NEWARK, N.J., April 19, 2011 /PRNewswire/ -- PSEG's chairman,
president and CEO Ralph Izzo, today
told shareholders at the company's annual meeting that PSEG is
poised to invest billions over the next three years in projects
that will improve reliability and stimulate the economy. He
highlighted the diversity of PSEG's fleet, and lauded the company's
employees for their contributions to operational excellence and
financial success.
"Over the next three years we will be pursuing a $6.7 billion investment program – one of the
largest in our history," Izzo said. "We'll invest in transmission
projects that will improve reliability, in accelerated
infrastructure projects that will help stimulate the economy, and
in projects that will improve access to energy efficiency and
renewable energy."
Izzo pointed to PSEG's strong cash flows and the company's focus
on financial strength despite a challenging business environment
with declining prices for the past 3 years. In 2010, the
company delivered operating earnings of $3.12 per share and extended its record of paying
dividends every year for more than a century.
"Our strong balance sheet and cash flows give us the ability to
grow without issuing new equity, while providing ongoing support
for dividends," Izzo said.
The chairman noted that PSEG Power produced more electricity in
2010 than ever before, and that the company's fossil units met the
test of more than 30 days with temperatures over 90 degrees.
"We achieved a major milestone with the completion of a
$1.3 billion investment in
state-of-the-art technology, reducing emissions at our New Jersey coal plants by over 90 percent and
making them some of the cleanest coal stations in the country,"
Izzo said.
For a complete text of Izzo's remarks to shareholders, go to
www.pseg.com
FORWARD-LOOKING STATEMENT
The statements contained in this communication about our 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
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 what may actually
occur. 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). 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. Forward looking statements made in this
communication only apply as of this 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)