PSEG held an earnings conference call to discuss its fourth quarter and full-year 2008 results. For the fourth quarter, PSEG reported operating earnings of $250 million compared to $272 million in the prior year quarter. For the full year, operating earnings were $1,487 million compared to $1,385 million in 2007. PSEG Power's fourth quarter operating earnings were $207 million, matching the prior year, while PSE&G's were $76 million, down slightly from $77 million in 2007. PSEG provided 2009 operating earnings guidance of $3.00-$3.25 per share.
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 at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
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.
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.
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
Pensions and housing - Pensions PlayPen - 4 June 2024 v3 (1).pdf
public serviceenterprise group Investor library.corporate
1. Public Service Enterprise Group
PSEG Earnings Conference Call
4th Quarter and Year-End 2008
February 3, 2009
2. Forward-Looking Statement
Readers are cautioned that statements contained in this presentation about our and our subsidiaries' future performance, including future
revenues, earnings, strategies, prospects and all other statements that are not purely historical, are forward-looking statements for purposes of
the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Although we believe that our expectations are based on
reasonable assumptions, we can give no assurance they will be achieved. The results or events predicted in these statements may differ
materially from actual results or events. Factors which could cause results or events to differ from current expectations include, but are not
limited to:
• Adverse changes in energy industry, policies and regulation, including market structures and rules.
• Any inability of our energy transmission and distribution businesses to obtain adequate and timely rate relief and regulatory approvals from
federal and state regulators.
• Changes in federal and state environmental regulations that could increase our costs or limit operations of our generating units.
• Changes in nuclear regulation and/or developments in the nuclear power industry generally, that could limit operations of our nuclear generating
units.
• Actions or activities at one of our nuclear units that might adversely affect our ability to continue to operate that unit or other units at the same
site.
• Any inability to balance our energy obligations, available supply and trading risks.
• Any deterioration in our credit quality.
• Availability of capital and credit at reasonable pricing terms and our ability to meet cash needs.
• Any inability to realize anticipated tax benefits or retain tax credits.
• Increases in the cost of or interruption in the supply of fuel and other commodities necessary to the operation of our generating units.
• Delays or cost escalations in our construction and development activities.
• Adverse investment performance of our decommissioning and defined benefit plan trust funds, and changes in discount rates and funding
requirements.
• Changes in technology and increased customer conservation.
For further information, please refer to our Annual Report on Form 10-K, including Item 1A. Risk Factors, and subsequent reports on Form 10-Q
and Form 8-K filed with the Securities and Exchange Commission. These documents address in further detail our business, industry issues and
other factors that could cause actual results to differ materially from those indicated in this presentation. In addition, any forward-looking
statements included herein represent our estimates only as of today and should not be relied upon as representing our estimates as of any
subsequent date. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so,
even if our estimates change, unless otherwise required by applicable securities laws.
1
3. GAAP Disclaimer
PSEG presents Operating Earnings in addition to its Net Income reported
in accordance with accounting principles generally accepted in the United
States (GAAP). Operating Earnings is a non-GAAP financial measure that
differs from Net Income because it excludes the impact of the sale of
certain non-core domestic and international assets and material
impairments and lease-transaction-related charges. PSEG presents
Operating Earnings because management believes that it is appropriate
for investors to consider results excluding these items in addition to the
results reported in accordance with GAAP. PSEG believes that the non-
GAAP financial measure of Operating Earnings provides a consistent and
comparable measure of performance of its businesses to help
shareholders understand performance trends. This information is
not intended to be viewed as an alternative to GAAP information. The last
slide in this presentation includes a list of items excluded from Income
from Continuing Operations to reconcile to Operating Earnings, with a
reference to that slide included on each of the slides where the non-GAAP
information appears.
2
5. Q4 2008 Earnings Summary
Quarter ended December 31,
2008 2007
$ millions (except EPS)
Operating Earnings $ 250 $ 272
Asset Sales and Impairments (13) (53)
Income from Continuing Operations 237 219
Discontinued Operations (3) 6
Net Income 234 225
EPS from Operating Earnings* $ 0.49 $ 0.53
4
* See page 32 for Items excluded from Income from Continuing Operations to reconcile to Operating Earnings.
6. Full-year 2008 Earnings Summary
For the year ended December 31,
2008 2007
$ millions (except EPS)
Operating Earnings $ 1,487 $ 1,385
Lease Reserves (490) ---
Asset Sales and Impairments (14) (60)
Income from Continuing Operations 983 1,325
Discontinued Operations, net of tax 205 10
Net Income 1,188 1,335
EPS from Operating Earnings* $ 2.92 $ 2.72
5
* See page 32 for Items excluded from Income from Continuing Operations to reconcile to Operating Earnings.
7. PSEG – 2008: Answering Challenges – Meeting Objectives
2008 earnings within guidance
Focused on operational excellence
Record generation production
Top decile reliability standards maintained at PSE&G
Controlling operating and maintenance expenses to meet challenging economic
environment
Foundation laid for future
Carbon abatement
Capital infrastructure and energy efficiency capital programs
Generation environmental upgrades on target; within budget
Financial position strengthened; risk reduced
Major international assets sold
Debt reduced
Credit targets achieved
Additional reserve for LILO/SILO tax risk recognized
6
8. PSEG – 2009: Meeting the Challenge
$3.00 - $3.25
$2.92
$2.72
2007 Operating Earnings* 2008 Operating Earnings* 2009 Guidance
7
* See page 32 for Items excluded from Income from Continuing Operations to reconcile to Operating Earnings.
9. PSEG
2008 Q4 Operating Company Review
Tom O’Flynn
Executive Vice President and Chief Financial Officer
10. Q4 Operating Earnings by Subsidiary
Quarter ended December 31,
Operating Earnings Earnings per Share
2008 2007 2008 2007
$ millions (except EPS)
PSEG Power $ 207 $ 205 $ 0.40 $ 0.40
PSE&G 76 77 0.15 0.15
PSEG Energy Holdings (23) 10 (0.04) 0.02
Enterprise (10) (20) (0.02) (0.04)
Operating Earnings* $ 250 $ 272 $ 0.49 $ 0.53
9
* See page 32 for Items excluded from Income from Continuing Operations to reconcile to Operating Earnings.
11. Full-year 2008 Operating Earnings by Subsidiary
For the year ended December 31,
Operating Earnings Earnings per Share
2008 2007 2008 2007
$ millions (except EPS)
PSEG Power $ 1,050 $ 949 $ 2.06 $ 1.86
PSE&G 360 376 0.71 0.74
PSEG Energy Holdings 101 123 0.20 0.24
Enterprise (24) (63) (0.05) (0.12)
Operating Earnings* $ 1,487 $ 1,385 $ 2.92 $ 2.72
10
* See page 32 for Items excluded from Income from Continuing Operations to reconcile to Operating Earnings.
12. PSEG EPS Reconciliation – Q4 2008 versus Q4 2007
0.60
.00
.00
$.53 (.06)
$.49
.02
Recontracting Weather .01
and Strong
Gas Margin
Markets .07
(.01) Texas – MTM (.05); Interest
O&M .03 Operations (.02)
O&M .04
0.40 NDT (.10) 2007 Asset Sales
Depreciation
and Settlements
and Taxes (.04)
(.03)
$ / share
Lease Income (.02)
Effective Tax Rate
and Other .05
Interest Expense .01
0.20
0.00
Q4 2007 Q4 2008
PSEG Energy Enterprise
PSEG Power PSE&G
operating operating
Holdings
earnings* earnings*
11
* See page 32 for Items excluded from Income from Continuing Operations to reconcile to Operating Earnings.
13. PSEG EPS Reconciliation – Full-year 2008 versus Full-
year 2007
$2.92
(.03)
3.00 .20 .07
(.04)
$2.72
Interest
Margin – Gas, 2007 Asset Sales
Electric and and Settlements
Recontracting
Transmission (.13)
and Strong
(.04)
Markets .43 Lease Income (.04)
Weather (.01)
MTM and BGSS Texas – MTM (.03)
.03 O&M .02 Operations .05
NDT (.16) Depreciation, Interest Expense
$ / share
Interest and .07
O&M (.07)
Other (.02)
2.00 Effective Tax Rate
Depreciation,
Effective Tax and Other .04
Interest and Taxes
Rate .02
(.03)
1.00
2007 2008
PSEG Energy Enterprise
PSEG Power PSE&G
operating operating
Holdings
earnings* earnings*
12
* See page 32 for Items excluded from Income from Continuing Operations to reconcile to Operating Earnings.
15. PSEG Power – Q4 2008 EPS Summary
Q4 2008 Q4 2007 Variance
$ millions (except EPS)
Operating Revenues $ 1,939 $ 1,762 $ 177
Operating Earnings 207 205 2
Income from Continuing Operations/ 207 205 2
Net Income
EPS from Operating Earnings* $ 0.40 $ 0.40 ---
14
* See page 32 for Items excluded from Income from Continuing Operations to reconcile to Operating Earnings.
16. PSEG Power EPS Reconciliation – Q4 2008 versus Q4 2007
0.50 (.10)
.07
$.40
.03
$.40
Recontracting
and Strong
NDT O&M
Markets
$ / share
0.00
Q4 2007 Q4 2008
operating operating
earnings* earnings*
15
* See page 32 for Items excluded from Income from Continuing Operations to reconcile to Operating Earnings.
17. PSEG Power – Generation Measures
PSEG Power – Generation (GWh)
Quarter ended December 31, Twelve months ended December 31,
15,000 60,000
55,292
53,197
12,391 12,518
13,090
11,820
2,516
2,761
10,000 40,000
12,918
2,642 13,014
3,089
5,000 20,000
7,360 29,284
28,363
6,541
0 0
2007 2008 2007 2008
Total Oil & 16
Total Nuclear Total Coal*
Natural Gas
* Includes figures for Pumped Storage
18. PSEG Power – Fuel Costs
PSEG Power – Fuel Costs
Quarter ended December 31, Year ended December 31,
($ millions) 2007 2008 ($ millions) 2007 2008
Coal 84 92 Coal 336 423
Oil & Gas 200 192 Oil & Gas 847 1141
Total Fossil $284 $284 Total Fossil $1,183 $1,564
Nuclear 28 33 Nuclear 122 129
Total Fuel Cost $312 $317 Total Fuel Cost $1,305 $1,693
Total Generation
Total Generation 53,197 55,292
12,391 12,518 (GWhr)
(GWhr)
$ / MWh $24.50 $30.60
$ / MWh $25.20 $25.30
17
20. PSEG Power – Q4 Operating Highlights
Operations
4Q output +1%; full-year increase of 3.9% leading to record production.
4Q nuclear capacity factor at 91.3%; full-year at 92.6%.
Coal plant availability affected by BET related work.
Environmental work at Hudson and Mercer proceeding on schedule; on budget.
Regulatory and Market Environment
Renegotiated contract with Indonesian coal supplier.
Seeing impact on pricing from declining economic growth.
CAIR reinstated; too early to predict impact of change in administration on energy and
environmental policy.
Financial
$25 million dividend paid to Enterprise in 4Q; $500 million for full-year.
Successful launch of $500 million retail MTN program.
19
22. PSE&G – Q4 2008 Earnings Summary
$ millions (except EPS) Q4 2008 Q4 2007 Variance
Operating Revenues $ 2,288 $ 2,153 $ 135
Operating Expenses
Energy Costs 1,545 1,415 130
Operation & Maintenance 345 361 (16)
Depreciation & Amortization 140 142 (2)
Taxes Other than Income Taxes 35 35 ---
Total Operating Expenses 2,065 1,953 112
Operating Earnings 76 77 (1)
Income from Continuing Operations/ 76 77 (1)
Net Income
EPS from Operating Earnings* $ 0.15 $ 0.15 ---
21
* See page 32 for Items excluded from Income from Continuing Operations to reconcile to Operating Earnings.
23. PSE&G EPS Reconciliation – Q4 2008 versus Q4 2007
0.20 .04 (.04)
(.01)
.01
$.15 $.15
Weather Gas Margin O&M Depreciation
and Taxes
$ / share
0.10
0.00
Q4 2007 Q4 2008
operating operating
earnings* earnings*
22
* See page 32 for Items excluded from Income from Continuing Operations to reconcile to Operating Earnings.
24. PSE&G – Q4 Operating Highlights
Operations
Declining economic growth having impact on sales growth.
O&M costs remain under control.
Focused on containing impact of economic fallout on customers and accounts
through support of outreach programs.
Regulatory and Market Environment
PSE&G filed for NJ BPU approval to construct the Susquehanna – Roseland
transmission line. The $750 million project is scheduled to be in-service by year-
end 2012.
NJ BPU approved a four-year $46 million program to curb energy consumption
and reduce CO2 emissions.
PSE&G proposed a two-year $888 million capital program supporting energy
infrastructure ($698 million) and energy efficiency ($190 million).
Financial
Outlook for electric sales growth hurt by weak economy.
Capital to be invested in areas with regulatory support. 23
26. PSEG Energy Holdings – Q4 2008 Earnings Summary
Q4 2008 Q4 2007 Variance
$ millions (except EPS)
Operating (Loss) / Earnings ($ 23) $ 10 ($ 33)
Asset Sales and Impairments 13 53 (40)
Loss from Continuing Operations (36) (43) 7
Discontinued Operations (3) 6 (9)
Net Loss (39) (37) (2)
EPS from Operating (Loss) / Earnings* ($ 0.04) $ 0.02 ($0.06)
25
* See page 32 for Items excluded from Income from Continuing Operations to reconcile to Operating Earnings.
27. PSEG Energy Holdings EPS Reconciliation – Q4 2008 versus
Q4 2007
0.05
$.02 (.07)
0.00
.01
$ / share
(.03) .05
(.04)
-0.05
Interest
Texas -
Expense
Operations (.02)
(.02)
MTM (.05)
2007 Asset
Sales and
Settlements
-0.10
Effective
Lease
Tax Rate
Income
and Other
-0.15
Q4 2007 Q4 2008
operating operating
earnings* earnings*
26
* See page 32 for Items excluded from Income from Continuing Operations to reconcile to Operating Earnings.
28. PSEG Energy Holdings – Q4 Operating Highlights
Operations
Texas – 2,000 MW gas-fired combined cycle capacity
1,000 MW Guadalupe facility experienced improved capacity factor and spark spreads.
1,000 MW Odessa facility experienced a reduction in capacity and availability.
Spark Spread Production (GWh)
4Q 2007 4Q 2008 2007 2008 4Q 2007 4Q 2008 2007 2008
Guadalupe $10.30 $14.83 $14.77 $24.56 .85 1.15 4.20 4.98
Odessa $26.88 $26.37 $23.16 $32.72 .82 .45 4.30 2.85
Regulatory and Market Environment
Submitted RFP on 500 MW of 1,000 MW Odessa plant for a 10-15 year agreement
to provide energy and capacity.
Change in administration and energy policy could favor development of
renewables.
Financial
Recognized impairment of investments in PPN and Turboven.
Remaining international investments total $24 million.
Received approximately $700 million from Q3 and Q4 international asset sales.
27
30. Outlook for Pension Expense
January 2009
2008 Actual
Estimate**
PSE&G $15.0* $80.0*
PSEG Power 14.0 76.0
Other 2.0 4.0
TOTAL 31.0 160.0*
Discount Rate 6.50% 6.80%
29
* After capitalized amount; pre-tax figure.
** The January 2009 estimate represents an increase from our October 2008 forecast of $110 - $120 million pre-tax.
31. 2009 Operating Earnings Guidance
2008A* 2009E
$ millions (except EPS)
PSEG Power $ 1,050 $ 1,210 – $ 1,285
PSE&G $ 360 $ 320 – $ 345
PSEG Energy Holdings $ 101 $ 0 – $ 20
Enterprise ($ 24) ($ 10) – $ 0
Operating Earnings $ 1,487 $ 1,520 – $ 1,650
Earnings per Share $ 2.92 $ 3.00 – $ 3.25
30
* See page 32 for Items excluded from Income from Continuing Operations to reconcile to Operating Earnings.
32. PSEG Liquidity as of December 31, 2008
Expiration Total Primary Usage at Available Liquidity
Company Facility Date Facility Purpose 12/31/2008 12/31/2008
1
5-year Credit Facility 12-Dec $1,000 CP Support/Funding/LCs $13 $987
PSEG
Bilateral Credit Facility 9-Jun $100 CP Support/Funding $0 $100
Uncommitted Bilateral Agreement N/A N/A Funding 0 N/A
3
5-Year Credit Facility 12-Dec 1,600 Funding/LCs 222 1,378
Power
Bilateral Credit Facility 9-Jun 100 Funding/LCs 0 100
Bilateral Credit Facility 9-Mar 150 Funding/LCs 52 98
Bilateral Credit Facility 9-Sep 50 Funding 0 50
Bilateral Credit Facility 10-Mar 100 Funding/LCs 14 86
2
5-year Credit Facility 12-Jun 600 CP Support/Funding/LCs 20 580
PSE&G
Uncommitted Bilateral Agreement N/A N/A Funding 0 N/A
5-year Credit Facility 10-Jun 136 Funding/LCs 21 115
Energy
Holdings
Total $3,836 $3,494
1
PSEG Facility reduces by $47 million in 2012
2
PSE&G Facility reduces by $28 million in 2012
3
Pow er Facility reduces by $75 million in 2012
31
33. Items Excluded from Income from Continuing Operations to
Reconcile to Operating Earnings
For the Quarters Ended For the Twelve Months Ended
December 31, December 31,
Pro-forma Adjustments, net of tax 2008 2007 2008 2007
Earnings Impact (in Millions)
Asset Sales and Impairments:
Impairment of PPN $ (9) $ (2) $ (9) $ (2)
Impairment of Turboven (4) - (4) (7)
Loss on Sale of Chilquinta and Luz del Sur - (23) - (23)
Premium on Bond Redemption - (28) (1) (28)
Total Asset Sales and Impairments (13) (53) (14) (60)
Lease Reserves - - (490) -
$ (13) $ (53) $ (504) $ (60)
Total Pro-forma to Operating Earnings
Fully Diluted Average Shares Outstanding (in Millions) 507 510 508 509
Per Share Impact (Diluted)
Asset Sales and Impairments:
Impairment of PPN $ (0.02) $ - $ (0.02) $ -
Impairment of Turboven (0.01) - (0.01) (0.01)
Loss on Sale of Chilquinta and Luz del Sur - (0.05) - (0.05)
Premium on Bond Redemption - (0.06) - (0.06)
Total Asset Sales and Impairments (0.03) (0.11) (0.03) (0.12)
Lease Reserves - - (0.96) -
$ (0.03) $ (0.11) $ (0.99) $ (0.12)
Total Pro-forma to Operating Earnings
Please see Slide 2 for an explanation of PSEG’s use of Operating Earnings as a non-GAAP financial measure and how
32
it differs from Net Income.