<Page>
EXHIBIT 12d
PSEG ENERGY HOLDINGS LLC
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
For the Years Ended
December 31,
--------------------------------------
2003 2002 2001 2000 1999
----- ------ ----- ----- -----
(Millions, except ratios)
Earnings as Defined in Regulation S-K (A):
Pre-tax Income (Loss) from
Continuing Operations $ 261 $ (365) $ 237 $ 183 $ 153
Loss/(Income) from Equity Investees,
Net of Distributions 60 (2) (59) (16) 10
Fixed Charges 230 231 199 161 108
Capitalized Interest (11) (12) (13) (21) (6)
----- ------ ----- ----- -----
Earnings (Loss) $ 540 $ (148) $ 364 $ 307 $ 265
===== ====== ===== ===== =====
Fixed Charges as Defined in Regulation S-K (B)
Interest Expense $ 229 $ 229 $ 196 $ 158 $ 105
Interest Factor in Rentals 1 2 3 3 3
----- ------ ----- ----- -----
Total Fixed Charges $ 230 $ 231 $ 199 $ 161 $ 108
===== ====== ===== ===== =====
Ratio of Earnings to Fixed Charges (C) 2.35 (0.64) 1.83 1.91 2.45
===== ====== ===== ===== =====
(A) The term "earnings" is defined as pretax income from continuing operations
before income or loss from equity investees plus distributed income from
equity investees. 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 (c) an estimate of
interest implicit in rentals.
(C) The ratio of earnings to fixed charges for the year ended December 31,
2002, was (0.64), as noted above, which represents a deficiency of $379
million.