EX-99 2 dex99.htm SELECTED PRESENTATION SLIDES Selected Presentation Slides
Forward-Looking Statement
Readers are cautioned that statements contained in this presentation about our and our subsidiaries' 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 energy industry law, policies and regulation, including market structures, transmission planning and rules, 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 operations of our generating units.
•
Changes in nuclear regulation and/or developments in the nuclear power industry generally 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.
•
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.
•
Increase in competition in energy markets in which we compete.
•
Adverse performance of our decommissioning and defined benefit plan trust fund investments and changes in discount rates and funding requirements.
•
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.
2
Exhibit 99

GAAP Disclaimer
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 two slides in this presentation include 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. 
3

Investment programs, hedge profile
and cost control support 2010 outlook
$3.12
$3.00 - $3.25
2009 Operating Earnings*
2010 Guidance
* See page 63 for Items excluded from Income from Continuing Operations to reconcile to Operating Earnings.
9

PSEG 2010 Operating Earnings Guidance
-
By Subsidiary
$ 3.12
$ 1,579
$ 10
$ 43
$ 321
$ 1,205
2009A*
$ 3.00 –
$ 3.25
$ 1,520 –
$ 1,645
$ 5 –
$15
$ 30 –
$ 40
$ 425 –
$ 455
$ 1,060 –
$ 1,135
2010E
Enterprise
Earnings per Share
Operating Earnings*
PSEG Energy Holdings
PSE&G
PSEG Power
$ millions (except EPS)
* See Page 63 for Items excluded from Income from Continuing Operations to reconcile to Operating Earnings.
18

Debt Maturity Profile –
As of September 1, 2010
0
200
400
600
800
1,000
HOLDINGS (Recourse)
0
127
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
POWER
0
605
666
300
250
300
303
0
0
0
420
0
0
0
0
0
0
19
0
0
0
525
0
0
0
0
0
40
0
0
0
0
45
PSE&G excl. Securitization
0
0
300
725
250
300
171
0
400
0
259
134
0
0
0
23
0
0
64
0
0
0
150
100
0
250
250
365
0
250
300
0
0
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
Holdings
Recourse
PSE&G
Power
2010 Financing Activity
PSE&G maturity of $300M in March 2010
PSE&G issued $300M due 2040
PSE&G issued $300M due 2015
PSE&G issued $250M due 2020 in August 2010
PSE&G remarketed $64M (due 2028) and $100M (due 2033)
Power remarketed $44M of tax-exempt bonds due 2042
Power called $48M due 2013 and $161M due 2014
Power issued $300M due 2013
Power issued $250M due 2020
Power exchanged $195M due 2011 for $156M due 2020 plus cash of $52M
61

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.
Pro-forma Adjustments, net of tax
2009
2008
2007
Earnings Impact ($ Millions)
Gain (Loss) on Nuclear Decommissioning Trust (NDT)
Fund Related Activity
9
$             
(71)
$           
12
$             
Gain (Loss) on Mark-to-Market (MTM)
(25)
            
16
              
10
               
Lease Transaction Reserves
-
                
(490)
           
-
                   
Net Reversal of Lease Transaction Reserves
29
             
-
                 
-
                   
Asset Sales and Impairments
-
                
(13)
             
(32)
              
Premium on Bond Redemption
-
                
(1)
               
(28)
              
Total Pro-forma adjustments
13
$           
(559)
$          
(38)
$            
Fully Diluted Average Shares Outstanding (in Millions)
507
           
508
            
509
             
Per Share Impact (Diluted)
Gain (Loss) on Nuclear Decommissioning Trust (NDT)
Fund Related Activity
0.02
$         
(0.14)
$         
0.02
$           
Gain (Loss) on Mark-to-Market (MTM)
(0.05)
         
0.03
           
0.02
            
Lease Transaction Reserves
-
            
(0.96)
          
-
              
Net Reversal of Lease Transaction Reserves
0.05
          
-
             
-
              
Asset Impairments
-
            
(0.03)
          
(0.06)
           
Premium on Bond Redemption
-
            
-
             
(0.06)
           
Total Pro-forma adjustments
0.02
$         
(1.10)
$         
(0.08)
$          
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
For the Twelve Months Ended
December 31,
Reconciling Items Excluded from Continuing Operations to Compute Operating Earnings
(Unaudited)
63