PSEG Reports Fourth-Quarter 1999 Financial Results
Public Service Enterprise Group (PSEG, Newark, NJ) recently announced that consolidated operating earnings for the year 1999 were $723.0 million, or $3.29 per share of common stock compared to $644.0 million, or $2.79 per share, for the previous year.
PSEG also reported that consolidated earnings for the fourth quarter of 1999 were $134.0 million, or $0.61 per share of its common stock, compared to earnings for the fourth quarter of 1998 of $151.0 million, or $0.66 per share.
"PSEG performed remarkably well during a year of considerable uncertainty brought on by the restructuring of the electric utility industry in New Jersey," said E. James Ferland, chairman and CEO. "A combination of factors, such as higher electric and gas sales, improved nuclear performance by PSEG, and noteworthy improvements in two of our emerging growth businesses, PSEG Global and PSEG Resources, resulted in a 63-percent increase in earnings for PSEG Energy Holdings, contributed to our overall strong performance in 1999. These factors helped to offset many of the effects of restructuring, including a five percent across-the-board rate reduction for electric customers that was implemented last August 1."