Press Release Source: Public Service Enterprise Group Incorporated
PSEG Represented Employees Ratify New Six-Year Contract
Friday February 18, 1:57 pm ET
Agreement provides stability for employees and customers
NEWARK, N.J., Feb. 18 /PRNewswire-FirstCall/ -- Public Service Enterprise Group (PSEG) announced today that three of its four New Jersey unions ratified a new six-year collective bargaining agreement.
The agreement was approved by a majority of members of International Brotherhood of Electrical Workers (IBEW) Local 94, United Association of Plumbers and Pipefitters Local 855 and the Office and Professional Employees International Union (OPEIU) Local 153. The three unions represent about 5,100 of PSEG's 6,400 bargaining unit employees in the company's electric and gas utility, fossil and nuclear stations and corporate shared services. Members of a fourth union, the Utility Workers Union of America, will vote on a new contract agreement next week.
The agreement provides for wage rate increases of 3.25 percent in each of the next six years, effective immediately. The current six-year contract was set to expire on April 30, 2005.
"The agreements reflect the strong relationship and spirit of mutual respect between PSEG management, union leadership and represented employees," said E. James Ferland, chairman and CEO. "I want to commend both management and union leaders for reaching a fair agreement well before the contract was set to expire. This kind of stability is not only good for employees, but good for the company and its millions of customers who rely on us to provide safe, reliable energy services day in and day out."
Public Service Enterprise Group (PSEG) (NYSE: PEG - News) is a publicly traded diversified energy and energy services company with three principal subsidiaries: Public Service Electric & Gas (PSE&G) Company, PSEG Power, and PSEG Energy Holdings. The PSEG website address is http://www.pseg.com .