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PSEG on August 3 released its 2010 Corporate Sustainability Report, maintaining its standing as a leader in environmental, social and economic reporting and transparency.
In 2010, PSEG received the industry's most prestigious honor – the Edison Electric Institutes' Edison Award – in recognition of its bold and innovative growth strategy geared toward clean energy, energy efficiency and job creation - thus strengthening the company's leadership position.
PSEG's commitment to social, economic and environmental responsibility also led it to establish a new target for reducing its carbon intensity, surpassing the previous target.
The 2010 report, PSEG's second annual corporate sustainability report, is available online at http://www.pseg.com/sustainability.
"PSEG recognizes that today's social contract goes well beyond what has been historically defined as 'corporate responsibility'," said Anne Hoskins, senior vice president for public affairs and sustainability. "Social, environmental and economic issues are rooted in the company's strategic investments and execution efforts and we are committed to leading our corporation and the communities in which we serve to a sustainable future."
Hoskins' title reflects the visibility sustainability is given at PSEG. The company organized "Sustainability Week," which help to raise employee awareness that sustainability involves more than environmental responsibility. Programs brought attention to PSEG's accomplishments in the sustainability arena and discussed challenges the company faces in its quest to be a leader in providing safe, reliable, economic and green energy.
This year's report highlights PSEG's dedication to addressing climate change, upgrading aging infrastructure, and investing in workforce development. The report also discusses challenges the company faces in its quest to be a leader in providing safe, reliable, economic and green energy. It underscores the company's commitment to social responsibility and points to a number of energy efficiency and renewable energy initiatives that have the potential to mitigate climate change and create new revenue opportunities and jobs. Specifically, the company focused on combating climate change and creating jobs through energy efficiency efforts, the development of renewable resources and developing clean central station energy, investing up to $5 billion dollars in the process.
PSEG is proud of its place on the Dow Jones Sustainability North America Index, a list comprised of the leading 20 percent of North American companies in terms of sustainability performance. Dow Jones and PSEG agree that long-term shareholder value is created by embracing opportunities and managing risks derived from economic, environmental and social developments.
PSEG's Sustainability Report is consistent with Global Reporting Initiative (GRI) guidelines, which are quickly becoming the standard in global sustainability reporting. GRI guidelines were used to identify key performance indicators including some specific to sustainability reporting in the electric power industry. PSEG sponsored a GRI workshop last year where stakeholders reviewed the Draft Electric Utility Sector Supplement.
Public Service Enterprise Group is a publicly traded diversified energy company with annual revenues of more than $12 billion, and three principal subsidiaries: PSEG Power, Public Service Electric and Gas Company (PSE&G) and PSEG Energy Holdings.