Profile: Public Service Enterprise Group Inc (PEG.N)
Public Service Enterprise Group Incorporated (PSEG), incorporated on July 25, 1985, is an energy company. The Company’s operations are located primarily in the Northeastern and Mid- Atlantic United States. PSEG conducts its business through three direct wholly owned subsidiaries: PSEG Power LLC (Power), Public Service Electric and Gas Company (PSE&G) and PSEG Energy Holdings L.L.C. (Energy Holdings). Power integrates its generating asset operations with its wholesale energy sales, fuel supply and energy trading functions. PSE&G is a franchised public utility in New Jersey. It is also the provider of last resort for gas and electric commodity service for end users in its service territory. Energy Holdings invests and operates through its two primary subsidiaries. Energy Holdings earns revenues primarily from its portfolio of lease investments and its solar generation projects. In December 2012, the Company acquired an additional 19 megawatt solar project, which is under construction in Arizona.
PSEG Power LLC
Through Power, the Company seeks to produce energy by operating its nuclear, coal, gas and oil-fired generation facilities. Its products and services include energy, capacity, ancillary services, and emissions allowances and congestion credits. Energy is the electrical output produced by generation plants that is delivered to customers for use in lighting, heating, air conditioning and operation of other electrical equipment. Ancillary Services include related activities supplied by generation unit owners to the wholesale market. Power also sells wholesale natural gas, primarily through a full requirements Basic Gas Supply Service (BGSS) contract with PSE&G to meet the gas supply requirements of PSE&G's customers. It owns approximately 13,226 megawatt of generation capacity located in the Northeast and Mid-Atlantic regions of the United States.
Public Service Electric and Gas Company
The Company’s public utility, PSE&G, distributes electric energy and gas to customers within a designated service territory running diagonally across New Jersey where approximately 6.2 million people, or about 70% of New Jersey's population resides. Its utility operations primarily earn margins through the transmission and distribution of electricity and the distribution of gas. The Company provides network transmission and point-to-point transmission services, which are coordinated with PJM, and provides distribution service to 2.2 million electric customers and 1.8 million gas customers in a service area that covers approximately 2,600 square miles running diagonally across New Jersey. The primary business of its utility is the distribution of gas and electricity to end users in its service territory. As of December 31, 2012, PSE&G had 73 megawatt of installed solar capacity throughout New Jersey.
As of December 31, 2012, PSE&G’s electric transmission and distribution system included 23,856 circuit miles, of which 8,357 circuit miles were underground, and 838,236 poles, of which 546,614 poles were jointly-owned. Approximately 99% of this property is located in New Jersey. In addition, as of December 31, 2012, PSE&G owned four electric distribution headquarters and five subheadquarters in four operating divisions, all located in New Jersey. As of December 31, 2012, the daily gas capacity of PSE&G’s 100%-owned peaking facilities consisted of liquid petroleum air gas (LPG) and liquefied natural gas (LNG) and aggregated 2,790,500 therms. As of December 31, 2012, PSE&G owned and operated 17,713 miles of gas mains, owned 12 gas distribution headquarters and two subheadquarters, all in four operating regions located in New Jersey and owned one meter shop in New Jersey serving all such areas. In addition, PSE&G operated 62 natural gas metering and regulating stations, all located in New Jersey, of which 26 were located on land owned by customers or natural gas pipeline suppliers and were operated under lease, easement or other similar arrangement.
As of December 31, 2012, PSE&G owned 42 switching stations in New Jersey with an aggregate installed capacity of 25,103 megavolt-amperes and 246 substations with an aggregate installed capacity of 8,179 megavolt-amperes. In addition, four of its substations in New Jersey having an aggregate installed capacity of 109 megavolt-amperes were operated on leased property.
PSEG Energy Holdings L.L.C.
Energy Holdings primarily owns and manages a portfolio of lease investments and solar generation projects. The majority of its remaining $840 million of domestic lease investments are primarily energy-related leveraged leases. Its leveraged leasing portfolio is designed to provide a fixed rate of return. Leveraged lease investments involve three parties: an owner/lessor, a creditor and a lessee. Through Energy Holdings, the Company owns and operates solar projects in New Jersey, Delaware, Florida, Ohio and Arizona totaling 69 megawatt. In September 2012, it acquired a 15 megawatt solar project in Delaware.
Public Service Enterprise Group Inc
80 Park Plaza,
P.O. Box 1171
NEWARK NJ 07101-1171