Public Service Enterprise Group

Public Service Enterprise Group (PSEG) helps to make New Jersey and New York better places to live and work by providing safe, reliable, economic and greener energy that powers the lives of millions every day. We are New Jersey’s largest provider of electric and gas service, serving 1.8 million gas customers and 3.3 million electric customers in New Jersey and New York. We also own and operate 19 power plants in the Northeast and Mid-Atlantic regions and 36 solar energy facilities in New Jersey and eight other states. Headquartered in Newark, N.J., PSEG is a Fortune 500 Company traded on the New York Stock Exchange under the symbol PEG.

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 approximately 12,000 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 13,000 employees, who are carrying forward a proud tradition of dedicated service over more than 100 years.

Company History

The Public Service Corporation was formed in 1903, by amalgamating 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.

Internally, Public Service consolidated its gas and electric interests into Public Service Electric and Gas, and its transportation interests into Public Service Coordinated Transport (later Transport of New Jersey). Concerns about the concentration of economic power resulted in federal and state actions requiring the breakup of utilities. In 1943, Public Service once again became a stand-alone company, and was renamed Public Service Electric and Gas Company (PSE&G) in 1948.

Transportation was a major component of Public Service's early offerings, and at its inception, included ferry and trolley services, as well as elevators for transporting horse carts up the Palisades. In 1916, Public Service provided more than 451 million passenger trips on its trolleys alone. In 1928, Public Service Railway Company and Public Service Transportation Company merged to form Public Service Coordinated Transport, which dominated trolley, and, later, bus travel in New Jersey.

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. In connection with the restructuring of the industry in New Jersey, in 2000, the generation assets of PSE&G were transferred to PSEG Power, an electric generation and wholesale energy trading company.

Today, PSEG is a publicly traded diversified energy company (NYSE: PEG), with 2015 annual revenues of $10.4 billion. PSEG was ranked 272 on the Fortune 500 list for 2016.

In 2015, PSE&G was recognized as the most reliable utility in the Mid-Atlantic regionfor the 14th year in a row by PA Consulting, a national industry benchmarking group.  The company also received the Outstanding Outage Response Time award for restoring customers 30 percent faster than any other large investor owned utility.  In addition, PSE&G received the Outstanding Customer Engagement award for its proactive approach to communications – using Twitter, Facebook, LinkedIn, customer emails, website and Energize! blog, among other channels -- to keep customers, regulators, government officials and the media informed during both blue-sky days and major events. 

PSEG was named to the Dow Jones Sustainability North America Index for the eighth consecutive year in 2015.  The Dow Jones Sustainability Indices (DJSI) recognize companies that are best in class among their peers in meeting certain economic, environmental and social criteria.  PSEG’s 2015 Sustainability Report highlights its accomplishments, and outlines the challenges the company faces in its quest to be a leader in providing safe, reliable, economic and greener energy.

PSE&G was named 2015 Utility of the Year by Electric Light & Power magazine. The magazine selected PSE&G for its infrastructure investments, reliability and customer satisfaction rankings, sustainability initiatives and financial strength, among other factors.