Public Service Enterprise Group is an energy company headquartered in NJ with assets of $28.7 billion.
Its main subsidiaries include PSEG Power, Public Service Electric and Gas Company (PSE&G), PSEG Services Company and PSEG Energy Holdings.
PSE&G is a regulated utility delivering
gas and electric service safely and reliably to areas of New
Jersey in which about 70% of the population reside.
PSEG Power is a major unregulated independent power producer in the U.S. with three main subsidiaries: PSEG Fossil LLC, PSEG Nuclear LLC, and PSEG Energy Resources and Trade LLC.
PSEG Energy Holdings LLC
In 2011, revenues were $11.0 billion and net income was $1.50 billion. The company reported assets of $29 billion.
The utility suffered a devastating blow in October when Hurricane Sandy hit NJ and knocked out power to more than 60% of the state of New Jersey. It was the worst outage in company history impacting 1.7 million customers.
The Public Service Corporation was formed in 1903, by combining more than 400 gas, electric and transportation companies in New Jersey. Thomas McCarter was named the Corporation's first president and held the position until 1939.
During the 1920s, there was a national trend of consolidating and merging smaller utilities into large utility-holding companies. Public Service joined this trend, and by the 1930s had become part of a huge corporation which owned more than 100 utility subsidiaries throughout the Eastern, Central and Southern United States.
In 1934, Public Service engineers designed the first diesel-electric bus, and in 1937 went on to operate the first diesel-electric bus fleet (of 27 vehicles) in the world. The Company's involvement in transportation ended in 1980, when PSE&G sold its transportation system to the State of New Jersey.
In 1985, The Board of Directors created Public Service Enterprise Group (PSEG) as a holding company, and in 1989 formed Enterprise Diversified Holdings Inc. (EDHI), now PSEG Energy Holdings, to begin consolidation of its unregulated businesses. PSEG Energy Holding's main subsidiaries are PSEG Global and PSEG Resources. In 2000, PSE&G was split into PSE&G, a regulated gas and electric delivery company in New Jersey and PSEG Power, an unregulated US power generation company.
Champ Fitness Facility/ Wellquest Program
A CHAMP fitness facility is located in
the Newark office. The facility features:
Updated November 1, 2012