August 21, 2014 10:17 PM ET

Electric Utilities

Company Overview of PSEG Energy Holdings LLC

Company Overview

PSEG Energy Holdings LLC, through its subsidiaries, engages in the generation of electricity principally in the United States. The company holds investments in power producers that own and operate electric generation facilities in Texas, California, and Hawaii, as well as in New Hampshire and Pennsylvania. The company also has investments in energy-related financial transactions, and manages a portfolio of assets, including leveraged leases, operating leases, a leveraged buyout fund, limited partnerships, and marketable securities. In addition, it engages in commercial real estate property management business. Additionally, PSEG Energy Holdings focuses on developing compressed air energy sto...

80 Park Plaza

22nd Floor

Newark, NJ 07102-4194

United States

Phone:

973-430-7000

Fax:

973-456-3589

Key Executives for PSEG Energy Holdings LLC

Chairman
Age: 56
Chief Financial Officer and Executive Vice President
Age: 55
Director
Age: 67
President of PSEG Services and Chief Operating Officer of PSEG Services
Age: 65
President of PSE&G and Chief Operating Officer of PSE&G
Age: 68
Compensation as of Fiscal Year 2014.

PSEG Energy Holdings LLC Key Developments

Randall E. Mehrberg, President and Chief Operating Officer of PSEG Energy Holdings LLC to Resign, Effective December 1, 2013

On October 18, 2013, Randall E. Mehrberg, President and Chief Operating Officer of PSEG Energy Holdings LLC, notified the company of his intention to resign from all positions effective December 1, 2013.

PSEG Energy Holdings/Enterprise Reports Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2013; Reaffirms Earnings Guidance for the Year 2013

PSEG Energy Holdings/Enterprise reported unaudited earnings results for the second quarter and six months ended June 30, 2013. For the quarter, the company’s operating earnings were $8 million or $0.02 per share versus operating earnings of $4 million or $0.01 per share during the second quarter of 2012. The improvement in operating earnings for the quarter reflects a gain on the sale of a commercial office complex. Operating negative revenues were $303 million against $294 million a year ago. Operating income was $10 million against $10 million a year ago. Income from continuing operations before income tax was $16 million against $16 million a year ago. Income from continuing operations/net income was $8 million against $104 million a year ago. For the six months, the company’s operating earnings were $12 million or $0.03 per share against $43 million or $0.09 per share a year ago. Operating revenues were $959 million against $919 million a year ago. Operating income was $14 million against $10 million a year ago. Income from continuing operations before income tax was $24 million against $21 million a year ago. Income from continuing operations/net income was $12 million against $49 million a year ago. The forecast of PSEG Energy Holdings/Parent full year operating earnings for 2013 is unchanged at $25 to $35 million. The results will reflect the full year operation of the Milford and Queen Creek solar facilities (40 MW), which entered service in the fourth quarter of 2012, as well as the commercial operation of a $50 million (19 MW) solar facility located in Arizona, which is expected to enter service in the fourth quarter.

PSEG Energy Holdings LLC Reports Unaudited Earnings Results for the First Quarter Ended March 31, 2013; Provides Earnings Guidance for 2013

PSEG Energy Holdings 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 $4 million compared to income from continuing operations and net income of $43 million in the first quarter of 2012. Operating earnings were $4 million or $0.01 per diluted share compared to operating earnings for the first quarter of 2012 of $39 million or $0.07 per diluted share. Income from continuing operations before income taxes was $8 million compared to $5 million reported a year ago. Operating revenues were a negative of $656 million compared to negative operating revenues of $625 million reported a year ago. Operating earnings reflect the absence of $0.07 per share of tax benefits received in the first quarter of 2012 related to the settlement of IRS tax audits. For 2013, the company expects operating earnings of $25 million to $35 million. The results will reflect the full year operation of the Milford and Queen Creek solar facilities (40 MW) which entered service in the fourth quarter of 2012 as well as the commercial operation of a 19 MW solar facility located in Arizona expected to enter in-service in the fourth quarter at a cost of approximately $50 million.

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