Points to focus on operational excellence, financial strength and disciplined investment NEWARK, N.J., April 21 /PRNewswire-FirstCall/ -- Ralph Izzo, president, CEO and chairman of PSEG today told shareholders gathered for the annual meeting that the company is well positioned to address three major challenges that provide opportunity for growth: climate change, the need to replace aging infrastructure and the need for additional energy supply. "Our focus on operational excellence, financial strength and disciplined investment is the right foundation in these uncertain times," Izzo said. "Our assets are well positioned in a business climate that will continue to be influenced by environmental, aging infrastructure and energy capacity needs, as well as difficult market conditions." Izzo also said that cost containment will continue to be a major focus of the company, and cited uncertainty about commodity prices -- oil, gas, coal and electricity -- as potentially problematic for energy producers. Izzo talked about the company's focus on operational excellence and pointed to the fact that PSEG Power, the company's wholesale energy supply business, produced more electricity in the last year than it has in any prior year. The company's nuclear facilities have been improving: Hope Creek was the highest performing nuclear unit in the nation, and Salem 2 had the second fastest steam-generator replacement in the history of the industry. The company's fossil units have also been performing at superior levels. PSEG's combined cycle fleet achieved record output last year. PSEG grew operating earnings by 70 percent over the last two years, Izzo said, eliminating risk by selling international assets at attractive prices and reducing financial risk by eliminating debt. PSE&G recently gained regulatory approval for $694 million in accelerated electric and gas infrastructure projects that will stimulate New Jersey's economy and create 900 utility and contractor positions over the next two years. Izzo emphasized the role that utilities like PSE&G can play in providing access to energy efficiency and renewable energy. "We have been vocal on the importance of regulatory reform to provide greater certainty and timely consideration of utility investments," he said. "Such reform is vital to building a new green energy economy." PSEG is one of only a handful of companies in the nation to have offered a dividend each and every year for more than a century, and has increased its dividend the last six years in a row. Click here for complete text of remarks or visit http://www.pseg.com/. Public Service Enterprise Group (PSEG) is a publicly traded diversified energy company with annual revenues of more than $13 billion, and three principal subsidiaries: PSEG Power, PSEG Energy Holdings, and Public Service Electric and Gas Company (PSE&G). PSEG Power, one of the largest independent power producers in the U.S. has three main subsidiaries: PSEG Fossil, PSEG Nuclear, and PSEG Energy Resources & Trade. PSEG Energy Holdings has two main unregulated energy-related businesses: PSEG Global and PSEG Resources. PSE&G, New Jersey's oldest and largest regulated gas and electric delivery utility, serves nearly three-quarters of New Jersey's population. Forward-Looking Statement Readers are cautioned that statements contained in this press release about our and our subsidiaries' future performance, including future revenues, earnings, strategies, prospects and all other statements that are not purely historical, are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Although we believe that our expectations are based on reasonable assumptions, we can give no assurance they will be achieved. The results or events predicted in these statements may differ materially from actual results or events. Factors which could cause results or events to differ from current expectations include, but are not limited to: -- Adverse Changes in energy industry, policies and regulation, including market rules that may adversely affect our operating results. -- Any inability of our energy transmission and distribution businesses to obtain adequate and timely rate relief and/or regulatory approvals from federal and/or state regulators. -- Changes in federal and/or state environmental regulations that could increase our costs or limit operations of our generating units. -- Changes in nuclear regulation and/or developments in the nuclear power industry generally, that could limit operations of our nuclear generating units. -- Actions or activities at one of our nuclear units that might adversely affect our ability to continue to operate that unit or other units at the same site. -- Any inability to balance our energy obligations, available supply and trading risks. -- Any deterioration in our credit quality. -- Any inability to realize anticipated tax benefits or retain tax credits. -- Increases in the cost of or interruption in the supply of fuel and other commodities necessary to the operation of our generating units. -- Delays or cost escalations in our construction and development activities. -- Adverse investment performance of our decommissioning and defined benefit plan trust funds and changes in discount rates and funding requirements. -- Changes in technology and/or increased customer conservation. For further information, please refer to our Annual Report on Form 10-K, including item 1A. Risk Factors, and subsequent reports on Form 10-Q and Form 8-K filed with the Securities and Exchange Commission. These documents address in further detail our business, industry issues and other factors that could cause actual results to differ materially from those indicated in this release. In addition, any forward-looking statements included herein represent our estimates only as of today and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even if our estimates change, unless otherwise required by applicable securities laws. DATASOURCE: Public Service Enterprise Group (PSEG) CONTACT: Jenn Kramer, +1-973-430-6027 Web Site: http://www.pseg.com/

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