PSE&G 2004 Annual Report Download - page 5

most robust wholesale energy market, extending from the
Mississippi to the Atlantic. Exelon Electric & Gas will bring
together a range of strengths, such as Exelon’s in nuclear
generation and PSEG’s in transmission and distribution
operations as well as energy auctions.
This combination should produce benefits exceeding what
either company could accomplish on a stand-alone basis.
It provides the scale and balance to compete more effectively
in today’s volatile and uncertain energy markets. Change is
a fact of life in these markets and in the wider policy environ-
ment. The merger with Exelon will enable us to spread risk
and expand opportunities across a larger multi-state region.
It will improve prospects for consistent profitability and growth,
with lower risk.
The merger has a complementary focus on safe, reliable, low-
cost utility service, in keeping with our strong and continuing
commitment to customers and communities. It will enable
us to deploy a greater range of human talent and resources to
improve further the quality and efficiency of customer service.
Moreover, PSE&G will continue to build on its 101-year reputa-
tion for service excellence and community support. PSE&G’s
headquarters will remain in Newark, as will the headquarters
of the combined company’s generation business.
E. JAMES FERLAND (LEFT) AND JOHN
W. ROWE, THE LEADERS OF PSEG AND
EXELON RESPECTIVELY, AT THE PRESS
CONFERENCE ANNOUNCING THE HISTORIC
MERGER AGREEMENT OF THE TWO
COMPANIES ON DECEMBER 20, 2004.
THE COMBINATION OF PSEG AND EXELON
SHOULD PRODUCE BENEFITS EXCEEDING
WHAT EITHER COMPANY COULD ACCOMPLISH
ON A STAND-ALONE BASIS. IT PROVIDES THE
SCALE AND BALANCE TO COMPETE MORE
EFFECTIVELY IN TODAY’S VOLATILE AND
UNCERTAIN ENERGY MARKETS.