(January 15, 2007 – Newark, N.J.) - Stephen C. Byrd, executive director of the global energy and utilities group in the investment banking firm of Morgan Stanley, today joined Public Service Enterprise Group Incorporated as senior vice president - finance, business development, strategy and M&A.  He will report to Thomas M. O’Flynn, PSEG’s executive vice president - finance and chief financial officer.

“PSEG and its executive leadership will benefit greatly from Stephen’s considerable Wall Street experience,” O’Flynn said, in announcing Byrd’s appointment.  “He is smart, creative and energetic, and his understanding of the financial markets and strategic environment will serve us extremely well as we plan and execute our long-term growth strategy.”

Byrd comes to PSEG after more than nine years in various assignments of increasing responsibility at Morgan Stanley.  Most recently, as executive director in the firm’s global energy and utilities group, he had the lead role in developing transactions involving a combination of investment banking, commodities and structured finance capabilities.   On the M&A front, he advised on a broad range of transactions, from less than $100 million in size to more than $40 billion.  In the financing area, his lead execution roles included; initial public stock offerings, principal investments in private companies, convertible offerings and high-yield and investment grade debt offerings.

At PSEG, in addition to his business development, strategy and M&A activities, Byrd will oversee finance matters for two subsidiaries - Public Service Electric and Gas Company (PSE&G) and PSEG Energy Holdings.   Byrd will also be part of an executive leadership team headed by Ralph Izzo, PSEG’s president and chief operating officer, that will establish the overall strategic direction of the company. 

Byrd, who is a lawyer and a member of the New York State Bar Association, holds a joint Doctor of Law and Master of Business Administration degree, from the University of Virginia.  He earned a Bachelor of Business Administration degree in finance from the College of William and Mary.

Corporate Profile
Public Service Enterprise Group (PSEG) (NYSE:PEG) 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, with assets in excess of $6 billion, 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.