PSE&G 2008 Annual Report Download - page 2

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Our focus on operational excellence in
2008 enabled PSEG to remain financially
strong during the most difficult economic
conditions in decades. With heightened
efforts by our employees at cost reduc-
tion, we fully expect to emerge successfully
as the economy improves.
We have built a foundation for continued
success with a disciplined approach to
investment in several traditional service
offerings and in new areas related to
climate change. In doing so, we are
advancing our vision of PSEG as a
recognized leader, known for its people
providing safe, reliable, economic and
green energy.
Few if any companies entirely escaped the
effects of the economic downturn. Our
stock followed the rest of the market and
dropped 40 percent from a year earlier.
But unlike some companies, we remained
financially sound and, indeed, improved
our balance sheet during 2008.
We reduced debt through the sale of our
last major international assets. Except for
a few small residual investments, we have
exited our international position and, in the
process, lowered risk.
We delivered operating earnings of $2.92
per share – a record for us and right in the
middle of the guidance we had issued.
Also on the positive side, we added
to one of the longest records of
chairman’s
letter
Chairman, President
and Chief Executive Officer
Ralph Izzo