Company type | Public |
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Industry | Utilities |
Founded | 1903 | (legacy), 1928 (PSE&G), 1985 (PSEG)
Headquarters | Newark, New Jersey, US |
Key people | Ralph LaRossa (President, CEO) Daniel Cregg (EVP, CFO) |
Revenue | |
Total assets | |
Total equity | |
Number of employees | 12,945 [2] (2017) |
Subsidiaries | PSE&G, PSEG Power, PSEG Long Island |
Website | pseg |
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.
PSE&G/PSEG origins date back to 1903 with the defunct Public Service Corporation.
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]
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]
80 Park Plaza | |
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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 | |
[18] [19] [20] |
Public Service Enterprise Group has three operating subsidiaries: [21]
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 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 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.
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]
The Potomac Electric Power Company (PEPCO) is an American utility company that supplies electric power to the city of Washington, D.C., and to surrounding communities in Maryland. It is owned by Exelon.
Consolidated Edison, Inc., commonly known as Con Edison or ConEd, is one of the largest investor-owned energy companies in the United States, with approximately $12 billion in annual revenues as of 2017, and over $62 billion in assets. The company provides a wide range of energy-related products and services to its customers through its subsidiaries:
Puget Sound Energy, Inc. (PSE) is an energy utility company based in the U.S. state of Washington that provides electrical power and natural gas to the Puget Sound region. The utility serves electricity to more than 1.2 million customers in Island, King, Kitsap, Kittitas, Pierce, Skagit, Thurston, and Whatcom counties, and provides natural gas to 877,000 customers in King, Kittitas, Lewis, Pierce, Snohomish and Thurston counties. The company's electric and natural gas service area spans 6,000 square miles (16,000 km2).
The Public Service Corporation (PSC) was an energy and transportation company in New Jersey. It was formed to shore up financing and development of New Jersey's streetcar and power companies at a time when they were growing but exhausting capital. It did this by leasing their operations or buying them outright, and using the size and integration of the systems to get favorable financing for improvements.
Xcel Energy Inc. is a U.S. regulated electric utility and natural gas delivery company based in Minneapolis, Minnesota, serving more than 3.7 million electric customers and 2.1 million natural gas customers across parts of eight states. It consists of four operating subsidiaries: Northern States Power-Minnesota, Northern States Power-Wisconsin, Public Service Company of Colorado, and Southwestern Public Service Co.
American Electric Power Company, Inc. (AEP), is an American domestic electric utility company in the United States. It is one of the largest electric utility companies in the country, with more than five million customers in 11 states.
The Peach Bottom Atomic Power Station is an American nuclear power plant that is located 50 miles (80 km) southeast of Harrisburg in Peach Bottom Township, York County, Pennsylvania. Situated close to the Susquehanna River, it is three miles north of the Maryland border.
Long Island Power Authority is a municipal subdivision of the State of New York that owns the electric transmission and electric distribution system serving all of Long Island and a portion of New York City known as the Rockaways. LIPA was originally created under the Long Island Power Act of 1985 to acquire the Long Island Lighting Company (LILCO)'s electric and natural gas infrastructure after the cancellation of the Shoreham Nuclear Power Plant. LIPA acquired LILCO's transmission system in May 1998, while the remainder of LILCO's natural gas-related infrastructure merged with Brooklyn Union Gas to form KeySpan Energy.
Exelon Corporation is a public utility headquartered in Chicago, and incorporated in Pennsylvania. Exelon is the largest electric parent company in the United States by revenue and is the largest regulated electric utility in the United States with approximately 10 million customers. The company is ranked 99th on the Fortune 500.
Constellation Energy Corporation is an American energy company headquartered in Baltimore, Maryland. The company provides electric power, natural gas, and energy management services. It has approximately two million customers across the continental United States.
Delmarva Power is an energy company that provides electricity and natural gas to customers on portions of the Delmarva Peninsula in the states of Delaware and Maryland. The company is a subsidiary of Exelon.
SCANA Corporation was an American regulated electric and natural gas public utility. The company was based in Cayce, South Carolina, a suburb of Columbia, South Carolina. Following the Nukegate scandal, the company's stock fell and the company was in disrepair. In January 2019, SCANA was acquired by Dominion Energy. The corporate name SCANA was not an acronym, but was taken from the letters in South Carolina.
Hudson Generating Station was a power plant operated by PSEG Fossil LLC, a subsidiary of Public Service Enterprise Group (PSEG). It was located in Jersey City in Hudson County, New Jersey, United States. The site was in operation from 1906 to 2017, but as of 2011 only one unit was in operation at the facility – Unit 2, which ran primarily on coal to generate electricity and was also capable of burning natural gas as a secondary fuel. Unit 2 was also equipped with several back-end technology emission controls. The generating station was closed permanently by PSEG Power on June 1, 2017. The 241-acre site was sold to Chicago-based Hilco Redevelopment Partners in January 2019, which plans to repurpose the site as a state-of-the-art industrial park serving growing warehouse-distribution business in region.
PECO, formerly the Philadelphia Electric Company, is an energy company founded in 1881 and incorporated in 1929. It became part of Exelon Corporation in 2000 when it merged with Commonwealth Edison's holding company Unicom Corp.
New Jersey has over 4,700 MW of installed solar power capacity as of January 2024, which provides more than 7% of the state's electricity consumption. The's state's growth of solar power is aided by a renewable portfolio standard that requires that 22.5% of New Jersey's electricity come from renewable resources by 2021 and 50% by 2030, by incentives provided for generation of solar power, and by one of the most favorable net metering standards in the country, allowing customers of any size array to use net metering, although generation may not exceed annual demand. As of 2018, New Jersey has the sixth-largest installed solar capacity of all U.S. states and the largest installed solar capacity of the Northeastern States.
Electricity in the Puget Sound region is a significant factor in people's lives, an enabler for the modern economy, and has a unique relationship with the region's environment.
The Bison Solar Plant, also known as the Rawhide Flats Solar Plant, is a 30 megawatt (MWAC) photovoltaic power station in Larimer County, Colorado located about 10 miles (16 km) north of the town of Wellington. The plant is notable for being one of the first in the U.S. built to a 1500 Volt system specification. The electricity is being sold to the Platte River Power Authority (PRPA) under a 25-year power purchase agreement.
Ralph Izzo is an American businessman and former nuclear physicist. He was the Chairman, President, and CEO of Public Service Enterprise Group, a Fortune 500 energy company headquartered in New Jersey. He is also the Chairman of the Nuclear Energy Institute, a nuclear industry trade association based in Washington, D.C.
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