 PSEG Public Service Enterprise Group BMO Capital Markets 7 th Annual Utilities & Pipelines Day November 29, 2011 Exhibit 99 |
 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 “will”, “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 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, • 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, • 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. |
 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 two slides in this presentation include 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 Advantage: Asset mix, strong operations… Reliability One Award winner for Mid-Atlantic Region – 10 th year in a row Regulatory agreements and cost control provide opportunity for improved returns Investment program focused on growth and providing customers with clean, reliable energy PSEG Power PSE&G …with balance sheet to support growth. Asset mix Strong platform open to improvement in the market Well-run, low-cost generating fleet combined with fuel flexibility supports margins Hedging strategy mitigates near-term risk Major environmental compliance capital program completed Actively working to defend competitive power markets Reducing risk Building a platform for renewables and investing through PPA-supported projects International lease investments terminated Resources carefully monitoring remaining traditional leases and other investments PSEG Energy Holdings |
 Outlook for 2011 Operating Earnings at Upper End of Range * See the last two pages of this document for Items excluded from Income from Continuing Operations to reconcile to Operating Earnings. Strong 9-month results support full-year 2011 EPS at upper end of guidance. |
 PSEG’s cash position supports the capital program without the need for equity… … the strong balance sheet positions PSEG to capitalize on investment opportunities. * Cash from Operations adjusts for securitization principal repayments ~$0.7B. E: Estimate. ** 2011-2012 includes bonus depreciation of ~$0.9B offset by ~$0.1B in 2013. Sources Uses Power Cash from Ops Debt Issued PSE&G Investment Debt Redeemed Shareholder Dividend PSEG Consolidated 2011 – 2013E Sources and Uses PSE&G Cash from Ops* Power Investment Asset Sale Proceeds Includes: Bonus Depreciation = ~$0.8B** Pension Contribution = ~($0.5B) Other Net Cash Flow |
 PSEG Consolidated Debt / Capitalization (1) Includes debt due within one year and short-term debt; excludes Securitization Debt and Non-Recourse Debt. $0 $2 $4 $6 $8 $10 $12 $14 $16 $18 2009 2010 9/30/2011 Equity Debt (1) Preferred Stock 43.8% 44.8% 45.2% Debt Ratio $18,084 $17,445 $16,179 Debt plus Equity $10,159 $9,633 $8,788 Common Shareholders Equity $0 $0 $80 Preferred Stock $7,925 $7,812 $7,311 Debt (in $Millions) |
 Power’s dispatch/fuel flexibility has supported margins … $0 $25 $50 $75 2008 2009 2010 2011 $53 $54 PSEG Power Gross Margin ($/MWh)* $60 … in declining natural gas and power price environments. Full Year Full Year 1 st Nine Months Power’s Dispatch Economics The availability of Power’s combined-cycle capacity provides flexibility to meet demand in the most economic way. Our gas units dispatch before our coal assets when natural gas is $4.00 to $4.50 per mmbtu. Cost related to the back-end technology raises this breakeven analysis by ~$0.75 per mmbtu. This change in operating cost coupled with a decline in weather related demand, reduced the output of our coal units in 2011. $55 Full Year |
 1,408 1,188 453 406 571 396 ICAP UCAP The NJ DEP is considering an extension to the permits of certain High Energy Demand Day (HEDD) units in the state… PSEG 2,432 Others 1,482 New Jersey HEDD Capacity ICAP MW* PSEG Power HEDD Capacity MW* … which will affect the timing of retirement of the water-injected units. Convert to Gas Operations Water-injection; Retire May 2015 or extend to 2017 Uncontrolled; Retire May 2015** *Excludes PSEG’s Hudson 1 unit (355MW) which is being retired in 2011. **Replacing 250 MW ICAP with 270 MW of new peaking in 2012 at Kearny. 2,432 1,990 UCAP is the capacity used for PJM’s RPM auction |
 PSEG received a perfect score of 100 on the Corporate Equality Index and Best Places to Work 2010 Survey conducted by the Human Rights Campaign. The Edison Award. Presented annually by EEI and recognizes U.S. and international electric utilities for their innovation and role in advancing the industry. Our focus on customers, community and employees… PSE&G named America’s Most Reliable Utility 4 of past 6 years Mid-Atlantic Region winner for the 10 th straight year Carbon Performance Leadership Index (CPLI) 2010. Named Maplecroft Climate Innovation Index (CII) utility sector Leader. Second year in World Index, fourth year in the North American Index. PSEG is one of only two U.S. electric companies in the World Index. … has been widely recognized. |
 Power’s coal hedging reflects 2011 supply matched with 2011 sales… … while maintaining flexibility on supply post BET installation. 0% 20% 40% 60% 80% 100% 2011 2012 2013 $0 $10 $20 $30 $40 $50 Contracted Coal High $20’s to Low $30’s High $20’s Low $40’s Mid $40’s High $40’s Pricing ($/MWh)* Prices moderating NAAP Conemaugh Prices moderating NAPP Keystone More limited segment of coal market Metallurgical CAPP/NAPP Mercer Flexibility after BET in 2010 CAPP Hudson Higher price, lower BTU, enviro coal Adaro Bridgeport Harbor Comments Coal Type Station % Hedged (left scale) $/MWh (right scale) * Commodity plus transportation. |
 Operated by PSEG Nuclear PSEG Ownership: 100% Technology: Boiling Water Reactor Total Capacity: 1,197MW Owned Capacity: 1,197MW License Expiration: 2046 License renewal approved July 2011 Next Refueling 2012 Operated by Exelon PSEG Ownership: 50% Technology: Boiling Water Reactor Total Capacity: 2,245MW Owned Capacity: 1,122MW License Expiration: 2033 and 2034 Next Refueling Unit 2 – 2012 Unit 3 – Spring 2013 Hope Creek Salem Units 1 and 2 Peach Bottom Units 2 and 3 … is a critical element of Power’s success. Our five unit nuclear fleet… |
 PSEG 2011 Operating Earnings Guidance - by Subsidiary $ 3.12 $ 1,584 $ 14 $ 49 $ 430 $ 1,091 2010A $ 2.50 – $ 2.75 $ 1,265 – $ 1,395 $ 5 – $ 15 $ 0 – $ 5 $ 495 – $ 520 $ 765 – $ 855 2011E Enterprise Earnings per Share Operating Earnings* PSEG Energy Holdings PSE&G PSEG Power $ millions (except EPS) * See the last page of this document for Items excluded from Income from Continuing Operations to reconcile to Operating Earnings. |
 Items Excluded from Income from Continuing Operations 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. Pro-forma Adjustments, net of tax 2011 2010 2011 2010 Earnings Impact ($ Millions) Gain (Loss) on Nuclear Decommissioning Trust (NDT) Fund Related Activity (PSEG Power) 7 $ 10 $ 49 $ 30 $ Gain (Loss) on Mark-to-Market (MTM) (PSEG Power) 8 16 16 28 Lease Transaction Reserves (Energy Holdings) (170) - (170) - Market Transition Charge Refund (PSE&G) - - - (72) Total Pro-forma adjustments (155) $ 26 $ (105) $ (14) $ Fully Diluted Average Shares Outstanding (in Millions) 507 507 507 507 Per Share Impact (Diluted) Gain (Loss) on NDT Fund Related Activity (PSEG Power) 0.01 $ 0.02 $ 0.10 $ 0.06 $ Gain (Loss) on MTM (PSEG Power) 0.02 0.03 0.03 0.05 Lease Transaction Reserves (Energy Holdings) (0.34) - (0.34) - Market Transition Charge Refund (PSE&G) - - - (0.14) Total Pro-forma adjustments (0.31) $ 0.05 $ (0.21) $ (0.03) $ September 30, September 30, For the Three Months Ended For the Nine Months Ended PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED Reconciling Items Excluded from Continuing Operations to Compute Operating Earnings (Unaudited) |
 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. Items Excluded from Income from Continuing Operations to Reconcile to Operating Earnings Pro-forma Adjustments, net of tax 2010 2009 Earnings Impact ($ Millions) Gain (Loss) on Nuclear Decommissioning Trust (NDT) Fund Related Activity (PSEG Power) 46 $ 9 $ Gain (Loss) on Mark-to-Market (MTM) (PSEG Power) (1) (11) Net Reversal of Lease Transaction Reserves (Energy Holdings) - 29 Market Transition Charge Refund (PSE&G) (72) - Total Pro-forma adjustments (27) $ 27 $ Fully Diluted Average Shares Outstanding (in Millions) 507 507 Per Share Impact (Diluted) Gain (Loss) on NDT Fund Related Activity (PSEG Power) 0.09 $ 0.02 $ Gain (Loss) on MTM (PSEG Power) - (0.02) Net Reversal of Lease Transaction Reserves (Energy Holdings) - 0.05 Market Transition Charge Refund (PSE&G) (0.14) - Total Pro-forma adjustments (0.05) $ 0.05 $ December 31, PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED Reconciling Items Excluded from Continuing Operations to Compute Operating Earnings (Unaudited) For the Twelve Months Ended |