PSE&G is a diversified energy company headquartered in Newark, New Jersey since 1903. They're New Jersey's largest provider of electric and gas service – serving 2.2 million electric customers and 1.8 million gas customers or nearly three out of every four people in the state. PSEG has approximately 13,100 employees, who are carrying forward a proud tradition of dedicated service over more than 100 years.
PSE&G's accounting processes were suboptimal prior to working with HOC. The process involved five employees working on derivatives and three people doing disclosure reporting. The amount of stakeholders involved in the accounting processes led to extended reporting cycles and tight deadlines. Manual processes also had an inherent risk and inconsistency that could be resolved in tandem with HOC.
HOC was brought in to help the problems outlined above. In the initial deep-dive their dedication to finding a solution to the problems PSE&G was facing was evident. PSE&G could tell HOC wanted to make sure they were coming away from the project with their expectations met, and would do what it took accomplish that. HOC was able to resolve the weaknesses in PSE&G's existing processes that were identified by both external and internal auditors. They did so with the following strategy:
PSE&G saw significant results and a return on investment within just six months of using the platform. The results included the following:
"We never really signed on because of the platform, there are platforms all over the place. Like any solution, they’re customizable, it's the team you sign up for."
Chief Accounting Officer - New Fortress Energy