Public Service Electric Gas Co (81033) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, December 31, 2022

EXHIBIT 99

CONTACT:    

PSEG ANNOUNCES 2022 RESULTS

$2.06 PER SHARE NET INCOME

$3.47 PER SHARE NON-GAAP OPERATING EARNINGS

Narrows Full-Year 2023 non-GAAP Operating Earnings Guidance Range to $3.40 - $3.50 Per Share

Affirms outlook for 5%-7% long-term earnings growth through 2027

(February 21, 2023 – Newark, NJ) Public Service Enterprise Group (PSEG) reported full-year 2022 Net Income of $1,031 million, or $2.06 per share, compared to a Net Loss of $648 million, or $1.29 per share for full-year 2021.

PSEG also reported Net Income for the fourth quarter of 2022 of $788 million, or $1.58 per share. This compares to Net Income of $445 million, or $0.88 per share in 2021’s fourth quarter. Non-GAAP Operating Earnings for the fourth quarter of 2022 were $318 million, or $0.64 per share, compared to fourth quarter 2021 non-GAAP Operating Earnings of $352 million, or $0.69 per share. Non-GAAP results for the fourth quarter and full year of 2022 and 2021, respectively, exclude items shown in Attachments 8 and 9.

“We are pleased to report strong operating and financial results for 2022, marking the 18^th year in a row that PSEG has delivered results within management’s non-GAAP Operating Earnings guidance. The main contributor to our results, PSE&G, posted an 8.2% annual increase in Net Income, representing approximately 90% of PSEG’s consolidated non-GAAP Operating Earnings,” said Ralph LaRossa – chair, president and chief executive officer of PSEG.

“PSEG successfully navigated last year’s challenges including inflation, supply chain disruptions, energy price spikes, and the steep rise in interest rates to deliver financial results above the midpoint of our 2022 non-GAAP Operating Earnings guidance. The Edison Electric Institute recognized PSE&G with its 2022 Edison Award, the electric power industry’s highest honor for leadership and innovation. We completed the sale of our fossil generating plants in February 2022, which simplified our business mix to approximately 90% regulated, and completed a $500 million share repurchase in May 2022. The passage of the Inflation Reduction Act last August will help to preserve the financial viability of our carbon-free nuclear fleet into the next decade, and creates valuable incentives in the near-term for our customers to transition to electric vehicles and advance New Jersey’s decarbonization goals.”

“The simplified business platform created by the strategic actions PSEG has taken over the past two years now drives our long-term, compound annual earnings growth rate of 5% to 7% through 2027. Moving into

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