Item 5. OTHER INFORMATION

Certain information is provided below for new matters that have arisen subsequent to the filing of the Form 10-K.

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

During the three months ended March 31, 2025, none of our officers or directors 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 Regulation— Transmission Planning Proceedings

December 31, 2024 Form 10-K page 11. Following FERC’s July 2023 issuance of a Final Rule requiring RTOs to implement rules to speed up the processing of interconnection queue requests, PJM submitted proposed revisions to the PJM Tariff to provide for a reliability based expansion of the interconnection queue window. FERC accepted this proposal in February 2025, which allows PJM to accelerate the interconnection of new, "shovel-ready" generation capacity resources. In March 2025, PSEG Nuclear submitted its application to PJM for its Salem upgrade project to be included in PJM’s accelerated interconnection cycle. PJM will conduct a scoring process and is expected to select 50 projects.

Capacity Market Issues

December 31, 2024 Form 10-K page 12. There continues to be significant activities related to PJM’s capacity market. PJM has delayed capacity auctions for the next three delivery years (2027/28, 2028/29 and 2029/30). Multiple complaints have been filed against PJM alleging that PJM’s capacity market rules have resulted in unjust and unreasonable capacity prices, and seeking to produce short-term increases in supply in the market and a short-term decrease in clearing prices. In April 2025, FERC approved a settlement establishing a price cap of $325/MW-day and a price floor of $175/MW-day for the capacity market auctions for the 2026/27 and 2027/28 delivery years.

State Regulation

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

December 31, 2024 Form 10-K page 14. In January 2020, the State of New Jersey released its EMP. The BPU commenced proceedings to update the State’s EMP in 2024 that are continuing.

BGS Process

December 31, 2024 Form 10-K page 14. 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. The February 2025 BGS auction resulted in a significant cost increase for electricity supplied by PSE&G and all other New Jersey’s electric distribution companies. The cost increases are in large part due to higher prices from the PJM capacity market. Price increases for electricity supply resulting from the 2025 BGS auction will be included in PSE&G customers’ rates beginning June 1, 2025.

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