August 21, 2014 4:30 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, oil-fired, and photovoltaic solar g...

80 Park Plaza, T25

Newark, NJ 07102

United States

Founded in 1999

Key Executives for PSEG Power LLC

Chairman and Chief Executive Officer
Age: 56
President
Age: 58
Chief Financial Officer and Executive Vice President
Age: 55
President of Public Service Electric & Gas Company (PSE&G) and Chief Operating Officer of Public Service Electric & Gas Company (PSE&G)
Age: 50
Principal Accounting Officer
Age: 51
Compensation as of Fiscal Year 2014.

PSEG Power LLC Key Developments

PSEG Power LLC Reports Unaudited Earnings and Operating Results for the Second Quarter and Earnings Results for the Six Months Ended June 30, 2014; Provides Earnings Guidance for the Year 2014 and Production Guidance for the Full Year of 2014 2015 and 2016

PSEG Power LLC reported unaudited earnings and operating results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported operating earnings of $87 million or $0.17 per share compared with $120 million or $0.24 per share for the second quarter of 2013. Operating revenues were $986 million against $1,193 million a year ago. Operating income was $67 million against $351 million a year ago. Income before income tax was $76 million against $350 million a year ago. Net income was $54 million against $210 million a year ago. For the six months, the company reported operating earnings of $380 million or $0.75 per share compared with $374 million or $0.74 per share for the second quarter of 2013. Operating revenues were $2,686 million against $2,644 million a year ago. Operating income was $349 million against $593 million a year ago. Income before income tax was $351 million against $582 million a year ago. Net income was $218 million against $351 million a year ago. The company’s output from fleet was 5% lower in the second quarter compared to year-ago levels. The extended outage reduced the nuclear fleet's output in the quarter by 9% to 6.5 TWh, 54% of generation, and lowered the nuclear fleet's average capacity factor in the quarter to 80.5%. Production from the gas-fired combined cycle fleet declined 11% in the quarter to 3.6 TWh, 30% of production, as work related to an expansion of capacity at Linden kept the unit out of service early in the quarter. For 2014, the company has reduced the upper end of its forecast of output for the full year of 2014 to 56 - 57 TWh from 56 - 58 TWh to take into account the results for the second quarter. The forecast, which represents an increase of 4% - 6% in output for the year, continues to reflect normal operations and weather. The company slightly increased its forecast of economic generation for 2015 and 2016 to 55 - 57 TWh per year from 54 - 56 TWh. For 2015, the company has hedged 65% - 70% of its forecast generation at an average price of $50 per MWh. For 2016, the company has hedged approximately 30% - 35% of its generation at an average price of $51 per MWh. The forecast range of company’s operating earnings for 2014 remains unchanged at $550 million to $610 million with full year operating earnings expected to be at the upper end of the range.

Public Service Enterprise Group Incorporated, Public Service Electric and Gas Company and PSEG Power LLC Appoint Stuart Black as Vice President and Controller, Effective August 4, 2014

On July 16, 2014, Public Service Enterprise Group Incorporated announced the election of Stuart Black as Vice President and Controller of PSEG, Public Service Electric and Gas Company and PSEG Power LLC. The election is effective as of August 4, 2014. Under the terms of Mr. Black's at will employment as Vice President and Controller, he will receive a base salary of $295,000 and a target annual incentive under PSEG's Management Incentive Compensation Plan of 45%. Mr. Black, age 51, has been serving as Vice President and Assistant Controller of Power since March 2010.

PSEG Power Reports Unaudited Earnings Results for the First Quarter of 2014; Provides Earnings Guidance for the Year 2014

PSEG Power reported unaudited earnings results for the first quarter of 2014. For the quarter, the company reported operating earnings of $293 million or $0.58 per share compared with operating earnings of $254 million or $0.50 per share for the first quarter of 2013. Operating earnings in the first quarter benefited from higher capacity revenues, dispatch flexibility and the diverse fuel mix of the fleet. When combined with a strategy to maintain a net long position this allowed the fleet to benefit from an improvement in market prices and reduced the risk associated with higher costs to serve the increase in demand. The company's operating earnings for 2014 are forecast at $550 - $610 million.

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