Public Service Enterprise Group (PSEG) on Friday reported that fourth-quarter earnings dropped to $309 million ($0.60/share) from $476 million ($0.94/share) for the same period in 2014, as the company dealt with unseasonably mild weather.

Operating earnings for the period — which exclude one-time costs — rose to $255 million ($0.50/share), from $247 million ($0.49/share) the previous year.

Earnings for all of 2015 were $1.7 billion ($3.30/share), up from $1.5 billion ($2.99/share) a year earlier.

Operating earnings for the year were $1.5 billion ($2.91/share), compared with $1.4 billion ($2.76/share) in 2014.

“Our results reflect the benefits of excellent performance and robust organic growth, which offset the impact of low energy prices on earnings,” CEO Ralph Izzo said on a call with analysts.

Izzo noted that in 2015, Public Service Electric & Gas invested about $2.7 billion in enhancing the system’s resiliency and its reliability. It placed into service key transmission upgrades, including the Susquehanna-Roseland line and the Mickleton-Gloucester-Camden line.

Meanwhile, PSEG Power plans to invest $2 billion over the next three to four years to add an estimated 1,800 MW of combined cycle, gas-fired turbine capacity, he said.

“And, after clearing the most recent capacity auction in New England, Power will construct a new 485-MW combined cycle unit at its existing Bridgeport Harbor station site, giving us an enviable and growing position in both energy and capacity markets in Southwestern Connecticut,” Izzo said.

— Suzanne Herel