The ratings on PSEG Power LLC and its senior unsecured notes reflect the interplay between this generation company's moderate debt burden, its diverse portfolio of generation assets, and the likelihood that the generation portfolio can become fully exposed to the fluctuations of wholesale generation markets in a short time frame. In August 2000, PSEG Power, a wholly owned subsidiary of Enterprise, purchased 10,500 MW of generation distributed over 50 units at about 20 generating stations. Most of the assets are in the Mid-Atlantic Area Council (MAAC). The assets were acquired as a result of a 1999 New Jersey Board of Public Utilities (BPU) order that directed Enterprise's regulated utility subsidiary PSE&G to divest its generation units in connection with the
