In addition, the five companies made large contributions to political parties. Together, they have given nearly $4 million since 2001, 64 percent of that amount to the ruling Republican Party, which controls both houses of Congress.
About 15 of the nation’s 50 states have deregulated their electricity markets. Originally, supporters of deregulation argued that increased competition in the electricity market would reduce costs for consumers.
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PSEG currently serves nearly three-quarters of New Jersey’s population in a service area consisting of a 6,700-square-mile diagonal corridor across the state from Bergen County to Gloucester County. PSE&G is the largest provider of electric and gas services, having 1.7 million gas customers and 2.1 million electric customers in more than 300 urban, suburban and rural communities, including the 6 largest cities in the state of New Jersey.
The Public Service Corporation was created in 1903 from the merger of more than 400 gas, electric and transportation companies in New Jersey. It was renamed Public Service Electric and Gas Company in 1948. The transportation operations of today’s PSE&G were acquired by New Jersey in 1980, leaving PSE&G solely in the utility business.
In June 2005, the acquisition of PSEG by Exelon, a utility conglomerate based in Chicago and Philadelphia, was approved by the Federal Energy Regulatory Commission; however, the deal was never consummated and was eventually dissolved after it became known that the deal would not gain state regulatory approval. In June 2005, the deal was approved by the Federal Energy Regulatory Commission; however, the deal was never consummated and was eventually dissolved after it became known that the deal would not gain state regulatory approval. In June 2005, the deal was approved by the Federal Energy Regulatory Commission.
-Exelon has a different strategy from PSEG. As you know PSEG has based its strategy on buying assets in South America and Exelon didn’t have that. You don’t know what Exelon was planning to do going forward, but there was a lot of speculation on that issue, a lot of speculation. But Exelon never in that process made a decision.
As in any normal business if somebody comes in with an offer, we look at it, but it has to be a high value offer to have an interest to look at, that’s part of any business, not just PSEG assets, any business has that strategy.
-One of the things I really like about Chile is that they are very technical and very fair. When they have a law, they don’t deviate from it, what is written by law is so, it is very fair. We are always going to have changes, but I think the regulatory framework continues to make things right so that both clients as a company can continue to be in business for the benefit of both.