September 25, 2008
PSEG Recognized As a Leader for Climate Change Disclosure Practices
NEWARK, N.J., Sept. 25 /PRNewswire-FirstCall/ -- Public Service Enterprise Group (PSEG) has been named for the first time to the "Carbon Disclosure Leadership Index," a list that recognizes companies from across the globe that have displayed the most professional approach to corporate governance in respect of climate change disclosure practices.
The Index is put together by the Carbon Disclosure Project (CDP), a non-profit organization that collects and compiles climate change data from major corporations around the world in an effort to provide investors and policy makers with insight into corporate climate change strategies.
"We're pleased to be named to this prestigious list," said Eric Svenson, PSEG's vice president of environment, health and safety. "For more than a decade, PSEG has been a leader on climate -- both in supporting public policies to cap greenhouse gas emissions and for voluntarily reducing our own carbon intensity. Moving forward, our strategy for combating climate change includes investing in energy efficiency, renewable energy, and clean central station power, as well as providing continued support for strong national climate legislation."
The Carbon Disclosure Leadership Index is based on data obtained from responses to CDP's annual request for information, which focuses on greenhouse gas emissions, emissions reduction targets, and business risks and opportunities associated with climate change.
"As carbon regulation increases, those companies that have implemented climate change related strategies are clearly going to be in a far better position to meet the challenge of higher carbon prices than companies that have procrastinated," said Paul Dickinson, Chief Executive of the Carbon Disclosure Project. "Good disclosure practices are synonymous with good management."
PSEG was also recently named to the Dow Jones Sustainability North America Index. Dow Jones Sustainability Indexes (DJSI) track the financial performance of the leading sustainability-driven companies worldwide. They measure the quality of a company's strategy and management and its performance in dealing with opportunities and risks deriving from economic, environmental and social developments.
PSEG recently announced a joint venture called Energy Storage and Power LLC (ES&P) to exclusively support the development of compressed air energy storage (CAES) technology. The company has also proposed to build a 350-megawatt wind farm off the coast of South Jersey.
The Carbon Disclosure Leadership Index is a key component of CDP's annual Global 500 Report, which highlights companies within the FTSE Global 500 Index which have displayed the most professional approach to corporate governance in respect of climate change disclosure practices. The names of companies featured in the Carbon Disclosure Leadership Index can be found within the CDP's Global 500 Report at http://www.cdproject.net/
Public Service Enterprise Group (PSEG) is a publicly traded diversified energy company with annual revenues of more than $12 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,+1-973-430-6027
Web Site: http://www.pseg.com/