By Suzanne Herel

Public Service Enterprise Group’s third-quarter operating earnings benefited from hot weather, increased investment in infrastructure and the continued low cost of natural gas, CEO Ralph Izzo said.

The Newark, N.J., company reported adjusted earnings of $403 million ($0.80/share) compared with $393 million ($0.77/share) last year.

Izzo noted that since the beginning of the year, the company’s five-year capital program has increased by 20% to $15.6 billion.

That boost in spending, he said, should drive “double digit” growth in the rate base through 2019. The company also is adding 1,300 MW of gas-fired combined-cycle capacity to PSEG Power’s generating fleet.

Public Service Electric and Gas reported operating earnings of $222 million ($0.44/share) for the third quarter compared with $200 million ($0.39) last year. The earnings were helped by warmer-than-normal weather, a slight increase in electric demand and revenue recovery on infrastructure-related investment programs. They also reflected an increase in pension expense.

After having retired about 1,800 MW in the second quarter of less efficient capacity that didn’t meet New Jersey’s environmental standards, PSEG Power reported operating earnings for the third quarter of $170 million ($0.33/share) compared with $171 million ($0.34/share) last year.