PSE&G 2008 Annual Report Download - page 6

We will continue working hard to get more
out of our assets as well as explore growth
opportunities. If we cannot find attractive
ways to deploy capital for growth, we will
return it to shareholders in the form of
share repurchases or dividend increases,
but not at the risk of jeopardizing our
liquidity or balance sheet.
We strongly believe our focus on opera-
tional excellence, financial strength
and disciplined investment is the right
foundation for a bright future.
The election of President Obama in
November 2008 opened new prospects
for policies to stimulate investment in
infrastructure and green energy. We are
vocal advocates for a national renewable
portfolio standard and other constructive
policies that can help America develop
the world’s leading clean energy industry.
In the long run, growth will be aided by
collaborative efforts with government,
labor and other key partners supporting
investment to advance a common goal of
a strong, sustainable economy.
Workforce Development
Preparing the future workforce is impor-
tant to sustainability. We have increased
our efforts to expand the pool of skilled
workers to do the energy jobs that lie
ahead — in green or traditional areas.
We have innovative partnerships with
several New Jersey colleges, including
five community colleges where students
can earn their degree in Energy Utility
Technology. This program is providing an
important pipeline of new, diverse talent
for our workforce, as we have hired more
than 70 of its graduates. We have added
a course on alternative energy to the cur-
riculum, and established a Green Energy
Academy with the technical and vocational
school system of Essex County in northern
New Jersey.
PSEG was recently named by Business
Week magazine as one of the “Best
Places to Launch a Career” because of
this focus on workforce development.
We have a similar emphasis on provid-
ing outstanding career opportunities for
our employees.
Our Vision
We believe there is tremendous value in
the PSEG vision of a company and its
people as recognized leaders in providing
safe, reliable, economic and green energy.
The vision defines us as an organization
strongly committed to our customers,
employees, the communities we serve
and not least, our shareholders. It speaks
to our proud 105-year history, precious
reputation and role in improving the quality
of life. At the same time, the vision points
the way forward to achieve a position of
lasting, recognized leadership.
Recognition is growing of our efforts
in green as well as traditional energy
disciplines. In 2008, PSEG was added to
the Dow Jones Sustainability Index,
which evaluates performance to help
individuals understand how responsible a
company is to society and the environment.
PSEG was also named to the Carbon
Disclosure Leadership Index, which rec-
ognizes companies with leading
approaches to climate change disclosure
and governance practices.
Behind such recognition is the ongoing
commitment of our employees to opera-
tional excellence, and I would like to
thank them for all their hard work. We are
fortunate to have employees who
excel not only on the job but in serving
as volunteers for many worthy causes.
Once again, their efforts made us the
number-one utility in the nation in raising
funds for the March of Dimes.
In closing, I wish to thank our shareholders
for their continued trust and support. We
will continue striving to justify your
confidence.
Sincerely,
Ralph Izzo
Chairman, President and
Chief Executive Officer
Public Service Enterprise Group
March 2, 2009