 Forward-Looking Statement 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, capacity market design, transmission planning and cost allocation rules, including how transmission projects are 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. Exhibit 99 |
 GAAP Disclaimer These materials and other financial releases can be found on the pseg.com website under the investor tab, or at http://investor.pseg.com/ PSEG presents Operating Earnings in addition to its Net Income reported in accordance with accounting principles generally accepted in the United States (GAAP). Operating Earnings is a non-GAAP financial measure that differs from Net Income because it excludes gains or losses associated with Nuclear Decommissioning Trust (NDT), Mark-to-Market (MTM) accounting, and other material one-time items. PSEG presents Operating Earnings because management believes that it is appropriate for investors to consider results excluding these items in addition to the results reported in accordance with GAAP. PSEG believes that the non-GAAP financial measure of Operating Earnings provides a consistent and comparable measure of performance of its businesses to help shareholders understand performance trends. This information is not intended to be viewed as an alternative to GAAP information. The last slides in this presentation include a list of items excluded from Net Income to reconcile to Operating Earnings, with a reference to those slides included on each of the slides where the non-GAAP information appears. 3 |
 Delivering on commitments and pursuing opportunities for growth Operational Excellence • Power: Record 2013 output at Linden CCGT and Salem 2; nuclear capacity factor greater than 90% for 9 straight year • PSE&G: Mid-Atlantic Reliability Award (12 consecutive year) • PSEG Long Island: Went “live” on January 1, 2014 • PSEG: Cost-control benefits continue Financial Strength • Strong cash flows supported credit rating increases • Pension fully funded • Dividend increased Disciplined Investment • PSE&G Transmission capital program execution and growth Energy Strong infrastructure program underway Solar 4 All Extension and Solar Loan III programs • Power: Investments to enhance the fleet’s competitiveness – 130 MW Nuclear uprate, 150 MW CCGT uprate and efficiency improvement 7 th th |
 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 $2.60 - $2.75E $3.12 $2.74 $3.09 8 2009 2010 2011 2012 2013 2014E** |
 PSEG – Year to Date 2014 Highlights Operating Earnings YTD up 9% to $2.27 per share from $2.09 for YTD 2013 PSE&G on track to record double-digit growth in earnings on expanded capital investment program PSEG Power expected to earn at upper level of expectations for the full year Narrowed 2014 full–year, operating earnings guidance to $2.60-$2.75 per share, from $2.55-$2.75 per share prior Executing on our capital program Replacement of PSE&G’s gas cast-iron pipe underway as part of $1.22 billion Energy Strong capital program Major transmission projects under $6.8 billion capital program are on-time and on-budget Market developments PJM proposed changes to its Reliability Price Mechanism, Demand Curve Adjustment and pending Demand Response (DR) issues supportive of price formation 13 |
 SEE SLIDE A FOR ITEMS EXCLUDED FROM INCOME FROM CONTINUING OPERATIONS/NET INCOME TO RECONCILE TO OPERATING EARNINGS. E = ESTIMATE. $2.44 $2.58 $2.60 - $2.75E 2014 operating earnings guidance narrowed; forecast full-year at upper end of range, assuming normal weather and unit operations for rest of year PSEG – 2014 Another Year of Growth 14 2014 Guidance 2013 2012 |
 Investment opportunities exceeding $1 billion Focused on providing our customers with access to low-cost gas and cost-effective technologies that reduce emissions as they also improve system reliability Potential Investment Description Amount Bridgeport Harbor Station New 450 MW CCGT Unit $500 -- $700 PSEG -- Long Island Utility 2.0 Energy Efficiency Filing $200 -- $345 Artificial Island FERC 1000 Project* $250 -- $300 PennEast Pipeline Equity Interest $100 -- $120 PSE&G Energy Efficiency Program Extension $100 -- $100 Total $1,150-$1,565 *Artificial Island Project includes amount for related compensator which has been assigned to PSE&G. 16 |
 PSEG Annual Dividend – A long history of growth and returning cash to shareholders with a financial position that provides opportunity for consistent and sustained growth Payout Ratio 70% 63% 66% 43% 44% 43% 44% 50% 58% 56% 55%** PSEG Annual Dividend Rate *INDICATED ANNUAL RATE. **2014 PAYOUT RATIO REFLECTS THE MIDPOINT OF OPERATING EARNINGS GUIDANCE. E=ESTIMATE 10-YEAR COMPOUND ANNUAL RATE OF GROWTH 3.0% 17 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014E |
 PSE&G’s 2014 operating earnings to benefit from increased investment in transmission and on-going cost control 42 PSE&G Operating Earnings* ($ Millions) 2012 2013 2014 Guidance E=ESTIMATE *SEE SLIDE A FOR ITEMS EXCLUDED FROM NET INCOME TO RECONCILE TO OPERATING EARNINGS. |
 PSEG Long Island commenced operations on January 1, 2014 Key elements of Operating Services Agreement Increased PSEG scope and control Performance metrics NY Department of Public Service oversight Utility 2.0 – Expanded program filed ~$345 million Use of PSEG brand as PSEG Long Island 3-Year rate freeze (2013-2015) Early performance Successful transition to PSEG Long Island Improved stakeholder communications Achieving reliability and customer satisfaction metrics 45 |
 PSEG Power Nuclear is a critical element of our success 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 – Spring 2016 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 – Spring 2016 Unit 3 – Fall 2015 • Uprate: 130 MW (PS Share) Unit 2 - 2015/Unit 3 - 2016 55 |
 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 Thin film panels – fixed tilt Investment $45 million 20 year PPA with AEP JEA Florida (15 MW) COD September 2010 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 Year-End 2014E Polycrystalline - single axis tracker Investment $22 million 30 year PPA with El Paso Electric Whitcomb Vermont (4 MW) COD October 2014 Polycrystalline - single axis tracker Investment $10 million 25 year PPA with VT Electric Power Producers, Inc. *PROJECT SIZE IN MEGAWATTS SHOWN IN DC (DIRECT CURRENT). E=ESTIMATE 64 |
 Industry infrastructure build through 2018 to meet demand growth New England 1.4 bcf/d Southeast 6.5 bcf/d Midwest 2.3 bcf/d Gulf Coast 2.8 bcf/d New investment will increase pipeline takeaway capacity from low-cost Marcellus and Utica shale basins to meet demand in the South and Midwest NJ/NY 1.4 bcf/d 72 |
 Sustainable Advantage: Forward power curves indicate PSEG Zone retains premium price * MARKET AS OF OCTOBER 22, 2014. SOURCE: ICE/BROKER QUOTES. Monthly Power Price Summary* Growing importance of the winter peak has influenced PJM reliability planning … with supportive implications for price formation 73 |
 Oct-Dec 2014 2015 2016 Volume TWh 8 36 36 Base Load % Hedged 100% 100% 55-60% (Nuclear and Base Load Coal) Price $/MWh $49 $50 $49 Volume TWh 5 21 21 Intermediate Coal, Combined % Hedged 50-55% 5-10% 0% Cycle, Peaking Price $/MWh $49 $50 $49 Volume TWh 13 55-57 55-57 Total % Hedged 80-85% 65-70% 35-40% Price $/MWh $49 $50 $49 Sustainable Advantage: Hedging strategy designed to protect gross margin while leveraging the portfolio 78 HEDGE PERCENTAGES AND PRICES AS OF SEPTEMBER 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. |
 PJM Capacity Performance Proposal: aims to increase electric supply reliability Capacity performance (CP) proposal places emphasis on reliability given observed outages during times of extreme weather stress and anticipated retirements; Imposition of higher penalty structure to encourage availability Elimination of 2.5% holdback, making all capacity resources annual products, net CONE bidding safe harbor, and the change in the demand curve (VRR) support price formation and improve resource adequacy Generator availability/flexibility is key objective for units with secure fuel supply capable of meeting operating standards 80 |
 In 2013, PSE&G invested over $2B, using $1.4B of internally generated cash flow and debt, while maintaining its capital structure 85 PSE&G Cash from Ops (1) ~$1.4B PSE&G Capital Investment ~$2.2B Cash ~$0.1B PSE&G 2013 Cash Flows PSE&G Net Debt ~$0.6B Parent Capital Contribution ~$0.1B (1) PSE&G CASH FROM OPERATIONS ADJUSTS FOR SECURITIZATION PRINCIPAL REPAYMENTS OF ~$220 MILLION. |
 Improving Operating Earnings and increased contribution from PSE&G PSEG Operating Earnings $ Millions (except EPS) 2012 2013 2014E PSE&G $528 $612 $710 - $745 PSEG Power $663 $710 $575 - $610 Enterprise/Other $45 ($13) $35 - $40 Operating Earnings* $1,236 $1,309 $1,320 - $1,395 Operating EPS* $2.44 $2.58 $2.60 - $2.75 Regulated % of Earnings 43% 47% 53% - 54% *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 |
 PSE&G EPS Annual Dividend Per Share (10 YEAR HISTORICAL CAGR ~3%) (1) THE 2014 PAYOUT RATIO IS BASED ON THE MIDPOINT OF PSEG'S 2014 OPERATING EARNINGS GUIDANCE OF $2.60-$2.75E PER SHARE. SEE SLIDE A FOR ITEMS EXCLUDED FROM INCOME FROM CONTINUING OPERATIONS/NET INCOME TO RECONCILE TO OPERATING EARNINGS. Opportunity for consistent and sustainable dividend growth supported by strong cash flow from both businesses 2.8% increase Payout Ratio 43% 44% 50% 58% 56% 55% ( 1) E = ESTIMATE 94 |
 September 30, 2014 $ Billions PSEG PSE&G Power Cash and Cash Equivalents $0.7 $0.3 $0.0 Short Term Debt $0.0 $0.0 N/A Long Term Debt (2) 8.6 6.1 2.5 Common Equity 12.1 6.6 5.5 Total Capitalization $20.7 $12.7 $8.0 Total Debt / Capitalization 42% 48% 32% PSE&G Regulated Equity Ratio (1) 51.8% Our balance sheet remains strong (1) REGULATED EQUITY RATIO INCLUDES CUSTOMER DEPOSITS OF ~$97 MILLION AND EXCLUDES SHORT-TERM DEBT. (2) INCLUDES L-T DEBT DUE WITHIN 1 YEAR; EXCLUDES SECURITIZATION DEBT OF $326 MILLION AND NON-RECOURSE DEBT OF $16 MILLION. 108 |
 PSEG Energy Holdings Investment Portfolio Equipment Investment Balance* at 9/30/2014 ($ millions) 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) $197 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 $3 Other Land & Receivables $5 Total Holdings Investments $898 *BOOK BALANCE EXCLUDING DEFERRED TAX ACCOUNTS. **EME AND ITS SUBSIDIARIES FILED CHAPTER 11 BANKRUPTCY ON 12/17/2012. ON APRIL 1,2014, EME WAS ACQUIRED BY NRG; ALL MONETARY DEFAULTS WERE CURED AT CLOSING WITH NO CHANGE TO HOLDINGS’ STATED EQUITY VALUE. 110 |
 Items Excluded from Income from Continuing Operations/Net Income to Reconcile to Operating Earnings PLEASE SEE PAGE 3 FOR AN EXPLANATION OF PSEG’S USE OF OPERATING EARNINGS AS A NON-GAAP FINANCIAL MEASURE AND HOW IT DIFFERS FROM NET INCOME. 2013 2012 2011 2010 2009 2008 Earnings Impact ($ 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) (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 (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) Reconciling Items, net of tax (a) Includes the financial impact from positions with forward delivery months. A (a) (a) PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED |
 2014 2013 2014 2013 2013 2012 Earnings Impact ($ Millions) Operating Earnings 393 $ 385 $ 1,153 $ 1,061 $ 1,309 $ 1,236 $ Gain (Loss) on Nuclear Decommissioning Trust (NDT) Fund Related Activity (PSEG Power) 17 12 40 29 40 52 Gain (Loss) on Mark-to-Market (MTM) (a) (PSEG Power) 36 3 (138) (22) (74) (10) Lease Related Activity (PSEG Enterprise/Other) - - - - - 36 Storm O&M, net of insurance recoveries (PSEG Power) (2) (10) (13) (25) (32) (39) Net Income 444 $ 390 $ 1,042 $ 1,043 $ 1,243 $ 1,275 $ Fully Diluted Average Shares Outstanding (in Millions) 507 508 507 507 508 507 Per Share Impact (Diluted) Operating Earnings 0.77 $ 0.76 $ 2.27 $ 2.09 $ 2.58 $ 2.44 $ Gain (Loss) on NDT Fund Related Activity (PSEG Power) 0.04 0.02 0.08 0.06 0.08 0.10 Gain (Loss) on MTM (a) (PSEG Power) 0.07 0.01 (0.27) (0.04) (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) (0.05) (0.07) (0.08) Net Income 0.87 $ 0.77 $ 2.05 $ 2.06 $ 2.45 $ 2.51 $ (a) Includes the financial impact from positions with forward delivery months. September 30, September 30, December 31, (Unaudited) PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED Reconciling Items, net of tax Three Months Ended Nine Months Ended Year Ended Items Excluded from Income from Continuing Operations/Net Income to Reconcile to Operating Earnings B 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. |