PSE&G 2005 Annual Report Download

Download and view the complete annual report

Please find the complete 2005 PSE&G annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 20

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20

Annual Report 2005

Table of contents

  • Page 1
    Annual Report 2005

  • Page 2
    PSEG Overview PSEG, a diversified energy holding company with over $29 billion in assets, is one of the nation's leading wholesale energy producers and most reliable transmission and delivery organizations. Special Notice Due to the proposed merger with Exelon, there will be no annual meeting in ...

  • Page 3
    ... 244,406 238,286 3 Dividends Paid per Share Book Value per Share - Year-end Market Price per Share - Year-end $ $ $ 2.24 23.98 64.97 $ $ $ 2.20 24.12 51.77 2 (1) 25 Total Assets $ 29,815 $ 29,260 2 Note: Pro Forma Operating Earnings exclude after-tax merger-related costs of $32 million...

  • Page 4
    ...nuclear stations in southern New Jersey, won recognition as America's most reliable electric utility and made significant progress toward completing our historic merger with Exelon Corporation. PSEG and Exelon shareholders E. James Ferland Chairman of the Board, President and Chief Executive Officer...

  • Page 5
    America's Most Reliable: PSE&G won the prestigious ReliabilityOneâ„¢ National Achievement Award in 2005 for reliability leadership among more than 120 electric utilities evaluated coast to coast. PSEG 2005 3

  • Page 6
    ... per share. All of our businesses performed well. 2005 was marked by dramatic changes in the natural gas and electricity markets. In particular, natural gas prices more than doubled in 2005, leading to unavoidable increases in gas supply costs which we strove to minimize on behalf of our New Jersey...

  • Page 7
    The Benefits of Nuclear Generation: Low-cost nuclear generation is an important part of PSEG's business, while serving the public's need for safe, clean and affordable energy. PSEG 2005 5

  • Page 8
    Meeting New Jersey's Energy Needs: PSE&G's energy infrastructure plays a vital role in supporting New Jersey's economy and quality of life. Its electric distribution network serves more than 2 million customers across the state. 6 PSEG 2005

  • Page 9
    ... for electric power to new record-breaking peaks in our New Jersey service territory. They were equally up to the test during mid-January's blizzard and frigid temperatures when we had near all-time peak gas usage. An Active Tradition of Caring There were also many outstanding examples in 2005, as...

  • Page 10
    ... placed into service a new, third bank of transformers at the Branchburg switching station, an important transmission hub in central New Jersey. The additional bank of transformers boosted the station's capacity by 950 megawatts, to 2,150 megawatts, allowing greater transfers of electric power while...

  • Page 11
    ... gas supply charges remained the lowest of any utility in New Jersey. New Jersey's Basic Generation Service (BGS) auctions have also helped keep electric supply costs lower than they would otherwise be. Established four years ago, the BGS auctions have provided a highly effective mechanism for New...

  • Page 12
    ... economics have become even more favorable compared to higher-cost natural gas units, which often set the price of electricity. Moreover, PSEG Power has already termed up at attractive prices most of its expected 2006 nuclear and coal generation output, and has increased the volume of its contracted...

  • Page 13
    A Big Job in All Seasons: PSE&G has continued to make large investments in its gas distribution network to ensure a high level of reliability for more than 1.6 million customers in New Jersey. PSEG 2005 11

  • Page 14
    Dedication to Community: PSEG and its employees have remained deeply engaged in supporting charitable and civic endeavors in New Jersey. Exelon has a similarly strong, active commitment to the communities it serves. 12 PSEG 2005

  • Page 15
    ... by producing more low-cost energy and thereby lowering wholesale electric prices. Nuclear power is unrivaled as a safe and abundant source of low-cost, emissions-free energy. It currently meets approximately 50 percent of New Jersey's electricity needs. The merger provides the right framework for...

  • Page 16
    Environmental Responsibility: PSEG is a longtime industry leader in supporting responsible environmental policies, including uniform national emissions standards and many initiatives to conserve and protect natural resources and minimize waste. 14 PSEG 2005

  • Page 17
    ... new company, they were equally outstanding. I want to thank them for their excellent work. I hope you are pleased with your investment in PSEG. You can be assured that we will continue striving to enhance shareholder value and warrant your trust and confidence. Sincerely, E. James Ferland Chairman...

  • Page 18
    ... Officer of PSE&G Senior Vice President and General Counsel; Senior Vice President and General Counsel of PSE&G and PSEG Services Board of Directors Caroline Dorsa has been a director since February 2003. Has been Vice President and Treasurer of Merck & Co., Inc. of Whitehouse Station, New Jersey...

  • Page 19
    ... and preferred stocks are: Stockholder Services PSEG Services Corporation P.O. Box 1171 Newark, NJ 07101-1171 Continental Stock Transfer and Trust Company 17 Battery Place, 8th Floor New York, NY 10004 Enterprise Direct PSEG offers Enterprise Direct, a stock purchase and dividend reinvestment plan...

  • Page 20
    Public Service Enterprise Group Incorporated 80 Park Plaza Newark, NJ 07102 973.430.7000 www.pseg.com