Public Service Enterprise Group, Incorporated (PSEG) held its annual stockholders meeting last Tuesday, and CFACT (which holds shares in PSEG) was in attendance to ensure that the company isn’t putting the radical green agenda ahead of the interests of its shareholders.
PSEG is a publicly traded diversified energy company based in New Jersey. They control subsidiaries that provide electricity and natural gas to homes and businesses in that region. In recent years, PSEG looked to participate in offshore wind production, which caught the attention of CFACT leadership.
Since purchasing stock in the company, which gives CFACT input in the company’s business decisions, the Committee has continually provided steady pushback against the notion of PSEG embracing offshore wind in its portfolio.
This year’s meeting saw all those efforts hit paydirt. PSEG CEO Ralph Larossa announced that following a review of their various subsidiaries, the company concluded that offshore wind “did not meet investor demands” and was found to “not meet corporate expectations.” The result of this analysis was that PSEG decided to sell off that sector of their business.
Additionally, the company announced that its nuclear energy production plants were running at 93% capacity and that PSEG would be expanding on this area. While they won’t be building new plants, Larossa said that the company plans to upgrade its existing facilities.
Although these are solid wins for CFACT, PSEG still has numerous areas in need of improvement. The utility provider will be installing another 800,000 intrusive “smart meters,” are increasing the number of government-subsidized EV chargers installed throughout their territory to help force a transition to EVs consumers don’t want, and are wastefully spending $280 million to push New Jersey toward further decarbonization.
CFACT plans to continue its monitoring and participation in corporate shareholder meetings to offset efforts by Green activists to push corporate America ever more to the Left.