Selected discussion materials

Forward-Looking Statement

Exhibit 99

Readers are cautioned that statements contained in this presentation about our future performance, including future revenues, earnings, strategies, prospects, consequences 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. 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.

Although we believe that our expectations are based on reasonable assumptions, they are subject to risks and uncertainties and we can give no assurance they will be achieved. The results or

developments projected or predicted in these statements may differ materially from what may actually occur. Factors which could cause results or events to differ from current expectations include, but are

not limited to:

• adverse changes in the demand for or price of the capacity and energy that we sell into wholesale electricity markets,

• adverse changes in energy industry law, policies and regulation, including market structures and a potential shift away from competitive markets toward subsidized market mechanisms,

transmission planning and cost allocation rules, including rules regarding how transmission is planned and who is permitted to build transmission in the future, and reliability standards,

• any inability of our transmission and distribution businesses to obtain adequate and timely rate relief and regulatory approvals from federal and state regulators,

• changes in federal and state environmental regulations that could increase our costs or limit our operations,

• changes in nuclear regulation and/or general developments in the nuclear power industry, including various impacts from any accidents or incidents experienced at our facilities or by others

in the industry, that could limit operations of our nuclear generating units,

• actions or activities at one of our nuclear units located on a multi-unit site that might adversely affect our ability to continue to operate that unit or other units located at the same site,

• any inability to balance our energy obligations, available supply and trading risks,

• any deterioration in our credit quality, or the credit quality of our counterparties, including in our leveraged leases,

• availability of capital and credit at commercially reasonable terms and conditions and our ability to meet cash needs,

• any inability to realize anticipated tax benefits or retain tax credits,

• changes in the cost of, or interruption in the supply of, fuel and other commodities necessary to the operation of our generating units,

• delays in receipt of necessary permits and approvals for our construction and development activities,

• delays or unforeseen cost escalations in our construction and development activities,

• any inability to achieve or continue to sustain, our expected levels of operating performance,

• increase in competition in energy supply markets as well as competition for certain rate-based transmission projects,

• challenges associated with recruitment and/or retention of a qualified workforce,

• adverse performance of our decommissioning and defined benefit plan trust fund investments and changes in discount rates and funding requirements, and

• changes in technology and customer usage patterns.

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 presentation. In

addition, any forward-looking statements included herein represent our estimates only as of today and should not be relied upon as representing our estimates as of any subsequent 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.

GAAP Disclaimer

PSEG presents Operating Earnings in addition to its Net Income reported in

accordance with generally accepted accounting principles

in the United

States (GAAP). Operating Earnings is a non-GAAP financial measure that

differs from Net Income because it excludes gains or losses associated with

Nuclear Decommissioning Trust (NDT), Mark-to-Market (MTM) accounting,

and other material one-time items. PSEG presents Operating Earnings

because management believes that it is appropriate for investors

consider results excluding these items in addition to the results reported in

accordance with GAAP. 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. This information is not

intended to be viewed as an

alternative to GAAP information. The last page in this presentation (Page A)

includes a list of items excluded from Income from Continuing Operations to

reconcile to Operating Earnings, with a reference to that slide included on

each of the slides where the non-GAAP information appears.

Our 2012 earnings guidance is influenced by a

decline in energy prices and increased investment

at PSE&G

2012 Operating Earnings Forecast

*See page A for Items excluded from Income from Continuing Operations to reconcile to Operating Earnings; All periods reflect Texas in

Discontinued Operations. E=Estimate.

$2.25 to $2.50E

$2.74

2011 Operating Earnings*

2012 Guidance

Guidance

$1.10

$1.05

Guidance

$1.31

$1.13

PSEG’s 2012 earnings guidance of $2.25 to $2.50

reflects continued improvement at PSE&G and a

decline in margins at Power

PSE&G Earnings Per Share

2012 Assumptions

PSE&G

Growth in investments that provide

contemporaneous returns

—

Transmission

—

Distribution economic stimulus programs

—

Programs supporting NJ’s Energy Master

Plan

Power

Impacted by lower energy prices

Near term effects minimized by hedges in place

~400MW new Peaking capacity in-service mid

2012

Energy Holdings / Parent

Operating earnings guidance of $0.07 to $0.09

Power Earnings Per Share

*See

page

for

Items

excluded

from

Income

from

Continuing

Operations

reconcile

Operating

Earnings;

2011

reflects

Texas

Discontinued

Operations. E = Estimate

In addition to new reliability based transmission projects and future

dividend growth, PSEG has the potential to increase its investment in

PSE&G through several multi-year programs under review

Potential Investment ($ millions)

Per Year Potential

Solar 4 All Extension

$75-$95

Solar Loan

$7-$9

Gas Infrastructure

$250-$300

Energy Efficiency

$35-$40

Total Potential Investment (Per Year)

$365-$440

PSEG’s strong credit profile provides the financial flexibility

for over $1B of additional capital investment in the

regulated business

2012-2014E PSEG Sources & Uses

Sources

Uses

Power Cash

from Ops

PSE&G Cash

from Ops

(1)

Debt

Redeemed

PSE&G Capital

Investment

Power Capital

Investment

Shareholder

Dividend

Debt

Issuances

Holdings

& Other

Net Cash

Flow

Cash

(1)

PSE&G Cash from Operations adjusts for securitization principal repayments of ~$680 Million in 2012-2014. E=Estimate. B=Billion.

PSEG 2012 Operating Earnings Guidance

By Subsidiary

$ millions (except EPS)

2012E

2011

PSEG Power

$575 –

$665

$ 845

PSE&G

$530 –

$560

$ 521

PSEG Energy Holdings/Parent

$35 –

$45

$ 23

Operating Earnings*

$1,140 –

$1,270

$ 1,389

Earnings per Share

$ 2.25 –

$ 2.50

$2.74

* See page A for Items excluded from Income from Continuing Operations to reconcile to Operating Earnings.

Items Excluded from Income from Continuing

Operations to Reconcile to Operating Earnings

Please see Page 3 for an explanation of PSEG’s use of Operating Earnings as a non-GAAP financial measure and how it differs from Net Income.

Page A

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

Reconciling

Items

Excluded

from

Continuing

Operations

Compute

Operating

Earnings

(Unaudited)

Pro-forma Adjustments, net of tax

2012

2011

2010

2009

2008

Earnings Impact ($ Millions)

Gain (Loss) on Nuclear Decommissioning Trust (NDT)

Fund Related Activity (PSEG Power)

(71)

107

(1)

(11)

Lease Related Activity (PSEG Energy Holdings)

(173)

(490)

Market Transition Charge Refund (PSE&G)

(72)

Gain (Loss) on Asset Sales and Impairments (Energy Holdings)

(13)

Total Pro-forma adjustments

(27)

(560)

Fully Diluted Average Shares Outstanding (in Millions)

507

508

Per Share Impact (Diluted)

Gain (Loss) on NDT Fund Related Activity (PSEG Power)

0.01

0.05

0.10

0.09

0.02

(0.14)

0.10

0.01

0.21

(0.02)

0.03

Lease Related Activity (PSEG Energy Holdings)

0.01

(0.34)

0.05

(0.96)

Market Transition Charge Refund (PSE&G)

(0.14)

Gain (Loss) on Asset Sales and Impairments (Energy Holdings)

0.06

(0.03)

Total Pro-forma adjustments

0.12

0.06

0.03

(0.05)

0.05

(1.10)

(a) Includes the financial impact from positions with forward delivery months.

For the Years Ended

December 31,

For the Three Months Ended

March 31,

Gain

(Loss)

MTM

(a)

(PSEG

Power)

Gain

(Loss)

Mark-to-Market

(MTM)

(a)

(PSEG

Power)