2

Forward-Looking Statement

EXHIBIT 99

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 transmission planning, 

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 for 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

3

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 and Adjusted Earnings Before Interest, Taxes, Depreciation and

Amortization (EBITDA) in addition to its Income from Continuing Operations/Net Income reported in

accordance with accounting principles generally accepted in the United States (GAAP). Operating Earnings

and Adjusted EBITDA are non-GAAP financial measures that differ from Income from

Continuing Operations/Net Income. Operating Earnings exclude 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.

PSEG

is

presenting

Adjusted

EBITDA

because

it

provides

investors

with

additional

information

to

compare

our

business performance to other companies and understand performance trends. Adjusted EBITDA excludes

the same items as our Operating Earnings measure as well as income tax expense, interest expense,

depreciation and amortization and major maintenance expense costs at Power’s fossil generation facilities.

This

information

is

not

intended

to

be

viewed

as

an

alternative

to

GAAP

information.

The

last

three

slides

in

this presentation (Slides A, B and C) include a list of items excluded from Income from Continuing

Operations/Net Income to reconcile to Operating Earnings and Adjusted EBITDA with a reference to that slide

included on each of the slides where the non-GAAP information appears.

3

**

**

Operating Earnings

Disciplined investment program and focus on operational

excellence have supported growth

Power’s

diverse

fuel

mix and dispatch

flexibility continue to

generate strong

earnings and free cash

flow in low price

environment

PSE&G’s

investment

program has driven

double digit compound

annual earnings

growth since 2010

Operating Earnings* Contribution by Subsidiary

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

NET INCOME TO RECONCILE TO OPERATING EARNINGS.  E=ESTIMATE

** 2015 PERCENTS USE MIDPOINT OF EARNINGS GUIDANCE.

8

PSE&G’s existing major Transmission

projects are being completed on schedule and on budget

Major Transmission Investments

Project Roster

Approved

ROE

Inclusion

of CWIP in

Rate Base

100%

Recovery

of Costs

Due to

Abandonment

Estimate

Up To

($ Millions)

Expected

In-service

Date

Susquehanna-Roseland

12.93%

$790

Completed

Northeast Grid Reliability

11.93%

$907

June-Dec

2015

North Central Reliability

11.68%

$390

Completed

Burlington–Camden 230kV

11.68%

$399

Completed

Mickleton–Gloucester–Camden

230kV

11.68%

$435

June 2015

26

PSE&G’s 2015 operating earnings

expected to benefit from increased investment in Transmission

37

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

OPERATING EARNINGS.  E =ESTIMATE.  DATA AS OF MARCH 2, 2015.

PSEG

Power

Nuclear

is

a

critical

element

of

our

success

Hope Creek

•

Operated by PSEG Nuclear

•

PSEG Ownership: 100%

•

Technology: Boiling Water

Reactor

•

Total Capacity: 1,178 MW

•

Owned Capacity:  1,178

MW

•

License Expiration: 2046

•

Next Refueling

Fall 2016

Salem

Units 1 and 2

•

Operated by PSEG Nuclear

•

PSEG Ownership: 57%

•

Technology: Pressurized Water

Reactor

•

Total Capacity: 2,307 MW

•

Owned Capacity: 1,324 MW

•

License Expiration: 2036

and 2040

•

Next Refueling

Unit 1 –

Spring 2016

Unit  2 –

Fall 2015

Peach Bottom

Units 2 and 3

•

Operated by Exelon

•

PSEG Ownership: 50%

•

Technology: Boiling Water

Reactor

•

Total Capacity: 2,242 MW

•

Owned Capacity:

1,121 MW

•

License Expiration: 2033

and 2034

•

Next Refueling

Unit 2 -

Spring 2016

Unit 3 -

Fall 2015

•

Uprate:  130 MW (PS Share)

Unit 2 -

March 2015

Unit 3 -

2016

51

Power’s 2015 operating earnings

maintain solid performance

Power Operating Earnings*

($ Millions)

2015 Observations

•

75-80% hedged at

$52/MWh

•

Increase in average

hedge price for energy

helps mitigate reset in

capacity price and

volume

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

66

PSEG

2015

Guidance

for

Operating

Income

–

by

Subsidiary

and

PSEG

Power

Adjusted

EBITDA

PSEG Power Adjusted EBITDA**

$ millions (except EPS)

2015E

2014

PSEG Power

$1,545 -

$1,645

$1,584

*

SEE

SLIDE

A

FOR

ITEMS

EXCLUDED

FROM

NET

INCOME

TO

RECONCILE

TO

OPERATING

EARNINGS;

INCLUDES

THE

FINANCIAL

IMPACT

FROM

MARK-TO-MARKET

POSITIONS

WITH

FORWARD

DELIVERY

MONTHS.

**

SEE

SLIDE

B

FOR

A

RECONCILIATION

OF

ADJUSTED

EBITDA

TO

OPERATING

EARNINGS

AND

NET

INCOME.

E

=

ESTIMATE.

96

PSEG Summary

•

Our 2014 earnings of $2.76 exceeded our revised operating earnings

guidance of $2.60 -

$2.75 per share

•

Continued third year of anticipated positive earnings trend in 2015 with

operating earnings guidance of $2.75 to $2.95 per share

•

Continued 5

th

straight year of expected double digit, 5 year growth in rate base

•

Anticipated high single digit earnings growth at PSE&G on three-year basis from

2014 to 2017, driven by transmission investments and planned programs

•

Power’s

continued

focus

on

operational

excellence,

market

expertise

and

financial strength delivers value in current price environment

•

Strong Balance Sheet and Cash Flow support full capital program and new

potential opportunities without the need for equity

•

Our $0.08 per share dividend increase is consistent with our long history

of returning cash to the shareholder through the common dividend, with

potential for consistent and sustainable growth

99

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.

2014

2013

2012

2011

2010

2009

Earnings Impact ($ Millions)

Operating Earnings

1,400

$      

1,309

$    

1,236

$    

1,389

$      

1,584

$    

1,567

$    

Gain (Loss) on Nuclear Decommissioning Trust (NDT)

Fund Related Activity (PSEG Power)

68

40

52

50

46

9

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

66

(74)

(10)

107

(1)

(11)

Lease Transaction Activity (PSEG Enterprise/Other)

-

-

36

(173)

-

29

Storm O&M (PSEG Power)

(16)

(32)

(39)

-

-

-

Market Transition Charge Refund (PSE&G)

-

-

-

-

(72)

-

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

-

-

-

34

-

-

Income from Continuing Operations

1,518

$      

1,243

$    

1,275

$    

1,407

$      

1,557

$    

1,594

$    

Discontinued Operations

-

-

-

96

7

(2)

Net Income

1,518

$      

1,243

$    

1,275

$    

1,503

$      

1,564

$    

1,592

$    

Fully Diluted Average Shares Outstanding (in Millions)

508

508

507

507

507

507

Per Share Impact (Diluted)

Operating Earnings

2.76

$        

2.58

$     

2.44

$     

2.74

$       

3.12

$     

3.09

$     

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

0.13

0.08

0.10

0.10

0.09

0.02

Gain (Loss) on MTM     (PSEG Power)

0.13

(0.14)

(0.02)

0.21

-

(0.02)

Lease Transaction Activity (PSEG Enterprise/Other)

-

-

0.07

(0.34)

-

0.05

Storm O&M (PSEG Power)

(0.03)

(0.07)

(0.08)

-

-

-

Market Transition Charge Refund (PSE&G)

-

-

-

-

(0.14)

-

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

-

-

-

0.06

-

-

Income from Continuing Operations

2.99

$        

2.45

$     

2.51

$     

2.77

$       

3.07

$     

3.14

$     

Discontinued Operations

-

-

-

0.19

0.01

-

Net Income

2.99

$        

2.45

$     

2.51

$     

2.96

$       

3.08

$     

3.14

$     

(Unaudited)

For the Year Ended

December 31,

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

Reconciling Items, net of tax

(a)

Includes the financial impact from positions with forward delivery months.

A

(a)

(a)

B

Items Excluded from Net Income to Reconcile to Operating

Earnings and Adjusted EBITDA

PLEASE SEE PAGE 3 FOR AN EXPLANATION OF PSEG’S USE OF OPERATING EARNINGS AND ADJUSTED EBITDA AS NON-GAAP FINANCIAL

MEASURES AND HOW THEY DIFFER FROM NET INCOME.

2015

2014

Adjusted EBITDA

626

$        

651

$     

1,584

$    

Fossil Major Maintenance, pre-tax

(49)

(58)

(144)

Depreciation and Amortization, pre-tax

(b)

(77)

(73)

(291)

Interest Expense, pre-tax

(b)

(31)

(31)

(120)

Income Taxes

(b)

(191)

(196)

(387)

Operating Earnings

278

$        

293

$     

642

$       

Gain (Loss) on NDT Fund Related Activity, pre-tax

7

19

138

Gain (Loss) on MTM, pre-tax

(a)

(34)

(223)

111

Storm O&M, net of insurance recoveries, pre-tax

127

(10)

(27)

Income Taxes related to Operating Earnings reconciling items

(43)

85

(104)

Net Income

335

$        

164

$     

760

$       

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

(b) Excludes amounts related to Operating Earnings reconciling items

($ Millions, Unaudited)

PSEG Power Adjusted EBITDA Reconcilation

Year Ended

December 31,

2014

Reconciling Items

Three Months Ended

March 31,

B