PSEG’s 2023 Sustainability Report highlights company’s impact, focus on business predictability

Newark-based Public Service Enterprise Group recently launched its 2023 Sustainability Report. The report demonstrates PSEG’s impact and continued focus on key sustainability efforts, as well as the long-term company focus on predictability.

“PSEG is actively working toward our vision of a future where people use less energy, and it is cleaner, safer and more reliable than ever,” PSEG Chair, CEO and President Ralph LaRossa said. “This year’s Sustainability Report continues to show that we are engaged in the fight against climate change and taking action to mitigate the existing impacts, while also focusing on predictability for our business. Our actions have an impact and will produce an even more sustainable PSEG. Our company’s focus on the future is important so that we can continue to be part of the fabric of our communities for generations to come as we have been for 120 years and counting.”

This is the first sustainability report released since LaRossa assumed the role as president in September 2022. It offers updates on the company’s achievements and priorities for a wide range of topics, including air emissions, energy efficiency and waste minimization.

Highlighting PSEG’s climate strategy, which touches areas across the company, the report discusses the 2022 sale of the company’s fossil generation portfolio, and notes that, at the end of 2022, Public Service Electric & Gas achieved its methane emission reduction target of 22% from 2018 levels, a year earlier than the initial goal.

PSEG’s 2023 Sustainability Report also includes updates on promoting biodiversity and support for environmental justice and equity efforts among PSEG’s many diverse stakeholder groups and communities.

Other key highlights of the report include:

  • Energy efficiency: PSEG recognizes that energy efficiency has a two-fold benefit: reduced customer costs and reducing emissions. PSE&G’s energy efficiency programs are expected to result in significant savings on participating customer’s utility bills annually.
  • Waste minimization: Sustainable management practices and waste management goals and objectives focus on investment recovery, donation of usable items, waste minimization, reuse and recycling. In 2022 more than 91% of all waste generated by PSE&G was recycled or reused.
  • Biodiversity: PSEG is focused on promoting and enhancing biodiversity through natural resource conservation while continuing to operate in a safe and reliable manner. In southern New Jersey and neighboring areas along Delaware Bay, PSEG Nuclear has restored, enhanced and preserved more than 20,000 acres of marshland. The utility also works to preserve bird species diversity along our 1,200 miles of transmission right-of-way.
  • Supporting people and communities: PSEG continues to build a workforce that is representative of the places employees live and work and is equipped to meet the changing needs of the business, customers and communities. PSEG achieved its goal to spend 30% with diverse suppliers in 2021, two years ahead of schedule. During 2022, PSEG spent more than $1 billion on goods and services from diverse suppliers, a 35% increase from 2021. PSEG is also helping develop New Jersey’s clean energy workforce through innovative training and development programs, including the Clean Energy Jobs Program, which has so far hired over 2,400 individuals from low- to moderate-income communities for jobs in the clean energy sector.
  • Environmental justice and equity: PSEG aims to make the transition to a cleaner energy future work for everyone, including those in underserved communities. A recent success in this area is the significant level of community involvement and participation behind the design and construction of the new Newark Switching Station.
  • Supporting the regional economy: PSEG’s investments in critical energy infrastructure serve as an important economic engine. We conducted $2.1 billion worth of business with New Jersey-based companies in 2022, 65% of our total spend. That includes $748 million in spending with businesses based in Newark, our home city.

With sustainability in mind, PSEG said it remains focused on value creation and long-term growth for all stakeholders, including shareholders, employees, customers and the communities in which it operates. PSEG’s financial strength enhances its ability to sustain excellence in operations, deploy capital effectively, create jobs and deliver value to customers and shareholders.