April 18, 2014 9:12 PM ET

Independent Power and Renewable Electricity Producers

Company Overview of PSEG Power LLC

Company Overview

PSEG Power LLC operates as a wholesale energy supply company. The company integrates its generating asset operations with its wholesale energy, fuel supply, energy trading and marketing, and risk management activities. It offers a range of products, such as electricity, natural gas, capacity, emissions credits, congestion credits, and a series of energy-related products for optimizing the operation of the energy grid to power marketers, and investor-owned and municipal utilities, as well as to aggregators who resell energy to retail consumers, or in the spot market. The company also sells wholesale natural gas. It generates electricity using nuclear, coal, and pumped storage sources. The com...

80 Park Plaza, T-9

Newark, NJ 07102

United States

Founded in 1999

2,633 Employees

Key Executives for PSEG Power LLC

Chairman and Chief Executive Officer
Age: 55
President
Age: 57
Chief Financial Officer and Executive Vice President
Age: 54
President of Public Service Electric & Gas Company (PSE&G) and Chief Operating Officer of Public Service Electric & Gas Company (PSE&G)
Age: 49
Principal Accounting Officer
Age: 48
Compensation as of Fiscal Year 2013.

PSEG Power LLC Key Developments

PSEG Power Reports Unaudited Earnings and Operating Results for the Fourth Quarter and Full Year Ended December 31, 2013; Provides Earnings Guidance for 2014 and Operating Guidance for 2014 and 2015

PSEG Power reported unaudited earnings and operating results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported operating earnings of $115 million against $126 million a year ago. Diluted operating earnings per share were $0.23 against $0.25 a year ago. Operating revenues were $1,245 million against $1,282 million a year ago. Company’s fourth quarter operating earnings benefited from higher capacity revenues and improvement in the market price of energy on a net long position, an increase in volume and a decline in the supply cost of gas. Operating income was $107 million against $216 million a year ago. Income from continuing operations before income taxes was $102 million against $171 million a year ago. Net income was $67 million against $113 million a year ago. For the year, the company reported operating earnings of $710 million against $663 million a year ago. Diluted operating earnings per share were $1.40 against $1.31 a year ago. Operating revenues were $5,063 million against $4,873 million a year ago. Operating income was $1,070 million against $1,123 million a year ago. Income from continuing operations before income taxes was $1,063 million against $1,099 million a year ago. Net income was $644 million against $666 million a year ago. For the quarter, the company produced total nuclear of 6,712 GWh against 7,169 GWh a year ago. Total coal produced 1,797 GWh against 1,122 GWh a year ago. Total oil & natural gas produced 3,962 GWh against 3,453 GWh a year ago. Total generation was 12,471 GWh against 11,744 GWh a year ago. For the year, the company produced total nuclear fleet of 29,495 GWh against 29,773 GWh a year ago. Total coal produced 7,323 GWh against 5,777 GWh a year ago. Total oil & natural gas produced 16,640 GWh against 16,961 GWh a year ago. Total generation was 53,458 GWh against 52,511 GWh a year ago. The company provided earnings guidance for the full year of 2014. For the year, the company provides operating earnings were $550 million to $610 million. The company expects output for 2014 of 53 to 55 terawatt hours, in line with 2013's performance. Company’s forecast of total output over 2014 and 2015 is up slightly from prior guidance, and for 2016, company has hedged 20% to 30% of forecast production of 53 to 55 terawatt hours at an average price of $53 per megawatt hour. The increase in the percentage of generation hedged over 2014 and 2015 reflects the completion of the most recent Basic Generation Service or BGS auction in New Jersey and assume that BGS volumes represent about 11 terawatt hours in 2014 and 10 terawatt hours in 2015 compared with volumes in 2013 of approximately 12 terawatt hours.

PSEG Power Reports Unaudited Earnings and Operating Results for the Second Quarter and Six Months Ended June 30, 2013; Provides Earnings Guidance for the Year 2013 and Production Guidance for the Rest of Year and Full Year of 2013, 2014 and 2015

PSEG Power reported unaudited earnings and operating results for the second quarter and six months ended June 30, 2013. For the quarter, the company’s operating earnings were $114 million or $0.22 per share compared with operating earnings of $110 million or $0.22 per share for the second quarter of 2012. The company's second quarter earnings benefited from higher PJM capacity prices and an improvement in market prices for energy with an increase in the price of gas. Operating revenues were $1,190 million against $985 million a year ago. Operating income was $349 million against $196 million a year ago. Income from continuing operations before income tax was $343 million against $177 million a year ago. Income from continuing operations/net income was $204 million against $104 million a year ago. For the six months, the company’s operating earnings were $364 million or $0.71 per share against $306 million or $0.60 per share a year ago. Operating revenues were $2,637 million against $2,546 million a year ago. Operating income was $590 million against $637 million a year ago. Income from continuing operations before income tax was $571 million against $598 million a year ago. Income from continuing operations/net income was $341 million against $357 million a year ago. The company’s output was unchanged in the quarter from year-ago levels. The nuclear fleet operated at an average capacity factor in the quarter of 87.9% versus 87.2% last year bringing the capacity factor for the first half of the year to 94.4%. The fleet's performance in the quarter was influenced by a refueling outage and main generator repair work at Salem 1 (57% owned and operated by PSEG Power) versus a refueling outage in the second quarter of 2012 at PSEG Power's 100%-owned and operated Hope Creek unit. Output from its baseload nuclear and Pennsylvania coal units in the quarter offset a decline in production at Power's NJ-based coal units. The company continues to forecast output for 2013 of 53 -- 55 TWh. For the remainder of the year output of 26 -- 28 TWh is 70% - 75% hedged at an average price of $51 per MWh. For 2014, the company forecasts output of 53 -- 55 TWh is approximately 55% - 60% hedged at an average price of $49 per MWh. Power has hedged 30% - 35% of its forecast generation in 2015 of 52 -- 54 TWh at an average price of $49 per MWh. The increase in the percentage of generation hedged for 2014 -- 2015 reflects only an increase in the level of hedges on base load generation. Power's intermediate and peaking generation remains open. Average hedge prices continue to reflect assumed BGS volumes of 12 TWh in 2013 and 10 TWh in 2014. The forecast range of company’s operating earnings for 2013 remains unchanged at $535 million to $600 million. However, based on Power's performance year-to-date, results for the full year are expected to be at the upper end of the range.

PSEG Opens Electric Car Charging Facility in New Jersey

PSEG opened the electric car charging facility in New Jersey with 13 electric charging stations in its headquarter garage. Eleven of the spots are designated for employees' use and two spots are used for company electric cars.

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