Exhibit 99
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| Investor News | NYSE:PEG |
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For further information, contact: | |
| Ø | Kathleen A. Lally, Vice President – Investor Relations | Phone: 973-430-6565 |
| Ø | Greg McLaughlin, Sr. Investor Relations Analyst | Phone: 973-430-6568 |
| Ø | Yaeni Kim, Sr. Investor Relations Analyst | Phone: 973-430-6596 |
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February 1, 2008
PSEG ANNOUNCES 2007 RESULTS:
$5.18 PER SHARE FROM CONTINUING OPERATIONS
$5.41 PER SHARE OF OPERATING EARNINGS
Results at High End of 2007 Guidance of $5.15 to $5.45 Per Share,
Reflecting Strong Performance of PSEG Power and PSE&G
Company Reaffirms 2008 Guidance of $5.60 to $6.10 Per Share
Public Service Enterprise Group (PSEG) reported today (February 1, 2008) 2007 Income from Continuing Operations of $1,319 million or $5.18 per share as compared to $679 million or $2.69 per share for 2006. Operating Earnings for the year 2007 were $1,377 million or $5.41 per share compared to 2006 Operating Earnings of $872 million or $3.45 per share. Including charges in 2007 associated with the sale of Latin American assets and other related items ($0.23 per share) and income from discontinued operations ($0.06 per share), PSEG reported Net Income for the full year 2007 of $1,335 million or $5.24 per share compared to Net Income for the full year 2006 of $739 million or $2.93 per share.
PSEG also reported Income from Continuing Operations for the fourth quarter of 2007 of $226 million, or $0.89 per share. This compared to fourth quarter 2006 results of $135 million, or $0.54 per share. Operating Earnings for the fourth quarter of 2007 were $277 million, or $1.09 per share compared to fourth quarter 2006 Operating Earnings of $136 million, or $0.54 per share. Charges in 2007 associated with asset sales and other items ($0.20 per share), and losses from discontinued operations ($0.01 per share) resulted in PSEG reporting Net Income for the quarter of $224 million, or $0.88 per share. A charge of $220 million ($0.87 per share) associated with the discontinuation of operations at the Lawrenceburg Energy facility, in December 2006, partially offset by income from operations of SAESA ($0.12 per share) and Electroandes ($0.03 per share) which were discontinued during 2007, and merger costs resulted in a Net Loss for the 2006 fourth quarter of $47 million or $0.18 per share.
Operating Earnings exclude the impact of the sale of certain non-core domestic and international assets. The table below provides a reconciliation of PSEG’s Net Income to Operating Earnings (a non-GAAP measure) for the full year and fourth quarter.
PSEG CONSOLIDATED EARNINGS (unaudited)
Full-Year Comparative Results
2007 and 2006
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Net Income | | $ | 1,335 | | $ | 739 | | $ | 5.24 | | $ | 2.93 | |
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Less: Income from Discontinued Ops | | | (16 | ) | | (60 | ) | | (0.06 | ) | | (0.24 | ) |
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Income From Continuing Ops | | $ | 1,319 | | $ | 679 | | $ | 5.18 | | $ | 2.69 | |
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Add: Impact of Asset Sales | | | 58 | | | 185 | | | 0.23 | | | 0.73 | |
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Add: Merger Costs | | | - | | | 8 | | | - | | | 0.03 | |
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Operating Earnings (Non-GAAP) | | $ | 1,377 | | $ | 872 | | $ | 5.41 | | $ | 3.45 | |
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| | | Avg. Shares | | | 254M | | | 252M | |
PSEG CONSOLIDATED EARNINGS (unaudited)
Fourth Quarter Comparative Results
2007 and 2006
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| | Income
($millions) | | Diluted Earnings
Per Share | |
| | 2007 | | 2006 | | 2007 | | 2006 | |
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Net Income (Loss) | | $ | 224 | | $ | (47 | ) | $ | 0.88 | | $ | (0.18 | ) |
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Add: Loss of Discontinued Ops | | | 2 | | | 182 | | | 0.01 | | | 0.72 | |
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Income From Continuing Ops | | $ | 226 | | $ | 135 | | $ | 0.89 | | $ | 0.54 | |
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Add: Impact of Asset Sales | | | 51 | | | | | | 0.20 | | | - | |
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Add: Merger Costs | | | - | | | 1 | | | - | | | - | |
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Operating Earnings (Non-GAAP) | | $ | 277 | | $ | 136 | | $ | 1.09 | | $ | 0.54 | |
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| | | Avg. Shares | | | 255M | | | 253M | |
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.
“The results for the quarter reflect the continued solid operating performance of PSEG Power and PSE&G” said Ralph Izzo, chairman, president and chief executive officer of PSEG. He went on to say, “full year 2007’s operating earnings were at the top of our guidance range despite the loss of earnings from most of our Latin American operations. The past year was a defining year for our company. Our strong operational performance positioned PSEG Power to benefit from robust competitive power markets. PSE&G reinforced its reputation as a company interested in maintaining reliability and providing cost effective solutions to New Jersey’s energy requirements, and we have reduced our international risk and enhanced our financial flexibility by reducing debt with proceeds from the sale of assets.”
Izzo also reaffirmed operating earnings guidance for 2008 of $5.60-$6.10 per share, which represents an 8% improvement (at the mid-point of the range) over 2007’s operating earnings. “Strong operations and a continuation of supportive energy markets are behind our
forecast of solid earnings growth in 2008 despite the loss of earnings from the sale of our Latin American assets.”
Operating earnings by subsidiary for 2007, and our guidance for 2008 is as follows:
2007 Operating Earnings
($millions)
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| 2007A | 2008E |
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PSEG Power | $ 949 | $1,040 - $1,140 |
PSE&G | 376 | 350 - 370 |
PSEG Energy Holdings | 115 | 45 - 60 |
PSEG Parent | (63) | (15) - (10) |
Operating Earnings | $1,377 | $1,420 - $1,560 |
Earnings Per Share | $ 5.41 | $5.60 - $6.10 |
Reported earnings and operating income guidance on a per share basis are before the impact of a two-for-one stock split effective on February 5, 2008.
“Our outlook for operating earnings in 2008, the improvement in the balance sheet and the strength of our cash flow” Izzo said “supported the board’s recent decision to increase the common dividend by 10%.” He went on to say “this latest increase by the board resets the dividend to a payout of earnings in the middle of a range, 40%-50%, which provides flexibility for dividend growth and new investment. The board also authorized a two-for-one stock split effective with trading on February 5 for holders of record on January 25. The split adjusts the price of our stock to a level many shareholders may find more affordable without affecting shareholder value. Both actions by the board are viewed as positive indicators for the future of our company.”
Operating Earnings Review and Outlook by Operating Subsidiary
See Attachments 8 and 9 for detail regarding the quarter-over-quarter and year-over-year earnings reconciliations for each of PSEG’s businesses.
PSEG Power
PSEG Power reported operating earnings of $205 million ($0.80 per share) for the fourth quarter of 2007 bringing full year operating earnings to $949 million ($3.73 per share), a record year for Power. On a comparative basis, PSEG Power reported operating earnings of $102 million ($0.40 per share) and $515 million ($2.04 per share) for the fourth quarter and full year 2006 respectively.
PSEG Power’s margins in the fourth quarter of 2007 continued to benefit from higher contracted pricing. Power’s results also benefited from the expiration of contracts at year-end 2006, and an expansion in the market’s heat rate which supported an increase in the capacity factor of Power’s combined cycle fleet. An improvement in revenue for ancillary services also added to earnings. These items increased earnings by $0.32 per share. Higher pricing more than offset a decline in volume from the nuclear fleet. A 33 day refueling outage at Power’s 100%-owned Hope Creek nuclear facility reduced the nuclear fleet’s capacity factor for the
quarter to 83.6% resulting in a full year capacity factor of 91.4%--slightly below our forecast capacity factor for the year of 92%. An improvement in commodity pricing resulted in an expansion of BGSS margins during the quarter adding $0.06 per share to earnings. (See attachment 8 for a detailed look at items affecting quarter over quarter earnings comparisons.)
PSEG Power’s operating earnings forecast for 2008 reflects the benefit of higher electric power pricing with the expiration of below market contracts. The operation of the competitive energy and capacity auctions has allowed Power to lock up most of its base load coal and nuclear capacity going into 2008. The February 2008 BGS auction process will replace the expiring 2005 contract. Also, the nuclear fleet’s capacity factor in 2008 is expected to decline slightly to 91%. A replacement of the steam generator at Salem 2 during the spring 2008 refueling outage will more than double the normal time scheduled for refueling. We also expect BGSS-related margins to return to more normal levels in 2008 following the very strong results for 2007.
William Levis, president and chief operating officer of PSEG Power, indicated that he was “pleased to announce that PSEG Power resumed independent operation of its nuclear facilities at year-end 2007”. He went on to say he’s “extremely proud of the team and their accomplishment. The work required to complete the turnover signified great due diligence and focus. The nuclear fleet represents a valuable strategic asset for PSEG. The resumption of independent operation establishes a new milestone in the company’s development, and allows us to move forward in planning for future capacity requirements.”
PSE&G
PSE&G reported operating earnings of $77 million ($0.30 per share) for the fourth quarter compared with operating earnings of $64 million ($0.25 per share) for the fourth quarter of 2006. The results for the fourth quarter brought full year operating earnings to $376 million ($1.48 per share) as compared with 2006 results of $262 million ($1.04 per share).
Results for the quarter continued to benefit from gas and electric rate relief implemented in mid-November 2006 ($0.04 per share). Earnings comparisons were also supported by more normal weather conditions in 2007 as compared to warmer than normal weather experienced during the fourth quarter of 2006 ($0.06 per share). Weather normalized sales growth also supported the year-over-year improvement in earnings ($0.03 per share). These items more than offset an increase in operating and maintenance expense ($0.06 per share) associated with growth in demand and new programs.
PSE&G is expected to experience a modest decline in 2008’s operating earnings. A forecast decline in transmission peak revenues is expected to have an impact on revenue and earnings. Results will also reflect an increase in financing costs associated with higher capital outlays, and operating and maintenance costs tied to training related expenses.
PSE&G filed several pilot programs with the NJ Board of Public Utilities (BPU) during the fourth quarter to promote conservation, energy efficiency and carbon abatement. The State of New Jersey also moved a step closer toward meeting its carbon reduction goals in January
2008 with enactment of The Regional Greenhouse Gas Initiative (RGGI). Ralph La Rossa, president and chief operating officer of PSE&G, stated “the RGGI law enables PSE&G to participate as a strong partner with the State of New Jersey in meeting its energy goals. Our next step is to work with the BPU in determining what role we play. The completion of work on our new customer information system by year-end is a necessary first step for PSE&G as we move toward a decision on installation of advanced meters on a broad scale.”
PSE&G also filed a request with the Federal Energy Regulatory Commission (FERC) seeking permission to include in rate base Construction Work In Progress (CWIP) associated with the capital cost of its planned $600 million investment in the 500Kv Susquehanna to Roseland transmission line. As part of its request, PSE&G is seeking a 150 basis point improvement in its authorized return on equity for this project. Spending on this project would begin in earnest during 2009 based on a scheduled in-service date of 2012. A decision by FERC is anticipated by mid-year.
PSEG Energy Holdings
PSEG Energy Holdings reported operating earnings of $15 million ($0.06 per share) for the fourth quarter compared with an operating loss of $14 million ($0.05 per share) during the fourth quarter of 2006. The results for the fourth quarter brought Holdings’ full year 2007 operating earnings to $115 million ($0.45 per share) as compared with 2006 results of $161 million ($0.63 per share). Holdings’ 2007 and 2006 operating earnings exclude SAESA and Electroandes, which are reflected in discontinued operations. Electroandes was sold in October 2007.
The results for the fourth quarter of 2007 were largely influenced by a decline in spark spreads and recognition of a mark-to-market gain of $8 million associated with a long term contract held by Global’s Texas generating assets versus a $15 million mark-to-market loss booked in the 2006 fourth quarter. This reversal improved reported earnings by $0.06 per share. Global’s results also benefited from a decline in outage related operating and maintenance expense at the gas-fired Texas generating facilities ($0.01 per share). The operating income from Resources declined $0.01 per share in the fourth quarter of 2007 as compared to the prior year. An increase in income taxes ($0.02 per share) and other expenses ($0.01 per share) offset the benefits of a decline in financing costs ($0.02 per share).
PSEG Energy Holdings’ announced in December that Global sold its interest in Chilquinta and Luz Del Sur for $685 million, and hired Credit Suisse to advise PSEG on the planned sale of SAESA. SAESA will be accounted for as discontinued operations given the potential for a sale to occur within a year.
PSEG Energy Holdings’ operating income is expected to decline in 2008 to $45-$60 million. The outlook reflects the loss of earnings from the sale of Chilquinta and Luz del Sur in 2007. Holdings’ operating earnings could also be affected by the need to reverse out a portion of the cumulative mark to market gain booked under the Texas generating assets long term contract over the remaining three year term of the contract. Results will also be affected by a normal decline in Resources’ lease income.
Losses at the Enterprise level increased to $20 million ($0.07 per share) during the fourth quarter versus a $16 million loss ($0.06 per share) recognized in the 2006 fourth quarter. The results for 2008 will reflect the impact of a decline in interest expense associated with a fourth quarter 2007 reduction in debt of $709 million.
FORWARD-LOOKING STATEMENT
Readers are cautioned that statements contained in this press release about our and our subsidiaries’ future performance, including future revenues, earnings, strategies, prospects 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. Although we believe that our expectations are based on reasonable assumptions, we can give no assurance they will be achieved. The results or events predicted in these statements may differ materially from actual results or events. Factors which could cause results or events to differ from current expectations include, among other things: the effects of weather; the performance of generating units and transmission systems; the availability and prices for oil, gas, coal, nuclear fuel, capacity and electricity; changes in the markets for electricity and other energy-related commodities; changes in the number of participants and the risk profile of such participants in the energy marketing and trading business; the effectiveness of our risk management and internal controls systems; the effects of regulatory decisions and changes in law; changes in competition in the markets we serve; the ability to recover regulatory assets and other potential stranded costs; the outcomes of litigation and regulatory proceedings or inquiries; the timing and success of efforts to develop generation, transmission and distribution projects; continued market based rate authority, including any necessary mitigation; environmental regulations and responses to global climate change; ability to realize tax benefits and favorably resolve tax audit claims; conditions of the capital markets and equity markets; advances in technology; changes in accounting standards; changes in interest rates and in financial and foreign currency markets generally; the economic and political climate and growth in the areas in which we conduct our activities; and changes in corporate strategies. For further information, please refer to our Annual Report on Form 10-K 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 release. 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 estimates change, unless otherwise required by applicable securities laws.
Attachment 1
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
Reconciliation of Operating Earnings to Reported Earnings by Subsidiary
For the Quarters Ended December 31,
(Unaudited)
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| | 2007 EPS | | 2006 EPS | |
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Earnings | | | | Continuing
Operations | | | | Operating
Earnings | | | | Reported
Earnings | | | | Continuing
Operations | | | | Operating
Earnings | | |
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PSEG Power: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operations | | | $ | 0.80 | | | | $ | 0.80 | | | | $ | 0.80 | | | | $ | 0.40 | | | | $ | 0.40 | | | | $ | 0.40 | | |
Discontinued Operations | | | | - | | | | | - | | | | | - | | | | | (0.87 | ) | | | | - | | | | | - | | |
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Total PSEG Power | | | | 0.80 | | | | | 0.80 | | | | | 0.80 | | | | | (0.47 | ) | | | | 0.40 | | | | | 0.40 | | |
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PSE&G: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operations | | | | 0.30 | | | | | 0.30 | | | | | 0.30 | | | | | 0.25 | | | | | 0.25 | | | | | 0.25 | | |
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Total PSE&G | | | | 0.30 | | | | | 0.30 | | | | | 0.30 | | | | | 0.25 | | | | | 0.25 | | | | | 0.25 | | |
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PSEG Energy Holdings: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
PSEG Global | | | | 0.01 | | | | | 0.01 | | | | | 0.01 | | | | | (0.11 | ) | | | | (0.11 | ) | | | | (0.11 | ) | |
PSEG Resources | | | | 0.05 | | | | | 0.05 | | | | | 0.05 | | | | | 0.06 | | | | | 0.06 | | | | | 0.06 | | |
Impact of Asset Sales(a) | | | | (0.20 | ) | | | | (0.20 | ) | | | | - | | | | | - | | | | | - | | | | | - | | |
Discontinued Operations | | | | (0.01 | ) | | | | - | | | | | - | | | | | 0.15 | | | | | - | | | | | - | | |
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Total PSEG Energy Holdings | | | | (0.15 | ) | | | | (0.14 | ) | | | | 0.06 | | | | | 0.10 | | | | | (0.05 | ) | | | | (0.05 | ) | |
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Enterprise: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest & Other Expenses | | | | (0.07 | ) | | | | (0.07 | ) | | | | (0.07 | ) | | | | (0.06 | ) | | | | (0.06 | ) | | | | (0.06 | ) | |
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Total Enterprise | | | | (0.07 | ) | | | | (0.07 | ) | | | | (0.07 | ) | | | | (0.06 | ) | | | | (0.06 | ) | | | | (0.06 | ) | |
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PSEG Earnings Per Share | | | $ | 0.88 | | | | $ | 0.89 | | | | $ | 1.09 | | | | $ | (0.18 | ) | | | $ | 0.54 | | | | $ | 0.54 | | |
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(a) See attachment 15 for details
Attachment 2
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
Reconciliation of Operating Earnings to Reported Earnings by Subsidiary
For the Years Ended December 31,
(Unaudited)
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Earnings | | | | Continuing
Operations | | | | Operating
Earnings | | | | Reported
Earnings | | | | Continuing
Operations | | | | Operating
Earnings | | |
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PSEG Power: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operations | | | $ | 3.73 | | | | $ | 3.73 | | | | $ | 3.73 | | | | $ | 2.04 | | | | $ | 2.04 | | | | $ | 2.04 | | |
Discontinued Operations | | | | (0.03 | ) | | | | - | | | | | - | | | | | (0.95 | ) | | | | - | | | | | - | | |
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Total PSEG Power | | | | 3.70 | | | | | 3.73 | | | | | 3.73 | | | | | 1.09 | | | | | 2.04 | | | | | 2.04 | | |
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PSE&G: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operations | | | | 1.48 | | | | | 1.48 | | | | | 1.48 | | | | | 1.04 | | | | | 1.04 | | | | | 1.04 | | |
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Total PSE&G | | | | 1.48 | | | | | 1.48 | | | | | 1.48 | | | | | 1.04 | | | | | 1.04 | | | | | 1.04 | | |
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PSEG Energy Holdings: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
PSEG Global | | | | 0.24 | | | | | 0.24 | | | | | 0.24 | | | | | 0.38 | | | | | 0.38 | | | | | 0.38 | | |
PSEG Resources | | | | 0.23 | | | | | 0.23 | | | | | 0.23 | | | | | 0.26 | | | | | 0.26 | | | | | 0.26 | | |
PSEG Energy Holdings | | | | (0.02 | ) | | | | (0.02 | ) | | | | (0.02 | ) | | | | (0.01 | ) | | | | (0.01 | ) | | | | (0.01 | ) | |
Impact of Asset Sales(a) | | | | (0.23 | ) | | | | (0.23 | ) | | | | - | | | | | (0.73 | ) | | | | (0.73 | ) | | | | - | | |
Discontinued Operations | | | | 0.09 | | | | | - | | | | | - | | | | | 1.19 | | | | | - | | | | | - | | |
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Total PSEG Energy Holdings | | | | 0.31 | | | | | 0.22 | | | | | 0.45 | | | | | 1.09 | | | | | (0.10 | ) | | | | 0.63 | | |
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Enterprise: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest & Other Expenses | | | | (0.25 | ) | | | | (0.25 | ) | | | | (0.25 | ) | | | | (0.26 | ) | | | | (0.26 | ) | | | | (0.26 | ) | |
Merger and Merger Related Costs | | | | - | | | | | - | | | | | - | | | | | (0.03 | ) | | | | (0.03 | ) | | | | - | | |
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Total Enterprise | | | | (0.25 | ) | | | | (0.25 | ) | | | | (0.25 | ) | | | | (0.29 | ) | | | | (0.29 | ) | | | | (0.26 | ) | |
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PSEG Earnings Per Share | | | $ | 5.24 | | | | $ | 5.18 | | | | $ | 5.41 | | | | $ | 2.93 | | | | $ | 2.69 | | | | $ | 3.45 | | |
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(a) See attachment 15 for details
Attachment 3
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
Operating Earnings and Per Share Results by Subsidiary
(Unaudited)
| | | | | | | | | | | | | |
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| | For the Quarters Ended
December 31, | | For the Years Ended
December 31, | |
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| | 2007 | | 2006 | | 2007 | | 2006 | |
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Earnings Results (in Millions) | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
PSEG Power | | $ | 205 | | $ | 102 | | $ | 949 | | $ | 515 | |
PSE&G | | | 77 | | | 64 | | | 376 | | | 262 | |
PSEG Energy Holdings | | | | | | | | | | | | | |
PSEG Global | | | 4 | | | (28 | ) | | 60 | | | 97 | |
PSEG Resources | | | 12 | | | 14 | | | 58 | | | 66 | |
PSEG Energy Holdings | | | (1 | ) | | - | | | (3 | ) | | (2 | ) |
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Total PSEG Energy Holdings | | | 15 | | | (14 | ) | | 115 | | | 161 | |
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PSEG | | | (20 | ) | | (16 | ) | | (63 | ) | | (66 | ) |
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Operating Earnings | | $ | 277 | | $ | 136 | | $ | 1,377 | | $ | 872 | |
|
Impact of Asset Sales(a) | | | (51 | ) | | - | | | (58 | ) | | (185 | ) |
Merger and Merger Related Costs | | | - | | | (1 | ) | | - | | | (8 | ) |
|
Income from Continuing Operations | | $ | 226 | | $ | 135 | | $ | 1,319 | | $ | 679 | |
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Discontinued Operations, Including Gain (Loss) on Disposal | | | (2 | ) | | (182 | ) | | 16 | | | 60 | |
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PSEG Net Income | | $ | 224 | | $ | (47 | ) | $ | 1,335 | | $ | 739 | |
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Fully Diluted Average Shares Outstanding (in Millions) | | | 255 | | | 253 | | | 254 | | | 252 | |
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Per Share Results (Diluted) | | | | | | | | | | | | | |
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PSEG Power | | $ | 0.80 | | $ | 0.40 | | $ | 3.73 | | $ | 2.04 | |
PSE&G | | | 0.30 | | | 0.25 | | | 1.48 | | | 1.04 | |
PSEG Energy Holdings | | | | | | | | | | | | | |
PSEG Global | | | 0.01 | | | (0.11 | ) | | 0.24 | | | 0.38 | |
PSEG Resources | | | 0.05 | | | 0.06 | | | 0.23 | | | 0.26 | |
PSEG Energy Holdings | | | - | | | - | | | (0.02 | ) | | (0.01 | ) |
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Total PSEG Energy Holdings | | | 0.06 | | | (0.05 | ) | | 0.45 | | | 0.63 | |
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PSEG | | | (0.07 | ) | | (0.06 | ) | | (0.25 | ) | | (0.26 | ) |
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Operating Earnings | | $ | 1.09 | | $ | 0.54 | | $ | 5.41 | | $ | 3.45 | |
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Impact of Asset Sales(a) | | | (0.20 | ) | | - | | | (0.23 | ) | | (0.73 | ) |
Merger and Merger Related Costs | | | - | | | - | | | - | | | (0.03 | ) |
|
Income from Continuing Operations | | $ | 0.89 | | $ | 0.54 | | $ | 5.18 | | $ | 2.69 | |
|
Discontinued Operations, Including Gain (Loss) on Disposal | | | (0.01 | ) | | (0.72 | ) | | 0.06 | | | 0.24 | |
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PSEG Net Income | | $ | 0.88 | | $ | (0.18 | ) | $ | 5.24 | | $ | 2.93 | |
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(a) See attachment 15 for details
Note 1:
Net Income includes preferred stock dividends relating to PSE&G of $1 million for the quarters ended December 31, 2007 and 2006.
Net Income includes preferred stock dividends relating to PSE&G of $4 million for the years ended December 31, 2007 and 2006.
Attachment 4
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
Consolidating Statement of Operations
(Unaudited, $ Millions)
| | | | | | | | | | | | | | | | |
| | For the Quarter Ended December 31, 2007 | |
| |
| | | |
| | PSEG | | OTHER (a) | | PSEG
POWER | | PSE&G | | PSEG ENERGY
HOLDINGS | |
| |
| |
| |
| |
| |
| |
| | | | | | | | | | | |
OPERATING REVENUES | | $ | 3,282 | | $ | (956 | ) | $ | 1,762 | | $ | 2,153 | | $ | 323 | |
| | | | | | | | | | | | | | | | |
OPERATING EXPENSES | | | | | | | | | | | | | | | | |
Energy Costs | | | 1,633 | | | (954 | ) | | 1,081 | | | 1,415 | | | 91 | |
Operation and Maintenance | | | 683 | | | (8 | ) | | 290 | | | 361 | | | 40 | |
Write-down of Assets | | | 4 | | | - | | | - | | | - | | | 4 | |
Depreciation and Amortization | | | 192 | | | 4 | | | 36 | | | 142 | | | 10 | |
Taxes Other Than Income Taxes | | | 35 | | | - | | | - | | | 35 | | | - | |
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Total Operating Expenses | | | 2,547 | | | (958 | ) | | 1,407 | | | 1,953 | | | 145 | |
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Income from Equity Method Investments | | | 30 | | | - | | | - | | | - | | | 30 | |
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OPERATING INCOME | | | 765 | | | 2 | | | 355 | | | 200 | | | 208 | |
| | | | | | | | | | | | | | | | |
Other Income and Deductions | | | (45 | ) | | (18 | ) | | 12 | | | 3 | | | (42 | ) |
Interest Expense | | | (178 | ) | | (18 | ) | | (40 | ) | | (82 | ) | | (38 | ) |
Preferred Securities Dividends | | | (1 | ) | | - | | | - | | | (1 | ) | | - | |
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INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES(b) | | | 541 | | | (34 | ) | | 327 | | | 120 | | | 128 | |
| | | | | | | | | | | | | | | | |
Income Tax (Expense) Benefit | | | (315 | ) | | 14 | | | (122 | ) | | (43 | ) | | (164 | ) |
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| | | | | | | | | | | | | | | | |
INCOME (LOSS) FROM CONTINUING OPERATIONS | | | 226 | | | (20 | ) | | 205 | | | 77 | | | (36 | ) |
| | | | | | | | | | | | | | | | |
|
Discontinued Operations, net of tax | | | (2 | ) | | - | | | - | | | - | | | (2 | ) |
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NET INCOME (LOSS) | | $ | 224 | | $ | (20 | ) | $ | 205 | | $ | 77 | | $ | (38 | ) |
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| | | | | | | | | | | | | | | | |
Discontinued Operations, net of tax | | | 2 | | | - | | | - | | | - | | | 2 | |
Impact of Asset Sales, net of tax(c) | | | 51 | | | - | | | - | | | - | | | 51 | |
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OPERATING EARNINGS (LOSS) | | $ | 277 | | $ | (20 | ) | $ | 205 | | $ | 77 | | $ | 15 | |
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| | | | | | | | | | | | | | | | |
| | For the Quarter Ended December 31, 2006 | |
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| | | |
| | PSEG | | OTHER (a) | | PSEG
POWER | | PSE&G | | PSEG ENERGY
HOLDINGS | |
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| |
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| |
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| | | | | | | | | | | | | | | | |
OPERATING REVENUES | | $ | 2,716 | | $ | (765 | ) | $ | 1,506 | | $ | 1,815 | | $ | 160 | |
| | | | | | | | | | | | | | | | |
OPERATING EXPENSES | | | | | | | | | | | | | | | | |
Energy Costs | | | 1,477 | | | (765 | ) | | 990 | | | 1,159 | | | 93 | |
Operation and Maintenance | | | 582 | | | (7 | ) | | 245 | | | 305 | | | 39 | |
Write-down of Assets | | | 55 | | | - | | | 44 | | | - | | | 11 | |
Depreciation and Amortization | | | 193 | | | 4 | | | 37 | | | 144 | | | 8 | |
Taxes Other Than Income Taxes | | | 33 | | | - | | | - | | | 33 | | | - | |
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Total Operating Expenses | | | 2,340 | | | (768 | ) | | 1,316 | | | 1,641 | | | 151 | |
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Income from Equity Method Investments | | | 27 | | | - | | | - | | | - | | | 27 | |
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OPERATING INCOME | | | 403 | | | 3 | | | 190 | | | 174 | | | 36 | |
| | | | | | | | | | | | | | | | |
Other Income and Deductions | | | 19 | | | (3 | ) | | 12 | | | 6 | | | 4 | |
Interest Expense | | | (212 | ) | | (31 | ) | | (41 | ) | | (92 | ) | | (48 | ) |
Preferred Securities Dividends | | | (1 | ) | | - | | | - | | | (1 | ) | | - | |
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INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES(b) | | | 209 | | | (31 | ) | | 161 | | | 87 | | | (8 | ) |
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Income Tax (Expense) Benefit | | | (74 | ) | | 14 | | | (59 | ) | | (23 | ) | | (6 | ) |
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INCOME (LOSS) FROM CONTINUING OPERATIONS | | | 135 | | | (17 | ) | | 102 | | | 64 | | | (14 | ) |
| | | | | | | | | | | | | | | | |
Discontinued Operations, including (Loss) on Disposal, net of tax | | | (182 | ) | | - | | | (220 | ) | | - | | | 38 | |
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NET INCOME (LOSS) | | $ | (47 | ) | $ | (17 | ) | $ | (118 | ) | $ | 64 | | $ | 24 | |
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| | | | | | | | | | | | | | | | |
Discontinued Operations, including Loss on Disposal, net of tax | | | 182 | | | - | | | 220 | | | - | | | (38 | ) |
Merger and Merger-Related Costs, net of tax | | | 1 | | | 1 | | | - | | | - | | | - | |
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OPERATING EARNINGS (LOSS) | | $ | 136 | | $ | (16 | ) | $ | 102 | | $ | 64 | | $ | (14 | ) |
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(a) Primarily includes financing activities and donations at the parent and intercompany eliminations. |
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(b) Income from Continuing Operations before Income Taxes includes preferred stock dividends relating to PSE&G of $1 million for the quarters ended December 31, 2007 and 2006. |
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(c) See attachment 15 for details |
Attachment 5
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
Consolidating Statement of Operations
(Unaudited, $ Millions)
| | | | | | | | | | | | | | | | |
| | For the Year Ended December 31, 2007 | |
| |
| | | |
| | PSEG | | OTHER (a) | | PSEG
POWER | | PSE&G | | PSEG ENERGY
HOLDINGS | |
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| | | | | | | | | | | |
OPERATING REVENUES | | $ | 12,853 | | $ | (3,404 | ) | $ | 6,796 | | $ | 8,493 | | $ | 968 | |
| | | | | | | | | | | | | | | | |
OPERATING EXPENSES | | | | | | | | | | | | | | | | |
Energy Costs | | | 6,523 | | | (3,400 | ) | | 3,975 | | | 5,498 | | | 450 | |
Operation and Maintenance | | | 2,419 | | | (29 | ) | | 1,001 | | | 1,308 | | | 139 | |
| | | | | | | | | | | | | | | | |
Write-down of Assets | | | 16 | | | - | | | - | | | - | | | 16 | |
Depreciation and Amortization | | | 783 | | | 14 | | | 140 | | | 591 | | | 38 | |
Taxes Other Than Income Taxes | | | 139 | | | - | | | - | | | 139 | | | - | |
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Total Operating Expenses | | | 9,880 | | | (3,415 | ) | | 5,116 | | | 7,536 | | | 643 | |
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Income from Equity Method Investments | | | 116 | | | - | | | - | | | - | | | 116 | |
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OPERATING INCOME | | | 3,089 | | | 11 | | | 1,680 | | | 957 | | | 441 | |
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Other Income and Deductions | | | 23 | | | (34 | ) | | 69 | | | 12 | | | (24 | ) |
Interest Expense | | | (729 | ) | | (85 | ) | | (159 | ) | | (332 | ) | | (153 | ) |
Preferred Securities Dividends | | | (4 | ) | | - | | | - | | | (4 | ) | | - | |
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INCOME (LOSS) FROM CONTINUING OPERATIONS | | | | | | | | | | | | | | | | |
BEFORE INCOME TAXES(b) | | | 2,379 | | | (108 | ) | | 1,590 | | | 633 | | | 264 | |
| | | | | | | | | | | | | | | | |
Income Tax (Expense) Benefit | | | (1,060 | ) | | 45 | | | (641 | ) | | (257 | ) | | (207 | ) |
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INCOME (LOSS) FROM CONTINUING OPERATIONS | | | 1,319 | | | (63 | ) | | 949 | | | 376 | | | 57 | |
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Discontinued Operations, including Gain on Disposal, net of tax | | | 16 | | | - | | | (8 | ) | | - | | | 24 | |
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NET INCOME (LOSS) | | $ | 1,335 | | $ | (63 | ) | $ | 941 | | $ | 376 | | $ | 81 | |
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Discontinued Operations, incl. Gain on Disposal, net of tax | | | (16 | ) | | - | | | 8 | | | - | | | (24 | ) |
Impact of Asset Sales, net of tax(c) | | | 58 | | | - | | | - | | | - | | | 58 | |
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OPERATING EARNINGS (LOSS) | | $ | 1,377 | | $ | (63 | ) | $ | 949 | | $ | 376 | | $ | 115 | |
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| | | | | | | | | | | | | | | | |
| | For the Year Ended December 31, 2006 | |
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| | | |
| | PSEG | | OTHER (a) | | PSEG
POWER | | PSE&G | | PSEG ENERGY
HOLDINGS | |
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| | | | | | | | | | | | | | | | |
OPERATING REVENUES | | $ | 11,762 | | $ | (2,819 | ) | $ | 6,057 | | $ | 7,569 | | $ | 955 | |
| | | | | | | | | | | | | | | | |
OPERATING EXPENSES | | | | | | | | | | | | | | | | |
Energy Costs | | | 6,553 | | | (2,809 | ) | | 3,955 | | | 4,884 | | | 523 | |
Operation and Maintenance | | | 2,221 | | | (29 | ) | | 958 | | | 1,160 | | | 132 | |
Write-down of Project Investments | | | 318 | | | - | | | 44 | | | - | | | 274 | |
Depreciation and Amortization | | | 811 | | | 19 | | | 140 | | | 620 | | | 32 | |
Taxes Other Than Income Taxes | | | 133 | | | - | | | - | | | 133 | | | - | |
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Total Operating Expenses | | | 10,036 | | | (2,819 | ) | | 5,097 | | | 6,797 | | | 961 | |
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Income from Equity Method Investments | | | 120 | | | - | | | - | | | - | | | 120 | |
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OPERATING INCOME (LOSS) | | | 1,846 | | | - | | | 960 | | | 772 | | | 114 | |
| | | | | | | | | | | | | | | | |
Other Income and Deductions | | | 88 | | | (14 | ) | | 66 | | | 22 | | | 14 | |
Interest Expense | | | (791 | ) | | (112 | ) | | (148 | ) | | (346 | ) | | (185 | ) |
Preferred Securities Dividends | | | (4 | ) | | - | | | - | | | (4 | ) | | - | |
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INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES(b) | | | 1,139 | | | (126 | ) | | 878 | | | 444 | | | (57 | ) |
| | | | | | | | | | | | | | | | |
Income Tax (Expense) Benefit | | | (460 | ) | | 53 | | | (363 | ) | | (183 | ) | | 33 | |
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INCOME (LOSS) FROM CONTINUING OPERATIONS | | | 679 | | | (73 | ) | | 515 | | | 261 | | | (24 | ) |
| | | | | | | | | | | | | | | | |
Discontinued Operations, incl. Gain (Loss) on Disposal, net of tax | | | 60 | | | - | | | (239 | ) | | - | | | 299 | |
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| | | | | | | | | | | | | | | | |
NET INCOME (LOSS) | | $ | 739 | | $ | (73 | ) | $ | 276 | | $ | 261 | | $ | 275 | |
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| | | | | | | | | | | | | | | | |
Discontinued Operations, incl. (Gain) Loss on Disposal, net of tax | | | (60 | ) | | - | | | 239 | | | - | | | (299 | ) |
Impact of Asset Sales, net of tax(c) | | | 185 | | | - | | | - | | | - | | | 185 | |
Merger and Merger-Related Costs, net of tax | | | 8 | | | 7 | | | - | | | 1 | | | - | |
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OPERATING EARNINGS (LOSS) | | $ | 872 | | $ | (66 | ) | $ | 515 | | $ | 262 | | $ | 161 | |
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(a) Primarily includes financing activities and donations at the parent and intercompany eliminations. |
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(b) Income before Income Taxes includes preferred stock dividends relating to PSE&G of $4 million for the years ended December 31, 2007 and 2006. |
| |
(c) See attachment 15 for details |
Attachment 6
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
Capitalization Schedule
(Unaudited, $ Millions)
| | | | | | | |
| | December 31,
2007 | | December 31,
2006 | |
| |
| |
| |
DEBT | | | | | | | |
Commercial Paper and Loans | | $ | 65 | | $ | 381 | |
Long-Term Debt(Note 1) | | | 7,690 | | | 7,798 | |
Securitization Debt(Note 1) | | | 1,708 | | | 1,879 | |
Project Level, Non-Recourse Debt(Note 1) | | | 387 | | | 599 | |
Debt Supporting Trust Preferred Securities(Note 1) | | | - | | | 660 | |
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Total Debt | | | 9,850 | | | 11,317 | |
| | | | | | | |
SUBSIDIARY’S PREFERRED SECURITIES | | | 80 | | | 80 | |
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COMMON STOCKHOLDERS’ EQUITY | | | | | | | |
Common Stock | | | 4,729 | | | 4,661 | |
Treasury Stock | | | (475 | ) | | (516 | ) |
Retained Earnings | | | 3,262 | | | 2,711 | |
Accumulated Other Comprehensive Loss | | | (140 | ) | | (108 | ) |
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Total Common Stockholders’ Equity | | | 7,376 | | | 6,748 | |
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Total Capitalization | | $ | 17,306 | | $ | 18,145 | |
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|
| |
Note 1: Includes amounts due within one year
Note 2:
PSEG’s credit agreements contain covenants that require PSEG’s debt to capitalization ratio not to exceed 70.0% at any time.
This ratio is presented for the benefit of the investors and the related securities to which the covenants apply and is not intended as a financial performance or liquidity measure.
2007
The debt to capitalization ratio calculated under PSEG’s credit agreements as of December 31, 2007 was 49.9%.
The ratio as calculated pursuant to these covenants excludes non-recourse project debt ($387 million), securitization debt ($1.708 billion). It also includes capital lease obligations ($47 million), and certainother obligations such as guarantees and letters of credit ($55 million), excluding any letters of credit relatedto collateral posting on energy/commodity contracts. The calculation excludes the equity reduction ($167 million)from the funded status of the pension and benefit plans associated with FAS 158 “Employers’ Accounting for Defined Pension and Other Post-Retirement Plans” and excludes the Accumulated Other Comprehensive Loss ($250 million) related to the mark-to-market of energy contracts.
2006
The debt to capitalization ratio calculated under PSEG’s credit agreements as of December 31, 2006 was 51.6%.
The ratio as calculated pursuant to these covenants excludes non-recourse project debt ($599 million), securitization debt ($1.879 billion) and Debt Supporting Trust Preferred Securities ($660 million). It also includes capital lease obligations ($50 million) and certain other obligations such as guarantees and letters of credit ($106 million), excluding any letters of credit related to collateral posting on energy/commodity contracts. The calculation excludes the equity reduction ($226 million) from the funded status of the pension and benefit plans associated with FAS 158 “Employers’ Accounting for Defined Pension and Other Post-Retirement Plans” and excludes the Accumulated Other Comprehensive Loss ($108 million) related to the mark-to-market of energy contracts.
Attachment 7
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, $ Millions)
| | | | | | | |
| | For the Years Ended December 31, | |
| |
| | 2007 | | 2006 | |
| |
| |
| |
CASH FLOWS FROM OPERATING ACTIVITIES | | | | | | | |
Net Income | | $ | 1,335 | | $ | 739 | |
Adjustments to Reconcile Net Income to Net Cash Flows
From Operating Activities | | | 581 | | | 1,191 | |
| |
|
| |
|
| |
Net Cash Provided By Operating Activities | | | 1,916 | | | 1,930 | |
| |
|
| |
|
| |
| | | | | | | |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | | | 9 | | | (242 | ) |
| |
|
| |
|
| |
| | | | | | | |
NET CASH USED IN FINANCING ACTIVITIES | | | (1,650 | ) | | (1,834 | ) |
| |
|
| |
|
| |
| | | | | | | |
Effect of Exchange Rate Change | | | - | | | (1 | ) |
| |
|
| |
|
| |
| | | | | | | |
Net Increase (Decrease) in Cash and Cash Equivalents | | | 275 | | | (147 | ) |
| | | | | | | |
Cash and Cash Equivalents at Beginning of Period | | | 106 | | | 253 | |
| |
|
| |
|
| |
Cash and Cash Equivalents at End of Period | | $ | 381 | | $ | 106 | |
| |
|
| |
|
| |
Attachment 8
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
Quarter-to-Quarter EPS Reconciliation
December 31, 2007 vs. December 31, 2006
(Unaudited)
| | | | | |
|
PSEG 4th Quarter 2006 Net Income | | $ | (0.18 | ) |
|
| Discontinued Operations | | | 0.72 | |
|
PSEG 4th Quarter 2006 Income from Continuing Operations | | $ | 0.54 | |
|
| Impact of Asset Sales(a) | | | - | |
|
PSEG 4th Quarter 2006 Operating Earnings | | $ | 0.54 | |
|
| | | | | | | | | | |
| | | | | | | | | B/(W) | |
PSEG Power | | | | | | | | | | |
| | | | |
|
| | | | |
4th Quarter 2006 | | | | | $ | 0.40 | | | | |
| | | | |
| | | | |
| | | | | | | | | | |
Recontracting and Strong Markets | | | 0.32 | | | | | | | |
BGSS | | | 0.06 | | | | | | | |
Mark-to-Market (MTM) | | | 0.01 | | | | | | | |
| |
| | | | | | | |
Margin | | | | | | 0.39 | | | | |
O&M | | | | | | 0.01 | | | | |
| | | | |
| | | | |
4th Quarter 2007 | | | | | $ | 0.80 | | $ | 0.40 | |
| | | | |
| | | | |
| | | | | | | | | | |
PSE&G | | | | | | | | | | |
| | | | |
| | | | |
4th Quarter 2006 | | | | | $ | 0.25 | | | | |
| | | | |
| | | | |
| | | | | | | | | |
Weather - Gas $0.04, Electric $0.02 | | | | | | 0.06 | | | | |
Rate Relief - Gas $0.02, Electric $0.02 | | | | | | 0.04 | | | | |
Volume and Demand | | | | | | 0.03 | | | | |
Transmission | | | | | | 0.01 | | | | |
O&M | | | | | | (0.06 | ) | | | |
Other | | | | | | (0.03 | ) | | | |
| | | | |
| | | | |
4th Quarter 2007 | | | | | $ | 0.30 | | $ | 0.05 | |
| | | | |
| | | | |
| | | | | | | | | | |
PSEG Energy Holdings | | | | | | | | | | |
| | | | |
| | | | |
4th Quarter 2006 | | | | | $ | (0.05 | ) | | | |
| | | | |
| | | | |
Global - Texas Generation Facilities - MTM $0.06, Lower Maintenance Exp $0.01 | | | | | | 0.07 | | | | |
Global - Effective Tax Rate | | | | | | 0.05 | | | | |
Global - Interest Expense | | | | | | 0.02 | | | | |
Global - Other Operations | | | | | | (0.02 | ) | | | |
Resources - Interest Expense | | | | | | 0.02 | | | | |
Resources - Other | | | | | | (0.01 | ) | | | |
Resources - Effective Tax Rate | | | | | | (0.02 | ) | | | |
| | | | |
| | | | |
4th Quarter 2007 | | | | | $ | 0.06 | | $ | 0.11 | |
| | | | |
| | | | |
| | | | | | | | | | |
Public Service Enterprise Group | | | | | | | | | | |
| | | | |
| | | | |
4th Quarter 2006 | | | | | $ | (0.06 | ) | | | |
| | | | |
| | | | |
Interest $0.03 offset by higher donations ($0.04) | | | | | | (0.01 | ) | | | |
| | | | |
| | | | |
4th Quarter 2007 | | | | | $ | (0.07 | ) | $ | (0.01 | ) |
| | | | |
| | | | |
| | | | | |
|
PSEG 4th Quarter 2007 Operating Earnings | | $ | 1.09 | |
|
| Impact of Asset Sales(a) | | | (0.20 | ) |
|
PSEG 4th Quarter 2007 Income from Continuing Operations | | $ | 0.89 | |
|
| Discontinued Operations | | | (0.01 | ) |
|
PSEG 4th Quarter 2007 Net Income | | $ | 0.88 | |
|
(a) See attachment 15 for details
Attachment 9
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
Year to Date EPS Reconciliation
December 31, 2007 vs. December 31, 2006
(Unaudited)
| | | | | |
|
PSEG Net Income for the Year Ended December 31, 2006 | | $ | 2.93 | |
|
| Discontinued Operations | | | (0.24 | ) |
|
PSEG Income from Continuing Operations for the Year Ended December 31, 2006 | | $ | 2.69 | |
|
| Merger and Merger Related Costs | | | 0.03 | |
| Impact of Asset Sales(a) | | | 0.73 | |
|
PSEG Operating Earnings for the Year Ended December 31, 2006 | | $ | 3.45 | |
|
| | | | | | | | | | | |
PSEG Power | | | | | | | | | B/(W) | |
| | | | |
| | | | |
Year to Date December 31, 2006 | | | | | $ | 2.04 | | | | |
| | | | |
| | | | |
| | | | | | | | | | |
Recontracting and Strong Markets | | | 1.48 | | | | | | | |
BGSS | | | 0.23 | | | | | | | |
Mark-to-Market (MTM) | | | (0.02 | ) | | | | | | |
| |
| | | | | | | |
Margin | | | | | | 1.69 | | | | |
Depreciation, Interest, and Other | | | | | | (0.03 | ) | | | |
Higher effective tax rate in 2006 | | | | | | 0.04 | | | | |
Increase in shares outstanding | | | | | | (0.01 | ) | | | |
| | | | |
| | | | |
Year to Date December 31, 2007 | | | | | $ | 3.73 | | $ | 1.69 | |
| | | | |
| | | | |
| | | | | | | | | | |
PSE&G | | | | | | | | | | |
| | | | |
| | | | |
Year to Date December 31, 2006 | | | | | $ | 1.04 | | | | |
| | | | |
| | | | |
| | | | | | | | | |
Rate Relief - Gas $0.17, Electric $0.10 | | | | | | 0.27 | | | | |
Weather - Gas $0.12, Electric $.02 | | | | | | 0.14 | | | | |
Volume/Demand - Gas $.02, Electric $.06 | | | | | | 0.08 | | | | |
Appliance Service and Transmission | | | | | | 0.03 | | | | |
O&M and Other | | | | | | (0.07 | ) | | | |
Increase in shares outstanding | | | | | | (0.01 | ) | | | |
| | | | |
| | | | |
Year to Date December 31, 2007 | | | | | $ | 1.48 | | $ | 0.44 | |
| | | | |
| | | | |
| | | | | | | | | | |
PSEG Energy Holdings | | | | | | | | | | |
| | | | |
| | | | | |
Year to Date December 31, 2006 | | | | | $ | 0.63 | | | | |
| | | | |
| | | | |
Global - Texas Generation Facilities - MTM ($0.05), Lower Spark Margin ($0.07) | | | | | | (0.12 | ) | | | |
Global - Bioenergie (Italy) - Loss of production at generation facility | | | | | | (0.09 | ) | | | |
Global - RGE (Brazil) - Absence of earnings due to 2006 sale | | | | | | (0.04 | ) | | | |
Global - Interest Expense | | | | | | 0.01 | | | | |
Global - Other Operations | | | | | | 0.05 | | | | |
Global - Other | | | | | | 0.03 | | | | |
Global - Effective Tax Rate | | | | | | 0.02 | | | | |
Resources - Interest Expense | | | | | | 0.05 | | | | |
Resources - Other | | | | | | (0.02 | ) | | | |
Resources - Effective Tax Rate | | | | | | (0.06 | ) | | | |
Holdings - Other | | | | | | (0.01 | ) | | | |
| | | | |
| | | | |
Year to Date December 31, 2007 | | | | | $ | 0.45 | | $ | (0.18 | ) |
| | | | |
| | | | |
| | | | | | | | | | |
Public Service Enterprise Group | | | | | | | | | | |
| | | | |
| | | | |
Year to Date December 31, 2006 | | | | | $ | (0.26 | ) | | | |
| | | | |
| | | | |
Interest $0.06, donations ($0.05) | | | | | | 0.01 | | | | |
| | | | |
| | | | |
Year to Date December 31, 2007 | | | | | $ | (0.25 | ) | $ | 0.01 | |
| | | | |
| | | | |
| | | | | |
| | | | | |
|
PSEG Operating Earnings for the Year Ended December 31, 2007 | | $ | 5.41 | |
|
| Impact of Asset Sales(a) | | | (0.23 | ) |
|
PSEG Income from Continuing Operations for the Year Ended December 31, 2007 | | $ | 5.18 | |
|
| Discontinued Operations | | | 0.06 | |
|
PSEG Net Income for the Year Ended December 31, 2007 | | $ | 5.24 | |
|
(a) See attachment 15 for details
Attachment 10
PSEG Power
Generation Measures
(Unaudited)
| | | | | | | | | | | | | |
| |
| |
|
|
| | GWhr Breakdown | | GWhr Breakdown | |
| | Quarters Ended
December 31, | | Years Ended
December 31, | |
| | 2007 | | 2006 | | 2007 | | 2006 | |
|
|
| |
|
|
Nuclear - NJ | | | 4,257 | | | 4,977 | | | 18,914 | | | 19,642 | |
Nuclear - PA | | | 2,284 | | | 2,366 | | | 9,449 | | | 9,466 | |
| |
|
| |
|
| |
|
| |
|
|
|
Total Nuclear | | | 6,541 | | | 7,343 | | | 28,363 | | | 29,108 | |
| | | | | | | | | | | | | |
Fossil - Coal - NJ | | | 1,469 | | | 1,604 | | | 5,086 | | | 6,041 | |
Fossil - Coal - PA | | | 1,477 | | | 1,609 | | | 5,718 | | | 6,122 | |
Fossil - Coal - CT | | | 165 | | | 602 | | | 2,344 | | | 2,827 | |
| |
|
| |
|
| |
|
| |
|
|
|
Total Coal | | | 3,111 | | | 3,815 | | | 13,148 | | | 14,990 | |
| | | | | | | | | | | | | |
Fossil - Oil & Natural Gas - NJ | | | 1,902 | | | 1,198 | | | 7,953 | | | 6,418 | |
Fossil - Oil & Natural Gas - NY | | | 767 | | | 505 | | | 3,306 | | | 2,329 | |
Fossil - Oil & Natural Gas - CT | | | 98 | | | 221 | | | 560 | | | 443 | |
| |
|
| |
|
| |
|
| |
|
|
|
Total Oil & Natural Gas* | | | 2,767 | | | 1,924 | | | 11,819 | | | 9,190 | |
| | | | | | | | | | | | | |
Fossil - Pumped Storage | | | (28 | ) | | (36 | ) | | (134 | ) | | (149 | ) |
|
|
|
| |
|
| |
|
| |
|
|
|
| | | 12,391 | | | 13,046 | | | 53,196 | | | 53,139 | |
|
| |
|
|
|
|
| |
|
|
|
|
|
|
| | | | | | | | | | | | | |
| |
| |
|
|
| | % Generation by Fuel Type | | % Generation by Fuel Type | |
| | Quarters Ended
December 31, | | Years Ended
December 31, | |
| | 2007 | | 2006 | | 2007 | | 2006 | |
|
|
| |
|
|
Nuclear - NJ | | | 35 | % | | 38 | % | | 35 | % | | 37 | % |
Nuclear - PA | | | 18 | % | | 18 | % | | 18 | % | | 18 | % |
| |
|
| |
|
| |
|
| |
|
|
|
Total Nuclear | | | 53 | % | | 56 | % | | 53 | % | | 55 | % |
| | | | | | | | | | | | | |
Fossil - Coal - NJ | | | 12 | % | | 12 | % | | 10 | % | | 11 | % |
Fossil - Coal - PA | | | 12 | % | | 12 | % | | 11 | % | | 12 | % |
Fossil - Coal - CT | | | 1 | % | | 5 | % | | 4 | % | | 5 | % |
| |
|
| |
|
| |
|
| |
|
|
|
Total Coal | | | 25 | % | | 29 | % | | 25 | % | | 28 | % |
| | | | | | | | | | | | | |
Fossil - Oil & Natural Gas - NJ | | | 15 | % | | 9 | % | | 15 | % | | 12 | % |
Fossil - Oil & Natural Gas - NY | | | 6 | % | | 4 | % | | 6 | % | | 4 | % |
Fossil - Oil & Natural Gas - CT | | | 1 | % | | 2 | % | | 1 | % | | 1 | % |
| |
|
| |
|
| |
|
| |
|
|
|
Total Oil & Natural Gas* | | | 22 | % | | 15 | % | | 22 | % | | 17 | % |
| | | | | | | | | | | | | |
Fossil - Pumped Storage | | | 0 | % | | 0 | % | | 0 | % | | 0 | % |
|
|
|
| |
|
| |
|
| |
|
|
|
| | | 100 | % | | 100 | % | | 100 | % | | 100 | % |
|
| |
|
|
|
|
| |
|
|
|
|
|
|
* Generation output excludes the Lawrenceburg Indiana station sold in May 2007.
The station generated 10 and 476 GWHrs for the 2006 Quarter and Year, respectively.
It did not generate energy for Power in 2007.
Attachment 11
PUBLIC SERVICE ELECTRIC & GAS
Sales and Revenues to Customers
(Unaudited)
December 31, 2007
| | | | | | | | | | | | | |
Electric Sales and Revenues |
|
|
Sales (millions kwh) | | Quarter
Ended | | Change vs.
2006 | | Year
Ended | | Change vs.
2006 | |
| |
| |
|
|
| |
|
|
Residential | | | 3,160 | | | 9.0 | % | | 13,958 | | | 4.2 | % |
Commercial | | | 5,999 | | | 4.9 | % | | 24,745 | | | 3.1 | % |
Industrial | | | 1,487 | | | 9.4 | % | | 5,623 | | | -4.6 | % |
Street Lighting | | | 108 | | | 1.2 | % | | 369 | | | 0.0 | % |
Interdepartmental | | | 3 | | | 2.2 | % | | 14 | | | 1.3 | % |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Total | | | 10,757 | | | 6.7 | % | | 44,709 | | | 2.4 | % |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue (in millions) | | | | | | | | | | | | | |
Residential | | $ | 443 | | | 21.3 | % | $ | 1,998 | | | 16.6 | % |
Commercial | | | 562 | | | 16.0 | % | | 2,583 | | | 13.5 | % |
Industrial | | | 88 | | | 32.3 | % | | 355 | | | 12.0 | % |
Street Lighting | | | 20 | | | 7.0 | % | | 73 | | | 7.3 | % |
Other | | | 96 | | | 60.6 | % | | 359 | | | 15.5 | % |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Total | | $ | 1,209 | | | 21.5 | % | $ | 5,368 | | | 14.6 | % |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | |
Gas Sold and Transported | |
|
|
Sales (millions therms) | | Quarter
Ended | | Change vs.
2006 | | Year
Ended | | Change vs.
2006 | |
| |
| |
|
|
| |
|
|
Residential Sales | | | 433 | | | 14.7 | % | | 1,431 | | | 14.2 | % |
Commercial - Firm Sales | | | 157 | | | 12.8 | % | | 530 | | | 5.7 | % |
Commercial - Interr. & Cogen | | | 11 | | | -15.4 | % | | 41 | | | -25.1 | % |
Industrial - Firm Sales | | | 12 | | | 8.6 | % | | 42 | | | 10.3 | % |
Industrial - Interr. & Cogen | | | 49 | | | 72.0 | % | | 156 | | | 23.4 | % |
Other Operating Revenues | | | - | | | -2.7 | % | | 1 | | | 54.9 | % |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Total | | | 662 | | | 16.3 | % | | 2,201 | | | 11.5 | % |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas Transported | | | 332 | | | 8.9 | % | | 1,302 | | | 9.1 | % |
| | | | | | | | | | | | | |
Revenue (in millions) | | | | | | | | | | | | | |
Residential Sales | | $ | 396 | | | 11.7 | % | $ | 1,312 | | | 6.6 | % |
Commercial - Firm Sales | | | 144 | | | 15.1 | % | | 478 | | | -2.5 | % |
Commercial - Interr. & Cogen | | | 10 | | | -7.9 | % | | 36 | | | -27.8 | % |
Industrial - Firm Sales | | | 11 | | | 9.2 | % | | 37 | | | -0.1 | % |
Industrial - Interr. & Cogen | | | 42 | | | 116.5 | % | | 129 | | | 24.7 | % |
Other Operating Revenues | | | 36 | | | 0.8 | % | | 139 | | | 4.2 | % |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Total | | $ | 639 | | | 15.0 | % | $ | 2,131 | | | 4.2 | % |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas Transported | | | 305 | | | 15.6 | % | | 994 | | | 18.5 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | |
|
|
Weather Data | | Quarter
Ended | | Change vs.
2006 | | Year
Ended | | Change vs.
2006 | |
| |
| |
| |
| |
|
|
Degree Days - Actual | | | 1,604 | | | 15.2 | % | | 4,795 | | | 16.1 | % |
Degree Days - Normal | | | 1,700 | | | | | | 4,817 | | | | |
| | | | | | | | | | | | | |
THI Hours - Actual | | | 1,136 | | | 342.6 | % | | 15,574 | | | 0.0 | % |
THI Hours - Normal | | | 266 | | | | | | 14,826 | | | | |
|
|
Attachment 12
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
Statistical Measures
(Unaudited)
| | | | | | | | | | | | | |
| | For the Quarters Ended
December 31 | | For the Years Ended
December 31 | |
| | 2007 | | 2006 | | 2007 | | 2006 | |
| |
| |
| |
| |
|
|
Weighted Average Common Shares Outstanding (000’s) | | | | | | | | | | | | | |
Basic | | | 254,310 | | | 252,292 | | | 253,781 | | | 251,678 | |
Diluted | | | 254,913 | | | 252,765 | | | 254,406 | | | 252,314 | |
| | | | | | | | | | | | | |
Stock Price at End of Period | | | | | | | | $ | 98.24 | | $ | 66.38 | |
| | | | | | | | | | | | | |
Dividends Paid per Share of Common Stock | | $ | 0.585 | | $ | 0.570 | | $ | 2.34 | | $ | 2.28 | |
| | | | | | | | | | | | | |
Dividend Payout Ratio* | | | | | | | | | 43.3 | % | | 66.1 | % |
| | | | | | | | | | | | | |
Dividend Yield | | | | | | | | | 2.4 | % | | 3.4 | % |
| | | | | | | | | | | | | |
Price/Earnings Ratio* | | | | | | | | | 18.2 | | | 19.2 | |
| | | | | | | | | | | | | |
Rate of Return on Average Common Equity* | | | | | | | | | 19.8 | % | | 13.5 | % |
| | | | | | | | | | | | | |
Book Value per Common Share | | | | | | | | $ | 29.01 | | $ | 26.71 | |
| | | | | | | | | | | | | |
Market Price as a Percent of Book Value | | | | | | | | | 339 | % | | 249 | % |
| | | | | | | | | | | | | |
Total Shareholder Return | | | 10.3 | % | | 9.4 | % | | 52.1 | % | | 5.7 | % |
*Calculation based on Operating Earnings for 12 month period ended
Attachment 13
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
Non-Trading Mark-to-Market
(Unaudited)
December 31, 2007
2007 Non-Trading Mark-to-Market
Energy Positions
| | | | | | | | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In Millions After-Tax | | Q1 | | Q2 | | Q3 | | Q4 | | Year-to-Date | |
| |
|
|
|
|
|
|
| | | |
| | | | | | | | | | | | | | | | |
Power | | $ | (0.6 | ) | $ | (9.5 | ) | $ | 4.4 | | $ | (0.4 | ) | $ | (6.2 | ) |
Holdings | | | (19.0 | ) | | 16.4 | | | 13.2 | | | 5.5 | | | 16.1 | |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
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Total | | $ | (19.6 | ) | $ | 6.9 | | $ | 17.6 | | $ | 5.0 | | $ | 9.9 | |
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EPS Impact | | Q1 | | Q2 | | Q3 | | Q4 | | Year-to-Date | |
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Power | | $ | - | | $ | (0.04 | ) | $ | 0.02 | | $ | (0.00 | ) | $ | (0.02 | ) |
Holdings | | | (0.08 | ) | | 0.07 | | | 0.05 | | | 0.02 | | | 0.06 | |
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Total | | $ | (0.08 | ) | $ | 0.03 | | $ | 0.07 | | $ | 0.02 | | $ | 0.04 | |
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2006 Non-Trading Mark-to-Market |
Energy Positions |
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In Millions After-Tax | | Q1 | | Q2 | | Q3 | | Q4 | | Year-to-Date | |
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Power | | $ | (11.4 | ) | $ | 1.3 | | $ | 12.0 | | $ | (3.0 | ) | $ | (1.1 | ) |
Holdings | | | (4.1 | ) | | 13.0 | | | 29.3 | | | (9.4 | ) | | 28.8 | |
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Total | | $ | (15.5 | ) | $ | 14.3 | | $ | 41.3 | | $ | (12.4 | ) | $ | 27.7 | |
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EPS Impact | | Q1 | | Q2 | | Q3 | | Q4 | | Year-to-Date | |
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Power | | $ | (0.05 | ) | $ | 0.01 | | $ | 0.05 | | $ | (0.01 | ) | $ | - | |
Holdings | | | (0.02 | ) | | 0.05 | | | 0.12 | | | (0.04 | ) | | 0.11 | |
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Total | | $ | (0.07 | ) | $ | 0.06 | | $ | 0.17 | | $ | (0.05 | ) | $ | 0.11 | |
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Attachment 14
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
PSEG Liquidity
(Unaudited, $ Millions)
|
PSEG Liquidity as of December 31, 2007 |
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| | | | | | | | | | | | | | | | | | | |
Company | | | Facility | | Expiration
Date | | Total
Facility | | Primary Purpose | | Usage at
12/31/2007 | | Available
Liquidity
12/31/2007 | |
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PSEG | | | 5-year Credit Facility | | | Dec-12 | | $ | 1,000 | 1 | | CP Support /Funding/LCs | | $ | 1 | | $ | 999 | |
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| | | Uncommitted Bilateral Agreement | | | N/A | | | N/A | | | Funding | | | - | | | N/A | |
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Power | | | 5-Year Credit Facility | | | Dec-12 | | | 1,600 | 2 | | Funding/LCs | | | 140 | | | 1,460 | |
| | | | | | | | | | | | | | | | | | | |
| | | Bilateral Credit Facility | | | Mar-10 | | | 100 | | | Funding/LCs | | | 56 | | | 44 | |
| | | | | | | | | | | | | | | | | | | |
| | | Bilateral Credit Facility | | | Mar-08 | | | 200 | | | Funding/LCs | | | 28 | | | 172 | |
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PSE&G | | | 5-year Credit Facility | | | Jun-12 | | | 600 | 3 | | CP Support /Funding/LCs | | | 55 | | | 545 | |
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| | | Uncommitted Bilateral Agreement | | | N/A | | | N/A | | | Funding | | | 10 | | | N/A | |
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Energy Holdings | | | 5-year Credit Facility* | | | Jun-10 | | | 150 | | | Funding/LCs | | | 18 | | | 132 | |
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| | | | | | Total | | $ | 3,650 | | | | | | | | $ | 3,352 | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | PSEG Short Term Investment | | | 305 | |
| | | | | | | | | | | | | |
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| | | | | | | | | | | | Total Liquidity Available | | | | | $ | 3,657 | |
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* Energy Holdings/Global/Resources joint and several co-borrower facility
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1PSEG Facility reduced by $47 million in 2012
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2Power Facility reduced by $75 million in 2012
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3PSE&G Facility reduced by $28 million in 2012 |
Attachment 15
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
Impact of Asset Sales
(Unaudited, $ Millions)
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | Impact to PSEG EPS | |
$ Millions (except EPS) | | Quarters Ended Dec. 31, | | Years Ended Dec. 31, | | Quarters Ended Dec. 31, | | Years Ended Dec. 31, | |
| | 2007 | | 2006 | | 2007 | | 2006 | | 2007 | | 2006 | | 2007 | | 2006 | |
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Impact of Asset Sales: | | | | | | | | | | | | | | | | | | | | | | | | | |
Loss on Sale of RGE | | $ | - | | $ | - | | $ | - | | $ | (178 | ) | $ | - | | $ | - | | $ | - | | $ | (0.70 | ) |
Chilquinta & Luz Del Sur | | | (23 | ) | | - | | | (23 | ) | | - | | | (0.09 | ) | | - | | | (0.09 | ) | | - | |
Write down of Turboven | | | - | | | - | | | (7 | ) | | - | | | | | | - | | | (0.03 | ) | | - | |
Premium on bond redemption | | | (28 | ) | | - | | | (28 | ) | | (7 | ) | | (0.11 | ) | | - | | | (0.11 | ) | | (0.03 | ) |
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Total Impact of Asset Sales | | $ | (51 | ) | $ | - | | $ | (58 | ) | $ | (185 | ) | $ | (0.20 | ) | $ | - | | $ | (0.23 | ) | $ | (0.73 | ) |
