Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - PUBLIC SERVICE ENTERPRISE GROUP INC | d678850d8k.htm |
| EX-99 - EX-99 - PUBLIC SERVICE ENTERPRISE GROUP INC | d678850dex99.htm |
 Public Service Enterprise Group
PSEG Earnings Conference Call
4
th
Quarter & Year-end 2013
February 20, 2014
EXHIBIT 99.1 |
 1
Forward-Looking Statement
Certain
of
the
matters
discussed
in
this
communication
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:
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.
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 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 balance our energy obligations, available supply and
risks,
• 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 coverage or recover proceeds of insurance
with respect to such events, •
cybersecurity attacks or intrusions could adversely impact our businesses,
• Increases in competition in energy supply markets as well as
competition from 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, and
• changes in technology, such as distributed generation and micro grids,
and including in our leveraged leases, greater
reliance on these technologies and changes in customer behaviors,
including energy efficiency, net metering and demand response. |
 2
GAAP Disclaimer
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. Slide 35 at the end of this presentation
includes a list of items excluded from 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. |
 PSEG
2013 Q4 and Full Year Review
Ralph Izzo
Chairman, President and Chief Executive Officer |
 4
Q4 Earnings Summary –
Strong finish to 2013
Quarter ended December 31
* See Slide 35 for Items excluded from Net Income to reconcile to Operating
Earnings. $ millions (except EPS)
2013
2012
Operating Earnings
$ 248
$ 207
Reconciling Items, Net of Tax
(48)
17
Net Income
$ 200
$ 224
EPS from Operating Earnings*
$ 0.49
$ 0.41 |
 5
Full-year Earnings Summary –
EPS exceeded guidance
Twelve Months ended December 31
* See Slide 35 for Items excluded from Net Income to reconcile to Operating
Earnings. $ millions (except EPS)
2013
2012
Operating Earnings
$ 1,309
$ 1,236
Reconciling Items, Net of Tax
(66)
39
Net Income
$ 1,243
$ 1,275
EPS from Operating Earnings*
$ 2.58
$ 2.44 |
 6
PSEG –
2013 Highlights
Strong 2013 financial performance –
exceeded guidance
Achieved operating earnings of $2.58 per share compared to $2.44
per
share in 2012, up 5.7%
PSE&G posted double digit earnings growth, representing 47% of
consolidated operating earnings with the growth in transmission investment
Power’s operating earnings exceeded high end of guidance
Continued operational excellence
Power set record output at Linden CCGT and Salem 2 nuclear
PSE&G’s control of O&M supported results
PSE&G and Power successfully responded to record summer and winter
demand, while our customers have benefitted from savings in gas costs
PSE&G recognized for the 12th consecutive year as the Mid-Atlantic
region’s most reliable electric utility
Disciplined capital investment –
producing results
Five
major
transmission
projects
in
construction
–
on
schedule
and
on
budget
New PJM transmission projects add to utility rate base growth beyond 2015
Power adding 150 MWs through uprates at CCGTs
S&P ratings upgrades for Power (BBB+), PSE&G (A) and PSEG (BBB+);
Moody’s recently upgraded PSE&G’s senior secured rating to Aa3
|
 PSE&G Energy Strong Proposal --
Update
7
Multi-year, $2.6 Billion Infrastructure Program filed with the NJBPU
to strengthen PSE&G’s electric and gas system focusing on
hardening and resiliency
PSE&G’s Infrastructure proposal includes:
Over 90 NJ municipalities, including 9 county governments, have
passed resolutions supporting PSE&G’s Energy Strong proposal
Proposed filing creates ~5,800 jobs and stimulates economic
activity for New Jersey businesses
Protecting 29 utility installations from severe storms Making the
electric grid smarter and easier to repair
Adding backup distribution lines and system redundancies Undergrounding
20 miles of overhead distribution lines
Modernizing the gas distribution system |
 PSEG
Annual
Dividend
–
Increased
2.8%
A long history of returning cash to shareholders combined with
opportunity for consistent, sustainable growth
Payout
Ratio
70%
63%
66%
43%
44%
43%
44%
50%
58%
56%
56%*
5-year Rate of Growth 2.2%
10-year Rate of Growth 3.0%
PSEG Annual Dividend Rate
*2014 PAYOUT RATIO REFLECTS THE MIDPOINT OF 2014 OPERATING EARNINGS GUIDANCE OF
$2.55-2.75 PER SHARE. **INDICATED ANNUAL RATE.
8
$1.10
$1.12
$1.14
$1.17
$1.29
$1.33
$1.37
$1.37
$1.42
$1.44
$1.48
**
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014 |
 9
$2.55 -
$2.75E
PSEG
2014
Guidance
–
Building
on
Success
$2.44
* See Slide 35 for Items excluded from Net Income to reconcile to Operating
Earnings. E = Estimate.
$2.58
2014 guidance reflects increased level of investment,
pension savings and assumes normal weather and unit operations
2012 Operating Earnings*
2013 Operating Earnings*
2014 Operating Earnings Guidance |
 PSEG
2013 Q4 Operating Company Review
Caroline Dorsa
EVP and Chief Financial Officer |
 11
Q4 Operating Earnings by Subsidiary
Quarter ended December 31
* See Slide 35 for Items excluded from Net Income to reconcile to Operating
Earnings. Operating Earnings
Earnings per Share
$ millions (except EPS)
2013
2012
2013
2012
PSEG Power
$ 115
$ 126
$ 0.23
$ 0.25
PSE&G
144
75
0.29
0.15
PSEG Enterprise/Other
(11)
6
(0.03)
0.01
Operating Earnings*
$ 248
$ 207
$ 0.49
$ 0.41 |
 12
PSEG
EPS
Reconciliation
–
Q4
2013
versus
Q4
2012
Higher Capacity 0.10
Market Pricing and
Lower Supply Costs 0.02
Higher Volume 0.01
Lower Hedge Pricing (0.09)
O&M (0.08)
Other 0.02
Transmission 0.04
O&M (Distribution) 0.04
Taxes 0.04
Demand &
Weather 0.01
Other 0.01
Q4 2013
Operating
Earnings*
Q4 2012
Operating
Earnings*
PSEG Power**
PSE&G**
PSEG
Enterprise/
Other
Tax Adjustment (0.03)
Asset Sales
and Other (0.01)
$0.41
0.14
$0.49
(0.02)
(0.04)
0.00
0.10
0.20
0.30
0.40
0.50
0.60
* See Slide 35 for Items excluded from Net Income to reconcile to Operating Earnings.
** Prior quarter results for reconciling items may not add to year-to-date (YTD) totals due to
rounding. |
 13
Strong Full-year Operating Earnings Delivered
Twelve Months ended
December 31
•See Slide 35 for Items excluded from Net Income to reconcile to Operating
Earnings. Operating Earnings
Earnings per Share
$ millions (except EPS)
2013
2012
2013
2012
PSEG Power
$ 710
$ 663
$ 1.40
$ 1.31
PSE&G
612
528
1.21
1.04
PSEG Enterprise/Other
(13)
45
(0.03)
0.09
Operating Earnings*
$ 1,309
$ 1,236
$ 2.58
$ 2.44 |
 14
$2.44
0.09
0.17
$2.58
(0.12)
0.00
0.50
1.00
1.50
2.00
2.50
3.00
PSEG EPS Reconciliation –
Full-year 2013 versus
Full-year 2012
Higher Capacity 0.34
Market Pricing and Lower
Supply Costs 0.05
Gas Send-out and Fixed
Cost Recovery 0.05
Higher Volume 0.02
Lower Hedge
Pricing (0.25)
O&M (0.13)
Other 0.01
Transmission 0.14
Renewables
and CIP 0.02
O&M (Distribution)
0.02
Other 0.02
D&A (0.01)
Higher Taxes (0.02)
2013
Operating
Earnings*
2012
Operating
Earnings*
PSEG Power**
PSE&G**
PSEG
Enterprise/
Other
Absence of Tax
Settlement (0.07)
Tax Adjustment
(0.03)
Asset Sales and
Other (0.02)
* See
Slide
35
for
Items
excluded
from
Net
Income
to
reconcile
to
Operating
Earnings.
** Prior quarter results for reconciling items may not add to year-to-date
(YTD) totals due to rounding. |
 PSEG
Power 2013 Q4 Review |
 16
PSEG Power –
Q4 EPS Summary
* See Slide 35 for Items excluded from Net Income to reconcile to Operating
Earnings. **Includes the financial impact from Mark-to-Market
positions with forward delivery months. $ millions (except EPS)
Q4 2013
Q4 2012
Variance
Operating Revenues
$ 1,245
$ 1,282
$ (37)
Operating Earnings
$ 115
$ 126
$ (11)
Pro Forma Adjustments,
Net of Tax**
(48)
(13)
(35)
Net Income
$ 67
$ 113
$ (46)
EPS from Operating Earnings*
$ 0.23
$ 0.25
$ (0.02) |
 17
$0.25
0.04
$0.23
(0.06)
0.00
0.05
0.10
0.15
0.20
0.25
0.30
0.35
Higher Capacity 0.10
Market Pricing and
Lower Supply Costs 0.02
Higher Volume 0.01
Lower Hedge Pricing (0.09)
PSEG Power EPS Reconciliation –
Q4 2013 versus Q4 2012
Q4 2013
Operating
Earnings*
Q4 2012
Operating
Earnings*
Higher O&M
(0.08)
Other 0.02
* See Slide 35 for Items excluded from Net Income to reconcile to Operating
Earnings. |
 18
Quarter
ended
December
31
Total Nuclear
Total Coal*
Oil & Natural Gas
* Includes figures for Pumped Storage. Includes Hudson and Mercer when run on gas.
PSEG
Power
–
Generation
(GWh)
11,744
12,471
Quarter
ended
December
31
PSEG
Power
–
Capacity
Factors
(%)
2012
2013
Combined Cycle
PJM and NY
45.3%
53.1%
Coal*
NJ (Coal/Gas)
1.3%
3.2%
PA
64.0%
87.3%
CT
2.9%
29.1%
Nuclear
87.3%
81.7%
7,169
6,712
1,122
1,797
3,453
3,962
0
7,500
15,000
2012
2013
PSEG Power – Q4 Generation Measures – Volume up 6.2%
|
 19
29,773
29,495
5,777
7,323
16,961
16,640
0
10,000
20,000
30,000
40,000
50,000
60,000
2012
2013
Twelve
months
ended
December
31
Total Nuclear
Total Coal*
Oil & Natural Gas
* Includes figures for Pumped Storage. Includes Hudson and Mercer when run on
gas. PSEG
Power
–
Generation
(GWh)
52,511
53,458
Twelve
months
ended
December
31
PSEG
Power
–
Capacity
Factors
(%)
2012
2013
Combined Cycle
PJM and NY
56.5%
56.0%
Coal*
NJ (Coal/Gas)
10.9%
11.3%
PA
67.5%
81.4%
CT
2.9%
19.7%
Nuclear
91.1%
90.3%
PSEG Power – Full-Year Generation Measures – Volume up 1.8%
|
 20
PSEG Power –
Fuel Costs
Quarter ended December 31
($ millions)
2012
2013
Coal
32.8
47.3
Oil & Gas
117.6
134.9
Total Fossil
150.4
182.2
Nuclear
50.9
53.6
Total Fuel Cost
201.3
235.8
Total Generation
(GWh)
11,744
12,471
$ / MWh
17.14
18.91
PSEG Power –
Fuel Costs
Twelve months ended
December 31
Coal
Oil & Gas
Total Fossil
Nuclear
Total Fuel Cost
1027.7
Total Generation
(GWh)
52,511
53,458
2012
175.1
525.5
700.6
201.6
902.2
2013
188.7
618.8
807.5
220.2
17.18
19.22
$ / MWh
($ millions) |
 21
PSEG Power –
Gross Margin Performance
$0
$10
$20
$30
$40
$50
$60
2011
2012
2013
$0
$10
$20
$30
$40
$50
$60
2011
2012
2013
$49
$46
Quarter ended
December 31
Twelve Months ended
December 31
$52
$45
Margins benefit from higher capacity pricing through mid-2014
Higher year-over-year spot market prices throughout 2013
Lower cost Marcellus gas continued to benefit fuel cost savings in Q4
PSEG Power Gross Margin ($/MWh)
$46
$47
Regional Performance
Region
2013 Gross
Margin ($M)
2013 Performance
PJM
$2,392
Decline in hedged energy prices
offset by higher capacity prices,
improved spark spreads, increased
volume and improved market pricing
on open position for the year.
New
England
$78
Favorable pricing and generation.
New York
$48
Major maintenance outage limited
production during Q3. |
 22
Full Requirements Component
Capacity Markets/RPM
Growing Renewable Energy/Transmission
Component for Market Risk
Market Perspective –
2014 BGS Auction Results
…
reflects an increase from the prior year driven primarily by transmission costs
Note: BGS prices reflect PSE&G Zone; results from the 2012-2014 auctions
will be the new blended prices beginning June 1, 2014. Three-Year
Average Round the Clock
PJM West Forward
Energy Price
Capacity
Load shape
Transmission
Congestion
Ancillary services
Risk premium
Green
$97.39
~ $47
$95.77
$94.30
~ $48
~ $46
~ $53
$83.88
~
$59
$92.18
$45
-
$47
$37
-
$38
$39
-
$40
$48
-
$50
$38
-
$39
2010
2011
2012
2013
2014 |
 23
Hedging Update…
Contracted Energy*
*
Hedge percentages and prices as of February 11, 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.
2014
2015
2016
Volume TWh
35
35
35
Base Load
% Hedged
100%
75-80%
30-35%
(Nuclear and Base Load Coal)
Price $/MWh
$48
$51
$53
Volume TWh
20
19
19
Intermediate Coal, Combined
% Hedged
35-40%
0%
0%
Cycle, Peaking
Price $/MWh
$48
$51
$53
Volume TWh
53-55
53-55
53-55
Total
% Hedged
75-80%
45-55%
20-30%
Price $/MWh
$48
$51
$53 |
 24
PSEG Power –
Q4 2013 Operating Highlights
Q4 output up 6.2% from Q4 2012, with absence of Sandy outages, strong
performance at Salem station and Peach Bottom 2 and Linden CCGT
Nuclear capacity factor of 90.3% for 2013; record generation at Salem 2
Major CCGT maintenance at BEC; began CCGT upgrades
Hope Creek and Peach Bottom 3 refuelings in Q4
Operations
Regulatory and Market
Environment
Financial
2014 BGS auction priced higher at $97.39/MWh vs. $92.18/MWh in 2013 and
$83.88 in 2012 for the PSE&G contract
2014 anticipated base load output hedged at an average price of $48 MWh
2014 BGS load projected at 11 TWhs
Power markets adjusting to heightened volatility, winter peak demand, less
liquidity Power’s total debt as a percentage of capitalization at
year-end was 31% |
 PSE&G
2013 Q4 Review |
 26
PSE&G –
Q4 Earnings Summary
* See Slide 35 for Items excluded from Net Income to reconcile to Operating
Earnings. $ millions (except EPS)
Q4 2013
Q4 2012
Variance
Operating Revenues
$ 1,571
$ 1,597
$ (26)
Operating Expenses
Energy Costs
633
779
(146)
Operation & Maintenance
435
416
19
Depreciation & Amortization
214
183
31
Taxes Other than Income Taxes
18
26
(8)
Total Operating Expenses
1,300
1,404
(104)
Operating Earnings / Net Income
$ 144
$ 75
$ 69
EPS from Operating Earnings
$ 0.29
$ 0.15
$ 0.14 |
 $0.15
0.05
0.04
0.05
$0.29
0.00
0.05
0.10
0.15
0.20
0.25
0.30
0.35
27
PSE&G EPS Reconciliation –
Q4 2013
versus Q4 2012
Q4 2013
Operating
Earnings*
Q4 2012
Operating
Earnings*
Transmission
Margin 0.04
Demand and
Weather 0.01
O&M
(Distribution)
Taxes 0.04
Other 0.01
* See Slide 35 for Items excluded from Net Income to reconcile to Operating
Earnings. |
 28
PSE&G –
Q4 Operating Highlights
Construction
of
5
major
transmission
lines
continues
on
schedule
and
on
budget
PJM assigned the “Double Circuit”
project to PSE&G to enhance reliability of the
Bergen-Linden line to 345-kV; expected in service date is June 2018
Annual FERC formula rate revenue increase of $171 million effective January 1,
2014 BPU continues to review Energy Strong infrastructure proposal
PSE&G recognized for the 12th consecutive year as the Mid-Atlantic
region’s most reliable electric utility; specifically recognized by EEI
for excellence in its storm response during Sandy PSE&G earned its
authorized return in 2013 Moody’s recently upgraded PSE&G’s
senior secured debt rating to Aa3 Operations
Regulatory and Market
Environment
Financial
Q4 weather slightly colder vs. Q4 2012 and normal: Heating degree days
5.2% above Q4 2012 and 3.5% higher vs. normal weather
Absence of Sandy costs
Electric & Gas demand and volume up (weather adjusted) over Q4 2012
|
 PSEG
Enterprise/Other 2013 Q4 Review |
 30
PSEG Enterprise/Other –
Q4 Earnings Summary
* See Slide 35 for Items excluded from Net Income to reconcile to Operating
Earnings. $ millions (except EPS)
Q4 2013
Q4 2012
Variance
Operating Earnings
$ (11)
$ 6
$ (17)
Lease Transaction Activity
-
30
(30)
Net Income
$ (11)
$ 36
$ (47)
EPS from Operating Earnings*
$ (0.03)
$ 0.01
$ (0.04) |
 PSEG |
 32
PSEG Financial Highlights
Introducing
2014
operating
earnings
guidance
of
$2.55
-
$2.75
per
share
Focused on maintaining operating efficiency and customer reliability
PSE&G expected to provide over 50% of 2014 operating earnings
Energy Strong infrastructure proposal remains under consideration:
First 5-year request to invest $2.6 billion to strengthen resiliency of
PSE&G’s distribution infrastructure
Executing existing transmission capital spending program on schedule
and pursuing new RTEP, FERC 1000, and 345 kV projects
Financial position remains strong:
Positive cash from Power and increasing cash flow from operations at
PSE&G supports dividend growth and funds capital spending program
without the need to issue equity
Debt as a percentage of capitalization was 42% at December 31, 2013
Increased common dividend 2.8% to indicative annual rate of $1.48 per share
Increasing regulated earnings mix supports growing dividend
|
 33
PSEG 2014 Operating Earnings Guidance -
By Subsidiary
$ millions (except EPS)
2014E
2013
2012
PSE&G
$705
–
$ 745
$612
$528
PSEG Power
$550
–
$610
$710
$663
PSEG Enterprise/Other
$35
–
$40
$(13)
$45
Operating Earnings*
$1,290
–
$1,395
$1,309
$1,236
Earnings per Share
$2.55
–
$2.75
$2.58
$2.44
* See Slide 35 for Items excluded from Net Income to reconcile to Operating
Earnings. E = Estimate. |
 Expiration
Total
Available
Company
Facility
Date
Facility
Usage
Liquidity
($Millions)
PSE&G
5-year Credit Facility
Mar-18
$600
1
$73
$527
5-Year Credit Facility (Power)
Mar-17
$1,600
$70
$1,530
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)
Mar-17
$500
$8
$492
5-year Credit Facility (PSEG)
Mar-18
$500
3
$0
$500
Total
$4,300
$4,049
1
PSE&G Facility to be reduced by $29M on April 15, 2016
$439
2
Power Facility to be reduced by $48M on April 15, 2016
*PSE&G ST Investment
$0
3
PSEG Facility to be reduced by $23M on April 15, 2016
$4,488
Total Parent / Power Liquidity
$3,961
PSEG /
Power
*PSEG Money Pool ST Investment
PSEG Liquidity as of December 31, 2013
34
Total Liquidity Available |
 35
Items
Excluded
from
Net
income
to
Reconcile
to
Operating
Earnings
Please see Slide 2 for an explanation of PSEG’s use of Operating Earnings as a
non-GAAP financial measure and how it differs from Net Income.
2013
2012
2013
2012
Earnings Impact ($ Millions)
Operating Earnings
248
$
207
$
1,309
$
1,236
$
Gain (Loss) on Nuclear Decommissioning Trust (NDT)
Fund Related Activity (PSEG Power)
11
3
40
52
(52)
23
(74)
(10)
Lease Related Activity (PSEG Energy Holdings)
-
30
-
36
Storm O&M, net of insurance recoveries (PSEG Power)
(7)
(39)
(32)
(39)
Net Income
200
$
224
$
1,243
$
1,275
$
Fully Diluted Average Shares Outstanding (in Millions)
508
507
508
507
Per Share Impact (Diluted)
Operating Earnings
0.49
$
0.41
$
2.58
$
2.44
$
Gain (Loss) on NDT Fund Related Activity (PSEG Power)
0.02
-
0.08
0.10
(0.11)
0.05
(0.14)
(0.02)
Lease Related Activity (PSEG Energy Holdings)
-
0.06
-
0.07
Storm O&M, net of insurance recoveries (PSEG Power)
(0.01)
(0.08)
(0.07)
(0.08)
Net Income
0.39
$
0.44
$
2.45
$
2.51
$
(a) Includes the financial impact from positions with forward delivery
months. December 31,
December 31,
Reconciling Items, net of tax
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
(Unaudited)
Three Months Ended
Year Ended
Gain (Loss) on Mark-to-Market (MTM) Gain (Loss) on MTM
(a)
(a)
(PSEG Power)
(PSEG Power) |