PSEG Power LLC reported unaudited earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported income from continuing operations and net income of $137 million compared to income from continuing operations and net income of $253 million in the first quarter of 2012. Operating earnings were $250 million or $0.49 per diluted share compared to operating earnings for the first quarter of 2012 of $196 million or $0.39 per diluted share. Income from continuing operations before income taxes was $228 million compared to $421 million reported a year ago. Operating revenues were $1,447 million compared to $1,561 million reported a year ago. Operating earnings exclude the impact of Super Storm Sandy related restoration costs given the unusual nature of the storm's impact on Power. Operating earnings benefited from strong market prices for energy, higher capacity prices, and an increase in generation. The improvement in wholesale pricing quarter-over-quarter offset the impact of lower contract prices on energy hedged through the Basic Generation Services Contract (BGS) and other wholesale contracts resulting in a net increase in earnings quarter-over-quarter of $0.02 per share. An increase in capacity prices on June 1, 2012 to $153 per MW-day from $110 per MW-day improved Power's quarter-over-quarter earnings by $0.05 per share. For 2013, the company expects operating earnings of $535 million to $600 million. The company continues to forecast output for 2013 of 53 to 55 TWh. Output for the remainder of the year is approximately 70% to 75% hedged at an average price of $50 per MWh. For 2014, the company forecasts output of 53 to 55 TWh is approximately 50% to 55% hedged at an average price of $50 per MWh.

PSEG Power LLC reported earnings results for the fourth quarter and full year of 2012. For the year, the company reported operating earnings of $122 million or $0.24 per share against $134 million or $0.27 per share for the same period last year. The company's fourth quarter operating earnings benefited from strong control of operating expenses, higher capacity prices and post-storm recovery of the power fleet. For the year, the company reported operating earnings of $644 million or $1.27 per share against $845 million or $1.67 per share for the same period last year. The company's forecast output for 2013 of 53 - 55 TWh is approximately 75% - 80% hedged at an average price of $50 per MWh. For 2014, forecast output of 53 - 55 TWh is approximately 50% - 60% hedged at an average price of $49 per MWh. The company's operating earnings for 2013 are forecast at $535 million - $600 million. The guidance for operating earnings does not include the impact of storm restoration costs or any insurance recovery.

PSEG Power LLC reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2012. For the third quarter, the company reported operating revenues of $1,038 million against $1,398 million a year ago. Operating income was $267 million against $483 million a year ago. Income from continuing operations before income taxes was $314 million against $460 million a year ago. Operating earnings were $217 million or $0.43 per diluted share compared with operating earnings of $258 million or $0.51 per diluted share for the third quarter of 2011. The company's earnings were aided by increased dispatch of the combined cycle and peaking fleets in response to demand and a continued strong contribution from the nuclear fleet. Net income was $181 million against $273 million a year ago. For the nine months, the company reported operating revenues of $3,584 million against $4,650 million a year ago. Operating income was $904 million against $1,339 million a year ago. Income from continuing operations before income taxes was $912 million against $1,314 million a year ago. Operating earnings were $523 million or $1.03 per diluted share against $710 million or $1.40 per diluted share a year ago. Net income was $538 million against $775 million a year ago. The company provided earnings guidance for the full year 2012. For the year, the company expects total operating earnings to be in the range of $575 million to $665 million.