Salem Unit 2 Sets New Record With Successful Refueling Outage Nuclear operating services agreement with Exelon paving the way to improved performance LOWER ALLOWAYS CREEK, N.J., May 26 /PRNewswire-FirstCall/ -- On May 11, 2005, PSEG Nuclear completed the latest refueling outage at Salem Unit 2 in 35 days, 23 hours and 18 minutes -- making it the shortest outage for the unit in its history, despite the added complexity of replacing the reactor head. "During this outage we met rigorous nuclear safety targets and completed the work on schedule and within budget," said Bill Levis, PSEG senior vice president and chief nuclear officer. "An outage is a true test of an organization's performance and teamwork. The success of the outage demonstrates that the new nuclear operating services agreement at Salem/Hope Creek is working and that we can continue to improve the safety and operational performance of these plants." The Salem team invested more than 200,000 hours, completed 17,600 activities -- including 2,000 more than originally planned -- and completed the outage on time and on budget. All three units at PSEG Nuclear -- Salem Unit 1, Unit 2 and Hope Creek -- are now running. "These units are critical to ensuring that the Southern New Jersey region has an adequate supply of energy for peak summer usage," added Levis. "They are all operating well and producing electricity for homes and companies throughout the region." "Combining the outage management expertise of Exelon with the experience of long-time PSEG employees, everyone on site contributed to the success of this major undertaking," explained Tom Joyce, Salem site vice president. "We are very pleased with the performance of our team." Joyce explained that reactor head of Salem Unit 1 will be replaced during an outage this fall and that the team was identifying lessons learned from this outage to help make that one even more of a success. Under the nuclear operating services agreement, instituted in January of this year, Exelon has supplied senior personnel to oversee daily plant operations and to implement the Exelon Nuclear management model at PSEG's Salem and Hope Creek nuclear facilities. PSEG remains the license holder and retains responsibility for management oversight for the plant. Exelon and PSEG have also announced plans to merge the two companies following regulatory approvals. "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995 This filing contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about the benefits of the business combination transaction involving Public Service Enterprise Group Incorporated and Exelon Corporation, including future financial and operating results, the combined company's plans, objectives, expectations and intentions and other statements that are not historical or current facts. Such statements are based upon the current beliefs and expectations of Public Service Enterprise Group Incorporated's and Exelon Corporation's management, are subject to significant risks and uncertainties and may differ materially from actual future experience involving any one or more of such matters. Actual results may differ from those set forth in the forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: the timing of the contemplated merger and the impact of any conditions imposed by regulators in connection with their approval thereof; the failure of Public Service Enterprise Group Incorporated and Exelon Corporation stockholders to make the requisite approvals for the transaction; the risk that the businesses will not be integrated successfully; failure to quickly realize cost-savings from the transaction as a result of technical, logistical, competitive and other factors; 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. While we believe that our forecasts and assumptions are reasonable, we caution that actual results may differ materially. We intend the forward-looking statements to speak only as of the time first made and we do not undertake to update or revise them as more information becomes available. Additional factors that could cause Public Service Enterprise Group Incorporated's and Exelon Corporation's results to differ materially from those described in the forward-looking statements can be found in the 2004 Annual Reports on Form 10-K, and Quarterly Reports on Form 10-Q for the quarterly period ended March 31, 2005, of Public Service Enterprise Group Incorporated and Exelon Corporation, as such reports may have been amended, each filed with the Securities and Exchange Commission and available at the Securities and Exchange Commission's website, http://www.sec.gov/. Additional Information This communication is not a solicitation of a proxy from any security holder of Public Service Enterprise Group Incorporated or Exelon Corporation. Exelon Corporation has filed with the Securities and Exchange Commission a registration statement (File No. 333-122704) that includes a preliminary joint proxy statement/prospectus. A definitive joint proxy statement/prospectus and other relevant documents are expected to be mailed by Public Service Enterprise Group Incorporated and Exelon Corporation to their respective security holders in connection with the proposed merger of Public Service Enterprise Group Incorporated and Exelon Corporation. WE URGE INVESTORS AND SECURITY HOLDERS TO READ THE DEFINITIVE JOINT PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED, EXELON CORPORATION AND THE PROPOSED MERGER. Investors and security holders will be able to obtain these materials (when they are available) and other documents filed with the Securities and Exchange Commission free of charge at the Securities and Exchange Commission's website, http://www.sec.gov/. In addition, a copy of the definitive joint proxy statement/prospectus (when it becomes available) may be obtained free of charge from Public Service Enterprise Group Incorporated, Investor Relations, 80 Park Plaza, P.O. Box 1171, Newark, New Jersey 07101-1171, or from Exelon Corporation, Investor Relations, 10 South Dearborn Street, P.O. Box 805398, Chicago, Illinois 60680-5398. Participants in Solicitation Public Service Enterprise Group Incorporated, Exelon Corporation, their respective directors and executive officers and other persons may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information regarding Public Service Enterprise Group Incorporated's and Exelon Corporation's directors and executive officers is available in preliminary joint proxy statement/prospectus contained in the above referenced registration statement. OTHER INFORMATION REGARDING THE PARTICIPANTS IN THE PROXY SOLICITATION AND A DESCRIPTION OF THEIR DIRECT AND INDIRECT INTERESTS, BY SECURITY HOLDINGS OR OTHERWISE, WILL BE CONTAINED IN THE DEFINITIVE JOINT PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT MATERIALS TO BE FILED WITH THE SECURITIES AND EXCHANGE COMMISSION WHEN THEY BECOME AVAILABLE. DATASOURCE: Public Service Enterprise Group Incorporated CONTACT: Skip Sindoni, PSEG, +1-856-339-1111 Web site: http://www.pseg.com/

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