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Izzo Outlines PSEG's Strategy At Annual Meeting

               Izzo Outlines PSEG's Strategy At Annual Meeting

Highlights PSE&G's focus on maintaining reliability and building an "Energy
Strong" future for New Jersey

PR Newswire

NEWARK, N.J., April 16, 2013

NEWARK, N.J., April 16, 2013 /PRNewswire/ --PSEG's chairman, president and
CEO Ralph Izzo today told shareholders at the company's annual meeting that
PSEG is planning to invest billions in projects aimed at making the energy
infrastructure of New Jersey resilient to natural disasters, providing
reliable service, helping the environment and stimulating the economy. He
celebrated the company's award-winning reliability and highlighted the
efficient performance of the company's generation fleet.

(Logo: http://photos.prnewswire.com/prnh/20120830/MM62627LOGO )

"We have long invested in initiatives that advance New Jersey's energy and
economic goals," Izzo said. "We are hard at work on many fronts- with efforts
that modernize infrastructure, provide renewable and energy efficiency
solutions and create jobs."

Izzo highlighted the utility's plan to make New Jersey "Energy Strong," a
proposal that goes beyond traditional reliability programs and aims to make
the state's energy infrastructure more resilient against natural disaster.
PSE&G proposes investing $3.9 billion over ten years to protect critical
electric and gas facilities; deploy smart grid technologies; create additional
redundancy to minimize outages, strengthen poles and move some overhead lines
underground. This effort would create nearly 6,000 jobs, and thanks to low
commodity prices and some restructuring fees rolling off, is expected to have
minimal net impact on customer bills.

"Changing weather patterns, along with an increased dependence on energy,
require a re-thinking of the state's energy infrastructure," Izzo said. "We
need to strengthen our system so that we're better prepared for the next Sandy
or Irene, and New Jersey is better positioned for long-term economic
well-being."

Superstorm Sandy was the biggest storm in PSE&G's history, causing
unprecedented damage. Izzo recalled the work of PSEG employees in the
aftermath of that storm and the Nor'easter that quickly followed, saying that
over a two-week period they, along with 4,000 workers from 24 states and
Canada, restored power to more customers than any utility in America had done
before.

"We remain focused on moving forward as an operationally excellent, integrated
energy company," Izzo said. "Our combined strengths provide flexibility and
diversification to help us weather various market conditions while increasing
our options."

PSEG Power, the company's wholesale energy supply business, generates output
from nuclear, gas, coal and oil. That fuel diversity is important, Izzo said,
pointing out that the company was able to adapt to low gas prices by running
its combined cycle plants more than its coal plants.

PSEG's focus on disciplined investment and a strong balance sheet has
supported a long history of paying a common dividend and enabled the recent 2
cent increase in the dividend to $1.44 per share.

Also during 2012, PSEG brought online 400 megawatts of new, clean peaking
capacity in New Jersey and Connecticut; PSEG's Hope Creek facility was
recognized as one of the top-performing nuclear plants in the country and
PSE&G was recognized for the fifth time in eight years as America's most
reliable electric utility.

To read Izzo's speech in its entirety, please click here or visit PSEG's
"Newsroom" at www.pseg.com.

Forward-Looking Statements
The statements contained in this communication about us and our subsidiaries'
future performance, including, without limitation, future revenues, earnings,
strategies, prospects, consequences and all other statements that are not
purely historical, are forward-looking statements for purposes of the safe
harbor provisions under The Private Securities Litigation Reform Act of 1995.
Although we believe that our expectations are based on information currently
available and on reasonable assumptions, we can give no assurance they will be
achieved. There are a number of risks and uncertainties that could cause
actual results to differ materially from the forward-looking statements made
herein. A discussion of some of these risks and uncertainties is contained in
our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form
8-K filed with the Securities and Exchange Commission (SEC), and available on
our website: http://www.pseg.com. These documents address in further detail
our business, industry issues and other factors that could cause actual
results to differ materially from those indicated in this communication. In
addition, any forward-looking statements included herein represent our
estimates only as of the date hereof and should not be relied upon as
representing our estimates as of any subsequent date. While we may elect to
update forward-looking statements from time to time, we specifically disclaim
any obligation to do so, even if our internal estimates change, unless
otherwise required by applicable securities laws.

Public Service Enterprise Group (NYSE:PEG) is a publicly traded diversified
energy company with annual revenues of $9.8 billion, and three principal
subsidiaries: PSEG Power, Public Service Electric and Gas Company (PSE&G) and
PSEG Energy Holdings. For more information, visit www.pseg.com.

Want to know what's new at PSEG? Go to www.pseg.com/getnews and sign up to
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SOURCE Public Service Enterprise Group (PSEG)

Website: http://www.pseg.com
Contact: Jenn Kramer, 973-430-6027, Jennifer.kramer@pseg.com
 
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