assets.

Due to PSE&G's electric and gas distribution CIP decoupling mechanism, there is minimal impact

Operation and Maintenance increased $25 million due primarily to increased costs related to a planned refueling outage in 2025 and a net increase in other operational expenses.

Through GSMP II, from 2018 through 2024 we reduced reported methane emissions by over 30% system wide.

PSE&G invests in regulated solar generation projects and energy efficiency (EE) and related programs in New Jersey, which are regulated by the BPU.

PSE&G implements smart meters and supporting infrastructure to allow for the integration of other clean energy technologies and to more efficiently respond to weather and other outage events.

PSE&G implements smart meters and supporting infrastructure to allow for the integration of other clean energy technologies and to more efficiently respond to weather and other outage events.

The regulated capital investment program is estimated to be in a range of $21 billion to $24 billion for the years 2025-2029.

At PSE&G, our focus is on investing capital in T&D infrastructure and clean energy programs to meet growing demand, enhance the reliability and resiliency of our T&D system, meet customer expectations and support public policy objectives.

PSEG continues to evaluate additional investment opportunities in regulated transmission.

We have established a net zero greenhouse gas (GHG) emissions by 2030 goal that includes direct GHG emissions

PSE&G's approved CEF-EE and EE II, CEF-Energy Cloud and CEF-EV programs and the proposed CEF-ES program are intended to support New Jersey's Energy Master Plan (EMP) and Gubernatorial Executive Orders through programs designed to help customers use energy more efficiently

PSE&G is committed to the safe and reliable delivery of natural gas to approximately 1.9 million customers throughout New Jersey and we are equally committed to reducing GHG emissions associated with such operations.

Regulatory and political uncertainty, both with regard to transmission planning and rates policy, the role of distribution utilities and decarbonization impacts, future energy policy, tax regulations, design of energy and capacity markets, and environmental regulation, as well as with respect to the outcome of any legal, regulatory or other proceedings

Performance of the financial markets, including the impact on our pension funding requirements and interest rates on our future financing plans

The increasing frequency, sophistication and magnitude of cybersecurity attacks against us and our respective vendors and business partners who may have our sensitive information and/or access to our environment, and the increasing frequency and magnitude of physical attacks on electric and gas infrastructure