EX-99 2 c58391_ex99.htm

Exhibit 99

 

 

 

(PSEG LOGO)

Investor News

NYSE:PEG

 

 

 

 

 

For further information, contact:

 

 

 

Ø

Kathleen A. Lally, Vice President – Investor Relations

Phone:

973-430-6565

 

Ø

Greg McLaughlin, Sr. Investor Relations Analyst

Phone:

973-430-6568

 

Ø

Yaeni Kim, Sr. Investor Relations Analyst

Phone:

973-430-6596

PSEG ANNOUNCES 2009 SECOND QUARTER RESULTS

$0.61 PER SHARE FROM CONTINUING OPERATIONS

$0.63 PER SHARE OF OPERATING EARNINGS

Performance Reflects Negative Impact of Weather Offset by Lease Gains

(July 31, 2009) – Public Service Enterprise Group (PSEG) reported today second quarter 2009 Income from Continuing Operations of $311 million or $0.61 per share as compared to a Loss from Continuing Operations for the second quarter of 2008 of $166 million or $0.32 per share. Net Income for the second quarter 2009 was the same as Income from Continuing Operations. Including the effect of income from discontinued operations of $16 million or $0.03 per share, PSEG reported a Net Loss for the second quarter of 2008 of $150 million, or $0.29 per share. Operating Earnings for the second quarter of 2009 were $318 million or $0.63 per share compared to the second quarter of 2008 Operating Earnings of $313 million or $0.61 per share.

PSEG believes that the non-GAAP financial measure of “Operating Earnings” provides a consistent and comparable measure of performance of its businesses to help shareholders understand performance trends. Operating Earnings exclude the impact of the sale and/or impairment of certain non-core assets and the impact of returns/(losses) associated with Nuclear Decommissioning Trust (NDT) obligations and Mark-To-Market (MTM) accounting. The table below provides a reconciliation of PSEG’s Net Income to Operating Earnings (a non-GAAP measure) for the second quarter. See Attachment 12 for a complete list of items excluded from Income from Continuing Operations in the determination of Operating Earnings.

PSEG CONSOLIDATED EARNINGS (unaudited)
Second Quarter Comparative Results
2009 and 2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income
($millions)

 

Diluted Earnings
Per Share

 

 

 

2009

 

2008

 

2009

 

2008

 

Net Income(Loss)

 

$

311

 

$

(150

)

$

0.61

 

$

(0.29

)

Less: Income from Discontinued Ops

 

 

—

 

 

16

 

 

—

 

 

0.03

 

Income(Loss) From Continuing Ops

 

$

311

 

$

(166

)

$

0.61

 

$

(0.32

)

Less: Excluded Items

 

 

(7

)

 

(479

)

 

(0.02

)

 

(0.93

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Earnings (Non-GAAP)

 

$

318

 

$

313

 

$

0.63

 

$

0.61

 

 

 

 

 

Avg. Shares

 

507M

 

 

509M

 

“Our results continue to demonstrate the strength of our employees’ commitment to meeting objectives in the face of difficult market conditions and an abnormally cool weather pattern” said Ralph Izzo, chairman, president and chief executive officer. “We experienced the impact of the second coolest June since 1970.” He went on to say that “we have accomplished a great deal in this quarter which provides strong support for PSEG meeting its long term goals. Regulatory approvals for major PSE&G initiatives, two of which have been received in the past 30 days, support growth as we answer the state’s needs for jobs and clean energy; and additional successful sales of some of our leveraged leases enhances our financial strength. The abnormally cool weather conditions we have experienced through the end of July will challenge our ability to meet the upper end of our 2009 earnings guidance range of $3.00-$3.25 per share.”

Operating Earnings Guidance by subsidiary for 2009 is as follows:

2009 Operating Earnings Guidance
 ($ millions)

 

 

 

PSEG Power

 

$1,170-$1,245

PSE&G

 

315–335

PSEG Energy Holdings

 

40–65

PSEG Parent

 

(5)

Operating Earnings

 

$1,520- $1,640

Earnings Per Share

 

$3.00- $3.25

Operating Earnings Review and Outlook by Operating Subsidiary

See Attachment 6 for detail regarding the quarter-over-quarter reconciliations for each of PSEG’s businesses.

PSEG Power

PSEG Power reported operating earnings of $238 million ($0.47 per share) for the second quarter of 2009 compared with operating earnings of $216 million ($0.42 per share) for the second quarter of 2008.

PSEG Power’s margins in the second quarter of 2009 benefited from higher contracted pricing and lower fuel costs ($0.04 per share). Higher average prices in the second quarter of 2009 reflect the benefit of increased prices under the more recent BGS auctions which replaced lower priced contracts which expired in May 2008 and May 2009, as well as expiration of a below market wholesale contract at year-end 2008.

A contraction in economic activity, coupled with the impact of abnormally cool weather conditions during the month of June, resulted in a 15% reduction in generation for the quarter. Power met its reduced load obligations with higher output from its nuclear fleet, which supplied 62% of generation in the quarter compared with 52% in the year ago quarter. A reduction in the price of gas continued to support operation of the combined cycle gas-fired fleet at the displacement of the coal-fired stations. The shift in fuel mix supported Power’s gross margins during the quarter.

2

The nuclear fleet continued its strong operating performance. During the quarter, our nuclear fleet operated at an average capacity factor of 89.1%. Results were influenced by a scheduled refueling outage at Hope Creek. This compares to an average capacity factor of 90.5% during the year-ago quarter. The performance in the second quarter brings the capacity factor for the nuclear fleet for the first half of the year to 93.4% versus 92.3% during the year ago period.

Power’s earnings in the second quarter also benefited from a decline in operating and maintenance expense ($0.01 per share). The improvement reflects a reduction in fossil related costs associated with major maintenance at the Hudson coal station in the year ago quarter which was partially offset by the nuclear refueling outage related expenses at Hope Creek.

Power’s gross margins for the full year are expected to benefit from a decline in fuel costs to a greater degree than originally forecast. However, the improvement in margin is not expected to offset the impact of weather and the economy on demand and earnings. We have, as a result, adjusted our forecast of Power’s full year operating earnings to $1,170 - $1,245 million from $1,210 - $1,285 million to take into account the continuation of abnormally cool weather conditions in the month of July.

PSE&G

PSE&G reported operating earnings of $43 million ($0.09 per share) for the second quarter of 2009 compared with operating earnings of $51 million ($0.10 per share) for the second quarter of 2008.

Electric revenues declined during the second quarter by $0.01 per share. Total gas margin improved by $0.01 per share. Earnings comparisons were also aided by an increase in transmission revenues effective on October 1, 2008 ($0.01 per share). This improvement was offset by higher depreciation on increased levels of investment and O&M ($0.02 per share). Operating and maintenance expenses (excluding the impact of regulatory clauses and pension expense) were marginally lower in the second quarter of 2009 compared with the second quarter of 2008.

Electric demand was heavily affected by cooler than normal weather. Summer weather, as measured by the temperature-humidity index, was 41% cooler than normal in the month of June, reducing air-conditioning loads and, as a result, electric demand. Excluding the impact of weather, we continue to forecast a decline in weather normalized electric sales of 1.5%-2.0% with flat year-over-year sales to the residential sector.

We have reduced our forecast of PSE&G’s 2009 operating earnings to $315 - $335 million from $320 - $345 million. The revised forecast takes into account the impact of cooler than normal weather on electric demand and earnings. The forecast continues to reflect an increase in pension expense as well as higher levels of depreciation expense and financing costs.

PSE&G, on May 29, 2009, filed a request with the New Jersey Board of Public Utilities (BPU) for an increase in electric ($134 million) and gas ($97 million) revenues. The increase is based on a 2009 test year and supports an 11.5% return on equity and a 51% equity ratio.

The BPU, on July 27, 2009, approved PSE&G’s Solar 4 All Program. Under the program, PSE&G will invest $515 million over 2009-2013 to install 80 MW of solar panels. The BPU, on July 1, 2009, approved PSE&G’s Energy Efficiency Economic Stimulus Program. The program entails spending $190 million, including $166 million of capital investment, over an 18-month period for electric and gas energy efficiency programs. This program represents an expansion of programs designed to help meet the state’s goals for a 20% reduction in consumption by 2020.

3

PSEG Energy Holdings

PSEG Energy Holdings reported operating earnings of $36 million ($0.07 per share) for the second quarter of 2009 versus operating earnings of $50 million ($0.10 per share) during the second quarter of 2008.

Holdings’ quarterly earnings comparisons were affected by several items. The operating profit from Holdings’ 2000 MW of gas-fired generating capacity in Texas declined by $0.06 per share. A reduction in demand and lower energy prices (in comparison to very strong pricing in the year ago period) more than offset a reduction in maintenance expense and lower financing costs associated with the Texas assets.

Earnings comparisons were aided by the recognition of gains on the successful termination of five cross-border leveraged leases in the quarter ($0.05 per share). Total proceeds for the sales were approximately $320 million in the quarter. Since December 2008, we terminated eight of these types of leases bringing in cash of approximately $450 million and reducing our cash tax liability by approximately $350 million. We intend, when economically prudent, to pursue a further reduction in our cross-border leveraged lease exposure.

We have increased our forecast of Holdings operating earnings for 2009 to $40 - $65 million from $0 - $20 million. The improvement takes into account gains booked year-to-date on the termination of leases and our on-going efforts to reduce the size of the portfolio.

#####

FORWARD-LOOKING STATEMENT

Readers are cautioned that statements contained in this press release about our and our subsidiaries’ future performance, including future revenues, earnings, strategies, prospects and all other statements that are not purely historical, are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Although we believe that our expectations are based on reasonable assumptions, we can give no assurance they will be achieved. The results or events predicted in these statements may differ materially from actual results or events. Factors which could cause results or events to differ from current expectations include, but are not limited to:

 

 

 

 

•

Adverse Changes in energy industry, law, policies and regulation, including market structures and rules and reliability standards.

 

•

Any inability of our energy transmission and distribution businesses to obtain adequate and timely rate relief and regulatory approvals from federal and state regulators.

 

•

Changes in federal and/or state environmental regulations that could increase our costs or limit operations of our generating units.

 

•

Changes in nuclear regulation and/or developments in the nuclear power industry generally, that could limit operations of our nuclear generating units.

 

•

Actions or activities at one of our nuclear units that might adversely affect our ability to continue to operate that unit or other units at the same site.

 

•

Any inability to balance our energy obligations, available supply and trading risks.

 

•

Any deterioration in our credit quality.

 

•

Availability of capital and credit at reasonable pricing terms and our ability to meet cash needs.

 

•

Any inability to realize anticipated tax benefits or retain tax credits.

 

•

Increases in the cost of or interruption in the supply of fuel and other commodities necessary to the operation of our generating units.

 

•

Delays or cost escalations in our construction and development activities.

 

•

Adverse investment performance of our decommissioning and defined benefit plan trust funds and changes in discount rates and funding requirements.

 

•

Changes in technology and/or increased customer conservation.

For further information, please refer to our Annual Report on Form 10-K, including item 1A. Risk Factors, and subsequent reports on Form 10-Q and Form 8-K filed with the Securities and Exchange Commission. These documents address in further detail our business, industry issues and other factors that could cause actual results to differ materially from those indicated in this release. Forward-looking statements made herein only apply as of this date. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even if our internal estimates change, unless otherwise required by applicable securities laws.

4

Attachment 1

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
Operating Earnings and Per Share Results by Subsidiary
(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Quarters Ended
June 30,

 

 

For the Six Months Ended
June 30,

 

 

 

 

2009

 

2008

 

 

2009

 

2008

 

Earnings Results ($ Millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSEG Power

 

 

$

238

 

$

216

 

 

$

597

 

$

495

 

PSE&G

 

 

 

43

 

 

51

 

 

 

166

 

 

187

 

PSEG Energy Holdings

 

 

 

36

 

 

50

 

 

 

40

 

 

78

 

PSEG

 

 

 

1

 

 

(4

)

 

 

(3

)

 

(9

)

Operating Earnings

 

 

$

318

 

$

313

 

 

$

800

 

$

751

 

Reconciling Items (a)

 

 

 

(7

)

 

(479

)

 

 

(45

)

 

(482

)

Income (Loss) from Continuing Operations

 

 

$

311

 

$

(166

)

 

$

755

 

$

269

 

Discontinued Operations

 

 

 

—

 

 

16

 

 

 

—

 

 

29

 

Net Income (Loss)

 

 

$

311

 

$

(150

)

 

$

755

 

$

298

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fully Diluted Average Shares Outstanding (in Millions)

 

 

 

507

 

 

509

 

 

 

507

 

 

509

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per Share Results (Diluted)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSEG Power

 

 

$

0.47

 

$

0.42

 

 

$

1.18

 

$

0.97

 

PSE&G

 

 

 

0.09

 

 

0.10

 

 

 

0.33

 

 

0.37

 

PSEG Energy Holdings

 

 

 

0.07

 

 

0.10

 

 

 

0.08

 

 

0.15

 

PSEG

 

 

 

—

 

 

(0.01

)

 

 

(0.01

)

 

(0.02

)

Operating Earnings

 

 

$

0.63

 

$

0.61

 

 

$

1.58

 

$

1.47

 

Reconciling Items (a)

 

 

 

(0.02

)

 

(0.93

)

 

 

(0.09

)

 

(0.94

)

Income (Loss) from Continuing Operations

 

 

$

0.61

 

$

(0.32

)

 

$

1.49

 

$

0.53

 

Discontinued Operations

 

 

 

—

 

 

0.03

 

 

 

—

 

 

0.06

 

Net Income (Loss)

 

 

$

0.61

 

$

(0.29

)

 

$

1.49

 

$

0.59

 

(a) See attachment 12 for details of items excluded from Continuing Operations to compute Operating Earnings.

Note 1:

Income from Continuing Operations includes preferred stock dividends relating to PSE&G of $1 million for the quarters ended June 30, 2009 and 2008.

Income from Continuing Operations includes preferred stock dividends relating to PSE&G of $2 million for the six months ended June 30, 2009 and 2008.

Attachment 2

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
Consolidating Statements of Operations
(Unaudited, $ Millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Quarter Ended June 30, 2009

 

 

 

 

 

 

 

 

 

PSEG

 

 

OTHER (a)

 

PSEG
POWER

 

PSE&G

 

PSEG ENERGY
HOLDINGS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING REVENUES

 

 

$

2,561

 

 

$

(541

)

$

1,301

 

$

1,643

 

$

158

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Energy Costs

 

 

 

1,067

 

 

 

(540

)

 

563

 

 

979

 

 

65

 

Operation and Maintenance

 

 

 

628

 

 

 

(8

)

 

271

 

 

344

 

 

21

 

Depreciation and Amortization

 

 

 

203

 

 

 

4

 

 

48

 

 

144

 

 

7

 

Taxes Other Than Income Taxes

 

 

 

26

 

 

 

—

 

 

—

 

 

26

 

 

—

 

Total Operating Expenses

 

 

 

1,924

 

 

 

(544

)

 

882

 

 

1,493

 

 

93

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING INCOME

 

 

 

637

 

 

 

3

 

 

419

 

 

150

 

 

65

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from Equity Method Investments

 

 

 

9

 

 

 

—

 

 

—

 

 

—

 

 

9

 

Impairment on Equity Method Investments

 

 

 

(8

)

 

 

—

 

 

—

 

 

—

 

 

(8

)

Other Income and Deductions

 

 

 

47

 

 

 

—

 

 

42

 

 

3

 

 

2

 

Other Than Temporary Impairments

 

 

 

(1

)

 

 

(1

)

 

—

 

 

—

 

 

—

 

Interest Expense

 

 

 

(133

)

 

 

(3

)

 

(39

)

 

(80

)

 

(11

)

Preferred Stock Dividends

 

 

 

—

 

 

 

1

 

 

—

 

 

(1

)

 

—

 

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (b)

 

 

 

551

 

 

 

—

 

 

422

 

 

72

 

 

57

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Tax (Expense) Benefit

 

 

 

(240

)

 

 

1

 

 

(165

)

 

(29

)

 

(47

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME

 

 

 

311

 

 

$

1

 

$

257

 

$

43

 

$

10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciling Items Excluded from Continuing Operations (c):

 

 

 

(7

)

 

 

—

 

 

19

 

 

—

 

 

(26

)

OPERATING EARNINGS

 

 

$

318

 

 

$

1

 

$

238

 

$

43

 

$

36

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Quarter Ended June 30, 2008

 

 

 

 

 

 

 

 

 

PSEG

 

 

OTHER (a)

 

PSEG
POWER

 

PSE&G

 

PSEG ENERGY
HOLDINGS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING REVENUES

 

 

$

2,550

 

 

$

(691

)

$

1,623

 

$

1,858

 

$

(240

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Energy Costs

 

 

 

1,535

 

 

 

(690

)

 

867

 

 

1,213

 

 

145

 

Operation and Maintenance

 

 

 

620

 

 

 

(7

)

 

275

 

 

320

 

 

32

 

Depreciation and Amortization

 

 

 

191

 

 

 

3

 

 

41

 

 

139

 

 

8

 

Taxes Other Than Income Taxes

 

 

 

27

 

 

 

—

 

 

—

 

 

27

 

 

—

 

Total Operating Expenses

 

 

 

2,373

 

 

 

(694

)

 

1,183

 

 

1,699

 

 

185

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING INCOME

 

 

 

177

 

 

 

3

 

 

440

 

 

159

 

 

(425

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from Equity Method Investments

 

 

 

7

 

 

 

—

 

 

—

 

 

—

 

 

7

 

Other Income and Deductions

 

 

 

41

 

 

 

(2

)

 

38

 

 

2

 

 

3

 

Other Than Temporary Impairments

 

 

 

(32

)

 

 

—

 

 

(32

)

 

—

 

 

—

 

Interest Expense

 

 

 

(146

)

 

 

(5

)

 

(41

)

 

(81

)

 

(19

)

Preferred Stock Dividends

 

 

 

—

 

 

 

1

 

 

—

 

 

(1

)

 

—

 

INCOME (LOSS) FROM CONTINUING OPERATIONS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BEFORE INCOME TAXES (b)

 

 

 

47

 

 

 

(3

)

 

405

 

 

79

 

 

(434

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Tax Expense

 

 

 

(213

)

 

 

(1

)

 

(165

)

 

(28

)

 

(19

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME (LOSS) FROM CONTINUING OPERATIONS

 

 

 

(166

)

 

 

(4

)

 

240

 

 

51

 

 

(453

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discontinued Operations, net of tax

 

 

 

16

 

 

 

—

 

 

—

 

 

—

 

 

16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME (LOSS)

 

 

$

(150

)

 

$

(4

)

$

240

 

$

51

 

$

(437

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciling Items Excluded from Continuing Operations (c):

 

 

 

(479

)

 

 

—

 

 

24

 

 

—

 

 

(503

)

OPERATING EARNINGS (LOSS)

 

 

$

313

 

 

$

(4

)

$

216

 

$

51

 

$

50

 

(a) Primarily includes financing activities and donations at the parent and intercompany eliminations.

(b) Income from Continuing Operations before Income Taxes includes preferred stock dividends relating to PSE&G of $1 million for the quarters ended June 30, 2009 and 2008.

(c) See attachment 12 for details of items excluded from Continuing Operations to compute Operating Earnings.

Attachment 3

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
Consolidating Statements of Operations
(Unaudited, $ Millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Six Months Ended June 30, 2009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSEG

 

 

OTHER (a)

 

PSEG
POWER

 

PSE&G

 

PSEG ENERGY
HOLDINGS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING REVENUES

 

 $

6,482

 

 

$

(1,864

)

$

3,675

 

$

4,378

 

$

293

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Energy Costs

 

 

3,135

 

 

 

(1,862

)

 

2,025

 

 

2,838

 

 

134

 

Operation and Maintenance

 

 

1,303

 

 

 

(16

)

 

529

 

 

739

 

 

51

 

Depreciation and Amortization

 

 

410

 

 

 

8

 

 

95

 

 

293

 

 

14

 

Taxes Other Than Income Taxes

 

 

70

 

 

 

—

 

 

—

 

 

70

 

 

—

 

Total Operating Expenses

 

 

4,918

 

 

 

(1,870

)

 

2,649

 

 

3,940

 

 

199

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING INCOME

 

 

1,564

 

 

 

6

 

 

1,026

 

 

438

 

 

94

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from Equity Method Investments

 

 

19

 

 

 

—

 

 

—

 

 

—

 

 

19

 

Impairment on Equity Method Investments

 

 

(8

)

 

 

—

 

 

—

 

 

—

 

 

(8

)

Other Income and Deductions

 

 

63

 

 

 

(7

)

 

62

 

 

3

 

 

5

 

Other Than Temporary Impairments

 

 

(61

)

 

 

(1

)

 

(60

)

 

—

 

 

—

 

Interest Expense

 

 

(278

)

 

 

(7

)

 

(82

)

 

(159

)

 

(30

)

Preferred Stock Dividends

 

 

—

 

 

 

2

 

 

—

 

 

(2

)

 

—

 

INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (b)

 

 

1,299

 

 

 

(7

)

 

946

 

 

280

 

 

80

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Tax (Expense) Benefit

 

 

(544

)

 

 

4

 

 

(371

)

 

(114

)

 

(63

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME (LOSS)

 

$

755

 

 

$

(3

)

$

575

 

$

166

 

$

17

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciling Items Excluded from Continuing Operations (c):

 

 

(45

)

 

 

—

 

 

(22

)

 

—

 

 

(23

)

OPERATING EARNINGS (LOSS)

 

$

800

 

 

$

(3

)

$

597

 

$

166

 

$

40

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Six Months Ended June 30, 2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSEG

 

 

OTHER (a)

 

PSEG
POWER

 

PSE&G

 

PSEG ENERGY
HOLDINGS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING REVENUES

 

$

6,342

 

 

$

(2,023

)

$

3,998

 

$

4,476

 

$

(109

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Energy Costs

 

 

3,654

 

 

 

(2,021

)

 

2,456

 

 

3,006

 

 

213

 

Operation and Maintenance

 

 

1,247

 

 

 

(14

)

 

514

 

 

680

 

 

67

 

Depreciation and Amortization

 

 

383

 

 

 

7

 

 

79

 

 

282

 

 

15

 

Taxes Other Than Income Taxes

 

 

70

 

 

 

—

 

 

—

 

 

70

 

 

—

 

Total Operating Expenses

 

 

5,354

 

 

 

(2,028

)

 

3,049

 

 

4,038

 

 

295

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING INCOME

 

 

988

 

 

 

5

 

 

949

 

 

438

 

 

(404

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from Equity Method Investments

 

 

19

 

 

 

—

 

 

—

 

 

—

 

 

19

 

Other Income and Deductions

 

 

77

 

 

 

(6

)

 

71

 

 

6

 

 

6

 

Other Than Temporary Impairments

 

 

(70

)

 

 

—

 

 

(70

)

 

—

 

 

—

 

Interest Expense

 

 

(299

)

 

 

(12

)

 

(83

)

 

(162

)

 

(42

)

Preferred Stock Dividends

 

 

—

 

 

 

2

 

 

—

 

 

(2

)

 

—

 

INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (b)

 

 

715

 

 

 

(11

)

 

867

 

 

280

 

 

(421

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Tax (Expense) Benefit

 

 

(446

)

 

 

2

 

 

(352

)

 

(93

)

 

(3

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME (LOSS) FROM CONTINUING OPERATIONS

 

 

269

 

 

 

(9

)

 

515

 

 

187

 

 

(424

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discontinued Operations, net of tax

 

 

29

 

 

 

—

 

 

—

 

 

—

 

 

29

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME (LOSS)

 

$

298

 

 

$

(9

)

$

515

 

$

187

 

$

(395

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciling Items Excluded from Continuing Operations (c):

 

 

(482

)

 

 

—

 

 

20

 

 

—

 

 

(502

)

OPERATING EARNINGS (LOSS)

 

$

751

 

 

$

(9

)

$

495

 

$

187

 

$

78

 

 

 

(a) Primarily includes financing activities and donations at the parent and intercompany eliminations.

 

 

(b) Income from Continuing Operations before Income Taxes includes preferred stock dividends relating to PSE&G of $2 million for the six months ended June 30, 2009 and 2008.

 

 

(c) See attachment 12 for details of items excluded from Continuing Operations to compute Operating Earnings.

Attachment 4

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
Capitalization Schedule
(Unaudited, $ Millions)

 

 

 

 

 

 

 

 

 

 

June 30,
2009

 

December 31,
2008

 

 

 

 

 

 

 

 

 

DEBT

 

 

 

 

 

 

 

Commercial Paper and Loans

 

$

333

 

$

19

 

Long-Term Debt (a)

 

 

7,064

 

 

7,180

 

Securitization Debt (a)

 

 

1,442

 

 

1,530

 

Project Level, Non-Recourse Debt (a)

 

 

45

 

 

328

 

Total Debt

 

 

8,884

 

 

9,057

 

 

 

 

 

 

 

 

 

SUBSIDIARY’S PREFERRED STOCK WITHOUT MANDATORY REDEMPTION

 

 

80

 

 

80

 

 

 

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

Common Stock

 

 

4,772

 

 

4,756

 

Treasury Stock

 

 

(587

)

 

(581

)

Retained Earnings

 

 

4,204

 

 

3,773

 

Accumulated Other Comprehensive Loss

 

 

—

 

 

(177

)

Total Common Stockholders’ Equity

 

 

8,389

 

 

7,771

 

Noncontrolling Interests - Equity Investments

 

 

10

 

 

11

 

Total Equity

 

 

8,399

 

 

7,782

 

Total Capitalization

 

$

17,363

 

$

16,919

 

(a) Includes amounts due within one year

Note 1:

PSEG’s credit agreements contain covenants that require PSEG’s debt to capitalization ratio not to exceed 70.0% at any time.

This ratio is presented for the benefit of the investors of the related securities to which the covenants apply; it is not intended as a financial performance or liquidity measure.

2009

The debt to capitalization ratio calculated under PSEG’s credit agreements as of June 30, 2009 was 47.2%.

The ratio as calculated pursuant to these covenants includes capital lease obligations ($41 million) and certain other obligations such as guarantees and letters of credit ($195 million), excluding any letters of credit related to collateral posting on energy/commodity contracts. The calculation excludes non-recourse project debt ($45 million), securitization debt ($1.442 billion), the equity reduction ($359 million) from the funded status of the pension and benefit plans associated with FAS 158 “Employers’ Accounting for Defined Pension and Other Post-Retirement Plans” and the Accumulated Other Comprehensive Income, $310 million, related to the mark-to-market of energy contracts.

2008

The debt to capitalization ratio calculated under PSEG’s credit agreements as of December 31, 2008 was 47.9%.

The ratio as calculated pursuant to these covenants includes capital lease obligations ($43 million) and certain other obligations such as guarantees and letters of credit ($148 million), excluding any letters of credit related to collateral posting on energy/commodity contracts. The calculation excludes non-recourse project debt ($328 million), securitization debt ($1.530 billion), the equity reduction ($368 million) from the funded status of the pension and benefit plans associated with FAS 158 “Employers’ Accounting for Defined Pension and Other Post-Retirement Plans” and the Accumulated Other Comprehensive Income, $176 million, related to the mark-to-market of energy contracts.

Attachment 5

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, $ Millions)

 

 

 

 

 

 

 

 

 

 

For the Six Months Ended June 30,

 

 

 

2009

 

2008

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

Net Income

 

$

755

 

$

298

 

Adjustments to Reconcile Net Income to Net Cash Flows From Operating Activities

 

 

34

 

 

325

 

NET CASH PROVIDED BY OPERATING ACTIVITIES

 

 

789

 

 

623

 

 

 

 

 

 

 

 

 

NET CASH USED IN INVESTING ACTIVITIES

 

 

(210

)

 

(702

)

 

 

 

 

 

 

 

 

NET CASH USED IN FINANCING ACTIVITIES

 

 

(507

)

 

(218

)

Effect of Exchange Rate Change

 

 

—

 

 

1

 

Net Increase (Decrease) in Cash and Cash Equivalents

 

 

72

 

 

(296

)

 

 

 

 

 

 

 

 

Cash and Cash Equivalents at Beginning of Period

 

 

321

 

 

380

 

Cash and Cash Equivalents at End of Period

 

$

393

 

$

84

 

Attachment 6

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
Quarter-to-Quarter EPS Reconciliation
June 30, 2009 vs. June 30, 2008
(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

PSEG 2nd Quarter 2008 Net Loss

 

 

 

 

 

 

 

 

$

(0.29

)

Discontinued Operations (SAESA and Bioenergie)

 

 

 

 

 

 

 

 

 

0.03

 

PSEG 2nd Quarter 2008 Loss from Continuing Operations

 

 

 

 

 

 

 

 

$

(0.32

)

Reconciling Items (a)

 

 

 

 

 

 

 

 

 

(0.93

)

PSEG 2nd Quarter 2008 Operating Earnings

 

 

 

 

 

 

 

 

$

0.61

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

B/(W) 

PSEG Power

 

 

 

 

 

 

 

 

 

 

 

2nd Quarter 2008

 

 

 

 

$

0.42

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recontracting and Lower Fuel Expense

 

 

0.04

 

 

 

 

 

 

 

 

BGSS

 

 

(0.01

)

 

 

 

 

 

 

 

Margin

 

 

 

 

 

0.03

 

 

 

 

 

O&M

 

 

 

 

 

0.01

 

 

 

 

 

Depreciation, Interest and Other

 

 

 

 

 

0.01

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2nd Quarter 2009

 

 

 

 

$

0.47

 

 

$

0.05

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

 

 

 

 

 

 

 

 

 

2nd Quarter 2008

 

 

 

 

$

0.10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weather

 

 

 

 

 

(0.01

)

 

 

 

 

Transmission Margin

 

 

 

 

 

0.01

 

 

 

 

 

Gas Margin

 

 

 

 

 

0.01

 

 

 

 

 

Depreciation and O&M

 

 

 

 

 

(0.02

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2nd Quarter 2009

 

 

 

 

$

0.09

 

 

$

(0.01

)

 

 

 

 

 

 

 

 

 

 

 

 

PSEG Energy Holdings

 

 

 

 

 

 

 

 

 

 

 

2nd Quarter 2008

 

 

 

 

$

0.10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Texas Generation Facilities

 

 

 

 

 

(0.06

)

 

 

 

 

2009 Lease Sales

 

 

 

 

 

0.05

 

 

 

 

 

Lease Income

 

 

 

 

 

(0.01

)

 

 

 

 

Effective Tax Rate and Other

 

 

 

 

 

(0.01

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2nd Quarter 2009

 

 

 

 

$

0.07

 

 

$

(0.03

)

 

 

 

 

 

 

 

 

 

 

 

 

Public Service Enterprise Group

 

 

 

 

 

 

 

 

 

 

 

2nd Quarter 2008

 

 

 

 

$

(0.01

)

 

 

 

 

Interest

 

 

 

 

 

0.01

 

 

 

 

 

2nd Quarter 2009

 

 

 

 

$

—

 

 

$

0.01

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSEG 2nd Quarter 2009 Operating Earnings

 

 

 

 

 

 

 

 

$

0.63

 

Reconciling Items (a)

 

 

 

 

 

 

 

 

 

(0.02

)

PSEG 2nd Quarter 2009 Income from Continuing Operations

 

 

 

 

 

 

 

 

$

0.61

 

Discontinued Operations

 

 

 

 

 

 

 

 

 

—

 

PSEG 2nd Quarter 2009 Net Income

 

 

 

 

 

 

 

 

$

0.61

 

 

 

 

(a) See attachment 12 for details of items excluded from Continuing Operations to compute Operating Earnings.

Attachment 7

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
Year to Date EPS Reconciliation
June 30, 2009 vs. June 30, 2008
(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

PSEG Net Income for the Six Months Ended June 30, 2008

 

 

 

 

 

 

 

 

$

0.59

 

Discontinued Operations (SAESA and Bioenergie)

 

 

 

 

 

 

 

 

 

0.06

 

PSEG Income from Continuing Operations for the Six Months Ended June 30, 2008

 

 

 

 

 

 

 

 

$

0.53

 

Reconciling Items (a)

 

 

 

 

 

 

 

 

 

(0.94

)

PSEG Operating Earnings for the Six Months Ended June 30, 2008

 

 

 

 

 

 

 

 

$

1.47

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

B/(W) 

PSEG Power

 

 

 

 

 

 

 

 

 

 

 

Year to Date June 30, 2008

 

 

 

 

$

0.97

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recontracting and Lower Fuel Expense

 

 

0.21

 

 

 

 

 

 

 

 

BGSS

 

 

—

 

 

 

 

 

 

 

 

Margin

 

 

 

 

 

0.21

 

 

 

 

 

O&M

 

 

 

 

 

(0.02

)

 

 

 

 

Depreciation, Interest and Other

 

 

 

 

 

0.02

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year to Date June 30, 2009

 

 

 

 

$

1.18

 

 

$

0.21

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

 

 

 

 

 

 

 

 

 

Year to Date June 30, 2008

 

 

 

 

$

0.37

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weather

 

 

 

 

 

0.02

 

 

 

 

 

Transmission Margin

 

 

 

 

 

0.02

 

 

 

 

 

Electric and Gas Margins

 

 

 

 

 

(0.01

)

 

 

 

 

O&M

 

 

 

 

 

(0.01

)

 

 

 

 

Depreciation, Taxes and Other

 

 

 

 

 

(0.06

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year to Date June 30, 2009

 

 

 

 

$

0.33

 

 

$

(0.04

)

 

 

 

 

 

 

 

 

 

 

 

 

PSEG Energy Holdings

 

 

 

 

 

 

 

 

 

 

 

Year to Date June 30, 2008

 

 

 

 

$

0.15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Texas Generation Facilities

 

 

 

 

 

(0.07

)

 

 

 

 

2009 Lease Sales

 

 

 

 

 

0.07

 

 

 

 

 

Lease Income

 

 

 

 

 

(0.03

)

 

 

 

 

Effective Tax Rate and Other

 

 

 

 

 

(0.04

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year to Date June 30, 2009

 

 

 

 

$

0.08

 

 

$

(0.07

)

 

 

 

 

 

 

 

 

 

 

 

 

Public Service Enterprise Group

 

 

 

 

 

 

 

 

 

 

 

Year to Date June 30, 2008

 

 

 

 

$

(0.02

)

 

 

 

 

Interest

 

 

 

 

 

0.01

 

 

 

 

 

Year to Date June 30, 2009

 

 

 

 

$

(0.01

)

 

$

0.01

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSEG Operating Earnings for the Six Months Ended June 30, 2009

 

 

 

 

 

 

 

 

$

1.58

 

Reconciling Items (a)

 

 

 

 

 

 

 

 

 

(0.09

)

PSEG Income from Continuing Operations for the Six Months Ended June 30, 2009

 

 

 

 

 

 

 

 

$

1.49

 

Discontinued Operations

 

 

 

 

 

 

 

 

 

—

 

PSEG Net Income for the Six Months Ended June 30, 2009

 

 

 

 

 

 

 

 

$

1.49

 

 

 

 

(a) See attachment 12 for details of items excluded from Continuing Operations to compute Operating Earnings.

Attachment 8

PSEG POWER LLC
Generation Measures
(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GWhr Breakdown

 

 

GWhr Breakdown

 

 

 

 

 

 

 

 

 

 

Quarters Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2009

 

2008

 

 

2009

 

2008

 

 Nuclear - NJ

 

 

4,738

 

 

 

4,573

 

 

 

10,227

 

 

 

9,409

 

 Nuclear - PA

 

 

2,458

 

 

 

2,459

 

 

 

4,787

 

 

 

4,887

 

Total Nuclear

 

 

7,196

 

 

 

7,032

 

 

 

15,014

 

 

 

14,296

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Fossil - Coal - NJ

 

 

250

 

 

 

831

 

 

 

1,026

 

 

 

2,173

 

 Fossil - Coal - PA

 

 

1,233

 

 

 

1,473

 

 

 

2,667

 

 

 

3,051

 

 Fossil - Coal - CT

 

 

17

 

 

 

619

 

 

 

510

 

 

 

1,390

 

Total Coal

 

 

1,500

 

 

 

2,923

 

 

 

4,203

 

 

 

6,614

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Fossil - Oil & Natural Gas - NJ

 

 

2,082

 

 

 

2,818

 

 

 

3,902

 

 

 

5,145

 

 Fossil - Oil & Natural Gas - NY

 

 

805

 

 

 

809

 

 

 

1,509

 

 

 

1,185

 

 Fossil - Oil & Natural Gas - CT

 

 

—

 

 

 

21

 

 

 

99

 

 

 

96

 

Total Oil & Natural Gas

 

 

2,887

 

 

 

3,648

 

 

 

5,510

 

 

 

6,426

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Fossil - Pumped Storage

 

 

(30

)

 

 

(34

)

 

 

(54

)

 

 

(68

)

 

 

 

11,553

 

 

 

13,569

 

 

 

24,673

 

 

 

27,268

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% Generation by Fuel Type

 

 

% Generation by Fuel Type

 

 

 

 

 

 

 

 

 

 

Quarters Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2009

 

2008

 

 

2009

 

2008

 

 Nuclear - NJ

 

 

41

%

 

 

34

%

 

 

42

%

 

 

35

%

 Nuclear - PA

 

 

21

%

 

 

18

%

 

 

19

%

 

 

18

%

Total Nuclear

 

 

62

%

 

 

52

%

 

 

61

%

 

 

53

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Fossil - Coal - NJ

 

 

2

%

 

 

6

%

 

 

4

%

 

 

8

%

 Fossil - Coal - PA

 

 

11

%

 

 

11

%

 

 

11

%

 

 

11

%

 Fossil - Coal - CT

 

 

0

%

 

 

4

%

 

 

2

%

 

 

5

%

Total Coal

 

 

13

%

 

 

21

%

 

 

17

%

 

 

24

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Fossil - Oil & Natural Gas - NJ

 

 

18

%

 

 

21

%

 

 

16

%

 

 

19

%

 Fossil - Oil & Natural Gas - NY

 

 

7

%

 

 

6

%

 

 

6

%

 

 

4

%

 Fossil - Oil & Natural Gas - CT

 

 

0

%

 

 

0

%

 

 

0

%

 

 

0

%

Total Oil & Natural Gas

 

 

25

%

 

 

27

%

 

 

22

%

 

 

23

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Fossil - Pumped Storage

 

 

0

%

 

 

0

%

 

 

0

%

 

 

0

%

 

 

 

100

%

 

 

100

%

 

 

100

%

 

 

100

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Attachment 9

PUBLIC SERVICE ELECTRIC & GAS COMPANY
Retail Sales and Revenues
(Unaudited)
June 30, 2009

Electric Sales and Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales (millions kwh)

 


Quarter
Ended

 

Change vs.
2008

 

Six Months
Ended

 

Change vs.
2008

 

 

Residential

 

 

2,858

 

-8.1

%

 

 

6,093

 

-3.4

%

 

 

Commercial

 

 

5,785

 

-3.0

%

 

 

11,675

 

-2.6

%

 

 

Industrial

 

 

1,131

 

-10.9

%

 

 

2,282

 

-10.3

%

 

 

Street Lighting

 

 

82

 

6.0

%

 

 

185

 

2.5

%

 

 

Other

 

 

2

 

-30.1

%

 

 

5

 

-30.0

%

 

 

Total

 

 

9,858

 

-5.4

%

 

 

20,240

 

-3.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue ($ millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

$

466

 

-2.0

%

 

$

1,007

 

8.0

%

 

 

Commercial

 

 

632

 

-7.6

%

 

 

1,247

 

-1.1

%

 

 

Industrial

 

 

74

 

-15.7

%

 

 

146

 

-9.7

%

 

 

Street Lighting

 

 

18

 

2.4

%

 

 

38

 

2.9

%

 

 

Other Operating Revenues*

 

 

70

 

-43.4

%

 

 

137

 

-36.1

%

 

 

Total

 

$

1,260

 

-9.2

%

 

$

2,575

 

-1.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weather Data

 

Quarter
Ended

 

Change vs.
2008

 

Six Months
Ended

 

Change vs.
2008

 

 

THI Hours - Actual

 

 

2,374

 

-40.8

%

 

 

2,374

 

-40.8

%

 

 

THI Hours - Normal

 

 

3,848

 

 

 

 

 

3,885

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*Primarily sales of Non-Utility Generator energy to PJM and Transmission related revenues.

 

Attachment 10

 

PUBLIC SERVICE ELECTRIC & GAS COMPANY

Retail Sales and Revenues

(Unaudited)

June 30, 2009

 

Gas Sold and Transported

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales (millions therms)

 

Quarter
Ended

 

Change vs.
2008

 

Six Months
Ended

 

Change vs.
2008

 

 

Residential Sales

 

 

178

 

1.3

%

 

 

881

 

6.4

%

 

 

Commercial - Firm Sales

 

 

64

 

1.4

%

 

 

312

 

4.0

%

 

 

Commercial - Interr. & Cogen

 

 

11

 

38.1

%

 

 

28

 

10.6

%

 

 

Industrial - Firm Sales

 

 

4

 

-14.6

%

 

 

23

 

-3.9

%

 

 

Industrial - Interr. & Cogen

 

 

34

 

-19.9

%

 

 

65

 

-37.5

%

 

 

Total

 

 

291

 

-0.9

%

 

 

1,309

 

2.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gas Transported - Firm Sales

 

 

79

 

4.0

%

 

 

273

 

4.9

%

 

 

Gas Transported - Non-Firm

 

 

111

 

-40.7

%

 

 

300

 

-22.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue ($ millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential Sales

 

$

164

 

2.1

%

 

$

869

 

14.5

%

 

 

Commercial - Firm Sales

 

 

34

 

-58.1

%

 

 

214

 

-33.1

%

 

 

Commercial - Interr. & Cogen

 

 

6

 

-44.7

%

 

 

17

 

-37.9

%

 

 

Industrial - Firm Sales

 

 

2

 

-65.2

%

 

 

16

 

-37.4

%

 

 

Industrial - Interr. & Cogen

 

 

14

 

-72.9

%

 

 

33

 

-71.7

%

 

 

Other Operating Revenues*

 

 

34

 

4.6

%

 

 

67

 

4.3

%

 

 

Total

 

$

254

 

-26.2

%

 

$

1,216

 

-7.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gas Transported

 

 

129

 

2.4

%

 

 

587

 

5.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weather Data

 

Quarter
Ended

 

Change vs.
2008

 

Six Months
Ended

 

Change vs.
2008

 

 

Degree Days - Actual

 

271

 

-1.5%

 

2,480

 

9.6%

 

 

Degree Days - Normal

 

299

 

 

 

 

2,367

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*Primarily Appliance Service.

 

 

 

 

 

 

 

 

 

 

 


 

Attachment 11

 

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

Statistical Measures

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Quarters Ended
June 30

 

For the Six Months Ended
June 30

 

 

 

2009

 

2008

 

2009

 

2008

 

Weighted Average Common Shares Outstanding (000’s)

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

505,990

 

 

508,491

 

 

505,988

 

 

508,491

 

Diluted

 

 

506,936

 

 

509,487

 

 

506,812

 

 

509,483

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock Price at End of Period

 

 

 

 

 

 

 

$

32.63

 

$

45.93

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends Paid per Share of Common Stock

 

$

0.3325

 

$

0.3225

 

$

0.6650

 

$

0.6450

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividend Payout Ratio*

 

 

 

 

 

 

 

 

41.7

%

 

42.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividend Yield

 

 

 

 

 

 

 

 

4.0

%

 

2.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Price/Earnings Ratio*

 

 

 

 

 

 

 

 

10.4

 

 

15.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rate of Return on Average Common Equity*

 

 

 

 

 

 

 

 

20.6

%

 

21.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Book Value per Common Share

 

 

 

 

 

 

 

$

16.58

 

$

12.93

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Market Price as a Percent of Book Value

 

 

 

 

 

 

 

 

197

%

 

355

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Shareholder Return

 

 

11.9

%

 

15.1

%

 

14.5

%

 

-5.2

%

*Calculation based on Operating Earnings for the 12 month period ended

Attachment 12

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
Reconciling Items Excluded from Continuing Operations to Compute Operating Earnings
(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Quarters Ended
June 30,

 

 

 

For the Six Months Ended
June 30,

 

 

Pro-forma Adjustments, net of tax

 

 

2009

 

 

2008

 

 

 

2009

 

 

2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings Impact ($ Millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain (Loss) on Nuclear Decommissioning Trust (NDT) Fund Related Activity

 

 

$

17

 

 

$

(3

)

 

 

$

(6

)

 

$

(10

)

 

Gain (Loss) on Mark-to-Market (MTM)

 

 

 

(24

)

 

 

14

 

 

 

 

(39

)

 

 

19

 

 

Lease Reserves

 

 

 

—

 

 

 

(490

)

 

 

 

—

 

 

 

(490

)

 

Premium on Bond Redemption

 

 

 

—

 

 

 

—

 

 

 

 

—

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Pro-forma adjustments

 

 

$

(7

)

 

$

(479

)

 

 

$

(45

)

 

$

(482

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fully Diluted Average Shares Outstanding (in Millions)

 

 

 

507

 

 

 

509

 

 

 

 

507

 

 

 

509

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per Share Impact (Diluted)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain (Loss) on Nuclear Decommissioning Trust (NDT) Fund Related Activity

 

 

$

0.03

 

 

$

—

 

 

 

$

(0.01

)

 

$

(0.02

)

 

Gain (Loss) on Mark-to-Market (MTM)

 

 

 

(0.05

)

 

 

0.03

 

 

 

 

(0.08

)

 

 

0.04

 

 

Lease Reserves

 

 

 

—

 

 

 

(0.96

)

 

 

 

—

 

 

 

(0.96

)

 

Premium on Bond Redemption

 

 

 

—

 

 

 

—

 

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Pro-forma adjustments

 

 

$

(0.02

)

 

$

(0.93

)

 

 

$

(0.09

)

 

$

(0.94

)