August 21, 2014 4:20 AM ET

Electric Utilities

Company Overview of Public Service Electric and Gas Company

Company Overview

Public Service Electric and Gas Company is primarily engaged in the transmission of electricity, and distribution of electric energy and gas for homes, businesses, and industrial customers in New Jersey. It serves 2.2 million electric customers and 1.8 million gas customers in a service area that covers approximately 2,600 square kilometers. The company also invests in solar generation projects. In addition, it 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 ...

80 Park Plaza

PO Box 570

Newark, NJ 07101

United States

Founded in 1924

6,255 Employees

Phone:

973-430-7000

Key Executives for Public Service Electric and Gas Company

Chairman
Age: 56
President and Chief Operating Officer
Age: 50
Chief Financial Officer
Age: 55
Chief Operating Officer of Pseg Power Llc and President of Pseg Power Llc
Age: 58
President of Energy Holdings and Chief Operating Officer of Energy Holdings
Age: 58
Compensation as of Fiscal Year 2014.

Public Service Electric and Gas Company Key Developments

Public Service Electric and Gas Company Reports Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; provides Earnings Guidance for the Year 2014

Public Service Electric and Gas Company reported unaudited earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company’s operating earnings were $151 million or $0.30 per share compared with operating earnings of $121 million or $0.24 per share for the second quarter of 2013. The company’s operating results have been influenced by an increase in revenue associated with an expansion in its capital program and a decline in operating and financial costs. Operating revenues were $1,435 million against $1,423 million a year ago. Operating income was $291 million against $253 million a year ago. Income before income taxes was $237 million against $192 million a year ago. Net income was $151 million against $121 million a year ago. For the six months, the company’s operating earnings were $365 million or $0.72 per share against $300 million or $0.59 per share a year ago. Operating revenues were $3,580 million against $3,418 million a year ago. Operating income was $702 million against $618 million a year ago. Income before income taxes was $594 million against $496 million a year ago. Net income was $365 million against $300 million a year ago. The forecast of the company's operating earnings for 2014 remains at $705 million to $745 million. Results for the remainder of the year will continue to reflect an increase in transmission revenue and a reduction in operating and maintenance costs including pension expense.

Public Service Electric and Gas Company Announces Management Promotions

Public Service Electric and Gas Company announced the promotions of three seasoned executives. Kim C. Hanemann has been elected as senior vice president of the utility's Delivery Projects and Construction organization. A vice president since 2010, she is responsible for ensuring the on-time, on-scope and on-budget implementation of the utility's multi-billion dollar transmission investment. In her new position, Hanemann also will be responsible for increasing the resiliency of 29 substations included in the utility's recently approved Energy Strong program, as well as managing new competitive transmission opportunities. Hanemann's team also will be responsible for building the resiliency of substations operated by PSEG Long Island in response to storm damage from Superstorm Sandy. John R. Latka has been elected as senior vice president-electric and gas operations. A vice president since 2006, he will oversee all electric and gas operations, safety and emergency preparedness initiatives. He also will be responsible for implementing the natural gas pipe replacements and the electric system resiliency upgrades included in the utility's recently approved Energy Strong program. Gregory C. Dunlap has been elected as vice president-customer operations with responsibility for customer satisfaction, customer contact, billing, metering and collections. Since joining the utility in 1985, Dunlap has served in a variety of customer-focused positions, including utility sales and marketing, government affairs and, since 2007, director of customer service and large customer support.

Public Service Enterprise Group Incorporated, Public Service Electric and Gas Company and PSEG Power LLC Appoint Stuart Black as Vice President and Controller, Effective August 4, 2014

On July 16, 2014, Public Service Enterprise Group Incorporated announced the election of Stuart Black as Vice President and Controller of PSEG, Public Service Electric and Gas Company and PSEG Power LLC. The election is effective as of August 4, 2014. Under the terms of Mr. Black's at will employment as Vice President and Controller, he will receive a base salary of $295,000 and a target annual incentive under PSEG's Management Incentive Compensation Plan of 45%. Mr. Black, age 51, has been serving as Vice President and Assistant Controller of Power since March 2010.

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