Public Service Enterprise Group (PEG) Friday reported a sharp fall in first quarter profit to $114 million or $0.22 per share from $471 million or $0.93 per share a year ago. On an adjusted basis, earnings were $466 million or $0.92 per share. The company noted that accelerated depreciation associated with the early retirement of the Hudson and Mercer coal-gas generating stations and a reserve for the impairment of leveraged leases had an impact on the results.
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