Al Koeppe to retire as president of PSE&G

NEWARK, N.J., Aug. 1, 2003 — Alfred C. Koeppe, president and chief operating officer of Public Service Electric and Gas Co. (PSE&G), has announced his plans to retire in October 2003. Koeppe will be succeeded by Ralph Izzo, currently senior vice president -utility operations.

At his retirement, Koeppe, 56, will have completed eight years at PSE&G. He joined the company in October 1995 as senior vice president -external affairs and became president of the state’s largest energy utility business in March 2000.

“I am a fortunate man,” said Koeppe. “I’ve had the opportunity to work with men and women here at PSE&G who have consistently demonstrated the values and work ethic that symbolize the best of the utility industry in this state.

“The corporation is in good shape. The regulatory transition is behind us. Our safety performance is at an all-time best. We are an acknowledged leader in reliability. Our union relations are very solid. And our community programs are a state model.”

Koeppe said he was “extremely pleased” that Izzo has been chosen as his successor. “Ralph has all the right qualities to enhance PSE&G’s role in New Jersey as a top-notch energy provider and corporate citizen,” he said.

Koeppe said he is looking forward to retirement. “But it’s no secret that I have had a longstanding commitment to urban economic development and I would be very surprised if I didn’t find myself involved in that area.”

E. James Ferland, chairman, president and CEO of PSEG said, “Al has brought a dimension of leadership to this company that will be difficult to replace. His commitment to New Jersey’s neighborhoods and to our customers is genuine and deeply felt. He’s proven time and again that he understands the rhythms of this state better than most corporate leaders and that he has the unique ability to be as comfortable in a bucket truck as he is in the board room. You put all those ingredients together and you have a first-rate leader.”

Ferland noted that Koeppe had advised the Board of Directors of his intentions to retire once the major regulatory and labor relations issues were concluded and, in the interim, has worked closely with Izzo to assure a smooth transition in PSE&G’s leadership.

“Ralph Izzo is the right choice at the right moment for this company,” said Ferland. “With the major portion of our regulatory agenda now behind us, we need to focus on further enhancing a system that is already among the most reliable in the nation by making major new investments in technology. Ralph’s experience and background are precisely the skills and the talent we need to equip our transmission and distribution infrastructure for the next century.”

As president and chief operating officer of PSE&G, Izzo will oversee all electric and gas transmission and distribution operations and will continue to oversee external affairs, including regulatory relations.

Koeppe has had over 34 years in the utility industry, with extensive experience in network operations, trial advocacy, regulatory matters and labor relations having uniquely served as president of New Jersey’s two largest utilities, Bell Atlantic New Jersey and PSE&G. He is a graduate of Rutgers University and Seton Hall University School of Law, has been active in a number of professional and civic organizations during his career. He is the recipient of numerous awards, including the Trailblazer Award, presented by the Council for Action for Minority Professionals; the Diversity Award, presented by the Consortium of Information Technological Executives; the Anti- Defamation League’s Americanism Award; the NCCJ Humanitarian of the Year Award; and the 2002 Corporate Labor Leader of the Year award. He holds a patent for a home incarceration system that combines voice recognition, caller identification and electronic switching technologies.

He has served as Chairman of former Chief Justice Wilentz’s Commission to reform the New Jersey Court System. He is a member of the New Jersey Higher Education Commission, Vice Chair of the New Jersey Network Foundation and a former member of the State’s Domestic Security Task Force. In April 2003, Gov. James McGreevey appointed him chairman of the New Jersey Economic Development Authority.

Koeppe holds memberships in the New Jersey and American Bar Associations. He is a member of the Board of Governors of the National Conference, the New Jersey State Chamber of Commerce, and the Newark Alliance. He also serves as a Director of Horizon Blue Cross/Blue Shield of New Jersey.

Izzo, 45, was named senior vice president – utility operations in June 2002. He joined PSE&G in 1992 and has held a number of senior executive positions within several of PSEG’s operating companies, affording him a broad range of experience. Among other positions, he has been vice president-appliance service responsible for the overall operation of PSE&G’s WorryFree program and vice president-corporate planning for PSEG.

Izzo began his career as a research scientist at the Princeton Plasma Physics Laboratory where he published or presented over 35 papers. He served four years as a senior science, energy and technology policy advisor to Gov. Thomas H. Kean and one year as a science fellow for U.S. Sen. Bill Bradley. He received his B.S. and M.S. degrees in mechanical engineering and his Ph.D. in applied physics from Columbia University. He recently earned an MBA with a concentration in finance from the Rutgers Graduate School of Management. He is a member of the board of directors of the Electric Power Research Institute (EPRI) and the New Jersey Chamber of Commerce and serves as electric utility sector chairman of the Infrastructure Advisory Committee in the Attorney General’s Office of Counter-terrorism. He is also a member of the board of trustees for the Independent College Fund of New Jersey and the Industrial Advisory Group at the College of New Jersey.

PSEG (NYSE:PEG) is a diversified energy company with $26 billion in assets and $8.4 billion in revenues. In 2002, it ranked 189 on the Fortune 500 list (105 when ranked by profits). Among its major subsidiaries are: PSE&G, the largest New Jersey regulated gas and electric utility; PSEG Power, one of the most diversified independent power producers in the US; and, PSEG Holding, a holdings company of other unregulated energy businesses. For more information on PSEG, visit pseg.com.

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

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The Clarion Energy Content Team is made up of editors from various publications, including POWERGRID International, Power Engineering, Renewable Energy World, Hydro Review, Smart Energy International, and Power Engineering International. Contact the content lead for this publication at Jennifer.Runyon@ClarionEvents.com.

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