who owns pseg long island

Full Answer

What does PSEG do on Long Island?

Another member of the PSEG family of companies, PSEG Long Island, operates the electric transmission and distribution system of the Long Island Power Authority, with 1.1 million customers. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 13 consecutive years.

Who is the owner of PSE&G?

In 1985, PSE&G reorganized its corporate structure by creating a new company called the Public Service Enterprise Group to serve as the holding company for PSE&G, the Public Service Enterprise Group became the owner of PSE&G.

What happened to PSEG in NJ?

In June 2005, the acquisition of PSEG by Exelon, a Chicago and Philadelphia based utility conglomerate, was approved by the Federal Energy Regulatory Commission; however, the deal was never consummated and eventually dissolved after it became clear that it would not win state regulatory approval from the New Jersey Board of Public Utilities.

Who is the owner of Lipa?

The Long Island Power Authority is the owner of the system and holder of its debt. On July 29, 2013 the state legislature passed a law implementing Governor Cuomo's plan. On January 1, 2014 PSEG rebranded the LIPA system "PSEG Long Island", effectively removing the LIPA name from the public eye.

What is PSEG Long Island?

PSEG Long Island provides electricity to 1.1 million customers in Nassau and Suffolk counties, and the Rockaway Peninsula of Queens, part of New York City. This system operates under an agreement with the Long Island Power Authority, the state agency that owns the system, that went into effect January 1, 2014. PSEG was selected to essentially privatize LIPA after the controversies surrounding Hurricane Sandy, taking over near complete control of the system including its brand name, whereas before this agreement only a number of functions were performed by the private sector and the system was operated under the LIPA name.

What is PSE&G in New Jersey?

The company's largest subsidiary is Public Service Electric and Gas Company ( PSE&G ). The Public Service Electric and Gas Company is a regulated gas and electric utility company established in 1928 serving the state of New Jersey and it is New Jersey's oldest and largest investor owned utility company; the Public Service Electric ...

How many people in New Jersey were without power in August 2020?

In August 2020, about 400,000 customers on Long Island and 490,000 customers in New Jersey under the jurisdiction of PSEG were left without power as a result of Hurricane Isaias. Although some got power back within hours of Isaias, some had to wait days for power to be restored.

What award did the NOAA give to the PSEG?

In 2001, NOAA presented PSEG with The Walter B. Jones Memorial and NOAA Excellence Awards in Coastal and Ocean Resource Management in the category of Excellence in Business Leadership for its Estuary Enhancement Program.

Where is PSEG Nuclear located?

PSEG Nuclear operates three nuclear reactors at two facilities in Lower Alloways Creek Township. PSEG owns one reactor at Hope Creek Nuclear Generating Station and operates two reactors at Salem Nuclear Power Plant where PSEG Nuclear holds a 57 percent stake (in partnership with Exelon Corporation ).

When did PSEG start installing solar panels?

In 2009, PSEG began installing solar panels on 200,000 utility poles in its service area in a project costing $773 million, the largest such project in the world. The Solar 4 All project increased the capacity for renewable energy in New Jersey and was completed in 2013. In addition, PSEG is building four solar farms in Edison, Hamilton, Linden, and Trenton.

When did PSE and G start?

PSE&G/PSEG origins date back to 1903 with the defunct Public Service Corporation .

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When did LIPA take over the electric grid?

Hurricane Sandy. On December 15, 2011, LIPA selected Public Service Enterprise Group of New Jersey, the largest electric utility of that state, to take over management and operation of the electric grid from National Grid, starting in January 2014.

Who is the CEO of LIPA?

The LIPA management team is headed by Tom Falcone who was appointed CEO in March 2016. Ralph V. Suozzi is the chairman of LIPA's Board of Trustees, and was appointed by Governor Andrew Cuomo. In 2017, LIPA had operating expenses of $3.214 billion, an outstanding debt of $3.574 billion, and a level of staffing of 54 people.

How many megawatts does LIPA have?

LIPA is listed as the "Owner, Operator and/or Billing Organization" for 27 different electric power generation facilities located on Long Island in the 2018 NYISO Gold Book, for a total of about 5,048- megawatts (MW) of nameplate capacity.

What is a LIPA?

Long Island Power Authority ( LIPA, "lie-pah" or “lie-per”) is a municipal subdivision of the State of New York that owns the electric transmission and electric distribution system serving all Long Island and a portion of New York City known as the Rockaways . LIPA was originally created under the Long Island Power Act of 1985 to acquire the Long Island Lighting Company (LILCO)'s electric and natural gas infrastructure after the cancellation of the Shoreham Nuclear Power Plant. LIPA acquired LILCO's transmission system in May 1998, while the remainder of LILCO's natural gas-related infrastructure merged with Brooklyn Union Gas to form KeySpan Energy .

When did Cuomo call for the transfer of operations of LIPA?

On January 9, 2013, Governor Cuomo called for the transfer of operations of LIPA in his State of the State speech. Even though the governor appoints five of the nine trustees to serve on the LIPA Board, he cited LIPA's inability to quickly recover from Hurricane Sandy among other incidents.

When was LIPA created?

LIPA was originally created under the Long Island Power Act of 1985 to acquire the Long Island Lighting Company (LILCO)'s electric and natural gas infrastructure after the cancellation of the Shoreham Nuclear Power Plant. LIPA acquired LILCO's transmission system in May 1998, while the remainder of LILCO's natural gas-related infrastructure merged ...

Who resigned from LIPA?

As a result, key people at LIPA resigned including Michael Hervey, COO of LIPA, who resigned on November 13, 2012 and, though not officially confirmed as a response to Sandy, Bruce Germano (VP of Customer Service) and X. Cristofer Damianos (member of the board of trustees) who resigned on November 27, 2012, and LIPA chairman Howard Steinberg who resigned on November 30, 2012.

What is CDG sponsor?

When enrolling a CDG Project in the Net Crediting Program, CDG Sponsor shall designate one CDG Savings Rate which will be applicable to all CDG Satellites for the CDG Project , with the exception of the Excluded Anchor Customer.

Can a CDG sponsor assign?

Neither Party may assign any of its rights or obligations under this Agreement without obtaining the prior written consent of the non-assigning Party, which consent shall not be unreasonably withheld, delayed or conditioned, provided however that the CDG Sponsor has a right to assign (and/or collaterally assign, in connection with a financing transaction) its right to payments to be made by the Authority hereunder. The CDG Sponsor shall provide the Authority with a copy of the document in which the assignment is made or so much of the document as may be necessary to make clear the identity of the parties thereto and the terms of the assignment. The CDG Sponsor hereby waives any claim against the Authority for making payments pursuant to the assignment.

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