Termination of Collins Lease During Quarter
Highlights Efforts To Improve Risk Profile
Results Support Initial 2004 EPS Guidance
of $3.60 to $3.80 Per Share From Continuing Operations
Company Continues To Face Challenges
of Capacity Overbuild and Volatile Energy Prices
NEWARK, N.J., April 29 /PRNewswire-FirstCall/ -- Public Service Enterprise
Group (PSEG) announced today (April 29, 2004) that earnings from continuing
operations and net income for the first quarter of 2004 were $271 million or
$1.14 per share of common stock, based on 239 million average shares
outstanding.
Comparatively, PSEG's earnings from continuing operations for the first
quarter of 2003 were $324 million or $1.43 per share of common stock, based on
226 million average shares outstanding. These earlier period results excluded
a below-the-line benefit of $370 million or $1.64 per share related to the
adoption of a new accounting standard for fossil and nuclear decommissioning
and also excluded charges of $13 million or 6 cents per share related to
discontinued operations. Net income, including these items, was $681 million
or $3.01 per share.
Attachments to this release provide a comparative summary of 2004 and 2003
results and other details about the quarterly results for PSEG and its
principal subsidiaries - Public Service Electric and Gas Co. (PSE&G), PSEG
Power and PSEG Energy Holdings.
E. James Ferland, chairman and chief executive officer of PSEG, said
first-quarter results reflected a solid performance by PSE&G, due primarily to
higher electric rates, which became effective last August 1 and represented
the first increase in more than a decade. However, Ferland said the benefit
of the rate increase in the quarter was more than offset by various factors
impacting both PSEG Power and PSEG Energy Holdings.
"Power's comparatively lower results were caused in large measure,"
Ferland explained, "by the absence of revenues from a market transition charge
collected from electric customers during a four-year period of industry
restructuring here in New Jersey. As expected, these revenues fell away last
August at the same time PSE&G's rate increase was implemented. Power's
results also reflected higher O&M costs at various electric generating
facilities and reduced basic generation service (BGS) margins due to lower
volumes and to the introduction of seasonal pricing last August."
PSEG Energy Holdings' quarterly results were lower than those of last
year's first quarter principally because the termination of PSEG Resources'
lease investment in the Collins generating facility in Illinois reduced
earnings on a one-time basis by about $17 million or 7 cents per share. Under
the terms of the lease termination, Resources received pre-tax proceeds of
about $184 million of cash or more than 92% of its investment in the facility,
which is operated by Midwest Generation LLC, an indirect subsidiary of Edison
Mission Energy (EME).
"Despite the modest loss of 7 cents per share, the lease termination
substantially reduced our risk exposure to EME, with which Resources has lease
investments in two other coal-fired Illinois generating facilities," Ferland
said. "This is consistent with our strategic objective to continuously improve
our overall risk profile."
Other significant developments in the first quarter included the
following:
* The New Jersey Board of Public Utilities held the third annual BGS
auction in February. PSE&G was successful in securing 12- and 36-month
contracts for the electric needs of their customers at very competitive
rates. This year, PSEG Power was a direct participant in the auction
and, combined with the results of prior BGS auctions and other
opportunities, has secured contracts for more than 75% of its expected
output over the next 18-24 months.
* In March, PSEG successfully completed a 4-year, $450 million credit
facility at PSEG and a 3-year, $600 million joint facility at PSEG and
PSEG Power. These new multi-year agreements substantially extended the
maturities and increased the capacity of PSEG's liquidity facilities to
$2.3 billion, of which approximately $1.9 billion was available at
March 31, 2004. "We were very pleased with the market's response to
these transactions, both of which were oversubscribed," Ferland said.
* Also in March, PSEG Power issued $250 million of 5-year and
$250 million of 10-year senior notes at rates of 3.75% and 5.00%,
respectively. The proceeds from these issuances, combined with cash on
hand, allowed PSEG Power to re-finance the $800 million of non-recourse
loans that were issued for the construction of two generating plants in
the Midwest.
In looking ahead, Ferland said that PSEG's major businesses have the
following 2004 earnings targets: PSE&G -- $320 to $340 million, PSEG Power --
$400 to $450 million, and PSEG Energy Holdings -- $130 to $150 million.
"PSEG's overall first-quarter results were not as strong as last year's
and have put greater pressure on us to perform well during the rest of 2004 to
achieve our guidance of $3.60 to $3.80 for the full year," he said.
"Although PSEG Power was successful in achieving its hedging objective in
the 2004 BGS process, the auction was extremely competitive, which could
affect our margins," Ferland said. "This is why it will be essential that
Power's generating facilities, particularly its nuclear units, operate well
during the summer."
"Our Hope Creek nuclear station has undergone a planned maintenance outage
this spring and one of our Salem nuclear units is nearing completion of a
refueling and other improvements," he said. "We scheduled these outages to
assure reliability of service to our customers during the hot summer months."
Ferland said a strong performance by Power's generating fleet this summer
will help counter the pressures from earnings in the first quarter. "Over the
course of the year, we anticipate that nearly 90% of our generation output
will come from our low-cost nuclear and coal facilities, and most of these
assets are situated near the vast majority of our customers," he said.
Ferland said that the energy industry continues to be in a "highly
challenging" time. "We are facing such pressures as an oversupply of electric
generation capacity and the resulting competition, volatile energy prices and
market conditions, and demanding capital markets," he said. "This could
constrain near-term earnings growth for PSEG. Longer term, we expect capacity
prices to begin rebounding. This should improve future cash flows, improve
our range of business opportunities and provide prospects for growth."
FORWARD-LOOKING STATEMENT
Readers are cautioned that statements contained in this press release
about our and our subsidiaries' future performance, including future revenues,
earnings, strategies, prospects and all other statements that are not purely
historical, are forward-looking statements for purposes of the safe harbor
provisions under The Private Securities Litigation Reform Act of 1995.
Although we believe that our expectations are based on reasonable assumptions,
we can give no assurance they will be achieved. The results or events
predicted in these statements may differ materially from actual results or
events. Factors which could cause results or events to differ from current
expectations include, among other things: the effects of weather; the
performance of generating units and transmission systems; the availability and
prices for oil, gas, coal, nuclear fuel, capacity and electricity; changes in
the markets for electricity and other energy-related commodities; changes in
the number of participants and the risk profile of such participants in the
energy marketing and trading business; the effectiveness of our risk
management and internal controls systems; the effects of regulatory decisions
and changes in law; changes in competition in the markets we serve; the
ability to recover regulatory assets and other potential stranded costs; the
outcomes of litigation and regulatory proceedings or inquiries; the timing and
success of efforts to develop domestic and international power projects;
conditions of the capital markets and equity markets; advances in technology;
changes in accounting standards; changes in interest rates and in financial
and foreign currency markets generally; the economic and political climate and
growth in the areas in which we conduct our activities; and changes in
corporate strategies. For further information, please refer to our Annual
Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K filed
with the Securities and Exchange Commission. These documents address in
further detail our business, industry issues and other factors that could
cause actual results to differ materially from those indicated in this
release. In addition, any forward-looking statements included herein represent
our estimates only as of today and should not be relied upon as representing
our estimates as of any subsequent date. While we may elect to update
forward-looking statements from time to time, we specifically disclaim any
obligation to do so, even if our estimates change, unless otherwise required
by applicable securities laws.
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
March 31, 2004
(Unaudited)
First Quarter
2004 2003*
As Restated
(Note 3)
Earnings Results (in Millions)
Income from Continuing Operations
PSE&G $124 $100
PSEG Power 109 177
PSEG Energy Holdings
PSEG Global 45 45
PSEG Resources - 11
PSEG Energy Holdings (2) (1)
Total PSEG Energy Holdings 43 55
PSEG (5) (8)
Income from Continuing Operations $271 $324
Loss from Discontinued Operations,
including Loss on Disposal - (13)
Cumulative Effect of a Change in
Accounting Principle - 370
PSEG Net Income $271 $681
Fully Diluted Average Shares
Outstanding (in Millions) 239 226
Per Share Results (Diluted)
Income from Continuing Operations
PSE&G $0.52 $0.44
PSEG Power 0.46 0.78
PSEG Energy Holdings
PSEG Global 0.19 0.20
PSEG Resources - 0.05
PSEG Energy Holdings (0.01) (0.00)
Total PSEG Energy Holdings 0.18 0.25
PSEG (0.02) (0.04)
Income from Continuing Operations $1.14 $1.43
Loss from Discontinued Operations,
including Loss on Disposal - (0.06)
Cumulative Effect of a Change in
Accounting Principle - 1.64
PSEG Net Income $1.14 $3.01
Note 1:
Income from Continuing Operations include preferred stock dividends
relating to PSE&G of $1 million and $1 million, Global of $4 million and
$4 million and Resources of $1 million and $2 million for each of the
quarters ended March 31, 2004 and 2003, respectively.
Note 2:
Basic Earnings per Share from Net Income was $1.15 and $3.02 per share
for the quarters ended March 31, 2004 and 2003, respectively.
Note 3:
2003 results reflect the restatement to correct foreign currency
translation impacts of Energy Holdings' equity method investment in RGE,
a distribution company in Brazil, and other minor items. The total impact
of the restatement for the 2003 quarter resulted in an increase in PSEG's
and Energy Holdings' net income of approximately $0.01 per share.
PUBLIC SERVICE ENTERPRISE GROUP
CONSOLIDATING STATEMENT OF OPERATIONS
For the Quarter Ended March 31, 2004
(Unaudited, $ Million)
PSEG
PSEG ENERGY
PSEG OTHER PSE&G POWER HOLDINGS
(Note 3)
OPERATING REVENUES $3,221 $(866) $2,182 $1,692 $213
OPERATING EXPENSES
Energy Costs 1,823 (866) 1,419 1,224 46
Operation and Maintenance 546 (11) 278 230 49
Depreciation and Amortization 172 5 127 27 13
Taxes Other Than Income Taxes 45 - 45 - -
Total Operating Expenses 2,586 (872) 1,869 1,481 108
Income from Equity Method Investments 28 - - - 28
OPERATING INCOME 663 6 313 211 133
Other Income 35 (4) 3 35 1
Other Deductions (23) - (1) (20) (2)
Interest Expense (223) (23) (96) (41) (63)
Preferred Securities Dividends (1) 5 (1) - (5)
INCOME FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES (Note 1) 451 (16) 218 185 64
Income Taxes (180) 11 (94) (76) (21)
-
NET INCOME $271 $(5) $124 $109 $43
For the Quarter Ended March 31, 2003
(Unaudited, $ Million)
PSEG PSEG
as PSEG ENERGY
Restated OTHER PSE&G POWER HOLDINGS
(Note 2) (Note 3) (Note 2)
OPERATING REVENUES $3,288 $(880) $2,148 $1,830 $190
OPERATING EXPENSES
Energy Costs 1,953 (880) 1,507 1,291 35
Operation and Maintenance 519 (4) 286 202 35
Depreciation and Amortization 99 2 66 23 8
Taxes Other Than Income Taxes 44 - 44 - -
Total Operating Expenses 2,615 (882) 1,903 1,516 78
Income from Equity Method
Investments 20 - - - 20
OPERATING INCOME 693 2 245 314 132
Other Income 59 1 10 44 4
Other Deductions (43) (4) (1) (30) (8)
Interest Expense (198) (25) (97) (28) (48)
Preferred Securities Dividends (1) 6 (1) - (6)
INCOME FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES (Note 1) 510 (20) 156 300 74
Income Taxes (186) 12 (56) (123) (19)
INCOME FROM CONTINUING OPERATIONS 324 (8) 100 177 55
Loss from Discontinued Operations,
including Loss on Disposal (13) - - - (13)
INCOME BEFORE CUMULATIVE EFFECT OF
A CHANGE IN ACCOUNTING PRINCIPLE 311 (8) 100 177 42
Cumulative Effect of a Change in
Accounting Principle, net of tax 370 - - 370 -
NET INCOME $681 $(8) $100 $547 $42
Note 1:
Income from Continuing Operations before Income Taxes include preferred
stock dividends relating to PSE&G of $1 million and $1 million, Global
of $4 million and $4 million and Resources of $1 million and $2 million
for the quarters ended March 31, 2004 and 2003, respectively.
Note 2:
2003 results reflect the restatement to correct foreign currency impacts
of Energy Holdings' equity method investment in RGE, a distribution
company in Brazil, and other minor items.
Note 3:
Primarily includes financing activities at the parent and intercompany
eliminations.
PUBLIC SERVICE ENTERPRISE GROUP
CONSOLIDATING BALANCE SHEET
As of March 31, 2004
(Unaudited, $ Million)
PSEG
PSEG ENERGY
PSEG OTHER PSE&G POWER HOLDINGS
(Note 2)
CURRENT ASSETS
Cash and Cash Equivalents $470 $2 $318 $27 $123
Accounts Receivable (Note 1) 1,720 (290) 948 842 220
Other Current Assets 1,225 (217) 284 748 410
Total Current Assets 3,415 (505) 1,550 1,617 753
NET PROPERTY, PLANT AND
EQUIPMENT 12,502 127 6,544 4,668 1,163
NONCURRENT ASSETS
Regulatory Assets 4,710 - 4,710 - -
Long-Term Investments 4,747 48 133 43 4,523
Nuclear Decommissioning
Fund 981 - - 981 -
Other Noncurrent Assets 1,360 (25) 369 382 634
Total Noncurrent
Assets 11,798 23 5,212 1,406 5,157
TOTAL ASSETS $27,715 $(355) $13,306 $7,691 $7,073
CURRENT LIABILITIES
Short -Term Debt $746 $289 $425 $- $32
Accounts Payable (Note 1) 1,083 (409) 703 750 39
Other Current Liabilities 1,388 152 443 439 354
Total Current
Liabilities 3,217 32 1,571 1,189 425
NONCURRENT LIABILITIES
Deferred Income Taxes
and ITC 4,124 (50) 2,693 - 1,481
Regulatory Liabilities 526 - 526 - -
OPEB Costs 542 4 521 17 -
Other Noncurrent Liabilities 1,121 92 236 582 211
Total Noncurrent
Liabilities 6,313 46 3,976 599 1,692
LONG-TERM DEBT - excluding
amount due within one year 12,605 1,461 5,095 3,316 2,733
SUBSIDIARIES' PREFERRED
SECURITIES 80 (434) 80 - 434
COMMON STOCKHOLDERS' EQUITY 5,500 (1,460) 2,584 2,587 1,789
TOTAL LIABILITIES AND
CAPITALIZATION $27,715 $(355) $13,306 $7,691 $7,073
Note 1:
Includes amounts related to transactions with affiliates.
Note 2:
Primarily includes PSEG (parent company), PSEG Services Corp. and
intercompany eliminations.
PUBLIC SERVICE ENTERPRISE GROUP
CONSOLIDATING BALANCE SHEET
As of December 31, 2003
(Unaudited, $ Million)
PSEG
PSEG ENERGY
PSEG OTHER PSE&G POWER HOLDINGS
(Note 2)
CURRENT ASSETS
Cash and Cash Equivalents $452 $181 $140 $27 $104
Accounts Receivable (Note 1) 1,549 (393) 804 843 295
Other Current Assets 1,659 (276) 377 909 649
Total Current Assets 3,660 (488) 1,321 1,779 1,048
NET PROPERTY, PLANT AND
EQUIPMENT 12,422 128 6,535 4,581 1,178
NONCURRENT ASSETS
Regulatory Assets 4,801 - 4,801 - -
Long-Term Investments 4,808 51 131 43 4,583
Nuclear Decommissioning Fund 985 - - 985 -
Other Noncurrent Assets 1,382 17 374 343 648
Total Noncurrent Assets 11,976 68 5,306 1,371 5,231
TOTAL ASSETS $28,058 $(292) $13,162 $7,731 $7,457
CURRENT LIABILITIES
Short -Term Debt $1,027 $299 $423 $- $305
Accounts Payable (Note 1) 1,216 (358) 717 800 57
Other Current Liabilities 1,101 64 406 265 366
Total Current
Liabilities 3,344 5 1,546 1,065 728
NONCURRENT LIABILITIES
Deferred Income Taxes
and ITC 4,196 (6) 2,715 - 1,487
Regulatory Liabilities 536 - 536 - -
OPEB Costs 532 4 509 16 3
Other Noncurrent Liabilities 896 83 187 429 197
Total Noncurrent
Liabilities 6,160 81 3,947 445 1,687
LONG-TERM DEBT - excluding
amount due within one year 12,945 1,462 5,129 3,616 2,738
SUBSIDIARIES' PREFERRED
SECURITIES 80 (509) 80 - 509
COMMON STOCKHOLDERS' EQUITY 5,529 (1,331) 2,460 2,605 1,795
TOTAL LIABILITIES AND
CAPITALIZATION $28,058 $(292) $13,162 $7,731 $7,457
Note 1:
Includes amounts related to transactions with affiliates.
Note 2:
Primarily includes PSEG (parent company), PSEG Services Corp. and
intercompany eliminations.
PUBLIC SERVICE ENTERPRISE GROUP
CONSOLIDATING STATEMENTS OF CASH FLOWS
For the Quarter Ended March 31, 2004
(Unaudited, $ Million)
PSEG
PSEG ENERGY
TOTAL OTHER PSE&G POWER HOLDINGS
(Note 1)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Note 2) $271 $(5) $124 $109 $43
Adjustments to Reconcile Net Income
to Net Cash Flows
From Operating Activities:
Depreciation and Amortization 172 3 127 27 15
Amortization of Nuclear Fuel 23 - - 23 -
Non-Cash Items 67 8 105 24 (70)
Net Decrease (Increase) in
Accounts Receivable & Unbilled
Revenue (84) (101) (75) 6 86
Net Decrease in Accounts Payable (168) (57) (14) (50) (47)
Net Change in Other Current
Assets and Liabilities 634 149 56 411 18
Other 35 (15) (39) 20 69
Net Cash Provided by (Used
In) Operating Activities 950 (18) 284 570 114
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to Property, Plant, and
Equipment (235) (1) (75) (147) (12)
Proceeds from the Sale of
Investments 49 - - - 49
Other 19 (103) 1 (111) 232
Net Cash (Used In) Provided
By Investing Activities (167) (104) (74) (258) 269
CASH FLOWS FROM FINANCING ACTIVITIES:
Net Change in Short-Term Debt (10) (10) - - -
Issuance of Project-
Level/Securitization Long-Term
Debt 489 - - 488 1
Redemption of LTD and Project-
Level/Securitization LTD (1,108) - (32) (800) (276)
Return of Capital - 75 - - (75)
Issuance of Common
Stock/Contributed Capital 21 21 - - -
Cash Dividends Paid on Common
Stock (130) (130) - - -
Other (26) (13) - - (13)
Net Cash Used In Financing Activities (764) (57) (32) (312) (363)
Effect of Exchange Rate Changes on
Cash (1) - - - (1)
Net Increase (Decrease) in Cash and
Cash Equivalents 18 (179) 178 - 19
Cash and Cash Equivalents at
Beginning of Period 452 181 140 27 104
Cash and Cash Equivalents at End of
Period $470 $2 $318 $27 $123
For the Quarter Ended March 31, 2003
(Unaudited, $ Million)
PSEG
PSEG ENERGY
TOTAL OTHER PSE&G POWER HOLDINGS
(Note 1)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Note 2) $681 $(8) $100 $547 $42
Adjustments to Reconcile Net Income
to Net Cash Flows
From Operating Activities:
Depreciation and Amortization 99 - 66 23 10
Amortization of Nuclear Fuel 23 - - 23 -
Non-Cash Items (314) 20 38 (339) (33)
Net Decrease (Increase) in
Accounts Receivable & Unbilled
Revenue (205) 227 (211) (200) (21)
Net Increase (Decrease) in
Accounts Payable 115 (164) 14 314 (49)
Net Change in Other Current
Assets and Liabilities 169 (92) 76 205 (20)
Other 73 (14) - 42 45
Net Cash Provided by (Used
In) Operating Activities 641 (31) 83 615 (26)
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to Property, Plant, and
Equipment (315) (1) (91) (153) (70)
Proceeds from the Sale of
Investments (18) - - - (18)
Other (4) 142 8 (212) 58
Net Cash (Used In) Provided
By Investing Activities (337) 141 (83) (365) (30)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net Change in Short-Term Debt (39) 167 (58) (239) 91
Issuance of Project-
Level/Securitization Long-Term
Debt 401 - 150 - 251
Redemption of LTD and Project-
Level/Securitization LTD (501) - (180) - (321)
Return of Capital - - - - -
Issuance of Common
Stock/Contributed Capital 21 (149) 170 - -
Cash Dividends Paid on Common
Stock (122) (122) - - -
Other 1 (5) - - 6
Net Cash (Used In) Provided By
Financing Activities (239) (109) 82 (239) 27
Effect of Exchange Rate Changes on
Cash - - - - -
Net Increase (Decrease) in Cash and
Cash Equivalents 65 1 82 11 (29)
Cash and Cash Equivalents at
Beginning of Period 149 - 35 26 88
Cash and Cash Equivalents at End of
Period $214 $1 $117 $37 $59
Note 1:
Primarily includes activities at the parent and intercompany
eliminations.
Note 2:
Net Income includes preferred stock dividends relating to PSE&G of
$1 million and $1 million, Global of $4 million and $4 million and
Resources of $1 million and $2 million for the quarters ended
March 31, 2004 and 2003, respectively.
PUBLIC SERVICE ENTERPRISE GROUP
Quarter-to-Quarter EPS Reconciliation
March 31, 2004 vs. March 31, 2003
(Unaudited)
PSEG 1st Quarter 2003 Net Income (as restated)* $3.01
Loss from Discontinued Operations
(ET and Global's investments in Rades) 0.06
Cumulative Effect of a Change in
Accounting Principal (adoption of
Asset Retirement Obligation at Power) (1.64)
PSEG 1st Quarter 2003 Income from
Continuing Operations (as restated)* $1.43
PSE&G B/(W)
1st Quarter 2003 $0.44
Electric Rate Case 0.10
Weather (degree days were 47 DD
warmer or 1.7%) (0.01)
Other Margin (volumes and demand) 0.02
Additional Shares Outstanding (2003 Issuance, DRIP) (0.03)
1st Quarter 2004 $0.52 $0.08
PSEG Power
1st Quarter 2003 $0.78
Lower Operating Margins (MTC and BGS seasonality) (0.18)
O&M and Depreciation (0.08)
Interest Expense (Midwest Financing costs) (0.04)
Additional Shares Outstanding (2003 Issuance, DRIP) (0.02)
1st Quarter 2004 $0.46 $(0.32)
PSEG Energy Holdings
1st Quarter 2003 (as restated)* $0.25
Global Operations- flat -
Additional Shares Outstanding
(2003 Issuance, DRIP) (0.01) (0.01)
Resources
Termination of EME-Collins Lease (0.07)
Operations 0.02 (0.05)
Energy Holdings (Parent) (0.01)
1st Quarter 2004 $0.18 $(0.07)
Public Service Enterprise Group
1st Quarter 2003 $(0.04)
Interest Expense 0.01
Other 0.01
1st Quarter 2004 $(0.02) $0.02
PSEG 1st Quarter 2004 Income from
Continuing Operations $1.14
Loss from Discontinued Operations (Global's
Investments in Rades - includes operating
earnings offset by loss on disposal) -
PSEG 1st Quarter 2004 Net Income $1.14
* See Attachment 1, Note 3 for further details regarding the 2003
restatement.
PSEG Global L.L.C.
Investment Results
For the Quarter Ended March 31, 2004
(Unaudited, $ Million)
For the Quarter Ended
As of March 31, 2004
March 31, Non-
2004 Recourse
Capital At Interest
Region Risk (A) EBIT (B) (C)
North America $399 $51 $-
Latin America 1,573 33 8
Asia Pacific 185 3 -
Europe 284 13 8
India 95 7 5
Total $2,536 $107 $21
For the Quarter Ended
As of March 31, 2003
December 31, Non-
2003 Recourse
Capital Interest
Region Risk (A) EBIT (B) (C)
North America $424 $59 $-
Latin America 1,575 27 7
Asia Pacific 180 2 -
Europe 309 4 -
India 91 - -
Total $2,579 $92 $7
Reconciliation of EBIT to Income from Continuing Operations for Quarter
Ending:
3/31/2003 3/31/2004
Total Global EBIT $107 $92
Interest Expense 38 26
Income Taxes 18 11
Minority Interest 2 5
Preference Units Distributions 4 -
Preferred Stock Dividends - 5
Income from Continuing Operations $45 $45
(A) Total capital at risk includes Global's gross investments, net of
equity adjustments, non-recourse debt at the project level and
including equity commitment guarantees.
(B) Includes Global's share of net earnings, including interest expense
and income taxes, for investments accounted for under the equity
method of accounting.
(C) Non-recourse interest is interest expense on debt that is non-recourse
to Global.
PUBLIC SERVICE ELECTRIC & GAS
Sales and Revenues to Customers
March 2004
(Unaudited, $ Million)
Electric Sales
Three Change Twelve Change
Sales (millions kwh) Months vs. Months vs.
Ended 2003 Ended 2003
Residential 3,145 1.8% 12,856 -2.7%
Commercial 5,662 5.3% 22,567 1.9%
Industrial 1,555 -0.5% 6,614 -2.1%
Total 3.3% -0.2%
Revenue (in millions)
Residential $357 23.3% $1,406 7.7%
Commercial 407 -2.8% 1,822 -0.3%
Industrial 71 -32.5% 379 -20.2%
Total 2.6% 0.0%
Gas Sold and Transported
Three Change Twelve Change
Sales (millions therms) Months vs. Months vs.
Ended 2003 Ended 2003
Residential Sales 732 -1.3% 1,530 0.5%
Commercial - Firm Sales 299 -1.7% 606 -0.5%
Commercial - Interr. & Cogen 13 27.6% 49 -6.9%
Industrial - Firm Sales 27 -3.0% 56 -4.7%
Inustrial - Interr. & Cogen 84 -29.9% 474 -8.5%
Total 1,154 -4.1% 2,716 -1.7%
Gas Transported 270 -39.8% 1,164 -10.5%
Revenue (in millions)
Residential Sales $527 13.2% $1,110 24.2%
Commercial - Firm Sales 236 -6.1% 456 8.7%
Commercial - Interr. & Cogen 9 17.3% 33 15.7%
Industrial - Firm Sales 22 -8.0% 42 4.4%
Industrial - Interr. & Cogen 58 -36.4% 294 8.1%
Total $852 1.4% $1,936 17.0%
Gas Transported 383 -5.7% 838 -0.1%
Three Change Twelve Change
Weather Data Months vs. Months vs.
Ended 2003 Ended 2003
Degree Days - Actual 2,776 -1.7% 5,112 -1.3%
Degree Days - Normal 2,634 4,867
THI Hours - Actual 3 -76.9% 14,805 -20.4%
THI Hours - Normal 28 14,878
PUBLIC SERVICE ENTERPRISE GROUP
STATISTICAL MEASURES
(Unaudited)
March 31, March 31,
2004 2003
Weighted Average Common Shares
Outstanding (000's) - QTR
Basic 236,193 225,342
Diluted 238,852 225,714
Stock Price at End of Period $46.98 $36.69
Dividends Paid per Share
of Common Stock - QTR $0.55 $0.54
Dividend Payout Ratio* 64.1% 82.8%
Dividend Yield 4.7% 5.9%
Price/Earnings Ratio* 13.7 14.1
Rate of Return on Average Common Equity* 16.5% 14.0%
Ratio of Earnings to Fixed Charges 2.63 3.01
Book Value per Common Share $23.26 $20.35
Market Price as a Percent of Book Value 202% 180%
Total Shareholder Return - QTR Ending 8.5% 16.1%
Total Shareholder Return - 12 Months Ending 34.6% -14.7%
Generation by Fuel Type - Quarter Ending
March 31, 2004 March 31, 2003
Nuclear - NJ 38% 38%
Nuclear - PA 20% 20%
Total Nuclear 58% 58%
Fossil - Coal - NJ 9% 14%
Fossil - Coal - PA 13% 11%
Fossil - Coal - CT 6% 6%
Total Coal 28% 31%
Fossil - Oil & Natural Gas - NJ 9% 7%
Fossil - Oil & Natural Gas - NY 2% 0%
Fossil - Oil & Natural Gas - CT 3% 3%
Fossil - Oil & Natural Gas - Midwest 0% 0%
Total Oil & Natural Gas 14% 10%
Fossil - Pumped Storage 0% 1%
100% 100%
*Calculation based on earnings from continuing operations for 12-month
period ending
SOURCE Public Service Enterprise Group Incorporated
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Related links:
http://www.pseg.com
CONTACT:
Paul Rosengren, +1-973-430-5911, or Leslie
Cifelli, +1-973-430-3809, both of Public Service Enterprise Group
Incorporated
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