79 Cents Per Share from Continuing Operations
81 Cents Per Share of Operating Earnings
PSE&G's earnings impacted by mild weather and regulatory delay Company
affirms 2006 guidance of $3.45 to $3.75 per share
NEWARK, N.J., May 1 /PRNewswire-FirstCall/ -- Public Service Enterprise
Group (PSEG) (NYSE: PEG) announced today that first quarter 2006 Income
from Continuing Operations was 79 cents per share. Operating Earnings,
which exclude the impact of costs associated with the pending merger with
Exelon of 2 cents, were 81 cents per share for the quarter.
The table below provides a reconciliation of PSEG's Income from
Continuing Operations to Operating Earnings for the first quarter.
PSEG CONSOLIDATED EARNINGS
First Quarter Comparative Results
2006 and 2005
Income Diluted Earnings
($M) Per Share
2006 2005 2006 2005
Net Income $ 203 $ 285 $ .81 $ 1.18
Income from Discontinued Operations 4 5 .02 .02
Income from Continuing Operations $ 199 $ 280 $ .79 $ 1.16
Merger Related Costs 5 3 .02 .01
Operating Earnings (Non-GAAP) $ 204 $ 283 $ .81 $ 1.17
All amounts are after federal
and state income taxes Avg. Shares 252M 242M
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.
"In the first quarter of 2006, PSEG experienced improved operations of
the generating fleet, in particular the nuclear fleet, but softer earnings
as a result of the weather," said Thomas M. O'Flynn, chief financial
officer. "Exceptional performance from the nuclear fleet was highlighted by
Hope Creek completing 214 days of continuous operation on April 7 when it
entered its 13th refueling outage. This reflects a strong recovery from the
first quarter of 2005 when the unit was out for most of January. We are
completing the refueling outage at Hope Creek and the unit is expected to
return to full operations shortly.
In addition to the refueling activities, the New Jersey nuclear site
that includes both Salem units and Hope Creek recently completed three very
important assessments. Frank Cassidy, president of PSEG Power reported
that, "Results from all three were very positive with the peer assessment
showing improved teamwork, accountability and alignment."
The financial results for the quarter at PSE&G and PSEG Power were
dampened somewhat by mild weather and moderating gas prices. Temperature,
as measured by degree days during the quarter, was 15% above normal and 20%
above 2005 levels. Overall results at Energy Holdings declined due to the
absence of gains on asset sales that were reported in the first quarter of
2005. The 2006 results also reflect the dilutive impact of approximately 10
million additional shares outstanding.
Attachments to this release provide a reconciliation of Income from
Continuing Operations to Operating Earnings and other summary exhibits for
the first quarter 2006 and 2005 for PSEG's principal subsidiaries -- PSE&G,
PSEG Power and PSEG Energy Holdings.
PSE&G Results and Regulatory Update
PSE&G's reported operating earnings of $78 million or 31 cents per
share were 33% lower than comparable 2005 results of $117 million or 49
cents per share. Mild temperatures during the quarter cut gas demand
significantly and reduced earnings by 7 cents per share. The average
January temperature was 11 degrees warmer in 2006 than 2005 while March
temperatures were on average 6 degrees warmer in 2006 than 2005.
In addition to the warmer weather, O'Flynn noted that PSE&G continues
to see decreased gas usage by residential customers, beyond the impact of
the mild weather. O'Flynn noted, "This may indicate some price sensitivity
by residential customers to increases in gas supply rates that were put in
place in December due to the steep run-up in natural gas prices last fall."
Weather-normalized gas requirements for residential customers have declined
8.6% over the past three years with the most recent year down 3.8%. For the
quarter, the lower gas usage reduced earnings by 2 cents per share.
As part of the August 2003 electric base rate proceeding, a $64 million
depreciation credit was established with an expiration date of December 31,
2005. The agreement called for PSE&G to undergo a financial review by the
New Jersey Board of Public Utilities (BPU) to support the elimination of
the depreciation credit. The BPU issued an order on February 7, 2006
indicating that more information was required to support elimination of the
credit and PSE&G could re-file when the first quarter results were
available. Based on current sales levels, the annual amount of rate credit
has increased to about $68 million. The absence of this expected rate
increase during the first quarter further reduced earnings at PSE&G by 4
cents per share.
Expected rate relief for PSE&G's gas distribution business has also
been delayed. A revised schedule for the gas base rate case was approved in
March that indicates a BPU decision in early December 2006. The initial
filing for a 3.78% increase in the gas base rate was made in September 2005
with the requested increase effective in October 2006.
"Action on our recent filings, including the excess depreciation credit
and the gas base rate case has been subject to ongoing delays. It appears
that until the merger is resolved with the BPU, decisions on these revenue
requests may be difficult to achieve," said O'Flynn.
Increased O&M expense resulting from higher wage and benefit costs of 2
cents per share also contributed to the overall 18 cent reduction in
PSE&G's earnings from 2005 levels.
PSEG Power
PSEG Power reported operating earnings of $112 million, or 45 cents per
share, a reduction of $4 million, or 3 cents per share from the first
quarter of 2005. The five-unit PSEG nuclear fleet operated in excess of
100% of summer capacity for the quarter, 12% higher than the first quarter
of 2005. This additional output, combined with the rolling nature of hedge
positions and spot market sales, added about 13 cents to the quarterly
results at Power. The absence of the replacement power costs incurred in
2005 from the extended Hope Creek outage added another 12 cents to earnings
for the quarter.
Offsetting some of these operational improvements were mark-to-market
losses. The actual mark-to-market impact for the first quarter was a loss
of 4 cents, while comparable 2005 results included a gain of 5 cents,
resulting in a reduction of 9 cents quarter-over-quarter. "Assuming stable
commodity prices, we expect the 4 cent mark-to-market loss on our existing
positions to unwind over the remaining three quarters of 2006," O'Flynn
said.
Margins under the Basic Gas Supply Service (BGSS) contract, primarily
from Commercial and Industrial customers, declined 11 cents as the monthly
tariffs, which track current NYMEX prices, fell during the quarter while
supply costs remained relatively stable. Lower weather-related volumes
quarter-over-quarter also contributed to the decline.
Finally, higher O&M expenses due to higher maintenance costs at fossil,
lower O&M costs at nuclear, and additional depreciation expense from the
Bethlehem Energy Center that came on-line in June 2005, combined to reduce
quarterly operating earnings at Power by 5 cents per share.
Looking beyond the first quarter, Power currently serves BGS tranches
that were won in the 2003 auction at an average price of about $55 per
MWhr. On June 1st these contracts will be replaced with contracts from the
most recent BGS auction with an average price of about $102 per MWhr. "The
expiration of BGS and other obligations and the recontracting of our
expected nuclear and coal output at higher prices is expected to provide
longer-term earnings growth at Power," said O'Flynn.
PSEG Energy Holdings
Energy Holdings reported operating earnings of $28 million, or 12 cents
per share, a decline of $37 million or 15 cents per share. This decline
stemmed primarily from the absence of gains totaling 13 cents recorded
during the first quarter of 2005, most notably the withdrawal from the
Eagle Point partnership.
PSEG Global's Texas plants entered into long-term contracts last fall
for a portion of their output that added 4 cents to the
quarter-over-quarter results. These contracts are also subject to
mark-to-market accounting treatment, which reduced earnings by 2 cents per
share for the quarter. Assuming stable prices, about half the 2 cent loss
reported in the first quarter is expected to reverse during the current
year.
The improved domestic operations at PSEG Global, coupled with the
pending sale of assets in Poland, have changed the earnings mix at Energy
Holdings, resulting in a 5-cent per share increase quarter-over-quarter in
income taxes. Domestic earnings are taxed at the current US rate while
foreign earnings are taxed at local rates which are often lower. The change
in the earnings mix at Holdings will gradually increase the effective tax
rate.
2006 Outlook
"With the mild weather in the first quarter, the ongoing delay in the
depreciation credit proceeding, the requested gas base rate increase being
deferred until December and increased O&M costs at the utility, we are
reducing our 2006 operating earnings range for PSE&G by $45 million," said
O'Flynn. "Our other businesses are now forecasting stronger results for the
current year, offsetting the reduction at PSE&G."
"We are increasing our operating earnings expectations for PSEG Power
by $25 million as we realize the favorable current year impact on our
recontracted nuclear and coal output," O'Flynn said. The 2006 range for
Energy Holdings was increased by $10 million as a result of improvements in
the Texas energy market. Finally, the expected impact of corporate expenses
was reduced by $10 million.
Below is a summary of the revised 2006 operating earnings guidance ranges
by company for PSEG:
PSE&G $270 - $290 million
PSEG Power $500 - $550 million
PSEG Energy Holdings $165 - $185 million
Corporate Expense ($60) - ($70) million
"These changes to the individual company operating earnings ranges will
not impact our expectations for PSEG," O'Flynn said and reaffirmed 2006
operating earnings guidance of $3.45 to $3.75 per share. PSEG anticipates
earnings per share growth in excess of 10% per year for 2007 and 2008,
assuming continued improved operations at Power and reasonable outcomes in
PSE&G's regulatory proceedings.
Merger Update
E. James Ferland, chairman and chief executive officer, said "We remain
fully committed to our merger with Exelon and continue to work hard to
reach settlements with the Department of Justice and the New Jersey Board
of Public Utilities that retain the fundamental economic benefits which
were anticipated when the merger was announced in December 2004." Hearings
in New Jersey concluded on March 31, 2006 and initial briefs were filed by
all parties on April 26. Reply briefs are due to be filed with the
Administrative Law Judge on May 10. "We expect to complete all the
necessary regulatory reviews and close the merger in the third quarter of
2006," Ferland said.
"Safe Harbor" Statement under the Private Securities Litigation Reform
Act of 1995
This filing contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Such statements
include, but are not limited to, statements about the benefits of the
business combination transaction involving Public Service Enterprise Group
Incorporated and Exelon Corporation, including future financial and
operating results, the combined company's plans, objectives, expectations
and intentions and other statements that are not historical or current
facts. Such statements are based upon the current beliefs and expectations
of Public Service Enterprise Group Incorporated's and Exelon Corporation's
management, are subject to significant risks and uncertainties and may
differ materially from actual future experience involving any one or more
of such matters. Actual results may differ from those set forth in the
forward-looking statements. The following factors, among others, could
cause actual results to differ from those set forth in the forward-looking
statements: the timing of the contemplated merger and the impact of any
conditions imposed by regulators in connection with their approval thereof;
the risk that the businesses will not be integrated successfully; failure
to quickly realize cost-savings from the transaction as a result of
technical, logistical, competitive and other factors; 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, equity and credit 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. While we believe that our forecasts and assumptions
are reasonable, we caution that actual results may differ materially. We
intend the forward-looking statements to speak only as of the time first
made and we do not undertake to update or revise them as more information
becomes available. Additional factors that could cause Public Service
Enterprise Group Incorporated's and Exelon Corporation's results to differ
materially from those described in the forward-looking statements can be
found in the 2005 Annual Reports on Form 10- K and Current Reports on Form
8-K, of Public Service Enterprise Group Incorporated and Exelon
Corporation, respectively, as such reports may have been amended, each
filed with the Securities and Exchange Commission and available at the
Securities and Exchange Commission's website, http://www.sec.gov.
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
(Unaudited)
First Quarter
March 31,
2006 2005
Earnings Results (in Millions)
PSE&G $78 $117
PSEG Power 112 116
PSEG Energy Holdings
PSEG Global 9 43
PSEG Resources 20 23
PSEG Energy Holdings (1) (1)
Total PSEG Energy Holdings 28 65
PSEG (14) (15)
Operating Earnings $204 $283
Merger and Merger Related Costs (5) (3)
Income from Continuing Operations $199 $280
Discontinued Operations 4 5
PSEG Net Income $203 $285
Fully Diluted Average Shares Outstanding
(in Millions) 252 242
Per Share Results (Diluted)
PSE&G $0.31 $0.49
PSEG Power 0.45 0.48
PSEG Energy Holdings
PSEG Global 0.04 0.18
PSEG Resources 0.08 0.09
PSEG Energy Holdings - -
Total PSEG Energy Holdings 0.12 0.27
PSEG (0.07) (0.07)
Operating Earnings $0.81 $1.17
Merger and Merger Related Costs (0.02) (0.01)
Income from Continuing Operations $0.79 $1.16
Discontinued Operations 0.02 0.02
PSEG Net Income $0.81 $1.18
Note 1:
Net Income includes preferred stock dividends / preference units
distributions relating to PSE&G of $1 million for each of the quarters
ended March 31, 2006 and 2005, and PSEG Global of $0 million and
$2 million for the quarters ended March 31, 2006 and 2005 respectively.
Note 2:
Basic Earnings per Share from Net Income was $0.81 and $1.20 per share
for the quarters ended March 31, 2006 and 2005, respectively.
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
CONSOLIDATING STATEMENT OF OPERATIONS
For the Quarter Ended March 31, 2006
(Unaudited, $ Millions)
PSEG
PSEG ENERGY
PSEG OTHER PSE&G POWER HOLDINGS
(Note 2)
OPERATING REVENUES $3,521 $(1,108) $2,350 $1,967 $312
OPERATING EXPENSES
Energy Costs 2,204 (1,108) 1,631 1,487 194
Operation and Maintenance 584 (1) 301 235 49
Depreciation and Amortization 204 5 152 35 12
Taxes Other Than Income Taxes 41 - 41 - -
Total Operating Expenses 3,033 (1,104) 2,125 1,757 255
Income from Equity Method
Investments 33 - - - 33
OPERATING INCOME 521 (4) 225 210 90
Other Income and Deductions 23 (2) 3 22 -
Interest Expense (201) (26) (85) (40) (50)
Preferred Securities Dividends (1) - (1) - -
INCOME FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES (Note 1) 342 (32) 142 192 40
Income Tax Expense (143) 14 (65) (80) (12)
INCOME FROM CONTINUING OPERATIONS 199 (18) 77 112 28
Income from Discontinued
Operations, net of tax 4 - - - 4
NET INCOME $203 $(18) $77 $112 $32
INCOME FROM CONTINUING OPERATIONS $199 $(18) $77 $112 $28
Merger and Merger-Related Costs 5 4 1 - -
OPERATING EARNINGS $204 $(14) $78 $112 $28
For the Quarter Ended March 31, 2005
(Unaudited, $ Millions)
PSEG
PSEG ENERGY
PSEG OTHER PSE&G POWER HOLDINGS
(Note 2)
OPERATING REVENUES $3,244 $(983) $2,184 $1,730 $313
OPERATING EXPENSES
Energy Costs 1,849 (983) 1,424 1,270 138
Operation and Maintenance 576 (3) 295 227 57
Depreciation and Amortization 184 5 135 30 14
Taxes Other Than Income Taxes 43 - 43 - -
Total Operating Expenses 2,652 (981) 1,897 1,527 209
Income from Equity Method
Investments 31 - - - 31
OPERATING INCOME 623 (2) 287 203 135
Other Income and Deductions 29 1 1 23 4
Interest Expense (200) (30) (84) (28) (58)
Preferred Securities Dividends (1) 2 (1) - (2)
INCOME FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES (Note 1) 451 (29) 203 198 79
Income Tax Expense (171) 12 (86) (83) (14)
INCOME FROM CONTINUING OPERATIONS 280 (17) 117 115 65
Income from Discontinued Operations,
including Loss on Disposal, net of
tax 5 - - (7) 12
NET INCOME $285 $(17) $117 $108 $77
INCOME FROM CONTINUING OPERATIONS $280 $(17) $117 $115 $65
Merger and Merger-Related Costs 3 2 - 1 -
OPERATING EARNINGS $283 $(15) $117 $116 $65
Note 1:
Income from Continuing Operations before Income Taxes includes preferred
stock dividends / preference units distributions relating to PSE&G of $1
million for each of the quarters ended March 31, 2006 and 2005, and PSEG
Global of $0 million and $2 million for the quarters ended March 31, 2006
and 2005, respectively.
Note 2:
Primarily includes financing activities at the parent and intercompany
eliminations.
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
CAPITALIZATION SCHEDULE
(Unaudited, $ Millions)
March 31, December 31,
2006 2005
DEBT
Commercial Paper and Loans $154 $100
Long-Term Debt, including amounts due
within one year 8,569 9,025
Securitization Debt, including amounts
due within one year 2,005 2,041
Project Level, Non-Recourse Debt,
including amounts due within one year 920 935
Debt Supporting Trust Preferred Securities 660 814
Total Debt 12,308 12,915
SUBSIDIARY'S PREFERRED SECURITIES 80 80
COMMON STOCKHOLDERS' EQUITY
Common Stock 4,620 4,618
Treasury Stock (531) (532)
Retained Earnings 2,605 2,545
Accumulated Other Comprehensive Loss (473) (609)
Total Common Stockholders' Equity 6,221 6,022
Total Capitalization $18,609 $19,017
PSEG's credit agreements contain covenants that require PSEG's debt to
capitalization ratio not to exceed 70.0% at the end of any quarterly
period. The debt to capitalization ratio calculated under PSEG's credit
agreements as of March 31, 2006 was 57.5%. The ratio as calculated pursuant
to these covenants exclude non-recourse project debt ($920 million),
securitization debt ($2.005 billion) and Debt Supporting Trust Preferred
Securities ($660 million), which is now included in Long-Term debt due to
the adoption of Financial Interpretation 46, and include capital lease
obligations ($52 million) and certain other obligations such as guarantees
and letters of credit ($648 million). This ratio is presented for the
benefit of the investors and the related securities to which the covenants
apply and is not intended as a financial performance or liquidity measure.
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited, $ Millions)
For the Quarters Ended March 31,
2006 2005
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income $203 $285
Adjustments to Reconcile Net Income
to Net Cash Flows
From Operating Activities 687 372
Net Cash Provided By Operating
Activities 890 657
NET CASH USED IN INVESTING ACTIVITIES (213) (160)
NET CASH USED IN FINANCING ACTIVITIES (746) (435)
Effect of Exchange Rate Change (1) (1)
Net Increase in Cash and Cash Equivalents (70) 61
Cash and Cash Equivalents
at Beginning of Period 288 263
Cash and Cash Equivalents
at End of Period $218 $324
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
Quarter-to-Quarter EPS Reconciliation
March 31, 2006 vs. March 31, 2005
(Unaudited)
PSEG 1st Quarter 2005 Net Income $1.18
(Income) Loss from Discontinued Operations (0.02)
PSEG 1st Quarter 2005 Income from Continuing Operations $1.16
Merger and Merger Related Costs 0.01
PSEG 1st Quarter 2005 Operating Earnings $1.17
PSE&G B/(W)
1st Quarter 2005 $0.49
Weather (0.07)
Gas Margins - Residential Price Sensitivity (0.02)
Expiration of Excess Depreciation Credit (0.04)
Higher O&M & Other (0.03)
Additional Shares & Other (0.02)
1st Quarter 2006 $0.31 $(0.18)
PSEG Power
1st Quarter 2005 $0.48
Hope Creek 2005 Outage 0.12
Increased Output, Recontracting
and Other 0.13
BGSS (0.11)
MTM - 2005 Benefit and 2006 Loss (0.09)
Margin 0.05
New Assets (BEC) (0.03)
Higher O&M (0.02)
Additional Shares & Other (0.03)
1st Quarter 2006 $0.45 $(0.03)
PSEG Energy Holdings
1st Quarter 2005 $0.27
Operations - TIE 0.04
MTM - Spark Spread Widened (0.02)
Absence of Gains from 2005
(Eagle Point, SEGS, MPC) (0.13)
Tax Effect of higher Domestic Earnings (0.05)
Other 0.01
1st Quarter 2006 $0.12 $(0.15)
Public Service Enterprise Group
1st Quarter 2005 $(0.07)
-
1st Quarter 2006 $(0.07) $-
PSEG 1st Quarter 2006 Operating Earnings $0.81
Merger and Merger Related Costs (0.02)
PSEG 1st Quarter 2006 Income from Continuing Operations $0.79
Income (Loss) from Discontinued Operations 0.02
PSEG 1st Quarter 2006 Net Income $0.81
PSEG Global L.L.C.
Investment Results
(Unaudited, $ Millions)
Total Capital at Risk(A) For the Quarter Ended
As of March 31, 2006
March 31, December 31, Non-Recourse
2006 2005 EBIT(B) Interest(C)
Region
North America $436 $481 $16 $6
South America 1,694 1,655 36 8
Europe (D) 187 179 2 -
India, Oman & Other 70 67 2 -
Global G&A - Unallocated - - (7) -
Total $2,387 $2,382 $49 $14
For the Quarter Ended
March 31, 2005
Non-Recourse
EBIT(B) Interest(C)
Region
North America $47 $5
South America 38 10
Europe (3) -
India, Oman & Other 9 3
Global G&A - Unallocated (6) -
Total $85 $18
Reconciliation of EBIT to Operating Earnings For the Quarters Ended
March 31,
2006 2005
Total Global EBIT $49 $85
Interest Expense (36) (37)
Income Taxes (4) (3)
Minority Interest - -
Income from Continuing Operations 9 45
Preference Unit Distributions - (2)
Operating Earnings $9 $43
(A) Total Capital at Risk includes Global's gross investments less non-
recourse debt at the project level.
(B) For investments accounted for under the equity method of accounting,
includes Global's share of net earnings, including Interest Expense
and Income Tax Expense. The $31 million decrease in EBIT in North
America for the quarter ended March 31, 2006, as compared to the same
period in 2005, was primarily due to $37 million of gain from
withdrawal from the Eagle Point cogeneration partnership interest in
2005.
(C) Non-Recourse Interest is Interest Expense on debt that is non-
recourse to Global.
(D) The Total Capital at Risk includes amounts relating to Elcho and
Skawina as the sale has not been completed, therefore there is still
Capital at Risk in Poland. EBIT and Non-Recourse Interest exclude
amounts relating to Elcho and Skawina. EBIT was $15 million and $25
million for the quarters ended March 31, 2006 and 2005, respectively.
Non-Recourse Interest was $9 million for the quarters ended March 31,
2006 and 2005.
PUBLIC SERVICE ELECTRIC & GAS
Sales and Revenues to Customers
March 2006
Electric Sales and Revenues
Three Change Twelve Change
Months vs. Months vs.
Sales (millions kwh) Ended 2005 Ended 2005
Residential 3,072 -2.9% 13,948 6.2%
Commercial 5,750 -0.4% 24,132 3.0%
Industrial 1,429 -1.1% 6,266 -2.2%
Street Lighting 99 -0.9% 361 -0.4%
Interdepartmental 4 -11.7% 14 -33.2%
Total 10,354 -1.3% 44,721 3.1%
Revenue (in millions)
Residential $350 0.1% $1,644 10.8%
Commercial 434 7.0% 2,083 10.2%
Industrial 64 -7.9% 327 -8.7%
Street Lighting 16 1.8% 63 5.5%
Other 82 25.7% 391 33.6%
Total $946 4.4% $4,508 10.4%
Gas Sold and Transported
Three Change Twelve Change
Months vs. Months vs.
Sales (millions therms) Ended 2005 Ended 2005
Residential Sales 609 -14.9% 1,346 -7.7%
Commercial - Firm Sales 249 -12.6% 525 -9.2%
Commercial - Interr. & Cogen 18 12.9% 140 172.9%
Industrial - Firm Sales 19 -22.3% 41 -16.0%
Industrial - Interr. & Cogen 79 9.2% 422 15.5%
Other Operating Revenues - -43.6% 1 -304.6%
Total 974 -12.5% 2,475 -1.0%
Gas Transported 276 -12.4% 991 -8.3%
Revenue (in millions)
Residential Sales $609 10.4% $1,225 11.3%
Commercial - Firm Sales 275 17.4% 634 29.7%
Commercial - Interr. & Cogen 19 23.6% 70 75.2%
Industrial - Firm Sales 21 2.2% 49 17.2%
Industrial - Interr. & Cogen 84 43.4% 438 57.9%
Other Operating Revenues 32 3.0% 133 60.5%
Total $1,040 14.1% $2,549 23.1%
Gas Transported $363 -0.8% $835 1.9%
Three Change Twelve Change
Months vs. Months vs.
Weather Data Ended 2005 Ended 2005
Degree Days - Actual 2,294 -15.3% 4,517 -6.2%
Degree Days - Normal 2,564 4,797
THI Hours - Actual 6 1485.7% 19,093 28.5%
THI Hours - Normal 38 14,888
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
STATISTICAL MEASURES
(Unaudited)
Quarters Ended March 31,
2006 2005
Weighted Average Common Shares
Outstanding (000's)
Basic 251,187 238,314
Diluted 252,065 242,190
Stock Price at End of Period $64.04 $54.39
Dividends Paid per Share of Common Stock $0.57 $0.56
Dividend Payout Ratio* 71.4% 68.6%
Dividend Yield 3.5% 4.1%
Price/Earnings Ratio* 20.3 16.9
Rate of Return on Average Common Equity* 13.5% 13.4%
Book Value per Common Share $24.74 $24.03
Market Price as a Percent of Book Value 259% 226%
Total Shareholder Return - QTR Ended -0.6% 6.1%
Total Shareholder Return - 12 Months Ended 21.9% 21.6%
Generation by Fuel Type Quarters Ended March 31,
2006 2005
Nuclear - NJ 40% 37%
Nuclear - PA 19% 20%
Total Nuclear 59% 57%
Fossil - Coal - NJ 12% 13%
Fossil - Coal - PA 11% 14%
Fossil - Coal - CT 6% 6%
Total Coal 29% 33%
Fossil - Oil & Natural Gas - NJ 9% 9%
Fossil - Oil & Natural Gas - NY 3% 0%
Fossil - Oil & Natural Gas - CT 0% 1%
Fossil - Oil & Natural Gas - Midwest 0% 0%
Total Oil & Natural Gas 12% 10%
Fossil - Pumped Storage 0% 0%
100% 100%
* Calculation based on earnings from continuing operations for 12 month
period ended
SOURCE Public Service Enterprise Group Incorporated
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Related links:
http://www.pseg.com
CONTACT:
Paul Rosengren of Public Service Enterprise
Group Incorporated, +1-973-430-5911
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