NEWARK, N.J., Jan. 28 /PRNewswire-FirstCall/ -- Public Service Enterprise Group (PEG) announced that its subsidiary company, PSEG Energy Holdings L.L.C., has filed notice today with the Securities and Exchange Commission (SEC) its intent to suspend filing certain financial reports with the SEC, consistent with federal securities law. Energy Holdings is eligible to suspend its reporting obligations under the Securities and Exchange Act of 1934 (Exchange Act) as it has fewer than 300 holders for any class of its securities. Energy Holdings filed a Form 15 with the SEC to terminate its registration and suspend reporting obligations under the Exchange Act. Form 15 is effective upon filing without the need for further action by the SEC. Thomas M. O'Flynn, president and chief operating officer of Energy Holdings, said "Energy Holdings has substantially restructured its balance sheet. Following the January 2008 redemptions of $400 million of 10% debt scheduled to mature in 2009 and the February 2008 maturity of $207.2 million of its 8.625% Senior Notes, the only issue of debt securities that Energy Holdings will have outstanding is $530 million of its 8.50% Senior Notes due 2011." Mr. O'Flynn noted that "deregistration of Energy Holdings and suspension of its reporting obligations allows us to streamline our financial reporting and avoid additional expenses related to this subsidiary. For holders of the remaining outstanding debt issue, we plan to post regular financial reports for Energy Holdings, including annual audited financial statements, to our website (http://www.pseg.com/), and to maintain credit ratings with no plans to change Energy Holdings' credit profile. Lastly, all information related to Energy Holdings that is material to PSEG will be disclosed as part of Public Service Enterprise Group's quarterly and annual reports on Forms 10Q and 10K." FORWARD-LOOKING STATEMENT Readers are cautioned that statements contained in this press release about our and our subsidiaries' future performance, including future revenues, earnings, strategies, prospects and all other statements that are not purely historical, are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Although we believe that our expectations are based on reasonable assumptions, we can give no assurance they will be achieved. The results or events predicted in these statements may differ materially from actual results or events. Factors which could cause results or events to differ from current expectations include, among other things: the effects of weather; the performance of generating units and transmission systems; the availability and prices for oil, gas, coal, nuclear fuel, capacity and electricity; changes in the markets for electricity and other energy-related commodities; changes in the number of participants and the risk profile of such participants in the energy marketing and trading business; the effectiveness of our risk management and internal controls systems; the effects of regulatory decisions and changes in law; changes in competition in the markets we serve; the ability to recover regulatory assets and other potential stranded costs; the outcomes of litigation and regulatory proceedings or inquiries; the timing and success of efforts to develop generation, transmission and distribution projects; continued market based rate authority, including any necessary mitigation; environmental regulations and responses to global climate change; ability to realize tax benefits and favorably resolve tax audit claims; conditions of the capital markets and equity markets; advances in technology; changes in accounting standards; changes in interest rates and in financial and foreign currency markets generally; the economic and political climate and growth in the areas in which we conduct our activities; and changes in corporate strategies. For further information, please refer to our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K filed with the Securities and Exchange Commission. These documents address in further detail our business, industry issues and other factors that could cause actual results to differ materially from those indicated in this release. In addition, any forward-looking statements included herein represent our estimates only as of today and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even if our estimates change, unless otherwise required by applicable securities laws. DATASOURCE: Public Service Enterprise Group (PSEG) CONTACT: Denise Denk of Public Service Enterprise Group (PSEG), +1-973-430-6336 Web site: http://www.pseg.com/

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