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 quarter 2024 10-Q.

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

During the three months ended June 30, 2024, certain of our officers and directors adopted or terminated trading plans for the sale of PSEG common stock which are intended to satisfy the affirmative defense of Rule 10b5-1(c) of the Exchange Act, as shown in the following table:

(A) Expires on the date shown or such earlier date upon the completion of all trades under the plan or the occurrence of such other termination events as specified in the plan, including but not limited to termination of the plan.

Federal Regulation

Transmission Regulation—Transmission Planning Proceedings

December 31, 2023 Form 10-K, page 10. In May 2024, FERC issued a Final Rule on transmission planning and cost allocation. As a result of this rule, RTOs like PJM will be required to engage in 20-year transmission planning, applying certain scenarios to the planning process. FERC also reinstated the Right of First Refusal for a discrete category of transmission projects. Over the next several months, PJM will develop a plan to implement the rule.

Regulation of Wholesale Sales—Generation/Market Issues/Market Power

December 31, 2023 Form 10-K, page 10 and March 31, 2024 Form 10-Q, page 64. PSEG Power receives reactive power compensation for its nuclear units of approximately $14 million per year under a settlement that is pending before FERC. In March 2024, FERC issued a notice of proposed rulemaking proposing to eliminate compensation for reactive power in circumstances when the generator is operating within the normal power factor range specified in its interconnection agreement. PSEG Power receives reactive power compensation for its nuclear units. In May 2024, we submitted comments opposing FERC’s proposal. We cannot predict the outcome of this proceeding.

Capacity Market Issues

Over the past few years, PJM has recognized that, due to resource retirements, interconnection queue delays and projected load growth resulting from electrification, electric vehicle penetration and changing customer usage patterns, there will be a significant generation shortfall across the region by 2030. As part of an effort to address this resource adequacy challenge and send more accurate price signals to capacity resources, PJM submitted two related filings at FERC in October 2023 proposing major reforms to its capacity market design. In early 2024, FERC issued orders approving PJM’s reforms relating to enhanced risk modeling and more stringent capacity qualification and performance requirements, but rejected PJM’s proposed changes to its market power mitigation rules designed to allow capacity sellers to be properly compensated for their participation in the PJM capacity market. Several parties have sought rehearing of both orders, which remain pending.

State Regulation

New Jersey Energy Master Plan (EMP) and Future of Gas Stakeholder Proceeding

December 31, 2023 Form 10-K, page 12. In 2020, the State of New Jersey released its EMP, which does not have the force of law but outlines current expectations regarding the New Jersey’s role in the use, management, and development of energy. The BPU began proceedings to update the State’s EMP via public input hearings in May and June 2024.

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Energy Efficiency, Triennial Review

December 31, 2023 Form 10-K, page 13. During 2023, the BPU issued two EE Framework Orders which required utilities to submit EE programs aligned with the framework addressed in the Orders. In September 2023, the BPU directed utilities to apply for a six-month extension of the first triennial programs under the Orders. PSE&G filed for its six-month extension of the existing program in November 2023, and filed its second triennial EE program proposal in December 2023. In May 2024, the BPU approved PSE&G’s six-month extension to make investments of approximately $300 million, starting July 1, 2024.The second triennial filing remains subject to BPU approval.

Environmental Matters

Hazardous Substance Liability - Site Remediation

In May 2024, 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 placed at certain fossil generation station sites, including certain sites owned or formerly owned by PSEG Power. We are in the process of investigating each of the sites that we currently own that are subject to the CCR Rule, as well as sites that we formerly owned that are subject to the CCR Rule where we retained certain environmental obligations to investigate and, if necessary, remediate. PSEG is currently unable to estimate the impact of the CCR Rule, but it could have a material impact on our business, results of operations and cash flows.

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