EXHIBIT 12.3

PSEG POWER LLCCOMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

|                                               |  |                           |      |                     |  |      |      |      |  |      |       |      |  |      |      |   |  |   |      |   |  |   |      |   |  |   |      |  
|---------------------------------------------- |  | ------------------------- | ---- | ------------------- |  | ---- | ---- | ---- |  | ---- | ----- | ---- |  | ---- | ---- | - |  | - | ---- | - |  | - | ---- | - |  | - | ---- | -
|                                               |  | For the Nine              |      |                     |  |      |      |      |  |      |       |      |  |      |      |   |  |   |      |   |  |  
|                                               |  | Months Ended              |      | For the Years Ended
|                                               |  | September 30,             |      | December 31,       
|                                               |  | 2007                      |      | 2006                |  | 2006 |      | 2005 |  | 2004 |       | 2003 |  | 2002
|                                               |  | (Millions, except ratios)
|Earnings as Defined in Regulation S-K (A):     |  |                           |      |                     |  |      |      |      |  |      |       |      |  |      |      |   |  |   |      |   |  |   |      |   |  |   |      |  
|                                              
|Pre-tax Income from Continuing Operations      |  | $                         | 744  |                     |  | $    | 413  |      |  | $    | 878   |      |  | $    | 752  |   |  | $ | 594  |   |  | $ | 815  |   |  | $ | 781  |  
|Fixed Charges                                  |  |                           | 143  |                     |  |      | 144  |      |  |      | 190   |      |  |      | 197  |   |  |   | 198  |   |  |   | 219  |   |  |   | 219  |  
|Capitalized Interest                           |  |                           | (15  | )                   |  |      | (30  | )    |  |      | (30   | )    |  |      | (89  | ) |  |   | (107 | ) |  |   | (106 | ) |  |   | (93  | )
|Preferred Stock Dividend Requirements          |  |                           |     |                     |  |      |     |      |  |      |      |      |  |      |     |   |  |   |     |   |  |   |     |   |  |   |     |  
|                                              
|Total Earnings                                 |  | $                         | 872  |                     |  | $    | 527  |      |  | $    | 1,038 |      |  | $    | 860  |   |  | $ | 685  |   |  | $ | 928  |   |  | $ | 907  |  
|                                              
|Fixed Charges as Defined in Regulation S-K (B) |  |                           |      |                     |  |      |      |      |  |      |       |      |  |      |      |   |  |   |      |   |  |   |      |   |  |   |      |  
|                                              
|Interest Expense                               |  | $                         | 142  |                     |  | $    | 143  |      |  | $    | 189   |      |  | $    | 195  |   |  | $ | 197  |   |  | $ | 217  |   |  | $ | 217  |  
|Preferred Securities Dividend Requirements of  |  |                           |      |                     |  |      |      |      |  |      |       |      |  |      |      |   |  |   |      |   |  |   |      |   |  |   |      |  
|Subsidiaries                                   |  |                           |     |                     |  |      |     |      |  |      |      |      |  |      |     |   |  |   |     |   |  |   |     |   |  |   |     |  
|                                              
|Interest Factor in Rentals                     |  |                           | 1    |                     |  |      | 1    |      |  |      | 1     |      |  |      | 2    |   |  |   | 1    |   |  |   | 2    |   |  |   | 2    |  
|                                              
|Total Fixed Charges                            |  | $                         | 143  |                     |  | $    | 144  |      |  | $    | 190   |      |  | $    | 197  |   |  | $ | 198  |   |  | $ | 219  |   |  | $ | 219  |  
|                                              
|                                              
|Ratio of Earnings to Fixed Charges             |  |                           | 6.10 |                     |  |      | 3.66 |      |  |      | 5.46  |      |  |      | 4.37 |   |  |   | 3.46 |   |  |   | 4.24 |   |  |   | 4.14 |  

|(A) | The term "earnings" shall be defined as pre-tax Income from Continuing Operations. Add to pre-tax income the amount of fixed charges adjusted to exclude the amount of any interest capitalized during the period.
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|(B) | Fixed Charges represent (a) interest, whether expensed
or capitalized, (b) amortization of debt discount, premium and expense andm (c)
an estimate of interest implicit in rentals.                               
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