PSE&G 2007 Annual Report Download - page 4

PSEG Annual Report 2007 | Page 2
Letter from the Chairman,
President and Chief Executive Offi cer
Ralph Izzo
Operational excellence is the foundation for our success. In 2007, our businesses
operated at historically high levels of performance, enabling us to continue PSEG’s
proud history of providing safe and reliable energy for our customers and solid
returns for our shareholders.
We added new members to a highly capable management team and fi lled many
other open positions to strengthen our organization — effectively restoring PSEG
as a company standing fi rmly and proudly on its own feet. We built a strong
fi nancial position as we prepared for future growth. We reduced international risk
and exposure, thus further enhancing our fi nancial stability. And supported by
the outstanding contributions of our employees, we reinforced our reputation as
a company that cares deeply about community and the environment — one that
increasingly is looked to for leadership in its industry and the larger society.
Climate change emerged as the pre-eminent issue that will shape the future. We
not only continued to reduce our environmental impacts, but have been front and
center in asserting the unique contribution that utilities can and should make in the
fi ght against global warming.
In short, 2007 was a defi ning year as we chart our path based on operational
excellence, fi nancial strength and disciplined investment. We are well-positioned to
meet the major challenges our industry will face in the future, refl ecting three key
needs of society: namely, the need for higher and higher levels of environmental
performance; the need to replace an aging energy infrastructure; and the need for
additional energy supplies — all vitally important to the quality of life.
Our business model is working the way it should: Operational excellence builds greater
fi nancial strength, which in turn provides the resources for disciplined investment
in things we can do well. Our goal is to build a cycle of continuously improving
performance, in which success breeds success — for customers, employees and not
least, for our shareholders.
In 2007, we provided our shareholders with very attractive returns — in keeping
with a long-established PSEG objective…and tradition.
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