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Aug. 12, 2013 /PRNewswire/ -- PSEG (NYSE: PEG) today released its 2013 Sustainability Report, reaffirming its commitment to being a leader in providing transparent environmental, social and economic reporting. The report offers a critical look at the issues that matter most to PSEG and discusses challenges such as the need for infrastructure that can better withstand severe weather.
"We've been operating our business with a focus on sustainability for more than a hundred years and we continue to make significant progress," said
Ralph Izzo, chairman, president and CEO of PSEG.
The report, PSEG's fifth, emphasizes the company's focus on energy efficiency, renewables and other clean technologies and notes the large investments it has made to reduce emissions of traditional pollutants from its fossil-fueled plants. It celebrates the company's outstanding record for reliability, highlights its community support activities, and discusses its role in developing solar energy, the importance of fuel diversity and the value of a strong balance sheet.
Protecting critical infrastructure, the report says, is an important facet of climate adaptation. A key challenge is the need to improve society's ability to withstand and recover from extreme and changing weather patterns. Superstorm Sandy was the worst storm in PSEG's history and it was preceded only a year before by two other devastating storms.
"It is clear that that despite our best-in-class reliability, large parts of our existing infrastructure are not up to the test presented by the increasingly intense and destructive storms we've been seeing," Izzo said. "To be sustainable, we need not just reliability, but resiliency – the ability to mitigate impacts and respond more swiftly to storms that can cause so much damage."
The company has proposed a
$3.9 billion, 10-year plan to harden its infrastructure and make New Jersey "Energy Strong." The plan has wide support from customers, municipal and county government, business and labor unions.
In 2012, PSEG was one of only two American utilities to be named to the Dow Jones Sustainability World Index, which recognizes companies that are best in class among their peers in meeting certain economic, environmental and social criteria. The Dow Jones Sustainability Indexes (DJSI) is a benchmark for companies that want to adopt sustainable best practices.