-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, VxUdiJcM6uqbno+26KUFdHqh64jJ6MR/NRWEKnkXDP9BmvUNsiN/W7x1r+sBweSf 7NF4AohzJvCQ8Q8sjAmWvQ== 0000930413-07-003551.txt : 20070417 0000930413-07-003551.hdr.sgml : 20070417 20070417172922 ACCESSION NUMBER: 0000930413-07-003551 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20070417 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070417 DATE AS OF CHANGE: 20070417 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUBLIC SERVICE ENTERPRISE GROUP INC CENTRAL INDEX KEY: 0000788784 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 222625848 STATE OF INCORPORATION: NJ FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09120 FILM NUMBER: 07771795 BUSINESS ADDRESS: STREET 1: CORPORATE ACCOUNTING SERVICES STREET 2: 80 PARK PLAZA, 9TH FLOOR CITY: NEWARK STATE: NJ ZIP: 07102-4194 BUSINESS PHONE: 973-430-7000 MAIL ADDRESS: STREET 1: CORPORATE ACCOUNTING SERVICES STREET 2: 80 PARK PLAZA, 9TH FLOOR CITY: NEWARK STATE: NJ ZIP: 07102-4194 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PSEG ENERGY HOLDINGS LLC CENTRAL INDEX KEY: 0001089206 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 222983750 STATE OF INCORPORATION: NJ FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-32503 FILM NUMBER: 07771796 BUSINESS ADDRESS: STREET 1: 80 PARK PLAZA STREET 2: 22ND FLOOR CITY: NEWARK STATE: NJ ZIP: 07102-4194 BUSINESS PHONE: 973-456-3581 MAIL ADDRESS: STREET 1: 80 PARK PLAZA STREET 2: 22ND FLOOR CITY: NEWARK STATE: NJ ZIP: 07102-4194 FORMER COMPANY: FORMER CONFORMED NAME: PSEG ENERGY HOLDINGS INC DATE OF NAME CHANGE: 19990621 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PSEG POWER LLC CENTRAL INDEX KEY: 0001158659 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 223663480 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-49614 FILM NUMBER: 07771797 BUSINESS ADDRESS: STREET 1: 80 PARK PLAZA T-6 STREET 2: ` CITY: NEWARK STATE: NJ ZIP: 07111 BUSINESS PHONE: 9734307000 MAIL ADDRESS: STREET 1: 80 PARK PLAZA T-6 CITY: NEWARK STATE: NJ ZIP: 07111 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUBLIC SERVICE ELECTRIC & GAS CO CENTRAL INDEX KEY: 0000081033 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 221212800 STATE OF INCORPORATION: NJ FISCAL YEAR END: 0717 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-00973 FILM NUMBER: 07771798 BUSINESS ADDRESS: STREET 1: CORPORATE ACCOUNTING SERVICES STREET 2: 80 PARK PLAZA, 9TH FLOOR CITY: NEWARK STATE: NJ ZIP: 07102-4194 BUSINESS PHONE: 973-430-7000 MAIL ADDRESS: STREET 1: CORPORATE ACCOUTNING SERVICES STREET 2: 80 PARK PLAZA, 9TH FLOOR CITY: NEWARK STATE: NJ ZIP: 07102-4194 8-K 1 c47996_8k.htm c47996_8k.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing
    UNITED STATES     
    SECURITIES AND EXCHANGE COMMISSION     
    Washington, D.C. 20549     
 
    FORM 8-K     
 
    CURRENT REPORT     
    Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934     
         
    Date of Report (Date of earliest event reported) April 17, 2007     
         
    PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED     
    (Exact name of registrant as specified in its charter)     
New Jersey    001-09120    22-2625848 
(State or other    (Commission File Number)    (I.R.S. Employer 
jurisdiction of incorporation)        Identification No.) 
    80 Park Plaza, P.O. Box 1171     
    Newark, New Jersey 07101-1171     
    (Address of principal executive offices) (Zip Code)     
    973-430-7000     
    (Registrant's telephone number, including area code)     
    http://www.pseg.com     
 
    PUBLIC SERVICE ELECTRIC AND GAS COMPANY     
    (Exact name of registrant as specified in its charter)     
New Jersey    001-00973    22-1212800 
(State or other    (Commission File Number)    (I.R.S. Employer 
jurisdiction of incorporation)        Identification No.) 
    80 Park Plaza, P.O. Box 570     
    Newark, New Jersey 07101-0570     
    (Address of principal executive offices) (Zip Code)     
    973-430-7000     
    (Registrant's telephone number, including area code)     
    http://www.pseg.com     
 
    PSEG POWER LLC     
    (Exact name of registrant as specified in its charter)     
Delaware    000-49614    22-3663480 
(State or other    (Commission File Number)    (I.R.S. Employer 
jurisdiction of incorporation)        Identification No.) 
    80 Park Plaza, T-25     
    Newark, New Jersey 07102-4194     
    (Address of principal executive offices) (Zip Code)     
    973-430-7000     
    (Registrant's telephone number, including area code)     
    http://www.pseg.com     
 
    PSEG ENERGY HOLDINGS L.L.C.     
    (Exact name of registrant as specified in its charter)     
New Jersey    000-32503    42-1544079 
(State or other    (Commission File Number)    (I.R.S. Employer 
jurisdiction of incorporation)        Identification No.) 
    80 Park Plaza, T-20     
    Newark, New Jersey 07102-4194     
    (Address of principal executive offices) (Zip Code)     
    973-430-7000     
    (Registrant's telephone number, including area code)     
    http://www.pseg.com     

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

     [  ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

     [   ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a -12)

     [  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d -2(b))

     [   ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e -4(c))

     The information contained in Item 7.01 Regulation FD Disclosure in this combined Form 8-K is separately furnished, as noted, by Public Service Enterprise Group Incorporated (PSEG), Public Service Electric and Gas Company (PSE&G), PSEG Power LLC (Power) and PSEG Energy Holdings L.L.C. (Energy Holdings). Information contained herein relating to any individual company is provided by such company on its own behalf and in connection with its respective Form 8-K. PSE&G, Power and Energy Holdings each makes representations only as to itself and makes no other representations whatsoever as to any other company.

Item 7.01 Regulation FD Disclosure

     On April 17, 2007, PSEG conducted its 2007 Annual Meeting of Stockholders in Newark, New Jersey. A copy of the press release and remarks from the 2007 Annual Meeting are furnished as exhibits to this Form 8-K.

Item 9.01 Financial Statements and Exhibits

      Exhibit 99    Annual Meeting press release dated April 17, 2007. 
  Exhibit 99.1    Ralph Izzo remarks from 2007 Annual Meeting of Stockholders. 

2

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. The signature of the undersigned company shall be deemed to relate only to matters having reference to such company and any subsidiaries thereof.

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED 
(Registrant)

 
By:     
/s/ Derek M. DiRisio 
   
    Derek M. DiRisio     
    Vice President and Controller     
    (Principal Accounting Officer)     

Date: April 17, 2007

3

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. The signature of the undersigned company shall be deemed to relate only to matters having reference to such company and any subsidiaries thereof.

PUBLIC SERVICE ELECTRIC AND GAS COMPANY 
(Registrant)

 
By:     
/s/ Derek M. DiRisio 
 
    Derek M. DiRisio   
    Vice President and Controller   
    (Principal Accounting Officer)   

Date: April 17, 2007

4

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. The signature of the undersigned company shall be deemed to relate only to matters having reference to such company and any subsidiaries thereof.

PSEG POWER LLC 
(Registrant)

 
By:     
/s/ Derek M. DiRisio 
 
    Derek M. DiRisio   
    Vice President and Controller   
    (Principal Accounting Officer)   

Date: April 17, 2007

5

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. The signature of the undersigned company shall be deemed to relate only to matters having reference to such company and any subsidiaries thereof.

PSEG ENERGY HOLDINGS L.L.C. 
(Registrant)

 
By:     
/s/ Derek M. DiRisio 
 
    Derek M. DiRisio   
    Vice President and Controller   
    (Principal Accounting Officer)   

Date: April 17, 2007

6

EX-99 2 c47996_ex99.htm c47996_ex99.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing
For further information, contact:         
         Ø Kathleen A. Lally, Vice President – Investor Relations    Phone:  973-430-6565   
         Ø Greg McLaughlin, Sr. Investor Relations Analyst    Phone:  973-430-6568   
         Ø Yaeni Kim, Sr. Investor Relations Analyst 
 
 Phone:  973-430-6596   

IZZO TELLS PSEG SHAREHOLDERS, “COMPANY SOLID AND IMPROVING”

FINANCIAL STRENGTH EXPECTED TO ALLOW
CONTINUED GROWTH

Vows Company will be a thought leader in environment and workforce development

(Newark, NJ – April 17, 2007) — Ralph Izzo, president, CEO and chairman of PSEG today told several hundred shareholders gathered for the annual shareholder meeting at the NJPAC in Newark, New Jersey, that “PSEG’s best-in-class operations are getting better. Our financial condition is solid and improving. And the outlook for the future has never been brighter.”

Izzo pointed out that PSEG has issued guidance for year-over-year operating earnings to increase by 37 percent in 2007 and increase a further 15 percent in 2008. Izzo told shareholders that, “Our positive earnings forecasts make us even more confident of our ability to continue modestly increasing the dividend in the future.” He also noted that PSEG has paid dividends annually for 100 consecutive years – the only New Jersey company to have achieved this milestone.

Izzo emphasized that 2006 was a year of successes for PSEG – and for shareholders. The stock has performed very well, he noted, regularly reaching record prices continuing into 2007.

Izzo stressed that the financial strength was the result of solid operational performance throughout the company. Among the accomplishments Izzo listed for 2006 were:

  • PSEG’s safest year in the history of the company
  • PSE&G being named the most reliable utility in America – for the second consecutive year
  • Resolution of PSE&G’s electric and gas rate cases
  • PSEG Power’s agreement with regulators on environmental investment at two NJ coal plants
  • PSEG Energy Holdings’ most profitable year ever
  • Generation records at PSEG Power’s fossil and nuclear plants

Izzo also reiterated his plans to position PSEG as a thought leader on environmental issues facing the energy industry and workforce development issues facing the nation.

Izzo reminded shareholders that PSEG has been aggressively advocating nationwide greenhouse gas reductions for some time, and that in New Jersey, PSEG is a strong supporter and an active participant in the process launched by Governor Corzine to develop a new Energy Master Plan for the state. “We have long been an industry leader in the area of environmental responsibility, but today much more is required in this area…and much more is at stake. We have a great deal of expertise at the point where energy intersects the

environment. We are determined to apply our knowledge not only along familiar paths, but also to explore new possibilities and technologies to develop environmentally responsible energy solutions.”

Workforce development is another area where Izzo expects PSEG to play a leadership role. PSEG has an innovative program with a number of New Jersey community colleges and other educational institutions to create a pool of technically skilled and educated workers. It enables students to pursue a degree in Energy Utility Technology and combine their classroom studies with hands-on apprentice-level training. “This program is working,” said Izzo. “ Many graduates have become full-time PSEG employees. More than half who have done so are women and minorities. This program has been recognized for excellence by the U.S. Equal Employment Opportunity Commission. We are looking to build on this success.”

Shareholders acted on several proposals at the meeting. Shareholders voted to increase the authorized common stock from 500 million shares to one billion shares. PSEG currently has approximately 270 million shares issued or reserved for issuance. Izzo told shareholders that the increase in authorized shares will maximize PSEG’s financial flexibility and that the new shares could be used to raise capital, make acquisitions, accomplish a stock split – or a combination of those actions.

Shareholders re-elected four members of the Board of directors: Ernest H. Drew, William V. Hickey, Ralph Izzo and Richard J. Swift and approved several additional proposals.

Complete text of remarks can be found at pseg.com

Company information:

PSEG (NYSE:PEG) is a diversified energy company headquartered in Newark, New Jersey with more than $28 billion in assets and more than $12 billion in annual revenues. PSEG’s primary subsidiaries are PSEG Power, an independent power producer with more than 13,600 megawatts of electric generating capacity; PSE&G, recently named as America’s most reliable utility, and PSEG Energy Holdings, a holding company for other energy-related businesses.

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, among other things: the effects of weather; the performance of generating units and transmission systems; the availability and prices for oil, gas, coal, nuclear fuel, capacity and electricity; changes in the markets for electricity and other energy-related commodities; changes in the number of participants and the risk profile of such participants in the energy marketing and trading business; the effectiveness of our risk management and internal controls systems; the effects of regulatory decisions and changes in law; changes in competition in the markets we serve; the ability to recover regulatory assets and other potential stranded costs; the outcomes of litigation and regulatory proceedings or inquiries; the timing and success of efforts to develop domestic and international power projects; conditions of the capital markets and equity markets; advances in technology; changes in accounting standards; changes in interest rates and in financial and foreign currency markets generally; the economic and political climate and growth in the areas in which we conduct our activities; and changes in corporate strategies. For further information, please refer to our Annual Report on Form 10-K 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.

######

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Ralph Izzo
Chairman, President and CEO
Public Service Enterprise Group Incorporated
Remarks (Procedural Discussion Omitted)
Annual Meeting of Stockholders
April 17, 2007

I am delighted to report to you on the condition of your company.

Our best-in-class operations are getting better. Our financial condition is solid and improving. And the outlook for the future has never been brighter.

The period since we met last November has been highly productive, with progress made on many fronts.

First, as to regulatory matters: Two longstanding rate cases, one in electric, the other in gas, were resolved with the New Jersey Board of Public Utilities in a fair manner, thereby ensuring our ability to continue providing the safe, reliable service our customers expect.

We also reached an agreement with federal and state environmental regulators that will result in reduced air emissions from our New Jersey coal generating units and help to keep New Jersey supplied with affordable energy.

Second, on the “operations front”, our employees have been getting excellent results. In 2006, our employees had their safest year ever, a testament to their continued commitment and dedication to Job One, Safety.

Reliability is closely linked to safety. In 2006, PSE&G won recognition for the second consecutive year as the nation’s most reliable electric utility. PSE&G has won similar awards for reliability in the Mid-Atlantic region five years in a row.

And PSEG Energy Holdings had its most profitable year ever due largely to strong operations at its two Texas electric-generating facilities.

PSEG Power, our large wholesale energy supply business, is also operating at record performance levels.

This includes vastly improved performance at the Salem and Hope Creek nuclear stations. It’s been one of the industry’s most remarkable turnarounds. In 2006, the stations operated at a 96 percent capacity factor and generated more electricity than in any previous year.

In December we announced that we would resume direct management at Salem and Hope Creek. This was a key decision toward securing our long-term

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nuclear future. We followed it immediately by successfully recruiting Bill Levis and his senior Exelon team to PSEG. Our ability to sustain nuclear excellence is vital not only to your company’s future, but also to New Jersey’s future, for the environment and the economy.

Third, let’s review our financial results: We completed 2006 with operating earnings near the high end of our guidance.

In January we increased our dividend, bringing our annual indicated dividend rate to $2.34 per share.

Your company has paid dividends annually for 100 consecutive years. Very few other companies have been as consistent in rewarding stockholders over such a long span of time. In fact, we are the only New Jersey company to have achieved this milestone.

For some time we have been telling you that we expect to continue modest increases in the dividend. Our positive earnings trajectory makes us even more confident of our ability to do so. In fact, we believe we will have greater flexibility as to dividend policy given the expected robust earnings improvement for 2007 and beyond. Of course, dividend payments always depend on our actual performance and business conditions at that time.

On that point, we recently raised our earnings guidance for 2007 and 2008. While many factors can affect our financial results, we expect year-over-year operating earnings to increase by 37 percent in 2007 and a further 15 percent in 2008.

Our financial position has continued to improve with the healthy earnings and cash flows generated by our businesses. And we have also reduced risk by selling a number of non-core assets.

Wall Street has noticed these and other positive developments. Our stock has been on a strong run, reaching historic highs. We are pleased with these results but remind investors that PSEG has always been about long-term value creation, and that is not about to change.

We are not taking anything for granted or resting on our laurels. Quite the opposite: During the past several months we have been busy putting in place a highly qualified and capable new management team. That process is now largely complete. We are continuing to rebuild our workforce with an eye on rewarding good internal performers, recruiting diverse talent from outside the company and preserving cost savings from more efficient operations.

Turning to the future…

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We will stick to a business model that has served your company well.

It begins with our employees achieving operational excellence with safety first. Their pride, skills and dedication make all the difference. They are the people behind the scenes who win national reliability awards and achieve new milestones in producing and delivering energy safely to benefit our customers and the communities we serve. I cannot thank them enough for all their fine work. You – as a stockholder – can be proud of the work they do day in and day out.

Their excellence on the job is also behind the financial success that enables us to provide you with fair returns.

Our immediate financial priority has been and remains debt reduction, which we believe is essential for solid, long-term growth.

With our increasing financial strength, we will be positioned to take advantage of an excellent range of growth opportunities.

Let’s consider each subsidiary.

PSEG Power is our main earnings driver. Power’s generating stations in New Jersey, Connecticut, Pennsylvania and New York State have about 13,000 megawatts of capacity. The employees of Power can be justly proud of all they do to produce the energy that lights millions of homes and thousands of businesses, around the clock and throughout the year. As I’ve discussed, they’ve been doing it in a way increasingly characterized by excellence, and we will be looking to build on this.

Most of Power’s output comes from low-cost nuclear and coal units in markets where natural gas is often setting the price of power generation. The value of Power’s generating capacity is being increasingly recognized in the marketplace, where demand has been growing.

Power is well positioned to continue meeting this demand. Over the longer term, it may have the opportunity to pursue expansion projects at some of its generation sites.

PSE&G, our New Jersey energy delivery company, is well positioned to meet growing needs for energy infrastructure. With its strong record for reliability, PSE&G continues to provide an important element of stability to your company’s portfolio.

When it comes to delivering the energy that is one of life’s necessities, the record is clear: No one does it better than the employees of PSE&G. They deliver the energy that keeps New Jersey’s economy humming and ensures the quality of life of millions of people.

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Their work tends to be invisible to most people until a natural disaster or other emergency occurs. Then it becomes apparent how remarkable they are in ensuring safe, reliable service.

They again rose to the challenge during the biting cold, snow and ice of this past February, just as they did when temperatures soared over 100 degrees and electric demand reached an all-time peak in our New Jersey service territory this past August: Simply outstanding.

Our third business, PSEG Energy Holdings is an important contributor, too. Holdings has a mix of domestic and international energy assets and investments, and has been pursuing a strategy focused on reducing international exposure, paying down debt and returning capital to the parent company. We have made considerable progress with this strategy. During the past three years, Holdings returned more than $1.3 billion to the parent company. We will continue to sell non-core assets if the price is right.

The domestic part of Holdings’ portfolio includes such valuable assets as our two 1000-megawatt Texas generating facilities. The remaining international operating assets are concentrated in solidly performing distribution companies in Chile and Peru, delivering the same services to millions of customers in those countries as PSE&G delivers to its customers here in New Jersey. We believe that Holdings can continue to be an important source of capital and stockholder value.

In short, we have been getting important contributions from all our businesses.

But, where do we go from here?

From our fundamentally solid position in the energy marketplace, there should be a range of opportunities to apply our strong cash flows to make for a very bright future.

We will focus on doing this in ways that reinforce your company’s leadership position.

In an economy where knowledge, vision and ideas matter more than ever, we will look to provide the innovative solutions that create value for stockholders while benefiting society.

Let me touch on two key areas where heightened leadership is essential. First – the environment:

We have long been an industry leader in the area of environmental responsibility,

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but today much more is required in this area…and much more is at stake. Across our nation, there is increasing concern about how to meet growing energy needs while reducing greenhouse gases that contribute to global warming. This is the single most important issue we face as an industry.

We are aggressively advocating nationwide greenhouse gas reductions, as we have for some time. Here in New Jersey, we strongly support and are actively involved in the process launched by Governor Corzine to develop a new Energy Master Plan that will address climate change along with other important energy and environmental challenges.

There is no simple solution when it comes to tackling an immense problem like climate change. Yet no one is better equipped than a company like ours to help in meaningful ways. We have a great deal of expertise at the point where energy intersects the environment. We are determined to apply our knowledge not only along familiar paths, but also to explore new possibilities and technologies to develop environmentally responsible energy solutions.

What are some specific ways we might help? It may be by providing the capital to our customers to invest in energy efficient appliances, or renewable energy supplies like solar. It may involve a new advanced metering technology that gives customers greater control over the energy they use, to help them save money and conserve resources. We are piloting a number of projects with smart meters, and the results are promising.

Right now, we are putting the finishing touches on an innovative program that you’ll be hearing more about in the coming days.

Undoubtedly, we will need to think in new ways about our business. Yet our energy future will not be completely different than the world we know. Our primary responsibility will remain to ensure safe, reliable energy for our customers. Central station power generation will remain essential. In particular, nuclear power is a proven, carbon emissions-free electric generation technology. We need to preserve our options as a company to participate in nuclear power’s future.

Workforce development is another area where we intend to play a leadership role. With a view to the diverse and highly skilled workforce of the future, we are investing in programs that open doors to good careers in our industry.

This is especially important at a time when our company and industry are facing a looming workforce shortage. We need to make sure that as Baby Boomers retire, we transfer their skills and have qualified people to replace them.

We have an innovative program with a number of New Jersey community colleges and other educational institutions to create a pool of technically skilled

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and educated workers. It enables students to pursue a degree in Energy Utility Technology and combine their classroom studies with hands-on apprentice-level training.

This program is working. Many of its graduates have become full-time employees. More than half who have done so are women and minorities. This program has been recognized for excellence by the U.S. Equal Employment Opportunity Commission. And we are looking to build on this success.

It may be obvious but is nevertheless worth stating: As we take up new challenges and assert leadership in new ways, you can be certain we will continue supporting the communities we serve.

The PS in our name will always stand for Public Service. It will continue to stand for things like the campaign we’re leading to build the PSE&G Children’s Specialized Hospital, a new pediatric rehabilitation hospital in New Brunswick to help ensure the best medical outcomes for children, providing a level of specialized care that in past years was generally only available out of the state.

Public Service will also continue to stand for initiatives like New Jersey After 3, which is expanding the range and quality of enriching after-school programs for children.

Last and not least, Public Service will stand as it always has for our employees’ tremendous tradition of volunteerism that anchors our community involvement with so many worthy causes like the March of Dimes. Later this month more than 500 employees throughout the company will walk for the March of Dimes to promote better health for infants and mothers. They have been walking every year for more than two decades: Typical of them…but when you think about it, actually extraordinary.

In closing, I express my gratitude to our employees and also to Jim Ferland, who did so much over two decades to pave the way for your company’s continued success.

I am confident we can build on their accomplishments to achieve an even brighter future in the years ahead.

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