Public Service Enterprise Group (PSEG) held an earnings conference call to discuss its fourth quarter and full year 2007 results. PSEG reported operating earnings of $277 million for Q4 2007 compared to $136 million for Q4 2006. For the full year, operating earnings were $1.377 billion compared to $872 million in 2006. PSEG's strong results were driven by improved performance at its power generation subsidiary PSEG Power due to favorable market conditions and asset sales. Looking ahead, PSEG expects continued earnings growth of 8% in 2008.
Are you interested in a career in addiction counseling? If so, check out AddictionCounselor-Edu.org to learn the information that you need to start your career!
Business Intelligence For It Professionals Part 4 Scorecards Dashboards And...Microsoft TechNet
In this session we will discuss how Office PerformancePoint Server 2007 builds KPI's, scorecards, and dashboards by accessing IT system performance data from the System Center Operations Manager data warehouse.
웹 사이트 벤치마킹은 웹 기획의 기본스킬입니다. 그리고 웹 사이트 벤치마킹은 웹 기획자에게 웹 사이트의 트렌드를 읽을수 있는 눈을 키워줄 뿐만아니라 경쟁 사이트 혹은 유명 사이트의 벤치마킹을 통하여 웹의 문제점과 개선방안에 실질적인 도움을 받을 수 있습니다.
웹 사이트 벤치마킹은 웹의 콘셉이나 우수한 서비스를 발견하는 것이 전부가 아니라 사용자의 사고, 사이트 이용패턴, 이용경험까지 벤치마킹해야합니다.
Are you interested in a career in addiction counseling? If so, check out AddictionCounselor-Edu.org to learn the information that you need to start your career!
Business Intelligence For It Professionals Part 4 Scorecards Dashboards And...Microsoft TechNet
In this session we will discuss how Office PerformancePoint Server 2007 builds KPI's, scorecards, and dashboards by accessing IT system performance data from the System Center Operations Manager data warehouse.
웹 사이트 벤치마킹은 웹 기획의 기본스킬입니다. 그리고 웹 사이트 벤치마킹은 웹 기획자에게 웹 사이트의 트렌드를 읽을수 있는 눈을 키워줄 뿐만아니라 경쟁 사이트 혹은 유명 사이트의 벤치마킹을 통하여 웹의 문제점과 개선방안에 실질적인 도움을 받을 수 있습니다.
웹 사이트 벤치마킹은 웹의 콘셉이나 우수한 서비스를 발견하는 것이 전부가 아니라 사용자의 사고, 사이트 이용패턴, 이용경험까지 벤치마킹해야합니다.
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
Yes of course, you can easily start mining pi network coin today and sell to legit pi vendors in the United States.
Here the telegram contact of my personal vendor.
@Pi_vendor_247
#pi network #pi coins #legit #passive income
#US
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
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
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
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
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.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
public serviceenterprise group 4Q_2007_Webcast_Slides_FINAL
1. Public Service Enterprise Group
PSEG Earnings Conference Call
4th Quarter and Year-end 2007
February 1, 2008
2. Disclaimer Statement
The statements contained in this communication about our and our
subsidiaries’ future performance, including, without limitation, 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 information
currently available and on reasonable assumptions, we can give no
assurance they will be achieved. There are a number of risks and
uncertainties that could cause actual results to differ materially from the
forward-looking statements made herein. A discussion of some of these
risks and uncertainties is contained in 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 (SEC), and available on our website:
http://www.pseg.com. 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 communication. 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 generally accepted accounting principles (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 costs stemming from the
terminated merger agreement with Exelon Corporation. 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 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. These
slides are only intended to be reviewed in conjunction with the oral
presentation to which they relate.
2
5. Q4 2007 EPS Summary
Q4 2007 Q4 2006
$ millions (except EPS)
Operating Earnings $ 277 $ 136
Impact of Asset Sales ($ 51) -
Merger Costs - ($ 1)
Income from Continuing Operations $ 226 $ 135
Discontinued Operations, net of tax ($ 2) ($ 182)
Net Income $ 224 ($ 47)
EPS from Operating Earnings $ 1.09 $ 0.54
4
* See page 32 for Items excluded from Net Income to reconcile to Operating Earnings
6. Full year 2007 Income Summary
For the years ended December 31,
2007 2006
$ millions (except EPS)
Operating Earnings $ 1,377 $ 872
Impact of Asset Sales ($ 58) ($ 185)
Merger Costs - ($ 8)
Income from Continuing Operations $ 1,319 $ 679
Discontinued Operations, net of tax $ 16 $ 60
Net Income $ 1,335 $ 739
EPS from Operating Earnings $ 5.41 $ 3.45
5
* See page 32 for Items excluded from Net Income to reconcile to Operating Earnings
7. Earnings – A Year of Strong Results to be Followed by Growth
$7.00
$5.60 - $6.10
$6.00
$5.41 h**
rowt
8% G
$5.00
Earnings per Share
th
Grow
57%
$3.45
$4.00
$3.00
$2.00
$1.00
$0.00
2006 Operating 2007 Operating 2008 Guidance
Earnings* Earnings*
6
* See page 32 for Items excluded from Net Income to reconcile to Operating Earnings
** Percentage change in growth based on mid-point of guidance
8. PSEG – 2007: A Defining Year
• 2007 earnings at top end of guidance
• Focus on core businesses
• Resumed independent operation of nuclear
• Top decile reliability standards maintained at PSE&G
• Latin American assets sold at attractive values
• Meeting commitment to system reliability
• Transmission investment announced
• New peaking investment announced
• Addressing NJ’s clean energy goals
• Multi-faceted strategy
• Financial risk reduced with stronger balance sheet
• Debt reduced
• Cash returned to shareholders
• 10% increase in common dividend announced
7
9. PSEG
2007 Q4 Operating Company Review
Tom O’Flynn
Executive Vice President and Chief Financial Officer
President – PSEG Energy Holdings
10. Q4 Operating Earnings by Subsidiary
For the Quarters ended December 31,
Operating Earnings Per Share
$ Millions (except EPS)
2007 2006 2007 2006
PSEG Power $ 205 $ 102 $ 0.80 $ 0.40
PSE&G 77 64 0.30 0.25
PSEG Energy Holdings 15 (14) 0.06 (0.05)
Enterprise (20) (16) (0.07) (0.06)
PSEG $ 277 $ 136 $ 1.09 $ 0.54
9
* See page 32 for Items excluded from Net Income to reconcile to Operating Earnings
11. Full Year 2007 Operating Earnings by Subsidiary
For the years ended December 31,
Operating Earnings Per Share
$ Millions (except EPS)
2007 2006 2007 2006
PSEG Power $ 949 $ 515 $ 3.73 $ 2.04
PSE&G 376 262 1.48 1.04
PSEG Energy Holdings 115 161 0.45 0.63
Enterprise (63) (66) (0.25) (0.26)
PSEG $ 1,377 $ 872 $ 5.41 $ 3.45
10
* See page 32 for Items excluded from Net Income to reconcile to Operating Earnings
12. PSEG EPS Reconciliation – Q4 2006 versus Q4 2007
1.50
$0.11 ($0.01) $1.09
$0.05
$0.40
1.00 Interest .03
$ / share
Global
Weather .06 Misc. (.04)
Texas – MTM .06 &
operations .01
Rate relief .04
Effective tax rate .05
Volume &
$0.54 demand .03 Interest expense .02
0.50 Recontracting & Transmission Other operations (.02)
strong markets .32 .01
Resources
BGSS .06 O&M (.06)
Interest expense .02
MTM .01 Other (.03)
Effective tax rate (.02)
O&M .01
Other (.01)
0.00
Q4 2006 Q4 2007
Power Holdings Enterprise
PSE&G
operating operating
earnings earnings
11
* See page 32 for Items excluded from Net Income to reconcile to Operating Earnings
13. PSEG EPS Reconciliation – Full Year 2006 versus Full Year 2007
6.00 $0.44 ($0.18)
$5.41
$0.01
$1.69
Global Interest .06
Texas – MTM (.05) &
Rate relief .27
operations (.07)
Misc. (.05)
Weather .14 Italy (.09)
4.00 Volume & RGE – sale in 2006 (.04)
$3.45 demand .08
$ / share
Other operations .05
Transmission &
Effective tax rate .02
appliance
Recontracting & strong
service .03
markets 1.48
Interest expense .01
O&M & other
BGSS .23
Other .03
(.07)
Higher tax rate in 2006 Resources
2.00 Shares
.04 Interest expense .05
outstanding
(.01)
Depreciation, interest & Effective tax rate (.06)
other (.03)
Other (.02)
MTM (.02)
Holdings
Other (.01)
Shares outstanding
(.01)
0.00
2006 2007
Power PSE&G Holdings Enterprise
operating operating
earnings earnings
12
* See page 32 for Items excluded from Net Income to reconcile to Operating Earnings
18. PSEG Power – Generation Measures
PSEG Power – Generation (GWh)
Years ended December 31,
4th Quarter
15,000 60,000
53,196
53,139
13,046
12,391
9,190
1,924
11,819
2,767
10,000 40,000
3,779 14,841
13,014
3,083
5,000 20,000
7,343 29,108 28,363
6,541
0 0
2006 2007 2006 2007
Total Oil &
Total Nuclear Total Coal*
Natural Gas
17
* Includes figures for Pumped Storage; excludes Lawrenceburg
19. RPM Capacity Auction – Transparent Pricing Model
• Auctions scheduled in the next year provide price certainty through the
2011-2012 delivery year.
Planning Year Auction Date
2010 – 2011 January 2008
2011 – 2012 May 2008
Annual base auction in May of each
subsequent year
• RPM has had an influence on the market – forced outage rates
declining, retirements slowing, more DSM bid into market.
• PSEG Power is taking steps to add 300 – 400MW ($250 - $350 million)
of new gas-fired peaking capacity that may be bid into PJM’s Reliability
Pricing Model (RPM) base residual auctions in 2008.
• The final decision to proceed with construction will take into account
capital and interconnection costs, available siting and potential for
environmental limitations.
18
20. PSEG Power – Q4 Highlights
Operations
PSEG Nuclear resumed independent operation of Salem and Hope
Creek at year-end
NRC approval of Hope Creek 125MW uprate expected by July 1
Overall generation output – Q4 decline; full year at record levels
Nuclear down 11%
Fossil up 2.6%
Markets
Improved pricing for energy in PJM, New York and New England
Benefiting from roll-off of below market contracts
Financial
Construction of back-end technology on Fossil units - on time and on
budget
$250 million dividend paid to Enterprise
19
22. PSE&G – Q4 2007 EPS Summary
Q4 2007 Q4 2006 Variance
$ millions (except EPS)
Operating Revenues $ 2,153 $ 1,815 $ 338
Operating Earnings $ 77 $ 64 $ 13
Income from Continuing Operations/ $ 77 $ 64 $ 13
Net Income
EPS from Operating Earnings $ 0.30 $ 0.25 $ 0.05
21
23. PSE&G EPS Reconciliation – Q4 2006 versus Q4 2007
0.50
($0.08)
$0.03
0.40
$0.04
$0.06 $0.30
Demand
0.30 Gas .01
$0.25 Rate relief
$ / share
Electric .02 Other
Gas .02
Transmission .01
Electric .02
Weather
O&M (.06)
0.20 Gas .04
Miscellaneous (.03)
Electric .02
0.10
0.00
Q4 2006 Q4 2007
operating operating
earnings earnings 22
24. PSE&G – Q4 Highlights
Operations
Sales growth reflects:
• Weather normalized growth from all customer classes – annual increase of 1.7%
• Weather – more normal versus less than optimal conditions
Re-staffing of organization nearly complete – 2% increase for year
Regulatory
NJ enacts Regional Greenhouse Gas Initiative in January 2008
PSE&G files initiatives with NJ BPU to reduce carbon, explore AMI
PSE&G files for incentives on new transmission capital investment
Awaiting BPU response to $100M solar initiative
NJ Energy Master Plan – draft proposal expected in Spring 2008
Financial
$100 million dividend paid to Enterprise
23
26. PSEG Energy Holdings – Q4 2007 EPS Summary
Q4 2007 Q4 2006 Variance
$ millions (except EPS)
Operating Earnings $ 15 ($ 14) $ 29
Sale of Chilquinta & Luz del Sur ($ 23) - ($ 23)
Bond Redemption Costs ($ 28) - ($ 28)
Income (Loss) from Continuing ($ 36) ($ 14) ($ 22)
Operations
Discontinued Operations, net of tax ($ 2) $ 38 ($ 40)
Net Income ($ 38) $ 24 ($ 62)
EPS from Operating Earnings $ 0.06 ($ 0.05) $ 0.11
25
* See page 32 for Items excluded from Net Income to reconcile to Operating Earnings
27. PSEG Energy Holdings EPS Reconciliation – Q4 2006 versus Q4 2007
Global Resources
$0.02 ($0.02)
($0.02) $0.02
0.09
($0.01)
$0.05
$0.06
Interest Effective tax
Interest Other
expense rate
expense operations
Other
0.05
$0.07
Effective tax
0.01 rate
$ / share
($0.05)
-0.03
Texas – MTM
Q4 2006 Q4 2007
.06 & lower
operating maintenance operating
-0.07 earnings expense .01 earnings
26
* See page 32 for Items excluded from Net Income to reconcile to Operating Earnings
28. PSEG Energy Holdings – Q4 Highlights
Operations
Continued strong operations in Texas and other domestic facilities
Markets
Valuations remain strong for international assets
Texas near-term spark spreads lower
Financial
Electroandes closed in October for $284 million; Chilquinta and Luz
del Sur sale closed in December for $685 million
Discontinued operations for SAESA with intent to sell
Called $400 million of Holdings 10% debt maturing in 2009
Filed with SEC to de-register Holdings
$210 million dividend paid to Enterprise
27
30. Summary of Q4 Fundamental Factors
Operations
The PSEG organization has maintained its focus on safe and reliable operations
PSEG Nuclear resumed independent operation of Salem and Hope Creek at
year-end.
Significant re-staffing effort nearing completion
Markets
Energy markets responding to tight supply conditions
Weather normalized demand for electric and gas in line with expectations
International asset values remain strong
Financials
Strong cash flow supported a reduction in debt at Enterprise ($709 million) and call
of $400 million at Holdings
Strength in earnings and cash flow supported a 10% increase in the common
dividend effective in Q1 2008
29
31. Cash Outlook – Forecast Intact
• We remain comfortable with improvement in cash
• Operating income exceeding expectations
• Successful asset sales
• Planned rate mechanisms for transmission investments
would provide cash recovery during construction
• Excess cash between $2.0 billion and $2.5 billion will be
available through 2011
• Excess cash expected to be used to retire debt and
further strengthen the balance sheet, invest in target
markets, and/or share repurchase
30