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PUBLIC SERVICE ENTERPRISE GROUP REPORTS EARNINGS

 PUBLIC SERVICE ENTERPRISE GROUP REPORTS EARNINGS
 NEWARK, N.J., April 21 /PRNewswire/ -- Public Service Enterprise


Group Incorporated (Enterprise) reported today that consolidated earnings for the first three months of 1992 were $186.3 million, or 81 cents per share of common stock, based on 229.6 million average shares outstanding. Earnings for the corresponding period of 1991 were $162.3 million, or 74 cents per share, based on 218.8 million average shares outstanding.
 Consolidated earnings for the 12 months ended March 31, 1992, were 567.1 million, or $2.51 per share, based on 226.2 million average shares outstanding. In comparison, earnings for the 12 months ended March 31, 1991, were $421.6 million, or $1.97 per share, based on 213.9 million average shares outstanding.
 These results reflect:
 -- Net proceeds from the settlement of a lawsuit filed by Enterprise and Public Service Electric and Gas Company (PSE&G), its primary subsidiary, against Philadelphia Electric Company (PE) in connection with the March, 1987 shutdown of the Peach Bottom Atomic Power Station.
 -- Restated prior years' results of Energy Development Corporation, an oil and gas exploration and production subsidiary of Enterprise Diversified Holdings Incorporated (Holdings). Holdings is a subsidiary of Enterprise. The restatement is necessitated by an accounting change.
 With regard to the Peach Bottom settlement, PE will pay PSE&G a total of $93.9 million, approximately 75 percent of which has been allocated to Enterprise shareowners. After taxes, this amounted to approximately $47 million, or 20 cents per share, which was booked by Enterprise in March, 1992. The remainder of the settlement is expected to be allocated to PSE&G electric customers through the utility's Levelized Energy Adjustment Clause (LEAC) commencing Jan. 1, 1993. PSE&G owns 42.49 percent of the Peach Bottom station which is operated by PE.
 The EDC restatement results from its change to the "successful efforts" accounting method from the "full-cost" accounting method previously used and also reflects the impact of depressed natural gas prices on the value of EDC's assets. For the years 1987-1991, the cumulative impact if the restatement amounts to a reduction in retained earnings of $219 million and a reduction in book value of 97 cents per share of common stock. The successful efforts accounting method requires that costs attributable to unsuccessful exploration and development projects be expensed and charged against income in the period incurred. It is a more conservation accounting method and more appropriate to current conditions in the oil and gas markets.
 Restated Enterprise Earnings Per Share (EPS) for the years 1987-1991 are as follows:
 1987 1988 1989 1990 1991
 EPS as reported $2.55 $2.57 $2.62 $2.56 $2.43
 Restated EPS 2.36 2.47 2.53 1.90 2.43
 Enterprise's consolidated revenues for the first three months of 1992 were $1.51 billion, compared with revenues of $1.42 billion for the first three months of 1991. Revenues for the 12 months ended March 31, 1992, were $5.19 billion, compared with revenues of $4.89 billion for the 12 months ended March 31, 1991.
 PSE&G electric and gas sales both increased in the first quarter of 1992 when compared to the first quarter of 1991.
 Electric sales posted a slight increase of 0.3 percent. Residential sales increased 3.6 percent while commercial and industrial sales decreased 0.2 percent and 2.1 percent, respectively.
 Gas sales increased a total of 12.5 percent, primarily because of cooler weather than during the first three months of 1991. Residential and commercial sales increased 7.4 percent and 6.9 percent, respectively. Cogeneration sales were primarily responsible for a 57.9 percent increase in industrial sales. Gas transportation service more than doubled.
 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
 Financial Data
 Three months ended March 31 1992 1991
 Revenues $1,514,083 $1,416,883
 Net income 186,333 162,251
 Earnings per share of common stock $0.81 $0.74
 Average shares 229,566,795 218,789,478
 12 months ended March 31 1992 1991
 Revenues $5,188,858 $4,890,854
 Net income 567,117 421,559
 Earnings per share of common stock $2.51 $1.97
 Average shares 226,231,796 213,877,366
 Prior periods restated to reflect Energy Development Corporation's change in accounting.
 -0- 4/21/92
 /CONTACT: Neil Brown of Public Service Enterprise Group, 201-430-6017/
 (PEG) CO: Public Service Enterprise Group; Public Service Electric and Gas
 Co. ST: Pennsylvania, New Jersey IN: UTI SU: ERN


AH-SM -- NY072 -- 0711 04/21/92 13:26 EDT
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Date:Apr 21, 1992
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