PSEG presented an overview of its strategic position and outlook for 2007 and beyond. Key points include:
- PSEG's businesses of PSE&G, PSEG Power, and PSEG Energy Holdings provide opportunities for growth in their respective markets through operational excellence and financial discipline.
- PSE&G is positioned for growth through its strong operational performance, constructive regulatory environment, and opportunities from New Jersey's energy policy initiatives.
- PSEG Power is well positioned to provide strong growth through its nuclear and fossil fleet performance and growth opportunities in tight capacity markets and from environmental policies.
- PSEG Energy Holdings aims to improve returns and reduce risk from its diverse international and Texas assets while providing opportunities to
public serviceenterprise group media.corporatefinance20
PSEG reported 2008 income from continuing operations of $983 million, or $1.93 per share, compared to $1,325 million, or $2.60 per share in 2007. Operating earnings for 2008 were $1,487 million, or $2.92 per share compared to $1,385 million, or $2.72 per share in 2007. PSEG Power had record operating earnings of $1,050 million in 2008 and PSEG expects 2009 operating earnings to be between $1,520-1,650 million, or $3.00-$3.25 per share. PSE&G operating earnings are expected to decline in 2009 due to higher pension and technology expenses.
- Genworth's U.S. mortgage insurance portfolio has a lower risk profile than industry peers based on factors such as lower concentrations of loans with FICO scores < 620, interest-only loans, and loans in California and Florida.
- Genworth's delinquency and default rates are lower than industry rates across vintages from 2004 to 2007, with the exception of some higher default rates in the 2007 policy year, which is still early.
- Within Genworth's portfolio, delinquency and default rates increase as FICO scores decrease, and are higher for adjustable rate mortgages, loans with loan-to-value ratios over 95%, and Alt-A loans.
This document is an advertising feature from Energising WA 2010 that promotes various initiatives and accomplishments. It highlights key facts such as generating over 25% of the state's electricity from renewable sources and connecting over 30,000 solar systems. The feature emphasizes connecting communities through renewable energy projects and creating a sustainable energy future for Western Australia.
Northrop Grumman held an institutional investor conference on November 9, 2006. The document discusses several of Northrop Grumman's business segments, including Ship Systems, Newport News, and their focus on performance improvement. Ship Systems is recovering from Hurricane Katrina and has a backlog of work including various Navy and Coast Guard ships. Newport News builds nuclear-powered aircraft carriers and submarines. Both segments aim to increase sales, margins, and cash flow through initiatives like workforce development and process improvements.
Enseco is a premier supplier of directional drilling and production testing services operating in North American resource plays. It has an experienced management team and focuses on growth through increasing utilizations, margins, and its USA operations. Enseco provides directional drilling and production testing services with in-house technology and industry leading experience. It operates across Canada and the USA with a focus on oil and gas production. Enseco emphasizes safety and has improved its safety statistics and adopted a total loss management system.
Supplemental information published for AEP’s quarterly earnings conference call with financial analysts on Jan. 28, 2011.
For more information, log on to AEP.com/Investors
Northrop Grumman held an institutional investor conference on November 9, 2006 to discuss its Information Technology, Mission Systems, and Technical Services sectors. The IT sector is pursuing growth opportunities in key markets like healthcare IT, homeland security, and wireless networks. Mission Systems focuses on command and control, intelligence, and missile defense systems and aims to be a trusted partner for integrated solutions. Technical Services provides base operations and maintenance, training and simulation, and other services across the US and internationally.
In the first quarter of 2007, CSX reported earnings per share of $0.52 compared to $0.53 in the first quarter of 2006. Excluding insurance recoveries, comparable earnings per share were $0.50. Surface transportation operating income was $469 million, compared to $487 million in 2006, excluding insurance recoveries in both periods. Revenue increased 4% to $2.422 billion driven by strong pricing, despite a 5% decline in volumes. The company also discussed trends in expenses, operating metrics, future growth opportunities, and shareholder capital allocation.
public serviceenterprise group media.corporatefinance20
PSEG reported 2008 income from continuing operations of $983 million, or $1.93 per share, compared to $1,325 million, or $2.60 per share in 2007. Operating earnings for 2008 were $1,487 million, or $2.92 per share compared to $1,385 million, or $2.72 per share in 2007. PSEG Power had record operating earnings of $1,050 million in 2008 and PSEG expects 2009 operating earnings to be between $1,520-1,650 million, or $3.00-$3.25 per share. PSE&G operating earnings are expected to decline in 2009 due to higher pension and technology expenses.
- Genworth's U.S. mortgage insurance portfolio has a lower risk profile than industry peers based on factors such as lower concentrations of loans with FICO scores < 620, interest-only loans, and loans in California and Florida.
- Genworth's delinquency and default rates are lower than industry rates across vintages from 2004 to 2007, with the exception of some higher default rates in the 2007 policy year, which is still early.
- Within Genworth's portfolio, delinquency and default rates increase as FICO scores decrease, and are higher for adjustable rate mortgages, loans with loan-to-value ratios over 95%, and Alt-A loans.
This document is an advertising feature from Energising WA 2010 that promotes various initiatives and accomplishments. It highlights key facts such as generating over 25% of the state's electricity from renewable sources and connecting over 30,000 solar systems. The feature emphasizes connecting communities through renewable energy projects and creating a sustainable energy future for Western Australia.
Northrop Grumman held an institutional investor conference on November 9, 2006. The document discusses several of Northrop Grumman's business segments, including Ship Systems, Newport News, and their focus on performance improvement. Ship Systems is recovering from Hurricane Katrina and has a backlog of work including various Navy and Coast Guard ships. Newport News builds nuclear-powered aircraft carriers and submarines. Both segments aim to increase sales, margins, and cash flow through initiatives like workforce development and process improvements.
Enseco is a premier supplier of directional drilling and production testing services operating in North American resource plays. It has an experienced management team and focuses on growth through increasing utilizations, margins, and its USA operations. Enseco provides directional drilling and production testing services with in-house technology and industry leading experience. It operates across Canada and the USA with a focus on oil and gas production. Enseco emphasizes safety and has improved its safety statistics and adopted a total loss management system.
Supplemental information published for AEP’s quarterly earnings conference call with financial analysts on Jan. 28, 2011.
For more information, log on to AEP.com/Investors
Northrop Grumman held an institutional investor conference on November 9, 2006 to discuss its Information Technology, Mission Systems, and Technical Services sectors. The IT sector is pursuing growth opportunities in key markets like healthcare IT, homeland security, and wireless networks. Mission Systems focuses on command and control, intelligence, and missile defense systems and aims to be a trusted partner for integrated solutions. Technical Services provides base operations and maintenance, training and simulation, and other services across the US and internationally.
In the first quarter of 2007, CSX reported earnings per share of $0.52 compared to $0.53 in the first quarter of 2006. Excluding insurance recoveries, comparable earnings per share were $0.50. Surface transportation operating income was $469 million, compared to $487 million in 2006, excluding insurance recoveries in both periods. Revenue increased 4% to $2.422 billion driven by strong pricing, despite a 5% decline in volumes. The company also discussed trends in expenses, operating metrics, future growth opportunities, and shareholder capital allocation.
This document summarizes a presentation by Scott Seymour, President of Northrop Grumman Integrated Systems, at an investor conference. Integrated Systems focuses on airborne surveillance and battle management systems, and generated $5.5 billion in sales in 2005. Key programs include the E-2 Hawkeye, B-2, and F-35. The market environment is stable for core programs, and Integrated Systems is pursuing new opportunities in areas like Broad Area Maritime Surveillance and the KC-X Tanker. Integrated Systems is focusing on improving program execution and driving margins higher through cost reduction initiatives and transitioning development programs to production.
The document summarizes CSX Corporation's fourth quarter 2007 earnings conference call. Key points include:
- Revenues increased 8% to $2.6 billion due to improved service and yield management offsetting softer volumes.
- Operating income increased 26% to $601 million compared to $478 million last year, driven by revenue strength and cost control overcoming fuel cost increases.
- Safety performance reached historical best levels while on-time performance and network efficiency were at all-time highs, delivering strong service for customers.
This document summarizes a presentation given by James F. Pitts, president of Northrop Grumman Electronic Systems, at Northrop Grumman's 2006 Institutional Investor Conference. Mr. Pitts discussed Electronic Systems' $6.6 billion in estimated 2006 sales across sectors like airborne sensors and ground systems. He emphasized the division's focus on strong financial performance through measures like acquisitions, revenue growth, margin expansion, and improved cash conversion. Mr. Pitts also highlighted Electronic Systems' diversified portfolio and strategies to expand into adjacent markets and exploit international opportunities.
2007* Corporate Governance Embraer Day 2007Embraer RI
Embraer has a diverse shareholder base with its shares traded on the Bovespa and NYSE. It aims to have good corporate governance with transparency, accountability and responsibility. Its board of directors has 11 members including government and employee representatives. It reorganized its capital structure in 2006 to have a more dispersed ownership. Embraer provides financial statements in both US GAAP and BR GAAP and follows Sarbanes-Oxley compliance. It aims to have an investment grade credit rating and manages risks such as commodities and compliance. The company pays dividends of 40-50% of net income annually.
Gold Investment Symposium 2012 - Company presentation - Northern Star Resourc...Symposium
Northern Star Resources reported a fully-franked 2.5c dividend for the 2012 fiscal year, yielding 3%. The company forecasts $65-85 million in surplus cash for 2013 and expects its Paulsens mine to support a mine life of over 5 years based on current resources. Northern Star's strategy is to increase total gold production to over 200,000 ounces per year through growth.
CSX Corporation reported record first quarter earnings in 2006. Earnings per share from continuing operations were up 56% compared to the first quarter of 2005. Surface transportation revenues increased 11% due to strong performance across all markets and a 12% increase in revenue per unit. Capacity expansion projects remained on track to add additional capacity. Looking forward, CSX expects demand to remain strong and the favorable pricing environment to continue as operational improvements drive further volume growth.
Apresentação barclays capital 2010 latin america regulated industries confe...algar_ri
The document provides an overview of the Algar Group, a Brazilian telecommunications company. It discusses Algar Telecom, the group's telecom segment, including its strategy, business areas, financial results, and debt levels. It also summarizes other Algar Group business segments such as Algar Tecnologia, which focuses on IT, BPO, and consulting solutions. The document highlights the group's growth areas, strategic focus on customers, and solid financial and governance structure.
GEI Partners Fund, LP (the “Fund”) is an equity fund formed to acquire, build and manage natural resource production and infrastructure and achieve superior returns on investment
The document provides information about the leadership team and member relations at Fairtrade International. It outlines the leadership team members and their responsibilities for implementing strategy, delivering high-quality services, and creating a collaborative environment. It also describes the tools and services Fairtrade provides to support producers, members, licensees, and partners. Communication and cooperation across the system occurs through member calls, clustering models, representation on committees, and collaboration on projects and strategies.
- KBR is a leading global engineering and construction company with over $13 billion in backlog and operations in over 45 countries.
- The presentation discusses KBR's business units and strategic growth opportunities in each, including leveraging LNG expertise, expanding government services, and investing in new technologies.
- KBR aims to be the preferred contractor through best-in-class risk management and execution capabilities. Financial performance is improving with growing backlog and recurring business unit income.
This document is a presentation by Bill Johnson, Chairman and CEO of Progress Energy, given at the EEI Financial Conference in Phoenix, AZ on November 11, 2008. The presentation provides an overview of Progress Energy, including its strategic focus on achieving long-term annual EPS growth of 4-5%, pursuing a balanced solution to secure the energy future, and sustaining financial strength during nuclear construction. It also discusses Progress Energy's regulated utilities, major capital projects, regulatory updates, and long-term financial objectives.
TXU's earnings and cash flow improved substantially in 2005 compared to 2004. Operational earnings per share increased 136% year-to-date and normalized operating cash flow grew 42% year-to-date. This solid performance reflected gains across TXU's core businesses of TXU Energy Holdings, TXU Electric Delivery, and TXU Power. As part of its turnaround, TXU also significantly improved its risk profile and focused on infrastructure, technology, and growth investments to boost reliability and lower costs.
1) Public Service Enterprise Group held a conference on March 1, 2007 to discuss its performance and outlook.
2) PSEG reported 2006 operating earnings of $3.71 per share and provided guidance for 2007 operating earnings between $4.60-5.00 per share, representing over 10% growth.
3) PSEG's business lines include PSE&G, its regulated utility in New Jersey, PSEG Power, its competitive generation business, and PSEG Enterprise Holdings and other investments. PSEG aims to build on past results and make its businesses even stronger.
1) Public Service Enterprise Group held an investor conference on March 1, 2007 to discuss its performance and outlook.
2) PSEG reported 2006 operating earnings of $3.71 per share and provided guidance for 2007 operating earnings between $4.60-5.00 per share, representing over 10% growth.
3) Key drivers for PSEG's strong outlook included expected improved performance from its regulated utility PSE&G, its unregulated power business PSEG Power benefiting from higher energy prices and forward hedging, and continued optimization of its portfolio of assets.
Public Service Enterprise Group (PSEG) held an investor conference in London on March 6, 2007 to provide an overview and outlook. PSEG reported strong operating results in 2006 and an earnings guidance range of $4.60-$5.00 per share for 2007, representing over 10% growth. Key drivers for 2007 earnings included higher power prices from forward hedging, rate increases at PSE&G, and improved performance at PSEG's nuclear and fossil fuel power plants. PSEG also discussed ongoing investments in its regulated utility PSE&G to ensure continued reliable service, as well as initiatives to support New Jersey's energy master plan.
public serviceenterprise group _030607EEIfinance20
Public Service Enterprise Group (PSEG) held an investor conference in London on March 6, 2007 to provide an overview and outlook. PSEG reported strong operating results in 2006 and an earnings guidance range of $4.60-$5.00 per share for 2007, representing over 10% growth. Key drivers for 2007 earnings included higher power prices from forward hedging, rate increases at PSE&G, and improved performance at PSEG's nuclear and fossil fuel power plants. PSEG also discussed ongoing investments in its regulated utility PSE&G to maintain reliable service, support New Jersey's energy plans, and earn allowed returns.
Public Service Enterprise Group held an investor meeting in New York City on February 14, 2007 to discuss the company's performance and outlook. The company had made progress across operations, regulatory affairs, energy markets, and financially in 2006. Management outlined drivers for projected strong earnings growth in 2007 and 2008, including higher power prices, capacity market reforms, and continued performance improvements across the business units.
Public Service Enterprise Group held an investor meeting in NYC on February 14, 2007 to provide an update. They discussed progress across several areas including reliable operations, improved regulatory environment, higher energy market prices, and strengthening financial position. The company aims to build on these results to further strengthen performance. They provided details on key events and earnings changes since terminating a merger in September 2006.
This document contains the prepared remarks and Q&A from Duke Energy Corporation's earnings conference call for Q2 2004.
The key points are:
1) Duke Energy reported earnings per share of $0.46 for Q2 2004, which included $0.04 per share in special items. Ongoing earnings were $0.42 per share.
2) The company's largest business segments - Franchised Electric and Gas Transmission - generated solid earnings and cash flows for the quarter. Field Services also had strong results due to high natural gas liquid prices and operating improvements.
3) Duke Energy reduced its mark-to-market trading position, but results were still affected by changing commodity prices
Duke Energy held its Q2 2003 earnings conference call on July 30, 2003. Fred Fowler, President and COO, reported that Duke Energy has made strong progress in the first half of 2003 through an asset sales program that generated over $1.5 billion, reducing capital spending to $3 billion, and lowering net debt by approximately $1.8 billion for the year. Duke Energy reported Q2 earnings of 46 cents per share including 16 cents from asset sales. For the first half of 2003, Duke Energy reported earnings of 71 cents per share including gains from asset sales and an accounting charge, with benefits from Westcoast earnings and expansion projects offset by lower DENA earnings and higher interest expenses.
At the analyst meeting in New York City on December 6, 2007, FirstEnergy provided regulatory updates for its utilities. In Ohio, distribution rate cases were filed requesting a $332 million increase and hearings are expected in Q1 2008. A competitive generation procurement proposal was also filed to transition to market prices by 2009. In Pennsylvania, appeals of Met-Ed and Penelec rate cases are pending in Commonwealth Court. Penn Power successfully transitioned to market prices in its POLR II case. New Jersey is implementing an Energy Master Plan to reduce demand 20% by 2020 and increase renewable energy.
The document is the transcript of Duke Energy's Q1 2003 earnings conference call.
In the call, Duke Energy executives discuss the company's financial results and progress on its strategic plan. They report that regulated utilities Franchised Electric and Gas Transmission contributed 94% of earnings. Duke is reducing costs, selling $1.1 billion in assets, and focusing on its strongest businesses. While merchant energy faced challenges, Duke is restructuring to improve results going forward.
This document summarizes a presentation by Scott Seymour, President of Northrop Grumman Integrated Systems, at an investor conference. Integrated Systems focuses on airborne surveillance and battle management systems, and generated $5.5 billion in sales in 2005. Key programs include the E-2 Hawkeye, B-2, and F-35. The market environment is stable for core programs, and Integrated Systems is pursuing new opportunities in areas like Broad Area Maritime Surveillance and the KC-X Tanker. Integrated Systems is focusing on improving program execution and driving margins higher through cost reduction initiatives and transitioning development programs to production.
The document summarizes CSX Corporation's fourth quarter 2007 earnings conference call. Key points include:
- Revenues increased 8% to $2.6 billion due to improved service and yield management offsetting softer volumes.
- Operating income increased 26% to $601 million compared to $478 million last year, driven by revenue strength and cost control overcoming fuel cost increases.
- Safety performance reached historical best levels while on-time performance and network efficiency were at all-time highs, delivering strong service for customers.
This document summarizes a presentation given by James F. Pitts, president of Northrop Grumman Electronic Systems, at Northrop Grumman's 2006 Institutional Investor Conference. Mr. Pitts discussed Electronic Systems' $6.6 billion in estimated 2006 sales across sectors like airborne sensors and ground systems. He emphasized the division's focus on strong financial performance through measures like acquisitions, revenue growth, margin expansion, and improved cash conversion. Mr. Pitts also highlighted Electronic Systems' diversified portfolio and strategies to expand into adjacent markets and exploit international opportunities.
2007* Corporate Governance Embraer Day 2007Embraer RI
Embraer has a diverse shareholder base with its shares traded on the Bovespa and NYSE. It aims to have good corporate governance with transparency, accountability and responsibility. Its board of directors has 11 members including government and employee representatives. It reorganized its capital structure in 2006 to have a more dispersed ownership. Embraer provides financial statements in both US GAAP and BR GAAP and follows Sarbanes-Oxley compliance. It aims to have an investment grade credit rating and manages risks such as commodities and compliance. The company pays dividends of 40-50% of net income annually.
Gold Investment Symposium 2012 - Company presentation - Northern Star Resourc...Symposium
Northern Star Resources reported a fully-franked 2.5c dividend for the 2012 fiscal year, yielding 3%. The company forecasts $65-85 million in surplus cash for 2013 and expects its Paulsens mine to support a mine life of over 5 years based on current resources. Northern Star's strategy is to increase total gold production to over 200,000 ounces per year through growth.
CSX Corporation reported record first quarter earnings in 2006. Earnings per share from continuing operations were up 56% compared to the first quarter of 2005. Surface transportation revenues increased 11% due to strong performance across all markets and a 12% increase in revenue per unit. Capacity expansion projects remained on track to add additional capacity. Looking forward, CSX expects demand to remain strong and the favorable pricing environment to continue as operational improvements drive further volume growth.
Apresentação barclays capital 2010 latin america regulated industries confe...algar_ri
The document provides an overview of the Algar Group, a Brazilian telecommunications company. It discusses Algar Telecom, the group's telecom segment, including its strategy, business areas, financial results, and debt levels. It also summarizes other Algar Group business segments such as Algar Tecnologia, which focuses on IT, BPO, and consulting solutions. The document highlights the group's growth areas, strategic focus on customers, and solid financial and governance structure.
GEI Partners Fund, LP (the “Fund”) is an equity fund formed to acquire, build and manage natural resource production and infrastructure and achieve superior returns on investment
The document provides information about the leadership team and member relations at Fairtrade International. It outlines the leadership team members and their responsibilities for implementing strategy, delivering high-quality services, and creating a collaborative environment. It also describes the tools and services Fairtrade provides to support producers, members, licensees, and partners. Communication and cooperation across the system occurs through member calls, clustering models, representation on committees, and collaboration on projects and strategies.
- KBR is a leading global engineering and construction company with over $13 billion in backlog and operations in over 45 countries.
- The presentation discusses KBR's business units and strategic growth opportunities in each, including leveraging LNG expertise, expanding government services, and investing in new technologies.
- KBR aims to be the preferred contractor through best-in-class risk management and execution capabilities. Financial performance is improving with growing backlog and recurring business unit income.
This document is a presentation by Bill Johnson, Chairman and CEO of Progress Energy, given at the EEI Financial Conference in Phoenix, AZ on November 11, 2008. The presentation provides an overview of Progress Energy, including its strategic focus on achieving long-term annual EPS growth of 4-5%, pursuing a balanced solution to secure the energy future, and sustaining financial strength during nuclear construction. It also discusses Progress Energy's regulated utilities, major capital projects, regulatory updates, and long-term financial objectives.
TXU's earnings and cash flow improved substantially in 2005 compared to 2004. Operational earnings per share increased 136% year-to-date and normalized operating cash flow grew 42% year-to-date. This solid performance reflected gains across TXU's core businesses of TXU Energy Holdings, TXU Electric Delivery, and TXU Power. As part of its turnaround, TXU also significantly improved its risk profile and focused on infrastructure, technology, and growth investments to boost reliability and lower costs.
1) Public Service Enterprise Group held a conference on March 1, 2007 to discuss its performance and outlook.
2) PSEG reported 2006 operating earnings of $3.71 per share and provided guidance for 2007 operating earnings between $4.60-5.00 per share, representing over 10% growth.
3) PSEG's business lines include PSE&G, its regulated utility in New Jersey, PSEG Power, its competitive generation business, and PSEG Enterprise Holdings and other investments. PSEG aims to build on past results and make its businesses even stronger.
1) Public Service Enterprise Group held an investor conference on March 1, 2007 to discuss its performance and outlook.
2) PSEG reported 2006 operating earnings of $3.71 per share and provided guidance for 2007 operating earnings between $4.60-5.00 per share, representing over 10% growth.
3) Key drivers for PSEG's strong outlook included expected improved performance from its regulated utility PSE&G, its unregulated power business PSEG Power benefiting from higher energy prices and forward hedging, and continued optimization of its portfolio of assets.
Public Service Enterprise Group (PSEG) held an investor conference in London on March 6, 2007 to provide an overview and outlook. PSEG reported strong operating results in 2006 and an earnings guidance range of $4.60-$5.00 per share for 2007, representing over 10% growth. Key drivers for 2007 earnings included higher power prices from forward hedging, rate increases at PSE&G, and improved performance at PSEG's nuclear and fossil fuel power plants. PSEG also discussed ongoing investments in its regulated utility PSE&G to ensure continued reliable service, as well as initiatives to support New Jersey's energy master plan.
public serviceenterprise group _030607EEIfinance20
Public Service Enterprise Group (PSEG) held an investor conference in London on March 6, 2007 to provide an overview and outlook. PSEG reported strong operating results in 2006 and an earnings guidance range of $4.60-$5.00 per share for 2007, representing over 10% growth. Key drivers for 2007 earnings included higher power prices from forward hedging, rate increases at PSE&G, and improved performance at PSEG's nuclear and fossil fuel power plants. PSEG also discussed ongoing investments in its regulated utility PSE&G to maintain reliable service, support New Jersey's energy plans, and earn allowed returns.
Public Service Enterprise Group held an investor meeting in New York City on February 14, 2007 to discuss the company's performance and outlook. The company had made progress across operations, regulatory affairs, energy markets, and financially in 2006. Management outlined drivers for projected strong earnings growth in 2007 and 2008, including higher power prices, capacity market reforms, and continued performance improvements across the business units.
Public Service Enterprise Group held an investor meeting in NYC on February 14, 2007 to provide an update. They discussed progress across several areas including reliable operations, improved regulatory environment, higher energy market prices, and strengthening financial position. The company aims to build on these results to further strengthen performance. They provided details on key events and earnings changes since terminating a merger in September 2006.
This document contains the prepared remarks and Q&A from Duke Energy Corporation's earnings conference call for Q2 2004.
The key points are:
1) Duke Energy reported earnings per share of $0.46 for Q2 2004, which included $0.04 per share in special items. Ongoing earnings were $0.42 per share.
2) The company's largest business segments - Franchised Electric and Gas Transmission - generated solid earnings and cash flows for the quarter. Field Services also had strong results due to high natural gas liquid prices and operating improvements.
3) Duke Energy reduced its mark-to-market trading position, but results were still affected by changing commodity prices
Duke Energy held its Q2 2003 earnings conference call on July 30, 2003. Fred Fowler, President and COO, reported that Duke Energy has made strong progress in the first half of 2003 through an asset sales program that generated over $1.5 billion, reducing capital spending to $3 billion, and lowering net debt by approximately $1.8 billion for the year. Duke Energy reported Q2 earnings of 46 cents per share including 16 cents from asset sales. For the first half of 2003, Duke Energy reported earnings of 71 cents per share including gains from asset sales and an accounting charge, with benefits from Westcoast earnings and expansion projects offset by lower DENA earnings and higher interest expenses.
At the analyst meeting in New York City on December 6, 2007, FirstEnergy provided regulatory updates for its utilities. In Ohio, distribution rate cases were filed requesting a $332 million increase and hearings are expected in Q1 2008. A competitive generation procurement proposal was also filed to transition to market prices by 2009. In Pennsylvania, appeals of Met-Ed and Penelec rate cases are pending in Commonwealth Court. Penn Power successfully transitioned to market prices in its POLR II case. New Jersey is implementing an Energy Master Plan to reduce demand 20% by 2020 and increase renewable energy.
The document is the transcript of Duke Energy's Q1 2003 earnings conference call.
In the call, Duke Energy executives discuss the company's financial results and progress on its strategic plan. They report that regulated utilities Franchised Electric and Gas Transmission contributed 94% of earnings. Duke is reducing costs, selling $1.1 billion in assets, and focusing on its strongest businesses. While merchant energy faced challenges, Duke is restructuring to improve results going forward.
Duke Energy held an earnings conference call to discuss its first quarter 2005 results. The call included prepared remarks from Duke Energy's Chairman and CEO, Group VP and CFO, and President and COO. They reported earnings of $0.91 per share including special items, and ongoing earnings of $0.44 per share, up nearly 30% from the prior year. Business unit highlights included strong results from Field Services, International Energy, and Crescent Resources. DENA reported a smaller loss than the prior year. The executives provided an outlook for the remainder of 2005 and discussed the impact of recent transactions involving Duke Energy's ownership in Field Services.
Duke Energy held a conference call to discuss its second quarter 2005 earnings. The call included prepared remarks from Chairman and CEO Paul Anderson and Group VP and CFO David Hauser. Key highlights from their remarks include:
- Earnings per share were $0.33, including $0.02 in special items, compared to analyst expectations of $0.38. However, the company was on plan for the year.
- Weather had a negative $0.05 impact on earnings compared to last year. Results were also impacted by higher O&M costs.
- Most business units performed well, though Franchised Electric and DENA saw declines due to weather and other factors.
- The proposed merger with C
Duke Energy reported third quarter earnings per share of $0.41, which included $0.03 from special items primarily related to additional tax benefits from asset sales. Ongoing earnings were $0.38 per share. Key business segments like Franchised Electric and Natural Gas Transmission reported solid results. Field Services benefited from strong natural gas liquid prices. Duke Energy North America continued working to reduce losses from its merchant energy business. The company has reduced its debt by $2.4 billion year-to-date through asset sales and cash flows. Management expects to meet or exceed its financial goals for 2004 and continues working to improve the company's performance.
The document summarizes the agenda and presentations for Celanese Corporation's 2007 Investor Day. The agenda included presentations on Celanese's business segments and strategies for growth, operational excellence, and value creation. Celanese aimed to pursue premier performance and deliver superior value creation through industry-leading growth and a geographically balanced global position across diversified end markets.
- Genworth's U.S. mortgage insurance portfolio has a lower risk profile than industry peers based on factors like FICO scores, loan-to-value ratios, and product types.
- Default rates are increasing across all vintages and risk segments but remain below industry levels, with 2007 defaults lowest and 2005/2004 highest.
- Fixed rate loans and those with higher FICO scores are performing better than adjustable rate loans and those with lower FICO scores and higher LTV ratios.
- Management is navigating challenging market conditions through prudent risk and pricing actions while still achieving growth in premiums and maintaining a lower loss ratio than peers.
Duke Energy 02/02/05_prepared_remarks_and_qafinance21
This document provides a summary of Duke Energy Corporation's Q4 2004 earnings conference call. Key points include:
- Duke Energy reported 2004 EPS of $1.59, including special items, and ongoing EPS of $1.38, exceeding its $1.20 target.
- Business units like Field Services and Crescent Resources had strong years. Field Services benefited from higher commodity prices.
- For Q4 2004, Duke Energy reported EPS of $0.38 including special items. Ongoing segment EBIT increased at Franchised Electric and Natural Gas Transmission.
- Guidance for 2005 includes a $150M loss for DENA and $350-500M EBIT for Field Services depending
This document summarizes a presentation given by Ron Seeholzer, Vice President of Investor Relations for FirstEnergy, at a Wall Street Access/Berenson & Co. seminar in Las Vegas on December 14, 2007. The presentation highlights FirstEnergy's accomplishments in 2007, including regulatory approvals, financial performance, and operational improvements. It outlines objectives for 2008 and beyond, including optimizing generation assets, investing in infrastructure, and managing commodity positions. The presentation also provides details on capital expenditure forecasts and environmental compliance projects.
GE Capital held an investor meeting on March 19, 2009 to discuss its funding and liquidity position, portfolio risk management, business reviews and stress testing results, and financial outlook. Key messages included that GE Capital's 2009 long-term funding needs were 93% complete, it had $60 billion in liquidity, and stress testing indicated it was well capitalized and expected to remain profitable even in a severe economic downturn. The presentation addressed questions about GE Capital's commercial real estate, mortgage, consumer credit and other investment exposures.
This document provides an overview of Public Service Enterprise Group (PSEG). It begins with forward-looking statements and risk factors that could impact PSEG's performance. It then discusses PSEG's strategic focus on maximizing value from existing electric generation, distribution, and transmission assets while deploying capital through asset sales and potential renewable investments. The document notes influences on PSEG's business such as climate change, infrastructure needs, and capacity requirements and how PSEG is positioned to meet these needs with its nuclear, coal, and potential renewable and storage assets.
This document provides an overview of Public Service Enterprise Group (PSEG) and includes forward-looking statements about PSEG's performance. It notes factors that could cause actual results to differ from expectations, such as changes in energy policy, regulation of PSEG's transmission and distribution businesses, environmental regulations, and other risks. The document also includes information about PSEG's generation assets, market positioning, hedging programs, and views on power market volatility.
Similar to public serviceenterprise group analystday pres0307 (20)
- PG&E Corporation held its annual shareholder meeting on May 14, 2008 to vote on various matters.
- Shareholders elected all 9 nominated directors to serve on the board until the next annual meeting.
- Shareholders ratified the appointment of Deloitte & Touche LLP as the independent accounting firm for 2008.
- Shareholders did not approve two shareholder proposals but did approve a proposal for a non-binding shareholder vote on executive compensation.
- PG&E Corporation and Pacific Gas and Electric Company will hold their annual shareholder meetings concurrently on April 21, 2004 in San Francisco.
- Shareholders will vote on the election of directors and the ratification of the appointment of Deloitte & Touche LLP as the independent public accountants.
- PG&E Corporation shareholders will also vote on six shareholder proposals, which the board recommends voting against.
The document announces the annual shareholder meetings for PG&E Corporation and Pacific Gas and Electric Company to be held jointly on April 20, 2005, with the purposes of electing directors, ratifying independent public accountants, voting on shareholder proposals, and any other business matters. Shareholders are invited to attend and vote on these matters, and are provided instructions for submitting proxy votes by internet, phone or mail in advance of the meetings. The boards of directors recommend voting for all director nominees, ratifying the appointment of Deloitte & Touche LLP as independent public accountants, and voting against the shareholder proposals.
The document is a joint notice of annual meetings and proxy statement for PG&E Corporation and Pacific Gas and Electric Company shareholders. It announces that the 10th annual meeting of PG&E Corporation and the 100th annual meeting of Pacific Gas and Electric Company will be held concurrently on April 19, 2006. Shareholders will vote on the election of directors, ratification of the independent accounting firm, and several shareholder proposals for PG&E Corporation. The document provides details on these voting items and recommendations by the boards of directors.
Typical groundwater monitoring wells are used to sample groundwater levels and quality at landfills. They consist of protective surface casing extending above ground with a sampling cap. Below is a sealed section with slots to allow water entry. Gravel fills the bottom to allow water sampling. Waste Management has strict standards and procedures for consistent, high-quality monitoring well installation and routine sampling, with lab-analyzed results reported to regulators for early issue identification.
Gas monitoring probes are used at landfills to measure gas concentrations at specified intervals. This process identifies potential environmental concerns early so they can be evaluated and corrected according to regulations. The probes enhance environmental protection at landfills by monitoring landfill gas.
1. A typical landfill contains layers that protect the environment from waste, including a cover of native vegetation, topsoil, and protective soil to prevent erosion.
2. Below this is a composite cap system with a drainage layer to remove excess water and a plastic geomembrane to prevent water and gas from entering or leaving the landfill.
3. At the base is a liner system with a plastic geomembrane and compacted clay layers to block leachate, along with a leachate collection system of pipes and pumps to safely remove contaminated liquid from the landfill.
WasteByRail is a transportation system operated by Waste Management that provides rail access to landfills across North America for waste disposal. Since 2000, it has formed partnerships within the rail industry to cost-effectively transport virtually any type of solid or liquid waste over long distances to specially equipped landfills. Transportation options include intermodal rail containers, motor carriers, gondola rail cars, and rail tank cars. WasteByRail allows waste generators without direct rail access to consolidate loads for more efficient transport.
Waste Management provides renewable energy through waste-to-energy processes. Refuse is fed into enclosed facilities where it is burned to heat water and produce steam, which powers turbine generators to produce electricity for the utility grid. Ash produced is recovered for materials. Waste Management harnesses energy from waste to provide green, renewable electricity.
Waste Management is developing renewable energy from waste to meet increasing demand for sustainable energy alternatives. They operate landfill gas projects that provide a reliable source of energy for utilities. One project powers 4,000 homes daily. They also operate waste-to-energy plants that burn trash to generate electricity, such as one plant in Florida that produces enough energy for 35,000 homes. Waste Management is responding to concerns about energy security, sustainability and the environment through waste-based renewable energy projects.
Waste Management and its recycling arm WM Recycle America are leading providers of recycling services in North America. They operate 105 recycling facilities across the United States and Canada, including 29 single-stream plants. Each year they process and market over 7.6 million tons of recyclable materials such as paper, plastics, metals, and electronics. Through extensive facilities and partnerships, they work to increase recycling rates and make recycling a more effective solution for residential, commercial, and industrial customers.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
[4:55 p.m.] Bryan Oates
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Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
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Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
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Ensuring robust asset quality is not just a mere aspect but a critical cornerstone for the stability and success of financial institutions worldwide. It serves as the bedrock upon which profitability is built and investor confidence is sustained. Therefore, in this presentation, we delve into a comprehensive exploration of strategies that can aid financial institutions in achieving and maintaining superior asset quality.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
TEST BANK Principles of cost accounting 17th edition edward j vanderbeck mari...Donc Test
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public serviceenterprise group analystday pres0307
1. Public Service Enterprise Group
A Presentation to the Financial
Community
The Waldorf=Astoria, New York City
March 26, 2007
2. Forward-Looking 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. Agenda
• PSEG Strategic Overview Ralph Izzo
• PSE&G Review and Outlook Ralph LaRossa
• PSEG Power Frank Cassidy
– Overview
– Fossil Operations
– Nuclear Operations William Levis
--- Break ---
• PSEG Power (continued)
– Market Overview Kevin Quinn
– Financial Outlook Dan Cregg
• PSEG Energy Holdings Review and Outlook Tom O’Flynn
• PSEG Financial Review and Outlook Tom O’Flynn
• Summary Ralph Izzo
2
4. PSEG Positioned for the Future
Strategic Overview
Ralph Izzo
President and Chief Operating Officer
Chairman of the Board and Chief Executive Officer Elect*
*Effective April 1, 2007
5. PSEG’s family of businesses combine the right set of
assets …
Domestic Generation
Regulated Transmission &
Distribution
- Domestic / International
T&D and Generation
- Leveraged Leases
… providing opportunity for growth in their respective markets.
4
6. Operational excellence is our foundation for success …
Operational
Excellence
Financial
Disciplined
Strength
Investment
… and this will yield financial strength that will be deployed
through disciplined investment.
5
7. Members of Management Team …
Chairman, President
& CEO Elect*
Ralph Izzo
President and COO
President and COO EVP & CFO, PSEG EVP & General President and COO,
– PSE&G
– PSEG Power President & COO – Counsel PSEG Services
PSEG Energy Corporation
Holdings
Elbert C.
Frank Cassidy Thomas O’Flynn R. Edwin Selover
Ralph LaRossa
Simpson
President and CNO President – ER&T VP Finance - Power VP – Investor
– PSEG Nuclear Relations
William Levis Kevin Quinn Dan Cregg Kathleen Lally
6
*Effective April 1, 2007
8. Much has been accomplished since the termination of
the merger …
September 2006 October November December January 2007 February March
September 2006 October November December January 2007 February March
9/14 – Merger 11/9 – 11/30 – PSEG
Termination PSE&G Rate Power Consent
Announced Settlements Decree
Regulatory
11/16 – PSE&G named 12/20 – PSEG resumes direct management 12/31 – Achieved 96%
America’s Most Reliable of Nuclear stations and Exelon’s senior annual nuclear capacity
Electric Utility management team joins PSEG factor
Operations
1/2 – Sale of 1/16 – 1/31 – Operating Earnings at 3/26 – Raised
Lawrenceburg Dividend upper end of guidance; 2007
announced Increase Confirmed strong ’07-’08 Guidance
Financial / Asset Rationalization
2/22 – Election
9/25 – CEO 12/7 – New Senior
of Chairman
Succession Team Announced
and CEO
Announced
Management
… thereby re-establishing clear operational focus. 7
9. Announcing increased earnings guidance for 2007 and
2008 …
$5.60 - $6.10
$4.90 - $5.30
$6.00
2007 Guidance
$5.00 *
h*
raised by $0.30 rowt
%G
15
$3.71 *
Earnings per Share
$4.00
*
h*
rowt
$3.00
%G
37
Initial
$2.00
Guidance:
$4.60 -
$1.00
$5.00
$0.00
2006 2007 2008
Operating Guidance Guidance
Earnings
… driven largely by improved operations and power markets.
*Excludes Loss on Sale of RGE of $0.70 per share, Merger costs of $0.03 per share and Loss from Discontinued Operations of $0.05 per share
8
**Percentage change in growth based on mid-point of guidance
10. Improved earnings causes our dividend payout ratio to
quickly decline below 50% ...
$2.60 70
Payout
65
Ratio
$2.50
?
Dividend Payout Ratio
60
Dividend per Share
$2.40
$2.34 *
55
$2.28
$2.30
$2.24 50
$2.20
$2.20
45
$2.10 40
$2.00 35
2004 2005 2006 2007 2008
*Indicated annual dividend rate
… providing us the flexibility to raise our dividend at a rate
higher than prior increases.
9
11. The current business environment …
• Convergence of market forces and policy
creates the need to address:
Critical infrastructure requirements
–
– Environmental requirements
– Capacity requirements in constrained markets
… creates opportunities for PSEG’s long-term growth.
10
12. Carbon Reduction – A common focus …
• International directives
- More support globally since adoption of Kyoto Agreement in
1997 for reduction in greenhouse gas
• On the national level
– Multiple carbon legislative proposals are currently under
consideration by Congress
• Legislation probable by 2008
• Regional Greenhouse Gas Initiative (RGGI)
– A nine state collaborative calling for a 10% reduction in
carbon from 2000 – 2004 levels by 2019
• In New Jersey, Governor Corzine has signed
Executive Order No. 54 and the Legislature has
introduced multi-sector carbon legislation with
aggressive reduction targets.
… an issue we support and an opportunity for investment
11
13. NJ Energy Master Plan …
• Identifies the same issues as those at the international and
national levels
• Provides PSEG the opportunity to:
– Meet environmental goals that we have long supported
– Expand PSE&G through broader investment opportunities
– Support growth in the State’s urban areas through investment in the
“Smart Growth Initiative” program
– Expand Power through carbon-free generation
– Shape the debate, find the solution and implement the plan
• PSEG has pledged its full support to the effort launched by
Governor Corzine
• PSEG expects to implement several proposals during 2007 to
support the Energy Master Plan, consistent with PSEG’s
business interests
… an Intersection of Energy – the Environment – PSEG
12
14. PSE&G – A consistent, strong performer …
• Continued top quartile/top decile performance
– National ReliabilityOne Award winner – two years running
– American Customer Satisfaction Index (ACSI) Customer
Satisfaction Survey
• Regulatory agreements provide opportunity to earn
reasonable returns over 2007-2009
• Energy Master Plan initiatives fuel long-term growth
– New customer information system investment (2007 - 2009)
– Advanced Metering technology investment (2008 - 2012)
– Renewables and energy efficiency enhanced by utility
participation (2008 – 2020)
… providing stability and multiple platforms for growth.
13
15. PSEG Power – Solidly positioned …
• Nuclear and fossil fleet operating at historically high
levels with opportunity for improvement
• Near-term growth fueled by strong markets and roll-off
of below market contracts
• Long-term growth influenced by
– Tightening reserve margins
– Expansion capability at existing sites
– Carbon advantaged portfolio
• Debate on energy policy will influence investment
– Environmental compliance driving current investment
– Meeting EMP objectives may require a look at new nuclear
investment
… to provide strong growth for PSEG.
14
16. PSEG Energy Holdings - Improving returns and reducing
risk …
• Diverse asset base with improved stability
– Stable Latin American distribution assets in stable economies
– Gas-fired combined cycle generation in Texas
• A source of capital
– Asset sales have reduced risk and contributed to an improved
balance sheet at PSEG
• A source of growth
– Texas generating assets benefit from location, low cost
structure and opportunity for expansion
… to create opportunities to redeploy capital.
15
17. PSEG – Excellent position for today …
Right set of assets…
• Large, diverse mix of low-cost, base-load, load-following generating assets
• Reliable electric and gas distribution and transmission systems
• Stable portfolio of investments in domestic generation, international distribution and leases
Right markets…
• Generation assets operate in tightly constrained and growing markets
• Nuclear and coal base-load capacity operate in markets where the price for power is set by
gas
• Transmission and distribution assets provide service in a modest growth market with
reasonable regulation
At the right time…
• Mid-Atlantic, New England and Texas recognizing the value of capacity in constrained areas
• A move to control carbon benefits our nuclear-based fleet
• Power has opportunity for brownfield development at existing sites
• Values are improving for international assets
• T&D set to benefit from implementing state’s energy plan
… ready for tomorrow
16
19. Positioned for growth in 2007 and beyond
Strong • At or approaching top decile
performance in key operating measures
Operations
Constructive
• Reasonable rate case outcome
Regulatory and
Business • Valued partner on State policy
Environment
• Constructive State policies with reasonable
Positive Market
prices to customers
Fundamentals
Growth
Opportunities… • Baseline capital growth of 4-5% in near-term
with State energy policy providing potential
with Manageable
for longer-term growth
Risk
18
20. PSE&G is favorably located …
KEY:
• Attractive market (NJ is ranked 3rd COMBINED ELECTRIC &
GAS TERRITORIES
ELECTRIC TERRITORY
nationally in personal income per capita) GAS TERRITORY
• National ReliabilityOne Award winner -
two years running
• Solid regulatory relationships on
N
traditional utility matters W E
S
• Reasonable returns and strong cash flow
Transmission Statistics (12/31/06)
Projected Annual
Load Growth
Network Circuit Miles Billing Peak (MW) 2007 - 2011
1,408 11,108 1.1%
Electric and Gas Distribution Statistics (12/31/06)
Projected Annual
Electric Sales and
Load Growth
Gas Sold and
Customers
Transported 2007 - 2011
Electric 2.1 Million 43,678 GWh 1.2%
Gas 1.7 Million 3,169 M Therms 1.4%
… and is the largest transmission operator in “classic” PJM and the
11th largest electric and gas distribution company in the nation (by
customers). 19
22. We achieve great performance …
Electric Distribution Trends vs. National Benchmarks
2003 2005
2000 2001 2002 2006
2004
People
OSHA Incident Rate
Lost Time Severity Rate
Vehicle Accident Rate
Absenteeism
Operations
SAIFI (Excluding Major Storms)
MAIFI (Excluding Major Storms)
Customers
CAIDI (Excluding Major Storms)
O&M Productivity
O&M Expenditures per Customer
*
O&M Expenditures per MWh Sold
Capital Productivity
CapEx per Customer
*
CapEx per MWh Sold
Total Expenditures
Expenditures per Customers
*
Expenditures per MWh Sold
* 2006 projections based on preliminary FERC data
N/A Below Mean Above Mean Above Target
… by setting targets to achieve top level performance and
measuring our progress toward achieving those goals.
21
23. Great performance is the basis for high levels of
customer satisfaction …
Gas Distribution Trends vs. National Benchmarks
2006
2003 2005
2000 2001 2002 2004
People
OSHA Incident Rate
Lost Time Severity Rate
Vehicle Accident Rate
Absenteeism
Operations
CI Breaks Repaired / Mile of CI Main
3rd Party Damages / Miles of Main & Service
Leak Response Rate
Leak reports / Mile
Gas Damages / 1,000 Gas Locate Requests
Customers
Regulatory Complaint Rate
O&M Productivity
O&M$/Customer
O&M$/Mile of Mains & Services
*
O&M$/DThm
Capital Productivity
CapEx$/Customer
CapEx$ /Miles of Mains & Services
*
CapEx$/DThm
Total Expenditures
Total Expenditures per Customers
*
Total Expenditures per Miles Mains/Services
* 2006 projections based on preliminary FERC data
Total Expenditures per DThm
N/A Below Mean Above Mean Above Target
… and fair regulatory treatment.
22
24. Typical residential electric bills are better than the
average of our neighboring utilities …
The BGS construct enables us to average in commodity price effects and
25.00 avoid major shocks to customer bills.
20.6
20.00
Average cents/kWh, 500 kWh Bill
16.6
15.0
14.6
15.00 13.9
13.7
13.0
10.8
10.00
5.00
0.00
PSE&G Atlantic JCP&L Rockland Con Ed O&R PECO PP&L
Electric Electric
New Jersey New York Pennsylvania
… with the result being best-in-class operations at better than
average prices. In other words, an exceptional value for
customers.
23
Based on tariff rates in effect on December 31, 2006
25. While performance continues to get even better, when
adjusted for inflation, …
PSE&G Average Residential Electricity Rates
(1990 – 2007E)
16 15.4 CPI Tracking
13.7 Nominal
14
(What Customers Pay)
Unit Rate (cents/kWh)
12
10.4
9.8 Real
10 (Adjusted for Inflation)
8
6
4
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007E
Source: Rates from US DOE and PSE&G, NJ CPI from Moody's Economy.com; PSEG
… PSE&G customers pay less for electricity than they did in 1990.
So, service value continues to rise.
24
26. This is not an electric only story …
2.00
1.84
1.80 1.72
1.61 1.60
1.54
1.60 1.52
1.45
Average $/therm, 100 therm Bill
1.40
1.28
1.20
1.00
0.80
0.60
0.40
0.20
0.00
PSE&G NJN E'Town SJG ConEd O&R BUG PECO
New Jersey New York Pennsylvania
… gas customers enjoy superior value as well through best-in-
class operations at better than average prices.
25
Based on tariff rates in effect on December 31, 2006
27. Fair outcome on recent gas and electric cases will help
ensure …
• Settlement agreement with BPU staff, Public Advocate, and other
parties within weeks of merger failure
• Gas Base Rate case provides for $79M of gas margin:
- $40M increase in rate
- $39M decrease in non-cash expenses
• Electric Distribution financial review provides $47M of additional
annual revenues
• Base rates remain effective at least until November 2009
• New Jersey regulatory climate providing a fair return to investors
• Opportunity to earn a ROE of 10%
… our continued ability to provide safe, reliable service to
customers and fair returns to shareholders.
26
28. PSE&G’s base investment plan …
• Regulated electric transmission, electric and gas distribution system
• Characteristics
• FERC regulation for electric transmission; NJ BPU regulation for electric
and gas distribution
• Electric and Gas distribution rates frozen through November 2009
PSE&G Rate Base
2011 Base Plan
2006 Actual
Rate Base = $7.5 B
Rate Base = $6.0 B
Gas
Electric
Electric Gas
Distribution
Transmission
Transmission Distribution
36%
14%
11% 35%
Electric
Electric
Distribution
Distribution
54%
50%
Equity Ratio ~ 48%
… coupled with fair regulatory treatment provides a solid base
for future earnings growth.
27
29. PSE&G’s capital program is supported by internally
generated cash …
PSE&G Base Capital Requirements*
(2005 – 2011)
$800
$673
$700
$630
$611
$572 $551 $568
$600 $538
$500
$ Million
$400
$300
$200
$100
$0
2005 2006 2007 2008 2009 2010 2011
ICSP RTEP Dist Reinforcement
Transmission Gas Electric
Depreciation & Amortization**
… and supports a payout ratio of more than 75% in the forecasted
period.
*Excludes impact of NJ Energy Master Plan; Reflects completion of infrastructure improvement projects by 2010. Base CapEx is consistent with 10-K but includes adjusted amounts for ICSP project.
28
**Excludes Securitization
30. We are planning to invest over $3B in our infrastructure
between 2007 - 2011, a 6% increase over last year’s plan …
PSE&G Capital Spending by Line of Business
Electric Distribution Gas Utility
$300 $300
New Business
$250 $250
System
Reinforcement
$200 $200
Replacement
$ Million
$ Million
$150 $150
Enviro /
Regulatory
$100 $100
Support
$50 $50
2006-2010
Spending Plan
$0 $0
2005 2006 2007 2008 2009 2010 2011 2005 2006 2007 2008 2009 2010 2011
$150 Electric Transmission
$125
$100
* Capital spending includes
$ Million
allocations from customer $75
operation and utility
operations support $50
$25
$0
2005 2006 2007 2008 2009 2010 2011
… to improve service quality and earnings growth.
29
31. Three areas of additional potential growth for PSE&G …
T&D Expansion PSEG EMP Strategies Integrated Customer
T&D Expansion PSEG EMP Strategies Integrated Customer
Opportunities System Platform (ICSP)
Renewables/Emissions
Opportunities System Platform (ICSP)
Renewables/Emissions
Strategies
• •PJM backbone transmission • •Leveraging State of the Art
Strategies
PJM backbone transmission Leveraging State of the Art
and RTEP projects Technology –– SAP CCS
Technology SAP CCS
• •Solar initiative
and RTEP projects Solar initiative
• •Distribution System • •Improving capabilities to
• •Greenhouse Gas Offset
Distribution System Improving capabilities to
Greenhouse Gas Offset
Reinforcements implement strategic
Reinforcements implement strategic
functionality
functionality
Demand-Side Strategies
Demand-Side Strategies • •Enabling GPS technology to
Enabling GPS technology to
• •Advanced Metering
Advanced Metering improve dispatching
improve dispatching
Infrastructure
Infrastructure • •Creating new opportunities
Creating new opportunities
• •Residential Energy Efficiency
Residential Energy Efficiency through web-based
through web-based
• •Commercial and Industrial empowerment
Commercial and Industrial empowerment
Energy Efficiency
Energy Efficiency • •Moving to aa platform with full
Moving to platform with full
• •PSE&G Facility and System AMI capability
PSE&G Facility and System AMI capability
Efficiency
Efficiency
Potential Range of Capital Spending:
$150M - $1.5B $500M - $1.5B $140M - $150M
Aggregate $500M - $3.0B
… have preliminary annual earnings impacts in the $25M-$150M
range by 2015.
30
32. By 2016, NJ’s load is expected to grow by 4,000MW …
Projects to NJ Projects to NY
2006-2016 NJ Summer Peak
Growth Rate = 1.8%
• PSEG’s evaluation of • The Neptune HVDC project
the proposed (685 MW) connecting
backbone Sayreville to Long Island.
transmission projects:
• The Linden VFT project
• Northern 500kV (330 MW) connecting
route into Linden to Staten Island.
Jefferson and
Roseland • The Bergen O66 project
(670 MW) connecting
• Central 765kV Bergen to ConEd's West
route into Deans 49th Street substation.
• Southern 500kV • The Bergen Q75 project
route into Salem. (1,200 MW) connecting
Bergen to ConEd's West
49th Street substation.
Total Import Total Export
Capability Capability
~ 5,000MW ~ 3,000MW
… yet the net import capability into NJ is only increasing by
~2,000MW indicating need for additional generation, DSM or
transmission imports requiring RTEP investment.
31
Sources: Imports: PSE&G Estimates, Exports and Load Growth: PJM 2006 Regional Transmission Expansion Plan
33. New Jersey Smart Growth Initiative …
The Governor’s plan to revitalize New Jersey’s urban centers has worked
as planned, resulting in PSE&G needing to invest to support its electrical
systems.
• Goals
– Revitalize the State’s cities and
towns
– Promote beneficial economic
growth, development and renewal
for all residents of New Jersey
• PSE&G Investment
– Additional $101M in distribution
substation reinforcements
– Potential for an additional $80M in
distribution system reinforcement
for circuit level overloads and
planned replacement program for
aging infrastructure
… matches well with the PSE&G service territory and will create
long term growth within New Jersey’s urban centers.
32
34. The New Jersey Energy Master Plan’s challenges for
PSE&G include …
In support of Governor Corzine’s initiative, PSEG proposed strategies for
helping New Jersey achieve what are truly aggressive targets, and present
opportunities for future growth.
PSEG Key Strategies with the Potential for Helping the State:
1. Advanced Metering Infrastructure
2. Solar Green Towns
3. Residential Energy Efficiency
4. Commercial and Industrial Energy Efficiency
5. Other options: Hybrid vehicles, company facility investments,
distributed generation
… competing proposals and receiving proper regulatory treatment
(i.e., decoupling and proper regulatory incentives).
33
35. Advanced Metering Infrastructure …
AMI empowers customers to manage their energy usage more efficiently
and provides operational and financial benefits to PSE&G.
Advanced Metering Infrastructure (AMI) Benefits
Customers Distribution Company Regulators Energy Retailers
Accurate and timely bills Lower operational costs Opportunities to meet energy More detailed usage information
• • • •
conservation targets on customers
More accurate information on Fewer customer billing
• •
service restoration complaints Opportunities to develop a Ability to create tailored price
• •
competitive market that benefits options to customers
Pricing options that can result Real time identification of
• •
all customers
in lower bills outages and verification of Opportunities for new revenue
•
service restoration streams
Reduced energy theft
•
Remote account connects and
•
disconnects
Better load monitoring
•
Improved employee safety
•
Consumer
Wide Area
Wide Area
Networks:
Networks:
• •Telephone
Telephone
• •Wired
Wired Advanced
• •Wireless
Wireless Utility
Metering
User
Information
System
Premise
Billing System
… represents up to $600M of capital investment between 2008-2012.
34
36. Solar Initiative helps to reduce local government energy
expenses and benefits taxpayers/consumers statewide …
• NJ RPS requires ~2% of
energy supplied in 2020 to
originate from Solar Sources
~ 1,400 – 1,500MW at 14%
capacity factor
• Green Towns Proposal:
– PSE&G installations of
Photovoltaic panels on
municipal and school
buildings
• Benefits:
– Emissions-free power
– Lower municipality / school
costs = lower property taxes
… It represents upwards of $1B of capital investment between 2007-
2020 to help achieve New Jersey’s goal for solar energy.
35
37. EMP and additional T&D investments …
Potential PSE&G Capital Requirements
(2005 – 2011)
$1,200
$1,000
$800
$ Million
$600
$400
$200
$0
2005 2006 2007 2008 2009 2010 2011
Representative Potential EMP Potential Incremental T&D Base CapEx
… provide additional upside growth potential to our base plan.
36
38. In the near-term, rate relief and normal weather …
ROE Range: 10.5% - 11.5%
$340M
Consistent
$400
to
with 2007
$28M - $33M $360M
$347M*
$20M - $25M
$30M - $40M Modest
$300
Sales
$262M*
Growth
millions)
$200
Offset by
O&M
Increases
($
$100
$0
2005 Operating 2006 Operating Gas Rate Relief Electric Weather/Other 2007 2008
Earnings Earnings Financial Guidance Expectations
Review
… provide opportunity to earn allowed returns.
37
*Excludes $3M and $1M of Merger costs in 2005 and 2006, respectively
39. Positioned for growth in 2007 and beyond …
Strong • Approaching Top Decile Performance in Key Operating
Measures: CAIDI, SAIFI and Leak Response
Operations
• National ReliabilityOne Award winner – two years
running
Constructive
Regulatory and • Rate Case result reasonable and received within weeks
of the merger failure
Business
Environment
• Attractive Market
• Constructive state policies
Positive Market
• Electricity and gas prices better than average of region
Fundamentals
and less than 1990 levels on a “real” basis creating
superior value for customers.
• Near Term Growth
• RTEP
• Distribution Reinforcement
Growth • ICSP
• Long Term Growth
Opportunities… • Incremental RTEP
• Distribution Reinforcements
with Manageable • EMP and AMI
Risk • Manageable Risks
• Regulatory Recovery at FERC and BPU
• Competing Proposals in EMP
• Proper Regulatory Incentives for EMP Investments
38
41. Positioned for growth in 2007 and beyond …
Strong
• Record production
Operations
Constructive
Regulatory and • Liquid markets structure and
Business stable NJ BGS model
Environment
Positive Market • Favorable energy and capacity
outlook
Fundamentals
Growth
• Tightening reserve margin and site
Opportunities…
expansion opportunities
with Manageable
Risk
40
42. Power’s assets reflect a diverse blend of fuels and
technologies …
Fuel Diversity – 2007*
• Low-cost portfolio
Total MW: 13,600*
• Strong cash generator Oil Nuclear
8%
• Regional focus with demonstrated 26 %
Pumped
BGS success Storage
1%
18%
47 %
• Assets favorably located
Coal
Gas
– Many units east of PJM constraint
– Southern NEPOOL/ Connecticut
constraint Energy Produced - 2006
Total GWh: 53,617
– Near customers/load centers
Nuclear
• Integrated generation and portfolio
55%
management optimizes asset- Pumped
Storage
based revenues 1%
16%
Gas
27%
Oil 1%
Coal
… which provides for risk mitigation and strong returns.
41
* After sale of Lawrenceburg
43. Power’s assets are located in attractive markets near load
centers …
Current plant locations,
site expansion capability
Bethlehem Energy Center
(Albany)
System Interface
New Haven
Hudson Bridgeport
Keystone
Bergen
Kearny
Conemaugh Mercer Essex
Linden
Peach Bottom Sewaren
Edison
Hope Creek
Burlington
Salem
National Park
... which experience higher prices during periods of high
demand.
42
44. Power’s assets along the dispatch curve …
Nuclear
Sewaren
Dispatch Cost ($/MWh)
Coal
Kearny
Combined Cycle
Burlington
Steam
Edison
Essex
GT Peaking
New
Haven Linden / Essex
Bergen 1
Burlington 12 / Kearny 12
Linden 1,2
Keystone Sewaren
Conemaugh Hudson 1
Peach BEC
Bottom
Hope Hudson 2 Bergen 2
Salem
Creek
Mercer1, 2
Bridgeport
Illustrative
Megawatts (MW)
Load following units: Peaking units:
Baseload units:
- Primarily gas-fired, - Gas- and oil-fired, high variable cost,
- Very low variable cost, low
higher variable cost leading to high bid price into the
bid price into the energy
energy market
market - Intermittently called
upon to provide power - Called upon to provide power only
- Always, or almost always
to serve load during periods of peak demand to
called upon to provide
serve load
power to serve load
… position the company well to serve full requirement load contracts.
43
45. From a position of financial strength, we will make
disciplined investments …
Near-term:
• Optimize our existing generation portfolio
– Environmental improvements at NJ coal stations
– Nuclear uprate
Longer-term:
• Flexibility to pursue growth in core businesses and regions
– Power well-positioned for growth in attractive Northeast markets
• Strong and improving operations
• Attractive cash flow
– Opportunities for growth in tightening markets
• Expansion possibilities at multiple existing brownfield sites
• Proximity to high-priced New York City market
• Capacity market mechanisms may support moderate expansion of existing
peaking fleet
• Preliminary consideration of nuclear expansion
… and capitalize on multiple alternatives to grow the generation
business.
44
47. Strong Fossil operations …
Total Fossil Output (GWh)
A Diverse 10,000 MW Fleet
25,000
• 2,400 MW coal
• 3,200 MW combined cycle
20,000
• 4,400 MW peaking and other
15,000
Strong Performance
10,000
• Continued growth in output
5,000
• Improved fleet performance
• Achieved resolution regarding
0
Hudson / Mercer
2002 2003 2004 2005 2006
Coal Combined Cycle Peaking & Other
… contribute to a low-cost fossil portfolio in which two-thirds of
fleet output is from coal facilities.
46
48. Fossil’s value enhancement plan …
• Improved unit performance
$95M
- $60M - $70M (pretax)
• Capture O&M efficiencies in
execution of planned maintenance
- $15M - $25M (pretax)
Improved unit reliability $75M
and output
Current Performance
• Reduced wholly-owned Coal unit
Outage management forced/maintenance outage rate by
more than 2% (~ 24 days per year)
• Met or bettered planned
outage duration targets • Reduced Combined Cycle unit trip
events by 50%
Cost management • Met outage spending
plan that included built-in • Increased Combustion Turbine
• Non-Outage O&M lower
3% efficiency targets units operation by 20-30% with
by $0.70 MWH
continued 99% starting reliability
Existing Fleet
2006
… resulted in achieving its target of over $75M in 2006 versus 2004.
47
49. Our environmental strategy…
Emissions Control Technology Projects
Hudson Unit 2* (608 MW) Mercer (648 MW) – Units 1&2
- NOx control – SCR - NOx control – SCR installation complete
- SO2 control – Scrubber - SO2 control – Scrubbers
- Hg and particulate matter control - - Hg and particulate matter control –
Baghouse Baghouse
Environmental Capital Requirements
• Power’s New Jersey coal units are
2007 – 2010
Completion
Total mid-merit, with capacity factors
Date
($ million) averaging 50% to 60%
• As markets tighten, increased
Hudson Unit
$600 - $750 2010
2 production is anticipated
$490 2010
Mercer**
**EPC Contract signed
… will help preserve the availability of our fossil fleet.
*PSEG Fossil to notify USEPA and NJDEP by end of 2007 on decision to install emissions controls at Hudson Unit 2
48
** Capital investment $40M above 2006 10-K disclosure
50. Fossil’s 2007 activities …
Core Business
Peer
Benchmarking
Competencies Results
Improved
Conduct of
Reliability
Operations
36-Month Better Fuel
Conduct of
Efficiency
Maintenance
Plans
(Performance
Engineering Achieving
Metrics,
Programs ICAP Ratings
Targets,
Specific
Action Items Shorter
Outage
and Owners) Outage
Management
Durations
Minimize
Financial
Recurring
Controls
O&M
Compensation
(Targets/Payouts)
… will continue to drive enhancements to Power’s financials
49
52. Our five-unit nuclear fleet …
Hope Creek
• Operated by PSEG Nuclear
Salem Units 1 and 2
• PSEG Ownership: 100%
• Operated by PSEG Nuclear
• Technology:
• Ownership: PSEG - 57%,
Boiling Water Reactor
Exelon – 43% Peach Bottom Units 2 and 3
• Total Capacity: 1,061MW*
• Technology:
• Operated by Exelon
Pressurized Water Reactor
• Owned Capacity: 1,061MW
• Total Capacity: 2,304MW • PSEG Ownership: 50%
• License Expiration: 2026
• Owned Capacity: 1,323MW • Technology:
*Uprate of 125MW scheduled for fall 2007
Boiling Water Reactor
• License Expiration: 2016 and
2020
• Total Capacity: 2,224MW
• Owned Capacity: 1,112MW
• License Expiration: 2033
and 2034
… is a critical element of Power’s success.
51
53. We have exceeded our expectations for nuclear output …
• At our investor conference in 2004, we said we would
increase output by nearly 3,000 GWh by 2007
• We achieved that result in 2005, and increased output
further in 2006
O&M Incurred Cost ($M)
GWh of NJ Nuclear Output (000s)
20
431
18
374 357
15
2004 2005 2006
2004 2005 2006
… while reducing costs of operation.
52
54. The operating service agreement had an immediate
impact at the Salem and Hope Creek nuclear stations …
January – September 2005 Results
• Critical mass of talent from • Successful Salem outage
Exelon
• Recovered maintenance
• Near-term focus training programs
– Complete Hope Creek
outage • Recovered security
– Enhance operational program
focus and discipline
– Increase accountability
• Reinforce management
behaviors
… producing several early wins and immediately lifting morale.
53
55. Performance gaps have been closed …
Results
September 2005 – December 2006
• Safety Conscious Work
• Realign organization around
Environment (SCWE) and
stations
Identification and Resolution of
– Increased accountability / line
Problems (PI&R) issues
ownership
cleared
• Implement new processes
– Work management
– Outage preparation / execution
– Fiscal responsibility • Record outage performance
– Capital projects planning /
execution
• Expand critical mass
• Top quartile production
– Ensure station alignment top to
bottom
… and continued improvements have been recognized.
54
56. Improvement in nuclear performance can be seen in
numerous measures of operations ...
Capacity Factor Forced Loss Rate
24%
20.2%
100% 97.2%
92.6%
92.0%
18%
90%
82.8%
82.3%
80%
12%
7.6%
70% 65.6% 6.5%
6%
60%
0.9% 0.7% 0.4%
50% 0%
Salem Hope Creek Salem Hope Creek
INPO Index Summer Capacity Factor
99.2 100.0% 99.9% 99.8%
100 97.4%
100%
95.2
91.4
90% 84.7%
90
80.2%
80%
81.0
80
70%
70 60%
65.0
64.8
50%
60
Salem Hope Creek
Salem Hope Creek
2006
2004 2005
… and corresponds directly with improved regulatory relations and
financial outcomes. 55
57. Continuing efforts are focused on sustaining the
improving trend …
Ongoing Initiatives Expected Results
• Complete Management Model
implementation • Maintain stakeholder
confidence
– Maintain operational focus
• Resume independent • Preserve nuclear options
operation for Power
• Establish succession plan
… which will strengthen Power’s results going forward.
56
58. Critical support has been received from Exelon …
• Day to day support
– Provide key Exelon managers and individual contributors
with critical skills
– Perform key functions (totally or partially)
• Licensing / Fuels
• Corporate Support
– Provide independent corporate oversight
• Ensure continued performance improvement - best
practices / benchmarking
• Perform comparative audits / peer checks
– Provide engineering technical support
• Program / SME
– Implement management controls
– Participate in strategic industry organizations
… in establishing independent operations.
57
59. The plan for establishment of independent operations …
Resume PSEG Corporate Support
Stage 1 Stage 2 Stage 3
Identify Requirements Create Plan Execute Plan
(Jan-Mar) (Mar-Jun) (Jul-Dec)
Determine organization required Implement Plan
Develop plan to resume functions
from Exelon
Complete leadership staffing Check and adjust accordingly
• Transition into station organization
Review Management Model Controls
• Transition into Corporate Function
Identify Critical Skill Gaps • Transition into Operations Support
Organization
Identify industry participation and
support • Outsource
• Eliminate
Complete organization staffing
Continue Day to Day Management Model Execution
How we execute day to day will not change.
How we manage the corporate support functions will be determined.
… is continuing to be implemented.
58
60. Critical mass has been achieved …
CNO & Sr. VP
VP Nuclear Regulatory Assurance INPO Rotational
Director of Finance
Station VP Salem Station VP Hope Creek Plant Support Manager
Assessments Director Assignments
Emergency Preparedness
IT/TI
Engineering Director NDO NOS Director
Engineering Director
Manager
Human Resources
Training Director Training Director Outage Services Sr. Manager SCWE Leader Corrective Action Manager
Legal
Regulatory Assurance Manager Regulatory Assurance Manager Projects Management Director
Manager Emergency
Communications
Salem Plant Manager Hope Creek Plant Manager
Services/Security
Operations Director Operations Director Maintenance Services Director
Organization Level 2005
Maintenance Director Maintenance Director Manager Nuclear Fuel
Senior Leadership / PM 6
Director / Manager 17
Work Management Director Work Management Director Fire Department Superintendent
Superintendent / Supervisor 0
Individual Contributor 6
Radiation Protection Manager Radiation Protection Manager Site Supply Manager
Chemistry Radwaste and
Chemistry Radwaste and
Environmental Manager
Environmental Manager
Exelon Employees
Nuclear Oversight Manager Nuclear Oversight Manager
PSEG Employees
… as personnel have transitioned to Power. 59