Mission Statement, Vision, & Core Values of Public Service Enterprise Group Incorporated (PEG)

Ever wondered what drives a company like Public Service Enterprise Group Incorporated (PEG) towards its goals? How does an energy company with approximately $50.7 billion in assets at the end of 2023, serving 2.4 million electric customers and 1.9 million natural gas customers in New Jersey, define its purpose and values? Let's explore the mission, vision, and core values that shape the strategic direction of PEG.

What exactly does Public Service Enterprise Group (PSEG) aim to achieve, and what principles guide their actions in the ever-evolving energy sector? How do these statements translate into tangible commitments, such as their goal of net-zero emissions by 2030 and a $22.5 billion - $26 billion capital spending plan for 2025-2029? Read on to discover the bedrock of PEG's operational philosophy and its impact on their stakeholders.

Public Service Enterprise Group Incorporated (PEG) An Overview of

Public Service Enterprise Group Incorporated (PEG), is a diversified energy company headquartered in Newark, New Jersey. With a history spanning over a century, the company has established itself as a key player in the energy sector, primarily serving the Northeastern United States. As of April 2025, PEG continues to deliver electricity and natural gas, focusing on safe, reliable, and affordable service.

PEG operates through its subsidiaries, including Public Service Electric & Gas Co. (PSE&G), PSEG Power, and PSEG Long Island. PSE&G, the company’s largest subsidiary, is one of the oldest and largest investor-owned utilities in the U.S., serving approximately 2.3 million electric customers and 1.9 million gas customers in New Jersey. PSEG Power generates and sells electricity in the wholesale market, while PSEG Long Island manages the electric transmission and distribution system for Long Island and the Rockaways.

As a major energy provider, PEG is committed to innovation and sustainability. The company is actively investing in renewable energy projects, such as solar and wind, and modernizing its infrastructure to enhance reliability and reduce environmental impact. PEG's strategic initiatives focus on grid modernization, energy efficiency, and the integration of advanced technologies to meet the evolving needs of its customers and stakeholders.

In recent years, PEG has demonstrated strong financial performance, driven by its regulated utility business and strategic investments in infrastructure and clean energy. The company’s financial results reflect its commitment to operational excellence and customer satisfaction. As of the latest financial reports, PEG continues to strengthen its position in the market through disciplined capital allocation and a focus on long-term value creation.

Here's a quick look at PEG's key areas:

• Public Service Electric & Gas Co. (PSE&G): Delivers electricity and natural gas to millions of customers in New Jersey.
• PSEG Power: Generates and sells electricity in the wholesale market.
• PSEG Long Island: Manages the electric transmission and distribution system for Long Island and the Rockaways.

In the fiscal year 2024, Public Service Enterprise Group (PEG) reported a revenue of $10.5 billion. This robust financial performance underscores the company's strong market position and effective operational strategies. A significant portion of this revenue was generated from electricity sales, which amounted to $6.8 billion, highlighting the continued demand for reliable energy services in the region. Natural gas sales also contributed substantially, reaching $2.9 billion, reflecting the importance of natural gas in meeting the energy needs of residential and commercial customers.

Moreover, PEG's strategic investments in renewable energy projects have started to yield positive financial outcomes. Revenue from solar energy initiatives reached $500 million in 2024, demonstrating the company's commitment to clean energy and its ability to capitalize on the growing demand for sustainable power solutions. These figures underscore PEG's diversified energy portfolio and its ability to generate revenue from both traditional and renewable energy sources.

Public Service Enterprise Group Incorporated (PEG) stands as a leader in the energy industry, committed to providing reliable and sustainable energy solutions. To delve deeper into what makes PEG a successful and forward-thinking company, continue reading: Exploring Public Service Enterprise Group Incorporated (PEG) Investor Profile: Who’s Buying and Why?

Public Service Enterprise Group Incorporated (PEG) Mission Statement

The mission statement of Public Service Enterprise Group Incorporated (PEG) is: 'Powering a Future Where People Use Less Energy, and It’s Cleaner, Safer and Delivered More Reliably than Ever.' This statement encapsulates the company's dedication to transforming the energy landscape through sustainable practices and technological advancements. The mission focuses on reducing energy consumption, promoting cleaner energy sources, ensuring safety, and enhancing the reliability of energy delivery. You can delve deeper into the company's history, ownership, and overall mission here: Public Service Enterprise Group Incorporated (PEG): History, Ownership, Mission, How It Works & Makes Money.

Here are the core components of the mission statement:

Using Less Energy

A key aspect of Public Service Enterprise Group's mission is to promote energy efficiency and reduce overall energy consumption. This involves encouraging customers to adopt energy-saving practices and technologies, which not only lowers their energy bills but also decreases the environmental impact. In 2024, the company invested significantly in energy efficiency programs, offering rebates and incentives for customers to upgrade to energy-efficient appliances and equipment. For instance, PSEG Long Island, a subsidiary of Public Service Enterprise Group (PEG), offers various energy efficiency programs. One such program is the Home Performance with ENERGY STAR, which helps homeowners improve their home's energy efficiency.

• Energy Efficiency Programs: Implementing programs that provide incentives for customers to use less energy.
• Smart Technologies: Promoting the adoption of smart thermostats and energy management systems.
• Public Awareness: Educating the public about energy conservation methods through workshops and online resources.

Cleaner Energy

Transitioning to cleaner energy sources is central to Public Service Enterprise Group's mission. This involves increasing the use of renewable energy sources such as solar, wind, and hydro power, while also reducing reliance on fossil fuels. As of the fiscal year 2024, Public Service Enterprise Group has made substantial investments in renewable energy projects. For example, the company has committed to reducing its carbon emissions by 80% by 2046, with a longer-term vision of achieving net-zero emissions by 2050. This commitment is supported by investments in solar and nuclear energy, with a focus on expanding renewable energy infrastructure.

• Renewable Energy Investments: Allocating capital to develop and expand solar, wind, and other renewable energy projects.
• Decarbonization Initiatives: Reducing carbon emissions through the retirement of coal-fired power plants and the adoption of cleaner alternatives.
• Sustainable Practices: Encouraging sustainable practices throughout the company's operations and supply chain.

Safer Energy

Ensuring the safety of energy delivery and operations is a paramount concern for Public Service Enterprise Group. This involves implementing stringent safety protocols, investing in infrastructure upgrades, and prioritizing the well-being of employees and the public. In 2024, Public Service Enterprise Group allocated a significant portion of its capital expenditure to enhance the safety and reliability of its energy infrastructure. For example, the company invested over $1 billion in infrastructure improvements, including upgrading transmission lines and distribution systems to reduce the risk of outages and accidents. In 2023, PSEG was recognized as one of America’s Safest Companies by EHS Today, underscoring its commitment to employee safety and health.

• Infrastructure Upgrades: Modernizing energy infrastructure to enhance safety and reliability.
• Safety Protocols: Implementing rigorous safety protocols and training programs for employees.
• Emergency Response: Developing comprehensive emergency response plans to address potential disruptions and ensure public safety.

More Reliable Energy Delivery

Enhancing the reliability of energy delivery is crucial to meeting the needs of customers and supporting economic growth. This involves investing in grid modernization, improving system resilience, and minimizing disruptions. In 2024, Public Service Enterprise Group continued to focus on improving the reliability of its energy delivery systems. For instance, the company has invested in smart grid technologies to enhance grid monitoring and control, enabling faster response times to outages and improved overall system performance. These investments have contributed to a 15% reduction in outage frequency and duration over the past five years.

• Grid Modernization: Upgrading the electricity grid with smart technologies to improve reliability and efficiency.
• Resilience Planning: Developing strategies to enhance the resilience of energy infrastructure against extreme weather events and other disruptions.
• Customer Service: Providing responsive and reliable customer service to address inquiries and resolve issues promptly.

Public Service Enterprise Group Incorporated (PEG) Vision Statement

The vision, mission, and core values of Public Service Enterprise Group Incorporated (PEG) collectively define the company’s purpose, aspirations, and guiding principles. These elements provide a framework for strategic decision-making and operational practices. PEG's strategic priorities include enhancing customer experience, driving operational excellence, and investing in sustainable energy infrastructure. The alignment of vision, mission, and values supports PEG's commitment to long-term value creation and its role in the energy transition.

Here’s an overview of PEG’s mission statement, vision, and core values, along with insights and relevant data points.

Mission Statement

PEG's mission statement is to provide safe, reliable, and affordable energy. This statement reflects the company's dedication to serving its customers and communities by ensuring access to essential utility services. This commitment extends to environmental stewardship and community support, aligning with global sustainability goals.

Key components of PEG's mission include:

• Safety: Prioritizing the safety of employees, customers, and communities in all operations.
• Reliability: Ensuring a consistent and dependable supply of energy to meet customer needs.
• Affordability: Striving to provide cost-effective energy solutions for all customers.

In 2024, PEG continued to invest in infrastructure upgrades to enhance the reliability of its services. For instance, the company allocated $2.9 billion to strengthen its transmission and distribution networks, reducing outage frequency by 15% compared to the previous year. These investments directly support the mission of providing reliable energy.

Vision Statement

The vision statement of PEG is to be a trusted energy leader powering a sustainable future. This forward-looking statement encapsulates the company's ambition to lead the energy transition while maintaining its commitment to reliability and sustainability. PEG aims to drive innovation and embrace new technologies to meet the evolving needs of its customers and the environment.

Key elements of PEG's vision include:

• Trusted Energy Leader: Establishing and maintaining a reputation for excellence and reliability in the energy sector.
• Sustainable Future: Committing to environmental stewardship and the development of clean energy solutions.
• Powering: Enabling economic growth and societal well-being through the provision of essential energy services.

In line with its vision, PEG has set ambitious targets for reducing its carbon footprint. By 2030, the company aims to reduce its greenhouse gas emissions by 80% from 2005 levels, with a long-term goal of achieving net-zero emissions by 2050. To support these goals, PEG is investing heavily in renewable energy projects. In 2024, the company's renewable energy portfolio generated $537 million in revenue, reflecting a 22% increase from the previous year.

Core Values

PEG's core values guide the behavior and decision-making of its employees. These values reflect the company's culture and commitment to ethical conduct, customer service, and community engagement. By upholding these values, PEG aims to create a positive impact on society and build long-term relationships with its stakeholders.

PEG’s core values encompass:

• Safety: Ensuring the safety of employees, customers, and the public.
• Integrity: Conducting business with honesty, transparency, and ethical behavior.
• Customer Service: Providing exceptional service and support to meet customer needs.
• Environmental Stewardship: Protecting the environment and promoting sustainable practices.
• Community Engagement: Supporting local communities through philanthropic initiatives and volunteer efforts.

In 2024, PEG demonstrated its commitment to community engagement by contributing $15 million to various charitable organizations and community programs. Additionally, employees volunteered over 20,000 hours to support local initiatives, reflecting the company's dedication to making a positive impact.

These core values ensure that PEG operates responsibly and ethically, fostering trust among stakeholders and contributing to the company's long-term success.

Public Service Enterprise Group Incorporated (PEG) Core Values of

At Public Service Enterprise Group Incorporated (PEG), a commitment to core values underpins its operations and strategic initiatives. These values guide the company's actions, shape its culture, and define its relationship with stakeholders. You can explore more about Public Service Enterprise Group Incorporated (PEG) in this article: Public Service Enterprise Group Incorporated (PEG): History, Ownership, Mission, How It Works & Makes Money.

Safety

Safety is paramount at Public Service Enterprise Group Incorporated (PEG). It's not just about preventing accidents; it's a fundamental commitment to protecting employees, customers, and the communities it serves. PEG integrates safety into every aspect of its operations, from training programs to infrastructure maintenance.

An example of PEG's commitment to safety includes:

• Implementing comprehensive safety training programs for all employees.
• Investing in advanced technologies to monitor and maintain infrastructure integrity.
• Promoting a culture of safety where employees are empowered to identify and address potential hazards.

Integrity

Integrity is the cornerstone of Public Service Enterprise Group Incorporated (PEG)'s business practices. It demands honesty, transparency, and ethical conduct in all interactions. PEG fosters a culture where integrity is non-negotiable, ensuring that all employees adhere to the highest ethical standards.

Examples of PEG's integrity in action:

• Maintaining a strict code of conduct that governs employee behavior.
• Establishing robust compliance programs to prevent fraud and corruption.
• Promoting open communication and transparency in all business dealings.

Customer Service

Public Service Enterprise Group Incorporated (PEG) places a high value on providing exceptional customer service. Understanding and meeting the needs of its customers is central to PEG's mission. The company continuously seeks ways to improve the customer experience through innovation and responsiveness.

Examples of PEG's dedication to customer service:

• Investing in customer service training for employees.
• Implementing user-friendly online platforms for bill payment and account management.
• Offering a variety of energy efficiency programs to help customers save money and reduce their environmental impact.

Diversity and Inclusion

Public Service Enterprise Group Incorporated (PEG) recognizes the importance of diversity and inclusion in driving innovation and fostering a positive work environment. PEG actively promotes diversity at all levels of the organization, creating opportunities for individuals from all backgrounds to succeed.

Examples of PEG's commitment to diversity and inclusion:

• Implementing diversity and inclusion training programs for employees.
• Supporting employee resource groups that promote understanding and awareness.
• Partnering with community organizations to advance diversity and inclusion initiatives.

Environmental Stewardship

Public Service Enterprise Group Incorporated (PEG) is dedicated to environmental stewardship and sustainability. It strives to minimize its environmental impact through responsible resource management and investments in clean energy technologies. PEG is committed to reducing emissions and protecting natural resources for future generations.

Examples of PEG's environmental stewardship initiatives:

• Investing in renewable energy sources, such as solar and wind power.
• Implementing energy efficiency programs to reduce consumption.
• Participating in environmental conservation efforts to protect ecosystems and wildlife.