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PUBLIC SERVICE ENTERPRISE GROUP REPORTS RESULTS

 NEWARK, N.J., Jan. 19 /PRNewswire/ -- Public Service Enterprise Group Incorporated (Enterprise) (NYSE: PEG) reported today that consolidated earnings for the year 1992 were $504.1 million, or $2.17 per share of common stock, based on 232.3 million average shares outstanding. Consolidated earnings for 1991 were $543.0 million, or $2.43 per share, based on 223.6 million average shares outstanding.
 Earnings for Public Service Electric and Gas Company (PSE&G), Enterprise's primary subsidiary, were $444.0 million for the year, or $1.91 per share, compared with 1991 earnings of $516.5 million, or $2.31 per share. Meanwhile, 1992 earnings for Enterprise Diversified Holdings Incorporated (EDHI), parent company of Enterprise's nonutility businesses, were $60.1 million, or 26 cents per share, compared with 1991 earnings of $26.5 million, or 12 cents per share.
 PSE&G's results reflected lower electric sales due to cooler-than- normal summer weather and the continued sluggish economy in New Jersey. The utility's results for the year also reflected the need for higher base rates. In December, 1992, the N.J. Board of Regulatory Commissioners (BRC) approved a base rate increase that will provide PSE&G with $295 million in additional annual revenues. The utility has filed its rate request with the BRC in November, 1991. The base rate increase is the first for PSE&G since early 1987.
 Electric sales at PSE&G declined 2.5 percent when compared with 1991. Residential, commercial and industrial sales were off 6.6 percent, 0.8 percent and 1.1 percent, respectively. The utility's gas sales for the year increased 21.0 percent, primarily as a result of the cooler weather and increased sales for electric cogeneration. Residential, commercial and industrial sales increased 10.9 percent, 5.1 percent and 85.2 percent, respectively. Gas transportation service increased 42.4 percent.
 The improvement in EDHI's results stems primarily from higher earnings at Energy Development Corporation (EDC), the oil and gas exploration and production company and Community Energy Alternatives (CEA), the cogeneration subsidiary.
 Enterprise's consolidated revenues for 1992 were $5.36 billion, compared with 1991 revenues of $5.09 billion.
 Results for the prior periods have been restated to reflect an accounting change at EDC.
 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
 Financial Data


(Preliminary -unaudited, thousands of dollars except earnings per share)
 Periods ended Dec. 31 Three Months
 1992 1991
 Revenues $1,401,798 $1,267,375
 Net income 92,299 88,614
 Earnings per average share
 of common stock $ 0.39 $0.39
 Average shares 234,441,705 225,948,931
 Periods ended Dec. 31 Year Ended
 1992 1991
 Revenues $5,356,781 $5,091,658
 Net income 504,117 543,035
 Earnings per average share
 of common stock $ 2.17 $ 2.43
 Average shares 232,306,492 223,565,239
 NOTE: Prior periods restated to reflect Energy Development Corporation's change in accounting.
 -0- 1/19/93
 /CONTACT: Neil Brown, corporate communications of Public Service Enterprise Group, 201-430-6017/
 (PEG)


CO: Public Service Enterprise Group Incorporated ST: New Jersey IN: UTI SU: ERN

AH-TM -- NY086 -- 6565 01/19/93 16:56 EST
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Publication:PR Newswire
Date:Jan 19, 1993
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