PSEG Announces Vision and Mission, Continues Strong Course for a Sustainable, Equitable, Clean Energy Future

Rhea-AI Summary

PSEG announced its vision and mission to address modern challenges like extreme weather and environmental concerns. The initiative, termed 'Powering Progress', emphasizes a transition to a carbon-free economy and outlines goals including energy efficiency and community empowerment. PSEG has divested 6,750 megawatts of fossil generation to focus on clean energy infrastructure. The company's leadership highlights a commitment to sustainability, inclusivity, and ethical practices, aiming to enhance lives through reliable energy solutions.

Positive

• Divested 6,750 megawatts of fossil generation to enhance focus on clean energy.
• Ambition for net-zero emissions by 2030 supports long-term sustainability.

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• None.

NEWARK, N.J., Feb. 28, 2022 /PRNewswire/ -- PSEG today announced its vision and mission to continue to tackle the 21st century challenges of extreme and damaging weather, protecting the environment and taking action toward a clean, electrified and sustainable economy where all people thrive – Powering Progress. For over 100 years, PSEG employees have brought power to the doors of millions of people, applying science, innovation and engineering to improve lives. PSEG's vision and mission build on this legacy of public service to prepare us for the next 100 years.

Today's customers, employees and investors expect PSEG to not just serve its communities, but to help solve some of society's most complex problems. From its net-zero by 2030 ambition and the development of science-based targets to its energy efficiency programs to transportation and waste minimization goals, Powering Progress embodies PSEG's aspirations for today and ensures it will be here to support communities into the future.

To mark the company's progress toward a more sustainable, equitable future, 40 employees will join PSEG Chairman, President and CEO Ralph Izzo today on the floor of the New York Stock Exchange to ring the closing bell.

PSEG's vision is to power a future where people use less energy, and it's cleaner, safer and delivered more reliably than ever.

PSEG's mission is to:

• Be a positive force in a changing world by providing infrastructure to access safe, affordable, reliable and cleaner energy;
• Work toward a carbon-free economy;
• Empower the lives of our customers, our communities, our workforce and other stakeholders;
• Embrace diversity and inclusion, and promote equitable and ethical behavior.

PSEG is an infrastructure company focused on a clean energy future, powered by a diverse, dedicated and highly skilled workforce. PSEG recently completed its Strategic Alternatives process, divesting 6,750  megawatts of fossil generation to enhance its focus on infrastructure and clean energy investments and drive regulated utility growth. PSEG's Core Commitments, for itself and its suppliers, remain unchanged: safety; integrity; continuous improvement; customer service; and diversity, equity and inclusion.

On the vision and mission, PSEG leadership said:

PSEG Chairman, President and CEO Ralph Izzo: "As we enter a new chapter of PSEG's history, focused on driving a carbon-free economy that serves our people and communities in a fair and equitable way, it is important that we share our goals and path to the future. Our vision and mission will guide us to a more sustainable future and help all our diverse communities thrive. This is Powering Progress."

PSEG Chief Operating Officer Ralph LaRossa: "PSEG is proud to enhance the lives of our customers and our workforce. We're continuing to build on our history and experience to meet the new challenges before us. It won't be easy, and we don't have all the answers but, working together, we can build a better tomorrow. Powering Progress is within reach."

PSEG Chief Financial Officer Dan Cregg: "At PSEG, each of us is already playing an essential part in Powering Progress, whether you're helping reduce emissions, finding ways customers can reduce their energy use, or enabling PSEG to perform essential functions that maintain operational excellence. Our vast capabilities exemplify PSEG's dedication to and strength in the principles of environmental stewardship, social responsibility and ethical governance (ESG). We are Powering Progress."

PSEG General Counsel Tamara Linde: "Powering Progress means much more than delivering safe, affordable and cleaner energy. It captures all that the company is doing, and will do, to meet the challenges and expectations of a changing world. Working together, we are Powering Progress."

PSEG Chief Human Resources Officer and Chief Diversity Officer Sheila Rostiac: "Because of the diverse talents, backgrounds and experience of our teams, we can meet this moment and fulfill our purpose. When our thousands of employees are engaged in this mission, we will be a positive force to be reckoned with: This is how we are Powering Progress."

PSEG Senior Vice President for Corporate Citizenship Rick Thigpen: "PSEG recognizes that the most sustainable, long-lived companies are those that do business in a way that delivers value for the world around us. Just as Public Service is in our name, community and service have always been core to our mission and a critical part of our success. Powering Progress is the reason we come to work every day."

As part of Powering Progress, PSEG also remains committed to transparency and reporting. Data and details on PSEG's policies that support climate, sustainability, DEI and gender equality can be found in our 2021 Sustainability and Climate Report and our 2021 DEI Report.

More details on our vision and mission can be found at www.PSEG.com/PoweringProgress and on our YouTube channel: www.youtube.com/c/PSEGInc. Tune in to the NYSE closing bell ceremony via the PSEG Facebook page: www.facebook.com/PSEG.

About PSEG

Public Service Enterprise Group Inc. (PSEG) (NYSE: PEG) is a publicly traded diversified energy company. Headquartered in Newark, N.J., PSEG's principal operating subsidiaries are: Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 14 consecutive years (https://corporate.pseg.com).

Visit PSEG at:
www.pseg.com
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
PSEG Energize!

CONTACTS:
Investor Relations
Carlotta Chan
973-430-6565
Carlotta.Chan@pseg.com

Media Relations
Marijke Shugrue
908-531-4253
Marijke.Shugrue@pseg.com  

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SOURCE PSEG

FAQ

What is PSEG's new vision and mission?

PSEG's vision aims to create a cleaner, safer, and more reliable energy future, while its mission focuses on providing accessible, affordable, and safer energy.

What does 'Powering Progress' involve?

'Powering Progress' includes initiatives for a carbon-free economy, energy efficiency, and community empowerment.

How has PSEG changed its business focus recently?

PSEG has recently divested 6,750 megawatts of fossil generation to concentrate more on clean energy infrastructure.

What are PSEG's sustainability goals?

PSEG aims for net-zero emissions by 2030 and is committed to diversity, equity, and inclusion in its operations.

When did PSEG make this announcement?

PSEG announced its vision and mission on February 28, 2022.