Reacting to Oil Spill: PSEG Nuclear Announces Plans to Shut Salem Units I and II LOWER ALLOWAYS CREEK, N.J., Dec. 2 /PRNewswire-FirstCall/ -- PSEG Nuclear today announced that based on Delaware River conditions and the potential for oil from the Athos I oil tanker spill, to reach its nuclear plant water intake structures, it has decided to take both units at the Salem Nuclear Generating Station offline. PSEG Nuclear currently plans to begin reducing power on both Salem Units on Friday. PSEG Nuclear is continually monitoring river conditions, and these plans are subject to change. "Our first ground rule is to 'Be Safe,' and this is the right thing to do to ensure the safety of the stations," said A. Christopher Bakken, PSEG Nuclear president and chief nuclear officer. "We anticipate seeing heavier oil in the next couple of days. Rather than wait, we are taking the right actions to have the plant in a safe, cooled condition. We will stay shutdown as long as necessary." Today, PSEG Nuclear began placing booms around the water intake structures at both Salem and Hope Creek nuclear generating stations. The boom is a barrier placed approximately 18 inches deep in the water and is relatively effective in controlling the spread of oil that is lying on top or close to the surface. However, since the oil spilled in the Delaware was crude oil, it is expected that heavier globs of oil might be suspended in the river at varying depths, rendering the booms less effective. PSEG Nuclear is tracking costs the Company may incur associated with the oil spill with full expectation of recovery of those costs from responsible parties. 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 domestic and international power projects; 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 CONTACT: Skip Sindoni, +1-856-339-1111 Web site: http://www.pseg.com/

Copyright