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Public Service Enterprise Group Names Scott Jennings Vice President-Mergers, Acquisitions and Development

Posted on: Monday, 12 November 2007, 15:00 CST

NEWARK, N.J., Nov. 12 /PRNewswire-FirstCall/ -- Public Service Enterprise Group (PSEG) has appointed Scott S. Jennings as its vice president-mergers, acquisitions and development, effective November 19. He has been a vice president at the PSEG subsidiary, PSEG Energy Holdings, since 2005.

In his new role, Jennings will report to Stephen C. Byrd, who is PSEG's senior vice president-finance, business development, strategy and mergers and acquisitions. Jennings will be charged with exploring multiple strategic growth opportunities.

"With increasingly strong operations and an improved balance sheet, PSEG has the ability to pursue opportunities that make strategic and financial sense," Byrd said. "Scott Jennings has the right intellectual tools and business experience to lead this effort."

For the last year, Jennings oversaw finance at PSEG Energy Holdings, which includes PSEG Global and PSEG Resources. In particular, he led an extensive analysis of Global's portfolio which resulted in the refinancing or sale of various international assets. He also oversaw the business planning process, financial forecasting and the development of new management reporting tools for the portfolio and its projects. With the reduced overall portfolio at PSEG Energy Holdings, financial responsibilities will be folded into its businesses, with particular emphasis on managing Global's remaining assets and supporting development of selected renewables assets.

Jennings worked at PSEG in the accounting services area since joining the company in 1998. He became assistant controller in 2004. During his tenure in accounting services, he was at the center of a number of accounting issues related to Public Service Electric and Gas Company's (PSE&G) deregulation, reorganization, and financing of its affiliates and various corporate development transactions. Prior to joining PSEG, he spent five years at Deloitte & Touche in its New Jersey office, working primarily with financial services firms and the public utility industry.

Jennings has a bachelor of business administration degree and a master of business administration degree in accounting from Pace University. He is a certified public accountant. He has been active in several professional and civic organizations.

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 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.

Public Service Enterprise Group

CONTACT: Paul Lief Rosengren of PSEG, +1-973-430-5911,paul.rosengren@pseg.com

Web site: http://www.pseg.com/

Source: PRNewswire-FirstCall

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