NEWARK, N.J., April 19, 2011 /PRNewswire/ -- PSEG's chairman, president and CEO Ralph Izzo, today told shareholders at the company's annual meeting that PSEG is poised to invest billions over the next three years in projects that will improve reliability and stimulate the economy. He highlighted the diversity of PSEG's fleet, and lauded the company's employees for their contributions to operational excellence and financial success.
"Over the next three years we will be pursuing a $6.7 billion investment program – one of the largest in our history," Izzo said. "We'll invest in transmission projects that will improve reliability, in accelerated infrastructure projects that will help stimulate the economy, and in projects that will improve access to energy efficiency and renewable energy."
Izzo pointed to PSEG's strong cash flows and the company's focus on financial strength despite a challenging business environment with declining prices for the past 3 years. In 2010, the company delivered operating earnings of $3.12 per share and extended its record of paying dividends every year for more than a century.
"Our strong balance sheet and cash flows give us the ability to grow without issuing new equity, while providing ongoing support for dividends," Izzo said.
The chairman noted that PSEG Power produced more electricity in 2010 than ever before, and that the company's fossil units met the test of more than 30 days with temperatures over 90 degrees.
"We achieved a major milestone with the completion of a $1.3 billion investment in state-of-the-art technology, reducing emissions at our New Jersey coal plants by over 90 percent and making them some of the cleanest coal stations in the country," Izzo said.
For a complete text of Izzo's remarks to shareholders, go to www.pseg.com
The statements contained in this communication about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical, are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Although we believe that our expectations are based on reasonable assumptions, we can give no assurance they will be achieved. There are a number of risks and uncertainties that could cause actual results to differ materially from what may actually occur. A discussion of some of these risks and uncertainties is contained in our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K filed with the Securities and Exchange Commission (SEC). These documents address in further detail our business, industry issues and other factors that could cause actual results to differ materially from those indicated in this communication. Forward looking statements made in this communication only apply as of this date. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even if our internal estimates change, unless otherwise required by applicable securities laws.
Public Service Enterprise Group (NYSE: PEG) is a publicly traded diversified energy company with annual revenues of more than $12 billion, and three principal subsidiaries: PSEG Power, Public Service Electric and Gas Company (PSE&G) and PSEG Energy Holdings.
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SOURCE Public Service Enterprise Group (PSEG)