Report highlights company's impact, focus on
sustainability, biodiversity and business predictability
PSEG marks 100% carbon-free generation
milestone
NEWARK, N.J.,
Nov. 17,
2023 /PRNewswire/ -- PSEG today launched the 2023
Sustainability Report. The report is the first Sustainability
Report released since Ralph LaRossa
assumed the role of President and CEO of PSEG in September 2022 and Chair of the PSEG Board in
January 2023. With updates on the
company's achievements and priorities for a wide range of topics
including air emissions, energy efficiency and waste minimization,
the report demonstrates PSEG's impact and continued focus on key
sustainability efforts as well as the long-term company focus on
predictability.
"PSEG is actively working toward our vision of a future where
people use less energy, and it is cleaner, safer and more reliable
than ever," said PSEG Chair, President and CEO Ralph LaRossa. "This year's Sustainability
Report continues to show that we are engaged in the fight against
climate change and taking action to mitigate the existing impacts,
while also focusing on predictability for our business. Our actions
have an impact and will produce an even more sustainable PSEG. Our
company's focus on the future is important so that we can continue
to be part of the fabric of our communities for generations to come
as we have been for 120 years and counting."
The 2023 Sustainability Report highlights PSEG's climate
strategy which touches areas across the company. For example, the
report discusses the 2022 sale of the company's fossil generation
portfolio, a business decision that, along with the sale of our
interest in the Kalaeloa generation facility in 2023, means PSEG
now owns one of the few carbon-free generation fleets in
the United States. The report also
notes that at the end of 2022, PSE&G achieved its methane
emission reduction target of 22% from 2018 levels, a year earlier
than the initial goal. PSEG's 2023 Sustainability Report also
includes updates on promoting biodiversity and support for
environmental justice and equity efforts among PSEG's many diverse
stakeholder groups and communities.
With sustainability in mind, PSEG remains focused on value
creation and long-term growth for all stakeholders, including
shareholders, employees, customers and the communities in which we
operate. PSEG's financial strength enhances our ability to sustain
excellence in operations, deploy capital effectively, create jobs
and deliver value to our customers and shareholders.
The report provides updates on PSEG's targets, impact and focus
areas across a range of categories including:
- Energy efficiency: PSEG recognizes that energy
efficiency has a two-fold benefit: reduced customer costs and
reducing emissions. PSE&G's energy efficiency programs are
expected to result in significant savings on participating
customer's utility bills annually.
- Waste minimization: Our sustainable management practices
and waste management goals and objectives focus on investment
recovery, donation of usable items, waste minimization, reuse and
recycling. In 2022 more than 91% of all waste generated by
PSE&G was recycled or reused.
- Biodiversity: PSEG is focused on promoting and enhancing
biodiversity through natural resource conservation while continuing
to operate in a safe and reliable manner. In southern New Jersey and neighboring areas along
Delaware Bay, PSEG Nuclear has restored, enhanced and preserved
more than 20,000 acres of marshland. The utility also works to
preserve bird species diversity along our 1,200 miles of
transmission right-of-way.
- Supporting our people and communities: We continue to
build a workforce that is representative of the places we live and
work and equipped to meet the changing needs of our business, our
customers and our communities. PSEG achieved its goal to spend 30%
with diverse suppliers in 2021, two years ahead of schedule. During
2022, PSEG spent more than $1 billion
on goods and services from diverse suppliers, a 35% increase from
2021. PSEG is also helping develop New
Jersey's clean energy workforce through innovative training
and development programs, including the Clean Energy Jobs Program
which has so far hired over 2,400 individuals from low-to-moderate
income communities for jobs in the clean energy sector.
- Environmental justice and equity: PSEG aims to make the
transition to a cleaner energy future work for everyone, including
those in underserved communities. A recent success in this area is
the significant level of community involvement and participation
behind the design and construction of the new Newark Switching
Station.
- Supporting the regional economy: PSEG's investments in
critical energy infrastructure serve as an important economic
engine. We conducted $2.1 billion
worth of business with New
Jersey-based companies in 2022, 65% of our total spend. That
includes $748 million in spending
with businesses based in Newark,
our home city.
About PSEG
Public Service Enterprise Group (PSEG) (NYSE: PEG) is a
predominantly regulated infrastructure company focused on a clean
energy future. Guided by its Powering Progress vision, PSEG aims to
power a future where people use less energy, and it's cleaner,
safer and delivered more reliably than ever. PSEG's commitment
to ESG and sustainability is demonstrated in
our net-zero 2030 climate vision and participation in
the U.N. Race to Zero, as well as our inclusion on the Dow
Jones Sustainability North America Index and the list of America's
most JUST Companies. PSEG's businesses include Public Service
Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island
(https://corporate.pseg.com).
FORWARD-LOOKING STATEMENTS
Certain of the matters discussed in this report about our and
our subsidiaries' future performance, including, without
limitation, future strategies, prospects, consequences, as well as
statements regarding ESG targets, goals, plans to reduce emissions
and emissions intensity, consideration by management of climate
scenario analyses, strategies for implementing climate-related
programs and related plans, targets and goals, commitments to
climate-related programs and policies, expectations and priorities
for climate-related initiatives, future climate reporting and other
ESG-related initiatives, objectives and other matters, and all
other statements that are not purely historical, constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements are subject to risks and uncertainties, which could
cause actual results to differ materially from those anticipated.
Such statements are based on management's beliefs as well as
assumptions made by and information currently available to
management. When used herein, the words "aim", "hope", "strategy",
"seek", "could", "would", "will", "may", "anticipate," "intend,"
"estimate," "believe," "expect," "plan," "should," "hypothetical,"
"potential," "forecast," "project," variations of such words and
similar expressions are intended to identify forward-looking
statements. Forward-looking statements are not guarantees or
promises that targets, goals, plans, commitments, or projections,
including but not limited to those relating to ESG-related matters,
will be met, or that strategies will be implemented or expectations
realized, and no assurance can be given that any plans, targets,
goals, commitments, expectations, initiatives or plans in this
report can or will be realized, achieved, met or completed.
Investors are cautioned not to place undue reliance on any
forward-looking statements. Factors that may cause actual
results to differ are often presented with the forward-looking
statements themselves. These risks and uncertainties include,
without limitation: the ability to implement our business strategy,
including carbon emission reduction goals; the failure to meet
stated environmental targets, goals and commitments, implement and
execute our priorities and strategies in the time frame expected or
at all; State and federal legislative and regulatory initiatives,
including costs of compliance with existing and future
environmental regulations, including those related to climate
change; Federal and state regulations, laws or other efforts
designed to promote and expand the use of energy efficiency
measures, natural gas electrification and distributed generation
technologies; global sociodemographic and economic trends, changing
government regulations; technological advancements and innovations;
climate-related conditions and weather events; our ability to
gather and verify data regarding environmental impacts; the
compliance of various third parties with our policies and
procedures; and our expansion into new products, services,
technologies, and geographic regions. Other factors that
could cause actual results to differ materially from those
contemplated in any forward-looking statements made by us herein
are discussed in filings we make with the United States Securities
and Exchange Commission (SEC), including our Annual Report on Form
10-K and subsequent reports on Form 10-Q and Form 8-K.
All of the forward-looking statements made in this Report are
qualified by these cautionary statements and we cannot assure you
that any ESG-related or other targets, goals, plans, commitments,
or projections contained in this Report will be met, or that
strategies will be implemented or expectations realized, will be
realized or even if realized, will have the expected consequences
to, or effects on, us or our business, prospects, financial
condition, results of operations or cash flows. Readers are
cautioned not to place undue reliance on these forward-looking
statements in making any investment decision. Forward-looking
statements made in this Report apply only as of the date of this
Report. While we may elect to update forward-looking statements
from time to time, we specifically disclaim any obligation to do
so, even in light of new information or future events, unless
otherwise required by applicable securities laws.
The forward-looking statements contained in this Report are
intended to qualify for the safe harbor provisions of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended.
CONTACTS:
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Investor
Relations
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Media
Relations
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pseg-investorrelations@pseg.com
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Alyana Alfaro
Post
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973-430-6565
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973-886-0938
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Alyana.AlfaroPost@pseg.com
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SOURCE PSEG