UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) May 30, 2014
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
(Exact name of registrant as specified in its charter)
New Jersey | 001-09120 | 22-2625848 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
80 Park Plaza, P.O. Box 1171
Newark, New Jersey 07101-1171
(Address of principal executive offices) (Zip Code)
973-430-7000
(Registrants telephone number, including area code)
http://www.pseg.com
PSEG POWER LLC
(Exact name of registrant as specified in its charter)
Delaware | 001-34232 | 22-3663480 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) | ||
80 Park Plaza, T-25
Newark, New Jersey 07102-4194
(Address of principal executive offices) (Zip Code)
973-430-7000
(Registrants telephone number, including area code)
http://www.pseg.com
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
The information contained in Item 7.01 Regulation FD Disclosure in this combined Form 8-K is separately furnished, as noted, by PSEG and PSEG Power LLC (Power). Information contained herein relating to any individual company is provided by such company on its own behalf and in connection with its respective Form 8-K. Power makes representations only as to itself and makes no other representations whatsoever as to any other company.
Item 7.01 Regulation FD Disclosure
PSEG and Power
On May 30, 2014, PSEG is meeting with an analyst from UBS and investors at PSEGs corporate headquarters in Newark, New Jersey. The attachment, which is furnished as Exhibit 99 to this Form 8-K, updates information regarding the impact on Power of New Jerseys recently completed RPM auction for 2017/2018 that will discussed at the meeting. This meeting material will be on the pseg.com website under the investor tab, or at http://investor.pseg.com.
Item 9.01 Financial Statements and Exhibits
Exhibit 99 Discussion material.
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. The signature of the undersigned company shall be deemed to relate only to matters having reference to such company and any subsidiaries thereof.
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED | ||
(Registrant) | ||
By: | /s/ Derek M. DiRisio | |
Derek M. DiRisio | ||
Vice President and Controller | ||
(Principal Accounting Officer) |
Date: May 30, 2014
3
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. The signature of the undersigned company shall be deemed to relate only to matters having reference to such company and any subsidiaries thereof.
PSEG POWER LLC | ||
(Registrant) | ||
By: |
/s/ Derek M. DiRisio | |
Derek M. DiRisio | ||
Vice President and Controller | ||
(Principal Accounting Officer) |
Date: May 30, 2014
4
2
Forward-Looking Statement
EXHIBIT 99
Certain of the matters discussed in this report about our and our subsidiaries'
future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and
all other statements that are not purely historical constitute
forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking
statements are subject to risks and uncertainties, which could cause actual
results to differ materially from those anticipated. Such statements are based on management's beliefs as well as
assumptions made by and information currently available to management. 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. Factors that may cause actual results to differ are often
presented with the forward-looking statements themselves. Other factors
that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us
herein are discussed in filings we make with the United States Securities and
Exchange Commission (SEC), including our Annual Report on Form 10-K and subsequent reports on Form 10-Q and
Form 8-K and available on our website: http://www.pseg.com. These factors
include, but are not limited to: All of the forward-looking
statements made in this report are qualified by these cautionary statements and we cannot assure you that the results or developments anticipated by management will
be realized or even if realized, will have the expected consequences to, or
effects on, us or our business prospects, financial condition or results of operations. Readers are cautioned not to place
undue reliance on these forward-looking statements in making any investment
decision. Forward-looking statements made in this report apply only as of the date of this report. While we may elect
to update forward-looking statements from time to time, we specifically
disclaim any obligation to do so, even if internal estimates change, unless otherwise required by applicable securities laws.
The forward-looking statements contained in this report are intended to
qualify for the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended.
adverse changes in the demand for or the price of the capacity and energy that
we sell into wholesale electricity markets,
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 and enforcement that
could increase our costs or limit our operations,
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 risks,
any deterioration in our credit quality or the credit quality of our
counterparties,
availability of capital and credit at commercially reasonable terms and
conditions and our ability to meet cash needs,
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, acts of terrorism, cybersecurity attacks or intrusions that could adversely
impact our businesses, increases in competition in energy supply markets as well as competition for
certain transmission projects,
any inability to realize anticipated tax benefits or retain tax credits,
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 funding requirements, and
changes in technology, such as distributed generation and micro grids, and
greater reliance on these technologies and changes in customer behaviors, including energy efficiency,
net-metering and demand response.
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,
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 equipment failures, accidents, severe weather events or other incidents
that impact our ability to provide safe and reliable service to our customers, and any inability to obtain sufficient
coverage or recover proceeds of insurance with respect to such events,
|
2017/2018 RPM Auction Influenced By:
Updated Demand Curve
Updated Transfer Capabilities
Environmental Retirements
New Build/Cost of New Entry
Minimum Offer Price Rule
Demand Response
Sustainable Advantage:
PJMs capacity market
continues to recognize locational value
*PSEG POWERS AVERAGE PRICES AND CLEARED CAPACITY (MW) REFLECT BASE AND
INCREMENTAL RPM
AUCTION
RESULTS.
DELIVERY
YEAR
RUNS
FROM
JUNE
1
TO
MAY
31
OF
THE
NEXT
CALENDAR
YEAR.
RPM Auction Results
2017
/
2018
$242
$166
$166
$166
$165
$28
$126
$136
$59
$120
10,890
10,710
9,210
8,610
~8,700
3
2013
/
2014*
2014
/
2015*
2015
/
2016*
2016
/
2017*
Powers Cleared
Capacity (MW)
Rest of Pool
Prices
Powers
Average Prices
($/MW-day) |
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