Public Service Enterprise Group

Electricity company serving New Jersey.

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Headquarters:
80 Park Plaza
Newark NJ, 07102
Employees: 10,000
CEO: Ralph Izzo
Stock Symbol: PEG

Website: http://www.pseg.com

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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.
- Electric customers: 2.2 million
- Gas customers: 1.7 million
- Service Territory: 2,600 square miles
- Reliability: For the second year in a row, PSE&G was named the most reliable electric utility in the nation, winning the prestigious ReliabilityOne National Achievement Award from PA Consulting, a national industry benchmarking group. 
- Other products and services: appliance repair business, business relocation assistance programs, and energy conservation programs

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.
- Capacity: approximately 14,639 MW
- Energy Trading: An integrated regional electric trading floor

PSEG Energy Holdings LLC
PSEG Energy Holdings has two main unregulated energy-related businesses: PSEG Global and PSEG Resources.

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.

History

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.

Benefits

Health Care
PSEG has contracted with several companies to provide a variety of medical coverage options for employees. The Company provides generous subsidies on the monthly premiums.
Pension
PSEG has continued its pension policy, which consists of a liberal non-contributory plan.
401(k)
An excellent benefit of employment with PSEG is our extremely competitive 401(k) plan. PSEG offers a variety of investment portfolios to suit individual financial goals.
Educational Opportunities
PSEG offers a generous tuition reimbursement program for its employees. Management Associates are strongly encouraged to pursue an MBA on a part time basis. For interested employees, a Master of Science Degree in Information Systems Management is available on site through Stevens Institute of Technology.
Holidays
There are eight fixed holidays and four floating holidays each year.

Champ Fitness Facility/ Wellquest Program

A CHAMP fitness facility is located in the Newark office. The facility features:
- State-of-the-art exercise equipment
- Exercise classes such as Step, Spinning, and Kickboxing
- Hours that accommodates most employees' schedule

Updated November 1, 2012