public service enterprise group

Fortune Staff

This year’s Fortune 500 marks the 68th running of the list.

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Public Service Enterprise Group

Susie Gharib

PSEG Utility CEO on Climate Change: “I Want Us To Be The Number One Solution”

/2019/04/18/pseg-utility-ceo-ralph-izzo-climate-change/

PSEG CEO Speaks Up About Climate Change: “The Time To Act Is Now”

/2019/01/25/pseg-ceo-ralph-izzo-climate-change/

[ MUSIC ] [ BLANK_AUDIO ] Ralph, you've been leading the way on climate change and raising awareness of the risks and dangers of not addressing the problem. Why have you taken this on? I've always had a fascination with energy. Was growing up and saw that nations were claiming to go to war over energy security. So that fascination on to the importance of energy then led to a recognition of the important implications of energy on the environment and as research results began coming out decades ago, but more recently with a much faster and more furious pace, I began to realize that this important and fascinating area that I was so interested in, energy, had huge global impacts, as to climate change. And certainly as CEO, your company PSEG, needs to provide electricity to your many, many customers in New Jersey. But do you also believe it's your company's responsibility to society to meet those needs? And also, by not doing any harm to the environment. There's no question. So when when climate change began coming to the forefront more recently, and I'll say within the last decade, it was very clear that my industry was the number one emitter of greenhouse gases that just didn't sit well with me. I want this to not only not be the number one problem, but I wanted us to be the number one solution. So that's why you hear people like myself and others talking about the need to clean up electricity and further electrify the economy. So that we can then help reduce the carbon emissions associated with transportation. Industrial processes, home heating, and a variety of other things. You know, years ago business leaders felt they should stay quiet, or at least remain neutral on many of these social problems of our time. But these days it seems like there's an expectation from your employees, investors, even the public. That business leaders and CEOs like yourself speak up. Do you think that more of leadership is part of your job as CEO? What I know with investors is they are always asking us about ESG scores, right, environment, social and governance. Our employees in particular, some of our Newer employees wanna make sure that they're coming to work and not only earning a paycheck, but they're making the world a better place. Now, one does have to be careful that as CEO you don't think that you become the source of all knowledge on a myriad of issues that may or may not have direct relevance. To your industry. But clearly climate change is right at the heart and soul of everything we do. What of the feedback that you've gotten from your employee's when you speak so passionately about climate change. It's been positive. They like working for a company that's trying to break the mold. That's trying to literally They'll often ask me, Ralph how can we make money by selling less electricity and natural gas. And I walk them through the regulatory changes that we need to accomplish that and they are proud of that. You have giving many speeches on this topic, you've written many upheld article. You're having an impact, are you changing the way people think about this issue? Do you think? It's very difficult for people who. Are involved in concerns about their job, or concerned about more near term issues to get motivated and excited about something that has consequences a years away. Having said that I do think that people are now beginning to realize that, These consequences are irreversible unless we do something today. So we are getting more and more attention being paid to the subject as witnessed by the various reports that have come out lately. Well if you've been chief executive officer of PSUG for 12 years now and when you look back at your predeccors over the companay's 15 15 year history, how do you think, your job as CEO has changed, when it comes to things like addressing social problems dealing with what the public expects from business leaders like you? We know some respects hasn't changed at all. Think about what the PS and PSG stands for, is public service enterprise group. So we were founded by someone who thought that there was a problem in the public transportation systems of Newark and that they were unsafe and needed someone to bring about some improvements in those system. So being mindful of public policy and societal needs has been part of our core make up all along. Now the specifics of change over time but the notion that we have a role to play in public Providing public service is the heart and soul of the company's name. [ BLANK_AUDIO ]

Climate Change Solutions Are PSEG CEO Ralph Izzo's Top Priority

Leadership

Izzo says that modern employees not only want to earn a paycheck, but also make the world a better place.

[ MUSIC ] Ralph, when it comes to the issue of climate change, you've been really vocal on warning about the threats and the risks. That you tell your PSEG customers, less energy which is interesting because It could hurt your company's profits and it's not the sort of the thing we hear from a lot of CEOs in your business. What is your goal, what would you like to see happen? Well, I'd like to see us reduce the amount of CO2 and other greenhouse gases that are in the atmosphere. The science is compelling, it's very clear. It's now decades old. Each week there seems to be another report that confirms the time to act is now.. So, how serious is the threat of carbon emissions? You can just read any one of many reports that talk bout a two degree centigrade rise, a one and a half degree centigrade rise, a two and a half degree centigrade rise All these different increases of different implications for low lying areas for shifting patterns of weather and the resulting shift of economic consequences for agriculture, for tourism, for a variety of things so It is so complex but profound in its implications. Well, you talk about weather related impact and actually we hear many predictions that we'll see many more floods, drought the storms and other severe weather related disasters because of climate change and we've just seen the impact of forest fires at Pacific Gas and Electric California Utility PG & E. And in other news, that it's actually filing for bankruptcy. What can we learn from what happened at PG & E? I think the number one lesson we can learn by observing the story of PG & E is that we have in America, throughout America And aging infrastructure, whether it's roads, whether it's airports, whether it's the electric system, whether it's the potable water system. And eventually, there's a price to be paid for not paying attention to an aging infrastructure. Mm- hm. And I know that we at PSEG are trying hard to stay ahead of that. But even we have 100 year old gas pipes in the ground. We have 70 year old transmission substations that we make use of. So an aging infrastructure is something the nation needs to pay attention to. How vulnerable are utility companies because of all of this. It used to be that if people were out of power for a day or a couple of days life kind of went on. Now if people are without power just long enough not be able to charge their smart phone life changes significantly. So we talk about the fact that in the old days, it was important for the utility system to be reliable. Nowadays, the system has to be beyond reliable. It has to be resilient. It has to be able to withstand these severe weather events. And if it can't withstand the severe weather event, it has to be able to recover quickly, And the grid was not designed with that in mind. You recently announced a climate change plan for PSEG. $ 4 billion to cut energy use and carbon emissions. And a big chunk of that money is going toward 40, 000 new charging stations for electric vehicles. That's huge, why now? Should've been done yesterday. We have a three- part vision of the future. We want our customers to use less energy We want the energy that they use to be cleaner, and we want this cleaner, less amount of energy to be delivered with unparalleled reliability and resiliency. And it's really about the issue that we started the conversation. It's about climate change and it's about making sure that our Increased dependence upon electricity. Doesn't create harm for the planet and allows us to live the lives that we choose to live. It looks like the progress so far on climate change has been very peace meal by individual states and local governments. And the experts say that, to have a really successful climate Change outlook, it requires a large scale, national push, with specific urgent agenda. What do you think of that? Well I think that they're absolutely right. I would say that there are two things that have to get more and more attention. Number one, we do need a national price on carbon, if we're gonna move away from this patchwork quilt. And number two, we have to come to grips with the important role that nuclear power plays in getting us to a carbon free future. Right now nuclear power accounts for over 60 % of the carbon free energy in this country. And just the way in which the grid operates, nuclear is an extremely important part of preserving that reliability that we talked about before While being carbon free. We know that President Trump and his administration have not placed climate change as a top priority. But if the President asked for your opinion, what is the single most important thing you would ask him to do? To put a price on carbon and then let the market work. Let's decide how much we're willing to pay for carbon reductions, and then let That the creative energy of America entrepreneurship decide whether that means more solar forms, more wind forms, more efficient light bulbs, smart thermostat, and many of other choices. And it's to me, there is wisdom in taxing bad things and lowing taxes on good things

PSEG CEO Ralph Izzo on Climate Change Action: "It Should Have Been Done Yesterday"

Izzo believes a tax on carbon emissions would trigger clean energy innovations.

Year	Revenues ($M)	Profits ($M)	Assets ($M)	Total Stockholder Equity ($M)
2021	$9,603-4.7%	$1,90512.5%	$50,050	$15,984
2020	$10,0763.9%	$1,69317.7%	$47,730	$15,089
2019	$9,6966.7%	$1,438-8.6%	$45,326	$14,377
2018	$9,0840.3%	$1,57477.5%	$42,716	$13,847
2017	$9,061-13%	$887-47.2%	$40,070	$13,130

Public Service Enterprise Group

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