PSEG Launches 2023 Sustainability Report—First Report Released Under Chair, President and CEO Ralph LaRossa
Report highlights company’s impact, focus on sustainability, biodiversity and business predictability
PSEG marks 100% carbon-free generation milestone
(NEWARK, N.J. – Nov. 17, 2023) PSEG today launched the 2023 Sustainability Report. The report is the first Sustainability Report released since Ralph LaRossa assumed the role of President and CEO of PSEG in September 2022 and Chair of the PSEG Board in January 2023. With updates on the company’s achievements and priorities for a wide range of topics including air emissions, energy efficiency and waste minimization, the report demonstrates PSEG’s impact and continued focus on key sustainability efforts as well as the long-term company focus on predictability.
“PSEG is actively working toward our vision of a future where people use less energy, and it is cleaner, safer and more reliable than ever,” said PSEG Chair, President and CEO Ralph LaRossa. “This year’s Sustainability Report continues to show that we are engaged in the fight against climate change and taking action to mitigate the existing impacts, while also focusing on predictability for our business. Our actions have an impact and will produce an even more sustainable PSEG. Our company’s focus on the future is important so that we can continue to be part of the fabric of our communities for generations to come as we have been for 120 years and counting.”
The 2023 Sustainability Report highlights PSEG’s climate strategy which touches areas across the company. For example, the report discusses the 2022 sale of the company’s fossil generation portfolio, a business decision that, along with the sale of our interest in the Kalaeloa generation facility in 2023, means PSEG now owns one of the few carbon-free generation fleets in the United States. The report also notes that at the end of 2022, PSE&G achieved its methane emission reduction target of 22% from 2018 levels, a year earlier than the initial goal. PSEG’s 2023 Sustainability Report also includes updates on promoting biodiversity and support for environmental justice and equity efforts among PSEG’s many diverse stakeholder groups and communities.
With sustainability in mind, PSEG remains focused on value creation and long-term growth for all stakeholders, including shareholders, employees, customers and the communities in which we operate. PSEG’s financial strength enhances our ability to sustain excellence in operations, deploy capital effectively, create jobs and deliver value to our customers and shareholders.
The report provides updates on PSEG’s targets, impact and focus areas across a range of categories including:
- Energy efficiency: PSEG recognizes that energy efficiency has a two-fold benefit: reduced customer costs and reducing emissions. PSE&G’s energy efficiency programs are expected to result in significant savings on participating customer’s utility bills annually.
- Waste minimization: Our sustainable management practices and waste management goals and objectives focus on investment recovery, donation of usable items, waste minimization, reuse and recycling. In 2022 more than 91% of all waste generated by PSE&G was recycled or reused.
- Biodiversity: PSEG is focused on promoting and enhancing biodiversity through natural resource conservation while continuing to operate in a safe and reliable manner. In southern New Jersey and neighboring areas along Delaware Bay, PSEG Nuclear has restored, enhanced and preserved more than 20,000 acres of marshland. The utility also works to preserve bird species diversity along our 1,200 miles of transmission right-of-way.
- Supporting our people and communities: We continue to build a workforce that is representative of the places we live and work and equipped to meet the changing needs of our business, our customers and our communities. PSEG achieved its goal to spend 30% with diverse suppliers in 2021, two years ahead of schedule. During 2022, PSEG spent more than $1 billion on goods and services from diverse suppliers, a 35% increase from 2021. PSEG is also helping develop New Jersey’s clean energy workforce through innovative training and development programs, including the Clean Energy Jobs Program which has so far hired over 2,400 individuals from low-to-moderate income communities for jobs in the clean energy sector.
- Environmental justice and equity: PSEG aims to make the transition to a cleaner energy future work for everyone, including those in underserved communities. A recent success in this area is the significant level of community involvement and participation behind the design and construction of the new Newark Switching Station.
- Supporting the regional economy: PSEG’s investments in critical energy infrastructure serve as an important economic engine. We conducted $2.1 billion worth of business with New Jersey-based companies in 2022, 65% of our total spend. That includes $748 million in spending with businesses based in Newark, our home city.
Public Service Enterprise Group (PSEG) (NYSE: PEG) is a predominantly regulated infrastructure company focused on a clean energy future. Guided by its Powering Progress vision, PSEG aims to power a future where people use less energy, and it's cleaner, safer and delivered more reliably than ever. PSEG's commitment to ESG and sustainability is demonstrated in our net-zero 2030 climate vision and participation in the U.N. Race to Zero, as well as our inclusion on the Dow Jones Sustainability North America Index and the list of America's most JUST Companies. PSEG's businesses include Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island (https://corporate.pseg.com).
Certain of the matters discussed in this report about our and our subsidiaries’ future performance, including, without limitation, future strategies, prospects, consequences, as well as statements regarding ESG targets, goals, plans to reduce emissions and emissions intensity, consideration by management of climate scenario analyses, strategies for implementing climate-related programs and related plans, targets and goals, commitments to climate-related programs and policies, expectations and priorities for climate-related initiatives, future climate reporting and other ESG-related initiatives, objectives and other matters, and all other statements that are not purely historical, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. Such statements are based on management’s beliefs as well as assumptions made by and information currently available to management. When used herein, the words “aim”, “hope”, “strategy”, “seek”, “could”, “would”, “will”, “may”, “anticipate,” “intend,” “estimate,” “believe,” “expect,” “plan,” “should,” “hypothetical,” “potential,” “forecast,” “project,” variations of such words and similar expressions are intended to identify forward-looking statements. Forward-looking statements are not guarantees or promises that targets, goals, plans, commitments, or projections, including but not limited to those relating to ESG-related matters, will be met, or that strategies will be implemented or expectations realized, and no assurance can be given that any plans, targets, goals, commitments, expectations, initiatives or plans in this report can or will be realized, achieved, met or completed. Investors are cautioned not to place undue reliance on any forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. These risks and uncertainties include, without limitation: the ability to implement our business strategy, including carbon emission reduction goals; the failure to meet stated environmental targets, goals and commitments, implement and execute our priorities and strategies in the time frame expected or at all; State and federal legislative and regulatory initiatives, including costs of compliance with existing and future environmental regulations, including those related to climate change; Federal and state regulations, laws or other efforts designed to promote and expand the use of energy efficiency measures, natural gas electrification and distributed generation technologies; global sociodemographic and economic trends, changing government regulations; technological advancements and innovations; climate-related conditions and weather events; our ability to gather and verify data regarding environmental impacts; the compliance of various third parties with our policies and procedures; and our expansion into new products, services, technologies, and geographic regions. Other factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in filings we make with the United States Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K.
All of the forward-looking statements made in this Report are qualified by these cautionary statements and we cannot assure you that any ESG-related or other targets, goals, plans, commitments, or projections contained in this Report will be met, or that strategies will be implemented or expectations realized, will be realized or even if realized, will have the expected consequences to, or effects on, us or our business, prospects, financial condition, results of operations or cash flows. Readers are cautioned not to place undue reliance on these forward-looking statements in making any investment decision. Forward-looking statements made in this Report apply only as of the date of this Report. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even in light of new information or future events, unless otherwise required by applicable securities laws.
The forward-looking statements contained in this Report are intended to qualify for the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.