Public Service Electric and Gas Company
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| Type | Public (NYSE: PEG) |
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| Founded | 1903 |
| Headquarters | Newark, New Jersey, U.S. |
| Key people | Ralph Izzo (Pres., CEO) Caroline Dorsa (EVP, CFO) R. Edwin Selover (EVP,GC) |
| Industry | Utilities |
| Revenue | $13.322 billion USD (2008), ▲ 3.6% from 2007[1] |
| Operating income | $2.613 billion USD (2008), ▼ 12% from 2007 |
| Net income | $1.188 billion USD (2008), ▼ 11% from 2007 |
| Total assets | $29.049 billion USD (2008), ▲ 2.3% from 2007 |
| Employees | 9,849 (2008)[2] |
| Subsidiaries | PSE&G, PSEG Power, PSEG Energy Holdings |
| Website | http://www.pseg.com |
The Public Service Electric and Gas Company (NYSE: PEG), commonly known as PSE&G, and originally known as the Public Service Corporation of New Jersey, is a regulated, publicly owned gas and electric utility company in the state of New Jersey, United States. It is New Jersey's oldest and largest publicly owned utility. The company's headquarters is in Newark, New Jersey.
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[edit] Facts
PSE&G currently serves nearly three quarters of New Jersey's population in a service area consisting of a 2,600- square-mile diagonal corridor across the state from Bergen to Gloucester Counties. PSE&G is the largest provider of gas and electric service, servicing 1.7 million gas customers and 2.1 million electric customers in more than 300 urban, suburban and rural communities, including New Jersey 's six largest cities.
The Public Service Corporation was formed in 1903 by amalgamating more than 400 gas, electric and transportation companies in New Jersey. It was re-named Public Service Electric and Gas Company in 1948. Today, it is called Public Service Enterprise Group Inc. (PSEG).
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. [1].
[edit] Environmental record
In 2001 PSEG received The Walter B. Jones Memorial and NOAA Excellence Awards in Coastal and Ocean Resource Management[3] in the category of Excellence in Business Leadership for its Estuary Enhancement Program.[4]
Researchers at the University of Massachusetts Amherst have identified PSEG as the 48th-largest corporate producer of air pollution in the United States, with roughly five million pounds of toxic chemicals released annually into the air.[5] Major pollutants indicated by the study include manganese, chromium and nickel compounds; sulfuric and hydrochloric acid.[6]
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