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
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
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
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
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.
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.
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
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. GAAP Disclaimer
PSEG presents Operating Earnings in addition to its Net Income reported
in accordance with accounting principles generally accepted in the United
States (GAAP). Operating Earnings is a non-GAAP financial measure that
differs from Net Income because it excludes the impact of the sale of
certain non-core domestic and international assets and 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
4. PSEG Strategic Overview
Ralph Izzo
Chairman, President and Chief Executive Officer
Tom O’Flynn
Executive Vice President and Chief Financial Officer
President – PSEG Energy Holdings
5. PSEG Overview
2008E Operating Earnings: $1,420M - $1,560M
2008 EPS Guidance: $2.80 - $3.05
Assets (as of 09/30/07): $28.9B
Market Capitalization (as of 2/6/08): $23.6B
Regional
Traditional T&D
Wholesale Energy
Electric Customers: 2.1M Nuclear Capacity: 3,500 MW Domestic/Int’l Leveraged
Gas Customers: 1.7M Total Capacity: 13,300 MW Energy Leases
Total Domestic:
2,700 MW
2007 Operating Earnings: $376M* $949M* $115M*
2008 Guidance: $350M - $370M $1,040M - $1,140M $45M - $60M
4
* See page 44 for Items excluded from Net Income to reconcile to Operating Earnings
6. PSEG – 2007: A Defining Year
• Solidified operations
• Resumed independent operation of Nuclear
• Top decile reliability standards maintained at PSE&G
• Successful re-staffing of organization
• Meeting commitment to system reliability
• Transmission investment announced
• New investment in peaking generation announced
• Addressing NJ’s clean energy goals
• Multi-faceted strategy
• Delivered on financial promises
• Earnings at upper end of guidance despite loss of some international
earnings
• Latin American assets sold at attractive values
• Balance sheet strengthened with reduction in debt
• Cash returned to shareholders
5
7. Earnings – A Year of Strong Results…
$4.00
$2.80 – $3.05
$2.71
$3.00
th**
Grow
8%
Earnings per Share
th
Grow
57%
$1.73
$2.00
2007
Guidance:
$2.58 - $2.73
$1.00
$0.00
2006 Operating 2007 Operating 2008 Guidance*
Earnings* Earnings*
… to be followed by growth.
* Reflects 2:1 stock split, effective February 5, 2008. See page 44 for Items excluded from Net Income to reconcile to Operating Earnings
6
** Percentage change in growth based on mid-point of guidance
8. The current business environment…
– Environmental position • Regional Greenhouse Gas Initiative
(RGGI) enacted in NJ – PSE&G part
• A carbon constrained future of the solution
• Well operating nuclear fleet with
growth potential
• Back-end technology on Hudson
and Mercer ($1B - $1.2B)
• Solar initiative proposed for $100M
– Critical infrastructure needs • Increased utility investment
• Transmission investment of $1.6B
over 5 years
• Pursuing 300 – 400MW expansion
– Capacity requirements in of peaking capacity ($250M -
constrained markets $350M)
… creates opportunities for PSEG’s long-term growth.
7
9. Climate change is the preeminent issue of our time…
• The issue cuts across the PSEG group of companies
• Three critical strategies are required to meet carbon
reduction goals:
• Conservation
• Renewables
• Clean, zero and low-carbon central station electric
generating capacity
… with our response defining the future of the company.
8
10. Climate initiatives…
• Regional Greenhouse Gas Initiative (RGGI) effective January 1, 2009
• Energy Master Plan – No explicit CO2 target, but:
– 20% energy efficiency by 2020
– Calls for 20% renewables by 2020
– Draft Plan expected in Spring 2008
• NJ Global Warming Response Act:
– Stabilization of economy-wide greenhouse gas emissions at 1990 levels
by 2020.
– Reduction of economy-wide greenhouse gas emissions to 80% below
2006 levels by 2050.
– Establishes emissions portfolio standard for suppliers of power into NJ
… present numerous opportunities for PSE&G and PSEG Power.
9
11. CO2 Emissions (lbs/MWh)
0
500
1,000
1,500
2,000
2,500
3,000
Big Rivers Electric Corp
NiSource Inc
Vectren Corporation
restrictions.
Ameren
* Source: Energy Information Administration (2006)
Edison International
E.ON U.S.
Dynegy Inc
Hoosier Energy
East Kentucky Power Coop
Reliant
AES Corp
Allegheny Energy Inc
DPL Inc
Mirant Corp
Buckeye Power Inc
Tennessee Valley Authority
American Electric Power (AEP)
industry to reduce CO2 emissions
CMS Energy
(Companies in PJM)
DTE Energy
Duke Energy
Old Dominion Electric Coop
2006 Emissions Rate Ranking
FirstEnergy
Progress Energy
Dominion
PPL
Constellation Energy Group, Inc
U S Bank National Assoc
Cogen Technologies Linden
PSEG
PSEG’s generation carbon intensity is lower than many
Exelon Corporation
competitors and benefits from virtually any form of carbon
Policymakers are looking to Cap and Trade for the power
10
12. 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 and leases
Right markets…
• Generation assets operate in attractive 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
• Attractive values for international assets
• T&D set to benefit from capital investment for new infrastructure
… ready for tomorrow. 11
13. Dividends – Returning cash to shareholders
$1.40
PSEG Annual Dividend Rate*
5-year rate of growth: 4.1%
10-year rate of growth: 2%
$1.29
se
ea
r
in c
%
10
$1.20 $1.17
$1.14
$1.12
$1.10
$1.08 $1.08 $1.08 $1.08 $1.08
$1.00
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008E
Payout
69% 59% 59% 111% 62% 70% 65% 85% 45% 44%**
Ratio
Yield 5.9% 5.7% 4.9% 6.4% 5.6% 4.8% 3.8% 3.5% 2.8% 2.7%**
*Annual dividend rate reflects 2:1 stock split effective on February 5, 2008.
**2008 yield calculation based on PEG stock price as of January 18, 2008; payout ratio based on mid-point of 2008 earnings guidance
12
Payout ratio = percent of income paid to shareholders as common dividends; Yield = annual dividend as a percent of the average stock price for the year.
14. Creating shareholder value for the long-term…
Total Comparative Returns
450 (12/31/97 – 12/31/07)
400
350
300
Total Returns (%)
250
200
150
100
50
0
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
PEG S&P Electrics
-50
… has been and will continue to be our focus.
13
16. Positioned for growth in 2008 and beyond – PSEG Power
• Continued focus on strong performance of
Strong nuclear fleet
Operations • Resumed independent operations at year-end
• Increased output from entire fleet
• NJ BGS model represents deep, liquid market
Constructive
providing opportunity to contract output over
Regulatory, multi-year period
Business and
• PJM’s capacity market supports reliability
Market
• Nuclear and coal base-load fleet sold in
Environment
market with power prices set by gas
• Proposed construction of 300-400MW of new
Growth
gas fired peaking capacity
Opportunities
• Reviewing generation opportunities
with Manageable
Risk • Exploring new nuclear
15
17. Hedging program provides near-term stability from market
volatility…
Power’s Generation Output
100%
Other output
80%
60%
GWh
ContractedIncludes roll off of 4 year,
output Contracted Output & Prices
500MW RTC contract ($125M+)
Nuclear and
and other recontracting
40%
Coal Output
20% Contracted Prices
2009
2008 2010
2008 2009
$72-75/MWh
$66-68/MWh $76-79/MWh
$66-68/MWh $72-75/MWh
0%
2008 2009 2010
Estimated
$0.15 - $0.45
impact of $0.01 - $0.02 $0.04 - $0.10
$10/MWh PJM
West RTC price
change*
… while remaining open to long-term market forces.
16
*Assuming normal market dynamics
18. Power expects to realize increasing margin improvement…
Power’s capacity is located in three Northeast markets
NY
NE
Open Capacity
PJM
Contracted Capacity
Total Capacity 13,300MW
(~ 1,000 - 1,500MW under RMR)
The RPM Auction to date has provided strong price signals in PJM
Delivery Year ($MW/Day)
2008 2007 / 20082009 2008 / 2009 2009 / 2010 2010 / 2011
2010
Zones
$38-41/KW-yr $49-51/KW-yr $56-60/KW-yr
Eastern MAAC $197.67 $148.80 $191.32 $174.29
$191.32 (a)
MAAC --- --- $174.29
Rest of Pool $40.80 $111.92 $97.82 $174.29
(a) – includes APS
Power’s pricing for capacity improves over time
Contracted Prices 2008 2009 2010
per KW-yr $38-41 $49-51 $56-60
… through the repricing of capacity at market prices. 17
19. Power’s fleet diversity and location...
Market Perspective – BGS Auction Results
Increase in Full Requirements Component Due to:
Increased Congestion (East/West Basis)
Full Requirements
$111.50
Increase in Capacity Markets/RPM
$102.51 $98.88 • Capacity
Volatility in Market Increases Risk Premium
• Load shape
• Transmission
~ $43 • Congestion
~ $32 ~ $41
$65.91 • Ancillary services
• Risk premium
$55.59 $55.05
~ $21
~ $18
~ $21
Round the Clock
$68 - $71
$58-$60
$67 - $70 PJM West
$44 - $46
$36 - $37
$33 - $34
Forward Energy
Price
2003 2004 2005 2006 2007 2008
… has enabled successful participation in each BGS auction.
18
Note: Prices reflect PSE&G Zone
20. Operational improvements and recontracting in current
markets…
Realized Gross Margin
$70
$60
$50
$40
($/MWh)
$30
$20
$10
$0
2005 2006 2007 2008 Est 2009 Est
Energy Capacity
… are expected to drive significant increases in Power’s
gross margin.
19
21. Power’s open EBITDA is approximately $2.4 - $2.6 billion…
Impact
Assumption Sensitivity
EBITDA
$2.5
~ $60 - $65/KW-yr
Capacity $10/KW-yr ~ $120M
(~ $165 - $178/MW-day)
Energy ~ $64 - 68/MWh
$1/MWh ~ $40M
(PJM-West)
$2.0
O&M ~ $1.0 – 1.05B
$ Billions
$1.5
$1.0
… which will vary depending upon market drivers.
20
Note: 2007 EBITDA $1.85B
23. Positioned for growth – PSE&G
• Mid-Atlantic ReliabilityOne award – six years
Strong running
Operations
• O&M growth less than inflation
• Rate agreement provides opportunity to earn
authorized return
Constructive
Regulatory, • RGGI provides PSE&G with opportunity for a
strong role in meeting the State’s energy
Business and
efficiency goals
Market
• Proposed $100M solar initiative
Environment
• NJ Energy Master Plan – draft proposal
expected in Spring 2008
Growth • Transmission projects represent potential
$1.6 billion investment over 5 years beginning
Opportunities
in 2008
with Manageable
• Opportunity for additional growth with EMP
Risk
initiatives
22
24. 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
2012 Base Plan
2007 Actual
Rate Base = $10.2 B
Rate Base = $6.4 B Gas
Distribution
Gas 30%
Electric
Distribution
Transmission Electric
35%
13%
Transmission
22%
Electric
Distribution
52%
Electric
Distribution
Equity Ratio ~ 48% 48%
… coupled with fair regulatory treatment provides a solid
base for future earnings growth potential of 7-8% per year. 23
25. New transmission investment
• Transmission investment in 500Kv programs designed to
improve reliability
– Proceeding with necessary permits to support PSE&G investment in
500Kv Susquehanna to Roseland line
• Filed with FERC for incentives on $600 - $650 million
investment in this project
– PSE&G seeking 150 basis points in its authorized return on equity
and 100% CWIP in rate base
• Regulatory approach supports on-time recovery of capital
investment
24
26. Regional Greenhouse Gas Initiative (RGGI)
• NJ Department of Environmental Protection (DEP) authorized to sell,
exchange, retire or auction greenhouse gas allowances
• RGGI to transition to national program that is comparable in scope
• Greenhouse Gas Emission Portfolio Standard (EPS) to be implemented
by July 2009
• Utility companies allowed to invest in energy efficiency, conservation and
Class 1 renewable energy resources on a regulated basis
• Global Warming Solutions Fund to be established with proceeds from
auction to invest in renewable energy, energy efficiency and customer
support programs
… is a step towards meeting NJ’s energy goals.
25
28. A re-positioning of assets at PSEG Energy Holdings
• Texas gas-fired assets – continued strong
performance
Strong
• Other US generation – predictable strong
Operations performance from contracted base-load and
peaking assets
• Resources – focus on lessee credit ratings
• Strong economic fundamentals and
Constructive strengthening foreign exchange rate has
Regulatory, supported value of the remaining Latin
Business and American asset
Market • ERCOT represents a market with better than
Environment average demand growth
• Resources – tax issues monitored closely
Growth • Capitalized on attractive values for
Opportunities international assets
with Manageable • Strong cash flow generation for debt
Risk retirement and growth
27
29. During the past three years, Energy Holdings has
substantially decapitalized its balance sheet…
PSEG Energy Holdings Sources and Uses
2005 – Feb 2008
SAESA N.R.
$3,000
Financing $2.7 B $2.7 B IRS Deposit
Cash on Cash on
$2,500
hand hand
Cash From
$2,000 Recourse
Ops
($ millions)
Bond
Redemptions
$1,500
$1,000 Asset Dividends/ROC to
Sales PSEG
$500
$0
Sources Uses
… which allowed PSEG to both reduce its exposure to
international risk and redeploy capital to core businesses. 28
31. Full year 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 $ 1.87 $ 1.02
PSE&G 376 262 0.74 0.52
PSEG Energy Holdings 115 161 0.23 0.32
Enterprise (63) (66) (0.13) (0.13)
PSEG $ 1,377 $ 872 $ 2.71 $ 1.73
30
* Historical amounts have been adjusted to reflect the effects of the 2:1 stock split in February 2008, retroactively.
See page 44 for Items excluded from Net Income to reconcile to Operating Earnings
32. Strong earnings growth in 2007 and projected for 2008
Operating Earnings by Subsidiary
$2.80 - $3.05
$2.71*
+ 8%
7%
+5
$1.73*
949 1,040-1,140
Power
515
PSE&G
376
262
350-370
Holdings
161 115 45-60
(66) (63) (15)-(10)
Parent
2006 2007 2008
31
* Historical amounts have been adjusted to reflect the effects of the 2:1 stock split in February 2008, retroactively.
See page 44 for Items excluded from Net Income to reconcile to Operating Earnings
33. Excess cash between $2.0B and $2.5B expected to be
available through 2011…
PSEG Sources and Uses
2007 - 2011
Financing
$15.0
$2.0 – $2.5
Share Repurchases /
Asset
New Investments*
Sales
$12.0
Net Shareholder
($ millions)
$9.0 Dividend
Cash
from
$6.0
Ops
Investment
$3.0
$0.0
Sources Uses
… which could translate into approximately $5.0B of new
investment (50/50 capital structure) with asset sales by
Holdings providing upside potential.
32
34. Public Service Enterprise Group dedicated to…
• Meeting commitments
– 2007 earnings at top of guidance
– System reliability enhanced with expansion of transmission system
– New investment in peaking generation
• Turning challenges into opportunities
– Addressing NJ’s Clean Energy goals
• Solar initiative and energy efficient pilot programs
• PSE&G to use more energy efficient equipment and vehicles
• NJ support for emissions portfolio standard
• Building foundation for growth
– Selling non-core assets
– Meeting targets for debt reduction
– Capital program expanded
… operational excellence, financial strength and disciplined
investment. 33
35. 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. 34
38. PSEG EPS Reconciliation – Q4 2006 versus Q4 2007
0.60
$0.55
$0.06
$0.02
$0.20
0.45 Global
Texas – MTM .03 &
Weather .03
operations .01
$ / share
Rate relief .02
Effective tax rate .02
$0.27 Volume &
0.30
Interest expense .01
demand .01
Other operations (.01)
O&M (.03)
Recontracting &
Resources
Other (.01)
strong markets .16
0.15 Interest expense .01
BGSS .03
Effective tax rate (.01)
MTM and O&M .01
0.00
Q4 2006 Q4 2007
Power Holdings
PSE&G
operating operating
earnings earnings
37
* See page 44 for Items excluded from Net Income to reconcile to Operating Earnings
39. PSEG EPS Reconciliation – Full Year 2006 versus Full Year 2007
3.00 $0.22 ($0.09)
$2.71
$0.85
Rate relief Texas – MTM (.03) &
.13 operations (.03)
Weather .07 Italy (.04)
2.00
$1.72
$ / share
Volume & Other .03
demand .04
Resources (.02)
Recontracting & Transmission
strong markets .74 & appliance
services .02
BGSS .11
O&M & other
1.00
Higher tax rate in (.04)
2006 .02
Depreciation, interest
& other (.01)
MTM (.01)
0.00
2006 2007
Power PSE&G Holdings
operating operating
earnings earnings
38
* See page 44 for Items excluded from Net Income to reconcile to Operating Earnings
40. The potential impact of CO2 on PSEG Power…
By Fuel Type
Coal CTs CC
Carbon tons/MWh 1.0 0.6 0.4
Price ($/MWh)
PSEG Power Generation by Fuel
@$5 $5.0 $3.0 $2.0
Total GWh: 53,196
@$10 $10.0 $6.0 $4.0
@$30 $30.0 $18.0 $12.0 Nuclear
53% Pumped
Dispatch curve implication @ $10/ton*
Storage
On margin $/MWh Impact 1%
(approximate) 21%
Gas
Coal 50% $10.0 $5.00 24%
CTs 10% $6.0 $0.60
Oil 1%
Gas CC 40% $4.0 $1.60
Coal
Nuclear 0% $0.0 $0.00
Total 100% $7.20
… is mitigated by a low-carbon generation portfolio.
39
* For illustration purposes – potential impact of CO2 on power prices with current dispatch – not an indication of net effect on income.
41. Power’s assets reflect a diverse blend of fuels and
technologies…
Fuel Diversity – 2008
• Low-cost portfolio
Total MW: 13,300
• Strong cash generator Oil Nuclear
8%
• Regional focus with demonstrated 26 %
Pumped
BGS success Storage
1%
18%
47 %
• Assets favorably located
Coal
Gas
– Many units east of PJM constraint
– Southern NEPOOL/ Connecticut
constraint Energy Produced - 2007
Total GWh: 53,196
– Near customers/load centers
Nuclear
• Integrated generation and portfolio
management optimizes asset- 53% Pumped
Storage
based revenues 1%
21%
Gas
24%
Oil 1%
Coal
… which provides for risk mitigation and strong returns.
40
42. Power’s assets are located in attractive markets near load
centers…
Current plant locations,
site expansion capability
Bethlehem Energy Center
(Albany)
System Interface
New Haven
Hudson Bridgeport
Keystone
Bergen
Kearny
Conemaugh Mercer Essex
Linden
Peach Bottom Sewaren
Edison
Hope Creek
Burlington
Salem
National Park
... which experience higher prices during periods of high
demand. 41
43. Our environmental response…
Emissions Control Technology Projects
Hudson Unit 2 (608 MW) Mercer (648 MW) – Units 1&2
- NOx control – SCR - NOx control – SCR installation complete
- SO2 control – Scrubber - SO2 control – Scrubbers
- Hg and particulate matter control - - Hg and particulate matter control –
Baghouse Baghouse
Environmental Capital Requirements
• Power’s New Jersey coal units are
2007 – 2010
Completion
mid-merit, with capacity factors
Total
Date
($ million) averaging 50% to 60%
• As markets tighten, increased
Hudson Unit
$700 - $750 2010
production is anticipated
2
$475 - $525 2010
Mercer
… will help preserve the availability of our fossil fleet.
42
44. Long-term market prices…
$/mmbtu
$/MWh
$8 0 $12
Natural Gas Henry Hub
Electricity (right scale)
(left scale)
$70
$9
PJM Western Hub RTC
$6 0
$50 $6
Coal(1)
(right
$4 0 scale)
$3
$3 0
$2 0 $0
2 0 0 3 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7 2 0 0 8 2 0 0 9 2 0 10 2 0 11 2 0 12
F wd F wd F wd F wd F wd
(2)
(2) (2)
(2) (2)
… influenced by market dynamics.
(1) Central Appalachian coal
43
(2) Source: PSEG ER&T; Forward prices as of December 31, 2007
45. Items Excluded from Net Income to Reconcile to Operating Earnings
Impact to PSEG EPS
$ Millions (except EPS) Quarters Ended Dec. 31, Years Ended Dec. 31, Quarters Ended Dec. 31, Years Ended Dec. 31,
2007 2006 2007 2006 2007 2006 2007 2006
Merger related Costs:
PSE&G $ - $ - $ - $ (1)
Enterprise - (1) - (7)
Total Merger related Costs $ - $ (1) $ - $ (8) $ - $ - $ - $ (0.02)
Impact of Asset Sales:
Loss on Sale of RGE - - - (178) $ - $ - $ - $ (0.35)
Chilquinta & Luz Del Sur (23) - (23) - (0.05) - (0.05) -
Write down of Turboven - - (7) - - - (0.01) -
Premium on bond redemption (28) - (28) (7) (0.05) - (0.05) (0.01)
Total Impact of Asset Sales $ (51) $ - $ (58) $ (185) $ (0.10) $ - $ (0.11) $ (0.36)
Discontinued Operations:
Power - Lawrenceburg $ - $ (220) $ (8) $ (239) $ - $ (0.43) $ (0.02) $ (0.47)
Holdings:
SAESA (69) 32 (33) 57 (0.13) 0.06 (0.06) 0.11
Electroandes 67 6 57 16 0.13 0.01 0.11 0.03
Elcho and Skawina - - - 226 - - - 0.45
$ (2) $ 38 $ 24 $ 299 $ - $ 0.07 $ 0.05 $ 0.59
Total Holdings
Total Discontinued Operations $ (2) $ (182) $ 16 $ 60 $ - $ (0.36) $ 0.03 $ 0.12
Please see Slide 2 for an explanation of PSEG’s use of Operating Earnings as a non-GAAP financial measure and how
it differs from Net Income.
44
* Reflects 2:1 stock split, effective February 5, 2008.