The Edison Electric Institute (EEI) on June 14 named Public Service Enterprise Group (PSEG) recipient of the 2010 Edison Award, the electric utility industry's highest honor, recognizing outstanding leadership and exceptional contributions to the industry. The announcement was made at EEI's Annual Convention and Expo in Hollywood, Fla.
The award is presented annually by EEI and recognizes U.S. and international electric utilities for their innovation and role in advancing the industry. A panel of former electric company chief executives selected PSEG for the 83rd annual award.
PSEG was recognized by the judges for its bold and innovative growth strategy that is geared toward clean energy, energy efficiency and jobs. Specifically, the company focused on combating climate change and creating jobs through energy efficiency efforts, the development of renewable resources and developing clean central station energy, investing up to $5 billion in the process.
PSEG is investing in energy audits for thousands of homes and businesses in New Jersey, while also installing innovative energy-efficient and long-lasting streetlights. PSE&G, the company's New Jersey regulated gas and electric utility subsidiary, is installing solar panels on 200,000 utility poles, and is constructing the two largest solar farms in the state on company property.
PSEG Power, PSEG's merchant generation subsidiary is investing more than $1.5 billion in clean central station power, including the most advanced pollution-control technologies for its New Jersey coal plants, while also expanding capacity and extending the life of its nuclear facilities.
An unregulated subsidiary, PSEG Solar Source is producing electricity at two large scale solar farms in Florida and Ohio. PSEG is also exploring development of a 350-megawatt wind farm off the southern coast of New Jersey, and has invested $20 million in compressed-air energy storage.
PSEG's collective efforts have created thousands of green jobs for the state of New Jersey.
"PSEG's outstanding achievements have touched all parts of the economy, leading to more efficient use of energy and generating more jobs," said EEI president Tom Kuhn. "The company's comprehensive strategy serves as an important roadmap on the path toward a low-carbon economy."
"We received this award for doing what all great utilities do: working tirelessly to address society's most pressing needs. In the past, that was delivering gas and electricity safely. Today, it is also protecting the environment and creating jobs," said Ralph Izzo, president, chairman and CEO, PSEG. "I am honored and gratified to accept this award on behalf of PSEG's 10,000 employees. Their dedication to operational excellence has given us the financial strength to make strong, disciplined investments to both grow our businesses and help improve the environment."
Public Service Enterprise Group is a publicly traded diversified energy company with annual revenues of more than $12 billion, and three principal subsidiaries: PSEG Power, Public Service Electric and Gas Company (PSE&G) and PSEG Energy Holdings.
The Edison Electric Institute (EEI) is the association of U.S. shareholder-owned electric companies. Its members serve 95 percent of the ultimate customers in the shareholder-owned segment of the industry, and represent approximately 70 percent of the U.S. electric power industry. It also has more than 65 International electric companies as Affiliate members, and more than 170 industry suppliers and related organizations as Associate members.