 Forward-Looking Statement EXHIBIT 99 2 Certain of the matters discussed in this report about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical 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 filings we make with the United States Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K and available on our website: http://www.pseg.com. 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 and enforcement 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 manage our energy obligations, available supply and risks, adverse outcomes of any legal, regulatory or other proceeding, settlement, investigation or claim applicable to us and/or the energy industry, any deterioration in our credit quality or the credit quality of our counterparties, 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, 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 obtain sufficient insurance coverage or recover proceeds of insurance with respect to such events, acts of terrorism, cybersecurity attacks or intrusions that could adversely impact our businesses, increases in competition in energy supply markets as well as competition for certain 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, changes in technology, such as distributed generation and micro grids, and greater reliance on these technologies, and changes in customer behaviors, including increases in energy efficiency, net-metering and demand response. 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. |
 GAAP Disclaimer PSEG presents Operating Earnings in addition to its Income from Continuing Operations/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 Income from Continuing Operations/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. Slides A and B at the end of this presentation include a list of items excluded from Income from Continuing Operations/Net Income to reconcile to Operating Earnings, with a reference to that slide included on each of the slides where the non-GAAP information appears. These materials and other financial releases can be found on the pseg.com website under the investor tab, or at http://investor.pseg.com/ 3 |
 PSEG 2014 Operating Earnings expected to be at the upper end of guidance range $2.44 $2.58 $2.55 - $2.75E Reflects increased level of utility investment, pension savings and assumes normal weather and unit operations for the rest of year 8 2012 2013 2014 Guidance SEE SLIDE A FOR ITEMS EXCLUDED FROM INCOME FROM CONTINUING OPERATIONS/NET INCOME TO RECONCILE TO OPERATING EARNINGS. E = ESTIMATE. |
 Operating Earnings Mix Long term investment program has driven increased earnings contribution from stable, regulated business *SEE SLIDE A FOR ITEMS EXCLUDED FROM INCOME FROM CONTINUING OPERATIONS/ NET INCOME TO RECONCILE TO OPERATING EARNINGS; DISCONTINUED OPERATIONS REFLECT TEXAS. E=ESTIMATE ** 2014 PERCENTS USE MIDPOINT OF EARNINGS GUIDANCE. Power’s diverse fuel mix and dispatch flexibility continues to generate earnings and free cash flow PSE&G’s investment in transmission has diversified its asset base and, coupled with other investments and cost controls, supported compound annual earnings growth of ~18% over 2009 – 2013 Operating Earnings* Contribution by Subsidiary (%) PSE&G Power Other $2.44 $2.58 $2.55 - $2.75E $3.12 $2.74 $3.09 2009 2010 2011 2012 2013 2014E** 9 20% 27% 38% 43% 47% 54% 76% 69% 62% 54% 54% 43% |
 PSEG Q2 2014 Financial Highlights *SEE SLIDE B FOR ITEMS EXCLUDED FROM NET INCOME TO RECONCILE TO OPERATING EARNINGS Earnings on Track Operating earnings of $0.49 vs. $0.48 per share in Q2 2013 Increased earnings contribution from PSE&G’s investment in Transmission Expect 2014 Operating Earnings to be at the upper end of the $2.55 to $2.75 per share guidance range – assuming normal weather and plant operations for the balance of the year Operating Review PSEG Power output down 5% vs. Q2 2013 from Linden and Salem 2 outages, partially offset by improvement in coal generation PSE&G placed the 230 kV North Central Reliability transmission project in service Power’s fleet fully restored from storm outages PSEG Disciplined Capital Investment BPU approved $1.22 billion investment in PSE&G’s Energy Strong infrastructure program PJM deferred a final decision on its recommended solution, to be built by PSE&G, for the Artificial Island project via FERC 1000 competitive bidding process Market Developments Recent EPA actions on 316(b) and GHGs 16 |
 PSE&G’s existing major transmission investment program remains on schedule and on budget Major Transmission Projects Approved ROE Inclusion of CWIP in Rate Base 100% Recovery of Costs Due to Abandonment Project Estimate Up To ($ Millions) Expected In-service Date Susquehanna-Roseland 12.93% $790 June 2014 / June 2015 Northeast Grid Reliability 11.93% $907 June 2015 North Central Reliability 11.68% $390 Completed Burlington–Camden 230kV 11.68% $399 Completed Mickleton–Gloucester–Camden 230kV 11.68% $435 June 2015 32 |
 Susquehanna-Roseland consists of constructing 150 miles of 500kV circuit (46 miles in NJ) with two new 500kV GIS switching stations at Roseland and Hopatcong Project Estimate Up To* Through Year-end 2013 Expected In-service Date $790M $661M June 2014 / June 2015 • PJM RTEP project b0489 • ROE of 12.93% (including 1.25% incentive) • 100% CWIP in rate base during development • 100% recovery of prudently incurred costs due to abandonment Customer Benefit: Improves reliability and reduces congestion *PROJECT IS SHARED WITH PPL. PROJECT ESTIMATE REPRESENTS PSE&G’S CONSTRUCTION RESPONSIBILITY FOR THE NJ PORTION. 33 Project Status: The eastern part of line from Hopatcong to Roseland, NJ in service April 2014; NJ construction planned to be completed in Q3 2014. PA portion outside plant construction in progress. Western portion in NJ and the PA portion is planned to go in service June 2015. |
 North Central Reliability consists of upgrading 55 circuit miles of 138kV transmission line to 230kV, and converting six existing stations to 230kV operation Project Estimate Up To Through Year-end 2013 Expected In-service Date $390M $349M Completed • PJM RTEP project b1154 • ROE of 11.68% • 100% CWIP in rate base during development • 100% recovery of prudently incurred costs due to abandonment Customer Benefit: Improves power quality and increases transfer Project Status: In service April 2014 35 capability |
 PSE&G’s 2014 operating earnings to benefit from increased investment in transmission and on-going cost control E=ESTIMATE PSE&G Operating Earnings* ($ Millions) 42 *SEE SLIDE A FOR ITEMS EXCLUDED FROM INCOME FROM CONTINUING OPERATIONS/NET INCOME TO RECONCILE TO OPERATING EARNINGS. |
 Hope Creek Operated by PSEG Nuclear PSEG Ownership: 100% Technology: Boiling Water Reactor Total Capacity: 1,178 MW Owned Capacity: 1,178 MW License Expiration: 2046 Next Refueling Spring 2015 Salem Units 1 and 2 Operated by PSEG Nuclear PSEG Ownership: 57% Technology: Pressurized Water Reactor Total Capacity: 2,365 MW Owned Capacity: 1,358 MW License Expiration: 2036 and 2040 Next Refueling Unit 1 -- Fall 2014 Unit 2 – Fall 2015 Peach Bottom Units 2 and 3 Operated by Exelon PSEG Ownership: 50% Technology: Boiling Water Reactor Total Capacity: 2,251 MW Owned Capacity: 1,125 MW License Expiration: 2033 and 2034 Next Refueling Unit 2 – Fall 2014 Unit 3 – Fall 2015 Uprate: 130 MW in 2015/2016 56 PSEG Power Nuclear is a critical element of our success |
 PSEG Power Nuclear is core to the fleet and has competitive advantages *STRATEGY KNOWN AS THE “DIVERSE AND FLEXIBLE MITIGATION CAPABILITY” OR FLEX, ADDRESSES RECOMMENDATIONS OF THE NUCLEAR REGULATORY COMMISSION’S FUKUSHIMA TASK FORCE. Continued strong nuclear operations: nine consecutive years of >90% capacity factor through 2013 Significant earnings contributor Top quartile of cost performance/MWh One third new staff, recruitment of the best new and experienced talent, and attractive training program Fukushima action plan in response to NRC staff review FLEX* plan submitted with implementation starting with Fall outage Peach Bottom extended power uprate, 130 MW Power’s share, scheduled in service 2015/2016 Active and influential participation at INPO, NEI, EPRI, USA Alliance 57 |
 Shasta A & B California (4 MW) COD March 2014 Polycrystalline - single axis tracker Investment $13 million 20 year PPAs with PG&E Hackettstown (Mars) New Jersey (2 MW) COD September 2009 Thin film panels – fixed tilt Investment $13 million 15 year PPA with Mars, Inc. Wyandot Ohio (12 MW) COD May 2010 Investment $45 million 20 year PPA with AEP JEA Florida (15 MW) Thin film panels – fixed tilt Investment $59 million 30 year PPA with JEA Queen Creek Arizona (25 MW) COD October 2012 Polycrystalline - single axis tracker Investment $79 million 20 year PPA with SRP Milford Delaware (15 MW) COD December 2012 Polycrystalline - fixed tilt Investment $49 million 20 year PPA with DEMEC Badger I Arizona (19 MW) COD November 2013 Polycrystalline - single axis tracker Investment $50 million 30 year PPA with APS PSEG Solar Source owns ~110 MW of solar facilities with long term contracted revenues* In Construction Texas (13 MW)/COD YE 2014E Polycrystalline - single axis tracker Investment $22 million 30 year PPA with El Paso Electric In Construction Vermont (4 MW)/COD Oct 2014E Polycrystalline - single axis tracker Investment $10 million 25 year PPA with VT Electric *PROJECT SIZE IN MEGAWATTS SHOWN IN DC (DIRECT CURRENT). E=ESTIMATE 65 Thin film panels – fixed tilt Power Producers, Inc. COD September 2010 |
 Environmental restrictions may tighten market Insufficient gas infrastructure continues to place upward pressure on fuel prices during seasonal peaks Market liquidity remains weak beyond 2015 F=FORWARDS AS OF 7/25/2014, 2014F INCLUDES HISTORY AND FORWARDS $- $1 $2 $3 $4 $5 $6 1/1/2011 1/1/2012 1/1/2013 1/1/2014 1/1/2015 1/1/2016 1/1/2017 1/1/2018 Historical Forward $10 $14 $18 $22 $26 $30 $34 $38 2011 2012 2013 2014 F 2015 F 2016 F 2017 F 2018 F $20 $25 $30 $35 $40 $45 $50 $55 $60 2011 2012 2013 2014F 2015F 2016F 2017F 2018F NYMEX Natural Gas Price 69 PJM West RTC PJM West Spark Spreads Market Review: Long-term fundamentals remain sound |
 Competitive Advantage: ~25% of Power’s gas for generation comes from Marcellus • Our combined cycle and peaking assets have been able to take advantage of locational gas price volatility driven by production and logistical constraints • Lower cost shale supply provides additional savings during periods of lower residential gas demand *AS OF 7/25/2014 Spot Natural Gas Prices: June 2013 – July 2014* Market Prices for Natural Gas Access to Lower Cost Shale Gas in Marcellus and Utica 74 |
 Competitive Advantage: Locational advantage from short term basis volatility $56 - $58 ANNUAL FORWARD (F) BASIS TO PJM-WEST AS OF 12/31/2013. Annual basis benefits baseload units Intermediate units flexible to seasonal opportunities Combined Cycle and Peaking units positioned to optimize daily and hourly volatility PS Zone Annual Basis to PJM-W PS Zone Day Ahead On Peak Monthly Basis to PJM-W PS Zone Real Time On Peak Hourly Basis to PJM-W 75 |
 Sustainable Advantage: Hedging strategy designed to protect gross margin while leveraging the portfolio 77 HEDGE PERCENTAGES AND PRICES AS OF JUNE 30, 2014. REVENUES OF FULL REQUIREMENT LOAD DEALS BASED ON CONTRACT PRICE, INCLUDING RENEWABLE ENERGY CREDITS, ANCILLARY, AND TRANSMISSION COMPONENTS BUT EXCLUDING CAPACITY. HEDGES INCLUDE POSITIONS WITH MTM ACCOUNTING TREATMENT AND OPTIONS. EXCLUDES SOLAR AND KALAELOA. Jul-Dec 2014 2015 2016 Base Load Intermediate Coal, Combined Cycle, Peaking Total (Nuclear and Base Load Coal) % Hedged 100% 100% 45 - 50% Volume TWh 17 36 36 Price $/MWh $50 $50 $51 Volume TWh 13 21 19 % Hedged 35 - 40% 5 - 10% 0% Price $/MWh $50 $50 $51 Volume TWh 30 55 - 57 55 - 57 % Hedged 70 - 75% 65 - 70% 30 - 35% Price $/MWh $50 $50 $51 |
 Improving Operating Earnings and increased contribution from PSE&G PSEG Operating Earnings $ Millions (except EPS) 2012 2013 2014E PSE&G $528 $612 $705 - $745 PSEG Power $663 $710 $550 - $610 Enterprise/Other $45 ($13) $35 - $40 Operating Earnings* $1,236 $1,309 $1,290 - $1,395 Operating EPS* $2.44 $2.58 $2.55 - $2.75 Regulated % of Earnings 43% 47% 53% - 55% * SEE SLIDE A FOR ITEMS EXCLUDED FROM INCOME FROM CONTINUING OPERATIONS/NET INCOME TO RECONCILE TO OPERATING EARNINGS. NOTE: 2012 OPERATING EARNINGS RE-STATED FOR TRANSFER OF ASSETS FROM PSEG HOLDINGS TO PSEG POWER. E=ESTIMATE. 93 |
 Power’s coal hedging reflects 2014 supply matched with 2014 sales Station Coal Type Pricing ($/MWh)* Comments Bridgeport Harbor Adaro Low $40’s Higher price, lower BTU, enviro coal Hudson CAPP Mid $40’s Coal/Gas Fuel Flexibility Mercer Metallurgical CAPP/NAPP Low $40’s More limited segment of coal market Keystone NAPP Mid $20’s Prices steady Conemaugh NAPP Mid $20’s Prices steady % Hedged (left scale) $/MWh (right scale) 102 $0 $10 $20 $30 $40 $50 0% 20% 40% 60% 80% 100% 2014 2015 2016 Contracted Coal *COMMODITY PLUS TRANSPORTATION. |
 Q2 Operating Earnings by Subsidiary Operating Earnings Earnings per Share $ millions (except EPS) 2014 2013 2014 2013 PSE&G $ 151 $ 121 $ 0.30 $ 0.24 PSEG Power 87 120 0.17 0.24 PSEG Enterprise/Other 7 2 0.02 - Operating Earnings* $ 245 $ 243 $ 0.49 $ 0.48 Quarter ended June 30 * SEE SLIDE B FOR ITEMS EXCLUDED FROM NET INCOME TO RECONCILE TO OPERATING EARNINGS. 105 |
 PSEG EPS Reconciliation – Q2 2014 vs. Q2 2013 Q2 2014 Operating Earnings* Q2 2013 Operating Earnings* PSEG Power PSE&G PSEG Enterprise/ Other $0.48 0.06 0.02 $0.49 (0.07) 0.00 0.10 0.20 0.30 0.40 0.50 0.60 Capacity 0.04 Re-Contracting & Market Pricing (0.04) Lower Volume (0.03) O&M (0.04) D&A (0.01) Taxes & Other 0.01 Transmission Net Earnings 0.03 Gas Volume & Other Revenue 0.01 Weather (0.01) O&M 0.02 Lower Interest Expense 0.01 PSEG Long Island and Other 106 * SEE SLIDE B FOR ITEMS EXCLUDED FROM NET INCOME TO RECONCILE TO OPERATING EARNINGS. |
 First Half Operating Earnings by Subsidiary Operating Earnings Earnings per Share $ millions (except EPS) 2014 2013 2014 2013 PSE&G $ 365 $ 300 $ 0.72 $ 0.59 PSEG Power 380 374 0.75 0.74 PSEG Enterprise/Other 15 2 0.03 - Operating Earnings* $ 760 $ 676 $ 1.50 $ 1.33 Six months ended June 30 107 * SEE SLIDE B FOR ITEMS EXCLUDED FROM NET INCOME TO RECONCILE TO OPERATING EARNINGS. |
 PSEG EPS Reconciliation – YTD 2014 vs. YTD 2013 YTD 2014 Operating Earnings* YTD 2013 Operating Earnings* PSEG Power PSE&G PSEG Enterprise/ Other $1.50 0.03 0.01 0.13 $1.33 0.00 0.25 0.50 0.75 1.00 1.25 1.50 1.75 Capacity 0.15 Re-Contracting & Market Pricing (0.04) Lower Volume (0.01) O&M (0.08) D&A (0.01) Transmission Net Earnings 0.06 Gas Volume, Demand & Other Revenue 0.03 Distribution O&M 0.02 Lower Interest Expense 0.01 Taxes & Other 0.01 PSEG Long Island and Other 108 * SEE SLIDE B FOR ITEMS EXCLUDED FROM NET INCOME TO RECONCILE TO OPERATING EARNINGS. |
 June 30, 2014 $ Billions PSEG PSE&G Power Cash and Cash Equivalents $0.6 $0.3 $0.0 Short Term Debt $0.0 $0.0 N/A Long Term Debt 8.6 6.1 2.5 Common Equity 11.8 6.4 5.5 Total Capitalization $20.4 $12.5 $8.0 Total Debt / Capitalization 42% 49% 32% PSE&G Regulated Equity Ratio 51% Our balance sheet remains strong 109 (2) (1) REGULATED EQUITY RATIO INCLUDES CUSTOMER DEPOSITS OF ~$97 MILLION AND EXCLUDES SHORT-TERM DEBT.. DOES NOT INCLUDE SECURITIZATION DEBT OF $385 MILLION. (2) (1) |
 PSEG Liquidity as of June 30, 2014 $235 110 Expiration Total Available Company Facility Date Facility Usage Liquidity ($Millions) PSE&G 5-year Credit Facility Mar-18 $600 1 $13 $587 5-Year Credit Facility (Power) Apr-19 $1,600 $114 $1,486 5-Year Credit Facility (Power) Mar-18 $1,000 2 $0 $1,000 5-Year Bilateral (Power) Sep-15 $100 $100 $0 5-year Credit Facility (PSEG) Apr-19 $500 $8 $492 5-year Credit Facility (PSEG) Mar-18 $500 3 $0 $500 Total $4,300 $4,065 1 PSE&G Facility to be reduced by $29M on April 15, 2016 $278 2 Power Facility to be reduced by $48M on April 15, 2016 PSE&G ST Investment $224 3 PSEG Facility to be reduced by $23M on April 15, 2016 Total Liquidity Available $4,567 Total Parent / Power Liquidity $3,756 PSEG / Power PSEG Money Pool ST Investment |
 PSEG Energy Holdings Investment Portfolio *BOOK BALANCE EXCLUDING DEFERRED TAX ACCOUNTS. **EME AND ITS SUBSIDIARIES FILED CHAPTER 11 BANKRUPTCY ON 12/17/2012. ON APRIL 1,2014, EME WAS ACQUIRED BY NRG; ALL MONETARY DEFAULTS WERE CURED AT CLOSING WITH NO CHANGE TO HOLDINGS’ STATED EQUITY VALUE. 111 Merchant Energy Leases NRG REMA Keystone, Conemaugh & Shawville (PA) 3 coal-fired plants (1,162 equity MW) $345 NRG Energy/Midwest Gen ** Powerton & Joliet Generating Stations (IL) 2 coal-fired generating facilities (1,640 equity MW) $218 Regulated Energy Leases Merrill Creek Reservoir in NJ (PECO, MetEd, Delmarva Power & Light) $195 Grand Gulf Nuclear station in Mississippi (175 equity MW) Real Estate Leveraged Leases GM Renaissance Center; Wal-Marts; E-D (shopping) Centers $73 Real Estate Operating Leases Office Towers, Shopping Centers - 28 properties $57 Generation Legacy Assets GWF (in wind down stage), Bridgewater, GSOE $4 Other Land & Receivables $7 Total Holdings Investments $899 Equipment Investment Balance * at 6/30/14 ($millions) |
 Items Excluded from Income from Continuing Operations/Net Income 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. Includes the financial impact from positions with forward delivery months. A 2013 2012 2011 2010 2009 2008 Earnings Impact ($ Millions) Operating Earnings 1,309 $ 1,236 $ 1,389 $ 1,584 $ 1,567 $ 1,478 $ Gain (Loss) on Nuclear Decommissioning Trust (NDT) Fund Related Activity (PSEG Power) 40 52 50 46 9 (71) Gain (Loss) on Mark-to-Market (MTM) (a) (PSEG Power) (74) (10) 107 (1) (11) 14 Lease Transaction Activity (PSEG Enterprise/Other) - 36 (173) - 29 (490) Storm O&M (PSEG Power) (32) (39) - - - - Market Transition Charge Refund (PSE&G) - - - (72) - - Gain (Loss) on Asset Sales and Impairments (PSEG Enterprise/Other) - - 34 - - (13) Income from Continuing Operations 1,243 $ 1,275 $ 1,407 $ 1,557 $ 1,594 $ 918 $ Discontinued Operations - - 96 7 (2) 270 Net Income 1,243 $ 1,275 $ 1,503 $ 1,564 $ 1,592 $ 1,188 $ Fully Diluted Average Shares Outstanding (in Millions) 508 507 507 507 507 508 Per Share Impact (Diluted) Operating Earnings 2.58 $ 2.44 $ 2.74 $ 3.12 $ 3.09 $ 2.91 $ Gain (Loss) on NDT Fund Related Activity (PSEG Power) 0.08 0.10 0.10 0.09 0.02 (0.14) Gain (Loss) on MTM (a) (PSEG Power) (0.14) (0.02) 0.21 - (0.02) 0.03 Lease Transaction Activity (PSEG Enterprise/Other) - 0.07 (0.34) - 0.05 (0.96) Storm O&M (PSEG Power) (0.07) (0.08) - - - - Market Transition Charge Refund (PSE&G) - - - (0.14) - - Gain (Loss) on Asset Sales and Impairments (PSEG Enterprise/Other) - - 0.06 - - (0.03) Income from Continuing Operations 2.45 $ 2.51 $ 2.77 $ 3.07 $ 3.14 $ 1.81 $ Discontinued Operations - - 0.19 0.01 - 0.53 Net Income 2.45 $ 2.51 $ 2.96 $ 3.08 $ 3.14 $ 2.34 $ For the Year Ended December 31, (Unaudited) PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED Reconciling Items, net of tax (a) |
 Items Excluded from Income from Continuing Operations/Net Income 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. B 2014 2013 2014 2013 2013 2012 Earnings Impact ($ Millions) Operating Earnings 245 $ 243 $ 760 $ 676 $ 1,309 $ 1,236 $ Gain (Loss) on Nuclear Decommissioning Trust (NDT) Fund Related Activity (PSEG Power) 14 8 23 17 40 52 Gain (Loss) on Mark-to-Market (MTM) (a) (PSEG Power) (42) 80 (174) (25) (74) (10) Lease Related Activity (PSEG Enterprise/Other) - - - - - 36 Storm O&M, net of insurance recoveries (PSEG Power) (5) 2 (11) (15) (32) (39) Net Income 212 $ 333 $ 598 $ 653 $ 1,243 $ 1,275 $ Fully Diluted Average Shares Outstanding (in Millions) 508 507 508 507 508 507 Per Share Impact (Diluted) Operating Earnings 0.49 $ 0.48 $ 1.50 $ 1.33 $ 2.58 $ 2.44 $ Gain (Loss) on NDT Fund Related Activity (PSEG Power) 0.02 0.02 0.04 0.04 0.08 0.10 Gain (Loss) on MTM (a) (PSEG Power) (0.08) 0.16 (0.34) (0.05) (0.14) (0.02) Lease Related Activity (PSEG Enterprise/Other) - - - - - 0.07 Storm O&M, net of insurance recoveries (PSEG Power) (0.01) - (0.02) (0.03) (0.07) (0.08) Net Income 0.42 $ 0.66 $ 1.18 $ 1.29 $ 2.45 $ 2.51 $ (a) Includes the financial impact from positions with forward delivery months. June 30, June 30, December 31, (Unaudited) PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED Reconciling Items, net of tax Three Months Ended Six Months Ended Year Ended |