Public Service Enterprise Group

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Public Service
Enterprise Group Inc.
Public
Traded as NYSE: PEG
S&P 500 Component
Dow Jones Utility Average component
Industry Utilities
Founded 1903
Headquarters Newark, New Jersey, U.S.
Key people
 Ralph Izzo (Pres., CEO)
Caroline Dorsa (EVP, CFO)
Revenue
  • Increase US$ 9.968 billion (2013) [1]
  • Decrease US$ 9.781 billion (2012) [1]
  • Increase US$ 2.299 billion (2013) [1]
  • Decrease US$ 2.278 billion (2012) [1]
  • Decrease US$ 1.243 billion (2013) [1]
  • Decrease US$ 1.275 billion (2012) [1]
Total assets
  • Increase US$ 32.522 billion (2013) [1]
  • US$ 31.725 billion (2012) [1]
Total equity
  • Increase US$ 11.609 billion (2013) [1]
  • Increase US$ 10.781 billion (2012) [1]
Number of employees
 10,352 (2009)[2]
Subsidiaries PSE&G, PSEG Power,
PSEG Energy Holdings
Website www.pseg.com

Public Service Enterprise Group (PSEG), founded as the Public Service Corporation of New Jersey and later renamed Public Service Electric and Gas Company (PSE&G), is a publicly traded diversified energy company headquartered in Newark, New Jersey. The company's largest subsidiary retains the old PSE&G name. New Jersey's oldest and largest investor owned utility, Public Service Electric and Gas Company is a regulated gas and electric utility company serving the state of New Jersey.[3]

History

Public Service Logo
Alternate logo using more common PSE&G name, displayed on some pages on the PSEG website as of 2012

The Public Service Corporation was formed in 1903 by amalgamating more than 400 gas, electric and transportation companies in New Jersey. It was renamed Public Service Electric and Gas Company in 1948. The transportation operations of PSE&G were purchased by New Jersey Transit in 1980, leaving PSE&G exclusively in the utility business. In 1985, Public Service Enterprise Group (PSEG) formed as a holding company, and in 1989 established Enterprise Diversified Holdings Inc. (now PSEG Energy Holdings), to begin consolidation of its unregulated businesses. In 2000, PSE&G split its unregulated national power generation assets to form PSEG Power, while PSE&G continued operating in New Jersey as a regulated gas and electric delivery company.[4]

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 from the New Jersey Board of Public Utilities.[5]

In 2009, PSEG began installing solar panels on 200,000 utility poles in its service area in a project costing $773 million, the largest such project in the world.[6][7] The Solar 4 All project increased the capacity for renewable energy in New Jersey and was completed in 2013.[8] In addition, PSEG is building four solar farms in Edison, Hamilton, Linden, and Trenton.[9]

Corporate structure

80 Park Plaza
PSE&G 2.JPG
General information
Type Office
Location Park Plaza
Newark, New Jersey
Completed 1980
Owner Public Service Enterprise Group
Height
Roof 110 m (360 ft)
Technical details
Floor count 26
References
[10][11][12]

Public Service Enterprise Group consists of four companies:

  • Public Service Electric and Gas (PSE&G)
    • PSEG Long Island, LLC
  • PSEG Power
    • PSEG Fossil
    • PSEG Nuclear
    • PSEG Energy Resources and Trade
  • PSEG Energy Holdings
    • PSEG Global
    • PSEG Solar Source, LLC
    • PSEG Resources
  • PSEG Services Corporation[13]

Operations

Kearny plant

PSE&G serves the population in an area consisting of a 2,600-square-mile (6,700 km2) diagonal corridor across the state from Bergen to Gloucester Counties.[14][15] PSE&G is the largest provider of gas and electric service, servicing 1.8 million gas customers and 2.2 million electric customers in more than 300 urban, suburban and rural communities, including New Jersey's six largest cities.

PSEG Nuclear operates three nuclear reactors at two facilities in Lower Alloways Creek Township. PSEG owns one reactor at Hope Creek Nuclear Generating Station and operates two reactors at Salem Nuclear Power Plant where PSEG Nuclear holds a 57 percent stake (in partnership with Exelon Corporation). Exelon also operates two reactors at Peach Bottom Nuclear Generating Station in a 50/50 joint venture with PSEG.[16]

PSEG Long Island provides electricity to 1.1 million customers in Nassau and Suffolk counties, and the Rockaway Peninsula of Queens, part of New York City.[17] This system operates under an agreement with the Long Island Power Authority, the state agency that owns the system, that went into effect January 1, 2014.[18] PSEG was selected to essentially privatize LIPA, taking over near complete control of the system including its brand name, whereas before this agreement only a number of functions were performed by the private sector and the system was operated under the LIPA name.

System information

PSEG's transmission line voltages are 500,000 volts, 345,000 volts, 230,000 volts and 138,000 volts with interconnections to utilities in Pennsylvania, Delaware, and New York. The company's subtransmission voltages are 69,000 volts and 26,000 volts. PSEG's distribution voltages are 13,000 volts and 4,160 volts.

Environmental record

In 2001, PSEG received The Walter B. Jones Memorial and NOAA Excellence Awards in Coastal and Ocean Resource Management[19] in the category of Excellence in Business Leadership for its Estuary Enhancement Program.[20]

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.[21] Major pollutants indicated by the study include manganese, chromium and nickel salts; sulfuric and hydrochloric acid.[22]

See also

References

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External links

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  18. ↑ LIPA Press Release. "LIPA Board Selects PSEG to Operate the Long Island Electric Grid". LIPA, December 15, 2011.
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  21. ↑ Lua error in package.lua at line 80: module 'strict' not found. Based on 2004 analysis of 2002 data.
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