PSEG News and Happenings.

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Host

What do you think -- is this company going to survive and thrive? Are they looking to expand their staff, or do you think layoffs are inevitable?

How does PSEG stack up against the competition?

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christopher mueller in Lafayette, New Jersey

100 months ago

Im anxiously looking to join this company. From my view I see a dynamic and innovative profile of PSE&G to expand and grow their market share in N.J. I wouldnt be surprised to see a growth spike soon. I like their business profile and the commitment to customer service which is so important in this day and age. One vital key to this are employees that are all on the same page when it comes to results and the bottom line in any business are results

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John Doe, NJ in Cliffside Park, New Jersey

99 months ago

Host said: What do you think -- is this company going to survive and thrive? Are they looking to expand their staff, or do you think layoffs are inevitable?

How does PSEG stack up against the competition?

Well that ultimately depends on how much $$$ they're going to continue to make generating electricity for the PJM. If you look back about 12-18 months ago the company was going to be swallowed up by Exelon. Most of their older power plants were going to be sold off, and about 1,200 layoffs between the two companies (mostly management positions), as well as other "cost cutting synergies" were in the works. In any event, the NJ BPU challenged the merger in US federal court, and Exelon backed out of the deal. The NJ BPU wanted the would-be merged company to divest about 5,000-6,000MW of generation, claiming that the new company would have the ability to manipulate the power market -(since it would've created the largest utility in the North-East / Mid-West). Furthermore, other smaller utility companies, IPP's, and environmental groups jumped in on the law suit bandwagon, and thus after the costly legal issues, Exelon walked away from the deal. All this stuff took place over the last 2-3yrs, and many people in both companies were edgy about their jobs during that time period.

Now PSEG is undergoing it's own internal restructuring. It's in the process of trying to streamline it's operation under it's new CEO Ralph Izzo. In my opinion, I think Ralph Izzo is going to do alot better job than the former CEO Jim Ferland did. Izzo has been w/ the company for a long time, and understands the nature of the business. For example, the company is planning to build two additional high voltage AC transmission lines to ease bottle necks on the local grid. Projects like these are big $$$. More over, the companies stock is trading at 80-something $ per share (many people thought the stock was going to dive if the Exelon merger tanked) - obviously it hasn't.

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unknown in Old Bridge, New Jersey

98 months ago

John Doe, NJ in Cliffside Park, New Jersey said: Well that ultimately depends on how much $$$ they're going to continue to make generating electricity for the PJM. If you look back about 12-18 months ago the company was going to be swallowed up by Exelon. Most of their older power plants were going to be sold off, and about 1,200 layoffs between the two companies (mostly management positions), as well as other "cost cutting synergies" were in the works. In any event, the NJ BPU challenged the merger in US federal court, and Exelon backed out of the deal. The NJ BPU wanted the would-be merged company to divest about 5,000-6,000MW of generation, claiming that the new company would have the ability to manipulate the power market -(since it would've created the largest utility in the North-East / Mid-West). Furthermore, other smaller utility companies, IPP's, and environmental groups jumped in on the law suit bandwagon, and thus after the costly legal issues, Exelon walked away from the deal. All this stuff took place over the last 2-3yrs, and many people in both companies were edgy about their jobs during that time period.

Now PSEG is undergoing it's own internal restructuring. It's in the process of trying to streamline it's operation under it's new CEO Ralph Izzo. In my opinion, I think Ralph Izzo is going to do alot better job than the former CEO Jim Ferland did. Izzo has been w/ the company for a long time, and understands the nature of the business. For example, the company is planning to build two additional high voltage AC transmission lines to ease bottle necks on the local grid. Projects like these are big $$$. More over, the companies stock is trading at 80-something $ per share (many people thought the stock was going to dive if the Exelon merger tanked) - obviously it hasn't.

There is also talk that a LOT of jobs will be permanently lost when the current contract expires in 2011.

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