PSE&G 2005 Annual Report Download - page 4

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2PSEG 2005
Dear Shareholder: I am pleased to report that 2005 was a year of outstand-
ing accomplishment for your company.
We generated solid earnings and cash flow, improved operations at our
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
approved the merger in July, each casting more than 97 percent of their
votes in favor of the transaction. We expect the merger to close in the third
quarter of 2006 after we get the remaining regulatory approvals.
In addition to the strong results achieved in 2005, we have a very positive
multi-year financial outlook based on current and anticipated levels of oper-
ational performance in this period of high energy prices. Moreover, the
future looks even brighter in combination with Exelon.
PSEG
2001
S&P 500
Dow Jones Utilities S&P Electrics
2000 2002 20042003 2005
50
100
150
200
5-Year Cumulative Comparative Total Returns
as of December 31, 2005
PSEG’s total return for the last five years has outpaced three major market indices. This chart shows the value on
December 31 of each year of $100 invested on December 31, 2000. The value assumes reinvested dividends.
E. James Ferland
Chairman of the Board,
President and Chief Executive Officer
Public Service Enterprise Group