PUBLIC SERVICE ENTERPRISE GROUP INC

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.

Public Service Enterprise Group

The Public Service Enterprise Group (PSEG) was formed in 1985 to oversee the operations of Public Service Electric and Gas Company (PSE&G).

In 1989, the company created Enterprise Diversified Holdings Inc. (now PSEG Energy Holdings) to consolidate its unregulated businesses. In 2000, PSEG separated PSE&G’s unregulated national power generation assets into a new entity, PSEG Power. PSE&G continued to operate in New Jersey as a regulated utility company.

In 2005, the Federal Energy Regulatory Commission approved a proposed merger between PSEG and Exelon, a utility company based in Chicago and Philadelphia. However, the deal was not completed after it failed to gain approval from the New Jersey Board of Public Utilities.

In 2009, PSEG launched the Solar 4 All project, installing solar panels on 200,000 utility poles at a cost of $773 million. At the time, it was the largest project of its kind globally and was completed in 2013. The company also developed solar farms in Edison, Hamilton, Linden, and Trenton.

In August 2020, Hurricane Isaias left approximately 400,000 customers on Long Island and 490,000 customers in New Jersey without power. Some customers saw service restored within hours, while others waited several days. As of August 10, about 42,000 customers on Long Island and 20,000 in New Jersey remained without electricity. The storm response drew criticism from state and local officials. New York Governor Andrew Cuomo threatened to revoke operating licenses for PSEG and ConEdison, and other officials called for customer reimbursements.