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Public Service Enterprise Group Reports Operating Results (10-Q)

November 02, 2012 | About:
10qk

10qk

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Public Service Enterprise Group (PEG) filed Quarterly Report for the period ended 2012-09-30.

Public Service Enterprise Group Inc has a market cap of $16.06 billion; its shares were traded at around $31.075 with a P/E ratio of 12.3 and P/S ratio of 1.5. The dividend yield of Public Service Enterprise Group Inc stocks is 4.5%. Public Service Enterprise Group Inc had an annual average earning growth of 3.5% over the past 10 years.

Highlight of Business Operations:

The expiration date of the longest-dated cash flow hedge at Power is in 2014. Power s after-tax unrealized gains on these derivatives that are expected to be reclassified to earnings during the next 12 months are $10 million. There was no ineffectiveness associated with qualifying hedges as of September 30, 2012.

Power s derivative contracts reflected in the preceding tables include contracts to hedge the purchase and sale of electricity and natural gas and the purchase of fuel. Not all of these contracts qualify for hedge accounting. Most of these contracts are marked to market. The tables above do not include contracts for which Power has elected the normal purchase/normal sales exemption, such as its BGS contracts and certain other energy supply contracts that it has with other utilities and companies with retail load. In addition, PSEG has interest rate swaps designated as fair value hedges. The effect of these hedges was to reduce interest expense by $6 million and $6 million for the three month periods and $17 million and $19 million for the nine month periods ended September 30, 2012 and 2011, respectively.

Includes $10 million in purchases and $0 million in sales for the three months ended September 30, 2011. Includes $65 million in purchases and $(36) million in sales for the nine months months ended September 30, 2011.

Power s operating cash flow decreased $315 million from $1,487 million to $1,172 million for the nine months ended September 30, 2012, as compared to the same period in 2011, primarily resulting from lower earnings partially offset by a decrease of $87 million in benefit plan funding.

PSE&G s operating cash flow increased $169 million from $872 million to $1,041 million for the nine months ended September 30, 2012, as compared to the same period in 2011, due primarily to higher earnings combined with

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