EXHIBIT 12.3

PSEG POWER LLC
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

	For the Nine
	Months Ended						For the Years Ended
	September 30,						December 31,
	2007			2006			2006			2005			2004			2003			2002
	(Millions, except ratios)
Earnings as Defined in Regulation S-K (A):
Pre-tax Income from Continuing Operations	$	744		$	413		$	878		$	752		$	594		$	815		$	781
Fixed Charges		143			144			190			197			198			219			219
Capitalized Interest		(15	)		(30	)		(30	)		(89	)		(107	)		(106	)		(93	)
Preferred Stock Dividend Requirements		—			—			—			—			—			—			—
Total Earnings	$	872		$	527		$	1,038		$	860		$	685		$	928		$	907
Fixed Charges as Defined in Regulation S-K (B)
Interest Expense	$	142		$	143		$	189		$	195		$	197		$	217		$	217
Preferred Securities Dividend Requirements of
Subsidiaries		—			—			—			—			—			—			—
Interest Factor in Rentals		1			1			1			2			1			2			2
Total Fixed Charges	$	143		$	144		$	190		$	197		$	198		$	219		$	219
Ratio of Earnings to Fixed Charges		6.10			3.66			5.46			4.37			3.46			4.24			4.14

(A)	The term "earnings" shall be defined as pre-tax Income from Continuing Operations. Add to pre-tax income the amount of fixed charges adjusted to exclude the amount of any interest capitalized during the period.
(B)	Fixed Charges represent (a) interest, whether expensed or capitalized, (b) amortization of debt discount, premium and expense andm (c) an estimate of interest implicit in rentals.