EXHIBIT 12.4

PSEG ENERGY HOLDINGS LLC
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

|                                                            |  | For the Nine MonthsEnded September 30, |      | For the Years EndedDecember 31, |  
|----------------------------------------------------------- |  | -------------------------------------- | ---- | ------------------------------- | -
|                                                            |  |                                        |      |                                 |  
|                                                            |  | 2003                                   |      | 2002                            |  
|                                                            |  |                                        |      |                                 |  
|                                                            |  | (Millions, except ratios)              |     
|Earnings as Defined in Regulation S-K (A):                  |  |                                        |      |                                 |  
|                                                            |  |                                        |      |                                 |  
|Pre-tax Income (Loss) from Continuing
  Operations          |  | $                                      | 200  |                                 | $
|Loss/(Income) from Equity Investees, Net of
  Distributions |  |                                        | (5   | )                               |  
|Fixed Charges                                               |  |                                        | 175  |                                 |  
|Capitalized Interest                                        |  |                                        | (10  | )                               |  
|                                                            |  |                                        |      |                                 |  
|Earnings                                                    |  | $                                      | 360  |                                 | $
|                                                            |  |                                        |      |                                 |  
|                                                            |  |                                        |      |                                 |  
|Fixed Charges as Defined in Regulation S-K
  (B)            |  |                                        |      |                                 |  
|                                                            |  |                                        |      |                                 |  
|Interest Expense                                            |  | $                                      | 174  |                                 | $
|Interest Factor in Rentals                                  |  |                                        | 1    |                                 |  
|                                                            |  |                                        |      |                                 |  
|Total Fixed Charges                                         |  | $                                      | 175  |                                 | $
|                                                            |  |                                        |      |                                 |  
|                                                            |  |                                        |      |                                 |  
|Ratio of Earnings to Fixed Charges (C)                      |  |                                        | 2.06 |                                 |  
|                                                            |  |                                        |      |                                 |  

(A)

The term earnings shall be defined as
pretax income from continuing operations before income or loss from equity
investees plus distributed income from equity investees. Add to pretax income
the amount of fixed charges adjusted to exclude the amount of any interest
capitalized during the period.

(B)

Fixed Charges represent (a) interest, whether
expensed or capitalized, (b) amortization of debt discount, premium and expense
(c) an estimate of interest implicit in rentals.

(C)

The
  ratio of earnings to fixed charges for the year ended December 31, 2002 and
  the nine months ended September 30, 2002, were (0.54) and (1.41), respectively,
  as noted above, which represents a deficiency of $358 million and $432 million,
  respectively.