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Public Service Enterprise Group

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BUSINESS
January 28, 2006 | By Jeff Gelles INQUIRER STAFF WRITER
Pennsylvania utility regulators yesterday approved the proposed purchase by Exelon Corp. of New Jersey's Public Service Enterprise Group, unanimously rejecting opposition from competing electricity suppliers, the City of Philadelphia, and the municipally owned Philadelphia Gas Works. The Pennsylvania Public Utility Commission also directed its staff to begin a formal "fact-finding investigation" into the possibility of combining PGW with Exelon Corp.'s suburban natural-gas business.
NEWS
June 24, 2011
Public Service Enterprise Group Inc., Newark, N.J., said today it agreed to sell its Odessa electric generating plant in West Texas for $335 million. The buyer for PSEG's last generating station in Texas is Energy Capital Partners II L.P. PSEG is New Jersey's largest electric and gas utility.    -Paul Schweizer
BUSINESS
November 2, 2006 | By Stacey Burling INQUIRER STAFF WRITER
Public Service Enterprise Group Inc. - fresh off the failure of merger talks with Exelon Corp. - yesterday announced a 48 percent increase in third-quarter profit. The improvement was fueled by higher electricity prices and more efficient electricity production, said Paul Rosengren, a PSEG spokesman. He said the company produced most of its electricity at nuclear and coal-powered plants, while competitors use more expensive gas. Companies that use gas have been raising prices, and PSEG has benefited from that.
BUSINESS
February 19, 2010 | By Andrew Maykuth INQUIRER STAFF WRITER
Public Service Enterprise Group Inc., the New Jersey energy company, yesterday reported $1.6 billion in profit last year, despite what its chief executive officer, Ralph Izzo, called "very challenging" market conditions. PSEG, parent company of Public Service Electric & Gas Co., New Jersey's largest utility, reported a substantial boost in earnings - from $2.34 a share in 2008 to $3.14 a share in 2009. When adjusted for discontinued operations and onetime events, operating earnings increased 3 percent, from $3.03 a share in 2008 to $3.12.
NEWS
July 30, 2010
The parent of Public Service Electric & Gas Co., New Jersey's largest electric utility, said today second-quarter income from continuing operations fell 28 percent - a result, the company said, of the weak economy and low energy prices. Income from continuing operations was $224 million, or 44 cents a share, in the latest quarter compared with $311 million, or 61 cents a share, in last year's second quarter. Total operating earnings for Public Service Enterprise Group Inc., however, rose 4 percent to $331 million, or 65 cents a share.
BUSINESS
December 18, 2004 | By Akweli Parker INQUIRER STAFF WRITER
Shares of Public Service Enterprise Group Inc. recorded their biggest gain in 19 months yesterday after a report was published that Chicago-based Exelon Corp. was in talks to buy the Newark, N.J., utility. The Wall Street Journal's online edition, citing "people familiar with the matter," said yesterday afternoon that a $12 billion merger was imminent, with an announcement possibly coming next week, but also that talks were "delicate. " PSEG shares rose $1.66, or 3.6 percent, to $47.27 yesterday on the New York Stock Exchange.
NEWS
August 4, 2006
It might be cute when a 6-year-old pouts and stamps his feet. Seeing the same behavior from a 6-year-old corporate giant impatient over regulatory approval for a megamerger of local utilities, well, that's decidedly uncute. Exelon Corp. chief John W. Rowe's threat Monday to take his football and go home falls into that category. The chairman of Peco Energy Co.'s parent gave New Jersey regulators a "week or so" to approve Exelon's controversial, $17 billion takeover of New Jersey's major utility, Newark-based Public Service Enterprise Group.
BUSINESS
April 17, 2002 | By Bob Fernandez INQUIRER STAFF WRITER
Public Service Enterprise Group Inc., the Newark, N.J., utility company, reported that the mild winter and weak economy hurt earnings in the first quarter. The company also took a large charge related to an investment in Argentina, which has reeled from a bad economy. PSEG said it earned $180 million, or 87 cents a share, compared with $261 million, or $1.25 a share, in the comparable period a year ago. Sales declined by about $300 million to $2.5 billion for the quarter ended March 31. Analysts said yesterday that the results were slightly worse than they expected, but that the 90-degree weather may help electricity sales in the current quarter.
BUSINESS
December 1, 2005 | By Jeff Gelles INQUIRER STAFF WRITER
An administrative law judge recommended yesterday that the Pennsylvania Public Utility Commission put its stamp of approval on Exelon Corp.'s proposed purchase of New Jersey's largest utility company, Public Service Enterprise Group Inc. The PUC is one of about a dozen state and federal agencies that must approve the deal, an all-stock transaction that was valued at $12.5 billion when it was announced last December. If it passes all the hurdles, the companies hope to complete the merger by the middle of next year.
BUSINESS
June 18, 1997 | By Rich Heidorn Jr., INQUIRER STAFF WRITER
Facing the loss of its electric monopoly, Peco Energy Co. is opening a kind of 7-Eleven for commercial and industrial customers, offering everything from energy consulting to sign-making and laboratory analysis. Peco's "Customized Energy Solutions," will be a "one-stop shop" to help clients improve their energy efficiency and subcontract functions outside their main businesses, Damian A. Thomas, vice president for marketing and sales, said yesterday.. CES will offer financing and performance guarantees for energy-saving improvements, along with a network of subcontractors to provide maintenance, installation and other services.
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NEWS
July 6, 2013 | By Tom Johnson, NJ SPOTLIGHT
In a lawsuit with big implications for state utility customers, Public Service Enterprise Group and three of its subsidiaries accused 10 insurance companies of shortchanging them $456 million for damage to their power grid. Insurers say they will cover only $50 million in payouts, arguing that policies restrict reimbursements above that amount in specific flood zones. PSEG and its subsidiaries filed a lawsuit June 18. Utility customers could end up paying the bill to repair the infrastructure if the court upholds the insurance companies' view.
NEWS
June 24, 2011
Public Service Enterprise Group Inc., Newark, N.J., said today it agreed to sell its Odessa electric generating plant in West Texas for $335 million. The buyer for PSEG's last generating station in Texas is Energy Capital Partners II L.P. PSEG is New Jersey's largest electric and gas utility.    -Paul Schweizer
NEWS
July 30, 2010
The parent of Public Service Electric & Gas Co., New Jersey's largest electric utility, said today second-quarter income from continuing operations fell 28 percent - a result, the company said, of the weak economy and low energy prices. Income from continuing operations was $224 million, or 44 cents a share, in the latest quarter compared with $311 million, or 61 cents a share, in last year's second quarter. Total operating earnings for Public Service Enterprise Group Inc., however, rose 4 percent to $331 million, or 65 cents a share.
BUSINESS
February 19, 2010 | By Andrew Maykuth INQUIRER STAFF WRITER
Public Service Enterprise Group Inc., the New Jersey energy company, yesterday reported $1.6 billion in profit last year, despite what its chief executive officer, Ralph Izzo, called "very challenging" market conditions. PSEG, parent company of Public Service Electric & Gas Co., New Jersey's largest utility, reported a substantial boost in earnings - from $2.34 a share in 2008 to $3.14 a share in 2009. When adjusted for discontinued operations and onetime events, operating earnings increased 3 percent, from $3.03 a share in 2008 to $3.12.
BUSINESS
July 22, 2009 | By Andrew Maykuth INQUIRER STAFF WRITER
Exelon Corp. yesterday abandoned efforts to create the nation's largest electricity producer after its proxy battle to take control of power producer NRG Energy Inc. went down to defeat. The Chicago company, which owns Philadelphia's Peco Energy Co., ended its nine-month hostile takeover bid after NRG said that 75 percent of its shareholders had snubbed Exelon's slate of directors. "The NRG shareholders have spoken, and Exelon will move on," Exelon's chief executive, John W. Rowe, said in a statement.
BUSINESS
September 23, 2007 | By Jeff Gelles INQUIRER STAFF WRITER
A year ago, Ralph Izzo was little known outside the executive suites of the power industry. Izzo was a senior executive at Public Service Enterprise Group Inc., which was headed into a $17 billion merger with Chicago's Exelon Corp. Then the deal fell through, and Izzo won what had to look like the booby prize. Last Sept. 25, less than two weeks after the merger collapsed, he was tapped to take over as chief executive officer of PSEG, the Newark, N.J., energy and utility company that, as the deal's junior partner, had been expected to vanish into corporate subsidiary-hood.
BUSINESS
November 2, 2006 | By Stacey Burling INQUIRER STAFF WRITER
Public Service Enterprise Group Inc. - fresh off the failure of merger talks with Exelon Corp. - yesterday announced a 48 percent increase in third-quarter profit. The improvement was fueled by higher electricity prices and more efficient electricity production, said Paul Rosengren, a PSEG spokesman. He said the company produced most of its electricity at nuclear and coal-powered plants, while competitors use more expensive gas. Companies that use gas have been raising prices, and PSEG has benefited from that.
BUSINESS
October 28, 2006 | FROM INQUIRER WIRE SERVICES
Exelon Corp., the parent of Philadelphia's major utility, Peco, posted a third-quarter loss yesterday on slightly weaker sales and a onetime charge of $776 million. The Chicago-based electric and gas utility said it lost $44 million, or 7 cents a share, on revenue of $4.4 billion in the third quarter. In the same period a year earlier, it earned $725 million, or $1.07 a share, on revenue of $4.47 billion. The company said cooler weather this summer than a year ago slowed sales.
NEWS
September 19, 2006
When an auctioneer starts the bidding at an unfair price, it takes a mighty long time to reach a deal that's attractive to potential buyers. Maybe that's one reason utility customers and government regulators were never really sold on Exelon's controversial, $17 billion takeover of New Jersey's major utility, Newark-based Public Service Enterprise Group. The deal that Peco Energy Co.'s parent finally scrapped last week was launched without any tangible benefits for consumers.
BUSINESS
September 15, 2006 | By Benjamin Y. Lowe INQUIRER STAFF WRITER
The parent of Peco Energy Co. yesterday unplugged its $17 billion bid to acquire Public Service Enterprise Group Inc. after failing to reach a deal with New Jersey utility regulators. Exelon Corp. had counted on the merger to give it scale in one of the nation's largest power grids. The Chicago company, which threatened in August to pull the plug on the deal, would not comment on its plans. "We are very disappointed that the merger cannot be completed," John W. Rowe, Exelon's chairman and chief executive officer, said in a statement released after the stock market had closed.
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