PSEG sets up weather desk

A PSEG spokeswoman said the company had decided to establish the desk as part of its plan to have a complete trading operation to hedge its own risks and offer products to its customers. It is too early to tell if the company will hire more traders for the desk, the spokeswoman added.

Last week, PSEG announced that earnings from continuing operations for the second quarter of 2004 were $119 million or 50 cents per share of common stock, based on 238 million average shares outstanding. Comparatively, PSEG’s earnings from continuing operations for the second quarter of 2003 were $156 million or 69 cents per share of common stock, based on 227 million average shares outstanding.