EX-99

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.

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 slides in this presentation include 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 Mix

Long term investment program has driven increased earnings

contribution from stable, regulated business

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

NET INCOME TO RECONCILE TO OPERATING EARNINGS; DISCONTINUED OPERATIONS

REFLECT TEXAS. E=ESTIMATE ** 2014 PERCENTS USE MIDPOINT OF EARNINGS GUIDANCE.

Power’s

diverse fuel mix

and dispatch flexibility

continues to generate

earnings and free cash flow

PSE&G’s

investment

transmission has

diversified its asset base

and, coupled with other

investments

and cost controls,

supported compound

annual earnings growth of

~18% over 2009 –

2013

Operating

Earnings*

Contribution

Subsidiary

(%)

PSE&G

Power

Other

$2.44

$2.58

$2.60 -

$2.75E

$3.12

$2.74

$3.09

2009

2010

2011

2012

2013

2014E**

PSEG –

Year to Date 2014 Highlights

Operating Earnings YTD up 9% to $2.27 per share from $2.09 for YTD 2013

PSE&G on track to record double-digit growth in earnings on expanded capital

investment program

PSEG Power expected to earn at upper level of expectations for the full year

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

from $2.55-$2.75 per share prior

Executing on our capital program

Replacement of PSE&G’s gas cast-iron pipe underway as part of $1.22 billion

Energy Strong capital program

Major transmission projects under $6.8 billion capital program are on-time

and on-budget

Market developments

PJM proposed changes to its Reliability Price Mechanism, Demand Curve Adjustment

and pending Demand Response (DR) issues supportive of price formation

SEE SLIDE A FOR ITEMS EXCLUDED FROM INCOME FROM CONTINUING

OPERATIONS/NET INCOME TO RECONCILE TO OPERATING EARNINGS.

E = ESTIMATE.

$2.44

$2.58

$2.60 -

$2.75E

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

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

PSEG –

2014 Another Year of Growth

2014 Guidance

2013

2012

PSE&G’s 2014 operating earnings

to benefit from increased investment in transmission and

on-going cost control

PSE&G Operating Earnings*

($ Millions)

2012

2013

2014 Guidance

E=ESTIMATE

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

Improving Operating Earnings

and increased contribution from PSE&G

PSEG Operating Earnings

$ Millions (except EPS)

2012

2013

2014E

PSE&G

$528

$612

$710 -

$745

PSEG Power

$663

$710

$575 -

$610

Enterprise/Other

$45

($13)

$35 -

$40

Operating Earnings*

$1,236

$1,309

$1,320 -

$1,395

Operating EPS*

$2.44

$2.58

$2.60 -

$2.75

Regulated % of Earnings

43%

47%

53% -

54%

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

INCOME TO RECONCILE TO OPERATING EARNINGS.

NOTE: 2012 OPERATING EARNINGS RE-STATED FOR TRANSFER OF ASSETS FROM PSEG HOLDINGS TO PSEG POWER.

E=ESTIMATE.

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.

2013

2012

2011

2010

2009

2008

Earnings Impact ($ Millions)

Operating Earnings

1,309

1,236

1,389

1,584

1,567

1,478

Gain (Loss) on Nuclear Decommissioning Trust (NDT)

Fund Related Activity (PSEG Power)

(71)

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

(74)

(10)

107

(1)

(11)

Lease Transaction Activity (PSEG Enterprise/Other)

(173)

(490)

Storm O&M (PSEG Power)

(32)

(39)

Market Transition Charge Refund (PSE&G)

(72)

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

(13)

Income from Continuing Operations

1,243

1,275

1,407

1,557

1,594

918

Discontinued Operations

(2)

270

Net Income

1,243

1,275

1,503

1,564

1,592

1,188

Fully Diluted Average Shares Outstanding (in Millions)

508

507

508

Per Share Impact (Diluted)

Operating Earnings

2.58

2.44

2.74

3.12

3.09

2.91

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

0.08

0.10

0.09

0.02

(0.14)

Gain (Loss) on MTM (PSEG Power)

(0.14)

(0.02)

0.21

(0.02)

0.03

Lease Transaction Activity (PSEG Enterprise/Other)

0.07

(0.34)

0.05

(0.96)

Storm O&M (PSEG Power)

(0.07)

(0.08)

Market Transition Charge Refund (PSE&G)

(0.14)

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

0.06

(0.03)

Income from Continuing Operations

2.45

2.51

2.77

3.07

3.14

1.81

Discontinued Operations

0.19

0.01

0.53

Net Income

2.45

2.51

2.96

3.08

3.14

2.34

For the Year Ended

December 31,

(Unaudited)

Reconciling Items, net of tax

(a)

Includes the financial impact from positions with forward delivery months.

(a)

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED