PSEG sets new record in spending toward diverse suppliers

Public Service Enterprise Group recently hosted its 12th annual Supplier Diversity Procurement Fair, which brought together New Jersey’s business community and the utility.

The event offered small businesses an opportunity to meet with buyers to discuss their business.

Last year, PSEG set a new record by buying $532 million worth of products and services from minority-, women- and veteran-owned businesses. PSEG said this is a 13 percent increase from the year prior. Almost 19 percent of the utility’s purchase were with diverse vendors. In total, PSEG spent $2.1 billion in business with New Jersey-based companies in 2017.

“We’ve increased our total diverse-supplier expenditures by more than 300 percent over the past decade,” said David Daily, PSE&G president and chief operating officer. “Supplier diversity is one of PSEG’s most important programs, and is  closely aligned with our commitments to our customers, the communities we serve and the entire state of New Jersey.”

More than 55 organizations attended the event, including the New Jersey Business & Industry Association, the New Jersey Association of Women Business Owners, the New Jersey African American Chamber of Commerce and the Statewide Hispanic Chamber of Commerce. A number of large purchasers attended as well, including the Port Authority of New York and New Jersey, New Jersey Natural Resources, Consolidated Edison and New Jersey Transit.

“Hosting the annual Supplier Diversity Procurement Fair is one way we can create new relationships with diverse vendors and strengthen existing ones,” said Brian Clark, PSEG’s vice president-procurement. “Partnering with diverse suppliers isn’t about political correctness, it’s smart business. We have a diverse customer base, and with that comes an obligation to provide those communities with access to business opportunities. Through those relationships, we gain a deeper understanding of those communities and, in turn, better serve our customers.”