Public Service Enterprise Group (PSEG) provided guidance and an overview of its business units for 2004 and beyond. Key points included 2004 EPS guidance of $3.15-3.35 and ROE of 13-14%. PSEG Power is focused on improving nuclear and fossil plant performance while PSEG Energy Resources & Trading optimizes returns from its diverse asset portfolio. PSE&G is New Jersey's largest utility and is focused on infrastructure investment and regulatory initiatives. Higher energy prices and costs present challenges but opportunities also exist in nuclear improvements, fossil best practices, and competitive electricity markets.
2010 Toyota Sienna color brochure provided by West Herr Toyota Williamsville located near Buffalo, NY. Find the 2010 Toyota Sienna for sale in New York; call about our current sales and incentives at (716) 250-5500.
The West-Herr Automotive group has been awarded the highest honors from our manufacturers and from you, our customers. We are rated A1 by the Better Business Bureau. We are proud of the number of returning customers and the number of Western New Yorkers that recommended West Herr to their friends. We have extended service hours (including Saturday), award winning expertly trained technicians and above all, a positive attitude.
2010 Toyota Sienna color brochure provided by West Herr Toyota Williamsville located near Buffalo, NY. Find the 2010 Toyota Sienna for sale in New York; call about our current sales and incentives at (716) 250-5500.
The West-Herr Automotive group has been awarded the highest honors from our manufacturers and from you, our customers. We are rated A1 by the Better Business Bureau. We are proud of the number of returning customers and the number of Western New Yorkers that recommended West Herr to their friends. We have extended service hours (including Saturday), award winning expertly trained technicians and above all, a positive attitude.
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
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
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
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
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
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
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
2. Forward-Looking Statement
Readers are cautioned that statements contained in this presentation about our and our
subsidiaries’ future performance, including future revenues, earnings, strategies, prospects and all
other statements that are not purely historical, are forward-looking statements for purposes of the
safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Although we
believe that our expectations are based on reasonable assumptions, we can give no assurance
they will be achieved. The results or events predicted in these statements may differ materially
from actual results or events. For further information, please refer to 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.
Go to www.pseg.com/forward for a full text of our Forward-Looking Statement. These documents
address in further detail our business, industry issues and other factors that could cause actual
results to differ materially from those indicated in this presentation. In addition, any forward-looking
statements included herein represent our estimates only as of today and should not be relied upon
as representing our estimates as of any subsequent date. While we may elect to update forward-
looking statements from time to time, we specifically disclaim any obligation to do so, even if our
estimates change, unless otherwise required by applicable securities laws.
2
3. PSEG 2004 Guidance
Guidance $750M - $800M*
YTD 9/30 $638M**
EPS $3.15 – $3.35*
YTD 9/30 $2.68**
ROE 13% - 14%
Assets $28B
Domestic/Int’l Leveraged
Regional Wholesale Energy
Traditional T&D Energy Leases
Guidance $340M - $360M $300M - $350M $130M - $150M
YTD 9/30 $278M $292M $92M
* Includes the parent impact of $(40)M - $(45)M
** Income from continuing operations
3
4. PSEG 3rd Quarter 2004 Results
$1.04
$0.91
Earnings per Share
$0.55
$0.48
$0.39
$0.30
$0.17
$0.14
($0.04) ($0.04)
PSEG PSE&G Power Energy Holdings Parent
2003 2004
4
5. Developments in 2004
• Significant fuel price increases
– Natural Gas (Henry Hub) + 39%
– Oil (#6 Resid) + 30%
– Coal (NJ) + 48%
• Higher electric energy prices
– PJM (PS Zone) + 24%
• Key competitive pressures
– Lower BGS and long-term contract margins
– Flat ER&T profits as opposed to continued growth
• Higher nuclear and fossil replacement power
and operating costs
5
6. PSE&G Overview
• 10th largest electric o.
ex C .
ic Co
Suss Passa
distribution utility in U.S. –
2M customers n Co.
Berge
N
Co.
n
War re
W E
Co.
r is
Mo r
• 9th largest gas distribution S
.
x Co
Esse Co.
son
utility in the U.S. – 1.6M Hud
customers
.
. n Co
n Co Unio
terdo
H un
STATEN
ISLAND
• 2nd largest peak Co.
t
er se
So m
transmission utility in .
Co
lesex
M idd
traditional PJM – 1,411 circuit r Co.
Mer ce
miles
.
Co
outh
M onm
KEY:
COMBINED ELECTRIC & GAS TERRITORIES
ELECTRIC TERRITORY
GAS TERRITORY
• 2,600-square-mile service
0 10ml
1 2 3 4 5 6 7 8 9
territory .
n Co
Co. Ocea
ngto n
Bu r li
- 6 major cities
.
en Co
- 300 communities Camd
Co.
ester
G louc
6
7. New Jersey Regulatory Agenda
• Restructuring, completed in 2003, continues to work
well
• No commodity risk - - gas and electric
• Upcoming events
– Legislation on Performance and Quality of Service Standards
– BGS Auction - - February 2005
– Elimination of $64 million electric revenue credit
7
8. FERC Electric Transmission Rate Filing
• FERC order issued in January 2004, with PSE&G filing
scheduled early 2005
• New rates expected to be effective in June 2005
• Formula rates for both existing and new facilities
• New rates will likely place downward pressure on
earnings in near term
Socio-political, regulatory, economic and environmental pressures will
be driving increased transmission investment for at least 3 – 5 years
8
9. PSE&G 2005 Guidance
$340M - $360M
Key Assumptions
$325M - 345M
• Normal weather
• Sales growth:
– 1.5% Electric
– 1.4% Gas
• Transmission rates
effective in June 2005
2004 Estimate Sales Depr. O&M, Int., 2005 Estimate
Increases, Misc.
Offset by
Transmission
Rate Case
9
10. PSE&G 2005-2009 Outlook and Drivers
1% -2%
$340M - $360M
$325M - $345M
2004 2005 2006 2007 2008 2009
Estimate Estimate
+ Electric and Gas sales growth
+ Rate relief
+ Infrastructure replacement and technology investments
- Transmission rate reset
10
11. PSEG Power Overview
• Low-cost portfolio
The Super Region
• Strong cash generator
• Leading market player in PJM
– Focus on “Super Region”
– Demonstrated BGS success
• Diverse asset mix mitigates risk and ISO New
New York
provides strong returns England
– 15,000 MW of nuclear, coal, gas, oil and
PJM
hydro facilities
ECAR
• Assets favorably located
– East of PJM constraint
– Southern NEPOOL/Connecticut constraint VACAR
– Near customers/load centers
• Integrated generation and trading
optimizes asset-based revenues
Comprises 37% of
• Expansion of PJM creates opportunities
U.S. power consumption
11
12. PSEG Power Key Issues
Issues 2004 2005 Long-Term
NRC Letter Received NRC letter NRC Monitoring NRC Resolved
NUCLEAR
Organization CNO Transition Organizational Stability Operational Excellence
O&M +$50 million +$50 million Mean/Top Quartile
Capacity Factor 85% 91% 89-92%
CapEx $150-$200 million $150-$175 million ~$100 million
Forced Outage-Coal 11% 10% 7%
FOSSIL
O&M Efficiency Base $5 million $25 million
Playbook Developed Implemented Realized
CapEx $350-$400 million $150-$175 million ~$100 million
Realize Higher Market Prices
Market Prices Contracted
ER&T
Contract Diversification
Diversification BGS Margins
Increased Origination & Market Liquidity
Trading Augment Staff
12
13. PSEG Power Business Objectives
• Nuclear Operations
– Operate safely
– Improve capacity factor
– Upgrade assets
– Operate at industry mean O&M levels
• Fossil Operations
– Operate safely and predictably
– Implement industry best practices
– Reduce O&M
• ER&T Operations
– Realize value of diverse electric and gas asset portfolio
13
14. Nuclear Work Environment
• NRC closed investigation
• Two cross-cutting issues
– Problem Identification and Resolution
– Safety Conscious Work Environment
• Issues being addressed
– PSEG/Exelon employee exchange
• NRC concurrence with approach
• Monitor progress going forward
14
15. Hope Creek Status
• Hope Creek was manually taken out of service on
October 10 as a result of a steam pipe failure
• Incremental replacement power costs and O&M
estimated at $12M, or $0.05 per share, in 4Q04
• Unit will return to service after the fall refueling outage,
originally scheduled to begin October 28 and conclude
in mid-December
• Earlier start of the refueling outage may provide an
opportunity for an earlier return-to-service date
15
16. Value of Nuclear Improvements
Nuclear has a strong plan for performance improvement, resulting
in considerable financial upside to Power
$45 M - $55 M
O&M
Uprates $35 M - $40 M
Unit Performance $65 M - $80 M
Pretax margin opportunity $ 145 M - $175 M
16
17. Value of Fossil Improvements
$95 m
• Enhance unit performance
- $60-$70 million
People
• Capture O&M efficiencies in $75 m
execution of planned maintenance
- $15-$25 million Hardware
Current Performance
36 Month Plan
Gap
Playbook
Analysis
Existing Fleet
2004 17
18. Role of ER&T
PSEG Power’s portfolio optimization strategy provides incremental
profit opportunities while mitigating risks
PSEG Power LLC
PSEG Energy Energy Other
Energy
&
Resources &
&
Energy
Capacity
Capacity
Trade (ER&T)
$
Related
$
Products
Wholesale
Gas
$ and
PSEG PSEG
& Storage
Services
Fossil Nuclear
Gas Contracts
& Storage
Wholesale
Electric Energy
Markets
• BGS
• Other firm contracts
Gas
• Spot market
Markets
• Wholesale gas customers
• Retail gas customers
18
19. ER&T Portfolio Management - Net Position
Power’s objective is to contract over 75% of its planned
generation for the next 18-24 months
Total Fleet Monthly RTC GWh Position
7,000
6,000
5,000
4,000
GWh
3,000
2,000
1,000
-
2004 2005 2006 2007
Nuclear Baseload Coal Intermediate Coal CC
Steam / CT Contracted Load & Sales Contracted Load
19
20. ER&T Fuel Strategy - Coal
Source of Supply Continuity of Supply
7 100%
90%
6
South
80%
America
Indonesia 5 70%
6%
24% 60%
Million Tons
4
70%
50%
3
40%
30%
2
Domestic
20%
1
10%
- 0%
2005 2006 2007 2008
Keystone Conemaugh Bridgeport Harbor
Year
Mercer Hudson Contracted
20
21. ER&T Historical Performance
ER&T’s diverse portfolio has provided growth through varying market conditions,
with an increasing reliance on lower risk products
ER&T Margins ($ millions)
200
180
Asset Based Margins
160
- Greater predictability
140
120
100
80
60
Trading
40
-Reduced market making
20
opportunities
0
-Shift from fundamental
1997 1998 1999 2000 2001 2002 2003 2004
to financial players
Est.
Reduced market exposure at ER&T is aligned with shifting market conditions
21
22. Attractive Future Pricing Environment
Replacement of existing contracts at current higher market prices
could yield incremental earnings of $0.75 to $1.00 per share
PJM Western Hub
Round-The-Clock Forward Prices
$60
$50
Current market prices
Current market prices ~ $45/mwh
Contracted prices ~ $37/mwh
$40
Price delta $ 8/mwh
$/MW h
Generation volume 40,000 gwh
Pre- tax margin $320 million
$30
BGS After tax margin $190 million
BGS Auction 3 EPS Impact $0.80
Auction 2
$20
BGS
Auction 1
$10
0
1
2
3
4
Ja 0
Ja 1
Ja 2
Ja 3
Ap 0
Ap 1
Ap 2
Ap 3
Ap 4
Oc 0
1
Oc 2
3
4
r -0
r -0
r -0
r -0
r -0
t -0
t -0
t -0
t -0
0
0
0
0
0
l-0
l-0
l-0
l-0
l-0
n-
n-
n-
n-
n-
Ju
Ju
Ju
Ju
Ju
Oc
Oc
Ja
22
23. Attractive Capacity Pricing Prospects
• Current overbuild situation begins to subside,
reflecting tightening market conditions
• Increase of $1/kw-yr translates into about $15M
incremental margin for Power
• Likelihood for locational capacity increasing in
PJM and NEPOOL – Power’s assets well-
positioned to benefit
23
24. Locational Capacity
• PJM
– Reliability pricing approach underway at PJM
– Payment for capacity consistent with contribution to reliability
objective
• Location, unit flexibility
• Target date of spring 2005 for implementation in 2006/2007
• NEPOOL
– Locational installed capacity market planned for New England
– Target date of January 2006
• Alternate Compensatory Arrangements
– Pursuit of fair return on 1,100MW in PJM
– “Reliability Must Run” payments in Connecticut
24
25. Power 2005 Guidance
$335M - $385M
$300M - $350M
2004 Estimate Replacement New MW O&M & Depr NDT 2005 Estimate
Power &
Branchburg
25
27. PSEG Energy Holdings Overview
Total Assets $7.2 billion
as of 9/30/04
• domestic and • primarily energy-
international generation related financial
and distribution investments
• focusing on operations • focusing on credit
quality
• monetizing of assets
selectively • monitoring tax issues
27
28. PSEG Global: Focus on Operations
EBIT Contribution ($223M*) Invested Capital ($2.5B)
(After non-recourse interest) (excluding non-recourse debt)
YTD 9/30/04 At 9/30/04
Europe
North America
India
Europe
India & Oman Asia
Asia North America Pacific
Pacific 4%
9%
6% 16%
11%
8%
5% 37%
16% 31%
32%
25%
Latin America
Latin America Chile
Chile
(other than Chile)
(other than Chile)
• Capital investments going forward limited to maintenance of existing
business
• Emphasis on improved performance
• Opportunistic monetization of assets
*Includes Unallocated G&A ($22)M
28
29. PSEG Global: Recent Activities
• MPC, China –
– In October 2004, Global entered into a definitive purchase and sale agreement
to sell its 50% equity interest to BTU Power for approximately $220 million; sale
is expected to close by the year end and is expected to be earnings neutral
• Texas Independent Energy, Texas –
– Acquired for a nominal price the 50% of TIE (additional 1000 MWs) held by its
former partner; transaction expected to be modestly accretive to PSEG's
earnings
• Rades, Tunisia –
– Global sold its majority interest to BTU Power for approximately $43 million;
agreement was approved by the lenders, Tunisian government and Marubeni
Corp
• Luz del Sur, Peru –
– Global and Sempra jointly sold 12% of Luz del Sur stock in a tender offer
bringing PSEG’s ownership from 44% to 38%; sale netted approximately $30M
to Global
29
30. PSEG Resources: Focus on Credit
• Key contributor of reliable
Total Assets $3B earnings and steady cash
9/30/04 flow
LBO & Limited
• Most of the cash return is in
Partnerships
Real Estate,
1%
Transportation
the form of tax benefits
Other 1%
& Industrial Leases
13%
• 68% of lessees investment
grade
85% Energy
Leases
• Weighted average rating is A-
/A3
98% Lease Related
30
31. PSEG Resources: Recent Activities
• Collins Lease Termination –
– In March 2004, Resources terminated its lease investment in
the Collins generating facilities
– Received $184M of cash (received net cash of $84M)
– Original investment - $136M
– Earned over 5% after tax vs. 8% proforma
– Reduced Resources’ and PSEG’s overall risk exposure
– Recorded loss of $17M
• KKR – Sale of Borden and Amphenol
– Resources received cash distributions totaling approximately
$26M
– Transactions resulted in a pretax gain of $1.7M
– Remaining investment in KKR reduced to approximately $18M
31
32. PSEG Energy Holdings 2005 Guidance
$130M - $150M $135M - $155M
Key Assumptions
• No new
investments
• Fairly stable F/X
environment
• Maintain current
lease portfolio
2004 Estimate Resources Global Other 2005 Estimate
32
33. Holdings 2005-2009 Outlook and Drivers
2% - 3%
$130M – $150M
$135M – $155M
2004 2005 2006 2007 2008 2009
Estimate Estimate
+ TIE + Texas Market Recovery
+ Skawina & Elcho
- Eagle Point - Bridgewater
33
34. PSEG Financial Review
• Reducing Leverage
– Mandatory Convert adds $460M equity in 2005
– Significant excess cash flow enables further delevering
• Focusing on Credit Ratings
– Addressing concerns and committed to maintaining and/or
improving
• Preserving Substantial Liquidity
– $2B of liquidity available
– Very modest maturity requirements
• Strengthening Free Cash Flow
– Improving cash from operations
– Construction nearing completion
34
35. PSEG 2005 Guidance
($0.06)
$0.17 ($0.01) ($0.07)
$3.15 - $3.35
$3.15 - $3.35
+ Improved - Transmission - Minor Items - Impact of
Nuclear & Rate Case convertible
Fossil securities
- O&M Increases
Operations
- Other
+ Modest
Improvements
on Contract
Renewals
- NDT
- O&M
2004 Estimate Power PSE&G Energy Other 2005 Estimate
Holdings
35
36. Key Business Objectives & Approach
2005 2006 2007 2008 2009
• FERC Transmission Rate Case
• Electric Distribution Rate Case
• Continued Capital Investment for Safe, Reliable Service
• Strengthen Nuclear and Fossil Operations
• Reposition Power Contracts
• Capitalize on Improving Market Fundamentals
• Manage for Earnings and Cash Flow
• Execute Plans To Selectively Monetize Assets
• Use Cash to Retire Debt, Strengthen Credit
• Secure and Potentially Increasing Dividends
• Opportunity for Share Repurchase,
Selective Asset Acquisition
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37. PSEG 2005-2009 Outlook and Drivers
4% - 6%
$3.15 - $3.35
$3.15 - $3.35
2004 2005 2006 2007 2008 2009
Estimate Estimate
PSEG Power + Improved Nuclear / Fossil Performance
+ ER&T Contracts
10% - 14%
+ Nuclear Uprates
+ Capacity Prices
- New CC Plants
- Increased Fuel Costs
- Potential Hudson Retirement
PSE&G + Electric and Gas Sales Growth
+ Rate Relief
1% - 2%
- Transmission Rate Reset
PSEG Energy Holdings + Texas Market Recovery
+ TIE
+ Skawina & Elcho
2% - 3%
- Eagle Point
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38. Dividend Prospects
• Long History of Dividend Payments
– Uninterrupted annual dividend since 1907
– Modest increase in January, 2004
• Attractive Current Yield of 5% +
• Ability to continue modest increases
– Improved cash flow
– Reasonable payout ratio
– Important to shareholders
– Subject to Board of Directors approval
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39. Key Takeaways
• Attractive portfolio balance between regulated and non-regulated
businesses
• Well-run utility with strong reliability record and predictable
earnings and cash flow
• Well-located generating fleet, positioned to benefit from improving
market conditions and improved nuclear / fossil operations
• Nuclear fleet positioned to benefit from high fossil fuel prices
driven by worldwide demand
• Improving earnings, cash flow create opportunities in the longer
term for share repurchase or selective asset acquisition
• Visible earnings growth drivers after 2005
• Attractive dividend yield with potential for modest increases
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