| Type | Public |
|---|---|
| Traded as | NYSE: PEG S&P 500 Component |
| Industry | Utilities |
| Founded | 1903 |
| Headquarters | Newark, New Jersey, U.S. |
| Key people | Ralph Izzo (Pres., CEO) Caroline Dorsa (EVP, CFO) R. Edwin Selover (EVP, GC) |
| Revenue | $12.406 billion USD (2009), 6.9% from 2008[1] |
| Operating income | $3.121 billion USD (2009), 19% from 2008 |
| Net income | $1.592 billion USD (2009), 34% from 2008 |
| Total assets | $28.730 billion USD (2009), 1.1% from 2008 |
| Employees | 10,352 (2009)[2] |
| Subsidiaries | PSE&G, PSEG Power, PSEG Energy Holdings |
| Website | http://www.pseg.com |
| 80 Park Plaza | |
|---|---|
| PSEG Headquarters-Raymond Blvd & Broad St-Newark.jpg | |
| General information | |
| Type | Office |
| Location | Park Place Newark, New Jersey |
| Completed | 1980 |
| Height | |
| Roof | 110 m (360 ft) |
| Technical details | |
| Floor count | 26 |
| Design and construction | |
| Owner | Public Service Enterprise Group |
| References | |
| [3][4][5] | |
Public Service Enterprise Group (NYSE: PEG), commonly known as PSEG, and originally known as the Public Service Corporation of New Jersey and then as the Public Service Electric and Gas Company, is a regulated, publicly owned gas and electric utility company in the state of New Jersey, United States. It is New Jersey's oldest and largest investor owned utility. The company's headquarters is in Newark.
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The Public Service Corporation was formed in 1903 by amalgamating more than 400 gas, electric and transportation companies in New Jersey. It was re-named Public Service Electric and Gas Company in 1948. The transportation operations of today's PSE&G were purchased by New Jersey in 1980, leaving PSE&G exclusively in the utility business. In 1985, The Board of Directors created the Public Service Enterprise Group (PSEG) as a holding company, and formed Enterprise Diversified Holdings Inc. (EDHI) in 1989 (now PSEG Energy Holdings), to begin consolidation of its unregulated businesses.
In June 2005, the acquisition of PSEG by Exelon, a Chicago and Philadelphia based utility conglomerate, was approved by the Federal Energy Regulatory Commission; however, the deal was never consummated and eventually dissolved after it became clear that it would not win state regulatory approval.[6]
In 2009, PSEG announced plans to install solar panels on 200,000 utility poles in its service area in a project costing $773 million, the largest such project in the world.[7][8] The Solar 4 All project intends to increase the capacity for renewable energy in New Jersey and is expected to be completed in 2013.[9] In addition, PSEG is building four solar farms in Edison, Hamilton, Linden, and Trenton.[10]
PSEG currently serves nearly three quarters of New Jersey's population in a service area consisting of a 2,600-square-mile (6,700 km2) diagonal corridor across the state from Bergen to Gloucester Counties. PSE&G is the largest provider of gas and electric service, servicing 1.7 million gas customers and 2.1 million electric customers in more than 300 urban, suburban and rural communities, including New Jersey 's six largest cities.
In 2001, PSEG received The Walter B. Jones Memorial and NOAA Excellence Awards in Coastal and Ocean Resource Management[11] in the category of Excellence in Business Leadership for its Estuary Enhancement Program.[12]
Researchers at the University of Massachusetts Amherst have identified PSEG as the 48th-largest corporate producer of air pollution in the United States, with roughly five million pounds of toxic chemicals released annually into the air.[13] Major pollutants indicated by the study include manganese, chromium and nickel compounds; sulfuric and hydrochloric acid.[14]
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