EX-99

Forward-Looking Statement

Exhibit 99

GAAP Disclaimer

These materials and other financial releases can be found on the

pseg.com

website under the investor tab, or at http://investor.pseg.com/

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

accordance with accounting principles generally accepted 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 to 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 slide in this presentation includes a list of items excluded from Net

Income to reconcile to Operating Earnings, with a reference to those slides

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

Operating Earnings

Disciplined investment program and focus on operational

excellence have supported growth

Power’s

diverse fuel

mix and dispatch

flexibility continue to

generate strong

earnings and free cash

flow in low price

environment

PSE&G’s

investment

program has driven

double digit compound

annual earnings

growth since 2010

Operating Earnings* Contribution by Subsidiary

*SEE SLIDE A FOR ITEMS EXCLUDED FROM INCOME FROM CONTINUING OPERATIONS/

NET INCOME TO RECONCILE TO OPERATING EARNINGS. E=ESTIMATE

** 2015 PERCENTS USE MIDPOINT OF EARNINGS GUIDANCE.

PSE&G’s 2015 operating earnings

expected to benefit from increased investment in Transmission

*SEE SLIDE A FOR ITEMS EXCLUDED FROM NET INCOME TO RECONCILE TO

OPERATING EARNINGS. E =ESTIMATE. DATA AS OF MARCH 2, 2015.

$612

$725

2013

2014

2015 Guidance

PSE&G Operating Earnings*

($ Millions)

$735 --

$775E

Power’s 2015 operating earnings

maintain solid performance

Power Operating Earnings*

($ Millions)

2015 Observations

* SEE SLIDE A FOR ITEMS EXCLUDED FROM NET INCOME TO RECONCILE TO OPERATING EARNINGS. E = ESTIMATE.

2013

2014

2015 Guidance

$710

$642

$620 –

680E

•

75-80% hedged at

$52/MWh

•

Increase in average hedge

price for energy helps

mitigate reset in capacity

price and volume

PSEG Operating Earnings

$ Millions (except EPS)

2013

2014

2015E

PSE&G

$612

$725

$735 -

$775

PSEG Power

$710

$642

$620 -

$680

Enterprise/Other

($13)

$33

$40 -

$45

Operating Earnings*

$1,309

$1,400

$1,395 -

$1,500

Operating EPS*

$2.58

$2.76

$2.75

$2.95

Regulated % of Earnings

47%

52%

(1)

Increasing

PSE&G earnings with stable

contribution from Power

(1) REPRESENTS MID POINT OF GUIDANCE

*SEE SLIDE A FOR ITEMS EXCLUDED FROM INCOME FROM CONTINUING OPERATIONS/NET

INCOME TO RECONCILE TO OPERATING EARNINGS. E+ ESTMATE.

PSEG Summary

•

Our 2014 earnings of $2.76 exceeded our revised operating earnings

guidance of $2.60 -

$2.75 per share

•

Continued third year of anticipated positive earnings trend in 2015 with

operating earnings guidance of $2.75 to $2.95 per share

•

Continued 5

straight year of expected double digit, 5 year growth in rate base

•

Anticipated high single digit earnings growth at PSE&G on three-year basis from

2014 to 2017, driven by transmission investments and planned programs

•

Power’s continued focus on operational excellence, market expertise and

financial strength delivers value in current price environment

•

Strong Balance Sheet and Cash Flow support full capital program and new

potential opportunities without the need for equity

•

Our $0.08 per share dividend increase is consistent with our long history

of returning cash to the shareholder through the common dividend, with

potential for consistent and sustainable growth

100

Items Excluded from Income from Continuing

Operations/Net Income 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.

(a)

Includes the financial impact from positions with forward delivery months.

2014

2013

2012

2011

2010

2009

Earnings Impact ($ Millions)

Operating Earnings

1,400

1,309

1,236

1,389

1,584

1,567

Gain (Loss) on Nuclear Decommissioning Trust (NDT)

Fund Related Activity (PSEG Power)

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

(a)

(PSEG Power)

(74)

(10)

107

(1)

(11)

Lease Transaction Activity (PSEG Enterprise/Other)

(173)

Storm O&M (PSEG Power)

(16)

(32)

(39)

Market Transition Charge Refund (PSE&G)

(72)

Gain (Loss) on Asset Sales and Impairments (PSEG Enterprise/Other)

Income from Continuing Operations

1,518

1,243

1,275

1,407

1,557

1,594

Discontinued Operations

(2)

Net Income

1,518

1,243

1,275

1,503

1,564

1,592

Fully Diluted Average Shares Outstanding (in Millions)

508

507

Per Share Impact (Diluted)

Operating Earnings

2.76

2.58

2.44

2.74

3.12

3.09

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

0.13

0.08

0.10

0.09

0.02

Gain (Loss) on MTM

(a)

(PSEG Power)

0.13

(0.14)

(0.02)

0.21

(0.02)

Lease Transaction Activity (PSEG Enterprise/Other)

0.07

(0.34)

0.05

Storm O&M (PSEG Power)

(0.03)

(0.07)

(0.08)

Market Transition Charge Refund (PSE&G)

(0.14)

Gain (Loss) on Asset Sales and Impairments (PSEG Enterprise/Other)

0.06

Income from Continuing Operations

2.99

2.45

2.51

2.77

3.07

3.14

Discontinued Operations

0.19

0.01

Net Income

2.99

2.45

2.51

2.96

3.08

3.14

(Unaudited)

For the Year Ended

December 31,

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

Reconciling Items, net of tax