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 2024 10-Q.

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

During the three months ended September 30, 2024, none of our officers or directors adopted, terminated or modified a Rule 10b5-1 trading plan or non-Rule 10b5-1 trading plan for the sale of PSEG common stock.

Table of Contents

Federal Regulation

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

December 31, 2023 Form 10-K page 10, March 31, 2024 Form 10-Q page 64 and June 30, 2024 Form 10-Q page 71. In October 2024, FERC issued a Final Rule that eliminates compensation for reactive power in circumstances when the generator is operating within the normal power factor range specified in its interconnection agreement. As PJM will need to submit a compliance filing implementing this Final Rule, the timing of loss of reactive power compensation is uncertain and its impact will be prospective only. PSEG Power currently receives reactive power compensation, and we are analyzing the Final Rule to determine its impacts for us.

In addition, there are several ongoing proceedings at FERC that may impact future data center arrangements involving the supply of power from nuclear units, including whether certain data center customers, depending on their configuration, will pay transmission service charges. On November 1, 2024, FERC issued an order rejecting an amended agreement between Talen Energy (Talen), PJM and PPL Electric Utilities that would have permitted Talen to withdraw incremental power from one of its nuclear units beyond previous approvals to provide power to an adjacent data center. FERC is also more broadly examining issues concerning whether and to what extent there are potential reliability, cost and customer impacts raised by the location of large customers at generating facilities. We cannot predict the outcome of these proceedings.

Capacity Market Issues

In September 2024, several parties filed a complaint at FERC alleging that the PJM capacity market design is unjust and unreasonable because it does not properly reflect the reliability contribution of retiring generating units with contractual commitments to continue to run for a defined period of time. In October 2024, PJM issued a notice stating that it intends to ask FERC for authorization to delay the 2026/2027 Base Residual Auction, which is scheduled for December 2024, by approximately six months so PJM has adequate time to discuss with its members potential changes to capacity market rules that could be submitted to FERC in a future filing. Depending upon the changes that PJM proposes and subsequent FERC action, such changes could affect the capacity revenue that generators receive for the 2026/2027 delivery year and future delivery years.

Compliance – Reliability Standards

In September 2024, FERC proposed changes to NERC’s Critical Infrastructure Protection (CIP) Reliability Standards. First, FERC proposed to approve the creation of a new CIP standard that requires entities to expand their efforts to monitor for malicious cyber activity. Second, FERC directed NERC to modify the supply chain standard to ensure that entities properly identify, assess and respond to risks in their supply chain risk plans, including setting maximum time frames between conducting a risk assessment and installing procured equipment. FERC also directed NERC to modify the supply chain standard to expand the type of equipment subject to the supply chain protections.

State Regulation

Regional Energy Access (REA) Expansion Project

In September 2024, the United States Circuit Court for the District of Columbia Circuit vacated FERC approval of the REA Expansion Project, which involves a natural gas pipeline running through New Jersey and several other states, and in which PSEG Energy Resources & Trade, LLC, the provider of gas supplies to satisfy PSE&G’s BGSS customers, is a participant. The court found that FERC failed to properly consider the environmental consequences of the project, and the alleged lack of market demand for additional natural gas capacity in New Jersey. PSEG is monitoring and evaluating this on-going proceeding, which could impact FERC’s analysis of future gas projects, as well as PSE&G’s acquisition of supplies for and provision of Basic Gas Supply Service.

BGS Process

In June 2024, New Jersey’s EDCs, including PSE&G, filed their annual joint proposal for the conduct of the February 2025 BGS auction covering energy years 2026 through 2028. PSE&G’s company-specific addendum to the joint filing includes a proposal for an optional, two-year pilot program for time-of-use rates for residential customers.

Table of Contents

Electric Vehicle (EV) Activity

December 31, 2023 Form 10-K, page 13. In June 2021, the BPU issued an initial straw proposal, and in December 2022 issued a revised straw proposal, for the establishment of an EV infrastructure ecosystem for medium- and heavy-duty EVs in New Jersey. In October 2024, the BPU released an Order that provided program guidance and minimum filing requirements for electric utility operated medium- and heavy-duty charging incentive programs. The Order caps PSE&G’s program investment at $30 million and requires electric utilities to submit program filings by February 20, 2025.

Grid Modernization

December 31, 2023 Form 10-K page 13. In June 2022, following a consultant study, the BPU Staff issued a grid modernization report containing findings and recommendations to update the BPU’s interconnection regulations and processes. In furtherance of the recommendations, in June 2024 the BPU published proposed rules for public comment that amend its interconnection rules to speed up the interconnection of renewable resources to the distribution grid. Separately, in July 2024, BPU Staff convened a working group to develop recommendations for integrated distribution planning for distributed energy resources as part of its grid modernization plan.

Environmental Matters

Hazardous Substance Liability

Pursuant to the 2022 “Dirty Dirt” legislation, the NJDEP is proposing new requirements for the transportation, handling and disposal of soil and other waste materials generated by utility companies, including PSE&G. NJDEP has not yet finalized the requirements and, therefore, PSE&G is unable to quantify the increased costs of complying with these potential new requirements.

Table of Contents