PSEG ANNOUNCES 2022 3RD QUARTER RESULTS.

NEWARK, N.J: Public Service Enterprise Group (NYSE: PEG) reported Net Income of $114 million, or $0.22 per share for the third quarter of 2022, compared to a Net Loss of $1,564 million, or a loss of $3.10 per share, in the third quarter of 2021 related to the impairment associated with the divestiture of PSEG Fossil assets. Non-GAAP Operating Earnings for the third quarter of 2022 were $429 million, or $0.86 per share, compared to non-GAAP Operating Earnings of $495 million, or $0.98 per share in the third quarter of 2021.

Ralph LaRossa, PSEG's president and chief executive officer commented, "We are focused on continuing to grow the company through investments with appropriate risk adjusted returns, and increasing the predictability of our financial results. Through the first three quarters of 2022, we are on track to deliver on our earnings guidance for the full-year, which we have narrowed to $3.40 to $3.50 per share, affirming our midpoint. PSE&G's investments in transmission and distribution infrastructure continue to produce rate base growth consistent with our long-term expectations. Our new Infrastructure Advancement Program, which launches investment in the critical "Last Mile" of our distribution system, and the Clean Energy Future investments, are also supporting wide-ranging decarbonization priorities -- driven by energy efficiency, electric vehicles, solar investments, and creating clean energy jobs and training opportunities. I am also proud to announce that MSCI has raised PSEG's corporate Environmental, Social and Governance rating to AAA from AA, placing us at its highest rating."

Passage of the Inflation Reduction Act of 2022 this past summer will have important revenue visibility and price stabilizing benefits for our 3,770-megawatt nuclear fleet, starting in 2024. Notably, the federal government has established a decade-long commitment to the preservation of existing nuclear generation through the creation of a production tax credit, which will extend the visibility and stability of cash flows into the next decade. These incentives will lower customer costs over time and support the continued operation of existing nuclear plants - which are New Jersey's largest carbon-free base load energy resource.

"Regarding the Ocean Wind 1 project in New Jersey, PSEG's continuation as an equity owner is subject to its final investment decision (FID), which represents the decision to proceed to the construction phase of the project. We are reviewing our options regarding the status of PSEG's 25% equity investment in the project. Last week, the BPU completed its review of offshore wind transmission and awarded several on-shore solutions. PSE&G was awarded $40 million of system upgrade work needed to accommodate the injection of offshore wind generation in central New Jersey. However, the BPU also indicated an additional solicitation to consider the state's increased offshore wind generation targets. We remain optimistic that the Coastal Wind Link's emphasis on reliability and...