Public Service Electric and Gas
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| Public | |
| Traded as | : PEG DJUA Component S&P 500 Component |
| Industry | Utilities |
| Founded | 1903 |
| Headquarters | Newark, New Jersey, U.S. |
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Key people
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Ralph Izzo (Pres., CEO) Caroline Dorsa (EVP, CFO) |
| Revenue |
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| Total assets |
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| Total equity |
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Number of employees
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13,025 (2016) |
| Subsidiaries | PSE&G, PSEG Power, PSEG Energy Holdings |
| Website | www |
US$ 9.968 billion (2013) 
US$ 9.781 billion (2012) | 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 | |
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.
The Public Service Corporation was formed in 1903 by combining 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.
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.
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. The Solar 4 All project increased the capacity for renewable energy in New Jersey and was completed in 2013. In addition, PSEG is building four solar farms in Edison, Hamilton, Linden, and Trenton.
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