PSE&G Receives Top Honor for Electric Vehicle Charging Program

NEWARK, N.J., December 20, 2022 /3BL Media — Public Service Electric and Gas Company, New Jersey’s largest utility with 2.3 million electric customers and 1.9 million gas customers, received the prestigious 2022 Drive Electric Award – Utility Award from Plug In America for its Clean Energy Future - Electric Vehicle Program. PSE&G received this national honor for its leadership in support of advancing EV infrastructure in the state. PSE&G has committed to make using an EV in New Jersey more affordable and convenient.

PSE&G is the first New Jersey utility to support the creation of the State’s EV charging infrastructure through a $166 million investment dedicated to installing 45,000 EV chargers throughout its service territory for residential, commercial and direct current fast charge (DCFC) EV charging.

The state-approved program helps qualified customers with the installation costs of EV chargers and alleviates some or all of the costs associated with upgrading their electric service. It does so by supporting increased electric usage, offering demand charge rebates for DCFC sites, and giving off-peak charging credits to residential customers by decreasing a charger’s energy use during peak hours. This program supports the state’s broader electrification efforts.

“At PSE&G, we are powering a future where people use less energy, and it’s cleaner, safer and delivered more reliably than ever,” said Dawn Neville, manager of electric transportation at PSE&G. “We are proud to be recognized for our leadership of transportation electrification in New Jersey as we all work toward creating an infrastructure to access affordable, cleaner energy."

PSE&G was also honored for its commitment to convert its vehicle fleet, which should contribute to a reduction in carbon emissions and sets an example for others. As part of its plan to reduce carbon emissions, PSE&G is working to convert 100% of its passenger vehicles, such as sedans and SUVs, 60% of medium duty vehicles and 90% of heavy-duty vehicles by 2030 to battery electric vehicles, plug-in hybrids or anti-idle job site work systems.

The 2022 Drive Electric Awards were presented in Los Angeles, CA in October 2022.

Supporting adoption of EVs is just one example of how PSE&G is helping New Jersey residents and businesses reduce their carbon footprints. These actions can help mitigate climate change. PSE&G will continue to enable the low-carbon energy transition for customers through programs that promote wide adoption of energy efficiency and the switch to electric vehicles.

For more information on The Clean Energy Future - Electric Vehicle Program visit www.pseg.com/ev.

FORWARD-LOOKING STATEMENTS
Certain of the matters discussed in this communication about our and our subsidiaries’ future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. Such statements are based on management’s beliefs as well as assumptions made by and information currently available to management. When used herein, the words “anticipate,” “intend,” “estimate,” “believe,” “expect,” “plan,” “should,” “hypothetical,” “potential,” “forecast,” “project,” variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in our reports on Form 10-K, Form 10-Q and Form 8-K. These factors include, but are not limited to:

• any inability to successfully develop, obtain regulatory approval for, or construct transmission and distribution, and solar and wind generation projects;
   
• the physical, financial and transition risks related to climate change, including risks relating to potentially increased legislative and regulatory burdens, changing customer preferences and lawsuits;
   
• any equipment failures, accidents, critical operating technology or business system failures, severe weather events, acts of war, terrorism, sabotage, cyberattack or other incidents, including pandemics such as the ongoing coronavirus pandemic, that may impact our ability to provide safe and reliable service to our customers;
   
• any inability to recover the carrying amount of our long-lived assets;
   
• disruptions or cost increases in our supply chain, including labor shortages
   
• any inability to maintain sufficient liquidity or access sufficient capital on commercially reasonable terms;
   
• the impact of cybersecurity attacks or intrusions or other disruptions to our information technology, operational or other systems;
   
• the impact of the ongoing coronavirus pandemic;
   
• failure to attract and retain a qualified workforce;
   
• inflation, including increases in the costs of equipment, materials, fuel and labor;
   
• the impact of our covenants in our debt instruments on our business
   
• adverse performance of our nuclear decommissioning and defined benefit plan trust fund investments and changes in funding requirements
   
• the failure to complete, or delays in completing, the Ocean Wind offshore wind project and the failure to realize the anticipated strategic and financial benefits of this project;
   
• fluctuations in wholesale power and natural gas markets, including the potential impacts on the economic viability of our generation units;
   
• our ability to obtain adequate fuel supply;
   
• market risks impacting the operation of our generating stations;
   
• changes in technology related to energy generation, distribution and consumption and changes in customer usage patterns;
   
• third-party credit risk relating to our sale of generation output and purchase of fuel;
   
• any inability of PSEG Power to meet its commitments under forward sale obligations;
   
• reliance on transmission facilities to maintain adequate transmission capacity for our power generation fleet;
   
• the impact of changes in state and federal legislation and regulations on our business, including PSE&G’s ability to recover costs and earn returns on authorized investments;
   
• PSE&G’s proposed investment programs may not be fully approved by regulators and its capital investment may be lower than planned;
   
• the absence of a long-term legislative or other solution for our New Jersey nuclear plants that sufficiently values them for their carbon-free, fuel diversity and resilience attributes, or the impact of the current or subsequent payments for such attributes being materially adversely modified through legal proceedings;
   
• adverse changes in and non-compliance with energy industry laws, policies, regulations and standards, including market structures and transmission planning and transmission returns;
   
• risks associated with our ownership and operation of nuclear facilities, including increased nuclear fuel storage costs, regulatory risks, such as compliance with the Atomic Energy Act and trade control, environmental and other regulations, as well as financial, environmental and health and safety risks;
   
• changes in federal and state environmental laws and regulations and enforcement;
   
• delays in receipt of, or an inability to receive, necessary licenses and permits; and
   
• changes in tax laws and regulations.

All of the forward-looking statements made in this communication are qualified by these cautionary statements and we cannot assure you that the results or developments anticipated by management will be realized or even if realized, will have the expected consequences to, or effects on, us or our business, prospects, financial condition, results of operations or cash flows. Readers are cautioned not to place undue reliance on these forward-looking statements in making any investment decision. Forward-looking statements made in this communication apply only as of the date hereof. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even in light of new information or future events, unless otherwise required by applicable securities laws.

About PSE&G
Public Service Electric & Gas Co. is New Jersey’s oldest and largest gas and electric delivery public utility, serving three-quarters of the state’s population, as well as one of the nation’s largest utilities. PSE&G is the 2022 Edison Award recipient from the Edison Electric Institute. PSE&G has won the ReliabilityOne Award for superior electric system reliability in the Mid-Atlantic region for 21 consecutive years. PSE&G received the 2022 ENERGY STAR® “Partner of the Year” award in the Energy Efficiency Program Delivery category, and is a 2021 Customer Champion and Most Trusted Brand as named by Escalent. PSE&G is a subsidiary of Public Service Enterprise Group Inc., (PSEG) (NYSE:PEG), a predominantly regulated infrastructure company focused on a clean energy future and has been named to the Dow Jones Sustainability Index for North America for 14 consecutive years (www.pseg.com).