Ralph Izzo to Become Chairman and CEO of PSEG on April 1 Following Retirement of E. James Ferland

NEWARK, N.J., Feb. 22 /PRNewswire-FirstCall/ -- The Board of Directors of Public Service Enterprise Group (PSEG) today elected Ralph Izzo as the company's chairman and chief executive officer (CEO), effective April 1. He will succeed E. James Ferland, who is retiring after more than two decades as the head of New Jersey's largest electric and gas utility company and one of the largest in the United States.

Izzo will also remain as the company's president. He had been elected president and chief operating officer and also a member of the Board of Directors on September 25, 2006 in anticipation of succeeding Ferland. At that time, Ferland indicated he planned to conclude his career at PSEG on March 31, 2007.

In addition to relinquishing his posts as chairman and CEO, Ferland will retire from the Board of Directors.

"My career at PSEG has been extraordinarily rewarding, but it is time to make way for the next generation," said Ferland, who will be 65 in March. "Ralph Izzo has already proved himself to be an outstanding executive. I am confident that he and his leadership team will guide PSEG to many successes in the years ahead that will greatly benefit our shareholders, customers, employees and the communities we serve."

Ferland will be leaving PSEG with the distinction of being the longest- serving chief executive at a major energy utility in the United States. Prior to joining PSEG, he was president and chief operating officer at Northeast Utilities in Connecticut. He is widely regarded for leadership roles over the years in many important industry organizations, such as the Institute of Nuclear Power Operations, the Electric Power Research Institute, the Edison Electric Institute, the American Gas Association, and the Association of Edison Illuminating Companies. He has also been a civic leader in New Jersey, involved in such organizations as the Committee for Economic Development, the New Jersey State Chamber of Commerce, the Metro Newark Chamber of Commerce and the New Jersey Performing Arts Center. As a prominent corporate leader, he helped spearhead passage of several bond issues in New Jersey to preserve open space.

Izzo, who is 49, said the executive transition is taking place very smoothly. "Reflective of his leadership excellence over the last 20 years, Jim is making every effort to assure that my move into his job is done well and that I am as prepared as possible to assume his responsibilities," Izzo said. "I could not have asked for a better role model."

Izzo described his election as "a great honor." He added: "I appreciate the Board's confidence in me, and I recognize that the responsibilities are enormous as the energy industry faces difficult challenges on many fronts, ranging from high fuel costs to global warming. Fortunately, I will be surrounded by many talented men and women, all of whom support me in maintaining our commitment to shareholder value, safe and reliable service for customers and the highest levels of corporate responsibility."

Izzo joined the company in 1992 and was elected to several senior executive positions of increasing responsibility within PSEG's family of companies, including: president and chief operating officer, senior vice president-utility operations, and vice president-appliance service, all at PSE&G, and vice-president-corporate planning for PSEG. He also serves as a director of PSEG's three principal operating companies, PSE&G, PSEG Power and PSEG Energy Holdings.

Izzo is a well-known leader within the utility industry, as well as the public policy arena. His public policy experience includes service as an American Physical Society Congressional Science Fellow, in the office U.S. Senator Bill Bradley. He also served four years as a senior policy advisor in the office of New Jersey Governor Thomas H. Kean, specializing in energy, science and technology.

His career began as a research scientist at the Princeton Plasma Physics Laboratory, performing numerical simulations of fusion energy experiments. He has published or presented more than 35 papers on magnetohydrodynamic modeling. He received bachelor's and master's degrees in mechanical engineering and a doctorate in applied physics, all from Columbia University. He also earned an MBA from Rutgers Graduate School of Management. In addition, he has completed a nuclear reactor technology course for utility executives at the Massachusetts Institute of Technology. And, he is the recipient of numerous national fellowships and awards.

Izzo is active in a number of business and civic organizations. He is chairman of New Jersey After 3 Inc. and serves on the board of directors of the Electric Power Research Institute, the New Jersey Chamber of Commerce, the American Gas Association, the New Jersey Performing Arts Center and the New Jersey Utilities Association. He serves on the board of trustees for the Partnership for a Drug-Free New Jersey, Independent College Fund of New Jersey, and the New Jersey Network Foundation. He also serves as co-chair of the Drumthwacket Foundation, chairman of the Capital Campaign for PSE&G Children's Specialized Hospital, a member of the Rutgers Business School Board of Trustees, and electric utility sector of the Infrastructure Advisory Committee in the Attorney General's Office of Counter-terrorism.

Corporate Profile

Public Service Enterprise Group (PSEG) is a publicly traded diversified energy company with annual revenues of more than $12 billion, and three principal subsidiaries: PSEG Power, PSEG Energy Holdings, and Public Service Electric and Gas Company (PSE&G). PSEG Power, one of the largest independent power producers in the U.S. has three main subsidiaries: PSEG Fossil LLC, PSEG Nuclear LLC, and PSEG Energy Resources & Trade LLC. PSEG Energy Holdings, with assets in excess of $6 billion, has two main unregulated energy-related businesses: PSEG Global and PSEG Resources. PSE&G, New Jersey's oldest and largest regulated gas and electric delivery utility, serves nearly three-quarters of the state's population and the winner of the ReliabilityOne National Achievement Award for superior electric system reliability in 2005 and 2006. PSEG Services Corporation provides corporate support to the operating businesses.