PSE&G 2007 Annual Report Download - page 7

PSEG Annual Report 2007 | Page 5
The electric and gas rate relief that PSE&G
obtained in November 2006 has created a
more reasonable earnings profi le for us. We
will continue to invest in our people and sys-
tems to sustain PSE&G’s strong regulatory and
customer relationships.
PSE&G is giving new emphasis to clean-
energy investments to support New Jersey’s
efforts in the fi ght against climate change. We
believe building a greener, low-carbon future is
not only the right thing to do, but can make
good business sense. New Jersey has long
embraced innovation to create a vibrant, high-
tech economy. New Jersey can do the same to
become a model for the future green economy —
one that provides plenty of good jobs while
protecting the environment.
Indeed, utilities like ours can make an essential
contribution to the fi ght against global warming.
We have a depth of experience, thousands
of dedicated employees, relationships with
millions of customers and the ability to invest
over the long term in ways that benefi t society.
Moreover, PSE&G, as a company that serves
New Jersey’s six largest cities and diverse
communities across the state, can help ensure
universal access to energy effi ciency and
renewable energy programs.
In 2007, PSE&G sought regulatory approval for a
range of new programs to promote conservation,
energy effi ciency and the development of re-
newable sources of energy in New Jersey:
In April, we proposed investing $100 million over •
two years to help fi nance the installation of solar
systems on homes, businesses and municipal
buildings throughout our service territory.
In December, we unveiled new carbon-abatement •
programs designed to help our customers save
energy, lower their bills and, in the process, reduce
greenhouse gas emissions. This effort would
begin with a $5 million investment in measures
such as home energy audits, programmable
thermostats, attic insulation and high-effi ciency
lighting upgrades — with a focus on the needs of
low-income customers and small businesses.
Also in December, we announced plans to deploy •
and test advanced metering infrastructure (AMI)
technologies — systems that provide information
to help customers monitor their energy use,
conserve energy and lower costs during periods
of peak energy demand.
We are working hard to obtain the regulatory
approvals that would allow us to proceed with
these and other green business initiatives. But
we are not simply waiting to act. We are moving
ahead with an initiative to replace our vehicle
fl eet with hybrid cars and light trucks, a step
that will reduce carbon emissions by more than
81,000 tons over the next decade. And we
are investing in more effi cient electric delivery
equipment, a move expected to reduce energy
use and carbon emissions by some 60,000
tons by the year 2020.
A truly broad-based effort is needed to address
climate change. We will remain deeply engaged
in the process to develop a new Energy Master
Plan for New Jersey, as well as in regional and
national efforts to reduce greenhouse gases. To
encourage public involvement, we launched
a campaign in November 2007 to give away
100,000 energy-saving compact fl uorescent
light bulbs at PSE&G’s 16 customer service
centers in New Jersey. We are working on many
other fronts to promote changes in consumer
behavior, as well as in law and regulation, to
support a green future. For example, we are the
primary sponsor of the PSEG Global Green Expo
at Liberty State Park in Jersey City on April 25,
26 and 27, 2008. This event will help educate
the state’s residents and businesses about what
they can do to make a difference in the fi ght
against climate change.
Encouraging our customers to use energy wisely
is something we have long done. It is even more
important in today’s carbon-constrained world.
Yet the fact remains that energy demand is
increasing. We are taking steps today to ensure
New Jersey will have the safe, reliable, economic
and clean energy it will need tomorrow.
PSE&G is supporting the construction of several
new 500-kilovolt transmission lines that will