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PSEG Power
Strategic Direction

    Frank Cassidy
    President & COO
Power Overview
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



                                                                                            35
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




                                                                                                         36
Key Issues
          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




                                                                                                                              37
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%
         Issues                           2004                      2005                                Long-Term
                     CapEx                   $150-200 million      $150-$175 million              ~$100 million
FOSSIL




         Forced Outage-Coal               11%                       10%                                 7%
         O&M Efficiency                   Base                      $5 million                          $25 million
                     Forced Outage-Coal      11%                   10%                            7%
         Playbook                         Developed                 Implemented                         Realized
           FOSSIL




                     O&M Efficiency          Base                  $5 million                     $15 million
         CapEx Playbook                   $350-400 million          $150-$175 million                   ~$100 million
                                             Developed             Implemented                    Realized
                     CapEx                   $350-400 million      $165 million                   $100 million




                                                                   Realize Higher Market Prices
                     Market Prices           Contracted
           ER&T




                                                                   Contract Diversification
                     Diversification         BGS Margins
                                                                   Increased Origination & Market Liquidity
                     Trading                 Augment Staff




                                                                                                                           38
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      $165 million                 $100 million
       Issues                            2004                    2005 & Long-Term
ER&T




                                                                 Realize Higher Market Prices
       Market Prices                     Contracted
                                                                  Contract Diversification
       Diversification                   BGS Margins             Realize Higher Market Prices
              Market Prices                Contracted
          ER&T




                                                                  Increased Origination & Market Liquidity
       Trading                           Augment Staff           Contract Diversification
              Diversification              BGS Margins
                                                                 Increased Origination & Market Liquidity
                    Trading                Augment Staff




                                                                                                                       39
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




                                                                40
PSEG Nuclear Strategic Direction

 Chris Bakken
 President & Chief Nuclear Officer
PSEG Nuclear: Asset Profile
        Hope Creek
• Operated by PSEG Nuclear
                               Salem Units 1 and 2
• PSEG Ownership: 100%

                             • Operated by PSEG Nuclear
• Technology:
    Boiling Water Reactor
                             • PSEG Ownership: 57%            Peach Bottom Units 2 and 3
                                 Exelon other Co-Owner
• Total Capacity: 1,049 MW
                                                                • Operated by Exelon
                             • Technology:
• Owned Capacity: 1,049 MW
                                 Pressurized Water Reactor
                                                                • PSEG Ownership: 50%
• License Expiration: 2026
                             • Total Capacity: 2,275 MW
                                                                • Technology:
                             • Owned Capacity: 1,306 MW             Boiling Water Reactor
                             • License Expiration: 2016 and
                                                                • Total Capacity: 2,224 MW
                               2020
                                                                • Owned Capacity: 1,112 MW

                                                                • License Expiration: 2033
                                                                  and 2034


                                                                                             42
Key Objectives
• Operate safely

• Improve capacity factor

• Upgrade assets

• Operate at industry mean O&M levels




                                        43
Discussion Points

• Work Environment Progress

• Plant Operations

• O&M




                              44
Work Environment - Current Status
• NRC closed investigation
• Two cross-cutting issues
  – Problem Identification and Resolution
  – Safety Conscious Work Environment

• Issues being addressed
• NRC concurrence with approach
• Monitor progress going forward


                                            45
Work Environment - Next Steps


                                           Post
                            Public                                       Post
          Post                                                Public
                                          SCWE
                           Meeting                                      SCWE
         SCWE                                                Meeting
                                          Metrics
                           with NRC                                     Metrics
         Metrics                                             with NRC



SEP 04   OCT 04      NOV 04    DEC 04   JAN 05      FEB 05     MAR 05   APR 05    MAY 05



                   HOPE CREEK OUTAGE        SYNERGY SURVEY               SALEM OUTAGE
                   HOPE CREEK OUTAGE        SYNERGY SURVEY               SALEM OUTAGE




                                                                                           46
Industry Capacity Factors

                       95
                                     89.6% in 2000
                       90
                                     90.7% in 2001
 Capacity Factor (%)




                       85            91.9% in 2002
                       80            90.3% in 2003
                       75
                       70
                       65
                       60
                       55
                         '80   83   '86    89        '92   95   '98   2001



                                                                             47
PSEG Capacity Factor
                100


                 95
C p c F c r%
 a a ity a to




                 90


                 85


                 80


                 75
                      2000                        2004
                             2001   2002   2003          2005   2006   2007


                                              PSEG Nuclear
                               Industry
                                                                              48
Plant Improvements
•   Reliability Improvements and Major Projects
     – Control rod drive mechanisms (Hope Creek – 2004-2006)
     – Upgrade circulating and service water systems
       (Salem - 2004-2006)
     – Vessel head replacements (Salem - 2005)
     – Steam generator replacement (Salem – 2008)

•   Uprates
     – Salem 1          36 MW         2004
     – Hope Creek       10 MW         2004
     – Hope Creek      125 MW         2006
     – PB2               6 MW         2006
     – PB3               6 MW         2007
     – Salem 2          15 MW         2008



                                                               49
Capital Program
                            Capital Expenditures - PSEG Share
              $180

              $160

              $140

              $120
   Millions




              $100

              $80

              $60

              $40

              $20

               $0
                     2005        2006        2007       2008    2009


Expected 5-yr capital investment to be approximately $640 million



                                                                       50
PSEG / Exelon Employee Exchange
• Leverage Exelon’s Strengths
  – Outage Management
  – Equipment Reliability

• Develop PSEG Employees
• Positions Exchanged
  –   Outage Management
  –   Engineering Management
  –   Operations Management
  –   Project Management
  –   Business / Financial Management




                                        51
Value of Increased Nuclear Output
• PSEG share of NJ output increases by nearly
  3,000 GWhrs/yr by 2007 – an improvement of
  more than 10% over 2004

• At a $35 - $40 gross margin, the opportunity to
  Power is $100 - $120 million
  – $65 – $80 million from performance improvement
  – $35 – $40 million from uprates




                                                     52
Near-Term O&M Cost Drivers
• Increased Outage Scope
     – Control rod drive mechanism
     – Reliability improvements

• Upgrade of Facilities

• Supplemental Labor to Address Issues

• Security




                                         53
Key Takeaways
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



                                                                   54
PSEG Fossil Strategic Direction

   Mike Thomson
   President
PSEG Fossil: Asset Profile
                                                   5121 MW                   4774 MW
                       2396 MW
                                                                               Peaking
                                                                        (simple cycle & steam)
  High


                                                     CCGT
                                                                          46 Units in NJ/CT/PA
                                            Bergen (NJ)       1221 MW
                                            Waterford (OH)     821 MW
                          Coal              Lawrenceburg (IN) 1096 MW
Variable
                                            BEC (NY 2005)      763 MW
  Cost
                                            Linden (NJ 2006)  1220 MW
                 Keystone (PA)     388 MW
                 Conemaugh (PA)    382 MW
                 Hudson (NJ)       608 MW
                 Mercer (NJ)       648 MW
                 Bridgeport (CT)   370 MW


  Low                 $25 - $45/mwh               $40 - $60/mwh                $60 + /mwh

           Low                                                                  High
                                            Demand On System




                                                                                                 56
Key Objectives

• Continue positive results in safety and
  environmental stewardship

• Consistently keep the breakers closed

• Capture O&M efficiencies




                                            57
Continued Success in Key Areas
                                                     OSHA Rate
                              9
• Safety                      8
                              7
  – Significant improvement   6
    in OSHA rate since        5
                              4
    1990                      3
                              2
                              1
                              0
                                  1990             1995              2000
                                   1990          1995            2000               2004

                                    Super Region Generation Company NOx Emissions
                                                   (lbs/MWh) (2002)

• Environmental               5



  – Consistently one of the   4
                                                                     Power
    cleanest generators in    3
    the Super Region
                              2


                              1


                              0


                                                                                           58
Revenue Enhancement Opportunity

                                        Fossil Generation at Market Prices
•   Fossil plays an integral part in                  ($ million)
    Power’s profitability
                                       500
                                       450                              Maintenance
•   Opportunity exists to further      400                              Planning &
                                       350
    enhance margin contribution to                                      Execution
                                       300
    Power                                                               Operating
                                       250                              Performance
                                       200
•   Points of attack:                  150                              Market Based
                                                                        Revenues
                                       100
     – Address existing issues
                                        50
     – Rigorous preventative
                                         0
       maintenance program
                                              2003A             2004F




                                                                                  59
Fossil Value Enhancement Plan
                                                                            $95 m




                                       • Improved unit performance
                                          - $60-$70 million                 $75 m

                                       • Capture O&M efficiencies in
                                         execution of planned maintenance
                                          - $15-$25 million
Current Performance




                      Existing Fleet


                                              2004                                  60
Fossil Value Enhancement Plan

                          Playbook                              • Improved unit $95 m
                       • Benchmarking                              performance
                                                                • Reduced costs
                       • Best Practices
                             -   Operations
                             -   Chemistry
                             -   Maintenance
                                                                                $75 m
                             -   Training


                                       Gap Analysis
                                       • Areas for
Current Performance




                                        improvement
                                        identified
                                       • Site specific




                      Existing Fleet


                                                         2004                           61
Fossil Value Enhancement Plan
                                                                                  • Improved unit $95 m
                                                                                     performance
                                                                                  • Reduced costs
                                                         36 Month Plan
                                                    • Establish the actionable
                                                      priorities and responsibilities
                                                      for Playbook implementation                 $75 m
                                                    • Actions target specific
                                                      operating & productivity
                                                      metrics
                                                    • Plant investment and
                                                      operations tied to asset
Current Performance




                                                      mission
                                                    • Integrated into performance
                                                      management and compensation
                                                      plans

                                         Gap
                        Playbook
                                       Analysis


                      Existing Fleet

                                                  2004                                                    62
Fossil Value Enhancement Plan
                                                                                                     $95 m
                                                                                   • Improved unit
                                                                                      performance
                                                                                   • Reduced costs

                                                         Focus on Hardware
                                                         • Fix known problems now                    $75 m
                                                         • Material condition
                                                           assessments
                                                         • Strengthen reliability centered
                                                           maintenance
                                                         • Improve outage management
Current Performance




                                                         • Environmental stewardship
                                                         • Asset rationalization
                                                                    36 Month Plan
                                         Gap
                        Playbook
                                       Analysis


                      Existing Fleet

                                                  2004                                                       63
Fossil Value Enhancement Plan
                                                                                             $95 m
                                                                           • Improved unit
                                                                              performance
                                                   Focus on People         • Reduced costs
                                                  • Safety
                                                  • Training
                                                                                             $75 m
                                                  • Performance management &
                                                    accountability
                                                                      Hardware
                                                  • Compensation
Current Performance




                                                                   36 Month Plan
                                         Gap
                        Playbook
                                       Analysis


                      Existing Fleet


                                                  2004                                               64
Fossil Value Enhancement Plan
                       Leading Indicators                                         • Improved unit $95 m
                       • Bridgeport                                                  performance
                         Harbor 3       2004 summer capacity factor               • Reduced costs
                       • Hudson 2       Second best run ever
                                                                                   People         $75 m
                       • Mercer         Recovery from contractor failure

                       • Bergen 2       Availability increase
                                                                               Hardware
                       • Peaking        All time high
Current Performance




                       • Safety         Numerous milestones




                                                                           36 Month Plan
                                         Gap
                        Playbook
                                       Analysis


                      Existing Fleet


                                                         2004                                             65
Fossil Value Enhancement Plan
                                                                                 $95 m

                           • Improved 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                                66
PSEG ER&T Strategic Direction

  Steve Teitelman
  President
Energy Resources & Trade (ER&T) Business Profile

     Single point accountability for gross margin optimization


                               ER&T



                                                         Wholesale
 Portfolio             Fuel              Asset
                                                         Commodity
Management            Supply            Backed
                                                          Trading




            Risk                             Market/Business
         Management                           Development




                                                                     68
Portfolio Management – Operational Strategy
• Maximize cash in the short term relative to unit cost,
  availability, spot price, fuel price and import capability
• Portfolio provides opportunities to seek structured
  transactions that provide higher margins
• Understand and influence the development of fair market
  rules
• Same proven business model for 5 years




                                                               69
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


                                                                                                          70
Portfolio Management – Fuel Strategy
            Assets                        Strategy
•   Gas throughput         •   Maximize value relative to the
                               spark spread
•   Gas storage capacity
                           •   Fuel switch to extract value
•   Coal contracts
                           •   Hedge coal, oil and gas relative to
•   Oil storage capacity       contracts and hedges
•   Emissions credits      •   Utilize wholesale gas system for
                               balancing fuel consumption and
•   Generation assets/
                               option value
    contracts
                           •   Trade fuels (gas, coal and oil) in
•   Gas contracts
                               conjunction with the portfolio
•   Transmission rights        position
                           •   Modify fuel inventory to maximize
                               value

                                                                    71
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


                                                                                                 72
Branchburg Impact on Pricing
  Branchburg had a dislocational effect on pricing in PJM
 which was not fully offset by Financial Transmission Rights
                    Average RTC Prices ($/mwh)
    80
                                                      Branchburg
                                                       Derating
    70

    60

    50

    40

    30

    20
           2




           3




           4
   M2




   M3




   M4
   Ja 2




   Ja 3
   Se 2




   Se 3




          4
   N2




   N3
         02




         03




         04
        -0




        -0




        -0
        -0




        -0
        -0




        -0




        -0
       l-0




       l-0




       l-0
         0




         0
      p-




      p-
      n-




      n-




      n-
     ar




     ar




     ar
     ay




     ay




     ay
     ov




     ov
    Ju




    Ju




    Ju
   Ja

   M




   M




   M
                 Load                    Generation


                                                                   73
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


                                                                                              74
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




                                                                                                         75
Summary and 2005 Outlook

   Frank Cassidy
2005 Guidance – Power


                                                           $335M - $385M

$300M - $350M




 2004 Estimate   Replacement   New MW   O&M & Depr   NDT    2005 Estimate
                   Power &
                 Branchburg




                                                                            77
2005 Assumptions
• Natural gas prices $6.30/mmbtu
• RTC Energy (PJM West) $45/mwh
• East/West differential $2.30/mwh
• Capacity Prices $10/kw-yr
• Nuclear Capacity Factors 91%




                                     78
Sensitivity of 2005 Assumptions
•   Natural gas prices         +/- $1/mmbtu   $.01
•   RTC energy (PJM West)      +/- $5/mwh     $.08
•   Capacity prices            +/- $5/kw-yr   $.04
•   East/West differential     +/- $2/mwh     $.03
•   Nuclear capacity factors   +/- 1% fleet   $.03
•   2005 BGS auction prices    +/- $1/mwh     $.01
•   Coal prices                +/- $10/ton    $.02




                                                     79
2005-2009 Earnings Outlook and Drivers
                                                                 10% - 14%



                $335M - $385M
  $300M - $350M



      2004         2005         2006         2007         2008        2009
     Estimate     Estimate


                  + Improved Nuclear / Fossil Performance
                                  + ER&T Contracts
                                            + Nuclear Uprates
                                                      + Capacity Prices
                  - Midwest Plants




                                                                             80
Key Takeaways
• Power’s forecast has considerable upside
• Nuclear
   – Enhanced capacity factor             $65 - $80M
   – O&M                                        $50M
   – Uprates                              $35 - $40M
• Fossil
   – Unit performance                     $60 - $70M
   – O&M                                  $15 - $25M
• ER&T
   – Contract repricing at current prices     $320M



                                                       81

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public serviceenterprise group 10/08/04-34-81

  • 1. PSEG Power Strategic Direction Frank Cassidy President & COO
  • 2. Power Overview 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 35
  • 3. 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 36
  • 4. Key Issues 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 37
  • 5. 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% Issues 2004 2005 Long-Term CapEx $150-200 million $150-$175 million ~$100 million FOSSIL Forced Outage-Coal 11% 10% 7% O&M Efficiency Base $5 million $25 million Forced Outage-Coal 11% 10% 7% Playbook Developed Implemented Realized FOSSIL O&M Efficiency Base $5 million $15 million CapEx Playbook $350-400 million $150-$175 million ~$100 million Developed Implemented Realized CapEx $350-400 million $165 million $100 million Realize Higher Market Prices Market Prices Contracted ER&T Contract Diversification Diversification BGS Margins Increased Origination & Market Liquidity Trading Augment Staff 38
  • 6. 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 $165 million $100 million Issues 2004 2005 & Long-Term ER&T Realize Higher Market Prices Market Prices Contracted Contract Diversification Diversification BGS Margins Realize Higher Market Prices Market Prices Contracted ER&T Increased Origination & Market Liquidity Trading Augment Staff Contract Diversification Diversification BGS Margins Increased Origination & Market Liquidity Trading Augment Staff 39
  • 7. 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 40
  • 8. PSEG Nuclear Strategic Direction Chris Bakken President & Chief Nuclear Officer
  • 9. PSEG Nuclear: Asset Profile Hope Creek • Operated by PSEG Nuclear Salem Units 1 and 2 • PSEG Ownership: 100% • Operated by PSEG Nuclear • Technology: Boiling Water Reactor • PSEG Ownership: 57% Peach Bottom Units 2 and 3 Exelon other Co-Owner • Total Capacity: 1,049 MW • Operated by Exelon • Technology: • Owned Capacity: 1,049 MW Pressurized Water Reactor • PSEG Ownership: 50% • License Expiration: 2026 • Total Capacity: 2,275 MW • Technology: • Owned Capacity: 1,306 MW Boiling Water Reactor • License Expiration: 2016 and • Total Capacity: 2,224 MW 2020 • Owned Capacity: 1,112 MW • License Expiration: 2033 and 2034 42
  • 10. Key Objectives • Operate safely • Improve capacity factor • Upgrade assets • Operate at industry mean O&M levels 43
  • 11. Discussion Points • Work Environment Progress • Plant Operations • O&M 44
  • 12. Work Environment - Current Status • NRC closed investigation • Two cross-cutting issues – Problem Identification and Resolution – Safety Conscious Work Environment • Issues being addressed • NRC concurrence with approach • Monitor progress going forward 45
  • 13. Work Environment - Next Steps Post Public Post Post Public SCWE Meeting SCWE SCWE Meeting Metrics with NRC Metrics Metrics with NRC SEP 04 OCT 04 NOV 04 DEC 04 JAN 05 FEB 05 MAR 05 APR 05 MAY 05 HOPE CREEK OUTAGE SYNERGY SURVEY SALEM OUTAGE HOPE CREEK OUTAGE SYNERGY SURVEY SALEM OUTAGE 46
  • 14. Industry Capacity Factors 95 89.6% in 2000 90 90.7% in 2001 Capacity Factor (%) 85 91.9% in 2002 80 90.3% in 2003 75 70 65 60 55 '80 83 '86 89 '92 95 '98 2001 47
  • 15. PSEG Capacity Factor 100 95 C p c F c r% a a ity a to 90 85 80 75 2000 2004 2001 2002 2003 2005 2006 2007 PSEG Nuclear Industry 48
  • 16. Plant Improvements • Reliability Improvements and Major Projects – Control rod drive mechanisms (Hope Creek – 2004-2006) – Upgrade circulating and service water systems (Salem - 2004-2006) – Vessel head replacements (Salem - 2005) – Steam generator replacement (Salem – 2008) • Uprates – Salem 1 36 MW 2004 – Hope Creek 10 MW 2004 – Hope Creek 125 MW 2006 – PB2 6 MW 2006 – PB3 6 MW 2007 – Salem 2 15 MW 2008 49
  • 17. Capital Program Capital Expenditures - PSEG Share $180 $160 $140 $120 Millions $100 $80 $60 $40 $20 $0 2005 2006 2007 2008 2009 Expected 5-yr capital investment to be approximately $640 million 50
  • 18. PSEG / Exelon Employee Exchange • Leverage Exelon’s Strengths – Outage Management – Equipment Reliability • Develop PSEG Employees • Positions Exchanged – Outage Management – Engineering Management – Operations Management – Project Management – Business / Financial Management 51
  • 19. Value of Increased Nuclear Output • PSEG share of NJ output increases by nearly 3,000 GWhrs/yr by 2007 – an improvement of more than 10% over 2004 • At a $35 - $40 gross margin, the opportunity to Power is $100 - $120 million – $65 – $80 million from performance improvement – $35 – $40 million from uprates 52
  • 20. Near-Term O&M Cost Drivers • Increased Outage Scope – Control rod drive mechanism – Reliability improvements • Upgrade of Facilities • Supplemental Labor to Address Issues • Security 53
  • 21. Key Takeaways 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 54
  • 22. PSEG Fossil Strategic Direction Mike Thomson President
  • 23. PSEG Fossil: Asset Profile 5121 MW 4774 MW 2396 MW Peaking (simple cycle & steam) High CCGT 46 Units in NJ/CT/PA Bergen (NJ) 1221 MW Waterford (OH) 821 MW Coal Lawrenceburg (IN) 1096 MW Variable BEC (NY 2005) 763 MW Cost Linden (NJ 2006) 1220 MW Keystone (PA) 388 MW Conemaugh (PA) 382 MW Hudson (NJ) 608 MW Mercer (NJ) 648 MW Bridgeport (CT) 370 MW Low $25 - $45/mwh $40 - $60/mwh $60 + /mwh Low High Demand On System 56
  • 24. Key Objectives • Continue positive results in safety and environmental stewardship • Consistently keep the breakers closed • Capture O&M efficiencies 57
  • 25. Continued Success in Key Areas OSHA Rate 9 • Safety 8 7 – Significant improvement 6 in OSHA rate since 5 4 1990 3 2 1 0 1990 1995 2000 1990 1995 2000 2004 Super Region Generation Company NOx Emissions (lbs/MWh) (2002) • Environmental 5 – Consistently one of the 4 Power cleanest generators in 3 the Super Region 2 1 0 58
  • 26. Revenue Enhancement Opportunity Fossil Generation at Market Prices • Fossil plays an integral part in ($ million) Power’s profitability 500 450 Maintenance • Opportunity exists to further 400 Planning & 350 enhance margin contribution to Execution 300 Power Operating 250 Performance 200 • Points of attack: 150 Market Based Revenues 100 – Address existing issues 50 – Rigorous preventative 0 maintenance program 2003A 2004F 59
  • 27. Fossil Value Enhancement Plan $95 m • Improved unit performance - $60-$70 million $75 m • Capture O&M efficiencies in execution of planned maintenance - $15-$25 million Current Performance Existing Fleet 2004 60
  • 28. Fossil Value Enhancement Plan Playbook • Improved unit $95 m • Benchmarking performance • Reduced costs • Best Practices - Operations - Chemistry - Maintenance $75 m - Training Gap Analysis • Areas for Current Performance improvement identified • Site specific Existing Fleet 2004 61
  • 29. Fossil Value Enhancement Plan • Improved unit $95 m performance • Reduced costs 36 Month Plan • Establish the actionable priorities and responsibilities for Playbook implementation $75 m • Actions target specific operating & productivity metrics • Plant investment and operations tied to asset Current Performance mission • Integrated into performance management and compensation plans Gap Playbook Analysis Existing Fleet 2004 62
  • 30. Fossil Value Enhancement Plan $95 m • Improved unit performance • Reduced costs Focus on Hardware • Fix known problems now $75 m • Material condition assessments • Strengthen reliability centered maintenance • Improve outage management Current Performance • Environmental stewardship • Asset rationalization 36 Month Plan Gap Playbook Analysis Existing Fleet 2004 63
  • 31. Fossil Value Enhancement Plan $95 m • Improved unit performance Focus on People • Reduced costs • Safety • Training $75 m • Performance management & accountability Hardware • Compensation Current Performance 36 Month Plan Gap Playbook Analysis Existing Fleet 2004 64
  • 32. Fossil Value Enhancement Plan Leading Indicators • Improved unit $95 m • Bridgeport performance Harbor 3 2004 summer capacity factor • Reduced costs • Hudson 2 Second best run ever People $75 m • Mercer Recovery from contractor failure • Bergen 2 Availability increase Hardware • Peaking All time high Current Performance • Safety Numerous milestones 36 Month Plan Gap Playbook Analysis Existing Fleet 2004 65
  • 33. Fossil Value Enhancement Plan $95 m • Improved 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 66
  • 34. PSEG ER&T Strategic Direction Steve Teitelman President
  • 35. Energy Resources & Trade (ER&T) Business Profile Single point accountability for gross margin optimization ER&T Wholesale Portfolio Fuel Asset Commodity Management Supply Backed Trading Risk Market/Business Management Development 68
  • 36. Portfolio Management – Operational Strategy • Maximize cash in the short term relative to unit cost, availability, spot price, fuel price and import capability • Portfolio provides opportunities to seek structured transactions that provide higher margins • Understand and influence the development of fair market rules • Same proven business model for 5 years 69
  • 37. 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 70
  • 38. Portfolio Management – Fuel Strategy Assets Strategy • Gas throughput • Maximize value relative to the spark spread • Gas storage capacity • Fuel switch to extract value • Coal contracts • Hedge coal, oil and gas relative to • Oil storage capacity contracts and hedges • Emissions credits • Utilize wholesale gas system for balancing fuel consumption and • Generation assets/ option value contracts • Trade fuels (gas, coal and oil) in • Gas contracts conjunction with the portfolio • Transmission rights position • Modify fuel inventory to maximize value 71
  • 39. 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 72
  • 40. Branchburg Impact on Pricing Branchburg had a dislocational effect on pricing in PJM which was not fully offset by Financial Transmission Rights Average RTC Prices ($/mwh) 80 Branchburg Derating 70 60 50 40 30 20 2 3 4 M2 M3 M4 Ja 2 Ja 3 Se 2 Se 3 4 N2 N3 02 03 04 -0 -0 -0 -0 -0 -0 -0 -0 l-0 l-0 l-0 0 0 p- p- n- n- n- ar ar ar ay ay ay ov ov Ju Ju Ju Ja M M M Load Generation 73
  • 41. 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 74
  • 42. 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 75
  • 43. Summary and 2005 Outlook Frank Cassidy
  • 44. 2005 Guidance – Power $335M - $385M $300M - $350M 2004 Estimate Replacement New MW O&M & Depr NDT 2005 Estimate Power & Branchburg 77
  • 45. 2005 Assumptions • Natural gas prices $6.30/mmbtu • RTC Energy (PJM West) $45/mwh • East/West differential $2.30/mwh • Capacity Prices $10/kw-yr • Nuclear Capacity Factors 91% 78
  • 46. Sensitivity of 2005 Assumptions • Natural gas prices +/- $1/mmbtu $.01 • RTC energy (PJM West) +/- $5/mwh $.08 • Capacity prices +/- $5/kw-yr $.04 • East/West differential +/- $2/mwh $.03 • Nuclear capacity factors +/- 1% fleet $.03 • 2005 BGS auction prices +/- $1/mwh $.01 • Coal prices +/- $10/ton $.02 79
  • 47. 2005-2009 Earnings Outlook and Drivers 10% - 14% $335M - $385M $300M - $350M 2004 2005 2006 2007 2008 2009 Estimate Estimate + Improved Nuclear / Fossil Performance + ER&T Contracts + Nuclear Uprates + Capacity Prices - Midwest Plants 80
  • 48. Key Takeaways • Power’s forecast has considerable upside • Nuclear – Enhanced capacity factor $65 - $80M – O&M $50M – Uprates $35 - $40M • Fossil – Unit performance $60 - $70M – O&M $15 - $25M • ER&T – Contract repricing at current prices $320M 81