2020 Annual Report
Letter from the Chairman
Ralph Izzo, Chairman, President, and Chief Executive Officer
Letter 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

For more than a century, PSEG has excelled in the face of challenging times. The challenges of 2020 rival the largest ever faced by our company, our nation or the world. And I could not be prouder of our employees’ performance and our organization’s ability to overcome unprecedented obstacles.

The COVID-19 pandemic’s impact on PSEG has been transformative and has reinforced our commitment to our customers, employees, shareholders and the communities we serve as an essential, innovative and resilient corporation.

Since long before the onset of the pandemic, we have demonstrated our value as a provider of the most essential of services – safe, reliable and affordable energy. As millions of workers, students and caregivers were asked to stay home to slow the spread of the coronavirus, they relied on the energy we provide to power their video conferences and virtual classrooms, and to keep their homes bright and comfortable. We supported the critical work that healthcare providers were doing to save lives by ensuring the lights were on and the power was available to energize hospitals, nursing homes, critical care facilities and, most recently, vaccination centers.

Divident Per Share

PSEG employees also demonstrated that resilience and adaptability are not just words to describe our energy infrastructure, but also underline the character of our workforce. The need to change how we work in the name of health and safety – whether logging in from home or maintaining physical distance at our worksites – showed us that PSEG’s strength comes from its people, and is not tied to a workplace or building. These insights will be invaluable as we transition our organization toward a post-pandemic environment.

PSEG acted to make a difference in 2020 even beyond our normal reliable delivery of energy. By donating 50,000 face masks and 200,000 pairs of gloves to medical providers early in the pandemic, contributing more than $4 million to food banks and other pandemic relief needs, and employees using their personal time to manufacture PPE for first responders or to share time and resources to help those who are struggling, we demonstrated the generosity behind the name “Public Service.”

Despite the challenges presented by the pandemic, PSEG has nevertheless continued its ongoing transition toward the future described in our Powering Progress vision – a future in which we help our customers use less energy, we ensure that the energy they use is as clean as possible, and we deliver that energy more reliably than ever before.

This year marks the first of PSE&G’s three-year, $1 billion energy efficiency program, a historic step in our clean energy transformation. Energy efficiency was the first component of PSE&G’s Clean Energy Future proposal to be authorized; two additional programs – the statewide installation of advanced metering infrastructure and the development of electric vehicle charging infrastructure – were approved by the New Jersey Board of Public Utilities during the first weeks of 2021.

This June also will mark the completion of PSEG Power’s long-term exit strategy from coal generation, with the scheduled retirement of Bridgeport Harbor Unit 3. At the same time, we are continuing our efforts to support nuclear power as New Jersey’s leading source of carbon-free energy and explore opportunities in the state’s growing offshore wind industry.

By the end of 2021, we expect to complete our Strategic Alternatives initiative. The intent is to accelerate our transformation into a primarily regulated electric and gas utility with a contracted zero-carbon energy business, consisting of our existing nuclear assets and future expected offshore wind investment.

Following a year during which we made progress to advance a culture of diversity, equity and inclusion (DEI), we intend to continue that work in 2021 with a goal of elevating PSEG’s reputation as a DEI leader, internally and externally. This work will further enhance PSEG’s historic commitment to providing all of our customers, in all of our communities, with safe, reliable and resilient energy.

PSEG has long recognized the importance of sustainability and our approach to environmental, social and governance (ESG) matters by integrating these considerations into our strategic decisionmaking, allocation of capital and risk management.

During my 14 years as CEO, our business strategy has considered not only how the effects of climate change might impact PSEG and its investors, but also how our business operations impact the world we live in, and how we can help all of our stakeholders manage its uncertainties.

The ultimate goal of PSEG’s ESG and sustainability efforts is that our organization remains a positive force in the world. Such purposeful focus ensures that our company exists not only to provide a public service, but also to benefit our customers, our communities, our workforce and our shareholders, with a bias toward equitable and ethical behavior.

We thank you, our shareholders, for your loyalty and support. We will continue to work hard and deliver our best effort, every day, to maintain your confidence and trust.


Ralph Izzo Signature

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

Feb. 26, 2021

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