Public Service Enterprise Group Incorporated (PSEG) is a public utility holding company that primarily operates a regulated electric and gas utility and a nuclear generation business. The company's core business model focuses on providing regulated electric transmission and distribution services, as well as natural gas distribution to residential, commercial, and industrial customers in New Jersey. PSEG also invests in regulated solar generation projects and energy efficiency programs. PSEG's market position is strong within its service territory, and its competitive advantage lies in its regulated operations and established infrastructure. The company's primary revenue streams are derived from regulated rate tariffs approved by the New Jersey Board of Public Utilities (BPU) and the Federal Energy Regulatory Commission (FERC). PSEG's geographic presence is primarily concentrated in New Jersey.

• Employees: 12,543 (as of December 31, 2023)
• Geographic Footprint: Primarily New Jersey
• Number of locations/facilities: Operates across New Jersey, with various substations and facilities.
• Revenue: $11.237 billion (FY2023)
• Market capitalization: $31.072 billion (as of June 30, 2023)
• Key Subsidiaries or Brands: Public Service Electric and Gas Company (PSE&G), PSEG Power LLC, PSEG Long Island LLC, PSEG Energy Holdings L.L.C., PSEG Services Corporation
• Year founded: 1985
• Headquarters location: Newark, New Jersey

• CEO: Ralph A. LaRossa
• CFO: Daniel J. Cregg
• Board Chair: Ralph A. LaRossa
• Other Key Executives: Kim C. Hanemann (President and COO - PSE&G), Tamara L. Linde (EVP and General Counsel), Charles V. McFeaters (President and Chief Nuclear Officer - PSEG Nuclear LLC), Sheila J. Rostiac (SVP - Human Resources, Chief Human Resources and Chief Diversity Officer - Services), Richard T. Thigpen (SVP - Corporate Citizenship - Services), Rose M. Chernick (VP and Controller - PSEG)

Key leaders have extensive experience in the energy and utility sectors.

• Annual Revenue: $11.237 billion (FY2023)
• Net Income: $2.563 billion (FY2023)
• Market Cap: $31.072 billion (as of June 30, 2023)
• Total Assets: $50.741 billion (as of December 31, 2023)
• Number of Employees: 12,543 (as of December 31, 2023)
• Key Financial Highlights: Revenue increased by 15% year-over-year. Net income increased by 148% year-over-year.

PSEG's main product categories and service lines include:

• Electric Transmission: Movement of electricity at high voltage from generating plants to substations.
• Electric Distribution: Delivery of electricity to retail customers.
• Natural Gas Distribution: Delivery of natural gas to retail customers.
• Nuclear Generation: Operation of nuclear power plants for electricity generation.
• Appliance Services: Repair and maintenance services for customer appliances.

Flagship offerings include regulated electric and gas utility services, and nuclear power generation.

PSEG's major business divisions or segments are:

• PSE&G: Regulated electric and gas utility operations.
• PSEG Power & Other: Nuclear generation and other legacy investments.

Revenue breakdown by segments is as follows: PSE&G: $7.807 billion, PSEG Power & Other: $4.533 billion (FY2023). There have been no significant recent changes in segment structure.

PSEG's current strategic priorities include:

• Focusing on operational excellence, financial strength, and disciplined investment.
• Modernizing the electric transmission and distribution system.
• Investing in clean energy programs, including energy efficiency, electric vehicle infrastructure, and solar generation.
• Maintaining the economic viability of its nuclear generation assets.

PSEG's long-term business goals involve transitioning to cleaner energy sources and reducing greenhouse gas emissions, while ensuring reliable and affordable energy for customers. Major strategic initiatives include the development of smart grid technologies, expansion of renewable energy sources, and investment in energy storage. The company is undergoing a transformation to align with state and federal clean energy policies, with a focus on electrification and reducing reliance on natural gas. Innovation is a key focus area, with the company exploring new technologies and business models to meet future energy needs.

PSEG operates primarily in the regulated energy industry.

• Market Position: A leading utility in New Jersey.
• Key Competitors: Other utilities and energy providers in the Mid-Atlantic region.
• Industry Trends: Increasing focus on clean energy and decarbonization, grid modernization, and electrification of transportation.

Market share information is not explicitly provided in the 10-K filing.

• Industry-specific risks: Changes in energy industry laws, policies, and regulations, including market structures and transmission planning.
• Operational challenges: Equipment failures, accidents, natural disasters, cyberattacks, and other incidents that may impact the ability to provide safe and reliable service.
• Regulatory considerations: Inability to obtain necessary regulatory approvals for projects and programs, changes in rate structures and recovery mechanisms, and compliance with environmental regulations.
• Competitive threats: Competition from other energy providers, new generation capacity, and technological advances that may impact forward market prices.
• Financial Risks: Inability to maintain sufficient liquidity or access sufficient capital, fluctuations in wholesale power and natural gas markets, and third-party credit risk relating to the sale of nuclear generation output and purchase of nuclear fuel.