Public Service Enterprise Group

5/11/2004


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Table of Contents

Public Service Enterprise Group

Forward-Looking Statement

PSEG: Profitable Business Mix

PSEG: Improved Risk Profile

PSEG: Strengthened Credit Quality

PSEG 1st Quarter Results

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PSE&G: Pure Delivery Business

PSE&G: Focus on Electric Reliability

PSE&G: Focus on Gas Reliability

PSE&G: 2004 Earnings Drivers

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PSEG Power: A Major Energy Player

PSEG Power: Locational Advantage

PSEG Power: Diversity and Scale

PSEG Power: Nuclear Opportunity

PSEG Power: Environmental Advantage

PSEG Power: A Model Portfolio

PSEG Power: Locking in Revenues

Competitiveness of BGS Auctions

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PSEG Power: Understanding Capacity Prices

PSEG Power: 2004 Earnings Drivers

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PSEG Global: Focus on Operations

PSEG Resources: Focus on Credit

PSEG Energy Holdings: 2004 Earnings Drivers

Financial Outlook

PSEG: 2004 Earnings Drivers

PSEG: Growing Cash

PSEG: Reduced Capital Spending

Looking to the Future

PSEG: Five-Year Agenda

PSEG: Attractive Dividend

PSEG: Proven Market Performance Leader

PSEG: In the Near Term

Public Service Enterprise Group

Author: Dave Daly