PSEG

PSEG, formally Public Service Enterprise Group Incorporated, is an American energy holding company headquartered in Newark, New Jersey. Its principal operating utility is Public Service Electric and Gas Company, commonly known as PSE&G, the regulated electric and natural-gas utility serving much of New Jersey. The group also operates PSEG Power, a generation business whose portfolio includes the Salem and Hope Creek nuclear generating stations in New Jersey, as well as other generation and energy-market activities. The company is rooted in the history of Public Service Corporation of New Jersey, which was incorporated in the early twentieth century to develop electric, gas, and transit infrastructure. The modern holding-company structure was created in 1985, when Public Service Enterprise Group became the parent organization for the utility and related businesses. PSE&G remains a regulated utility, while PSEG's generation activities operate in competitive power markets. This separation gives the group exposure to both regulated infrastructure returns and wholesale electricity-market conditions. PSEG's nuclear operations are strategically important to its identity and to New Jersey's electricity system. The Salem and Hope Creek stations provide large-scale, around-the-clock generation and are part of the state's zero-carbon electricity supply. PSEG has supported continued operation of these plants through license extensions, capital investment, and participation in state and federal policy programs intended to recognize the reliability and emissions benefits of existing nuclear generation. The company has also framed nuclear energy as a complement to renewable-energy deployment and grid decarbonization. PSE&G's business covers electric distribution, gas distribution, transmission-related infrastructure, customer service, and energy-efficiency programs. Its New Jersey service territory includes residential, commercial, and industrial customers, although the utility does not serve every customer in the state. PSE&G has invested in storm hardening, grid modernization, gas-system replacement, electric-vehicle infrastructure, energy efficiency, and programs intended to reduce emissions from buildings and transportation. These programs have often been undertaken through filings and approvals before the New Jersey Board of Public Utilities. PSEG is a publicly traded company on the New York Stock Exchange under the ticker PEG. It is not the same entity as PSE&G: PSEG is the corporate parent, while PSE&G is its regulated utility subsidiary. The group has generally been positioned as a regional utility and power company rather than a consumer-facing international brand. Its current strategic themes include reliability, system resilience, electrification, nuclear preservation, renewable integration, and long-term decarbonization. The company continues to be primarily associated with New Jersey's energy infrastructure and with the operation of the Salem and Hope Creek nuclear plants.

PSEG's history is derived from the development of Public Service Corporation of New Jersey and the state's electric and gas infrastructure. Public Service Corporation was incorporated in 1903 and expanded through the construction and acquisition of utility systems, becoming a major provider of electricity, gas, and related services in New Jersey. Over time, its utility operations were consolidated under Public Service Electric and Gas Company, or PSE&G. In 1985, Public Service Enterprise Group was established as a holding company. The restructuring separated the corporate parent from its principal operating businesses and created the framework under which PSE&G and generation-related activities could be managed within a broader energy group. PSEG subsequently developed or acquired power-generation assets and became involved in wholesale electricity markets in addition to its regulated utility base. Nuclear power became a defining part of the group's generation portfolio. PSEG Power operates the Salem and Hope Creek nuclear facilities in Lower Alloways Creek Township, New Jersey. Salem's two units began commercial operation in the 1970s, while Hope Creek entered commercial operation in the 1980s. The stations became important sources of baseload electricity for the Mid-Atlantic region and major employers and economic assets in southern New Jersey. PSEG's utility and generation businesses have faced different regulatory and commercial conditions. PSE&G operates under state regulation and recovers approved infrastructure and program costs through regulatory proceedings. PSEG Power sells electricity into competitive markets and is exposed to wholesale prices, fuel costs, plant performance, capacity-market rules, and environmental policy. The company has periodically adjusted its portfolio in response to those conditions, including investments in generation efficiency, transmission, resilience, and clean-energy technologies. In the 2010s, PSEG increasingly emphasized grid modernization, storm resilience, energy efficiency, electrification, and the preservation of existing nuclear plants. Severe weather events in New Jersey reinforced the importance of hardening utility infrastructure. At the same time, low wholesale power prices and changing market rules created financial pressure for nuclear generators. New Jersey's 2018 Zero Emission Certificate program recognized the emissions and reliability attributes of qualifying nuclear plants and supported the continued operation of Salem and Hope Creek. PSE&G also expanded its role in state decarbonization initiatives. Its Clean Energy Future programs were designed to encourage energy efficiency, electric-vehicle adoption, demand management, and distributed energy resources while modernizing the utility system. These plans required review and approval by the New Jersey Board of Public Utilities, reflecting the regulated character of the utility business. Ralph Izzo led PSEG for much of the company's modern sustainability and infrastructure-focused period, becoming chairman and chief executive in 2007. In 2022, Ralph LaRossa succeeded him as president and chief executive. LaRossa had spent his career within the PSEG organization and previously led PSE&G. Under the current leadership, the group continues to present itself as a regional energy-infrastructure company focused on reliability, resilience, nuclear generation, electrification, and lower-carbon power. PSEG remains publicly traded under PEG, while PSE&G continues as its regulated New Jersey utility subsidiary.

1. 2022Ralph LaRossa becomes chief executive

   Ralph LaRossa succeeded Ralph Izzo as president and chief executive officer.

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2. 2018New Jersey adopts nuclear zero-emission support

   New Jersey created a Zero Emission Certificate program supporting qualifying existing nuclear facilities, including PSEG's Salem and Hope Creek plants.

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3. 2007Ralph Izzo becomes chief executive

   Ralph Izzo became chairman and chief executive of PSEG.

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4. 1986Hope Creek enters commercial operation

   Hope Creek began commercial operation, adding a major boiling-water nuclear unit to PSEG's New Jersey generation portfolio.

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5. 1985PSEG holding-company structure created

   Public Service Enterprise Group was formed as the holding company for PSE&G and related energy businesses.

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6. 1976Salem Unit 1 enters commercial operation

   The first unit of the Salem nuclear station began commercial operation in New Jersey.

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7. 1903Public Service Corporation incorporated

   Public Service Corporation of New Jersey was incorporated, establishing the corporate roots from which the modern PSEG group developed.

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A New Jersey-focused energy infrastructure group combining a regulated utility with competitive generation, with nuclear power, reliability, resilience, and decarbonization at the center of its strategic positioning.

• PSE&G electric serviceRegulated electricity distribution

  PSE&G distributes electricity to residential, commercial, and industrial customers across its New Jersey service territory. The business includes distribution-system operations, customer connections, metering, outage response, storm hardening, and grid-modernization investment under New Jersey regulation.

• PSE&G natural-gas serviceRegulated natural-gas distribution

  PSE&G provides regulated natural-gas distribution and related customer services in New Jersey. Its infrastructure activities include gas-main replacement, system integrity work, reliability improvements, and connections for residential and business customers.

• Salem Nuclear Power PlantNuclear generation1976

  Salem is a two-unit pressurized-water nuclear generating station in southern New Jersey. It is operated by PSEG Power and supplies large-scale zero-emissions electricity to the regional power system, subject to federal nuclear regulation and market conditions.

• Hope Creek Generating StationNuclear generation1986

  Hope Creek is a boiling-water nuclear generating station located near the Salem plant. It entered commercial operation in the 1980s and remains part of PSEG Power's nuclear portfolio and New Jersey's low-carbon generation base.

• Clean Energy Future programsEnergy efficiency and electrification2018

  PSE&G's Clean Energy Future portfolio includes energy-efficiency measures, electric-vehicle programs, demand management, distributed-energy resources, and related infrastructure intended to reduce emissions and prepare the distribution grid for electrification.

• 2018PSE&G Clean Energy Future

  New Jersey

  PSE&G proposed and obtained regulatory approval for a major package of energy-efficiency, electric-vehicle, distributed-energy, and grid-modernization programs.

  Outcome. The New Jersey Board of Public Utilities approved the program portfolio, allowing staged implementation through regulated utility investment.

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• 2018Support continued operation of Salem and Hope CreekStrategy

  Existing nuclear plants faced pressure from low wholesale electricity prices even though they provided dispatchable, low-carbon generation and grid reliability.

  What changed. PSEG supported New Jersey's Zero Emission Certificate framework and continued operating and investing in its two nuclear stations.

  Aftermath. The state program provided policy support for continued operation of qualifying nuclear facilities, including Salem and Hope Creek.

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• 2018Invest in Clean Energy Future programsStrategy

  New Jersey sought to reduce emissions and prepare the electric system for efficiency improvements, transportation electrification, and distributed energy.

  What changed. PSE&G submitted a broad regulated investment plan covering efficiency, electric vehicles, demand response, distributed resources, and grid modernization.

  Aftermath. The New Jersey Board of Public Utilities approved the portfolio for implementation under utility oversight.

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• 1985Create a holding-company structureStrategy

  The Public Service organization needed a corporate structure capable of managing regulated utility operations alongside competitive energy businesses.

  What changed. Public Service Enterprise Group was established as the parent organization for PSE&G and related businesses.

  Aftermath. The structure remains the basis for separating PSE&G's regulated utility activities from PSEG's competitive generation operations.

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• 2022PSEG names Ralph LaRossa as president and chief executive officer

  PSEG appointed Ralph LaRossa, then president and chief operating officer of PSE&G, as its chief executive succeeding Ralph Izzo.

  Leadership change
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• 2018New Jersey supports continued operation of Salem and Hope Creek through nuclear zero-emission policy

  New Jersey established a zero-emission certificate program that helped preserve the state's existing nuclear generation, including PSEG's Salem and Hope Creek plants.

  Regulation
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• 2018PSE&G advances Clean Energy Future programs

  The New Jersey Board of Public Utilities approved a broad PSE&G investment package covering energy efficiency, electric vehicles, distributed energy resources, and other clean-energy initiatives.

  Regulation
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1. PSEG company overview
2. PSEG investor relations management
3. U.S. Nuclear Regulatory Commission: Salem
4. U.S. Nuclear Regulatory Commission: Hope Creek
5. New Jersey Board of Public Utilities: Zero Emission Certificates
6. New Jersey Board of Public Utilities: Clean Energy Future
7. Ralph LaRossa becomes chief executive