PSEG history

Revenues for 1904, the first year of operation, were $8.4 million from street railways, $5.4 million from gas manufacturing and sale, and $3.5 million from electricity.

In August 1907, PSC was obliged to incorporate the Public Service Railway Company as a wholly owned subsidiary to operate its traction lines.

In 1916, Public Service provided more than 451 million passenger trips on its trolleys alone.

1924: Public Service Electric and Gas Company (PSE&G) is formed.

The Public Service Electric and Gas Company, commonly referred to as PSE&G, is the primary subsidiary of the Public Service Enterprise Group (PSEG) and was established in 1928.

The company pioneered the development and use of gas-electric streetcars and buses, and in 1937 began operating the world's first diesel-electric bus fleet.

Thomas McCarter was named the Corporation’s first president and held the position until 1939.

McCarter served as president for 36 years and as chairman of the board for an additional 6 years, until his retirement in 1945.

The parent Public Service Corporation was dissolved in 1948 and PSE&G became an independent company, with Public Service Coordinated Transport as a subsidiary.

In 1971, Public Service Coordinated Transport became Transport of New Jersey, largely an operator of buses owned by the state and leased to the company.

In 1972, PSE&G established subsidiary Energy Development Corp. (EDC) to engage in gas exploration and development.

The first plant, owned jointly with Philadelphia Electric Company, was put in service at Peach Bottom, Pennsylvania, in 1974.

Another nuclear plant began operation in 1977 at Salem, New Jersey, and a third went on line at Hope Creek, New Jersey, both in the southern part of the state.

By 1978, PSE&G operated 13 generating plants with a capacity of 9 million kilowatts and achieved electric revenues of more than $1.5 billion.

In 1979, legislation was passed to permit New Jersey to acquire and operate private bus lines, and PSE&G negotiated the sale of its transport subsidiary to the state.

The Company’s involvement in transportation ended in 1980, when PSE&G sold its transportation system to the State of New Jersey.

In 1985, PSE&G reorganized its corporate structure by creating a new company called the Public Service Enterprise Group to serve as the holding company for PSE&G, the Public Service Enterprise Group became the owner of PSE&G.

The firm was also criticized in 1988 because of below average performance of its Salem and Hope Creek facilities.

In 1989, the company was required to pay customers a $32 million rebate as compensation for the Peach Bottom shutdown.

In 1990, the company's generating capability was 10.1 million kilowatts, and electric revenues were $3.3 billion.

Ferland stated in a 1993 letter to PSEG shareholders, "We, like the telecommunications and airline industries before us, are quickly moving from a relatively safe, secure, and protected field of operations to one of full-bore competition with little time for adjustment in between."

1994: A PSEG subsidiary signs a joint venture contract to build, own, and operate a power plant in China.

In response to increased competition, PSEG formed Energis Resources in 1997 to market energy products and services to business customers.

In 1999, PSEG and California-based Sempra Energy announced plans to purchase 90 percent of Chilquinta Energia S.A., a Chilean-based energy firm.

In 2000, Public Service Enterprise Group split PSE&G subsidiary's unregulated national power generation assets to form PSEG Power, while the PSE&G subsidiary continued operating in New Jersey as a regulated gas and electric delivery company.

By 2001, PSEG had successfully transformed itself from a traditional utility to a global energy firm.

In 2009, PSEG began installing solar panels on 200,000 utility poles in its service area in a project costing $773 million, the largest such project in the world.

PSEG was ranked 276 on the Fortune 500 list for 2013.