-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FVwv0mA+ZZnziGt6wgeciSJmgLmNkkmkKNutOzhuJGcuoqyfeiNSbISRIO60RERa EXjjDHJ+aPrOrJbb6dllkQ== 0000950117-03-002467.txt : 20030606 0000950117-03-002467.hdr.sgml : 20030606 20030606171244 ACCESSION NUMBER: 0000950117-03-002467 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030606 ITEM INFORMATION: Other events FILED AS OF DATE: 20030606 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUBLIC SERVICE ELECTRIC & GAS CO CENTRAL INDEX KEY: 0000081033 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 221212800 STATE OF INCORPORATION: NJ FISCAL YEAR END: 0717 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-00973 FILM NUMBER: 03736367 BUSINESS ADDRESS: STREET 1: CORPORATE ACCOUNTING SERVICES STREET 2: 80 PARK PLAZA, 9TH FLOOR CITY: NEWARK STATE: NJ ZIP: 07102-4194 BUSINESS PHONE: 973-430-7000 MAIL ADDRESS: STREET 1: CORPORATE ACCOUTNING SERVICES STREET 2: 80 PARK PLAZA, 9TH FLOOR CITY: NEWARK STATE: NJ ZIP: 07102-4194 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUBLIC SERVICE ENTERPRISE GROUP INC CENTRAL INDEX KEY: 0000788784 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 222625848 STATE OF INCORPORATION: NJ FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09120 FILM NUMBER: 03736366 BUSINESS ADDRESS: STREET 1: CORPORATE ACCOUNTING SERVICES STREET 2: 80 PARK PLAZA, 9TH FLOOR CITY: NEWARK STATE: NJ ZIP: 07102-4194 BUSINESS PHONE: 973-430-7000 MAIL ADDRESS: STREET 1: CORPORATE ACCOUNTING SERVICES STREET 2: 80 PARK PLAZA, 9TH FLOOR CITY: NEWARK STATE: NJ ZIP: 07102-4194 8-K 1 a35521.txt PUBLIC SERVICE ENTERPRISE GROUP INC. =============================================================================== 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) June 6, 2003 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED (Exact name of registrant as specified in its charter) New Jersey 001-09120 22-2625848 (State or other (Commission File Number) (I.R.S. Employer Jurisdiction of incorporation) Identification No.)
80 Park Plaza, P.O. Box 1171 Newark, New Jersey 07101-1171 (Address of principal executive offices) (Zip Code) 973-430-7000 (Registrant's telephone number, including area code) http://www.pseg.com PUBLIC SERVICE ELECTRIC AND GAS COMPANY (Exact name of registrant as specified in its charter) New Jersey 001-00973 22-1212800 (State or other (Commission File Number) (I.R.S. Employer Jurisdiction of incorporation) Identification No.)
80 Park Plaza, P.O. Box 570 Newark, New Jersey 07101-0570 (Address of principal executive offices) (Zip Code) 973-430-7000 (Registrant's telephone number, including area code) http://www.pseg.com =============================================================================== This combined Form 8-K is separately filed by Public Service Enterprise Group Incorporated (PSEG) and Public Service Electric and Gas Company (PSE&G). Information contained herein relating to any individual company is filed by such company on its own behalf. Item 5. Other Events On June 6, 2003, PSEG announced its subsidiary, PSE&G, signed an agreement with various parties in its Electric Base Rate Case proceedings. A copy of the press release dated June 6, 2003 is attached to this Form 8-K, incorporated herein by reference and filed herewith as Exhibit 99. 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/ Patricia A. Rado ------------------------------- Patricia A. Rado Vice President and Controller (Principal Accounting Officer) Date: June 6, 2003 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. PUBLIC SERVICE ELECTRIC AND GAS COMPANY (Registrant) By: /s/ Patricia A. Rado ---------------------------------- Patricia A. Rado Vice President and Controller (Principal Accounting Officer) Date: June 6, 2003 4 EX-99 3 ex99-1.txt EXHIBIT 99.1 [Letterhead of PSE&G] June 6, 2003 AGREEMENT BY VARIOUS PARTIES IN PSE&G ELECTRIC RATE PROCEEDINGS WOULD RESULT, IF APPROVED, IN MODEST 3.7% INCREASE FOR CUSTOMERS Rates for all major customer classes would be lower than 1999 levels PSE&G signed an agreement today with various parties that provides for $170 million in additional electric distribution revenues to settle the company's electric base case proceeding. The agreement was filed today with the Office of Administrative Law. It must be approved by the administrative law judge assigned to the case and, if approved, sent to the Board of Public Utilities (BPU) for its own review and decision. In addition to PSE&G, the agreement was signed by Independent Energy Producers of New Jersey, New Jersey Transit and Gerdau Ameristeel. The agreement was not signed by the staff of the BPU and the Ratepayer Advocate. The settlement among the parties also includes decreases of $238 million in various components of a customer's bill. Associated with these decreases, under terms of the settlement, PSE&G would write off approximately $31 million after taxes, which represents the resolution of various issues associated with the four-year restructuring of the energy industry in New Jersey. The majority of this one-time charge would not impact income from continuing operations. The net effect of these two aspects of the agreement would be a rate decrease of 1.8 percent on customer bills. However, if approved, these changes would coincide with the August 1st expiration of bill discounts that customers received as a result of New Jersey's Electric Discount and Energy Competition Act (EDECA). The expiring bill discounts - which were phased in since 1999 - are a primary reason rates would rise from current levels on August 1st. As a result of these rate changes, if approved, and the expiring discounts, customer bills on August 1, 2003 would increase 3.7 percent under the terms of the settlement. This increase does not reflect new rates for Basic Generation Service (BGS) energy supply, which were established through a competitive auction in February, as mandated by EDECA. Even when combined with charges for BGS, the proposed electric rates would result in average customer bills slightly lower than 1999 levels. PSE&G last May had filed for $250 million in additional distribution revenues primarily to recover the substantial investment in its electric system since 1993, the last time the company received approval to raise base rates. The company's last update in the current case supported an increase of $298 million. "On balance, today's agreement would resolve the outstanding issues resulting from the four-year transition period," said Thomas M. O'Flynn, chief financial officer of Public Service Enterprise Group (PSEG), the parent of PSE&G. "However, this agreement - if approved by the BPU -- would challenge us to find additional efficiencies while maintaining our high reliability standards." PSE&G's ability to minimize deferred energy supply costs during the transition has enabled the company to keep rates at levels below what they were in 1999. "There are not many goods or services that cost less today than in 1999," O'Flynn said. "That's a reasonable outcome for consumers." In the four years since deregulation began, PSE&G customers also have received $1.4 billion in bill discounts. O'Flynn said other key components of the agreement include: o New rates would be effective August 1, 2003, coincident with the expiration of 13.7 percent customer discounts. o Return on equity is set at 9.75 percent. o Depreciation is set at 2.75 percent. o An annual rate credit of $64 million due to the amortization of excess depreciation reserves will expire on December 31, 2005. o Electric customers will no longer pay $30 million annually in nuclear decommissioning charges. This responsibility will now be assumed by nuclear plant operators. o The company will petition the BPU to securitize approximately $143 million in after-tax deferred BGS costs, incurred in the fourth year of restructuring, over a 15-year period -- minimizing the impact on customer bills. o The average residential customer who uses 580 kwh of electricity a month will pay about $8 more per month, including charges for BGS energy supply, on August 1 than they do today. o The company has agreed not to file a petition to increase base rates before January 1, 2006. ================================================================================ 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, among other things: the effects of weather; the performance of generating units and transmission systems; the availability and prices for oil, gas, coal, nuclear fuel and electricity; changes in the markets for electricity and other energy-related commodities; changes in the number of participants and the risk profile of such participants in the energy marketing and trading business; the effectiveness of our risk management and internal controls systems; the effects of regulatory decisions and changes in law; changes in competition in the markets we serve; the ability to recover regulatory assets and other potential stranded costs; the outcomes of litigation and regulatory proceedings or inquiries; the timing and success of efforts to develop domestic and international power projects; conditions of the capital markets and equity markets; advances in technology; changes in accounting standards; changes in interest rates and in financial and foreign currency markets generally; the economic and political climate and growth in the areas in which we conduct our activities; and changes in corporate strategies. For further information, please refer to our Annual Report on Form 10-K 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. 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 estimates change, unless otherwise required by applicable securities laws. ================================================================================ ####### -----END PRIVACY-ENHANCED MESSAGE-----