Public Service Enterprise Group Inc. PEG

PSEG Continues its Track Record of Recognition for Excellence in ESG

NEWARK, N.J., Dec. 21, 2022 /PRNewswire/ -- Public Service Enterprise Group (PSEG) has been named to both the Dow Jones Sustainability Index (DJSI) and Newsweek's America's Most Responsible Companies 2023 list. These prestigious recognitions further demonstrate PSEG's ongoing commitment to sustainable and ethical practices and action across environmental, social and governance (ESG) criteria.

"At PSEG, we know that smart investments in sustainability and our workforce are good for our customers, our communities and our company," said Ralph LaRossa, President and CEO of PSEG. "With our inclusion in both the Dow Jones Sustainability Index and Newsweek as one of America's Most Responsible Companies, we're honored that our commitment to ESG continues to be recognized."

PSEG has been named to the Dow Jones Sustainability Index for North America for the 15th consecutive year. The DJSI recognizes forward-thinking companies based on an appraisal of the company's strategy, management and performance in dealing with opportunities and risks deriving from ESG factors, based on a comprehensive review of environmental performance, innovation management, corporate governance, risk management, stakeholder engagement and talent attraction and retention. The DJSI 2022 announcement is available online.

Presented by Newsweek and Statista Inc., America's Most Responsible Companies were selected based on publicly available key performance indicators (KPIs) derived from CSR Reports, Sustainability Reports, and other reports as well as an independent survey.

Highlights of PSEG's commitment to ESG include the following.

Environmental

PSEG's ongoing environmental efforts include:

• Our vision for net-zero carbon emissions (Scopes 1 and 2) by 2030.
• Our $1 billion expansion of PSE&G's energy efficiency programs to help customers reduce energy usage and save money, which should help improve air quality and public health by reducing New Jersey's carbon footprint, and create 4,000+ clean energy jobs.

Social

PSEG strives to advance social good and diversity, equity and inclusion including:

• Committment to supplier diversity, achieving our goal of 30% spending allocated to diverse suppliers two years ahead of schedule.
• A commitment to awareness of LGBTQ+ concerns with an employee campaign called "Acceptance for All. Respect for All. Inclusion for All." This includes PSEG's LGBTQ+ Inclusion Pledge, a resource guide to equip managers and teams with the policies, language and direction to help them support transgender colleagues, and an opportunity for all employees to select their gender, sexual orientation, and preferred pronouns.
• Support for women in the workplace with our Women in Skilled Trades Initiative and Inclusive Workspace for Women Program, which includes enhanced recruiting efforts to bring women into PSEG's skilled trades roles, a buddy program to provide support to all union women new hires into these roles, and the elimination of interview requirements for certain entry level roles where pre-employment testing is sufficient to evaluate a candidate's qualification for a role.
• Strong partnerships with Historically Black Colleges & Universities (HBCU) and Hispanic-Serving Institutions (HSI) to recruit diverse talent. In 2022, we launched a pilot externship program intended to bring first-year students from HBCUs into the PSEG talent pipeline. In 2023, PSEG will extend its pilot externship program broadly to HSIs and first-year HSI students. Additional work with HSIs includes our longtime relationship with Montclair State University in the form of grants, recruitment, and the PSEG Institute for Sustainable Studies.
• Moved from a half-day to a full day off in recognition of Juneteenth commemorating the ending of slavery in the U.S.
• Leadership development and enhanced talent and succession processes focused on identifying diverse talent pools and diverse high-potential candidates in the workforce.

Governance

Our commitments in governance include:

• Since 2018, added six new directors and retired five directors, demonstrating good levels of board refreshment.
• Four women and three members of color on PSEG's board, demonstrating board diversity.
• Enhanced disclosure in the PSEG proxy statement across ESG topics.

About PSEG

Public Service Enterprise Group (PSEG) (NYSE: PEG) is a predominantly regulated infrastructure company focused on a clean energy future. Guided by its Powering Progress vision, PSEG aims to power a future where people use less energy, and it's cleaner, safer and delivered more reliably than ever. PSEG's commitment to ESG and sustainability is demonstrated in our net-zero 2030 climate vision and participation in the U.N. Race to Zero, as well as our inclusion on the Dow Jones Sustainability North America Index, the Bloomberg Gender-Equality Index and the list of America's most JUST Companies. PSEG's businesses include Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island. (https://corporate.pseg.com).

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.

From time to time, PSEG and PSE&G release important information via postings on their corporate Investor Relations website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the Investor Relations website to review new postings. You can sign up for automatic email alerts regarding new postings at the bottom of the webpage at https://investor.pseg.com or navigating to the Email Alerts webpage here.

Investor Relations    
Carlotta Chan
973-430-6565
Carlotta.Chan@pseg.com

Media Relations
Marijke Shugrue
908-531-4253
Marijke.Shugrue@pseg.com

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SOURCE PSEG