July 26, 2016 12:00 AM ET

Electric Utilities

Company Overview of Public Service Electric and Gas Company

Company Overview

Public Service Electric and Gas Company engages in the transmission of electricity, and distribution of electric energy and natural gas for residential, commercial, 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 miles. 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 opeartes as a subsidiary ...

80 Park Plaza

PO Box 570

Newark, NJ 07101

United States

Founded in 1924

6,780 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: 58
President and Chief Operating Officer
Age: 52
Chief Financial Officer and Executive Vice President
Age: 52
President of Fossil
Age: 66
President of Energy Resources & Trade (Er&T0)
Compensation as of Fiscal Year 2016.

Public Service Electric and Gas Company Key Developments

Public Service Electric and Gas Company and the Valley Hospital Unveil Five Station Electric Vehicle

Public Service Electric and Gas Company and the Valley Hospital have unveiled a five station electric vehicle, or EV, charging system and announced the completion of more than $2.5 million in energy efficiency upgrades at the Ridgewood, New Jersey hospital. The Valley Hospital EV charging system is part of a PSE&G pilot program designed to help spur the adoption of electric vehicles in the utility's electric service territory and the energy efficiency measures were funded in part by the PSE&G Hospital Efficiency Program, which helps pay for the installation of energy efficiency measures at hospitals in the utility's service territory. As part of the PSE&G EV charging station pilot program, The Valley Hospital committed to immediately utilizing the five charging stations for staff members who own and drive electric vehicles to the hospital. In return, PSE&G provided the EV charging equipment free-of-charge and the hospital paid for the installation of the units and will pay for ongoing maintenance and electricity costs.

PSE&G Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Provides Earnings Guidance for the Year 2016

PSE&G reported earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported operating earnings of $156 million or $0.31 per share compared to $160 million or $0.32 per share a year ago. PSE&G's earnings in the fourth quarter benefited from a return on the continued expansion of its investment in transmission and distribution infrastructure which partially offset the impact on earnings of unseasonably mild weather and an increase in operating expenses. For the year, the company reported operating earnings to $787 million or $1.55 per share compared to $725 million or $1.43 per share a year ago. PSE&G's management of operations and an expanded capital program allowed it to earn its authorized return on rate base. For the year 2016, the company expects operating earnings in the range of $875 million to $925 million.

Public Service Electric & Gas Co Announces Earnings Results for the Third Quarter and Nine Months Ended September 30, 2015; Provides Earnings Guidance for the Full Year of 2015

Public Service Electric & Gas Co announced earnings results for the third quarter and nine months ended September 30, 2015. For the quarter, the company reported operating earnings was $170 million against $171 million a year ago. Adjusted EBITDA was $401 million against $386 million a year ago. Net income was $206 million against $222 million a year ago. For the nine-month period, the company reported operating earnings was $558 million against $551 million a year ago. Adjusted EBITDA was $1,328 million against $1,313 million a year ago. Net income was $707 million against $440 million a year ago. The company provided earnings guidance for the full year of 2015. For the year, the company expects adjusted EBITDA was $1,545 million to $1,595 million and continued third year of anticipated positive earnings trend in 2015 with updated operating earnings guidance of $2.85 to $2.95 per share. Operating earnings was $620 million to $650 million.

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