PUBLIC SERVICE ENTERPRISE GROUP INC Debt Disclosure

Note 13. Debt and Credit Facilities

Long-Term Debt Maturities

Long-Term Debt Financing Transactions

During 2025, the following long-term debt transactions occurred:

PSEG

PSE&G

PSEG Power

PSE&G

In January 2026, PSE&G issued $500 million of 4.20% Secured Medium-Term Notes, Series R, due January 2031 and $500 million of 5.63% Secured Medium-Term Notes, Series R, due January 2056.

Short-Term Liquidity

PSEG meets its short-term liquidity requirements, as well as those of PSEG Power, primarily through the issuance of commercial paper and, from time to time, short-term loans. PSE&G maintains its own separate commercial paper program to meet its short-term liquidity requirements. Each commercial paper program is fully back-stopped by its own separate credit facility.

The commitments under the $3.8 billion credit facilities are provided by a diverse bank group. As of December 31, 2025, the total available credit capacity was $2.7 billion. In March 2025, PSEG, PSEG Power, and PSE&G executed a one year extension to their existing $3.75 billion revolving credit facilities, extending the maturity through March 2029, and PSEG Power amended certain provisions in the Master Credit Facility including removal of subsidiary guarantees of PSEG Power. The PSEG Power letter of credit facilities and term loans were also amended to be consistent with the Master Credit Facility, and the $150 million uncommitted credit facility at a subsidiary of PSEG Power was terminated.

As of December 31, 2025, no single institution represented more than 9% of the total commitments in the credit facilities.

As of December 31, 2025, PSEG’s liquidity position, including credit facilities and access to external financing, was expected to be sufficient to meet its projected stressed requirements over a 12-month planning horizon.

Each of the credit facilities is restricted as to availability and use to the specific companies as listed in the following table; however, if necessary, the PSEG facilities can also be used to support its subsidiaries’ liquidity needs.

PSEG Power has uncommitted credit facilities totaling $425 million, which can be utilized for letters of credit. As of December 31, 2025, PSEG Power had $243 million in letters of credit outstanding under these uncommitted credit facilities.

PSE&G has an uncommitted credit facility totaling $30 million, which can be utilized for letters of credit. As of December 31, 2025, PSE&G's letters of credit outstanding were immaterial under this uncommitted credit facility.

Debt Covenants

PSEG Power’s credit agreements and debt instruments contain covenants restricting the ability of PSEG Power from consummating certain mergers and consolidations, and contain limitations on the incurrence of certain subsidiary debt and the incurrence of liens. PSEG Power’s bank credit agreements contain limitations on sales of assets and PSEG Power’s debt instruments contain limitations on sale and leaseback transactions.

Short-Term Loans

In December 2025, PSEG Power amended its existing $400 million 364-day variable rate term loan, which increased the balance to $500 million and extended the maturity to December 2026.

In February 2026, PSEG entered into a 364-day variable rate term loan agreement for $500 million.