NEWARK, N.J., April 17, 2012 /PRNewswire/ -- PSEG's chairman, president and CEO Ralph Izzo today told shareholders at the company's annual meeting that PSEG is investing billions in projects aimed at improving the reliability of New Jersey's energy infrastructure, helping the environment and stimulating the economy. He highlighted the company's investments in transmission, energy efficiency and renewable energy as well as the efficient performance of its fleet and pointed to the power of competitive markets as the most cost-effective way to ensure reliability.
"We are pursuing a $6.7 billion investment program – one that is creating thousands of jobs and bolstering New Jersey's economy," Izzo said. "Utilities can be important allies in addressing a range of pressing societal needs – for economic growth, good jobs, a healthy environment and thriving communities."
PSE&G is creating jobs by investing in a variety of areas. The New Jersey utility is investing $3.5 billion in transmission projects that will help maintain and improve reliability and lower costs for millions of consumers. It is also spending $307 million to bring energy efficiency improvements to customers who otherwise might not have been able to afford them.
Additionally, PSE&G is expanding its investments in gas and electric infrastructure improvements, and spending more than $700 million in solar energy projects that are expected to create the equivalent of more than 1,000 jobs. The company is looking to do even more in this area, Izzo said, with a focus on solar projects on landfills and former industrial sites that can be brought back to life.
Izzo pointed to the recent completion of $1.3 billion in advanced emissions controls at PSEG's Mercer and Hudson coal-fueled stations. These projects created 1,600 construction jobs as well as some full-time positions and made the plants two of the cleanest facilities of their type in America.
The chairman noted that PSEG's combined cycle units set a new record for energy production in 2011 and its nuclear plants operated at a 93 percent capacity factor. The company's Hope Creek nuclear unit set a new record for output in 2011.
Izzo highlighted PSEG's support of competitive markets. "New clean power plants have been built in a cost-effective way, and existing plants improved as a result of competition in the power market," he said. He noted that PSEG is building a total of 400 megawatts of new, clean peaking generation in New Jersey and Connecticut, and said the market supports a growing role for energy efficiency and programs to reduce peak usage.
PSE&G continues to be recognized for its reliability and swift, responsive action during storms. The company was named the most reliable electric utility in its region for the tenth consecutive year and it won an Emergency Response Award from the Edison Electric Institute for outstanding response in restoring customers during Hurricane Irene – one of the most devastating storms in PSE&G's history.
PSE&G continues to pass through savings from falling natural gas prices. PSEG has reduced costs for residential gas customers more than 35 percent over the last three years.
Izzo concluded by noting other ways in which PSEG makes an impact on the economy. PSEG pays $1 billion in wages annually, spends $1 billion with New Jersey businesses, pays over $150 million to New Jersey retirees and survivors, and pays more than $370 million in local and state taxes. Approximately $100 million of the almost $700 million PSEG pays each year in dividends goes to New Jersey shareholders.
To read the speech in its entirety, please visit PSEG's "Newsroom" at www.pseg.com.
The statements contained in this communication about us 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 information currently available and 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 the forward-looking statements made herein. 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), and available on our website: http://www.pseg.com. 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. In addition, any forward-looking statements included herein represent our estimates only as of the date hereof and should not be relied upon as representing our estimates as of any subsequent 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)