PSEG Power Launches Retail Bond Program

NEWARK, N.J., Jan. 12  /PRNewswire-FirstCall/ -- PSEG Power announced that it has filed a prospectus supplement with the Securities and Exchange Commission for the issuance of up to $500 million of PSEG Power investment-grade, unsecured corporate bonds through Incapital's InterNotes(R) program.

Bank of America Securities LLC and Incapital LLC will act as joint lead managers and lead agents of the InterNotes(R) program.  Beginning January 12, 2009, the bonds rated "BBB" by Standard & Poor's and "Baa1" by Moody's, are being offered from time to time at the discretion of PSEG Power direct to investors through a retail distribution network comprised of 550 broker-dealers.

PSEG Power InterNotes(R) are unsecured medium-term notes for sale to retail investors and will generally be offered at par in $1,000 increments. PSEG Power InterNotes(R) provide individual investors with a variety of rates, maturity dates and interest payment options.

A prospectus related to the offering of the bonds is available to investors through co-agents and Incapital's national bond network.  Co-agents include Charles Schwab & Company, Inc., Citi, Fidelity Capital Markets, a division of National Financial Services, LLC, Merrill Lynch & Co., Morgan Stanley, RBC Dain Rauscher, Inc., UBS Securities LLC, and Wachovia Securities.

This announcement does not constitute an offer to sell or a solicitation of an offer to buy the bonds, which may be made by a written prospectus obtained by the agents listed above. The bonds will not be sold in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. Copies of the prospectus and related prospectus supplement for the offering to which this communication relates may be obtained from the Securities and Exchange Commission website at http://www.sec.gov/ or Banc of America Securities LLC at 1-800-294-1322 (toll free) or Incapital LLC at 1-800-289-6689 (toll free).

Public Service Enterprise Group (PSEG) is a publicly traded diversified energy company with three principal subsidiaries: PSEG Power, Public Service Electric and Gas Company (PSE&G) and PSEG Energy Holdings. PSEG Power, one of the largest independent power producers in the U.S. has three main subsidiaries: PSEG Fossil, PSEG Nuclear, and PSEG Energy Resources & Trade. 

DATASOURCE: PSEG Power



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