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PSEG quarterly profit climbs

The sweltering summer and higher rates helped boost third-quarter earnings 17 percent for Public Service Enterprise Group, the owner of New Jersey's largest utility.

The sweltering summer and higher rates helped boost third-quarter earnings 17 percent for Public Service Enterprise Group, the owner of New Jersey's largest utility.

The Newark, N.J., company on Wednesday reported net income and income from continuing operations of $567 million, or $1.12 per share, compared with $488 million, or 96 cents per share, for the third quarter of 2009.

Its utility, Public Service Electric & Gas Co., reported operating earnings of $155 million (30 cents per share), up 78 percent from the third quarter of 2009.

PSE&G's results were driven by higher rates, abnormally warm weather, and a reduction in operating expenses, the company said.

Despite the jump in earnings, the company said, underlying economic trends appeared flat.

"Economic data related to employment and housing in PSE&G's service territory show signs of stability," the company said in a news release, "but don't yet indicate a return to growth in the economy."