PSEG INCREASES COMMON STOCK DIVIDEND

Indicative Annual 2022 Dividend Rate Increased $0.12 to $2.16 Per Share

115TH YEAR OF PAYING A COMMON DIVIDEND

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Feb 15, 2022, 12:05 ET

NEWARK, N.J., Feb. 15, 2022 /PRNewswire/ -- The Board of Directors of Public Service Enterprise Group (NYSE: PEG) today declared a quarterly common stock dividend for the first quarter of 2022 of $0.54 per share payable on March 31, 2022 to shareholders of record on March 10, 2022. This action, which was announced during PSEG's September Investor Conference, represents a $0.03 per share, or 5.9% increase in the company's quarterly common stock dividend and brings the indicative annual dividend rate to $2.16 per share.

Ralph Izzo, Chairman, President and Chief Executive Officer, said, "We are pleased to be able to increase the cash return to our shareholders. This latest increase represents the 18th increase in the common dividend in the past 19 years and marks our 115th consecutive year of paying a common dividend to shareholders, which is an achievement attained by very few companies. PSEG's long history of paying a common dividend is aided by our strong balance sheet, improved business mix and the durability of our growth strategy, which are expected to support consistent and sustainable growth in the common dividend."

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.

From time to time, PSEG, PSE&G and PSEG Power 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.