Layoffs unlikely at PSEG

March 19, 2009 10:27:10 AM PDT
The head of the company that owns New Jersey's largest utility says he will not lay off workers, provided the economic downturn has hit bottom and is followed by a normal recovery. Public Service Enterprise Group Inc. chief executive officer Ralph Izzo says the Newark-based organization may even be hiring this year if the state approves his proposal to spend $698 million on new infrastructure.

Izzo says PSEG derives a competitive edge from the utility's veteran work force of 10,500 employees, who provide electricity to 75 percent of New Jersey residents.

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