Izzo: PSEG Remains on Course Despite Challenging Times

NEWARK, N.J., April 20 /PRNewswire-FirstCall/ -- Ralph Izzo, chairman, president and CEO today addressed shareholders at the PSEG (NYSE: PEG) annual meeting saying that the company is building a bright future despite challenging times. He also saluted employees for helping find ways to reduce costs and for their dedication to operational excellence and customer service.

"This past year brought more than its share of challenges, from a weak economy to an exceptionally cool summer," said Izzo.  He credited employees with helping achieve strong financial results.  "Our employees responded in exemplary fashion.  They found many ways to achieve new levels of operational excellence and significant cost savings across the board."

He also saluted employees for their work to restore customers from recent storms, including the worst in PSE&G history as measured by the number of customers without power.  "We recently witnessed remarkable efforts in responding to the devastating rain and wind storm that struck New Jersey in March," he said. "We are grateful to everyone who rallied to the restoration effort – our people; the crews and contractors from other utilities that assisted us; and municipal employees and public officials at all levels across the state. And we cannot thank our customers enough for their patience, understanding and trust throughout a very difficult time."      

Izzo also complimented employees for their commitment to operational excellence and  highlighted the success of PSEG Power's nuclear plants.  Salem Unit 2 completed its longest run ever between refuelings – 515 days of producing safe, reliable, economic and green energy  He also noted that PSE&G was again named the most reliable electric company in the nation.    

Izzo reminded shareholders that in February 2010, the company increased common stock dividend. "For seven consecutive years, we have increased our dividend, adding to one of the longest records of any U.S. company for paying dividends."  PSEG has paid annual dividends on an uninterrupted basis since 1907.

The chairman noted that the company is making significant investments that will have a positive impact on the environment.  "Any company can speak about its commitment to green energy.  We back our words with action.  We are showing that utilities can be instrumental in efforts to expand access to green energy and boost the economy."  

He added, "Even while making these investments, we further strengthened our balance sheet, as our businesses have continued to generate healthy cash flows and income."

Izzo concluded by saying, "We are positioning PSEG for a rapidly evolving energy future, reflecting the urgent need to address climate change, provide environmentally friendly supply and further improve infrastructure to assure reliability."

For a complete text of Izzo's remarks to shareholders, go to www.pseg.com.

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)

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