Guarantees of Debt

3 Months Ended

Mar. 31, 2014

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, 2014
Operating Revenues	$	—		$	2,077		$	40		$	(417	)	$	1,700
Operating Expenses	4			1,797			34			(417		)	1,418
Operating Income (Loss)	(4		)	280			6			—			282
Equity Earnings (Losses) of Subsidiaries	177			—			4			(177		)	4
Other Income	8			33			—			(8		)	33
Other Deductions	(4		)	(6		)	—			—			(10		)
Other-Than-Temporary Impairments	—			(2		)	—			—			(2		)
Interest Expense	(28		)	(7		)	(5		)	8			(32		)
Income Tax Benefit (Expense)	15			(125		)	(1		)	—			(111		)
Net Income (Loss)	$	164		$	173		$	4		$	(177	)	$	164
Comprehensive Income (Loss)	$	170		$	176		$	4		$	(180	)	$	170
Three Months Ended March 31, 2014
Net Cash Provided By (Used In) Operating Activities	$	291		$	603		$	1		$	(221	)	$	674
Net Cash Provided By (Used In) Investing Activities	$	87		$	(315	)	$	—		$	(67	)	$	(295	)
Net Cash Provided By (Used In) Financing Activities	$	(375	)	$	(287	)	$	(1	)	$	288		$	(375	)
Three Months Ended March 31, 2013
Operating Revenues	$	—		$	1,803		$	37		$	(389	)	$	1,451
Operating Expenses	2			1,562			33			(388		)	1,209
Operating Income (Loss)	(2		)	241			4			(1		)	242
Equity Earnings (Losses) of Subsidiaries	153			—			3			(153		)	3
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)	$	141		$	149		$	4		$	(153	)	$	141
Comprehensive Income (Loss)	$	173		$	172		$	4		$	(176	)	$	173
Three Months Ended March 31, 2013
Net Cash Provided By (Used In) Operating Activities	$	189		$	574		$	1		$	(189	)	$	575
Net Cash Provided By (Used In) Investing Activities	$	56		$	(353	)	$	(8	)	$	(24	)	$	(329	)
Net Cash Provided By (Used In) Financing Activities	$	(245	)	$	(221	)	$	7		$	212		$	(247	)




	Power		Guarantor Subsidiaries		Other Subsidiaries		Consolidating Adjustments			Consolidated
	Millions
As of March 31, 2014
Current Assets	$	4,109	$	9,145	$	951	$	(11,906	)	$	2,299
Property, Plant and Equipment, net	81		6,082		1,172		—			7,335
Investment in Subsidiaries	4,570		727		—		(5,297		)	—
Noncurrent Assets	301		1,832		138		(117		)	2,154
Total Assets	$	9,061	$	17,786	$	2,261	$	(17,320	)	$	11,788
Current Liabilities	$	603	$	11,103	$	980	$	(11,905	)	$	781
Noncurrent Liabilities	308		2,323		344		(118		)	2,857
Long-Term Debt	2,497		—		—		—			2,497
Member’s Equity	5,653		4,360		937		(5,297		)	5,653
Total Liabilities and Member’s Equity	$	9,061	$	17,786	$	2,261	$	(17,320	)	$	11,788
As of December 31, 2013
Current Assets	$	4,160	$	8,916	$	944	$	(11,544	)	$	2,476
Property, Plant and Equipment, net	81		6,108		1,178		—			7,367
Investment in Subsidiaries	4,645		729		—		(5,374		)	—
Noncurrent Assets	222		1,847		138		(48		)	2,159
Total Assets	$	9,108	$	17,600	$	2,260	$	(16,966	)	$	12,002
Current Liabilities	$	444	$	10,919	$	982	$	(11,545	)	$	800
Noncurrent Liabilities	309		2,247		338		(47		)	2,847
Long-Term Debt	2,497		—		—		—			2,497
Member’s Equity	5,858		4,434		940		(5,374		)	5,858
Total Liabilities and Member’s Equity	$	9,108	$	17,600	$	2,260	$	(16,966	)	$	12,002

Power [Member]

Guarantees of Debt




	Power			Guarantor Subsidiaries			Other Subsidiaries			Consolidating Adjustments			Consolidated
	Millions
Three Months Ended March 31, 2014
Operating Revenues	$	—		$	2,077		$	40		$	(417	)	$	1,700
Operating Expenses	4			1,797			34			(417		)	1,418
Operating Income (Loss)	(4		)	280			6			—			282
Equity Earnings (Losses) of Subsidiaries	177			—			4			(177		)	4
Other Income	8			33			—			(8		)	33
Other Deductions	(4		)	(6		)	—			—			(10		)
Other-Than-Temporary Impairments	—			(2		)	—			—			(2		)
Interest Expense	(28		)	(7		)	(5		)	8			(32		)
Income Tax Benefit (Expense)	15			(125		)	(1		)	—			(111		)
Net Income (Loss)	$	164		$	173		$	4		$	(177	)	$	164
Comprehensive Income (Loss)	$	170		$	176		$	4		$	(180	)	$	170
Three Months Ended March 31, 2014
Net Cash Provided By (Used In) Operating Activities	$	291		$	603		$	1		$	(221	)	$	674
Net Cash Provided By (Used In) Investing Activities	$	87		$	(315	)	$	—		$	(67	)	$	(295	)
Net Cash Provided By (Used In) Financing Activities	$	(375	)	$	(287	)	$	(1	)	$	288		$	(375	)
Three Months Ended March 31, 2013
Operating Revenues	$	—		$	1,803		$	37		$	(389	)	$	1,451
Operating Expenses	2			1,562			33			(388		)	1,209
Operating Income (Loss)	(2		)	241			4			(1		)	242
Equity Earnings (Losses) of Subsidiaries	153			—			3			(153		)	3
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)	$	141		$	149		$	4		$	(153	)	$	141
Comprehensive Income (Loss)	$	173		$	172		$	4		$	(176	)	$	173
Three Months Ended March 31, 2013
Net Cash Provided By (Used In) Operating Activities	$	189		$	574		$	1		$	(189	)	$	575
Net Cash Provided By (Used In) Investing Activities	$	56		$	(353	)	$	(8	)	$	(24	)	$	(329	)
Net Cash Provided By (Used In) Financing Activities	$	(245	)	$	(221	)	$	7		$	212		$	(247	)




	Power		Guarantor Subsidiaries		Other Subsidiaries		Consolidating Adjustments			Consolidated
	Millions
As of March 31, 2014
Current Assets	$	4,109	$	9,145	$	951	$	(11,906	)	$	2,299
Property, Plant and Equipment, net	81		6,082		1,172		—			7,335
Investment in Subsidiaries	4,570		727		—		(5,297		)	—
Noncurrent Assets	301		1,832		138		(117		)	2,154
Total Assets	$	9,061	$	17,786	$	2,261	$	(17,320	)	$	11,788
Current Liabilities	$	603	$	11,103	$	980	$	(11,905	)	$	781
Noncurrent Liabilities	308		2,323		344		(118		)	2,857
Long-Term Debt	2,497		—		—		—			2,497
Member’s Equity	5,653		4,360		937		(5,297		)	5,653
Total Liabilities and Member’s Equity	$	9,061	$	17,786	$	2,261	$	(17,320	)	$	11,788
As of December 31, 2013
Current Assets	$	4,160	$	8,916	$	944	$	(11,544	)	$	2,476
Property, Plant and Equipment, net	81		6,108		1,178		—			7,367
Investment in Subsidiaries	4,645		729		—		(5,374		)	—
Noncurrent Assets	222		1,847		138		(48		)	2,159
Total Assets	$	9,108	$	17,600	$	2,260	$	(16,966	)	$	12,002
Current Liabilities	$	444	$	10,919	$	982	$	(11,545	)	$	800
Noncurrent Liabilities	309		2,247		338		(47		)	2,847
Long-Term Debt	2,497		—		—		—			2,497
Member’s Equity	5,858		4,434		940		(5,374		)	5,858
Total Liabilities and Member’s Equity	$	9,108	$	17,600	$	2,260	$	(16,966	)	$	12,002