Public Service Enterprise Group

PSEG Earnings Conference Call

3rd Quarter 2014

October 30, 2014

EXHIBIT 99.1

1

Forward-Looking Statement

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:

•

adverse changes in the demand for or the price of the capacity and energy that we sell into wholesale electricity markets,

•

adverse changes in energy industry law, policies and regulation, including market structures and a potential shift away from competitive markets toward subsidized market 

mechanisms, capacity market design, transmission planning and cost allocation rules, including  how transmission projects are  planned and who is permitted to build transmission in 

the future, 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 and enforcement that could increase our costs or limit our operations,

•

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,

•

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 manage our energy obligations, available supply and risks,

•

  adverse outcomes of any legal, regulatory or other proceeding, settlement, investigation or claim applicable to us and/or the energy industry, 

•

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,

•

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 insurance coverage or recover proceeds of insurance with respect to such events,

•

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, 

•

changes in technology, such as distributed generation and micro grids, and greater reliance on these technologies, and 

•

changes in customer behaviors, including increases in energy efficiency, net-metering and demand response.

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.

2

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 slide in this presentation includes

a list of items excluded from Net Income to reconcile to Operating Earnings,

with a reference to that slide included on each of the slides where the non-

GAAP information appears.

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

2014 Q3 Review

Ralph Izzo

Chairman, President and Chief Executive Officer

4

Q3 Earnings Summary

Quarter ended September 30         

$ millions (except EPS)

2014

2013

Operating Earnings

$  393

$  385

Reconciling Items, Net of Tax

51

5

Net Income

$  444

$  390

EPS from Operating Earnings*

$  0.77

$  0.76

* See Slide A for Items excluded from Net Income to reconcile to Operating Earnings.

5

Year to Date Earnings Summary

Nine months ended September 30       

$ millions (except EPS)

2014

2013

Operating Earnings

$  1,153

$  1,061

Reconciling Items, Net of Tax

(111)

(18)

Net Income

$  1,042

$  1,043

EPS from Operating Earnings*

$  2.27

$  2.09

* See Slide A for Items excluded from Net Income to reconcile to Operating Earnings.

6

PSEG –

Q3 2014 Highlights

Operating Earnings of $0.77 vs. $0.76 per share in Q3 2013

Delivered solid results in the quarter as PSE&G’s continuing investment in transmission

drove results

Narrowed 2014 full–year, operating earnings guidance to $2.60-$2.75 per share,

from $2.55-$2.75 per share prior

Executing on operational goals

Continued control of O&M supports full-year expectations

Generation

increase

of

4%

–

with

increased

availability 

Executing on our on our capital program

Transmission program of $6.8 billion continues on schedule and on budget

Energy

Strong

investment

underway

–

gas

mains

replacement

prioritized

Power announced a new $100-$120 million investment in the PennEast Pipeline project 

Market developments

PJM proposed changes on Capacity Performance, Demand Curve Adjustment and 

pending Demand Response (DR) issues supportive of price formation

PJM decision on FERC 1000 Artificial Island solution expected early 2015

Updated

PSEG-Long

Island

“Utility

2.0”

filing

submitted

to

NY

regulators

7

$2.60 -

$2.75E

PSEG –

2014 Another Year of Growth

$2.44

$2.58

2014 operating earnings guidance narrowed; forecast full-year at upper end

of range, assuming normal weather and unit operations for rest of year

2012 Operating Earnings*

2013 Operating Earnings*

2014 Operating Earnings Guidance

* See Slide A for Items excluded from Net Income to reconcile to Operating Earnings.  E = Estimate.

PSEG

2014 Q3 Operating Company Review

Caroline Dorsa

EVP and Chief Financial Officer

9

Q3 Operating Earnings by Subsidiary

Operating Earnings

Earnings per Share

$ millions (except EPS)

2014

2013

2014

2013

PSE&G

$  200

$  168

$  0.39

$  0.33

PSEG Power

171

221

0.34

0.43

PSEG Enterprise/Other

22

(4)

0.04 

-

Operating Earnings*

$  393

$  385

$ 0.77

$ 0.76

Quarter ended September 30

* See Slide A for Items excluded from Net Income to reconcile to Operating Earnings.

10

PSEG EPS Reconciliation –

Q3 2014 versus Q3 2013

Capacity  (0.09)

Re-Contracting

& Market

Pricing  (0.04)

Weather  (0.03)

O&M  0.06

Taxes &

Other  0.01

Transmission  0.04

Electric Volume

& Demand  0.01

Weather  (0.02)

Distribution

O&M  0.02

Interest  &

Other  0.01

Q3 2014       

Operating

Earnings*

Q3 2013       

Operating

Earnings*

PSEG Power

PSE&G

Enterprise/

Other

PSEG Long Island

and Other

$0.76

0.06

0.04

$0.77

(0.09)

0.00

0.25

0.50

0.75

1.00

* See Slide A for Items excluded from Net Income to reconcile to Operating Earnings.

11

Year to Date Operating Earnings by Subsidiary

Operating Earnings

Earnings per Share

$ millions (except EPS)

2014

2013

2014

2013

PSE&G

$  565

$  468

$  1.11

$  0.92

PSEG Power

551

595

1.09

1.17

PSEG Enterprise/Other

37

(2)

0.07

-

Operating Earnings*

$  1,153

$  1,061

$  2.27

$  2.09

Nine months ended September 30

•

See Slide A for Items excluded from Net Income to reconcile to Operating Earnings.

12

PSEG EPS Reconciliation –

YTD 2014 versus YTD 2013

YTD 2014       

Operating

Earnings*

YTD 2013       

Operating

Earnings*

Capacity  0.05

Re-Contracting

& Market Pricing

(0.07)

Weather  (0.03)

Lower Volume  (0.01)

O&M  (0.02)

D&A, Taxes

and Other  0.00

PSEG Power**

Transmission  0.10

Gas Volume,

Demand & Other

Revenue  0.03

Electric Volume

& Demand  0.01

Weather  (0.02)

Distribution

O&M  0.04

Lower Interest

Expense &

Other  0.03

PSE&G

**

Enterprise/

Other

PSEG-Long Island

And Other

0.00

0.50

1.00

1.50

2.00

2.50

$2.09

0.19

0.07

$2.27

(0.08)

*

See Slide A for Items excluded from Net Income to reconcile to Operating Earnings. 

**

Prior quarter results for reconciling items may not add to year-to-date (YTD) totals due to rounding.

PSE&G

2014 Q3 Review

14

PSE&G –

Q3 Earnings Summary

$ millions (except EPS)

Q3 2014

Q3 2013

Variance

Operating Revenues

$  1,655

$  1,666

(11)

Operating Expenses

Energy Costs

668

661

7

Operation & Maintenance

366

408

(42)

Depreciation & Amortization

238

236

2

Taxes Other than Income Taxes

-

15

(15)

Total Operating Expenses

1,272

1,320

(48)

Operating Earnings / Net Income

$  200

$  168

32

EPS from Operating Earnings

$  0.39

$  0.33

$  0.06

15

PSE&G

EPS

Reconciliation

–

Q3

2014

versus

Q3

2013

Q3 2014      

Operating

Earnings

Q3 2013    

Operating

Earnings

Transmission 0.04

Electric Volume

& Demand  0.01

Distribution O&M

0.02

Interest &

Other  0.01

Weather

$0.33

0.05

0.03

$0.39

(0.02)

0.00

0.10

0.20

0.30

0.40

0.50

4,587

3,397

2,101

6,977

3,691

1,687

5,213

4,607

1,906

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

July

August

September

16

PSE&G –

Monthly Summer Weather Data

2014 vs. 2013 vs. Normal

PSE&G Monthly Temperature Humidity Index (THI)

-18.4% Q3 2014 vs. Q3 2013

-14% Q3 2014 vs. Normal

2014

2013

Normal

17

PSE&G –

Q3 Operating Highlights

Transmission projects on schedule and on budget

Energy Strong investments underway: Gas mains replacement prioritized

2015 FERC Formula Rate filing submitted

PSE&G lowered gas rates by 9% on 10/1; Additional BGSS rate credits to be implemented Nov 2014

to

Jan

2015

–

expected

to

further

reduce

winter

heating

bills

Filed Energy Efficiency Ext II program with BPU for ~$100 million; early 2015 decision expected

BPU approved settlement finding $366 million of 2010-2012 storm cost expenditures to be prudent:

$126 million of capital costs and $240 million of O&M expenditures to be recoverable in a future rate case

New NJBPU President Mroz (R) and Commissioner Chivukula (D) confirmed by NJ Senate

PSE&G earned its authorized return

Issued $250 million of secured MTNs (due 2019) and $250 million secured MTNs (due 2024);

Retired $500 million of debt maturities in Q3

Weather in Q3 2014 was 18% cooler than Q3 2013 and 14% cooler than normal

Transmission revenues added $0.04 per share over Q3 2013

O&M remains under control

Financial

Regulatory and Market

Environment

Operations

PSEG Power

2014 Q3 Review

19

PSEG Power –

Q3 Earnings Summary

$ millions (except EPS)

Q3 2014

Q3 2013

Variance

Operating Revenues

$  1,138

$  1,174

$  (36)

Operating Earnings

171

221

(50)

Reconciling Items, Net of Tax**

51

5

46

Net Income

222

226

(4)

EPS from Operating Earnings*

$  0.34

$  0.43

$  (0.09)

* See Slide A for Items excluded from Net Income to reconcile to Operating Earnings.

**Includes the financial impact from positions with forward delivery months.

20

Capacity  (0.09)

Re-Contracting and

Market Pricing (0.04)

Weather (0.03)

PSEG Power EPS Reconciliation –

Q3 2014 versus Q3 2013

Q3 2014      

Operating

Earnings*

Q3 2013       

Operating

Earnings*

O&M

Taxes

and

Other

$0.43

0.06

0.01

$0.34

(0.16)

0.00

0.10

0.20

0.30

0.40

0.50

* See Slide A for Items excluded from Income from Net Income to reconcile to Operating Earnings.

21

PSEG Power –

Generation Measures

Quarter ended September 30

Total Nuclear

Total Coal*

Oil & Natural Gas

* Includes figures for Pumped Storage. Includes Hudson and Mercer when run on gas.

PSEG Power –

Generation (GWh)

14,111

14,690

Quarter ended September 30

PSEG Power –

Capacity Factors (%)

7,498

7,565

1,936

1,831

4,677

5,294

0

7,500

15,000

2013

2014

2013

2014

Combined

Cycle

PJM and NY

60.4%

67.5%

Coal

NJ (Coal/Gas)

16.3%

21.5%

PA

83.1%

71.8%

CT

11.6%

5.3%

Nuclear

91.0%

92.0%

22

PSEG Power –

Generation Measures

Nine Months ended September 30

Total Nuclear

Total Coal*

Oil & Natural Gas

PSEG Power –

Generation (GWh)

40,986

41,306

Nine Months ended September 30

PSEG Power –

Capacity Factors (%)

22,783

22,152

5,526

6,096

12,677

13,058

0

15,000

30,000

45,000

2013

2014

2013

2014

Combined Cycle

PJM and NY

57.0%

54.7%

Coal*

NJ (Coal/Gas)

14.2%

18.6%

PA

79.4%

78.1%

CT

16.6%

27.1%

Nuclear

93.2%

90.8%

* Includes figures for Pumped Storage.  Includes Hudson and Mercer when run on gas.

23

PSEG Power –

Fuel Costs

PSEG Power –

Fuel Costs

Quarter ended September 30

($ millions)

2013

2014

Coal

45.1

42.2

Oil & Gas

146.1

139.5

Total Fossil

191.2

181.7

Nuclear

56.5

53.2

Total Fuel Cost

247.7

234.9

Total Generation

(GWh)

14,111

14,690

$ / MWh

17.55

15.99

Nine months ended

September 30

($ millions)

2013

2014

Coal

141.3

169.7

Oil & Gas

483.8

623.4

Total Fossil

625.1

793.1

Nuclear

166.6

161.9

Total Fuel Cost

791.7

955.0

Total Generation

(GWh)

40,986

41,306

$ / MWh

19.32

23.12

24

PSEG Power –

Gross Margin Performance

Capacity pricing reset to $166/MW-day on June 1, to remain stable

over multi-year period

Mild summer weather weighed on spot market prices

Lower spark spreads compared with Q3 2013

PSEG Power Gross Margin ($/MWh)

$47

$51

$40

Quarter ended

September  30

Nine months ended

September  30

$45

$47

$44

$0

$35

$70

$0

$35

$70

Regional Performance

Region

Q3 2014 

Gross

Margin ($M)

2014 Performance

PJM

$537

Decline in capacity prices and

hedged energy prices

New

England

$20

Lower volume

New York

$24

Increased volume

2012

2013

2014

2012

2013

2014

PSEG Power expanding supply of low-cost Marcellus gas

PSEG plans to invest $100-$120 million in

the to-be-constructed PennEast Pipeline, a

105.5 mile pipeline that would bring gas

from eastern Pennsylvania to New Jersey

PSEG ER&T would contract for approximately

125mmcf/day of PennEast’s 1 bcf/day

capacity under a 15-year contract; other

project sponsors have committed to offtake

~500mmcf/day

PSEG and its customers would benefit from

the displacement of higher-cost, Gulf Coast

gas supply

Targeted in-service date is November 2017

Proposed PennEast Pipeline Project

25

Volume TWh

8

36

36

Base Load

% Hedged

100%

100%

55-60%

(Nuclear and Base Load Coal)

Price $/MWh

$49

$50

$49

Volume TWh

5

21

21

Intermediate Coal, Combined

% Hedged

50-55%

5-10%

0%

Cycle, Peaking

Price $/MWh

$49

$50

$49

26

Hedging Update…

Contracted Energy*

Oct-Dec

2014

2015

2016

* Hedge percentages and prices as of September 30, 2014.  Revenues of full requirement load deals based on contract price, including renewable energy credits, ancillary, and transmission

   components but excluding capacity.  Hedges include positions with MTM accounting treatment and options.

Volume TWh

13

55-57

55-57

Total

% Hedged

80-85%

65-70%

35-40%

Price $/MWh

$49

$50

$49

Regulatory and Market

Environment

PJM active on ensuring future reliability: Capacity Performance proposal, review of DR

participation

in

energy

markets,

and

revision

of

demand

(VRR)

curve

–

all

supportive

of price formation

Average hedge price for 2014 is $48/MWh vs. $50/MWh for 2013

27

PSEG Power –

Q3 2014 Operating Highlights

Q3 output up 4% from Q3 2013

YTD nuclear capacity factor was 91%; Q3 capacity factor was 92%

Salem 1 refueling outage underway

CCGT capacity factor improved 7% from Q3 2013

Operations

New $600 million, 450 MW CCGT at Bridgeport Harbor under consideration

Announced $100-$120 million PennEast Pipeline investment

Power’s total debt as a percentage of capital at September 30 was 32%

Power has been verbally notified by the FERC staff that they have initiated a preliminary,

non-public staff investigation into the matters surrounding the errors discovered by

Power in certain of its cost based bids

Financial

PSEG

2014 operating earnings guidance narrowed to $2.60 -

$2.75 per share

Focused on maintaining operating efficiency and customer reliability

PSE&G’s operating earnings on track to grow at double-digit rate in 2014

PSE&G transmission investment program continues on-track and on-budget

Financial position remains strong

Positive cash from Power and increasing cash flow from PSE&G supports dividend

Debt as a percentage of capital was 42% at September 30

Long history of returning cash to the shareholder through the common

dividend, with opportunity for future growth

PSEG Financial Highlights

29

growth

and

funds

capital

spending

program

without

the

need

to

issue

equity

$ millions (except EPS)

2014E

2013

2012

PSE&G

$710 –

$745

$612

$528

PSEG Power

$575 –

$610

$710

$663

PSEG Enterprise/Other

$35 –

$40  

$(13)

$45

Operating Earnings*

$1,320 –

$1,395

$1,309

$1,236

Earnings per Share

$2.60 –

$2.75

$2.58

$2.44

30

PSEG 2014 Operating Earnings Guidance -

By Subsidiary

* See Slide A for Items excluded from Net Income to reconcile to Operating Earnings.  E = Estimate.

PSEG Liquidity as of September 30, 2014

31

Expiration

Total

Available

Company

Facility

Date

Facility

Usage

Liquidity

($Millions)

PSE&G

5-year Credit Facility

Mar-18

$600

1

$14

$586

5-Year Credit Facility (Power)

Apr-19

$1,600

$76

$1,524

5-Year Credit Facility (Power)

Mar-18

$1,000

2

$0

$1,000

5-Year Bilateral (Power)

Sep-15

$100

$100

$0

5-year Credit Facility (PSEG)

Apr-19

$500

$8

$492

5-year Credit Facility (PSEG)

Mar-18

$500

3

$0

$500

Total

$4,300

$198

$4,102

1 PSE&G Facility to be reduced by $29M on April 15, 2016

$374

2 Power Facility to be reduced by $48M on April 15, 2016

PSE&G ST Investment

$293

3 PSEG Facility to be reduced by $23M on April 15, 2016

Total Liquidity Available

$4,769

Total Parent / Power Liquidity

$3,890

PSEG /

Power

PSEG Money Pool ST Investment

A

Items Excluded from Net Income to Reconcile to Operating Earnings

Please see Slide 2 for an explanation of PSEG’s use of Operating Earnings as a non-GAAP financial measure

and how it differs from Net Income.

2014

2013

2014

2013

2013

2012

Earnings Impact ($ Millions)

Operating Earnings

393

$        

385

$     

1,153

$    

1,061

$  

1,309

$    

1,236

$    

Gain (Loss) on Nuclear Decommissioning Trust (NDT)

Fund Related Activity (PSEG Power)

17

12

40

29

40

52

Gain

(Loss)

on

Mark-to-Market

(MTM)

(a)

(PSEG

Power)

36

3

(138)

(22)

(74)

(10)

Lease Related Activity (PSEG Enterprise/Other)

-

-

-

-

-

36

Storm O&M, net of insurance recoveries (PSEG Power)

(2)

(10)

(13)

(25)

(32)

(39)

Net Income

444

$        

390

$     

1,042

$    

1,043

$  

1,243

$    

1,275

$    

Fully Diluted Average Shares Outstanding (in Millions)

507

508

507

507

508

507

Per Share Impact (Diluted)

Operating Earnings

0.77

$       

0.76

$    

2.27

$      

2.09

$    

2.58

$      

2.44

$      

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

0.04

0.02

0.08

0.06

0.08

0.10

Gain

(Loss)

on

MTM

(a)

(PSEG Power)

0.07

0.01

(0.27)

(0.04)

(0.14)

(0.02)

Lease Related Activity (PSEG Enterprise/Other)

-

-

-

-

-

0.07

Storm O&M, net of insurance recoveries (PSEG Power)

(0.01)

(0.02)

(0.03)

(0.05)

(0.07)

(0.08)

Net Income

0.87

$       

0.77

$    

2.05

$      

2.06

$    

2.45

$      

2.51

$      

(a) Includes the financial impact from positions with forward delivery months.

September 30,

September 30,

December 31,

(Unaudited)

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

Reconciling Items, net of tax

Three Months Ended

Nine Months Ended

Year Ended