Public Service Enterprise Group

Public Service Enterprise Group Inc. (PSEG) stands as one of America's oldest and most significant energy infrastructure companies, with roots tracing back to 1903 when the Public Service Corporation was formed by amalgamating more than 400 gas, electric, and transportation companies across New Jersey. This consolidation created what would become the foundation of modern electric and gas service in the state. In 1928, the corporation merged its electric and gas utilities into a single entity, Public Service Electric and Gas Company (PSE&G), which became New Jersey's premier energy provider. After the parent Public Service Corporation was dissolved in 1948, PSE&G operated independently as one of the nation's largest combination utilities, serving the energy needs of New Jersey's growing population and industrial base.

PSEG as it exists today was created in 1985 as a holding company structure to oversee the operations of PSE&G and position the company for the evolving energy marketplace. This reorganization allowed the company to pursue both regulated and unregulated business opportunities while maintaining its core commitment to reliable energy delivery. A pivotal transformation occurred in 2000 when PSEG separated PSE&G's unregulated national power generation assets to form PSEG Power, creating a clear division between regulated transmission and distribution operations and competitive power generation. This structural change positioned PSEG to navigate the increasingly deregulated energy markets while maintaining focus on infrastructure investment and reliability. The company has paid dividends annually since 1907, demonstrating financial stability through over a century of economic cycles, world wars, and market transformations.

PSEG's largest subsidiary, Public Service Electric and Gas Company (PSE&G), serves as New Jersey's oldest and largest investor-owned utility, providing electricity to approximately 2.4 million customers and natural gas to 1.9 million customers across more than 300 urban, suburban, and rural communities in central and northern New Jersey. The company operates critical energy infrastructure including three nuclear power plants in South Jersey (Salem Units 1 and 2, and Hope Creek) that together comprise the third-largest nuclear generating facility in the United States, producing approximately 40% of New Jersey's electricity and 85% of the state's carbon-free power. PSEG's nuclear fleet, along with partial ownership in two Pennsylvania nuclear plants, positions the company as a major contributor to clean baseload electricity generation in the mid-Atlantic region.

In recent years, PSEG has undergone a strategic transformation focused on becoming a predominantly regulated infrastructure company committed to clean energy. In 2021, the company completed the sale of its 6,750-MW fossil fuel generating portfolio to ArcLight Energy Partners for $1.92 billion, a landmark transaction aligned with PSEG's goal of achieving net-zero carbon emissions by 2030. This bold move positioned PSEG as a leader in the utility sector's clean energy transition. The company has committed $22.5-26 billion in capital investments between 2025 and 2029, with approximately $4 billion allocated for 2025 alone, focused on infrastructure modernization, grid resilience, energy efficiency programs, and supporting growing electricity demand driven by electrification and data centers. In 2024, PSEG completed deployment of 2.2 million smart meters through its Advanced Metering Infrastructure (AMI) program, significantly enhancing grid efficiency and customer data management. The company's Powering Progress vision guides its strategy toward a future where people use less energy, delivered more reliably, safely, and cleanly than ever before, while maintaining its commitment to affordability and customer service excellence.