independent auditors' report
To the Stockholders and Board of Directors of Public Service Enterprise Group Incorporated:
We have audited the consolidated balance sheets of Public Service Enterprise Group Incorporated and its subsidiaries (the "Company") as of December 31, 2001 and 2000, and the related consolidated statements of income, common stockholders' equity and cash flows for each of the three years in the period ended December 31, 2001. Such consolidated financial statements and our report thereon dated February 15, 2002, expressing an unqualified opinion (which are not presented herein), are included in Appendix A to the Proxy Statement for the 2002 Annual Meeting of Stockholders. The accompanying condensed consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on such condensed consolidated financial statements in relation to the complete consolidated financial statements.
In our opinion, the information set forth in the accompanying condensed consolidated balance sheets as of December 31, 2001 and 2000 and the related condensed consolidated statements of income, common stockholders' equity and cash flows for each of the three years in the period ended December 31, 2001 is fairly stated in all material respects in relation to the basic consolidated financial statements from which it has been derived.
February 15,2002
Parsippany, New Jersey
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financial statement responsibility
To the Stockholders of Public Service Enterprise Group Incorporated:
The condensed financial statements in this Summary Annual Report were derived from the consolidated financial statements included in the Public Service Enterprise Group Incorporated (the "Company") Proxy Statement for the 2002 Annual Meeting of Stockholders, which has been enclosed in the same mailing as this Summary Annual Report. The integrity and objectivity of the financial information presented in the Proxy Statement and this Summary Annual Report are the responsibility of the Company's management. The financial statements report on management's accountability for corporate operations and assets. To this end, management maintains a highly developed system of internal controls and procedures designed to provide reasonable assurance that the Company's assets are protected and that all transactions are accounted for in conformity with generally accepted accounting principles. The system includes documented policies, guidelines and self-assessments, augmented by a comprehensive program of internal and independent audits conducted to monitor overall accuracy of financial information and compliance with established procedures. The consolidated financial statements included in the Proxy Statement were audited by Deloitte & Touche LLP, independent auditors, whose report on the condensed consolidated financial statements appears herein.
E. James Ferland
Chairman of the Board,
President and Chief Executive Officer
Thomas M. O'Flynn
Executive Vice President and
Chief Financial Officer
Patricia A. Rado
Vice President and Controller,
Principal Accounting Officer
February 15, 2002
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