PSEG INCREASES 2023 COMMON STOCK DIVIDEND

Indicative Annual Dividend Rate Increased to $2.28 Per Share

116^TH YEAR OF PAYING A COMMON DIVIDEND

NEWARK, N.J., Feb. 14, 2023 /PRNewswire/ -- The Board of Directors of Public Service Enterprise Group (NYSE:PEG) today declared a $0.57 per share quarterly common stock dividend for the first quarter of 2023, payable on March 31, 2023 to shareholders of record on March 10, 2023.  This action represents a $0.03 per share, or 5.6% increase, in the company's quarterly common stock dividend and brings the 2023 indicative annual rate to $2.28 per share.

"We are pleased to be able to increase the cash return to our shareholders.  PSEG's 116-year dividend track record is a testament to unwavering financial discipline, supported by our solid balance sheet and improved business mix.  This increase in the indicative 2023 rate extends PSEG's record of consistent and sustainable growth in the common dividend, marking the 19^th annual increase in the last 20 years," said Ralph LaRossa, chair, president and chief executive officer of PSEG.  All future decisions regarding dividends on the common stock are subject to approval by the Board of Directors.

Forward-Looking Statement

The statements contained in this press release that are not purely historical are "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. Factors that may cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K filed with the Securities and Exchange Commission (SEC), and available on our website: https://investor.pseg.com. All of the forward-looking statements made in this press release 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 press release 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.

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SOURCE PSEG