Public Service Enterprise Group, the parent of utility PSE&G, announced Thursday that its net and operating earnings both rose in the third quarter of 2014.PSEG said in a news release its net income grew to $444 million, or 87 cents per share, from $390 million, or 77 cents per share, in the third quarter of 2013.
Operating earnings also rose, to $393 million, or 77 cents per share, from $385 million, or 76 cents per share.
“PSEG performed well in the third quarter despite the impact on demand for electricity due to less favorable weather conditions,” Ralph Izzo, chairman, CEO and president, said in a statement. “Our earnings continue to benefit from the expansion of our regulated utility capital programs as we execute on our business objectives to deliver safe, reliable energy to our customers and meet the needs of our shareholders even while we lowered customer gas rates another 9 percent on Oct. 1.”
The PSE&G unit reported operating earnings of $200 million, or 39 cents per share, compared with $168 million, or 33 cents per share, in last year’s third quarter.
The PSEG Power unit reported operating earnings of $171 million, or 34 cents per share, compared with $221 million, or 43 cents per share, for the year-ago quarter.
And PSEG’s Enterprise and other units reported operating earnings of $22 million, or 0.04 cents per share, compared with an operating loss of $4 million, or a loss of less than 0.01 cents per share, in the year-ago period.
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