PSEG Launches Its First ESG Performance Report

PSEG ESG Performance Report Launches New Metrics and Disclosures and Updates on Existing ESG Goals

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Jan 19, 2021, 07:39 ET

NEWARK, N.J., Jan. 19, 2021 /PRNewswire/ -- Public Service Enterprise Group (PSEG) launched its first-ever PSEG ESG Performance Report today as part of its ongoing efforts to increase disclosures and transparency, and help make the company's data clearer and easier for the public to find and understand. Included in the report are a number of new ESG (environmental, social and governance) metrics and disclosures, as well as the company's progress toward existing goals, including:

What's new:

New metrics: expanded disclosure of employee demographics
New vehicle fleet electrification goal
New waste reduction goal
New COVID-19 response overview

Updates include:

An updated Materiality Assessment
PSEG metrics linked to UN Sustainable Development Goals metrics
Progress updates on our ESG goals

The new PSEG ESG Performance Report is available online here.

As COVID-19 and the social unrest of 2020 have demonstrated, business and society are dynamic – and ESG reporting needs to rapidly evolve to continue to meet the needs of business and stakeholders who make decisions in this era of constant change. PSEG has delivered best-in-class environmental reporting for years and today's report reflects PSEG's continued disclosures to meet the needs of stakeholders.

The report presents not only the data and details, but also PSEG's approach to disclosure and its continued commitment to relevant, accessible and detailed ESG information. This report is part of PSEG's strong legacy of reporting and metrics. Going forward, these details will be incorporated into PSEG's annual climate and sustainability report.

"Even as we devote attention to the immediate crisis of the pandemic, PSEG remains intently focused on the long-term challenges of climate change," PSEG Chairman, President and CEO Ralph Izzo said. "The impacts of our changing climate pose risks to our environment, our communities, our economy and our business. We're pleased to offer the first-ever PSEG ESG Performance Report as a centralized source of data – available to anyone who wants to better understand our business strategy and evaluate our business' impact. Our objective is to simplify and expedite the flow of information and to continuously improve our disclosure process to be more useful and transparent, which can be especially helpful to our diverse stakeholders who navigate the evolving landscape of ESG metrics."

"From Wall Street to Main Street, PSEG's stakeholders are increasingly focused on the role that environmental, social and governance issues play in our business agenda," PSEG Senior Vice President for Corporate Citizenship Rick Thigpen said. "Disclosing ESG data helps stakeholders better understand how PSEG is achieving long-term growth by meeting the energy needs of highly diverse communities today and helping them make the transition to a clean energy future."

"The combined impacts of the COVID-19 pandemic and steps taken to address social equity helped to make 2020 a unique year," PSEG Chief Human Resources Officer and Chief Diversity Officer Sheila Rostiac said. "The PSEG ESG Performance Report aims to capture and share a fuller picture of what we've accomplished as a company. As a best-in-class employer, PSEG is stepping up support for employees, increasing our focus on DEI, increasing transparency in workforce reporting, and driving culture change for an inclusive workplace where all employees can thrive."

The PSEG ESG Performance Report complements our more extensive reports and reporting frameworks. PSEG's Climate Report can be found online here. Its Sustainability report can be found here. More ESG reporting and disclosure information can be found on PSEG's Investor Relations website under Governance > ESG disclosures, or by visiting https://investor.pseg.com/governance/esg-disclosures/default.aspx.

Public Service Enterprise Group Inc. (PSEG) (NYSE: PEG) is a publicly traded diversified energy company with approximately 13,000 employees. Headquartered in Newark, N.J., PSEG's principal operating subsidiaries are: Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 13 consecutive years (https://corporate.pseg.com).

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Forward-Looking Statement

The statements contained in this press release that are not purely historical are "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. Factors that may cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed 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: https://investor.pseg.com. All of the forward-looking statements made in this press release are qualified by these cautionary statements and we cannot assure you that the results or developments anticipated by management 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 press release apply only as of the date hereof. 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.

From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate Investor Relations website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the Investor Relations website to review new postings. You can also use the "Email Alerts" link at https://investor.pseg.com sign up for automatic email alerts regarding new postings.