Public Service Electric & Gas 10-Q2003 Q1 Quarterly report

Filed: 2 May 03, 12:00am

Content analysis

Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability	8th grade Avg

New words: AAA, absence, accretion, ACE, advantage, Advocate, AEP, Agencia, Agency, Alabama, Albany, ALJ, altered, ancillary, APB, Appeal, appliance, approached, arbitration, area, arisen, ARO, arrearage, article, auction, augmented, backup, Basin, Bergen, Bethlehem, BGS, bidding, Bottom, broker, Bulletin, bundled, burning, Busch, CAA, cap, Center, certainty, challenge, Chapter, Circuit, civil, clarification, clarified, clean, cleared, clearing, Coast, Code, colder, comment, Commonwealth, comparison, Compel, concurrently, confidence, Connecticut, consecutive, contaminated, conversion, correlation, Council, coupon, CPI, Creek, curve, customary, damage, decommissioning, deferral, delivery, Delmarva, delta, demolition, demonstration, deposit, deposited, diluted, diluting, Dioxide, disallowance, discharged, discovery, displayed, disposition, Division, double, drawn, driver, duration, ecological, effort, EITF, Electrica, Eletrica, Eleventh, emission, employee, enacted, encompassing, England, enrichment, EPA, EPCP, equitable, ERCOT, escalation, Euro, Exhibit, expansion, extra, facilitate, failed, feasibility, FIN, foreclose, forma, fossil, frequency, Frontel, Frontera, gave, guarantor, hardware, Henry, highlighted, Hope, Hub, Hudson, inactive, inadequate, inclusion, inclusive, incurrence, indefinite, Indiana, injunction, injunctive, instituted, insufficient, integrate, interpolate, interpretation, interpretive, investigate, investigation, irrevocably, IRS, issuer, ITC, join, joining, jointly, Korean, kWh, labor, largely, Lawrenceburg, Legislation, legitimacy, legitimate, Linden, line, load, log, lose, manipulation, margin, marginal, match, meaningful, Member, membership, Mercer, mercury, methodology, MGP, mil, mile, mining, MISO, mix, MM, MOD, modify, Mortgage, movement, MTC, multiple, MWh, Nacional, NDT, Nitrogen, NJDEP, noncompliance, nonderivative, notable, NOx, NRC, NSR, NTC, NUG, nvolvement, NWPA, NY, OAL, occupied, ODEC, Ohio, open, opposition, optimize, ordinance, ordinary, Organization, overbuild, overfunded, overlap, Oxide, pancaked, particulate, partly, Passaic, patricia, payout, Peach, penalty, perfectly, pesofying, petition, petitioned, physical, pipeline, pollution, possession, post, posting, predecessor, prescribed, preventing, printed, Prisma, pro, procure, properly, Protest, protested, proxy, PSD, PUCT, rado, Ratepayer, reactor, reallocation, recalled, reciprocal, reciprocity, recommendation, recommending, reconsider, reevaluated, referenced, rehearing, reinstating, reinvested, Reinvestment, relinquished, remeasurement, remote, removal, remove, renounced, repair, Republic, Research, reservoir, restoration, River, RMC, Robert, rolling, routinely, RPA, RSG, RTO, Salem, satisfaction, SBC, seal, seasonally, securitization, securitized, Shelby, shutdown, simultaneously, site, size, solicitation, solicited, sought, source, sourcing, spring, statewide, station, statute, STC, Steam, step, stored, stretch, submitted, succeed, successfully, Sulfur, SUNAT, Super, supplier, surface, sustained, syndicated, tardy, Task, technology, Teco, TEFA, Temporarily, testimony, thereof, thirteen, threshold, tolling, transportation, true, trust, turn, unable, unaffected, unavailability, unconditionally, underground, underrecovery, unilateral, unilaterally, unsuccessful, upholding, uprate, uranium, usage, USF, VaR, vary, vehicle, VIE, violating, Virginia, volume, Waste, Waterford, weather, winter, Won, written, wrongfully, Zloty

Removed: accelerated, accuracy, adequacy, adjusting, admission, affiliated, Agent, aircraft, alleged, America, amounted, assumption, attention, Australia, Austria, bear, Belgium, beneficial, bilateral, Bolivar, bring, build, CDWR, central, check, China, cleanly, collectively, comparative, comply, computed, consisted, context, convertibility, country, CPUC, crawling, critical, CTSN, deal, declining, degree, denominated, depending, devalued, disclosed, discretionary, disposed, distribute, downturn, earning, EBIT, EDEN, efficiency, efficient, efficiently, Employer, enforce, environment, estimating, EURIBOR, evidenced, excessive, exchanged, expectation, expropriation, extend, extension, external, file, fiscal, fit, flexibility, float, fluctuate, frame, freely, generate, geographic, Germany, Hampshire, Hanford, Hawaii, heat, hedged, Henrietta, high, horizon, Identification, improve, Incorporation, indenture, indexed, ineffective, instance, internally, invest, investor, Kalaeloa, Kingdom, knowledge, Krakow, land, Latin, leased, lessee, LIBOR, location, lock, los, low, manager, marking, measured, minimal, minimize, month, MTN, multinational, noncurrent, nonperformance, Norte, notional, Nuevo, objective, older, pace, Parana, Park, passive, peaking, peg, Pennsylvania, Percent, permit, Peruvian, planned, planning, Plaza, preceding, preserve, prevailing, profile, profit, prolonged, protect, pursuing, ranging, realizable, reclassifying, refinance, refinancing, reflected, refocused, relevant, reliably, rental, represent, represented, retired, revocation, safely, San, separation, shorter, slowdown, slower, social, soft, Sol, speculative, spending, stable, statutory, Stockholder, strive, structural, Taiwan, Telephone, Termica, terminating, tested, tied, translation, trend, Tunisian, turbine, Turboven, typically, uncertainty, unconsolidated, Undistributed, valuation, variety, Venezuela, Venezuelan, virtue, volatile, weakened, weakening, weighted, WIBOR, wide, worth, Zealand

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EXHIBIT 12.3

PSEG POWER LLC
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

	For the Quarters Ended March 31,						For the Years Ended December 31,

	2003			2002			2002			2001			2000			1999			1998

Earnings as Defined in Regulation S-K (A):
Pre-tax Income from Continuing Operations	$	300		$	200		$	781		$	644		$	521		$	807		$	393
Fixed Charges		58			57			221			213			210			126			248
Capitalized Interest		(28	)		(21	)		(97	)		(63	)		(12	)		(2	)		(7	)
Preferred Stock Dividend Requirements		—			—			—			—			—			(12	)		(25	)

Earnings	$	330		$	236		$	905		$	794		$	719		$	919		$	609

Fixed Charges as Defined in Regulation S-K (B)
Interest Expense	$	57		$	57		$	219		$	206		$	210		$	114		$	223
Interest Factor in Rentals		1			—			2			7			—			—			—
Preferred Securities Dividends Requirements of Subsidiaries		—			—			—			—			—			12			25

Total Fixed Charges	$	58		$	57		$	221		$	213		$	210		$	126		$	248

Ratio of Earnings to Fixed Charges		5.69			4.14			4.10			3.73			3.42			7.29			2.46

(A)

The term “earnings” shall be defined as pretax income from continuing operations. Add to pretax 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.