2019 Annual Report
Letter from the Chairman
Ralph Izzo, Chairman, President, and Chief Executive Officer
from the Chairman
Chairman, President
and Chief Executive Officer
T O   O U R   S H A R E H O L D E R S

Traditionally, the energy industry has spoken most often about its hardware. The industry has, in recent years, taken steps to diversify its portfolio and provide customers with cleaner energy options. Equally important has been the industry’s goal of a more diverse workforce.

We, too, are working to build a more diverse PSEG – from our business to our people – in order to create a more sustainable future for our company, our customers and the communities we serve.

As early as 2007, this company advocated for a national price on carbon as part of a larger climate change strategy. It was as clear then as it is today that we could not wait for others to act first – and we quietly and steadfastly continued on the clean energy path we had begun decades earlier.

Today, our PSEG Power fleet has reduced its carbon emission intensity by more than 40% since 2005 to a rate that is approximately half the national average.

In 2019, we announced a new goal to cut PSEG Power’s carbon emissions even further, 80% by 2046, from 2005 levels. We also believe that, with the necessary advances in technology, public policy and consumer behavior, we can achieve our vision of attaining net-zero carbon emissions from PSEG Power’s fleet by 2050.

This is Powering Progress, an even bolder vision for a future where people use less energy, and it’s cleaner and more reliable than ever. Powering Progress embodies how we see the world today and how we choose to act for tomorrow – supporting our transformation to a cleaner energy company.

It has become increasingly clear that, if PSEG is going to continue our tradition of success, we must continue to build a culture that listens to, understands and reflects the many diverse communities we serve.

Whether we’re providing returns for shareholders or building strong relationships with our customers, suppliers and stakeholders, our people have always been the key to our company’s success.

We know that diverse and inclusive organizations make better business decisions, which lead to better business outcomes. In order to achieve our goals – modernizing critical infrastructure, transitioning to a cleaner energy company and preserving our nuclear fleet to help tackle climate change – a diverse and inclusive organization is essential.

With the scheduled retirement of the coal unit in Bridgeport Harbor, Connecticut, in mid-2021, PSEG Power will have exited coal generation completely, while stepping up its efforts to support and develop carbon-free generation sources, including nuclear, solar and offshore wind.

PSE&G also is a leading advocate for energy efficiency, which offers the unique benefit of reducing customers’ energy use and carbon footprint while also helping them reduce their utility bills. Our Clean Energy Future filing calls for historic investments in energy efficiency – at $2.5 billion over six years, the largest ever proposed in New Jersey – as well as investments in other progressive environmental programs, such as electric vehicle charging infrastructure, energy storage and the installation of Advanced Metering Infrastructure, or smart meters, throughout our service territory.

This transformation requires an evolution of our workforce and culture – one in which our skills can drive the industry’s changing needs and our values and experiences reflect the diverse communities where we live and work.

Our ongoing transformation comes without sacrificing PSEG’s historic commitment to providing all of our customers, in all of our communities, with safe, reliable and resilient energy.

We thank you, our shareholders, for your loyalty and support. We will continue to work hard in order to maintain your confidence and trust.


Ralph Izzo Signature

Ralph Izzo
Chairman, President and Chief Executive Officer
Public Service Enterprise Group

Feb. 26, 2020

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