PSEG Logo – Public Service Enterprise Group, commonly known as PSEG, and originally known as Public Service Corporation of New Jersey and then as a Public Service Electric and Gas Company, is a basic utility electricity and gas in the state of New Jersey, United States. It is the basic utility oldest and largest in New Jersey. Its headquarters is in Newark.
PSEG currently serves nearly three quarters of the population of New Jersey in a service area consisting of a diagonal corridor of 6,700 square kilometers across the state from Bergen County to Gloucester County. PSE&G is the largest provider of electric and gas, with 1.7 million gas customers and 2.1 million electricity customers in more than 300 urban, suburban and rural areas, including the 6 largest cities in the state of New Jersey.
The Public Service Corporation was created in 1903 due to binding of more than 400 companies for gas, electricity and transportation in New Jersey. It was renamed Public Service Electric and Gas Company in 1948. Transport operations of the existing PSE&G was acquired by New Jersey in 1980, leaving PSE&G exclusively in the business of basic services.
In June 2005, the acquisition of PSEG by Exelon, a cluster of basic services with headquarters in Chicago and Philadelphia, was approved by the Federal Energy Regulatory Commission, but the deal was never consummated and eventually dissolved after it became known that the agreement would not get regulatory approval from the state.