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PSEG Q3 net income decreases

Posted on: Thu, 29 Oct 2009 10:50:00 EDT

Symbols: PEG

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Oct 29, 2009 (Datamonitor via COMTEX) --
PEG | Quote | Chart | News | PowerRating -- Public Service Enterprise Group has reported a net income of $488 million, or $0.96 per share, for the third quarter of 2009, compared to $656 million, or $1.29 per share, for the same period of 2008.

The company has reported operating revenues of $3.04 billion for the third quarter of 2009, compared to $3.72 billion for the same quarter of 2008.

Public Service Enterprise Group (PSEG) reported a net income of $1.24 billion, or $2.45 per diluted share, for the first nine months of 2009, compared to $954 million, or $1.88 per diluted share, for the corresponding period of 2008. Year-to-date operating revenues were $9.52 billion, compared to $10.06 billion for the first nine months of 2008.

Ralph Izzo, chairman, president and CEO of PSEG, said: "We faced challenging market conditions in the third quarter. Cooler than normal weather and continued weak economic conditions combined to reduce demand and lower pricing.

"We were able to offset most of the decline in demand through our hedging strategy resulting in recontracting at higher prices, our asset mix, our employees' focus on cost reduction and sales in our lease portfolio, which were undertaken at favorable terms to reduce our tax risk."

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