EXHIBIT 99

PSEG ANNOUNCES 2019 RESULTS

NET INCOME OF $3.33 PER SHARE

NON-GAAP OPERATING EARNINGS OF $3.28 PER SHARE

Non-GAAP 2020 Operating Earnings Guidance $3.30 - $3.50 per Share

(February 26, 2020 – Newark, NJ) Public Service Enterprise Group (PSEG) reported 2019 Net Income of $1,693 million, or $3.33 per share, as compared to Net Income of $1,438 million, or $2.83 per share for 2018. Non-GAAP Operating Earnings for 2019 were $1,666 million, or $3.28 per share, compared to $1,582 million, or $3.12 per share for 2018. Non-GAAP Operating Earnings for the full-year 2019 exclude items shown in Attachments 8 and 9.

PSEG also reported Net Income for the fourth quarter of 2019 of $437 million, or $0.86 per share. This compares to Net Income of $199 million, or $0.39 per share in 2018’s fourth quarter. Non-GAAP Operating Earnings for the fourth quarter of 2019 were $330 million, or $0.64 per share, compared to fourth quarter 2018 non-GAAP Operating Earnings of $284 million, or $0.56 per share. Non-GAAP Operating Earnings for the fourth quarter of 2019 exclude items shown in Attachments 8 and 9.

“Our full year 2019 non-GAAP Operating Earnings results rose by 5% over the prior year and delivered on our objective to grow regulated operations to represent three quarters of PSEG’s non-GAAP Operating Earnings. The continued focus on operating excellence and cost discipline also contributed to PSEG’s ability to exceed the mid-point of our 2019 full-year earnings guidance” said Ralph Izzo, Chairman, President and Chief Executive Officer.

“During 2019, PSE&G settled its Energy Strong II (ES II) proposal with an $842 million program to continue work on improving resiliency and hardening energy infrastructure. PSEG continues to align its long-term business strategy with New Jersey’s progressive clean energy policies, which the state recently underscored in its 2019 Energy Master Plan outlining key strategies to reach the Murphy Administration’s goal of 100% clean energy by 2050. Central to this is PSE&G’s landmark $3.5 billion Clean Energy Future filing, pending review before the New Jersey Board of Public Utilities (BPU), which was filed to support implementation of New Jersey’s 2018 Clean Energy Act.”

“2019 was a busy and productive year in other respects as well. PSEG Power secured three years of support from Zero Emission Certificates (ZECs) awarded to our New

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Jersey nuclear units to recognize their carbon free attributes and enable their continued operation and economic viability. We also completed our combined cycle gas turbine (CCGT) construction program with the addition of Bridgeport Harbor 5, and sold Power’s interests in Keystone and Conemaugh, moving us closer to eliminating coal in our generating mix by mid-2021.”

“PSEG’s capital allocation remains consistent with our intention to keep growing our regulated operations. We have outlined a $12 to $16 billion capital program over the 2020 to 2024 period with the majority of the spend focused on updating critical utility infrastructure, which includes four years of remaining work under ES II and the second phase of the Gas System Modernization Program (GSMP II). PSEG’s 2020-2024 capital plan also includes a portion of PSE&G’s $3.5 billion, six-year Clean Energy Future filing comprised of four programs that promote Energy Efficiency (EE), Energy Cloud - advanced metering infrastructure (AMI), Electric Vehicles and Energy Storage in New Jersey, which remains under review by the BPU. In addition, we have identified incremental reliability and resiliency investments anticipated in the 2024 timeframe that we intend to seek approval for under the third phase of existing infrastructure programs.”

“We finished 2019 well positioned to execute on our policy, regulatory and Environmental, Social and Governance priorities. PSEG recently adopted the Sustainability Accounting Standards Board (SASB) disclosure practice and incorporated the U.N. Sustainable Development Goals in our 2019 Sustainability Report. PSEG Power adopted a Net Zero by 2050 goal in July, assuming advancements in technology, public policy and customer behavior. And this coming April, we expect to issue our first Climate Report using science based targets and reporting under the Task Force on Climate-related Financial Disclosures (TCFD) framework.”

“The combination of our investment programs, operational excellence mindset, prudent financial management and dedicated workforce continues to produce long-term benefits for customers and to create value for our shareholders. The recent action by the Board of Directors to increase the common dividend by $0.08 to the indicative annual rate of $1.96 per share highlights our commitment to our shareholders while maintaining the financial strength needed to pursue growth initiatives.”

The following tables provide a reconciliation of PSEG’s Net Income to non-GAAP Operating Earnings for the full year and fourth quarter. See Attachments 8 and 9 for a complete list of items excluded from Net Income in the determination of non-GAAP Operating Earnings.

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PSEG CONSOLIDATED RESULTS (unaudited)

Full-Year Comparative Results

2019 and 2018

PSEG CONSOLIDATED RESULTS (unaudited)

Fourth Quarter Comparative Results

2019 and 2018

Ralph Izzo went on to say, “For 2020, we expect to grow non-GAAP Operating Earnings by approximately 4% at the mid-point of our guidance of $3.30 - $3.50 per share. Notably, the earnings contribution of PSE&G is expected to approach 80% of our 2020 non-GAAP Operating Earnings at the mid-point of guidance. We continue to direct over 90% of our planned capital investment program over the 2020 – 2024 period to grow regulated operations, and we expect to fund this capital program without the need to issue new equity. PSE&G’s capital investment is projected to produce 6.5% to 8% compound annual growth in rate base over this period, starting from a year-end 2019 rate base of over $20 billion.”

The following table outlines PSEG’s 2019 non-GAAP Operating Earnings by subsidiary and expectations for 2020. PSEG’s full-year guidance for 2020 consolidated results of $3.30 to $3.50 per share remains at a consistent $0.20 band as provided in recent years, while subsidiary guidance ranges are modestly wider to allow for variability by business that is often offset in consolidated results.

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2020 Non-GAAP Operating Earnings Guidance and

2019 Non-GAAP Operating Earnings

($ millions, except EPS)

Results and Outlook by Operating Subsidiary

PSE&G

Public Service Electric & Gas

Fourth Quarter & Full Year Comparative Results

($ millions, except EPS)

PSE&G reported Net Income that increased by $0.07 per share over results from the fourth quarter of 2018. Growth in PSE&G’s investment in transmission improved quarter-over-quarter Net Income comparisons by $0.04 per share. Gas margin improved by $0.02 per share as a result of rate relief and recovery of investment in gas distribution made under the Gas System Modernization Program. Electric margin was flat in the quarter, as one month of incremental rate relief over 2018’s fourth quarter was offset by lower weather normalized volume and demand. Operating and maintenance expense improved by $0.02 per share compared with the prior year quarter, reflecting lower tree trimming and preventative maintenance work. In addition, retiree medical plan benefit changes implemented in 2019 had a $0.03 per share positive impact on Net Income compared to the year-earlier quarter. These positives were partially offset by $0.01 per share of higher depreciation expense on higher plant balances, $0.01 of higher interest expense on higher debt outstanding, and higher taxes and other items that were $0.02 unfavorable compared with the year-earlier quarter.

New Jersey released its final 2019 Energy Master Plan in January 2020, which is supportive of implementing the goals of the 2018 Clean Energy Act. The BPU is also completing a stakeholder process to define key terms and policy parameters regarding returns, amortization and lost revenue recovery related to implementing energy efficiency programs statewide.

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In order to provide the BPU with additional time to review the CEF-EE filing, PSE&G has reached an agreement with parties in the CEF-EE matter to 1) extend several of its existing EE programs for six months, with an additional $111 million investment over the course of the programs, and 2) extend the timeline for review of the CEF-EE filing to the end of September 2020. The agreement was approved by the BPU at its February 19^th agenda meeting. At the same meeting, the BPU also lifted the state-wide moratorium on advanced metering infrastructure (AMI) and directed the electric distribution companies to file new proposals, or update previously filed proposals, to install AMI across the state. In addition, the BPU’s staff has circulated draft procedural schedules covering the remaining $1 billion of proposed CEF investments in AMI, electric vehicles and energy storage, with target conclusions in early 2021.

During 2019, PSE&G completed over 230 miles of replacement gas main and 16,000 replacement services in the first year of the GSMP II program. Our continued focus on aging infrastructure has reduced PSE&G’s annual methane emissions by 40,000 metric tons of CO₂ equivalent since 2018.

For the full-year, weather-normalized residential electric sales were 0.2% lower and weather-normalized residential gas sales declined by 1.8%. Total electric and gas customers for the full year increased by 0.9% and 0.6%, respectively.

For the 18^th year in a row, PSE&G was recognized by PA Consulting’s ReliabilityOne award as the Most Reliable Electric Utility in the Mid-Atlantic region.

PSE&G’s Net Income for 2020 is forecasted at $1,310 million - $1,370 million, reflecting incremental investments in Transmission and Distribution.

PSEG Power

Fourth Quarter & Full Year Comparative Results

($ millions, except EPS)

PSEG Power reported Net Income that increased by $0.39 per share and non-GAAP Operating Earnings that declined by $0.01 per share compared with the fourth quarter of 2018. A scheduled decline in capacity prices in PJM and ISO-New England in the second half of 2019 reduced fourth quarter non-GAAP Operating Earnings comparisons by $0.11 per share. Lower generation output for the quarter also reduced comparisons by $0.02 per share. The benefits of a full quarter of ZEC revenues of $0.06 per share and lower costs to serve of $0.05 per share were partly offset by a $0.03 per share decline from re-contracting

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at lower market prices. Gas operations were flat as lower commodity prices pressured margins and limited off-system sales. A decline in O&M expense improved comparisons by $0.03 per share reflecting savings from the Keystone and Conemaugh sale and lower fall 2019 fossil outage expense that more than offset higher costs related to the Hope Creek refueling outage and Bridgeport Harbor 5 in-service as of mid-year 2019. Higher interest and depreciation expenses were offset by savings from retiree medical plan benefit changes implemented in 2019. Lower taxes improved non-GAAP Operating Earnings by $0.01 over the prior year’s fourth quarter.

Output from PSEG Power’s generating facilities in the fourth quarter declined by 6.2% from fourth quarter 2018, primarily reflecting the sale of the Keystone and Conemaugh coal-fired generating units at the end of the third quarter, as well as an extended refueling outage at Hope Creek. Full-year 2019 output of 57 TWh was at the low end of our 57 – 59 TWh forecast. The nuclear fleet operated at an average capacity factor of 81.9% in the quarter, resulting in a full year capacity factor of 88.7% and total production of approximately 30 TWh. The CCGT fleet operated at an average capacity factor of approximately 54.8% in the quarter resulting in a full-year capacity factor of 52.2% and total production of approximately 23 TWh for the year, an increase of over 20% year-over-year. Coal-fired generation for the quarter and the year was significantly reduced as a result of the sale of Keystone and Conemaugh.

PSEG Power is forecasting a decrease in output for both 2020 and 2021 to 50 - 52 TWh, down 2 TWh since the third quarter 2019 update, primarily reflecting weak prices and lower market demand. Following completion of the recent Basic Generation Service (BGS) auction in New Jersey, approximately 85% - 90% of production for 2020 is hedged at an average price of $37 per MWh. For 2021, PSEG Power has hedged 45% - 50% of forecast output of 50 – 52 TWh at an average price of $36 per MWh. For 2022, PSEG Power has hedged 20% - 25% of forecast output of 50 – 52 TWh at an average price of $36 per MWh. The forecast for 2020 – 2022 volumes fully reflects the sale of Keystone and Conemaugh – which had produced approximately 5 TWh of annual generation in prior years, generation from 1,800 MWs of the three new CCGTs, approximately 3 TWh of lower generation in each year consistent with current market conditions, and the planned retirement of 383 MW of coal-fired generation at Bridgeport Harbor 3 in June 2021.

For 2020, non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA at PSEG Power are forecast to be $345 million - $435 million and $950 million - $1,050 million, respectively. The PSEG Power segment guidance for 2020 reflects the benefits of including a full year of ZECs and the contribution from all three new CCGT units, offset by lower expected generation volume and lower capacity revenues.

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PSEG Enterprise/Other

Fourth Quarter & Full Year Comparative Results

($ millions, except EPS)

PSEG Enterprise/Other reported Net Income that increased by $0.01 per share and non-GAAP Operating Earnings that increased by $0.02 per share compared with the fourth quarter of 2018. The results for 2019’s non-GAAP Operating Earnings reflect lower taxes compared with the fourth quarter of 2018.

For 2020, non-GAAP Operating Earnings for PSEG Enterprise/Other is forecast to be at a loss of ($5 million). The 2020 guidance for Enterprise/Other reflects the continued contribution of PSEG Long Island results more than offset by higher parent interest expense.

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Public Service Enterprise Group Inc. (PSEG) (NYSE: PEG) is a publicly traded diversified energy company with approximately 13,000 employees. Headquartered in Newark, N.J., PSEG’s principal operating subsidiaries are: Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 12 consecutive years (https://corporate.pseg.com).

Non-GAAP Financial Measures

Management uses non-GAAP Operating Earnings in its internal analysis, and in communications with investors and analysts, as a consistent measure for comparing PSEG’s financial performance to previous financial results. Non-GAAP Operating Earnings exclude the impact of returns (losses) associated with the Nuclear Decommissioning Trust (NDT), Mark-to-Market (MTM) accounting and material one-time items.

Management believes the presentation of non-GAAP Adjusted EBITDA for PSEG Power is useful to investors and other users of our financial statements in evaluating operating performance because it provides them with an additional tool to compare business performance across companies and across periods. Management also believes that non-GAAP Adjusted EBITDA is widely used by investors to measure operating performance without regard to items such as income tax expense, interest expense and depreciation and amortization, which can vary substantially from company to company depending upon, among other things, the book value of assets, capital structure and whether assets were constructed or acquired. Non-GAAP Adjusted EBITDA also allows investors and other users to assess the underlying financial performance of our fleet before management’s decision to deploy capital. Non-GAAP Adjusted EBITDA excludes the same items as our non-GAAP Operating Earnings measure as well as income tax expense, interest expense and depreciation and amortization.

See Attachments 8 and 9 for a complete list of items excluded from Net Income in the determination of non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA. The presentation of non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA is intended to complement, and should not be considered an alternative to the presentation of Net Income, which is an indicator of financial performance determined in accordance with GAAP. In addition, non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA as presented in this release may not be comparable to similarly titled measures used by other companies.

Due to the forward looking nature of non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA guidance, PSEG is unable to reconcile these non-GAAP financial measures to the most directly comparable GAAP financial measure. Management is unable to project certain reconciling items, in particular MTM and NDT gains (losses), for future periods due to market volatility.

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Forward-Looking Statements

Certain of the matters discussed in this release about our and our subsidiaries’ future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical constitute “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. When used herein, the words “anticipate,” “intend,” “estimate,” “believe,” “expect,” “plan,” “should,” “hypothetical,” “potential,” “forecast,” “project,” variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could cause actual results to differ materially from those contemplated in any forward- looking statements made by us herein are discussed in filings we make with the United States Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K. These factors include, but are not limited to:

All of the forward-looking statements made in this 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 release apply only as of the date of this release. 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.

The forward-looking statements contained in this release 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.

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Attachment 1

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

Consolidating Statements of Operations

(Unaudited, $ millions, except per share data)

Attachment 2

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

Consolidating Statements of Operations

(Unaudited, $ millions, except per share data)

Attachment 3

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

Capitalization Schedule

(Unaudited, $ millions)

Attachment 4

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, $ millions)

Attachment 5

PUBLIC SERVICE ELECTRIC & GAS COMPANY

Retail Sales

(Unaudited)

December 31, 2019

Electric Sales

Gas Sold and Transported

Attachment 6

PSEG POWER LLC

Generation Measures⁽¹⁾

(Unaudited)

Attachment 7

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

Statistical Measures

(Unaudited)

Attachment 8

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

Consolidated Operating Earnings (non-GAAP) Reconciliation

Attachment 9

PSEG Power Operating Earnings (non-GAAP) and Adjusted EBITDA (non-GAAP) Reconciliation