Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
The WhatsPump Pseudonym Problem and the Hilarious Downfall of Artificial Enga...
ibrary.corporate-ir.net
1. Public Service Enterprise Group
PSEG Earnings Conference Call
4th Quarter and Year-End 2008
February 3, 2009
2. Forward-Looking Statement
Readers are cautioned that statements contained in this presentation 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, but are not
limited to:
• Adverse changes in energy industry, policies and regulation, including market structures and rules.
• Any inability of our energy 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 operations of our generating units.
• Changes in nuclear regulation and/or developments in the nuclear power industry generally, that could limit operations of our nuclear generating
units.
• Actions or activities at one of our nuclear units that might adversely affect our ability to continue to operate that unit or other units at the same
site.
• Any inability to balance our energy obligations, available supply and trading risks.
• Any deterioration in our credit quality.
• Availability of capital and credit at reasonable pricing terms and our ability to meet cash needs.
• Any inability to realize anticipated tax benefits or retain tax credits.
• Increases in the cost of or interruption in the supply of fuel and other commodities necessary to the operation of our generating units.
• Delays or cost escalations in our construction and development activities.
• Adverse investment performance of our decommissioning and defined benefit plan trust funds, and changes in discount rates and funding
requirements.
• Changes in technology and increased customer conservation.
For further information, please refer to our Annual Report on Form 10-K, including Item 1A. Risk Factors, 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 presentation. 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.
1
3. 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 the impact of the sale of
certain non-core domestic and international assets and material
impairments and lease-transaction-related charges. 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
slide in this presentation includes a list of items excluded from Income
from Continuing Operations to reconcile to Operating Earnings, with a
reference to that slide included on each of the slides where the non-GAAP
information appears.
2
5. Q4 2008 Earnings Summary
Quarter ended December 31,
2008 2007
$ millions (except EPS)
Operating Earnings $ 250 $ 272
Asset Sales and Impairments (13) (53)
Income from Continuing Operations 237 219
Discontinued Operations (3) 6
Net Income 234 225
EPS from Operating Earnings* $ 0.49 $ 0.53
4
* See page 32 for Items excluded from Income from Continuing Operations to reconcile to Operating Earnings.
6. Full-year 2008 Earnings Summary
For the year ended December 31,
2008 2007
$ millions (except EPS)
Operating Earnings $ 1,487 $ 1,385
Lease Reserves (490) ---
Asset Sales and Impairments (14) (60)
Income from Continuing Operations 983 1,325
Discontinued Operations, net of tax 205 10
Net Income 1,188 1,335
EPS from Operating Earnings* $ 2.92 $ 2.72
5
* See page 32 for Items excluded from Income from Continuing Operations to reconcile to Operating Earnings.
7. PSEG – 2008: Answering Challenges – Meeting Objectives
2008 earnings within guidance
Focused on operational excellence
Record generation production
Top decile reliability standards maintained at PSE&G
Controlling operating and maintenance expenses to meet challenging economic
environment
Foundation laid for future
Carbon abatement
Capital infrastructure and energy efficiency capital programs
Generation environmental upgrades on target; within budget
Financial position strengthened; risk reduced
Major international assets sold
Debt reduced
Credit targets achieved
Additional reserve for LILO/SILO tax risk recognized
6
8. PSEG – 2009: Meeting the Challenge
$3.00 - $3.25
$2.92
$2.72
2007 Operating Earnings* 2008 Operating Earnings* 2009 Guidance
7
* See page 32 for Items excluded from Income from Continuing Operations to reconcile to Operating Earnings.
9. PSEG
2008 Q4 Operating Company Review
Tom O’Flynn
Executive Vice President and Chief Financial Officer
10. Q4 Operating Earnings by Subsidiary
Quarter ended December 31,
Operating Earnings Earnings per Share
2008 2007 2008 2007
$ millions (except EPS)
PSEG Power $ 207 $ 205 $ 0.40 $ 0.40
PSE&G 76 77 0.15 0.15
PSEG Energy Holdings (23) 10 (0.04) 0.02
Enterprise (10) (20) (0.02) (0.04)
Operating Earnings* $ 250 $ 272 $ 0.49 $ 0.53
9
* See page 32 for Items excluded from Income from Continuing Operations to reconcile to Operating Earnings.
11. Full-year 2008 Operating Earnings by Subsidiary
For the year ended December 31,
Operating Earnings Earnings per Share
2008 2007 2008 2007
$ millions (except EPS)
PSEG Power $ 1,050 $ 949 $ 2.06 $ 1.86
PSE&G 360 376 0.71 0.74
PSEG Energy Holdings 101 123 0.20 0.24
Enterprise (24) (63) (0.05) (0.12)
Operating Earnings* $ 1,487 $ 1,385 $ 2.92 $ 2.72
10
* See page 32 for Items excluded from Income from Continuing Operations to reconcile to Operating Earnings.
12. PSEG EPS Reconciliation – Q4 2008 versus Q4 2007
0.60
.00
.00
$.53 (.06)
$.49
.02
Recontracting Weather .01
and Strong
Gas Margin
Markets .07
(.01) Texas – MTM (.05); Interest
O&M .03 Operations (.02)
O&M .04
0.40 NDT (.10) 2007 Asset Sales
Depreciation
and Settlements
and Taxes (.04)
(.03)
$ / share
Lease Income (.02)
Effective Tax Rate
and Other .05
Interest Expense .01
0.20
0.00
Q4 2007 Q4 2008
PSEG Energy Enterprise
PSEG Power PSE&G
operating operating
Holdings
earnings* earnings*
11
* See page 32 for Items excluded from Income from Continuing Operations to reconcile to Operating Earnings.
13. PSEG EPS Reconciliation – Full-year 2008 versus Full-
year 2007
$2.92
(.03)
3.00 .20 .07
(.04)
$2.72
Interest
Margin – Gas, 2007 Asset Sales
Electric and and Settlements
Recontracting
Transmission (.13)
and Strong
(.04)
Markets .43 Lease Income (.04)
Weather (.01)
MTM and BGSS Texas – MTM (.03)
.03 O&M .02 Operations .05
NDT (.16) Depreciation, Interest Expense
$ / share
Interest and .07
O&M (.07)
Other (.02)
2.00 Effective Tax Rate
Depreciation,
Effective Tax and Other .04
Interest and Taxes
Rate .02
(.03)
1.00
2007 2008
PSEG Energy Enterprise
PSEG Power PSE&G
operating operating
Holdings
earnings* earnings*
12
* See page 32 for Items excluded from Income from Continuing Operations to reconcile to Operating Earnings.
15. PSEG Power – Q4 2008 EPS Summary
Q4 2008 Q4 2007 Variance
$ millions (except EPS)
Operating Revenues $ 1,939 $ 1,762 $ 177
Operating Earnings 207 205 2
Income from Continuing Operations/ 207 205 2
Net Income
EPS from Operating Earnings* $ 0.40 $ 0.40 ---
14
* See page 32 for Items excluded from Income from Continuing Operations to reconcile to Operating Earnings.
16. PSEG Power EPS Reconciliation – Q4 2008 versus Q4 2007
0.50 (.10)
.07
$.40
.03
$.40
Recontracting
and Strong
NDT O&M
Markets
$ / share
0.00
Q4 2007 Q4 2008
operating operating
earnings* earnings*
15
* See page 32 for Items excluded from Income from Continuing Operations to reconcile to Operating Earnings.
17. PSEG Power – Generation Measures
PSEG Power – Generation (GWh)
Quarter ended December 31, Twelve months ended December 31,
15,000 60,000
55,292
53,197
12,391 12,518
13,090
11,820
2,516
2,761
10,000 40,000
12,918
2,642 13,014
3,089
5,000 20,000
7,360 29,284
28,363
6,541
0 0
2007 2008 2007 2008
Total Oil & 16
Total Nuclear Total Coal*
Natural Gas
* Includes figures for Pumped Storage
18. PSEG Power – Fuel Costs
PSEG Power – Fuel Costs
Quarter ended December 31, Year ended December 31,
($ millions) 2007 2008 ($ millions) 2007 2008
Coal 84 92 Coal 336 423
Oil & Gas 200 192 Oil & Gas 847 1141
Total Fossil $284 $284 Total Fossil $1,183 $1,564
Nuclear 28 33 Nuclear 122 129
Total Fuel Cost $312 $317 Total Fuel Cost $1,305 $1,693
Total Generation
Total Generation 53,197 55,292
12,391 12,518 (GWhr)
(GWhr)
$ / MWh $24.50 $30.60
$ / MWh $25.20 $25.30
17
20. PSEG Power – Q4 Operating Highlights
Operations
4Q output +1%; full-year increase of 3.9% leading to record production.
4Q nuclear capacity factor at 91.3%; full-year at 92.6%.
Coal plant availability affected by BET related work.
Environmental work at Hudson and Mercer proceeding on schedule; on budget.
Regulatory and Market Environment
Renegotiated contract with Indonesian coal supplier.
Seeing impact on pricing from declining economic growth.
CAIR reinstated; too early to predict impact of change in administration on energy and
environmental policy.
Financial
$25 million dividend paid to Enterprise in 4Q; $500 million for full-year.
Successful launch of $500 million retail MTN program.
19
22. PSE&G – Q4 2008 Earnings Summary
$ millions (except EPS) Q4 2008 Q4 2007 Variance
Operating Revenues $ 2,288 $ 2,153 $ 135
Operating Expenses
Energy Costs 1,545 1,415 130
Operation & Maintenance 345 361 (16)
Depreciation & Amortization 140 142 (2)
Taxes Other than Income Taxes 35 35 ---
Total Operating Expenses 2,065 1,953 112
Operating Earnings 76 77 (1)
Income from Continuing Operations/ 76 77 (1)
Net Income
EPS from Operating Earnings* $ 0.15 $ 0.15 ---
21
* See page 32 for Items excluded from Income from Continuing Operations to reconcile to Operating Earnings.
23. PSE&G EPS Reconciliation – Q4 2008 versus Q4 2007
0.20 .04 (.04)
(.01)
.01
$.15 $.15
Weather Gas Margin O&M Depreciation
and Taxes
$ / share
0.10
0.00
Q4 2007 Q4 2008
operating operating
earnings* earnings*
22
* See page 32 for Items excluded from Income from Continuing Operations to reconcile to Operating Earnings.
24. PSE&G – Q4 Operating Highlights
Operations
Declining economic growth having impact on sales growth.
O&M costs remain under control.
Focused on containing impact of economic fallout on customers and accounts
through support of outreach programs.
Regulatory and Market Environment
PSE&G filed for NJ BPU approval to construct the Susquehanna – Roseland
transmission line. The $750 million project is scheduled to be in-service by year-
end 2012.
NJ BPU approved a four-year $46 million program to curb energy consumption
and reduce CO2 emissions.
PSE&G proposed a two-year $888 million capital program supporting energy
infrastructure ($698 million) and energy efficiency ($190 million).
Financial
Outlook for electric sales growth hurt by weak economy.
Capital to be invested in areas with regulatory support. 23
26. PSEG Energy Holdings – Q4 2008 Earnings Summary
Q4 2008 Q4 2007 Variance
$ millions (except EPS)
Operating (Loss) / Earnings ($ 23) $ 10 ($ 33)
Asset Sales and Impairments 13 53 (40)
Loss from Continuing Operations (36) (43) 7
Discontinued Operations (3) 6 (9)
Net Loss (39) (37) (2)
EPS from Operating (Loss) / Earnings* ($ 0.04) $ 0.02 ($0.06)
25
* See page 32 for Items excluded from Income from Continuing Operations to reconcile to Operating Earnings.
27. PSEG Energy Holdings EPS Reconciliation – Q4 2008 versus
Q4 2007
0.05
$.02 (.07)
0.00
.01
$ / share
(.03) .05
(.04)
-0.05
Interest
Texas -
Expense
Operations (.02)
(.02)
MTM (.05)
2007 Asset
Sales and
Settlements
-0.10
Effective
Lease
Tax Rate
Income
and Other
-0.15
Q4 2007 Q4 2008
operating operating
earnings* earnings*
26
* See page 32 for Items excluded from Income from Continuing Operations to reconcile to Operating Earnings.
28. PSEG Energy Holdings – Q4 Operating Highlights
Operations
Texas – 2,000 MW gas-fired combined cycle capacity
1,000 MW Guadalupe facility experienced improved capacity factor and spark spreads.
1,000 MW Odessa facility experienced a reduction in capacity and availability.
Spark Spread Production (GWh)
4Q 2007 4Q 2008 2007 2008 4Q 2007 4Q 2008 2007 2008
Guadalupe $10.30 $14.83 $14.77 $24.56 .85 1.15 4.20 4.98
Odessa $26.88 $26.37 $23.16 $32.72 .82 .45 4.30 2.85
Regulatory and Market Environment
Submitted RFP on 500 MW of 1,000 MW Odessa plant for a 10-15 year agreement
to provide energy and capacity.
Change in administration and energy policy could favor development of
renewables.
Financial
Recognized impairment of investments in PPN and Turboven.
Remaining international investments total $24 million.
Received approximately $700 million from Q3 and Q4 international asset sales.
27
30. Outlook for Pension Expense
January 2009
2008 Actual
Estimate**
PSE&G $15.0* $80.0*
PSEG Power 14.0 76.0
Other 2.0 4.0
TOTAL 31.0 160.0*
Discount Rate 6.50% 6.80%
29
* After capitalized amount; pre-tax figure.
** The January 2009 estimate represents an increase from our October 2008 forecast of $110 - $120 million pre-tax.
31. 2009 Operating Earnings Guidance
2008A* 2009E
$ millions (except EPS)
PSEG Power $ 1,050 $ 1,210 – $ 1,285
PSE&G $ 360 $ 320 – $ 345
PSEG Energy Holdings $ 101 $ 0 – $ 20
Enterprise ($ 24) ($ 10) – $ 0
Operating Earnings $ 1,487 $ 1,520 – $ 1,650
Earnings per Share $ 2.92 $ 3.00 – $ 3.25
30
* See page 32 for Items excluded from Income from Continuing Operations to reconcile to Operating Earnings.
32. PSEG Liquidity as of December 31, 2008
Expiration Total Primary Usage at Available Liquidity
Company Facility Date Facility Purpose 12/31/2008 12/31/2008
1
5-year Credit Facility 12-Dec $1,000 CP Support/Funding/LCs $13 $987
PSEG
Bilateral Credit Facility 9-Jun $100 CP Support/Funding $0 $100
Uncommitted Bilateral Agreement N/A N/A Funding 0 N/A
3
5-Year Credit Facility 12-Dec 1,600 Funding/LCs 222 1,378
Power
Bilateral Credit Facility 9-Jun 100 Funding/LCs 0 100
Bilateral Credit Facility 9-Mar 150 Funding/LCs 52 98
Bilateral Credit Facility 9-Sep 50 Funding 0 50
Bilateral Credit Facility 10-Mar 100 Funding/LCs 14 86
2
5-year Credit Facility 12-Jun 600 CP Support/Funding/LCs 20 580
PSE&G
Uncommitted Bilateral Agreement N/A N/A Funding 0 N/A
5-year Credit Facility 10-Jun 136 Funding/LCs 21 115
Energy
Holdings
Total $3,836 $3,494
1
PSEG Facility reduces by $47 million in 2012
2
PSE&G Facility reduces by $28 million in 2012
3
Pow er Facility reduces by $75 million in 2012
31
33. Items Excluded from Income from Continuing Operations to
Reconcile to Operating Earnings
For the Quarters Ended For the Twelve Months Ended
December 31, December 31,
Pro-forma Adjustments, net of tax 2008 2007 2008 2007
Earnings Impact (in Millions)
Asset Sales and Impairments:
Impairment of PPN $ (9) $ (2) $ (9) $ (2)
Impairment of Turboven (4) - (4) (7)
Loss on Sale of Chilquinta and Luz del Sur - (23) - (23)
Premium on Bond Redemption - (28) (1) (28)
Total Asset Sales and Impairments (13) (53) (14) (60)
Lease Reserves - - (490) -
$ (13) $ (53) $ (504) $ (60)
Total Pro-forma to Operating Earnings
Fully Diluted Average Shares Outstanding (in Millions) 507 510 508 509
Per Share Impact (Diluted)
Asset Sales and Impairments:
Impairment of PPN $ (0.02) $ - $ (0.02) $ -
Impairment of Turboven (0.01) - (0.01) (0.01)
Loss on Sale of Chilquinta and Luz del Sur - (0.05) - (0.05)
Premium on Bond Redemption - (0.06) - (0.06)
Total Asset Sales and Impairments (0.03) (0.11) (0.03) (0.12)
Lease Reserves - - (0.96) -
$ (0.03) $ (0.11) $ (0.99) $ (0.12)
Total Pro-forma 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
32
it differs from Net Income.