This year, PSEG joined a very small, elite circle of publicly traded companies by providing a dividend to its shareholders for the 110th consecutive year.
That milestone, which members of PSEG’s finance team and I were proud to commemorate during a bell-ringing ceremony at the New York Stock Exchange, reflects our company’s long record of reliability – to our customers, to our employees and, of course, to our shareholders.
For more than a century, Public Service has embodied a standard of reliability by meeting our customers’ needs for a universal, 24/7 supply of affordable energy. At the same time, we have provided shareholders with sustainable, long-term value built on operational excellence, financial strength and disciplined investment.
Our commitment to those values will guide us over the next 110 years, as well – even as the world’s relationship with energy continues to evolve.
- We will accomplish this by continuing to invest in our electric and natural gas infrastructure – improving our transmission and distribution system to be cleaner, more efficient, more reliable and more resilient to extreme weather.In the short-term, we plan to invest $12 billion in PSE&G’s energy infrastructure over the next five years.Those investments – such as our Energy Strong program, implemented after Superstorm Sandy – will fortify our systems against flooding and other extreme weather conditions by raising substations and strengthening our grid. They also will modernize an aging system of cast-iron and unprotected steel gas mains to reduce leaks that disrupt service and release greenhouse gases.
- We will accomplish this by increasing efficiency and streamlining operations at our fleet of power plants.We are investing $2 billion in new generation – with the development and construction of new plants in Sewaren, N.J., Bridgeport, Conn., and Prince George’s County, Md., that will improve the efficiency of our fleet.
- In the future, we expect to invest in an even more diverse portfolio that includes renewables, such as solar energy; increased access to energy efficient technology for customers at all income levels; and a greater ability for customers to interact directly with our energy grid.
For more than a century, PSEG’s success has been built upon a foundation of reliability and a commitment to serve our customers and the public good.
Moving forward, PSEG will continue to provide reliability for both customers and shareholders by finding creative ways to meet customers’ needs – and demands – for a more modern electric grid.
Our commitment to providing customers with universal access to a reliable, resilient grid and a 24/7 supply of safe, clean and affordable energy is a common thread linking our company’s past success with our commitments to the future.
Dan Cregg, Executive Vice President And Chief Financial Officer, PSEG