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NEWARK, N.J., Dec. 31, 2002 -- PSEG Resources, an indirect subsidiary of Public Service Enterprise Group (PSEG), Tuesday announced the termination of an investment in two United Kingdom power plants leased to affiliates of TXU Europe. Drawing on collateral, the company said it fully recovered its investment.

Eileen A. Moran, president of PSEG Resources, which makes energy-related investments, said the termination of the UK investments was sought when the lessees failed to meet financial covenants after TXU Europe went into administration (bankruptcy) in November. She explained that, as a result of drawing on the collateral, PSEG Resources has netted (after taxes and expenses) approximately $67 million of cash.

PSEG Resources entered into the fully secured lease transactions in 1997 and 1998. The leases involved the 360-megawatt, natural gas-fired Kings Lynn generating facility and the 340-megawatt, natural gas fired Peterborough generating facility, both in England.

PSEG Resources focuses on providing energy infrastructure financing and has a diverse portfolio of assets valued at about $3.1 billion.

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