(NEWARK, N.J. – October 30, 2024) – PSE&G's latest report on its Clean Energy Future Energy Efficiency (CEF-EE) initiatives from program implementation through June 30, 2024, shows that customers are continuing to embrace energy-saving solutions that provide both economic and environmental benefits. Through these programs, nearly 400,000 customers have taken action to reduce their energy usage and lower their annual electric and gas bills.

Participating customers are projected to collectively save over $500 millionⁱ annually on their utility bills through these programs. As part of these efforts, over 76,000 home energy assessmentsⁱⁱ have been completed, more than 310,000 smart thermostats have been purchased through the PSE&G Marketplace, and approximately 105,000 rebates for energy-efficient electric appliances have been provided. These actions have contributed to notable energy savings and continue to advance New Jersey's clean energy goals.

The projected savings for electric customers alone amount to 2.3 million megawatt-hours of electricity each year—enough to power nearly 335,000 New Jersey homes each year.ⁱⁱⁱ Similarly, participating natural gas customers are expected to conserve over 61 million therms annually, contributing to lower energy usage and a decrease in carbon emissions. Overall, the program is on track to avoid approximately 1.7 million metric tons of carbon dioxide emissions annually,^iv which is equivalent to removing nearly 375,000 gasoline-powered vehicles from the road per year.^v

Susanna Chiu, senior director of Renewables and Energy Solutions at PSE&G, highlighted the evolving role of energy efficiency: “Energy efficiency is no longer just about cutting costs—it’s about giving customers the tools to be active participants in managing their energy use while building a cleaner, more sustainable future. We’re seeing the tremendous impact of these programs firsthand, and we’re excited to see how they continue to shape both customer experiences and New Jersey’s broader clean energy landscape.”

In addition to residential programs, PSE&G's energy efficiency offerings for businesses also continue to provide positive results. Through the Small Business Direct Install Program,^vi participating businesses have collectively saved nearly $14 million annually in energy costs.^vii These businesses are projected to save over 58,000 megawatt-hours of electricity and approximately 2.7 million therms of natural gas each year, helping to avoid approximately 46,000 metric tons of carbon dioxide emissions annually.^viii

As part of its commitment to advancing clean energy, PSE&G is also continuing to drive workforce development through its Clean Energy Jobs Program. Since its launch, the program has successfully placed over 2,600 individuals in clean energy jobs, helping to build a skilled workforce that supports both economic and environmental progress in the state.

Tehellah Giddens graduated from the Clean Energy Jobs, On-the-Job Training (OJT) Program, and now works as an administrative assistant for an HVAC company based in southern New Jersey. Giddens shared, “I started as an administrative assistant trainee, but immediately after going through the OJT Program and being hired with my current company, I'm in charge of launching a new software, providing financing options for our customers, and registering equipment for warranties. This whole experience made me realize that I am more qualified than I thought. What was once intimidating to me is now just another notch under my belt.”

PSE&G's energy efficiency programs have consistently been recognized for excellence, winning 55 awards and counting for achievements in program effectiveness, workforce development, and marketing. Most recently, the utility received the 2024 ENERGY STAR® Partner of the Year Award for Sustained Excellence, underscoring its leadership in helping customers save energy and reduce their carbon footprint.

For more information on how to participate in PSE&G's energy efficiency programs, visit homeenergy.pseg.com for residential customers or bizsave.pseg.com for business customers.

ⁱ Retail bill savings are based on rate class averages for residential and small commercial customers.

ⁱⁱ Home energy audit includes: Home Performance with ENERGY STAR® (HPwES), Home Weatherization Program and Quick Home Energy Check-up (QHEC).

ⁱⁱⁱ Based on the median annual consumption of PSE&G’s residential customers.

^iv Carbon dioxide savings for electricity are based on EPA eGRID marginal emission rates for the eastern RFC region.

^v Vehicle equivalency is based on EPA conversion factors.

^vi The PSE&G Small Business Direct Install Program is designed to deliver comprehensive, cost-effective, energy efficiency equipment for eligible PSE&G business customers, with 12-month individual facility electricity average peak demand usage of less than 200 kW.

^vii Retail bill savings are based on rate class averages for small commercial customers.

^viii Carbon dioxide savings for electricity are based on EPA eGRID marginal emission rates for the eastern RFC region.

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PSE&G
Public Service Electric & Gas Co. is New Jersey's oldest and largest gas and electric delivery public utility, as well as one of the nation's largest utilities. PSE&G has won the ReliabilityOne® Award for superior electric system reliability in the Mid-Atlantic region for 22 consecutive years. For the second consecutive year, PSE&G is the recipient of the ENERGY STAR Partner of the Year award in the Energy Efficiency Program Delivery category. In addition, in 2023 J.D. Power named PSE&G number one in customer satisfaction with residential and business electric service in the east among large utilities. PSE&G is a subsidiary of Public Service Enterprise Group Inc., (PSEG) (NYSE:PEG), a predominantly regulated infrastructure company focused on a clean energy future and has been named to the Dow Jones Sustainability Index for North America for 16 consecutive years (www.pseg.com).

Forward-Looking Statements
This release includes forward-looking statements, including but not limited to statements regarding anticipated or expected energy savings, cost saving and greenhouse gas emissions avoidance. There can be no assurance that such energy and costs savings and greenhouse gas emissions avoidance will be realized in the amounts described and / or in the timeframes anticipated. Such statements are based on management's beliefs as well as assumptions made by and information currently available to management but are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. Factors that may cause actual results to differ include, without limitation: the ability to implement our energy efficiency business strategy, and customer adoption of our energy efficiency offerings. All forward-looking statements made in this release are qualified by these cautionary statements and readers are cautioned not to place undue reliance on these forward-looking statements The forward-looking statements contained in this Report are intended to qualify for the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.