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Public Service Enterprise Group's CEO Discusses Q4 2011 Results - Earnings Call Transcript

Extension of what we call the operating excellence model that has been in place at Power's nuclear fleet has been applied to the operational Power's fossil fleet, which resulted in improved availability and record generation. The availability of 3,200 megawatts of natural gas combined cycle capacity overcame weakness in our coal-fired generation, once again highlighting both the benefits of the fleet's fuel diversity and our efforts to run the fleet with the maximum efficiency.

Our employees performed heroically in responding to 2 of the most devastating storms in PSE&G's history. an accomplishment that was saluted by state and municipal officials, as well as customers, demonstrating what we have seen so many times before, that our people remain the foundation of our success.

In the face of lower natural gas prices, we are not standing still. We made significant progress in our capital programs, investing $2.1 billion in 2011 as we near completion of 400 megawatts of new peaking capacity in New Jersey and Connecticut while major transmission projects that will modernize the Northeast grid remain on track for service in 2014 and 2015.

Our $750 million Susquehanna-Roseland transmission project, which we are building in conjunction with PPL Energy is scheduled to be in-service in June of 2015. Our other major transmission projects, North Central Reliability and Northeast Grid Reliability are undergoing siding approval and is scheduled to be in-service in 2014 and 2015 respectively.

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