PSEG Announces 2013 Results
Public Service Enterprise Group (PSEG) reported 2013 Net Income of $1,243 million or $2.45 per share as compared to Net Income of $1,275 million, or $2.51 per share for 2012. Operating Earnings for the year 2013 were $1,309 million or $2.58 per share compared to 2012 Operating Earnings of $1,236 million or $2.44 per share.
PSEG also reported Net Income for the fourth quarter of 2013 of $200 million, or $0.39 per share. This compares to fourth quarter 2012 Net Income of $224 million, or $0.44 per share. Operating Earnings for the fourth quarter of 2013 were $248 million, or $0.49 per share compared to fourth quarter 2012 Operating Earnings of $207 million, or $0.41 per share.
'PSEG delivered outstanding results in 2013' said Ralph Izzo, chairman, president and chief executive officer. 'An increased level of investment in our regulated company produced double-digit earnings growth at PSE&G. PSEG Power's earnings benefited, as expected, from the locational premium placed on the capacity price for its generating assets, PSEG Power also realized the benefits from higher wholesale prices on its open position and successful management of its gas supply arrangements. We executed well on our business plan in 2013, and a strong balance sheet continues to support our growth initiatives without the need to issue equity. Our approach to managing supply risk has been affirmed during the recent period of extreme weather and volatility in the power markets. We have successfully responded to record demand while our customers have benefited from our ability to pass along savings in gas costs. We look ahead to 2014 with optimism as demonstrated by the Board's recent decision to increase the common dividend by 2.8% to the indicative annual level of $1.48 per share.'
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Public Service Enterprise Group (PSEG)