PSEG

PSEG is a diversified energy company. Established in 1903, the company has long had a key role in fueling New Jersey's economy and supporting the state's quality of life. Public Service Electric and Gas (PSE&G) is New Jersey's largest provider of electric and gas service – serving 2.2 million electric customers and 1.8 million gas customers or nearly three out of every four people in the state. PSEG also owns and operates a diverse fleet of power plants with more than 13,000 megawatts of generating capacity located primarily in the Mid-Atlantic and Northeast regions and has solar energy facilities throughout the United States. 

Another member of the PSEG family of companies, PSEG Long Island, operates the electric transmission and distribution system of the Long Island Power Authority, with 1.1 million customers.PSEG has approximately 12,700 employees, who are carrying forward a proud tradition of dedicated service over more than 100 years.

1903: The company was founded in 1903 and is headquartered in Newark, NJ.

1904: Revenues in the first year of operation, were $8.4 million from street railways, $5.4 million from gas manufacturing and sale, and $3.5 million from electricity.

1907: In August, PSC was obliged to incorporate the Public Service Railway Company as a wholly-owned subsidiary to operate its traction lines.

1916: Public Service provided more than 451 million passenger trips on its trolleys alone.

1924: Public Service Electric and Gas Company (PSE&G) is formed.

1928: 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. The corporation merged its electric and gas utilities into a single company, PSE&G. Also, Public Service Coordinated Transport was formed as an umbrella for transit businesses.

1937: The company pioneered the development and use of gas-electric streetcars and buses, and began operating the world's first diesel-electric bus fleet. 

1939: Thomas McCarter the Corporation’s first president and held the position until this year.

1945: McCarter served as president for 36 years and as chairman of the board for an additional 6 years, until his retirement this year.

1948: The parent Public Service Corporation was dissolved and PSE&G became an independent company, with Public Service Coordinated Transport as a subsidiary.

1971: Public Service Coordinated Transport became Transport of New Jersey, largely an operator of buses owned by the state and leased to the company.

1972: PSE&G established a subsidiary Energy Development Corp. (EDC) to engage in gas exploration and development.

1974: The first plant, owned jointly with Philadelphia Electric Company, was put in service at Peach Bottom, Pennsylvania and begins operation.

1977: Another nuclear plant began operation at Salem, New Jersey, and a third went online at Hope Creek, New Jersey, both in the southern part of the state.

1978: PSE&G operated 13 generating plants with a capacity of 9 million kilowatts and achieved electric revenues of more than $1.5 billion.

1979: Legislation was passed to permit New Jersey to acquire and operate private bus lines, and PSE&G negotiated the sale of its transport subsidiary to the state.

1980: The Company’s involvement in transportation ended when PSE&G sold its transportation system to the State of New Jersey.

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.

1988: The firm was also criticized this year because of below average performance of its Salem and Hope Creek facilities.

1989: The company was required to pay customers a $32 million rebate as compensation for the Peach Bottom shutdown. Public Service Enterprise Group establishes Enterprise Diversified Holdings Inc. (now PSEG Energy Holdings) to begin the consolidation of unregulated businesses.

1990: The company's generating capability was 10.1 million kilowatts, and electric revenues were $3.3 billion.

1993: Ferland stated in a letter to PSEG shareholders, "We, like the telecommunications and airline industries before us, are quickly moving from a relatively safe, secure, and protected field of operations to one of full-bore competition with little time for adjustment in between."

1994: A PSEG subsidiary signs a joint venture contract to build, own, and operate a power plant in China.

1997: In response to increased competition, PSEG formed Energis Resources to market energy products and services to business customers.

1999: PSEG and California-based Sempra Energy announced plans to purchase 90 percent of Chilquinta Energia S.A., a Chilean-based energy firm.

2000: Public Service Enterprise Group split the 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.

2001: PSEG had successfully transformed itself from a traditional utility to a global energy firm.

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.

2013: PSEG was ranked 276 on the Fortune 500 list for 2013. The Solar 4 All project increased the capacity for renewable energy in New Jersey and was completed this year.

“Powering a future where people use less energy, and it's cleaner, safer and delivered more reliably than ever.”

“People providing Safe, reliable, Economic, & Greener Energy.”