NEWARK, N.J., Dec. 15, 2011 /PRNewswire/ -- PSEG Long
Island LLC, a subsidiary of Public Service Enterprise Group
Incorporated (PSEG), today was selected by the Long Island Power
Authority (LIPA) to manage LIPA's electric transmission and
distribution system. The contract includes targets to improve
customer satisfaction and provide safe and reliable service for 1.1
million LIPA customers.
PSEG Long Island was one of three finalists considered for the
LIPA management services contract, which will begin Jan. 1, 2014 after a two-year transition period
and run for 10 years.
"Today's decision by the LIPA Board of Trustees is welcome
news," said Scott Jennings, PSEG
vice president of development. "We are committed to serving LIPA in
meeting the needs of its residential and business customers, as
well as becoming active members of the Long Island community."
"In accepting our proposal, LIPA recognized the depth of PSEG's
experience and its ability to assist LIPA in managing a safe,
highly reliable electric system on behalf of its customers and in
improving customer service," Jennings said. "PSEG also has a strong
track record in partnering with the communities we serve. Together
with our experienced partner, Lockheed Martin, we look forward to
working with LIPA and the employees dedicated to LIPA's service
territory to bring increased customer satisfaction and reliable
service to Long Island
customers."
Under the agreement, PSEG Long Island will be responsible for
managing electric transmission and distribution operations,
customer services, LIPA's 18 percent ownership of Nine Mile Point 2
Nuclear Station in upstate New
York, and related functions. Lockheed Martin, a
subcontractor to PSEG Long Island, will provide transition
management, information technology, corporate business, energy
efficiency services and other services.
"Operating a utility safely and reliably is our core strength
and one in which we take great pride," said Ralph LaRossa, president and COO of PSE&G,
New Jersey's largest and oldest
electric and gas utility. "The LIPA services agreement recognizes
that commitment to excellence, and will enable us to share best
management and operational practices with LIPA and their
customers." PSE&G, a subsidiary of PSEG, has been
recognized as the most reliable utility in the nation and in the
Mid-Atlantic States.
As part of the management contract, PSEG Long Island will be
expected to develop and implement a number of operational
improvements to provide safe and reliable service, increase
customer satisfaction and manage the operational and maintenance
costs of the utility. During the two-year transition, PSEG and
Lockheed Martin will appoint dedicated management teams whose
employees will live and work on Long
Island and prepare to transition the management of LIPA's
utility services from National Grid.
Please visit www.pseg.com/lipa for more information.
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.
Headquartered in Bethesda,
Md., Lockheed Martin (NYSE:LMT) is a global security company
that employs about 126,000 people worldwide and is principally
engaged in the research, design, development, manufacture,
integration and sustainment of advanced technology systems,
products and services. The Corporation's 2010 sales from continuing
operations were $45.8
billion.
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SOURCE Public Service Enterprise Group (PSEG)