June 19, 2008
PSEG Courting Diverse Suppliers
NEWARK, N.J., June 19 /PRNewswire-FirstCall/ -- PSEG is working to expand its knowledge of diverse suppliers in an effort to increase the amount of business it awards this group. Minority- and-women-owned business enterprises (MWBEs) are encouraged to register their company with PSEG via the company's new supplier diversity website, http://suppliers.pseg.com/.
In 2007, PSEG spent approximately $125 million with certified MWBEs. This year the company is aiming to increase the number of goods and services procured from diverse suppliers to $130 million, or 10 percent of its overall spend."Small and diverse businesses provide ideas and perspectives reflective of the diverse marketplace that we serve," said David Frank, PSEG's vice president of supply chain management. "It is often the small supplier that can help us better see the big picture."
As PSEG continues to make supporting these firms a priority, its supply chain management group continues to drive strategies geared toward increasing MWBE spend and expanding the company's diverse supplier base.
PSEG recently introduced an on-line supplier management registration system designed to match potential suppliers with procurement needs across the company. The new database allows employees easy access to supplier information and a list of products and services they provide. To date, over 1,500 suppliers have registered online, and 25 percent of those businesses are minority- or women-owned firms.
"PSEG is proud of its commitment to supplier diversity and views it as a value-added way of doing business, as well as being a good corporate citizen," Frank said. "Our efforts are a critical part of creating opportunities for economic growth in the communities we serve."
PSEG has spent more than $1 billion with MWBEs over the last decade.
Public Service Enterprise Group (PSEG) is a publicly traded diversified energy company with annual revenues of more than $13 billion, and three principal subsidiaries: PSEG Power, PSEG Energy Holdings, and Public Service Electric and Gas Company (PSE&G). PSEG Power, one of the largest independent power producers in the U.S. has three main subsidiaries: PSEG Fossil, PSEG Nuclear, and PSEG Energy Resources & Trade. PSEG Energy Holdings has two main unregulated energy-related businesses: PSEG Global and PSEG Resources. PSE&G, New Jersey's oldest and largest regulated gas and electric delivery utility, serves nearly three-quarters of New Jersey's population.
Public Service Enterprise Group (PSEG)
CONTACT: Jenn Kramer of Public Service Enterprise Group (PSEG),+1-973-430-6027
Web site: http://www.pseg.com/