Guarantees of Debt

3 Months Ended

Mar. 31, 2013

Each series of Power’s Senior Notes, Pollution Control Notes and its syndicated revolving credit facilities are fully and unconditionally and jointly and severally guaranteed by its subsidiaries, PSEG Fossil LLC, PSEG Nuclear LLC and PSEG Energy Resources & Trade LLC. The following table presents condensed financial information for the guarantor subsidiaries, as well as Power’s non-guarantor subsidiaries.




	Power			Guarantor Subsidiaries			Other Subsidiaries			Consolidating Adjustments			Consolidated
	Millions
Three Months Ended March 31, 2013
Operating Revenues	$	—		$	1,803		$	33		$	(389	)	$	1,447
Operating Expenses	2			1,562			30			(388		)	1,206
Operating Income (Loss)	(2		)	241			3			(1		)	241
Equity Earnings (Losses) of Subsidiaries	149			—			—			(149		)	—
Other Income	9			48			—			(10		)	47
Other Deductions	(8		)	(20		)	—			—			(28		)
Other-Than-Temporary Impairments	—			(2		)	—			—			(2		)
Interest Expense	(27		)	(10		)	(4		)	11			(30		)
Income Tax Benefit (Expense)	16			(108		)	1			—			(91		)
Net Income (Loss)	$	137		$	149		$	—		$	(149	)	$	137
Comprehensive Income (Loss)	$	169		$	172		$	—		$	(172	)	$	169
Three Months Ended March 31, 2013
Net Cash Provided By (Used In) Operating Activities	$	189		$	574		$	(2	)	$	(189	)	$	572
Net Cash Provided By (Used In) Investing Activities	$	61		$	(353	)	$	—		$	(29	)	$	(321	)
Net Cash Provided By (Used In) Financing Activities	$	(250	)	$	(221	)	$	2		$	217		$	(252	)
Three Months Ended March 31, 2012
Operating Revenues	$	—		$	1,873		$	26		$	(338	)	$	1,561
Operating Expenses	(2		)	1,433			27			(338		)	1,120
Operating Income (Loss)	2			440			(1		)	—			441
Equity Earnings (Losses) of Subsidiaries	260			(3		)	—			(257		)	—
Other Income	13			31			—			(14		)	30
Other Deductions	(7		)	(8		)	—			—			(15		)
Other-Than-Temporary Impairments	—			(5		)	—			—			(5		)
Interest Expense	(29		)	(10		)	(4		)	13			(30		)
Income Tax Benefit (Expense)	14			(185		)	2			1			(168		)
Net Income (Loss)	$	253		$	260		$	(3	)	$	(257	)	$	253
Comprehensive Income (Loss)	$	297		$	297		$	(3	)	$	(294	)	$	297
Three Months Ended March 31, 2012
Net Cash Provided By (Used In) Operating Activities	$	124		$	723		$	2		$	(118	)	$	731
Net Cash Provided By (Used In) Investing Activities	$	242		$	(656	)	$	(13	)	$	62		$	(365	)
Net Cash Provided By (Used In) Financing Activities	$	(366	)	$	(73	)	$	10		$	56		$	(373	)




	Power		Guarantor Subsidiaries		Other Subsidiaries		Consolidating Adjustments			Consolidated
	Millions
As of March 31, 2013
Current Assets	$	3,926	$	8,180	$	942	$	(10,996	)	$	2,052
Property, Plant and Equipment, net	80		5,972		941		—			6,993
Investment in Subsidiaries	4,240		733		—		(4,973		)	—
Noncurrent Assets	189		1,722		59		(150		)	1,820
Total Assets	$	8,435	$	16,607	$	1,942	$	(16,119	)	$	10,865
Current Liabilities	$	529	$	10,334	$	1,001	$	(10,992	)	$	872
Noncurrent Liabilities	508		2,032		208		(153		)	2,595
Long-Term Debt	2,040		—		—		—			2,040
Member’s Equity	5,358		4,241		733		(4,974		)	5,358
Total Liabilities and Member’s Equity	$	8,435	$	16,607	$	1,942	$	(16,119	)	$	10,865
As of December 31, 2012
Current Assets	$	3,922	$	8,084	$	940	$	(10,712	)	$	2,234
Property, Plant and Equipment, net	80		5,988		950		—			7,018
Investment in Subsidiaries	4,317		733		—		(5,050		)	—
Noncurrent Assets	201		1,660		60		(141		)	1,780
Total Assets	$	8,520	$	16,465	$	1,950	$	(15,903	)	$	11,032
Current Liabilities	$	482	$	10,187	$	1,010	$	(10,712	)	$	967
Noncurrent Liabilities	559		1,960		207		(140		)	2,586
Long-Term Debt	2,040		—		—		—			2,040
Member’s Equity	5,439		4,318		733		(5,051		)	5,439
Total Liabilities and Member’s Equity	$	8,520	$	16,465	$	1,950	$	(15,903	)	$	11,032

Power [Member]

Guarantees of Debt




	Power			Guarantor Subsidiaries			Other Subsidiaries			Consolidating Adjustments			Consolidated
	Millions
Three Months Ended March 31, 2013
Operating Revenues	$	—		$	1,803		$	33		$	(389	)	$	1,447
Operating Expenses	2			1,562			30			(388		)	1,206
Operating Income (Loss)	(2		)	241			3			(1		)	241
Equity Earnings (Losses) of Subsidiaries	149			—			—			(149		)	—
Other Income	9			48			—			(10		)	47
Other Deductions	(8		)	(20		)	—			—			(28		)
Other-Than-Temporary Impairments	—			(2		)	—			—			(2		)
Interest Expense	(27		)	(10		)	(4		)	11			(30		)
Income Tax Benefit (Expense)	16			(108		)	1			—			(91		)
Net Income (Loss)	$	137		$	149		$	—		$	(149	)	$	137
Comprehensive Income (Loss)	$	169		$	172		$	—		$	(172	)	$	169
Three Months Ended March 31, 2013
Net Cash Provided By (Used In) Operating Activities	$	189		$	574		$	(2	)	$	(189	)	$	572
Net Cash Provided By (Used In) Investing Activities	$	61		$	(353	)	$	—		$	(29	)	$	(321	)
Net Cash Provided By (Used In) Financing Activities	$	(250	)	$	(221	)	$	2		$	217		$	(252	)
Three Months Ended March 31, 2012
Operating Revenues	$	—		$	1,873		$	26		$	(338	)	$	1,561
Operating Expenses	(2		)	1,433			27			(338		)	1,120
Operating Income (Loss)	2			440			(1		)	—			441
Equity Earnings (Losses) of Subsidiaries	260			(3		)	—			(257		)	—
Other Income	13			31			—			(14		)	30
Other Deductions	(7		)	(8		)	—			—			(15		)
Other-Than-Temporary Impairments	—			(5		)	—			—			(5		)
Interest Expense	(29		)	(10		)	(4		)	13			(30		)
Income Tax Benefit (Expense)	14			(185		)	2			1			(168		)
Net Income (Loss)	$	253		$	260		$	(3	)	$	(257	)	$	253
Comprehensive Income (Loss)	$	297		$	297		$	(3	)	$	(294	)	$	297
Three Months Ended March 31, 2012
Net Cash Provided By (Used In) Operating Activities	$	124		$	723		$	2		$	(118	)	$	731
Net Cash Provided By (Used In) Investing Activities	$	242		$	(656	)	$	(13	)	$	62		$	(365	)
Net Cash Provided By (Used In) Financing Activities	$	(366	)	$	(73	)	$	10		$	56		$	(373	)




	Power		Guarantor Subsidiaries		Other Subsidiaries		Consolidating Adjustments			Consolidated
	Millions
As of March 31, 2013
Current Assets	$	3,926	$	8,180	$	942	$	(10,996	)	$	2,052
Property, Plant and Equipment, net	80		5,972		941		—			6,993
Investment in Subsidiaries	4,240		733		—		(4,973		)	—
Noncurrent Assets	189		1,722		59		(150		)	1,820
Total Assets	$	8,435	$	16,607	$	1,942	$	(16,119	)	$	10,865
Current Liabilities	$	529	$	10,334	$	1,001	$	(10,992	)	$	872
Noncurrent Liabilities	508		2,032		208		(153		)	2,595
Long-Term Debt	2,040		—		—		—			2,040
Member’s Equity	5,358		4,241		733		(4,974		)	5,358
Total Liabilities and Member’s Equity	$	8,435	$	16,607	$	1,942	$	(16,119	)	$	10,865
As of December 31, 2012
Current Assets	$	3,922	$	8,084	$	940	$	(10,712	)	$	2,234
Property, Plant and Equipment, net	80		5,988		950		—			7,018
Investment in Subsidiaries	4,317		733		—		(5,050		)	—
Noncurrent Assets	201		1,660		60		(141		)	1,780
Total Assets	$	8,520	$	16,465	$	1,950	$	(15,903	)	$	11,032
Current Liabilities	$	482	$	10,187	$	1,010	$	(10,712	)	$	967
Noncurrent Liabilities	559		1,960		207		(140		)	2,586
Long-Term Debt	2,040		—		—		—			2,040
Member’s Equity	5,439		4,318		733		(5,051		)	5,439
Total Liabilities and Member’s Equity	$	8,520	$	16,465	$	1,950	$	(15,903	)	$	11,032