Description
The Public Service Enterprise Group (PSEG) is a publicly traded diversified energy company headquartered in Newark, New Jersey and was 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 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.
History
PSE&G/PSEG origins date back to 1903 with the defunct Public Service Corporation.
Public Service Electric and Gas Company
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.
In 1985, PSE&G reorganized its corporate structure by creating a new company called the Public Service Enterprise Group to serve as the holding company for PSE&G, the Public Service Enterprise Group became the owner of PSE&G.
Public Service Enterprise Group
The Public Service Enterprise Group (PSEG) was established in 1985 to take control of the Public Service Electric and Gas Company (PSE&G) which was established in 1928.
In 1989, Public Service Enterprise Group establishes the Enterprise Diversified Holdings Inc. (now PSEG Energy Holdings) to begin consolidation of unregulated businesses. In 2000, Public Service Enterprise Group split 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.
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.
In August 2020, about 400,000 customers on Long Island and 490,000 customers in New Jersey 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, while around 20,000 New Jersey customers were without power. State and local officials have called for more accountability from PSEG after the storm passed. Governor Andrew Cuomo 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.
