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Public Service Electric and Gas Company Plans Redemption of First
Mortgage Bonds
NEWARK, N.J., May 24 /PRNewswire-FirstCall/ -- Public Service Electric and Gas
Company (PSE&G) has announced that it will redeem on June 23, 2004 the
outstanding $159,000,000 of the Company's 7.375% Series TT First and Refunding
Mortgage Bonds due 2014, at a price of 102.13% of principal amount plus accrued
and unpaid interest.
The redemption agent for the issue is Wachovia Bank.
PSE&G is a subsidiary of Public Service Enterprise Group, a diversified energy
holding company, with headquarters in Newark, New Jersey.
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.
Group
DATASOURCE: Public Service Electric and Gas Company; Public Service Enterprise
CONTACT: Leslie Cifelli, +1-973-430-3809, for Public Service Electric
and Gas Company
Web site: http://www.pseg.com/