Exhibit 99

 

		Investor News		NYSE:PEG

For further information, contact:

 

•   Kathleen A. Lally, Vice President – Investor Relations		Phone: 973-430-6565
•   Carlotta Chan Lane, Manager – Investor Relations		Phone: 973-430-6596

 

October 27, 2010

PSEG ANNOUNCES 2010 THIRD QUARTER RESULTS

$1.12 PER SHARE FROM NET INCOME

$1.06 PER SHARE OF OPERATING EARNINGS

Company Maintains 2010 Operating Earnings Guidance of $3.00-$3.25 Per Share

Forward Power Prices Continue To Decline

Public Service Enterprise Group (PSEG) today reported third quarter 2010 net income and income from continuing operations of $567 million or $1.12 per share as compared to $488 million or $0.96 per share for the third quarter of 2009. Operating earnings for the third quarter of 2010 were $538 million or $1.06 per share compared to the third quarter of 2009 operating earnings of $464 million or $0.92 per share.

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. Operating Earnings exclude the impact of returns/(losses) associated with Nuclear Decommissioning Trust (NDT), certain Mark-to-Market (MTM) accounting and other material one time items. The table below provides a reconciliation of PSEG’s Net Income to Operating Earnings (a non-GAAP measure) for the third quarter. See Attachment 12 for a complete list of items excluded from Income from Continuing Operations in the determination of Operating Earnings.

PSEG CONSOLIDATED EARNINGS (unaudited)

Third Quarter Comparative Results

2010 and 2009

 

		Income ($millions)								Diluted Earnings Per Share
		2010				2009				2010				2009
Net Income/Income from Continuing Ops		$	567			$	488			$	1.12			$	0.96
Less: Excluded Items			29				24				0.06				0.04
Operating Earnings (Non-GAAP)		$	538			$	464			$	1.06			$	0.92
							Avg. Shares				507M				507M

“Our financial results in the third quarter were strong” said Ralph Izzo, chairman, president and chief executive officer of PSEG. “Warmer than normal weather and higher electric delivery rates in effect at the start of the summer helped to offset the impact of a slow economic recovery and lower realized energy prices at Power. Our results for the quarter continue to support full year earnings of $3.00-$3.25 per share.” Operating Earnings guidance by company for the full year is as follows:

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Operating Earnings

 

		2010E		2009A
PSEG Power		$1,060 - $1,135		$1,205
PSE&G		$425 - $455		$321
PSEG Energy Holdings		$30 - $40		$43
Parent		$5 - $15		$10
Total		$1,520 - $1,645		$1,579
Earnings Per Share		$3.00 - $3.25		$3.12

Izzo indicated that the strong results “reflect the substantial efforts of our employees to reduce costs in the face of continuing decreases in energy prices. These efforts will play an important role in meeting our financial objectives as legacy hedges executed at higher prices roll off in 2011 and 2012.”

Operating Earnings Review and Outlook by Operating Subsidiary

See Attachment 6 for detail regarding the quarter-over-quarter reconciliations for each of PSEG’s businesses.

PSEG Power

PSEG Power reported operating earnings of $355 million ($0.70 per share) for the third quarter of 2010 compared with operating earnings of $358 million ($0.71 per share) for the third quarter of 2009.

PSEG Power’s results in the third quarter benefited from a 10% increase in output. The increase in output was experienced by PSEG Power’s fossil fleet, and improved earnings by $0.04 per share. This improvement was partially offset by a 17-day unplanned outage at the Salem 1 nuclear reactor early in the quarter. The lower nuclear output reduced earnings by $0.03 per share. Warmer than normal weather during the quarter added $0.03 per share to earnings. The recontracting of expiring hedges at lower prices reduced earnings by $0.05 per share including customer migration away from the BGS contract which reduced earnings in the quarter by $0.01 per share. In addition, the continued erosion in margin on certain wholesale electric energy supply contracts that Power supplies from the market reduced earnings by $0.02 per share. Realized gains on investments in Power’s Rabbi Trust Fund added $0.01 per share to earnings. A decline in the effective tax rate aided earnings by $0.01 per share.

The nuclear generating units operated by PSEG Power performed at an average capacity factor of 90.4% during the quarter resulting in a capacity factor of 91.8% for the nine months ended September 30, 2010. The results for the quarter include the effect of the unplanned outage at Salem 1. The outage is expected to reduce the full-year capacity factor for Power’s fleet by 0.6% to slightly better than 91%. The anticipated results for the full-year reflect the impact of a scheduled refueling outage at Hope Creek that began on October 15.

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Power’s operating earnings for 2010 are forecasted at $1,060 - $1,135 million compared to operating earnings for 2009 of $1,205 million. Full year operating earnings will be affected by continued lower forward energy pricing.

Power’s full year earnings comparisons will be affected by erosion in margins from BGS customer migration as well as volume declines associated with other full requirement contracts. Our forecast for full-year 2010 assumes a year-over-year reduction in margin associated with customer migration of $0.04 per share, at the upper end of our prior guidance of a $0.02 - $0.04 per share impact for the year. New retail suppliers have entered the market for residential customers in the third quarter.

These items will be partially offset by an expected increase in generation volume, a decline in depreciation expense and continued focus on O&M. In addition, Power’s full year earnings will reflect the impact of a one-time increase in taxes related to the enactment of health care legislation recognized in March 2010 along with the impairment of sulfur-dioxide emissions allowances recognized in the second quarter.

Power continues to hedge its expected generation in future years consistent with past practice. At the end of September, approximately 68% of Power’s anticipated 2011 coal and nuclear generation is hedged at an average price of $71 per MWh with hedges. This compares with an average hedge price for energy in 2010 of $72 per MWh. These figures, however, don’t reflect the potential impact of increased levels of customer migration, which could reduce the level of power supplied under existing BGS contracts. Incremental migration equal to 5% of customer load would reduce earnings by approximately $0.015 per share at current market prices. An additional loss of 15% of load would reduce our average hedged price in 2011 to $67 per MWh.

PSE&G

PSE&G reported operating earnings of $155 million ($0.30 per share) for the third quarter of 2010 compared with operating earnings of $87 million ($0.17 per share) for the third quarter of 2009.

PSE&G’s results were driven by higher rates, abnormally warm weather and a reduction in operating and maintenance expenses. An annual increase in electric and gas rates of $73.5 million and $26.5 million that went into effect on June 7 and July 9 respectively added $0.05 per share to earnings. An increase in revenue associated with investments in capital infrastructure and renewables approved during 2009 improved earnings by $0.01 per share. Warmer than normal weather during the third quarter of 2010 in comparison to cooler than normal weather conditions in the year ago period improved electric demand and earnings by $0.03 per share. An increase in transmission revenues at the start of the year added $0.01 per share to quarterly earnings. A decline in operating and maintenance expenses during the quarter improved earnings by $0.02 per share. These items offset an increase in depreciation and interest expense associated with higher levels of capital investment ($0.02 per share). Realized gains on investments in PSE&G’s Rabbi Trust added $0.02 per share, and a decline in the effective tax rate added $0.01 per share to earnings.

PSE&G experienced an increase in demand from residential and commercial customers during the third quarter reflecting the favorable weather that more than offset the impact of a weak economy on demand. Economic data related to employment and housing in PSE&G’s service territory show signs of stability but, don’t yet indicate a return to growth in the economy.

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PSE&G’s operating earnings for 2010 are forecast at $425 - $455 million compared to 2009’s operating earnings of $321 million. Operating earnings will be influenced by a full year of return on capital projects approved by the BPU in 2009, the increase in electric and gas distribution rates, an increase in transmission revenue and a decline in operating and maintenance expenses.

PSE&G has updated its forecast of capital spending for 2010-2012, and provided an initial forecast related to capital spending plans for 2013. The revised budget calls for spending $4.5 billion over 2010-2012 with spending of $1.6 billion for 2013 resulting in a $6.1 billion capital program over this four year period. The projections take into account the delay associated with the in-service date for the Susquehanna to Roseland transmission line, the reconfiguration of the Branchburg-Roseland-Hudson line as well as the previously announced reduction in distribution spending. Transmission related capital spending represents 50% of PSE&G’s forecast level of capital spending over 2010-2013. The implementation and timing of capital expenditures are subject to obtaining timely government approvals.

PSEG Energy Holdings

PSEG Energy Holdings reported operating earnings of $24 million ($0.05 per share) for the third quarter of 2010 versus an operating loss of $1 million during the third quarter of 2009.

The improvement in operating earnings for the quarter reflects the successful termination of two Lilo/Silo leveraged leases during the quarter that resulted in a gain of $0.03 per share which matched a similar level of termination related gains recorded in the year ago quarter. Results also benefited from the absence of a premium paid on the debt exchange with Power in 2009 ($0.04 per share) as well as a decline in interest expense ($0.01 per share).

The successful termination of two cross-border leases during the quarter reduced Holdings’ net cash exposure to $330 million at the end of September. Holdings has $320 million on deposit with the IRS to defray potential interest costs associated with this disputed tax matter.

Holdings’ operating earnings for 2010 are forecast at $30 – $40 million as compared to 2009’s operating earnings of $43 million. The loss of income on terminated leases, the absence of the debt exchange this year and a reduction in gains from the termination of leases will be partially offset by lower financing costs and tax benefits from the start-up of solar projects in Ohio and Florida.

Other Items

PSEG Power indicated during the quarter that it is exploring the potential sale of its two 1,000 MW combined cycle generating facilities in Texas through an auction process. The sale is dependent on the receipt of offers that reflect the appropriate value for the assets.

Holdings issued a call notice in October for the redemption in December 2010 of the remaining $127 million outstanding principal balance of its 8.5% Senior Notes due June 2011.

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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 cost allocation rules, including rules regarding who is permitted to build transmission going forward, 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.

 

•

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

 

•

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.

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Attachment 1

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

Operating Earnings and Per Share Results by Subsidiary

(Unaudited)

 

		For the Three Months Ended September 30,								For the Nine Months Ended September 30,
		2010				2009				2010				2009
Earnings Results ($ Millions)
PSEG Power		$	355			$	358			$	892			$	964
PSE&G			155				87				347				253
PSEG Energy Holdings			24				(1	)			43				30
PSEG			4				20				12				17
Operating Earnings		$	538			$	464			$	1,294			$	1,264
Reconciling Items(a)			29				24				(12	)			(21	)
Net Income		$	567			$	488			$	1,282			$	1,243
Fully Diluted Average Shares Outstanding (in Millions)			507				507				507				507
Per Share Results (Diluted)
PSEG Power		$	0.70			$	0.71			$	1.76			$	1.91
PSE&G			0.30				0.17				0.68				0.50
PSEG Energy Holdings			0.05				—				0.09				0.06
PSEG			0.01				0.04				0.02				0.03
Operating Earnings		$	1.06			$	0.92			$	2.55			$	2.50
Reconciling Items(a)			0.06				0.04				(0.02	)			(0.05	)
Net Income		$	1.12			$	0.96			$	2.53			$	2.45

 

(a)	See attachment 12 for details of items excluded from Income from Continuing Operations to compute Operating Earnings. Income from Continuing Operations for the three months and nine months ended September 30, 2010 and 2009 is equal to Net Income.

Note:

Income from Continuing Operations includes preferred stock dividends relating to PSE&G of $1 million for the three months ended September 30, 2009.

Income from Continuing Operations includes preferred stock dividends relating to PSE&G of $1 million and $3 million for the nine months ended September 30, 2010 and 2009, respectively.

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Attachment 2

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

Consolidating Statements of Operations

(Unaudited, $ Millions)

 

		For the Three Months Ended September 30, 2010
		PSEG				OTHER (a)				PSEG POWER				PSE&G				PSEG ENERGY HOLDINGS
OPERATING REVENUES		$	3,254			$	(474	)		$	1,663			$	2,007			$	58
OPERATING EXPENSES
Energy Costs			1,355				(474	)			714				1,115				—
Operation and Maintenance			601				1				263				327				10
Depreciation and Amortization			265				4				48				209				4
Taxes Other Than Income Taxes			31				—				—				31				—
Total Operating Expenses			2,252				(469	)			1,025				1,682				14
OPERATING INCOME			1,002				(5	)			638				325				44
Income from Equity Method Investments			4				—				—				—				4
Other Income and Deductions			66				11				35				13				7
Other Than Temporary Impairments			(3	)			(1	)			(2	)			—				—
Interest Expense			(120	)			3				(37	)			(82	)			(4	)
Preferred Stock Dividends			—				—				—				—				—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES			949				8				634				256				51
Income Tax Expense			(382	)			(4	)			(250	)			(101	)			(27	)
NET INCOME		$	567			$	4			$	384			$	155			$	24
Reconciling Items Excluded from Continuing Operations(C):			29				—				29				—				—
OPERATING EARNINGS		$	538			$	4			$	355			$	155			$	24
		For the Three Months Ended September 30, 2009
		PSEG				OTHER (a)				PSEG POWER				PSE&G				PSEG ENERGY HOLDINGS
OPERATING REVENUES		$	3,040			$	(524	)		$	1,564			$	1,943			$	57
OPERATING EXPENSES
Energy Costs			1,241				(525	)			599				1,167				—
Operation and Maintenance			621				(9	)			265				351				14
Depreciation and Amortization			224				4				48				169				3
Taxes Other Than Income Taxes			30				—				—				30				—
Total Operating Expenses			2,116				(530	)			912				1,717				17
OPERATING INCOME			924				6				652				226				40
Income from Equity Method Investments			6				—				—				—				6
Other Income and Deductions			24				33				23				2				(34	)
Interest Expense			(129	)			(5	)			(37	)			(77	)			(10	)
Preferred Stock Dividends			—				1				—				(1	)			—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (b)			825				35				638				150				2
Income Tax Expense			(337	)			(15	)			(256	)			(63	)			(3	)
NET INCOME (LOSS)		$	488			$	20			$	382			$	87			$	(1	)
Reconciling Items Excluded from Continuing Operations(C):			24				—				24				—				—
OPERATING EARNINGS (LOSS)		$	464			$	20			$	358			$	87			$	(1	)

 

(a)	Primarily includes financing activities and donations at the parent and intercompany eliminations.

(b)	Income from Continuing Operations before Income Taxes includes preferred stock dividends relating to PSE&G of $1 million for the three months ended September 30, 2009.

(c)	See attachment 12 for details of items excluded from Income from Continuing Operations to compute Operating Earnings. Income from Continuing Operations for the three months ended September 30, 2010 and 2009 is equal to Net Income.

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Attachment 3

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

Consolidating Statements of Operations

(Unaudited, $ Millions)

 

		For the Nine Months Ended September 30, 2010
		PSEG				OTHER (a)				PSEG POWER				PSE&G				PSEG ENERGY HOLDINGS
OPERATING REVENUES		$	9,389			$	(2,036	)		$	5,324			$	5,987			$	114
OPERATING EXPENSES
Energy Costs			4,270				(2,034	)			2,732				3,572				—
Operation and Maintenance			1,915				(18	)			817				1,084				32
Depreciation and Amortization			730				13				144				563				10
Taxes Other Than Income Taxes			101				—				—				101				—
Total Operating Expenses			7,016				(2,039	)			3,693				5,320				42
OPERATING INCOME			2,373				3				1,631				667				72
Income from Equity Method Investments			12				—				—				—				12
Other Income and Deductions			128				9				90				20				9
Other Than Temporary Impairments			(9	)			(1	)			(8	)			—				—
Interest Expense			(356	)			10				(119	)			(239	)			(8	)
Preferred Stock Dividends			—				1				—				(1	)			—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (b)			2,148				22				1,594				447				85
Income Tax Expense			(866	)			(10	)			(642	)			(172	)			(42	)
NET INCOME		$	1,282			$	12			$	952			$	275			$	43
Reconciling Items Excluded from Continuing Operations(C):			(12	)			—				60				(72	)			—
OPERATING EARNINGS		$	1,294			$	12			$	892			$	347			$	43
		For the Nine Months Ended September 30, 2009
		PSEG				OTHER (a)				PSEG POWER				PSE&G				PSEG ENERGY HOLDINGS
OPERATING REVENUES		$	9,520			$	(2,388	)		$	5,391			$	6,321			$	196
OPERATING EXPENSES
Energy Costs			4,376				(2,386	)			2,757				4,005				—
Operation and Maintenance			1,922				(25	)			820				1,090				37
Depreciation and Amortization			634				12				152				462				8
Taxes Other Than Income Taxes			100				—				—				100				—
Total Operating Expenses			7,032				(2,399	)			3,729				5,657				45
OPERATING INCOME			2,488				11				1,662				664				151
Income from Equity Method Investments			17				—				—				—				17
Other Income and Deductions			87				26				85				5				(29	)
Other Than Temporary Impairments			(61	)			(1	)			(60	)			—				—
Interest Expense			(407	)			(11	)			(125	)			(236	)			(35	)
Preferred Stock Dividends			—				3				—				(3	)			—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (b)			2,124				28				1,562				430				104
Income Tax Expense			(881	)			(11	)			(619	)			(177	)			(74	)
NET INCOME		$	1,243			$	17			$	943			$	253			$	30
Reconciling Items Excluded from Continuing Operations(C):			(21	)			—				(21	)			—				—
OPERATING EARNINGS		$	1,264			$	17			$	964			$	253			$	30

 

(a)	Primarily includes financing activities and donations at the parent and intercompany eliminations.

(b)	Income from Continuing Operations before Income Taxes includes preferred stock dividends relating to PSE&G of $1 million and $3 million for the nine months ended September 30, 2010 and 2009, respectively.

(c)	See attachment 12 for details of items excluded from Income from Continuing Operations to compute Operating Earnings. Income from Continuing Operations for the nine months ended September 30, 2010 and 2009 is equal to Net Income.

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Attachment 4

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

Capitalization Schedule

(Unaudited, $ Millions)

 

		September 30, 2010				December 31, 2009
DEBT
Commercial Paper and Loans		$	—			$	530
Long-Term Debt			7,898				6,781
Securitization Debt			1,202				1,343
Project Level, Non-Recourse Debt			56				42
Total Debt			9,156				8,696
SUBSIDIARY’S PREFERRED STOCK WITHOUT MANDATORY REDEMPTION			—				80
STOCKHOLDERS’ EQUITY
Common Stock			4,796				4,788
Treasury Stock			(594	)			(588	)
Retained Earnings			5,466				4,704
Accumulated Other Comprehensive Loss			(111	)			(116	)
Total Common Stockholders’ Equity			9,557				8,788
Noncontrolling Interests - Equity Investments			8				10
Total Equity			9,565				8,798
Total Capitalization		$	18,721			$	17,574

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Attachment 5

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, $ Millions)

 

		For the Nine Months Ended September 30,
		2010				2009
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income		$	1,282			$	1,243
Adjustments to Reconcile Net Income to Net Cash Flows From Operating Activities			57				98
NET CASH PROVIDED BY OPERATING ACTIVITIES			1,339				1,341
NET CASH USED IN INVESTING ACTIVITIES			(1,096	)			(419	)
NET CASH USED IN FINANCING ACTIVITIES			(261	)			(1,113	)
Net Decrease in Cash and Cash Equivalents			(18	)			(191	)
Cash and Cash Equivalents at Beginning of Period			350				321
Cash and Cash Equivalents at End of Period		$	332			$	130

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Attachment 6

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

Quarter-over-Quarter EPS Reconciliation

September 30, 2010 vs. September 30, 2009

(Unaudited)

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Attachment 7

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

Year-over-Year EPS Reconciliation

September 30, 2010 vs. September 30, 2009

(Unaudited)

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Attachment 8

PSEG POWER LLC

Generation Measures

(Unaudited)

 

		GWhr Breakdown								GWhr Breakdown
		Three Months Ended September 30,								Nine Months Ended September 30,
		2010				2009				2010				2009
Nuclear - NJ			5,146				5,555				15,517				15,782
Nuclear - PA			2,163				2,183				7,060				6,969
Total Nuclear			7,309				7,738				22,577				22,751
Fossil - Coal - NJ*			1,130				795				3,302				1,766
Fossil - Coal - PA			1,548				1,341				4,314				4,008
Fossil - Coal - CT			453				105				1,031				615
Total Coal			3,131				2,241				8,647				6,389
Fossil - Oil & Natural Gas - NJ			3,700				2,881				9,204				6,782
Fossil - Oil & Natural Gas - NY			1,272				1,028				3,366				2,537
Fossil - Oil & Natural Gas - CT			101				16				122				116
Fossil - Oil & Natural Gas - TX			2,336				2,328				5,879				5,861
Total Oil & Natural Gas			7,409				6,253				18,571				15,296
			17,849				16,232				49,795				44,436
		% Generation by Fuel Type								% Generation by Fuel Type
		Three Months Ended September 30,								Nine Months Ended September 30,
		2010				2009				2010				2009
Nuclear - NJ			29	%			34	%			31	%			35	%
Nuclear - PA			12	%			14	%			14	%			16	%
Total Nuclear			41	%			48	%			45	%			51	%
Fossil - Coal - NJ*			6	%			5	%			7	%			4	%
Fossil - Coal - PA			9	%			8	%			9	%			9	%
Fossil - Coal - CT			3	%			1	%			2	%			1	%
Total Coal			18	%			14	%			18	%			14	%
Fossil - Oil & Natural Gas - NJ			21	%			18	%			18	%			16	%
Fossil - Oil & Natural Gas - NY			7	%			6	%			7	%			6	%
Fossil - Oil & Natural Gas - CT			0	%			0	%			0	%			0	%
Fossil - Oil & Natural Gas - TX			13	%			14	%			12	%			13	%
Total Oil & Natural Gas			41	%			38	%			37	%			35	%
			100	%			100	%			100	%			100	%

 

*	Includes Pumped Storage. Pumped Storage accounted for <1% of total generation for the three and nine months ended September 30, 2010 and 2009.

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Attachment 9

PUBLIC SERVICE ELECTRIC & GAS COMPANY

Retail Sales and Revenues

(Unaudited)

September 30, 2010

Electric Sales and Revenues

 

		Three Months Ended				Change vs. 2009				Nine Months Ended				Change vs. 2009
Sales (millions kwh)
Residential			4,769				19.1	%			11,300				11.9	%
Commercial & Industrial			8,087				2.1	%			22,154				1.3	%
Street Lighting			82				5.2	%			266				1.3	%
Other			3				5.1	%			7				3.1	%
Total			12,941				7.8	%			33,727				4.6	%
Revenue ($ millions)
Residential		$	827				15.5	%		$	1,894				9.9	%
Commercial & Industrial			803				-8.5	%			1,949				-14.2	%
Street Lighting			18				1.8	%			57				0.9	%
Other Operating Revenues*			110				50.3	%			277				32.3	%
Total		$	1,758				4.3	%		$	4,177				-2.0	%
		Three Months Ended				Change vs. 2009				Nine Months Ended				Change vs. 2009
Weather Data
THI Hours - Actual			14,507				68.2	%			20,001				81.8	%
THI Hours - Normal			11,130								15,055

 

*	Primarily sales of Non-Utility Generator energy to PJM and Transmission related revenues.

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Attachment 10

PUBLIC SERVICE ELECTRIC & GAS COMPANY

Retail Sales and Revenues

(Unaudited)

September 30, 2010

Gas Sold and Transported

 

		Three Months Ended				Change vs. 2009				Nine Months Ended				Change vs. 2009
Sales (millions therms)
Residential Sales			84				-12.8	%			885				-9.5	%
Commercial & Industrial - Firm Sales			33				-12.1	%			334				-10.4	%
Commercial & Industrial - Interr. & Cogen			62				12.9	%			138				-6.3	%
Total			179				-5.2	%			1,357				-9.4	%
Gas Transported - Firm Sales			55				14.6	%			324				1.2	%
Gas Transported - Non-Firm			287				-29.8	%			729				2.8	%
Revenue ($ millions)
Residential Sales		$	64				-27.5	%		$	726				-24.2	%
Commercial & Industrial - Firm Sales			21				11.1	%			236				-5.2	%
Commercial & Industrial - Interr. & Cogen			32				48.9	%			77				8.1	%
Other Operating Revenues*			36				5.6	%			111				9.1	%
Total		$	153				-5.9	%		$	1,150				-16.6	%
Gas Transported		$	96				1.0	%		$	661				-3.1	%
		Three Months Ended				Change vs. 2009				Nine Months Ended				Change vs. 2009
Weather Data
Degree Days - Actual			—				-100.0	%			2,146				-13.8	%
Degree Days - Normal			9								2,360

 

*	Primarily Appliance Service.

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Attachment 11

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

Statistical Measures

(Unaudited)

 

		For the Three Months Ended September 30								For the Nine Months Ended September 30
		2010				2009				2010				2009
Weighted Average Common Shares Outstanding (000’s)
Basic			505,945				505,982				506,001				505,986
Diluted			506,968				507,242				507,068				506,957
Stock Price at End of Period										$	33.08			$	31.44
Dividends Paid per Share of Common Stock		$	0.3425			$	0.3325			$	1.0275			$	0.9975
Dividend Payout Ratio*											42.9	%			42.3	%
Dividend Yield											4.1	%			4.2	%
Price/Earnings Ratio*											10.4				10.1
Rate of Return on Average Common Equity*											17.7	%			19.4	%
Book Value per Common Share										$	18.89			$	17.16
Market Price as a Percent of Book Value											175	%			183	%
Total Shareholder Return			6.7	%			-2.6	%			2.8	%			11.6	%

 

*	Calculation based on Operating Earnings for the 12 month period ended

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Attachment 12

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

Reconciling Items Excluded from Continuing Operations^(a) to Compute Operating Earnings

(Unaudited)

 

		For the Three Months Ended September 30,								For the Nine Months Ended September 30,								For the Twelve Months Ended December 31,
Pro-forma Adjustments, net of tax		2010				2009				2010				2009				2009
Earnings Impact ($ Millions)
Gain (Loss) on Nuclear Decommissioning Trust (NDT)		$	10			$	7			$	30			$	1			$	9
Fund Related Activity (PSEG Power)
Gain (Loss) on Mark-to-Market (MTM) (PSEG Power)			19				17				30				(22	)			(25	)
Net Reversal of Lease Transaction Reserves (Energy Holdings)			—				—				—				—				29
Market Transition Charge Refund (PSE&G)			—				—				(72	)			—				—
Total Pro-forma adjustments		$	29			$	24			$	(12	)		$	(21	)		$	13
Fully Diluted Average Shares Outstanding (in Millions)			507				507				507				507				507
Per Share Impact (Diluted)
Gain (Loss) on NDT Fund Related Activity (PSEG Power)		$	0.02			$	0.01			$	0.06			$	—			$	0.02
Gain (Loss) on MTM (PSEG Power)			0.04				0.03				0.06				(0.05	)			(0.05	)
Net Reversal of Lease Transaction Reserves (Energy Holdings)			—				—				—				—				0.05
Market Transition Charge Refund (PSE&G)			—				—				(0.14	)			—				—
Total Pro-forma adjustments		$	0.06			$	0.04			$	(0.02	)		$	(0.05	)		$	0.02

 

(a)	Income from Continuing Operations for the three and nine months ended September 30, 2010 and 2009 and the twelve months ended December 31, 2009 is equal to Net Income.