EX-99 2 d753491dex99.htm EX-99 EX-99

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Exhibit 99

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Forward-Looking Statements

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GAAP Disclaimer

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2019 PSEG Conference Agenda

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A 116 year Newark-based business investing in critical energy infrastructure, providing safe and increasingly clean energy through two strong businesses

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Business Mix – investment focus towards utility needs creates a more stable platform

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PSEG Investment Platform – outlook increases capital allocation to the utility, addressing infrastructure needs, customer expectations and public policy

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PSEG Investment Platform – sustainable over the long term

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Climate Strategy – PSEG’s business strategy is climate-focused and aligned with public policy

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Climate Strategy – Power’s fleet transformation is addressing climate change

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Power Generation Fleet – transformed to be increasingly efficient and environmentally friendly

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Customer Focus – Customer’s bills have declined, supporting needed investment in the system

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Customer’s bills have declined in absolute terms and relative to customer’s income

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Our PSEG focus – day in, day out

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PSEG Value Proposition

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PSEG realized many regulatory and policy priorities in 2018…

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New Jersey is working to balance the interests of its stakeholders while advancing the state’s energy goals

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NJ Clean Energy Act sets ambitious energy goals

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NJ has advanced its clean energy agenda …

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New Jersey realizes broad based benefits from preserving zero carbon nuclear generation …

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The facts about NJ’s zero emission certificates …

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PSEG advocating for competitive market reforms … process still moving slowly

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PSEG is committed to excellence in corporate governance

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PSEG Value Proposition

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PSE&G

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PSE&G’s distribution rate case reasonably concluded

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PSE&G’s $11B - $16B investment program focused on reliability, grid modernization and clean energy

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Gas Distribution Investments

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Energy Strong II: Program Overview as Filed

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Energy Strong II: Flood Mitigation Investments

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Energy Strong II: Life Cycle Stations

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Energy Strong II: Outside Plant Design Standards and Contingency Reconfiguration

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Energy Strong II: Grid Modernization

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Partnership for a Clean Energy Future (CEF)

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CEF: Energy Efficiency Programs

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CEF - EE Residential programs

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CEF - EE C&I and pilot programs

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CEF: Electric Vehicle and Energy Storage Programs

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CEF: Energy Cloud Program

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Operational Excellence: Safety & Reliability

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Operational Excellence: Successfully managing O&M costs

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Investments in technology are driving innovative solutions for customers and reducing costs

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Customer’s bills will remain in line with inflation, even with inclusion of our active and proposed programs …

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PSE&G’s 2019 Net Income benefits from a full year of rate relief and return on investment programs

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PSEG LONG ISLAND

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PSEG Long Island: Focused on improving customer service and reliability while managing costs

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PSEG Long Island continues to drive improvement in performance metrics

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Customer Satisfaction: Most improved utility in the U.S.

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PSEG Long Island experience brings multiple opportunities

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PSE&G Value Proposition

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PSEG POWER

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Power’s generating assets mainly located in three competitive markets

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Sewaren 7 and Keys Energy Center transforming Power into a cleaner, more efficient fleet

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Bridgeport Harbor 5 CCGT nearing completion for mid-2019 addition to ISO-NE

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Power’s three NJ nuclear plants recently awarded Zero Emission Certificates to help support NJ’s primary supply of zero-carbon electricity

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ZECs enable New Jersey to maintain fuel diversity and prevents a rise in harmful air emissions

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Power’s Solar Source portfolio adds to our clean, zero carbon generating fleet

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NJ Offshore Wind Opportunity – Power has an option to invest in Ørsted’s Ocean Wind Project

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Power’s fleet is well-located with access to shale gas production

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Power has successfully controlled O&M and continues to drive cost efficiencies to optimize free cash flows

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Power’s free cash flow is increasing as O&M is controlled and new CCGTs are completed

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Power’s 2019 non-GAAP Operating Earnings

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PSEG Power Value Proposition

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PSEG FINANCIAL REVIEW & OUTLOOK

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Continued strong financial position driven by stable earnings and cash profile

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Growth in utility infrastructure investment is expected to drive 4% increase in 2019 non-GAAP Operating Earnings

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PSE&G’s capital investment is balanced between T&D spending with clause recoveries

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Strong PSE&G cash from operations is complemented by meaningful free cash flow from Power

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We have deployed debt capacity to grow our regulated business

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Solid credit metrics support additional debt capacity

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PSEG deploys capital consistent with its longstanding commitment to sustainability and environmental stewardship

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Strategic focus continues to deliver solid results

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PSEG Value Proposition

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PSEG Meeting Takeaways

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PSEG APPENDIX

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PSEG’s longer-term outlook is influenced by investment at PSE&G and Power’s hedge position

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2019 PSEG EXECUTIVE PROFILES

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Reconciliation of Non-GAAP Operating Earnings

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