Company Overview

Public Service Enterprise Group Incorporated (PEG), commonly known as PSEG, is a publicly traded energy company primarily engaged in regulated electric and natural gas utility operations and nuclear power generation in the United States. The company operates at the intersection of the electric utilities, natural gas utilities, and energy infrastructure industries, with revenues predominantly driven by regulated utility services and long-term generation assets. PSEG’s business model emphasizes stable, regulated earnings complemented by selective ownership of generation assets with long-term contracts or regulatory support.

Founded in 1903, PSEG has evolved from a regional electric provider into one of the largest utility-focused energy companies in the northeastern United States. Over time, the company transitioned away from competitive merchant power generation and refocused its strategy on regulated utility operations and nuclear generation. This strategic shift culminated in the divestiture of most fossil fuel generation assets in the early 2020s, reinforcing PSEG’s positioning around grid reliability, decarbonization, and regulated infrastructure investment.

Business Operations

PSEG conducts operations primarily through two main business segments: PSE&G (Public Service Electric and Gas Company) and PSEG Power. PSE&G is the company’s regulated utility subsidiary and serves as the primary revenue driver, providing electric transmission and distribution and natural gas distribution services to residential, commercial, and industrial customers. Revenues are largely derived from regulated rate structures approved by state authorities, which provide earnings stability and predictable cash flows.

PSEG Power owns and operates the company’s nuclear generation assets through PSEG Nuclear LLC, including the Salem and Hope Creek nuclear generating stations. Following the sale of its merchant fossil generation portfolio, PSEG Power’s operations are now substantially focused on nuclear generation under long-term arrangements and regulatory frameworks. PSEG does not maintain material international operations, and its business activities are almost entirely domestic, supported by utility infrastructure, generation facilities, and grid modernization technologies.

Strategic Position & Investments

PSEG’s strategic direction centers on regulated infrastructure growth, grid modernization, and clean energy transition while maintaining financial discipline and balance sheet strength. The company has prioritized capital investments in electric and gas system reliability, storm resilience, and transmission upgrades, particularly within its regulated utility footprint. These investments are designed to support long-term rate base growth and align with state-level energy and decarbonization policies.

In support of this strategy, PSEG completed the divestiture of its competitive fossil generation assets, significantly reducing exposure to commodity price volatility. The company continues to invest in its nuclear fleet, which it positions as a key component of a carbon-free energy mix. PSEG’s notable subsidiaries include PSE&G, PSEG Power, and PSEG Nuclear LLC, with strategic emphasis on regulated and contracted assets rather than expansion into unregulated or international markets.

Geographic Footprint

PSEG’s operations are concentrated in the Northeastern United States, with its headquarters located in Newark, New Jersey. Through PSE&G, the company serves the majority of New Jersey’s population, making it one of the most significant electric and gas utilities in the state. Its service territory encompasses urban, suburban, and industrial regions, including key economic corridors.

The company’s nuclear generation assets are also located in New Jersey, reinforcing its regional focus. PSEG does not have a material operating presence outside the United States and does not report significant international investments. Its geographic strategy emphasizes depth and scale within a single, densely populated state rather than broad geographic diversification.

Leadership & Governance

PSEG is led by an experienced executive team with a strategic focus on operational excellence, regulatory engagement, and long-term infrastructure investment. The company’s leadership philosophy emphasizes safety, reliability, sustainability, and disciplined capital allocation, aligned with the expectations of regulators, customers, and shareholders.

Key members of PSEG’s leadership include:

• Ralph A. LaRossa – President and Chief Executive Officer
• Daniel J. Cregg – Executive Vice President and Chief Financial Officer
• Kim C. Hanemann – President and Chief Operating Officer, PSE&G
• Karen J. Sussman – Executive Vice President and General Counsel
• Lila A. DeSocio – Executive Vice President and Chief Human Resources Officer