Item 5. OTHER INFORMATION

Certain information reported in the Form 10-K is updated below. Additionally, certain information is provided for new matters that have arisen subsequent to the filing of the Form 10-K and first quarter 2022 10-Q. References are to the related pages on the Form 10-K.

State Regulation

Gas Capacity Review

December 31, 2021 Form 10-K page 16. In September 2019, the BPU formally opened a stakeholder proceeding to explore gas capacity procurement service to all New Jersey natural gas customers. The BPU retained a consultant and conducted public hearings. PSE&G and other interested parties responded to the BPU’s questions. In June 2022, the BPU accepted the consultant’s key finding that, through 2030, New Jersey’s firm gas capacity can meet firm demand under normal design day conditions. The only potential gas supply shortfall was found during a “1-in-90 design day” (i.e., a 24-hour period in which the temperature is colder than every day, except one in 90 years) and/or a “perfect storm,” which occurs when there is an outage on a transcontinental pipeline during a design day. The BPU noted that its consultant’s analysis - detailing the nature of the pipeline infrastructure, including the numerous receipt and delivery points capable of supporting the State’s GDCs - supports the argument against the need for additional interstate pipeline capacity, including projects like PennEast, and also supports the BPU’s aggressive policy approach to reduce the State’s overall reliance on fossil fuels, and achieve the Governor’s goal of 100% clean energy by 2050.

Grid Modernization

December 31, 2021 Form 10-K page 16. In October 2021, the BPU commenced a stakeholder proceeding to develop and implement a systemic Grid Modernization plan in accordance with strategies outlined in the New Jersey Energy Master Plan. The BPU retained a consultant that gathered detailed and comprehensive information from the State’s electric distribution companies (EDCs), including PSE&G, regarding resource issues and policy changes needed to interconnect the clean energy capacity required under state policy. In June 2022, the BPU’s consultant issued a draft report with its findings and recommendations to update the BPU’s interconnection regulations and processes. We cannot predict the impact on our business or results of operations from this Grid Modernization plan or any laws, rules or regulations promulgated as a result thereof, particularly as they may relate to PSE&G’s electric distribution assets.

Environmental Matters

New Jersey Protecting Against Climate Threats

December 31, 2021 Form 10-K page 19. In June 2022, the NJDEP adopted the Greenhouse Gas Monitoring and Reporting Rule. The NJDEP requires gas utilities to submit an annual report on replacement of mains and service lines in the State and to quantify maintenance-venting events, referred to as blowdown events. In addition, the NJDEP requires registration, recordkeeping, and reporting requirements for facilities with a refrigeration system requiring 50 pounds or more of a refrigerant with high global warming potential. A “refrigeration system” includes industrial process refrigeration utilized at PSE&G and our nuclear facilities.

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