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| Investor Information |
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| Transforming Distribution |
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New Jersey is an economic powerhouse... a magnet for high-tech investment... an affluent market with the highest per capita income of any state in the nation. PSE&G delivers the energy that drives New Jersey's economy. In an environment being transformed by deregulation, PSE&G continued to strengthen its position as the industry leader in New Jersey and a top-tier U.S. performer. In 2001, PSE&G achieved its best reliability and safety performance in nearly 100 years of service to the state and its people. |
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PSE&G serves nearly three quarters of New Jersey's population and its six largest cities. It is the eighth largest gas distribution company and the tenth largest electric distribution company in the nation.
PSE&G continued its long-term investment in people and technology to support and help sustain New Jersey's economic growth and prosperity. The professionalism and preparedness of PSE&G's people and systems were evident during the heat wave of early August 2001. PSE&G's customer service professionals handled a record number of calls, and the company's Appliance Services organization operated at some of its best performance levels ever.
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PSE&G embraces new technology. The interactive, wireless technology of PSE&G's Outage Management System gives field technicians immediate access to information from the entire electric grid — enabling power outages to be identified more quickly and accurately, and thus reducing the time needed to restore power.
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Strong union-management relations were further strengthened in 2001 through a three-year extension of PSE&G's collective bargaining agreements with three of its four main unions—building on the unprecedented six-year labor agreements reached in 1996.
PSE&G continued to work closely with regulators, elected officials, and citizen groups to ensure a smooth transition toward energy market deregulation. Since August 1999, PSE&G has reduced rates for its electric customers by 9% — saving its customers upwards of $400 million on their electric rates in 2001. A further reduction of 4.9% will be implemented in August 2002 — resulting in cumulative savings of $1.4 billion for electric consumers from the beginning of the deregulation process to its completion in 2003.
In preparing for the future, PSE&G is also focusing on a range of initiatives to tap new, diverse sources of talent. An example is the alliance PSE&G formed in 2001 with the New Jersey Department of Military and Veterans Affairs to help ensure veterans entering the civilian workforce are informed of career opportunities at PSE&G, and to facilitate the job application process.
PSE&G is dedicated to ensuring that its highly skilled people remain equipped to deliver the safe, reliable and dependable energy that New Jerseyans have come to expect.
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