Two Consumer Groups Oppose Takeover Of PSEG

KWQC-TV 6 — Thursday, March 31, 2005

NEWARK, N.J. — Two New Jersey consumer groups are opposing the proposed sale of Public Service Enterprise Group.

Chicago-based Exelon wants to buy the parent company of the state's largest utility.

But consumer groups claim the proposed acquisition would increase rates and diminish competition.

New Jersey Public Interest Research Group and New Jersey Citizen Action says they're filing opposition to the deal.

They also claim the deal would end state regulatory oversight over P-S-E-G. A company spokesman though denied the assertions.

No hearings on the 12 (b) billion-dollar stock merger have been scheduled with federal and state regulators, but the deal is still expected to be completed by April 2006.

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