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 power generation, although significant spending is for generation replacement in the form of new assets. Environmentally well-positioned due to substantial regulatory-compliance spending Exposure to market power price, volatility as contracts expire and are renewed at the then prevailing market prices. On a stand-alone basis, we expect funds from operations (FFO) to debt of 35% and debt to EBITDA of 2.3x. However, we expect some new debt financing over the next two years at parent Public Service Enterprise Group Inc. (PSEG) Consolidated credit measures at
