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May 28, 2015 1:17 AM ET

Electric Utilities

Company Overview of Public Service Electric and Gas Company

Company Overview

Public Service Electric and Gas Company engages primarily in the transmission of electricity, and distribution of electric energy and gas for homes, businesses, and industrial customers in New Jersey. The company serves 2.2 million electric customers and 1.8 million gas customers in a service area of approximately 2,600 square kilometers. It also invests in solar generation projects; and offers appliance repair services. The company was formerly known as The Public Service Corporation and changed its name to Public Service Electric and Gas Company in 1948. The company was incorporated in 1924 and is based in Newark, New Jersey. Public Service Electric and Gas Company is a subsidiary of Publi...

80 Park Plaza

PO Box 570

Newark, NJ 07101

United States

Founded in 1924

6,525 Employees

Phone:

973-430-7000

Key Executives for Public Service Electric and Gas Company

Chairman, Chief Executive Officer, Chairman of Public Service Enterprise Group Incorporated, Chief Executive Officer of Public Service Enterprise Group Incorporated and President of Public Service Enterprise Group Incorporated
Age: 56
President and Chief Operating Officer
Age: 50
Chief Financial Officer and Executive Vice President
Age: 55
President of PSEG Nuclear LLC and Chief Nuclear Officer of PSEG Nuclear LLC
President of Fossil
Age: 64
Compensation as of Fiscal Year 2014.

Public Service Electric and Gas Company Key Developments

PSE&G Reports Unaudited Earnings Results for the First Quarter of 2014; Provides Earnings Guidance for the Year 2015

PSE&G reported unaudited earnings results for the first quarter of 2015. The company reported operating earnings of $242 million or $0.47 per share for the first quarter of 2015 compared with operating earnings of $214 million or $0.42 per share for the first quarter of 2014. PSE&G's earnings for the first quarter reflect the benefits of the increase in revenue associated with the expansion of its capital program, colder than normal weather and the recovery of storm costs from the settlement of Sandy-related insurance claims. The forecast of the company's operating earnings for 2015 remains unchanged at $735 - $775 million. Operating earnings for the full year will be heavily influenced by the recovery of costs associated with higher levels of capital spending.

Public Service Electric and Gas Company to Invest $1.6 Billion over Next Five Years to Enhance Gas Systems

Public Service Electric and Gas Company has announced a proposal to invest $1.6 billion over the next five years to enhance its gas systems supporting a safe, clean, reliable gas system well into the future. The utility requested the funding, about $320 million per year, in a filing with the New Jersey Board of Public Utilities. PSE&G's Gas System Modernization Program would include replacing an average of approximately 160 miles of cast iron and unprotected steel gas mains, and about 11,000 unprotected steel service lines to homes and businesses per year, over five years. The mains and service lines would be replaced with strong, durable plastic piping, which is much less likely to have leaks and release methane gas. The new elevated pressure systems also enable the installation of excess flow valves that automatically shut off gas flow if a service line is damaged, and better support the use of high-efficiency appliances. The Gas System Modernization Program is a next step in a series of modernization programs, including PSE&G's ongoing Energy Strong work that is focused largely on building the resiliency into its systems required to withstand the kind of severe weather that has devastated state over the past five years. Approved last year, the $1.22 billion Energy Strong program includes raising, relocating and protecting electrical switching and substations, and replacing 250 miles of low-pressure cast iron gas mains in or near flood areas.

PSE&G Reports Earnings Results for the Fourth Quarter and Full Year of 2014; Provides Earnings Guidance for 2015

PSE&G reported earnings results for the fourth quarter and full year of 2014. The company reported operating earnings of $160 million or $0.32 per share for the fourth quarter.  On a comparative basis, PSE&G reported operating earnings of $144 million or $0.29 per share for the fourth quarter of 2013. PSE&G's earnings in the fourth quarter benefited from a reduction in operating expenses and a return on its expanded infrastructure capital program which more than offset the impact of mild weather on sales. PSE&G's investment in transmission infrastructure increased quarter-over-quarter earnings by $0.02 per share. The transmission earnings improvement in the fourth quarter was less than the increase experienced during the first three quarters of the year, and reflects the impact on rate base from an expansion of bonus depreciation at the end of the year. Tight control of operating expenses and lower pension costs together resulted in a quarter-over-quarter increase in earnings of $0.04 per share. A continued improvement in gas volume and demand – which improved quarter-over-quarter earnings by $0.01 per share – was offset by a similar decline in electric volume and demand. Weather, which was mild relative to conditions experienced in the prior year, reduced earnings comparisons by $0.01 per share. Earnings were reduced by $0.02 per share due to the absence of a tax-related change which benefited earnings in the prior year's fourth quarter. For the year 2014, operating earnings were $725 million or $1.43 per share. On a comparative basis, PSE&G reported operating earnings of $612 million or $1.21 per share for the full year of 2013. PSE&G's successful management of its investment program allowed it to earn its authorized return for the full year as it maintained its focus on satisfying the needs of customers. PSE&G's operating earnings for 2015 are forecast at $735 million - $775 million. Operating earnings will be influenced by an increase in transmission revenues and construction activity associated with the Energy Strong capital program approved in 2014.

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