NEW YORK (Standard&Poor's) Oct. 15, 2004--During the past week, PSEG Power LLC's Hope Creek nuclear unit experienced a series of failures that forced the unit off-line three weeks before a planned refueling and maintenance outage. These events are the latest in a series of operational difficulties that have plagued the company's nuclear operations in recent months. In response to the litany of performance issues, on July 30, 2004, Standard&Poor's Ratings Services revised to negative the outlook on its ratings on PSEG Power (BBB/Negative/--), its parent, Public Service Enterprise Group Inc. (BBB/Negative/A-3), and its affiliate, Public Service Electric&Gas Co. (BBB/Negative/A-3). Because a high percentage of the output of PSEG Power's nuclear units and other components
