Consistent hedging strategy, with a significant proportion of gross margin under contract through 2017 Strong operational performance by a somewhat diversified set of generation assets A perceived shift in strategy as the company invests in new generation, although significant spending is for generation replacement Environmentally well-positioned due to substantial regulatory-compliance spending Exposure to market price volatility as contracts expire and are renewed at prevailing market prices On a stand-alone basis, we expected funds from operations (FFO) to debt of 40% and debt to EBITDA of 2x. However, we expect some new debt financing over the next two years at parent Public Service Enterprise Group Inc. (PSEG) Consolidated credit measures at parent PSEG are strong, including adjusted FFO to debt expectations
