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)