EXHIBIT 99

 

PSEG ANNOUNCES 2013 SECOND QUARTER RESULTS

Earnings from Continuing Operations of $0.66 Per Share; Operating Earnings of $0.48 Per Share

Results Reflect Increased Investment at PSE&G; Continued Solid Performance from PSEG Power

Operating Earnings Expected to be at Upper End of Full Year Guidance of $2.25 - $2.50 Per Share

July 30, 2013 (Newark, NJ) (NYSE- PEG) Public Service Enterprise Group (PSEG) reported today Second Quarter 2013 Net Income and Income from Continuing Operations of $333 million or $0.66 per share as compared to Net Income and Income from Continuing Operations of $211 million or $0.42 per share reported for the Second Quarter of 2012. Operating Earnings for the Second Quarter of 2013 were $243 million or $0.48 per share compared to the Second Quarter of 2012 Operating Earnings of $215 million or $0.43 per share.

“Our earnings reflect strong performance for all our businesses” said Ralph Izzo, chairman, president and chief executive officer. He went on to say “our results continue to benefit from employees’ execution of our strategic goals as well as the locational value enjoyed by our merchant generating fleet of assets. PSEG again demonstrated the ability to perform against a background of slow growth in electric demand and low prices. Based on our performance thus far in the year, and assuming normal weather and operations in the remainder of the year, we expect operating earnings for the full year to be at the upper end of our guidance of $2.25 - $2.50 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), 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 for the second quarter. See Attachment 12 for a complete list of items excluded from Income from Continuing Operations/Net Income in the determination of Operating Earnings.

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PSEG CONSOLIDATED EARNINGS (unaudited)

Second Quarter Comparative Results

2013 and 2012

 

		Income								Diluted Earnings
		($millions)								Per Share
		2013				2012				2013				2012
Operating Earnings		$	243			$	215			$	0.48			$	0.43
Reconciling Items			90				(4	)			0.18				(0.01	)
Income from Continuing Operations*		$	333			$	211			$	0.66			$	0.42
							Avg. Shares				507M				507M

*	Income from continuing operations is equal to net income in both years.

Ralph Izzo went on to say “we remain on track to meet our capital investment and operations-related goals. PSE&G’s $3.4 billion transmission construction program remains on schedule. Post-Superstorm Sandy Power has restored operations sufficiently at its peaking units in time to support summer demand, and Holdings continues to monetize non-essential assets in its portfolio. We also remain focused on building support for PSE&G’s $3.9 billion “Energy Strong” proposal, meeting our commitment to operate the Long Island Power Authority’s transmission and distribution system at the start of 2014, and controlling our cost structure. These actions will strengthen our infrastructure and improve system reliability.”

Operating Earnings guidance by company for the full year (which is unchanged from prior disclosure) is as follows:

Operating Earnings

($ millions, except EPS)

 

		2013E				2012A
PSEG Power		$	535 - $600			$	644
PSE&G		$	580 - $635			$	528
PSEG Energy Holdings/Parent		$	25 - $35			$	64
Total		$	1,140 - $1,270			$	1,236
Earnings Per Share		$	2.25 - $2.50			$	2.44

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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 $114 million ($0.22 per share) for the second quarter of 2013 compared with operating earnings of $110 million ($0.22 per share) for the second quarter of 2012.

Power’s second quarter earnings benefited from higher PJM capacity prices and an improvement in market prices for energy with an increase in the price of gas.

Higher prices for natural gas and an improvement in basis in the PS zone had a favorable influence on spot market prices for energy. The improvement in pricing on Power’s un-hedged generation added $0.04 per share to earnings quarter-over-quarter. An increase in capacity prices improved Power’s quarter-over-quarter earnings by $0.07 per share. These items together offset a reduction in average prices on Power’s hedged volumes.

PSEG Power’s operation & maintenance (O&M) expense (exclusive of storm-related restoration activity) was unchanged from year-ago levels. An increase in O&M at fossil associated with planned outage related work was offset by a reduction in outage related O&M at nuclear. An increase in depreciation expense related to the installation of new peaking capacity and low pressure turbines at Peach Bottom was offset by a decline in interest expense.

Power expensed approximately $22 million pre-tax on storm related activity in the second quarter, bringing Power’s total pre-tax storm expenditures to $135 million. Of this amount, Power received an additional $25 million in insurance proceeds during the second quarter for a total of $44 million in insurance proceeds to return its facilities to service.

Power’s output was unchanged in the quarter from year-ago levels. The nuclear fleet operated at an average capacity factor in the quarter of 87.9% versus 87.2% last year bringing the capacity factor for the first half of the year to 94.4%. The fleet’s performance in the quarter was influenced by a refueling outage and main generator repair work at Salem 1 (57% owned and operated by PSEG Power) versus a refueling outage in the second quarter of 2012 at PSEG Power’s 100%-owned and operated Hope Creek unit. Output from our baseload nuclear and Pennsylvania coal units in the quarter offset a decline in production at Power’s NJ-based coal units.

Power continues to forecast output for 2013 of 53 – 55 TWh. For the remainder of the year output of 26 – 28 TWh is 70% - 75% hedged at an average price of $51 per MWh. For 2014, forecast output of 53 – 55 TWh is approximately 55% - 60% hedged at an average price of $49 per MWh. Power has hedged 30% - 35% of its forecast generation in 2015 of 52 – 54 TWh at an average price of $49 per MWh. The increase in the percentage of generation hedged for 2014 – 2015 reflects only an increase in the level of hedges on base load generation. Power’s intermediate and peaking generation remains open. Average hedge prices continue to reflect assumed BGS volumes of 12 TWh in 2013 and 10 TWh in 2014.

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The forecast range of Power’s operating earnings for 2013 remains unchanged at $535 - $600 million. However, based on Power’s performance year-to-date, results for the full year are expected to be at the upper end of the range.

PSE&G

PSE&G reported operating earnings of $121 million ($0.24 per share) for the second quarter of 2013 compared with operating earnings of $101 million ($0.20 per share) for the second quarter of 2012.

PSE&G’s second quarter results reflect the contribution to earnings from the increased level of transmission investment. An increase in PSE&G’s transmission revenue, effective on January 1, 2013, supported a quarter-over-quarter increase in the net earnings contribution from transmission of $0.04 per share.

Weather conditions for electric and gas demand were favorable relative to normal and in comparison to the weather experienced in the year-ago quarter. Sales of gas increased 17% quarter-over-quarter, however, continued weakness in electric demand from the commercial and industrial sectors resulted in a 2.5% decline in the sale of electricity. After several years of declining prices, gas customers appear to have adjusted their consumption to reflect an expectation of low commodity prices. Electric demand, however, continues to be affected by customer conservation in the face of a slowly improving economy.

The net impact on earnings from weather and the change in sales was a reduction in quarter-over-quarter earnings of $0.01 per share. The earnings comparison reflects the absence of revenue accrued under the gas weather normalization clause, which amounted to $0.02 per share to earnings in the year-ago quarter offsetting lower sales in the year-ago quarter.

The implementation of cost controls in response to lower than expected demand resulted in no change in distribution related O&M expense quarter-over-quarter. For the remainder of the year, distribution related O&M is expected to be lower than the levels realized in the prior year given expectations for a decline in storm related restoration activity. An increase in depreciation expense was offset by lower interest expense and other minor items.

The forecast of PSE&G’s operating earnings for 2013 remains unchanged at $580 - $635 million. Results will be influenced by a full year increase in transmission revenue and the absence of the negative impact on sales and O&M expense in the fourth quarter of 2012 from Superstorm Sandy.

PSEG Energy Holdings/Enterprise

PSEG Energy Holdings/Enterprise reported operating earnings of $8 million ($0.02 per share) for the second quarter of 2013 versus operating earnings of $4 million ($0.01 per share) during the second quarter of 2012. The improvement in operating earnings for the quarter reflects a gain on the sale of a commercial office complex.

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The forecast of PSEG Energy Holdings/Parent full year operating earnings for 2013 is unchanged at $25 - $35 million. The results will reflect the full year operation of the Milford and Queen Creek solar facilities (40 MW), which entered service in the fourth quarter of 2012, as well as the commercial operation of a $50 million (19 MW) solar facility located in Arizona, which is expected to enter service in the fourth quarter.

Other Items

The NJ Board of Public Utilities (BPU) on May 29 approved a settlement authorizing an increase in spending on renewables through the Solar 4 All Extension ($247 million) and Solar Loan III ($199 million) investment programs.

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FORWARD-LOOKING STATEMENT

Certain of the matters discussed in this report 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 Item 1. Financial Statements—Note 9. Commitments and Contingent Liabilities, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and other factors discussed in filings we make with the United States Securities and Exchange Commission (SEC). 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, 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 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,

 

•

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,

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•

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 sufficiently obtain coverage or recover proceeds of insurance on such matters,

 

•

increases 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 funding requirements, and

 

•

changes in technology and customer usage patterns.

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.

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Attachment 1

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

Operating Earnings and Per Share Results by Subsidiary

(Unaudited)

 

		Three Months Ended June 30,								Six Months Ended June 30,
		2013				2012				2013				2012
Earnings Results ($ Millions)
PSEG Power		$	114			$	110			$	364			$	306
PSE&G			121				101				300				298
PSEG Energy Holdings/Enterprise			8				4				12				43
Operating Earnings		$	243			$	215			$	676			$	647
Reconciling Items(a)			90				(4	)			(23	)			57
Income from Continuing Operations/Net Income		$	333			$	211			$	653			$	704
Fully Diluted Average Shares Outstanding (in Millions)			507				507				507				507
Per Share Results (Diluted)
PSEG Power		$	0.22			$	0.22			$	0.71			$	0.60
PSE&G			0.24				0.20				0.59				0.59
PSEG Energy Holdings/Enterprise			0.02				0.01				0.03				0.09
Operating Earnings		$	0.48			$	0.43			$	1.33			$	1.28
Reconciling Items(a)			0.18				(0.01	)			(0.04	)			0.11
Income from Continuing Operations/Net Income		$	0.66			$	0.42			$	1.29			$	1.39

 

(a)	See attachment 12 for details of items excluded from Income from Continuing Operations/Net Income to compute Operating Earnings.

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Attachment 2

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

Consolidating Statements of Operations

(Unaudited, $ Millions)

 

		Three Months Ended June 30, 2013
		PSEG				PSEG Energy Holdings/ Enterprise (a)				PSEG POWER				PSE&G
OPERATING REVENUES		$	2,310			$	(303	)		$	1,190			$	1,423
OPERATING EXPENSES
Energy Costs			755				(321	)			496				580
Operation and Maintenance			646				(3	)			280				369
Depreciation and Amortization			283				11				65				207
Taxes Other Than Income Taxes			14				—				—				14
Total Operating Expenses			1,698				(313	)			841				1,170
OPERATING INCOME			612				10				349				253
Income from Equity Method Investments			3				3				—				—
Other Income and (Deductions)			39				—				25				14
Other-Than-Temporary Impairments			(2	)			—				(2	)			—
Interest Expense			(101	)			3				(29	)			(75	)
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES			551				16				343				192
Income Tax Benefit (Expense)			(218	)			(8	)			(139	)			(71	)
INCOME FROM CONTINUING OPERATIONS/NET INCOME		$	333			$	8			$	204			$	121
OPERATING EARNINGS		$	243			$	8			$	114			$	121
Reconciling Items Excluded from Continuing Operations/Net Income (b)			90				—				90				—
INCOME FROM CONTINUING OPERATIONS/NET INCOME		$	333			$	8			$	204			$	121
		Three Months Ended June 30, 2012
		PSEG				PSEG Energy Holdings/ Enterprise (a)				PSEG POWER				PSE&G
OPERATING REVENUES		$	2,098			$	(294	)		$	985			$	1,407
OPERATING EXPENSES
Energy Costs			761				(308	)			447				622
Operation and Maintenance			629				(5	)			284				350
Depreciation and Amortization			255				9				58				188
Taxes Other Than Income Taxes			20				—				—				20
Total Operating Expenses			1,665				(304	)			789				1,180
OPERATING INCOME			433				10				196				227
Income from Equity Method Investments			2				2				—				—
Other Income and (Deductions)			32				1				20				11
Other-Than-Temporary Impairments			(7	)			—				(7	)			—
Interest Expense			(103	)			3				(32	)			(74	)
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES			357				16				177				164
Income Tax Benefit (Expense)			(146	)			(10	)			(73	)			(63	)
INCOME FROM CONTINUING OPERATIONS/NET INCOME		$	211			$	6			$	104			$	101
OPERATING EARNINGS		$	215			$	4			$	110			$	101
Reconciling Items Excluded from Continuing Operations/Net Income (b)			(4	)			2				(6	)			—
INCOME FROM CONTINUING OPERATIONS/NET INCOME		$	211			$	6			$	104			$	101

 

(a)	Includes activities at Energy Holdings and the Parent as well as intercompany eliminations.

(b)	See attachment 12 for details of items excluded from Income from Continuing Operations/Net Income to compute Operating Earnings.

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Attachment 3

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

Consolidating Statements of Operations

(Unaudited, $ Millions)

 

		Six Months Ended June 30, 2013
		PSEG				PSEG Energy  Holdings/ Enterprise (a)				PSEG POWER				PSE&G
OPERATING REVENUES		$	5,096			$	(959	)		$	2,637			$	3,418
OPERATING EXPENSES
Energy Costs			1,910				(993	)			1,356				1,547
Operation and Maintenance			1,356				(2	)			562				796
Depreciation and Amortization			573				22				129				422
Taxes Other Than Income Taxes			35				—				—				35
Total Operating Expenses			3,874				(973	)			2,047				2,800
OPERATING INCOME			1,222				14				590				618
Income from Equity Method Investments			5				5				—				—
Other Income and (Deductions)			71				1				44				26
Other-Than-Temporary Impairments			(4	)			—				(4	)			—
Interest Expense			(203	)			4				(59	)			(148	)
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES			1,091				24				571				496
Income Tax Benefit (Expense)			(438	)			(12	)			(230	)			(196	)
INCOME FROM CONTINUING OPERATIONS/NET INCOME		$	653			$	12			$	341			$	300
OPERATING EARNINGS		$	676			$	12			$	364			$	300
Reconciling Items Excluded from Continuing Operations/Net Income (b)			(23	)			—				(23	)			—
INCOME FROM CONTINUING OPERATIONS/NET INCOME		$	653			$	12			$	341			$	300

 

		Six Months Ended June 30, 2012
		PSEG				PSEG Energy  Holdings/ Enterprise (a)				PSEG POWER				PSE&G
OPERATING REVENUES		$	4,973			$	(919	)		$	2,546			$	3,346
OPERATING EXPENSES
Energy Costs			1,940				(953	)			1,269				1,624
Operation and Maintenance			1,257				6				525				726
Depreciation and Amortization			511				18				115				378
Taxes Other Than Income Taxes			49				—				—				49
Total Operating Expenses			3,757				(929	)			1,909				2,777
OPERATING INCOME			1,216				10				637				569
Income from Equity Method Investments			2				2				—				—
Other Income and (Deductions)			60				4				35				21
Other-Than-Temporary Impairments			(12	)			—				(12	)			—
Interest Expense			(204	)			5				(62	)			(147	)
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES			1,062				21				598				443
Income Tax Benefit (Expense)			(358	)			28				(241	)			(145	)
INCOME FROM CONTINUING OPERATIONS/NET INCOME		$	704			$	49			$	357			$	298
OPERATING EARNINGS		$	647			$	43			$	306			$	298
Reconciling Items Excluded from Continuing Operations/Net Income (b)			57				6				51				—
INCOME FROM CONTINUING OPERATIONS/NET INCOME		$	704			$	49			$	357			$	298

 

(a)	Includes activities at Energy Holdings and the Parent as well as intercompany eliminations.

(b)	See attachment 12 for details of items excluded from Income from Continuing Operations/Net Income to compute Operating Earnings.

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Attachment 4

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

Capitalization Schedule

(Unaudited, $ Millions)

 

		June 30, 2013				December 31, 2012
DEBT
Long-Term Debt		$	7,608			$	7,173
Securitization Debt			617				722
Project Level, Non-Recourse Debt			25				44
Total Debt			8,250				7,939
STOCKHOLDERS’ EQUITY
Common Stock			4,842				4,833
Treasury Stock			(615	)			(607	)
Retained Earnings			7,231				6,942
Accumulated Other Comprehensive Loss			(362	)			(388	)
Total Common Stockholders’ Equity			11,096				10,780
Noncontrolling Interests - Equity Investments			1				1
Total Equity			11,097				10,781
Total Capitalization		$	19,347			$	18,720

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Attachment 5

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, $ Millions)

 

		Six Months Ended June 30,
		2013				2012
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income		$	653			$	704
Adjustments to Reconcile Net Income to Net Cash Flows From Operating Activities			690				674
NET CASH PROVIDED BY OPERATING ACTIVITIES			1,343				1,378
NET CASH USED IN INVESTING ACTIVITIES			(1,379	)			(1,339	)
NET CASH USED IN FINANCING ACTIVITIES			(179	)			(108	)
Net Change in Cash and Cash Equivalents			(215	)			(69	)
Cash and Cash Equivalents at Beginning of Period			379				834
Cash and Cash Equivalents at End of Period		$	164			$	765

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Attachment 6

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

Quarter-over-Quarter EPS Reconciliation

June 30, 2013 vs. June 30, 2012

(Unaudited)

 

 

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Attachment 7

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

Year-over-Year EPS Reconciliation

June 30, 2013 vs. June 30, 2012

(Unaudited)

 

 

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Attachment 8

PSEG POWER LLC

Generation Measures

(Unaudited)

 

		GWhr Breakdown										GWhr Breakdown
		Three Months Ended										Six Months Ended
		June 30,										June 30,
		2013				2012						2013				2012
Nuclear - NJ			4,638				4,599						10,227				10,035
Nuclear - PA			2,509				2,476						5,057				5,010
Total Nuclear			7,147				7,075						15,284				15,045
Fossil - Coal/Natural Gas - NJ*			187				363						666				407
Fossil - Coal - PA			1,175				1,069						2,593				2,133
Fossil - Coal - CT			22				22						331				45
Total Coal			1,384				1,454						3,590				2,585
Fossil - Oil & Natural Gas - NJ			3,000				2,997						5,889				5,837
Fossil - Oil & Natural Gas - NY			1,190				1,164						2,068				2,375
Fossil - Oil & Natural Gas - CT			(3	)			16						44				7
Total Oil & Natural Gas			4,187				4,177						8,001				8,219
			12,718				12,706						26,875				25,849
		% Generation by Fuel Type										% Generation by Fuel Type
		Three Months Ended										Six Months Ended
		June 30,										June 30,
		2013				2012						2013				2012
Nuclear - NJ			36	%			36	%					38	%			39	%
Nuclear - PA			20	%			20	%					19	%			19	%
Total Nuclear			56	%			56	%					57	%			58	%
Fossil - Coal/Natural Gas - NJ*			1	%			3	%					2	%			2	%
Fossil - Coal - PA			10	%			8	%					10	%			8	%
Fossil - Coal - CT			0	%			0	%					1	%			0	%
Total Coal			11	%			11	%					13	%			10	%
Fossil - Oil & Natural Gas - NJ			24	%			24	%					22	%			23	%
Fossil - Oil & Natural Gas - NY			9	%			9	%					8	%			9	%
Fossil - Oil & Natural Gas - CT			0	%			0	%					0	%			0	%
Total Oil & Natural Gas			33	%			33	%					30	%			32	%
			100	%			100	%					100	%			100	%

 

*	Includes Pumped Storage. Pumped Storage accounted for <1% of total generation for the three and six months ended June 30, 2013 and 2012. Also includes natural gas fuel switching intervals.

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Attachment 9

PUBLIC SERVICE ELECTRIC & GAS COMPANY

Retail Sales and Revenues

(Unaudited)

June 30, 2013

Electric Sales and Revenues

 

		Three Months				Change vs.				Six Months				Change vs.
		Ended				2012				Ended				2012
Sales (millions kwh)
Residential			3,077				0.8	%			6,207				2.7	%
Commercial & Industrial			6,578				-4.1	%			13,277				-2.4	%
Street Lighting			67				0.3	%			158				0.9	%
Interdepartmental			2				38.9	%			5				16.5	%
Total			9,724				-2.5	%			19,647				-0.8	%
Revenue (in millions)
Residential		$	479				0.3	%		$	949				-2.3	%
Commercial & Industrial			510				-3.9	%			946				-1.3	%
Street Lighting			16				-1.3	%			34				-8.1	%
Other Operating Revenues*			107				29.0	%			212				21.8	%
Total		$	1,112				0.4	%		$	2,141				-2.8	%
		Three Months				Change vs.				Six Months				Change vs.
		Ended				2012				Ended				2012
Weather Data
THI Hours - Actual			4,655				10.1	%			4,656				8.0	%
THI Hours - Normal			3,940								3,964

 

*	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)

June 30, 2013

Gas Sold and Transported

 

		Three Months				Change vs.				Six Months				Change vs.
		Ended				2012				Ended				2012
Sales (millions therms)
Residential Sales			167				10.8	%			790				16.5	%
Commercial & Industrial - Firm Sales			62				17.5	%			281				15.2	%
Commercial & Industrial - Interr. & Cogen			16				-13.1	%			43				3.1	%
Total			245				10.5	%			1,114				15.6	%
Gas Transported - Firm Sales			104				25.5	%			402				37.1	%
Gas Transported - Non-Firm			282				5.5	%			488				-10.3	%
Revenue (in millions)
Residential Sales		$	84				0.3	%		$	397				11.4	%
Commercial & Industrial - Firm Sales			37				64.5	%			155				30.4	%
Commercial & Industrial - Interr. & Cogen			9				33.7	%			22				25.9	%
Other Operating Revenues*			42				2.9	%			83				6.8	%
Total		$	172				11.7	%		$	657				15.2	%
Gas Transported		$	139				-4.3	%		$	620				8.3	%
		Three Months				Change vs.				Six Months				Change vs.
		Ended				2012				Ended				2012
Weather Data
Degree Days - Actual			519				35.6	%			3,069				27.4	%
Degree Days - Normal			509								3,048

 

*	Primarily Appliance Service.

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Attachment 11

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

Statistical Measures

(Unaudited)

 

		Three Months Ended								Year Ended
		June 30,								June 30,
		2013				2012				2013				2012
Weighted Average Common Shares Outstanding (000’s)
Basic			505,900				505,903				505,921				505,956
Diluted			507,381				506,969				507,301				506,999
Stock Price at End of Period										$	32.66			$	32.50
Dividends Paid per Share of Common Stock		$	0.3600			$	0.3550			$	0.7200			$	0.7100
Dividend Payout Ratio*											57.8	%			54.3	%
Dividend Yield											4.4	%			4.4	%
Price/Earnings Ratio*											13.1				12.6
Rate of Return on Average Common Equity*											11.7	%			12.6	%
Book Value per Common Share										$	21.94			$	21.04
Market Price as a Percent of Book Value											149	%			154	%
Total Shareholder Return			-3.8	%			7.4	%			9.1	%			0.7	%

 

*	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 Income from Continuing Operations/Net Income to Compute Operating Earnings

(Unaudited)

 

Pro-forma Adjustments, net of tax		Three Months Ended								Six Months Ended								Year Ended
		June 30,								June 30,								December 31,
		2013				2012				2013				2012				2012
Earnings Impact ($ Millions)
Gain (Loss) on Nuclear Decommissioning Trust (NDT)
Fund Related Activity (PSEG Power)		$	8			$	4			$	17			$	9			$	52
Gain (Loss) on Mark-to-Market (MTM)(a) (PSEG Power)			80				(10	)			(25	)			42				(10	)
Lease Related Activity (PSEG Energy Holdings)			—				2				—				6				36
Storm O&M, net of insurance recoveries (PSEG Power)			2				—				(15	)			—				(39	)
Total Pro-forma adjustments		$	90			$	(4	)		$	(23	)		$	57			$	39
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			$	0.04			$	0.02			$	0.10
Gain (Loss) on MTM(a) (PSEG Power)			0.16				(0.02	)			(0.05	)			0.08				(0.02	)
Lease Related Activity (PSEG Energy Holdings)			—				—				—				0.01				0.07
Storm O&M, net of insurance recoveries (PSEG Power)			—				—				(0.03	)			—				(0.08	)
Total Pro-forma adjustments		$	0.18			$	(0.01	)		$	(0.04	)		$	0.11			$	0.07

 

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