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PSEG's Community Impact Update for 2025

Public Service Enterprise Group (PSEG) has recently unveiled its 2025 Community Impact Update, a report showcasing the company's significant contributions to New Jersey's communities, economy, and energy landscape. As New Jersey's largest utility, PSEG has been a cornerstone of public service for over 120 years, providing vital energy services to 2.4 million electric and 1.9 million gas customers statewide.

Rick Thigpen, PSEG's Senior Vice President of Corporate Citizenship, emphasizes that public service is not just part of their name but fundamental to their mission. The report reflects this commitment by detailing how the company's operations positively influence the state’s economy and community well-being.

Key Highlights from the Update

1. Economic Impact: PSEG is projected to generate about $16.3 billion in total economic output for New Jersey by 2025. This substantial figure underscores the company's critical role in the state's economic ecosystem.

2. Investment in Infrastructure: To enhance reliability and service, PSEG has established a regulated capital investment program that plans to invest between $22.5 billion and $25.5 billion into essential infrastructure projects through 2030.

3. Local Spending: In its commitment to supporting local businesses, PSEG anticipates spending around $2.4 billion with New Jersey-based suppliers and vendors in 2025.

4. Philanthropy: In a demonstration of corporate responsibility, PSEG will contribute approximately $12.8 million in philanthropy in 2025, aiding various community programs and initiatives.

5. Tax Contributions: The company will also contribute significant taxes to the state, including an estimated $37 million in property taxes in 2025 alone.

The Role of Nuclear Energy

The impact of PSEG's nuclear plants is notable, as they provide over 40% of New Jersey's electricity. This not only underscores the company’s role in clean energy production but also contributes significantly to the economic stability of regions like Salem County, boosting state GDP by $1.2 billion annually.

Moreover, PSEG's energy efficiency programs have proved transformative, saving customers over $1 billion each year. This showcases a commitment to not only service but sustainable practices in energy management.

Upcoming Sustainability Report

Looking ahead, PSEG plans to release a comprehensive Sustainability Report in the coming weeks. While the Community Impact Update highlights current contributions, this report will delve deeper into PSEG's commitment to sustainability. It will cover various aspects such as:

• - Workforce development initiatives
• - Community support and environmental stewardship
• - Affordability for customers
• - The pivotal role of nuclear energy in their operations

The Sustainability Report aims to offer fresh insights and narratives around the ongoing efforts to enhance community relations. Key data points will include their successes in reducing operational emissions by 95% since 2005 and the recycling of 91% of all waste produced by the utility in 2025.

Together, the 2025 Community Impact Update and the upcoming Sustainability Report will paint a holistic picture of PSEG's dedication to its customers, employees, and the wider state of New Jersey. As it strives for a more sustainable and reliable energy future, PSEG continues to reinforce its commitment to public service and community well-being through impactful contributions and responsible operations.

Conclusion

PSEG's efforts highlight the importance of utility companies in fostering economic growth and supporting local communities. By investing in infrastructure, promoting sustainability, and dedicating resources to community support, PSEG stands as a model for how utility companies can effectively blend service with corporate responsibility.