Item 5. OTHER INFORMATION

Certain information is provided below for new matters that have arisen subsequent to the filing of the Form 10-K and the first and second quarter 2023 Form 10-Qs.

Director and Officer Rule 10b5-1 and non-Rule 10b5-1 Trading Plans

During the three months ended September 30, 2023, none of the Company’s directors or officers adopted, terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of the Securities Act of 1933).

Federal Regulation

Transmission Planning Proceedings

December 31, 2022 Form 10-K page 10 and June 30, 2023 Form 10-Q page 74. In July 2023, FERC issued a Final Rule that will require RTOs to implement rules to speed up the processing of interconnection queue requests to facilitate the integration of renewable resources. This Rule may also result in penalties being imposed on generators, RTOs and transmission owners that fail to meet certain process deadlines. This Rule is on rehearing and may be challenged in court.

Capacity Market Issues

In December 2022, PJM called its first ISO-wide Maximum Generation Emergency Action, which triggered a Performance Assessment Interval (PAI) event. During the PAI, PSEG Power’s Salem 2 nuclear plant incurred penalties due to an unplanned outage during the second day of the event. Our remaining nuclear plants earned bonus payments during the entire event. The estimated impact of Salem 2’s penalties and bonuses earned by the other units was not material to PSEG’s financial results in 2022 or 2023. Many generators filed complaints at PJM seeking to reduce or eliminate their obligations to pay non-performance penalties. FERC set these complaints for settlement. A settlement was ultimately reached that, if accepted by FERC, would result in a 31.7% penalty reduction, which in turn would result in a commensurate reduction in bonus payments for performing resources. This reduction would not be material to PSEG. If FERC rejects the settlement, the complaints would be litigated. We

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are unable to predict the outcome of these proceedings.

December 31, 2022 Form 10-K page 11, March 31, 2023 Form 10-Q page 66 and June 30, 2023 Form 10-Q page 74. In October 2023, PJM filed at FERC for approval proposed reforms to its capacity market design, including (i) enhanced risk modeling to better account for winter risk; (ii) changes to supply-side market power mitigation rules; and (iii) more stringent capacity qualification and performance requirements. These proposed reforms, if approved by FERC, may impact PSEG’s nuclear business.

Compliance—Reliability Standards

December 31, 2022 Form 10-K page 11, March 31, 2023 Form 10-Q page 66 and June 30, 2023 Form 10-Q page 74. FERC and NERC have completed a joint inquiry into the operation of the Bulk Power System (BPS) during Winter Storm Elliott that struck in late 2022 and will release a report containing recommendations from this inquiry by the end of the year. These recommendations for extreme cold weather events include: (i) creation of additional reliability standards to strengthen generator operations; (ii) legislation or regulations to ensure the reliability of natural gas infrastructure; (iii) identification of high risk generating units and conducting cold weather verifications of these units; and (iv) improving short-term load forecasts for extreme cold weather events.

State Regulation

Energy Efficiency, Triennial Review

March 31, 2023 Form 10-Q page 66 and June 30, 2023 Form 10-Q page 74. In May and July 2023, the BPU issued two Energy Efficiency Framework Orders for the second energy efficiency program cycle to be implemented by electric and natural gas distribution companies pursuant to the New Jersey Clean Energy Act of 2018. In September, the BPU extended the October 2023 date for utility program submissions to December 2023.

New Jersey Solar Initiatives

December 31, 2022 Form 10-K page 13 and March 31, 2023 Form 10-Q page 67. In August 2023, the BPU established a permanent Community Solar Energy Program (CSEP) including eligibility requirements, registration processes, the implementation of consolidated billing for the benefit of project developers and participants, and allowing for the electric and natural gas utilities to recover costs related to implementing and administering the CSEP program. The program does not include the opportunity for electric and gas utilities to develop or operate CSEP projects.

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