Public Service Electric and Gas Company Announces Redemption of Six Series of Cumulative Preferred Stock

NEWARK, N.J., Feb. 16 /PRNewswire-FirstCall/ -- Public Service Electric and Gas Company (PSE&G), a subsidiary of Public Service Enterprise Group (NYSE: PEG), announced today that it has called for redemption of all the outstanding shares of six series of its cumulative preferred stock ($100 par) on March 22, 2010.

The issues being called are the:

• 4.08% series at a price of $103.00 per share plus accrued dividends of $0.9054 per share
• 4.18% series at a price of $103.00 per share plus accrued dividends of $0.9276 per share
• 4.30% series at a price of $102.75 per share plus accrued dividends of $0.9542 per share
• 5.05% series at a price of $103.00 per share plus accrued dividends of $1.1207 per share
• 5.28% series at a price of $103.00 per share plus accrued dividends of $1.1717 per share and
• 6.92% series at a price of $101.39 per share plus accrued dividends of $1.5357 per share.

On February 17, 2010, PSE&G will irrevocably deposit, in trust, immediately available funds in an amount equal to the aggregate redemption price for these series of preferred stock, together with accrued and unpaid dividends thereon to and including March 22, 2010, with the Bank of New York Mellon for immediate payment on and after February 17, 2010 to holders of the preferred stock, without awaiting the March 22, 2010 redemption date, upon their surrender of their stock certificates to BNY Mellon Shareowner Services, the redemption agent for the preferred stock. Upon such deposit, all rights of the holders of the preferred stock will cease except for their right to receive the respective redemption price and accrued and unpaid dividends upon surrender of their certificates.

Accordingly there will be no record date for dividend payments for these issues. Any and all accrued dividends will be payable upon surrender.

Questions relating to and requests for additional copies of the notice of redemption and the related materials should be directed to BNY Mellon Shareowner Services at 1-800-777-3674.

FORWARD-LOOKING STATEMENT

Readers are cautioned that statements contained in this presentation about our and our subsidiaries' future performance, including future revenues, earnings, strategies, prospects and all other statements that are not purely historical, are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Although we believe that our expectations are based on reasonable assumptions, we can give no assurance they will be achieved. The results or events predicted in these statements may differ materially from actual results or events. Factors which could cause results or events to differ from current expectations include, but are not limited to:

• Adverse changes in energy industry, law, policies and regulation, including market structures and rules, and reliability standards.
• Any inability of our energy transmission and distribution businesses to obtain adequate and timely rate relief and regulatory approvals from federal and state regulators.
• Changes in federal and state environmental regulations that could increase our costs or limit operations of our generating units.
• Changes in nuclear regulation and/or developments in the nuclear power industry generally, that could limit operations of our nuclear generating units.
• Actions or activities at one of our nuclear units that might adversely affect our ability to continue to operate that unit or other units at the same site.
• Any inability to balance our energy obligations, available supply and trading risks.
• Any deterioration in our credit quality.
• Availability of capital and credit at reasonable pricing terms and our ability to meet cash needs.
• Any inability to realize anticipated tax benefits or retain tax credits.
• Changes in the cost of or interruption in the supply of fuel and other commodities necessary to the operation of our generating units.
• Delays or cost escalations in our construction and development activities.
• Adverse investment performance of our decommissioning and defined benefit plan trust funds, and changes in discount rates and funding requirements.
• Changes in technology and increased customer conservation.

For further information, please refer to our Annual Report on Form 10-K, including Item 1A. Risk Factors, and subsequent reports on Form 10-Q and Form 8-K filed with the Securities and Exchange Commission. These documents address in further detail our business, industry issues and other factors that could cause actual results to differ materially from those indicated in this presentation. In addition, any forward-looking statements included herein represent our estimates only as of today and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even if our internal estimates change, unless otherwise required by applicable securities laws.

Public Service Enterprise Group (NYSE: PEG) is a publicly traded diversified energy company with annual revenues of more than $13 billion, and three principal subsidiaries: PSEG Power, Public Service Electric and Gas Company (PSE&G) and PSEG Energy Holdings.

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SOURCE Public Service Enterprise Group (PSEG)

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