Public Service Electric & Gas 10-Q2014 Q1 Quarterly report

Filed: 2 May 14, 12:00am

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New words: AARP, abandoned, Absent, absorb, accompanying, AFUDC, agent, arguing, Army, Assistant, attack, attesting, BB, behavior, BLC, branch, bringing, broadest, BWR, California, canceled, capability, cast, CCR, clarify, Clifton, climate, cold, comported, CONE, Congressional, consequential, Corridor, Council, critical, CWA, cybersecurity, decree, defending, deploy, deploying, depressing, discovered, dispatch, diversification, dredging, drove, dual, duty, earliest, employee, engineered, expenditure, fewer, filtration, fire, flood, formally, gathered, gave, global, greatest, grid, guiding, Hawaii, high, impingement, improperly, incorrectly, iron, ISO, labor, learned, led, lift, light, Linden, liquefied, main, manipulation, member, metering, Method, micro, modernize, NERC, newly, ninety, North, opportunity, opting, outlining, partnership, PEDFA, permissible, polar, pool, predecessor, predicated, preferred, prioritization, priority, quantitative, quickly, RCRA, reactor, rebalancing, redundancy, reinstate, rejoin, repeal, rescheduled, Restated, run, Secretary, servco, session, signal, sized, slowly, strategic, strive, substation, successfully, summer, Supplementary, survey, task, terrorism, Tier, turn, unfavorable, unsecured, upward, vast, VIE, vortex

Removed: accrued, achieving, acquired, Activated, adjacent, appealed, appliance, Arizona, awarded, baseline, Bergen, border, borrowing, buyer, carbon, carryover, Certificate, charitable, chart, Chemical, CIP, Citigroup, cleanup, cleared, closing, commence, confirmation, constitutional, consumer, contact, contested, CPV, deadline, deduction, defer, defray, directing, disclose, discontinued, Discrete, disparate, dispute, disputed, DR, driven, EDC, enacted, enforceable, enhanced, entirety, estimating, evaluate, evidenced, executing, expansion, expired, finality, finalization, financed, forbearance, generic, good, half, harden, hearing, historically, IDC, Injection, investing, Joint, jurisdiction, LCAPP, leasing, lending, Maryland, MOPR, negotiated, nitrogen, notional, OCC, Occidental, offer, offered, oxide, partial, passed, path, peaking, petitioned, pilot, Poor, precedent, preserving, prospectively, protest, prudency, PSC, reach, Reciprocating, reclassification, recognition, redeemed, reimbursed, reject, rely, remedy, repair, reserving, retrofit, returned, RICE, ROFR, SACP, selected, setting, settling, SOCA, spending, SREC, stability, stationary, statute, STC, stringent, successful, suspended, Taxation, temporary, tidal, transitioning, uncertain, unchanged, understand, upcoming, valid, vigorously, waiver

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EXHIBIT 12.1

PSEG POWER LLC

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES




	Three Months Ended					Years Ended
	March 31,					December 31,
	2014		2013			2013			2012			2011			2010			2009
	(Millions, except ratios)
Earnings as Defined in Regulation S-K (A):
Pre-tax Income from Continuing Operations	275		232			$	1,063		$	1,099		$	1,703		$	1,932		$	1,969
(Income) Loss from Equity Investees, net of Distributions	—		(3		)	(10		)	(6		)	(12		)	(8		)	(7		)
Fixed Charges	39		36			143			164			208			238			221
Capitalized Interest	1		1			1			(6		)	(10		)	(63		)	(43		)
Total Earnings	$	315	$	266		$	1,197		$	1,251		$	1,889		$	2,099		$	2,140
Fixed Charges as Defined in Regulation S-K (B)
Interest Expense	38		35			$	139		$	161		$	205		$	235		$	219
Interest Factor in Rentals	1		1			4			3			3			3			2
Total Fixed Charges	$	39	$	36		$	143		$	164		$	208		$	238		$	221

Ratio of Earnings to Fixed Charges	8.08		7.39			8.37			7.63			9.08			8.82			9.68


(A)	The term “earnings” shall be defined as pre-tax Income from Continuing Operations before income or loss from equity method investees plus distributed income from equity investees. Add to pre-tax income the amount of fixed charges adjusted to exclude the amount of any interest capitalized during the period.


(B)	Fixed Charges represent (a) interest, whether expensed or capitalized, (b) amortization of debt discount, premium and expense and (c) an estimate of interest implicit in rentals.