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PSEG held an earnings conference call to discuss its fourth quarter and full-year 2008 results. For the fourth quarter, PSEG reported operating earnings of $250 million compared to $272 million in the prior year quarter. For the full year, operating earnings were $1,487 million compared to $1,385 million in 2007. PSEG Power's operating earnings were relatively flat quarter-over-quarter, while PSE&G's operating earnings declined slightly due to higher energy costs and lower margins, offset partially by O&M savings. PSEG provided 2009 operating earnings guidance of $3.00-$3.25 per share.
