Attached files
| file | filename |
|---|---|
| 8-K - 8-K - PUBLIC SERVICE ELECTRIC & GAS CO | d432025d8k.htm |
| EX-99 - EX-99 - PUBLIC SERVICE ELECTRIC & GAS CO | d432025dex99.htm |
 Public Service Enterprise Group
PSEG Earnings Conference Call
3rd Quarter 2012
November 1, 2012
Exhibit 99.1 |
 1
Forward-Looking Statement
Readers are cautioned that statements contained in this presentation about our
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 the demand for or 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, transmission planning and cost allocation rules, including rules
regarding how transmission is 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 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 balance our energy obligations, available supply and trading
risks, •
any deterioration in our credit quality, or the credit quality of our
counterparties, including in our leveraged leases, •
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, •
any inability to achieve or continue to sustain, our expected levels of operating
performance, •
increase in competition in energy supply markets as well as competition for certain
rate-based 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 discount rates and funding requirements, and
•
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
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 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.
|
 PSEG
2012 Q3 Review
Caroline Dorsa
EVP and Chief Financial Officer |
 4
Q3 Earnings Summary
$ millions (except EPS)
2012
2011
Operating Earnings
$ 382
$ 420
Reconciling Items, Net of Tax
(35)
(155)
Income from Continuing Operations
$ 347
$ 265
Discontinued Operations, Net of Tax
-
29
Net Income
$ 347
$ 294
EPS from Operating Earnings*
$ 0.75
$ 0.83
Quarter ended September 30
* See Page A for Items excluded from Income from Continuing Operations to
reconcile to Operating Earnings. |
 5
Year to Date 2012 Earnings Summary
$ millions (except EPS)
2012
2011
Operating Earnings
$ 1,029
$ 1,152
Reconciling Items, Net of Tax
22
(105)
Income from Continuing Operations
$ 1,051
$ 1,047
Discontinued Operations
-
96
Net Income
$ 1,051
$ 1,143
EPS from Operating Earnings*
$ 2.03
$ 2.27
Nine months ended September 30
* See Page A for Items excluded from Income from Continuing Operations to reconcile
to Operating Earnings. |
 6
PSEG –
Q3 2012 Highlights
Solid financial results --
Operating Earnings of $0.75 vs. $0.83 per share
in Q3 2011
Executing on operational goals
Record output from CCGTs, strong production from Nuclear, and Power’s
control of O&M supported results
Transmission becoming a significant contributor to earnings
Executing on capital program
Key regulatory approvals received for Susquehanna-Roseland transmission
line Decisions expected in Q1 2013 on extensions to Solar 4 All and Solar
Loan investment programs
Power added 400 MW of new peakers on time to respond to summer demand
Holdings’
Queen Creek solar farm in AZ achieved commercial operation in
October; announced a new $47 million, Delaware solar investment with
completion target by January 2013
Competitive market issues under review
US District Court will proceed to hearings on LCAPP litigation
PJM MOPR settlement to be filed with FERC that establishes revised price
bidding rules for new generation supply beginning with the May 2013 auction
|
 PSEG
– Subsequent Events
7
In late October 2012, Hurricane Sandy’s high winds, heavy rainfall and related
flooding caused severe damage to our transmission and distribution system
throughout our service territory as well as to some of our generation
infrastructure in the northern part of New Jersey. Walls
of
water
created
by
the
storm
surge
flooded
a
large
number
of
substations
along
the
Passaic,
Raritan
and
Hudson
rivers.
The
magnitude
of
the
flooding
in
contiguous
areas
is
unprecedented.
At the peak of the outages, approximately 1.5 million of our customers were without
power due to the storm;
the
most
in
PSE&G’s
history
--
surpassing
both
Tropical
Storm
Irene
and
the
October
2011
snowstorm.
With the assistance of mutual aid crews from other utilities, our associates are
working to minimize the length of time our customers are without electric or
gas service. PSE&G and Power are unable to estimate the possible
loss or range of loss related to Hurricane Sandy, however, such costs could
be material. On
October
26,
2012,
PSE&G
filed
a
petition
with
the
BPU
seeking
authorization
to
defer
on
our
books
actually incurred, uninsured, incremental storm restoration costs associated with
our gas and electric distribution systems.
PSE&G requested similar relief in August 2011 as Tropical Storm Irene
approached. Both requests are currently pending before the BPU.
We maintain property insurance for both nuclear and non-nuclear property. We
intend to seek recovery from our insurers for any property damage above our
self-insured retentions, however, no assurances can be given relative to
the timing or amount of such recovery. |
 2010 Operating
Earnings* 2011 Operating Earnings*
2012 Guidance
8
$2.25 -
$2.50E
PSEG –
Maintaining 2012 Guidance
$3.12
* See Page A for Items excluded from Income from Continuing Operations to reconcile
to Operating Earnings.
$2.74
YTD
9/30/12
EPS $2.03 |
 PSEG
2012 Q3 Operating Company Review |
 10
Q3 Operating Earnings by Subsidiary
Operating Earnings
Earnings per Share
$ millions (except EPS)
2012
2011
2012
2011
PSEG Power
$ 217
$ 258
$ 0.43
$ 0.51
PSE&G
155
154
0.30
0.30
PSEG Energy Holdings/
Enterprise
10
8
0.02
0.02
Operating Earnings*
$ 382
$ 420
$ 0.75
$ 0.83
Quarter ended September 30
* See Page A for Items excluded from Income from Continuing Operations to reconcile
to Operating Earnings. |
 11
$0.83
$0.75
(.08)
0.00
0.25
0.50
0.75
1.00
PSEG EPS Reconciliation –
Q3 2012 versus Q3 2011
Lower Pricing (.15)
Higher Volume .01
Capacity .05
O&M .01
Transmission .03
Weather (.01)
O&M (.02)
D&A (.01)
Other .01
Q3 2012
Operating
Earnings*
Q3 2011
Operating
Earnings*
PSEG Power
PSE&G
Energy
Holdings/
Enterprise
* See Page A for Items excluded from Income from Continuing Operations to reconcile
to Operating Earnings. |
 12
Year to Date Operating Earnings by Subsidiary
Operating Earnings
Earnings per Share
$ millions (except EPS)
2012
2011
2012
2011
PSEG Power
$ 523
$ 710
$ 1.03
$ 1.40
PSE&G
453
422
0.89
0.83
PSEG Energy Holdings/
Enterprise
53
20
0.11
0.04
Operating Earnings*
$ 1,029
$ 1,152
$ 2.03
$ 2.27
Nine months ended September 30
•See Page A for Items excluded from Income from Continuing Operations to
reconcile to Operating Earnings. |
 13
PSEG EPS Reconciliation –
YTD 2012 versus YTD 2011
YTD 2012
Operating
Earnings*
YTD 2011
Operating
Earnings*
Lower Pricing (.32)
Lower Volume (.02)
Lower Capacity (.06)
Financing Costs .03
O&M .03
Lower
Coal Sales
& Other (.03)
PSEG Power
Transmission .08
Renewables
and Other
Investments .01
O&M (.06)
Weather (.02)
D&A (.03)
Tax
Settlement .06
Other .02
PSE&G
PSEG Energy
Holdings/
Enterprise
Tax
Settlement
* See Page A for Items excluded from Income from Continuing Operations to reconcile
to Operating Earnings. $2.27
.06
.07
$2.03
(.37)
0.00
0.50
1.00
1.50
2.00
2.50 |
 PSEG
Power 2012 Q3 Review |
 15
PSEG Power –
Q3 2012 EPS Summary
$ millions (except EPS)
Q3 2012
Q3 2011
Variance
Operating Revenues
$ 1,038
$ 1,398
$ (360)
Operating Earnings
$ 217
$ 258
$ (41)
NDT Funds Related
Activity,
Net of Tax
40
7
33
Mark-to-Market, Net of Tax**
(76)
8
(84)
Income from Continuing Operations
181
273
(92)
Discontinued Operations, Net of Tax
-
29
(29)
Net Income
$ 181
$ 302
(121)
EPS from Operating Earnings*
$ 0.43
$ 0.51
$ (0.08)
* See Page A for Items excluded from Income from Continuing Operations to reconcile
to Operating Earnings. **Includes the financial impact from positions with
forward delivery months. |
 16
Lower Pricing (.15)
Volume .01
Capacity .05
PSEG Power EPS Reconciliation –
Q3 2012 versus Q3 2011
Q3 2012
Operating
Earnings*
Q3 2011
Operating
Earnings*
O&M .01
* See Page A for Items excluded from Income from Continuing Operations to reconcile
to Operating Earnings. $0.51
.01
$0.43
(0.09)
0.00
0.10
0.20
0.30
0.40
0.50 |
 17
PSEG Power –
Generation Measures
Quarter
ended
September
30
Total Nuclear
Total Coal*
Oil & Natural Gas
* Includes figures for Pumped Storage. Includes Hudson and Mercer with Gas.
PSEG Power –
Generation (GWh)
14,426
14,919
Quarter
ended
September
30
PSEG Power –
Capacity Factors (%)
2011
2012
Nuclear
90.6
92.0
Coal*
NJ (Coal/Gas)
33.9
26.6
PA
83.2
79.0
CT
25.5
3.8
Combined
Cycle
PJM and NY
57.5
67.1
15,000
7,500
0
2011
2012
4,473
5,289
2,536
2,071
7,417
7,559 |
 18
PSEG Power –
Generation Measures
Nine
Months
ended
September
30
Total Nuclear
Total Coal*
Oil & Natural Gas
* Includes figures for Pumped Storage. Includes Hudson and Mercer with Gas.
PSEG Power –
Generation (GWh)
41,779
40,769
Nine
Months
ended
September
30
PSEG Power –
Capacity Factors (%)
2011
2012
Nuclear
93.3
92.5
Coal*
NJ (Coal/Gas)
32.7
14.2
PA
80.9
68.7
CT
18.7
2.9
Combined
Cycle
PJM and NY
54.2
60.3
40,000
30,000
20,000
10,000
0
12,088
13,509
7,039
4,656
22,652
22,604
2011
2012 |
 19
PSEG Power –
Fuel Costs
Quarter ended September 30
($ millions)
2011
2012
Coal
98.4
64.9
Oil & Gas
184.8
166.7
Total Fossil
283.2
231.6
Nuclear
45.3
52.7
Total Fuel Cost
328.5
284.3
Total Generation
(GWh)
14,426
14,919
$ / MWh
22.77
19.05
PSEG Power –
Fuel Costs*
* Based on Operating Earnings.
YTD ended September 30
($ millions)
2011
2012
Coal
271.2
142.4
Oil & Gas
530.3
407.8
Total Fossil
801.5
550.2
Nuclear
135.4
150.7
Total Fuel Cost
936.9
700.9
Total Generation
(GWh)
41,779
40,769
$ / MWh
22.43
17.19 |
 20
$57
$54
$47
PSEG Power –
Gross Margin Performance
Highest ever combined cycle output
Margins aided by increased reliance on low-cost, efficient CCGT fleet
Migration volumes slightly lower than Q2, in line with full-year estimate of
36%-40%
Regional Performance
Region
Q3 2012
Gross
Margin* ($M)
2012 Performance
PJM
$652
Decline in energy prices partially
offset by strong performance of
nuclear fleet and CCGT production
New
England
$19
Hurt by lower dark spreads and
lower coal sales
New York
$26
Margin improved over the year
earlier on strong CCGT production
PSEG Power Gross Margin* ($/MWh)
Quarter ended
September 30
* Based on Operating Earnings.
$0
$25
$50
$75
2010
2011
2012 |
 21
Hedging Update…
Contracted Energy*
* Hedge
percentages
and
prices
as
of
September
28,
2012.
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
12
35
35
Base Load
% Hedged
100%
90-95%
50-55%
(Nuclear and Base Load Coal)
Price $/MWh
$54
$51
$49
Volume TWh
4
18
18
Intermediate Coal, Combined
% Hedged
35-40%
0%
0%
Cycle, Peaking
Price $/MWh
$54
$51
$49
Volume TWh
13
52-54
53-55
Total
% Hedged
80-85%
60-65%
30-35%
Price $/MWh
$54
$51
$49
Oct -Dec
2012
2013
2014 |
 22
PSEG Power –
Q3 2012 Operating Highlights
Q3 output increased 3% from the Q3 2011 level
Combined-cycle production represented 32% of generation for Q3 and was the
highest ever Summer output achieved by the CCGT fleet
Strong nuclear performance has resulted in a YTD nuclear capacity factor of
92.5% Planned Salem 2 refueling outage began in mid-October
Operations
Regulatory and Market
Environment
Financial
MOPR reform discussions ongoing at PJM
Federal Court update on November 13
Average energy only hedge price for 2012 is $60/MWh
Customer migration held at approximately 37% for the quarter
Power’s total debt as a percentage of capital at September 30 was 33%
Power’s next maturity is a $300 million, 2.50% Senior Note due April
2013 |
 MOPR
Reform – Comparison of Features
23
Design Feature
Existing MOPR
Proposed MOPR
Resource Type
All new generating resources (except
nuclear, coal, IGCC, hydro, wind,
solar, have zero minimum price
threshold).
All new gas-fired resources (CC, CT,
IGCC) over 20 MW (except for landfill
gas and eligible cogeneration)
Locations
Any LDA for which separate VRR
curve is established
Entire PJM market region
Default MOPR
Lower of 90% NET CONE for the
asset type (70% where there is no
applicable asset type CONE ) or unit
specific minimum offer floor
determined by the IMM and PJM
100% of NET CONE for asset type
Exemption
Unit specific alternative minimum offer
established through detailed review of
project cost/revenue
Specific exemptions for the following
categories subject to specific criteria:
•
Self supply (traditional business
models building or contracting for the
capacity needs of their customers and
consistent with specific criteria)
•
Competitive entry
Duration of Mitigation
Until new resource clears in one RPM
auction
Non-exempt units must clear in RPM
auctions for 3 separate delivery years,
or must clear in 1 RPM auction in
certain situations where reliability
could be detrimentally affected
Source:
www.pjm.com
;
Minimum
Offer
Price
Rule
Education
Session
Materials
–
October
4,
2102 |
 PSE&G
2012 Q3 Review |
 25
PSE&G –
Q3 Earnings Summary
$ millions (except EPS)
Q3 2012
Q3 2011
Variance
Operating Revenues
$ 1,683
$ 1,841
(158)
Operating Expenses
756
943
(187)
366
342
24
216
197
19
24
31
(7)
Total Operating Expenses
1,362
1,513
(151)
Operating Earnings / Net Income
$ 155
$154
$ 1
EPS from Operating Earnings
$ 0.30
$ 0.30
-
Energy Costs
Operation & Maintenance
Depreciation & Amortization
Taxes Other than Income Taxes |
 26
$0.30
.03
$0.30
(.02)
(.01)
0.00
0.10
0.20
0.30
PSE&G EPS Reconciliation –
Q3 2012
versus Q3 2011
Q3 2012
Operating
Earnings
Q3 2011
Operating
Earnings
Transmission
O&M (.02)
D&A (.01)
Other .01
Weather |
 27
PSE&G –
Monthly Summer Weather Data
6,184
5,308
2,054
7,092
4,730
2,868
4,967
4,489
1,835
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
5,500
6,000
6,500
7,000
July
August
September
2012
2011
Normal
2012
vs.
2011
vs.
Normal
PSE&G
Monthly
Temperature
Humidity
Index
(THI)
-7.8% Q3 2012 vs. Q3 2011
+20% Q3 2012 vs. Normal |
 28
PSE&G –
Q3 Operating Highlights
Received key regulatory approvals for the Susquehanna-Roseland transmission
line; construction is underway
PSE&G expects the BPU to decide on two requests to spend up to $883
million to expand the Solar 4 All and Solar Loan programs in early 2013
PSE&G
lowered
its
residential
gas
prices
by
an
additional
3.6%,
the
9
th
price
reduction in a row and a 39% savings in gas supply costs since January 2009
PSE&G earned its authorized return
Issued $350 million of secured medium-term notes at 3.65% due September
2042 Retired $300 million of 5.13% secured medium-term notes at
maturity Operations
Regulatory and Market
Environment
Financial
Weather in Q3 2012 warmer than normal but cooler than Q3 2011
Transmission revenues were $0.03 per share higher over Q3 2011
O&M remains under control |
 PSEG
Energy Holdings/Enterprise 2012 Q3 Review |
 30
PSEG Energy Holdings/Enterprise –
Q3 2012 Earnings
Summary
$ millions (except EPS)
Q3 2012
Q3 2011
Variance
Operating Earnings
$ 10
$ 8
$ 2
Lease Related Activity
1
(170)
171
Net Income
$ 11
$ (162)
$ 173
EPS from Operating Earnings*
$ 0.02
$ 0.02
-
* See Page A for Items excluded from Income from Continuing Operations to reconcile
to Operating Earnings. |
 31
PSEG Energy Holdings/Enterprise –
Q3 Operating Highlights
Financial
Payments on Holdings’
remaining lease portfolio are current
A new $47 million investment in the Milford Solar Farm in Delaware
with a completion target of January 2013
$75 million investment in Queen Creek Arizona solar farm; achieved
commercial operation in early October |
 PSEG |
 33
PSEG Financial Highlights
Maintaining
full-year
operating
earnings
guidance
of
$2.25
-
$2.50
per
share
Focused on maintaining operating efficiency and customer reliability
Executing on capital program
Financial position remains strong
Debt as a percentage of capital at 41% at September 30
Proactively and aggressively investing in infrastructure at attractive utility
returns as a means of enhancing reliability, improving the environment and
supporting the NJ economy
In October 2012, S&P published updated credit opinions for Power
and
PSE&G that kept their ratings and outlooks unchanged
|
 34
PSEG 2012 Operating Earnings Guidance -
By Subsidiary
$ millions (except EPS)
2012E
2011A
PSEG Power
$575 –
$665
$ 845
PSE&G
$530 –
$560
$ 521
PSEG Energy
Holdings/Enterprise
$35 –
$45
$ 23
Operating Earnings*
$1,140 –
$1,270
$ 1,389
Earnings per Share
$ 2.25 –
$ 2.50
$2.74
* See Page A for Items excluded from Income from Continuing Operations to reconcile
to Operating Earnings. |
 35
PSEG Liquidity as of September 30, 2012
Company
Facility
Date
Facility
Usage
Liquidity
($Millions)
PSE&G
5-year Credit Facility
Apr-16
$600
$1
$599
5-Year Credit Facility (Power)
Mar-17
$1,600
$119
$1,481
5-Year Credit Facility (Power)
Apr-16
$1,000
$0
$1,000
5-Year Bilateral (Power)
Sep-15
$100
$100
$0
5-year Credit Facility (PSEG)
Mar-17
$500
$4
$496
5-year Credit Facility (PSEG)
Apr-16
$500
$0
$500
Total
$4,300
$224
$4,076
$662
PSE&G ST Investment
$48
Total Liquidity Available
$4,786
Total Parent / Power Liquidity
$4,139
PSEG /
Power
PSEG Money Pool ST Investment |
 Items
Excluded from Income from Continuing Operations to Reconcile to Operating
Earnings Please see Page 2 for an explanation of PSEG’s use of Operating
Earnings as a non-GAAP financial measure and how it differs from Net
Income. A
(Unaudited)
2012
2011
2012
2011
Earnings Impact ($ Millions)
Gain (Loss) on Nuclear Decommissioning Trust (NDT)
Fund Related Activity (PSEG Power)
40
$
7
$
49
$
49
$
50
$
46
$
Gain
(Loss)
on
Mark-to-Market
(MTM)
(a)
(PSEG
Power)
(76)
8
(34)
16
107
(1)
Dynegy Related Activity (PSEG Energy Holdings)
1
(170)
7
(170)
-
-
Market Transition Charge Refund (PSE&G)
-
-
-
-
-
(72)
Gain on Sale of Qwest Building (Energy Holdings)
-
-
-
-
34
-
Lease Transaction Loss (Energy Holdings)
-
-
-
-
(173)
-
Total Pro-forma adjustments
(35)
$
(155)
$
22
$
(105)
$
18
$
(27)
$
Fully Diluted Average Shares Outstanding (in Millions)
507
507
507
507
507
507
Per Share Impact (Diluted)
Gain (Loss) on NDT Fund Related Activity (PSEG Power)
0.08
$
0.01
$
0.10
$
0.10
$
0.10
$
0.09
$
Gain
(Loss)
on
MTM
(a)
(PSEG
Power)
(0.15)
0.02
(0.07)
0.03
0.21
-
Dynegy Related Activity (PSEG Energy Holdings)
-
(0.34)
0.01
(0.34)
-
-
Market Transition Charge Refund (PSE&G)
-
-
-
-
-
(0.14)
Gain on Sale of Qwest Building (Energy Holdings)
-
-
-
-
0.06
-
Lease Transaction Loss (Energy Holdings)
-
-
-
-
(0.34)
-
Total Pro-forma adjustments
(0.07)
$
(0.31)
$
0.04
$
(0.21)
$
0.03
$
(0.05)
$
(a) Includes the financial impact from positions with forward delivery
months. September 30,
For the Twelve Months Ended
September 30,
Reconciling
Items
Excluded
from
Continuing
Operations
to
Compute
Operating
Earnings
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
For the Three Months Ended
For the Nine Months Ended
December 31,
Pro-forma Adjustments, net of tax
2011
2010 |