By Michael Dabaie
Public Service Enterprise Group Inc. reported higher earnings for the second quarter Friday.
The company reported second-quarter net income of $451 million, or 89 cents per share, up from $153 million, or 30 cents per share, in the second quarter of 2019.
Non-GAAP operating earnings for the second quarter were 79 cents per share, versus 58 cents a year earlier.
Operating revenue came to $2.05 billion, down from $2.32 billion in the year-ago period.
PSEG backed its 2020 non-GAAP operating earnings guidance of $3.30 to $3.50 per share.
The company also said it is exploring strategic alternatives for PSEG Power's non-nuclear generating fleet.
"PSEG will explore how a potential separation of the non-nuclear assets could reduce overall business risk and earnings volatility, improve our credit profile, and enhance an already compelling ESG position driven by pending clean energy investments, methane reduction, and zero carbon generation," said Chief Executive Ralph Izzo.
PSEG intends to retain ownership of PSEG Power's existing nuclear fleet.
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