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Public Service Enterprise Group

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Public Service Enterprise Group, Incorporated
Company typePublic
IndustryUtilities
Founded1903; 121 years ago (1903) (legacy), 1928; 96 years ago (1928) (PSE&G), 1985; 39 years ago (1985) (PSEG)
HeadquartersNewark, New Jersey, US
Key people
Ralph LaRossa (President, CEO)
Daniel Cregg (EVP, CFO)
Revenue
  • Increase US$ 10.076 billion (2019) [1]
  • Increase US$ 9.696 billion (2018) [1]
  • Decrease US$ 1.943 billion (2019) [1]
  • Increase US$ 2.298 billion (2018) [1]
  • Increase US$ 1.693 billion (2019) [1]
  • Decrease US$ 1.438 billion (2018) [1]
Total assets
  • Increase US$ 47.730 billion (2019) [1]
  • US$ 45.326 billion (2018) [1]
Total equity
  • Increase US$ 15.089 billion (2019) [1]
  • Increase US$ 14.377 billion (2018) [1]
Number of employees
12,945[2] (2017)
SubsidiariesPSE&G, PSEG Power,
PSEG Long Island
Websitepseg.com

The Public Service Enterprise Group, Inc. (PSEG) is a publicly traded diversified energy company headquartered in Newark, New Jersey, US, established in 1985 with a legacy dating back to 1903.

The company's largest subsidiary is Public Service Electric and Gas Company (PSE&G). The Public Service Electric and Gas Company is a regulated gas and electric utility company established in 1928 serving the state of New Jersey[3] and it is New Jersey's oldest and largest investor owned utility company; it was originally a subsidiary of the New Jersey–based Public Service Corporation.

History

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PSE&G/PSEG origins date back to 1903 with the defunct Public Service Corporation.

Public Service Electric and Gas Company

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Public Service Logo
Logo for Public Service Electric and Gas Company (PSE&G) subsidiary, displayed on some pages on the PSEG website as of 2012

The Public Service Electric and Gas Company, commonly referred to as PSE&G, is the primary subsidiary of the Public Service Enterprise Group (PSEG) and was established in 1928.

The Public Service Corporation was formed in 1903 by combining more than 400 gas, electric and transportation companies in New Jersey. In 1928, the corporation merged its electric and gas utilities into a single company, PSE&G. Also in 1928, Public Service Coordinated Transport was formed as an umbrella for the transit businesses. The parent Public Service Corporation was dissolved in 1948 and PSE&G became an independent company, with Public Service Coordinated Transport as a subsidiary.

PSCT was renamed Transport of New Jersey in 1971, and sold to New Jersey Transit in 1980, leaving PSE&G exclusively in the utility business.[4]

Public Service Enterprise Group

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The Public Service Enterprise Group (PSEG) was established in 1985[5] to take control of the Public Service Electric and Gas Company (PSE&G).

In 1989, Public Service Enterprise Group established the Enterprise Diversified Holdings Inc. (now PSEG Energy Holdings) to begin consolidation of unregulated businesses. In 2000, Public Service Enterprise Group split off the PSE&G subsidiary's unregulated national power generation assets to form PSEG Power, while the PSE&G subsidiary continued operating in New Jersey as a regulated gas and electric delivery company.[6]

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.[7]

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.[8][9] The Solar 4 All project increased the capacity for renewable energy in New Jersey and was completed in 2013.[10] In addition, PSEG is building four solar farms in Edison, Hamilton, Linden, and Trenton.[11]

In August 2020, about 400,000[12] customers on Long Island and 490,000 customers in New Jersey[13] under the jurisdiction of PSEG were left without power as a result of Hurricane Isaias. Although some got power back within hours of Isaias, some had to wait days for power to be restored. As of August 10, 2020, around 42,000 Long Island customers were still without power,[14] while around 20,000 New Jersey customers were without power.[15] State and local officials have called for more accountability from PSEG after the storm passed. Governor Andrew Cuomo[16] threatened to take away operating licenses from PSEG and ConEdison, while Nassau County Executive Laura Curran along with several state senators called for reimbursement to customers for their failure to respond quickly.[17]

Operations

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80 Park Plaza
General information
TypeOffice
LocationPark Plaza
Newark, New Jersey
Completed1980
OwnerPublic Service Enterprise Group
Height
Roof110 m (360 ft)
Technical details
Floor count26
References
[18][19][20]

Public Service Enterprise Group has three operating subsidiaries:[21]

  • Public Service Electric and Gas (PSE&G)
  • PSEG Long Island
  • PSEG Power

Public Service Electric and Gas

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Kearny Generating Station in Kearny, New Jersey

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.[22][23] 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's transmission line voltages are 500 kilovolts (kV), 345 kV, 230 kV and 138 kV with interconnections to utilities in Pennsylvania, Delaware, and New York. The company's subtransmission voltages are 69 kV and 26 kV. PSEG's distribution voltages are 13.2 kV and 4.16 kV.

PSEG Power

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PSEG Power has four main subsidiaries: PSEG Nuclear, PSEG Fossil, PSEG Energy Resources & Trade, and PSEG Power Ventures.[24]

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). The three plants receive $300 million per year in subsidies.[25] Exelon also operates two reactors at Peach Bottom Nuclear Generating Station in a 50/50 joint venture with PSEG.[26]

PSEG Long Island

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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.[27] 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.[28] PSEG was selected to essentially privatize LIPA after the controversies surrounding Hurricane Sandy, 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.

Environmental record

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In 2001, NOAA presented PSEG with The Walter B. Jones Memorial and NOAA Excellence Awards in Coastal and Ocean Resource Management[29] in the category of Excellence in Business Leadership for its Estuary Enhancement Program.[30]

See also

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References

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  1. ^ a b c d e f g h i j "PUBLIC SERVICE ENTERPRISE GROUP INC 2013 Annual Report Form (10-K)" (XBRL). United States Securities and Exchange Commission. February 26, 2014.
  2. ^ "PEG: Profile for Public Service Enterprise Group – Yahoo! Finance". Finance.yahoo.com. 2009-12-31. Retrieved 2010-04-26.
  3. ^ "PSE&G". Public Service Enterprise Group Incorporated. Retrieved 28 July 2013.
  4. ^ Martin Waldron (1980-09-18). "Jersey Acquires 2 Key Bus Lines For $32 Million; Byrne Describes Takeover as 'Truly Public Transit' Possible Rail Takeover 'Getting Rid of a Headache' Jersey Acquires Two Key Bus Lines". The New York Times. ISSN 0362-4331. Retrieved 2017-02-13.
  5. ^ "Public Service Enterprise Group Company Profile". Reuters.
  6. ^ "Company History". Public Service Enterprise Group Incorporated. Retrieved 28 July 2013.
  7. ^ "Press Releases". Pseg.com. Archived from the original on December 24, 2007. Retrieved 2010-03-12.
  8. ^ "PSE&G plans $773M for solar panels on 200K utility poles". The Star-Ledger. February 10, 2009. Retrieved January 19, 2011.
  9. ^ "PSE&G To Install 105 Pole Mounted Solar Panels in the Borough of Magnolia". Borough of Magnolia. March 6, 2010. Retrieved January 19, 2011.
  10. ^ Sroka-Holzmann, Pamela (July 27, 2010). "PSE&G installing solar panels in Hillsborough". Courier News. Archived from the original on December 3, 2010. Retrieved January 19, 2011.
  11. ^ "PSE&G Selects Sites and Developers for 4 NJ Solar Projects Totaling 12 MW" (PDF). PSEG. January 6, 2010. Retrieved January 19, 2011.
  12. ^ "Thousands remain without power as tropical storm cleanup begins on North Fork". The Suffolk Times. 2020-08-05. Retrieved 2020-08-11.
  13. ^ PSE&G [@PSEGdelivers] (4 August 2020). "UPDATE: Heavy rain, wind+hazardous gusts continue causing downed trees+wires" (Tweet) – via Twitter.
  14. ^ "PSEG Long Island Storm Update – Aug. 10, 2020 5:15 p.m." PSEG Long Island. 2020-08-10. Retrieved 2020-08-11.
  15. ^ Zurita, Anthony. "Thousands of North Jersey residents still without power as heat advisory issued for region". North Jersey Media Group. Retrieved 2020-08-11.
  16. ^ Fedschun, Travis (2020-08-11). "Cuomo threatens to revoke PSEG, Con Edison operating license over 'lousy' response to Isaias". FOXBusiness. Retrieved 2020-08-11.
  17. ^ "Curran, lawmakers call on PSEG to reimburse for food". Newsday. Retrieved 2020-08-11.
  18. ^ "80 Park Plaza". Emporis.com. Archived from the original on July 30, 2012. Retrieved 2010-07-30.
  19. ^ "80 Park Plaza". SkyscraperPage.com. Retrieved 2009-07-30.
  20. ^ "Newark Community Economic Development Corporation -". bcdcnewark.org.
  21. ^ "Our Company Overview/ Our Companies". Public Service Enterprise Group Incorporated. Retrieved 25 July 2017.
  22. ^ "Electric Utilities Territory Map". New Jersey Board of Public Utilities. Retrieved 28 July 2013.
  23. ^ "Gas Utilities Territory Map". New Jersey Board of Public Utilities. Retrieved 28 July 2013.
  24. ^ "PSEG Power". corporate.pseg.com. Retrieved 2021-05-21.
  25. ^ Voorhis, Scott (14 May 2021). "With solar sale, PSEG doubles down on offshore wind and nuclear". Utility Dive. Archived from the original on 14 May 2021.
  26. ^ "About Our Plants". Public Service Enterprise Group Incorporated. Retrieved 28 July 2013.
  27. ^ Friedman, Alexi (2 January 2014). "PSE&G says new subsidiary on Long Island won't divert resources from N.J." Star-Ledger.
  28. ^ LIPA Press Release. "LIPA Board Selects PSEG to Operate the Long Island Electric Grid" Archived 2012-07-09 at archive.today. LIPA, December 15, 2011.
  29. ^ "NOAA Awards details page". Oceanservice.noaa.gov. 2009-01-09. Retrieved 2010-03-24.
  30. ^ "Overview of the PSEG EPP program". Pseg.com. Archived from the original on June 19, 2008. Retrieved 2010-03-24.
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