Author: sHq_LoGiNz

Originally published on GoDaddy Newsroom

TEMPE, Ariz., May 29, 2025 /3BL/ – Nearly half of U.S. small and microbusiness owners expect the national economy to weaken in the coming months. Despite the outlook, most still believe their own businesses will grow, according to new survey data released today by GoDaddy.

In the latest findings from the GoDaddy Small Business Research Lab, formerly known as Venture Forward, 49% of 2,100 U.S. microbusiness owners* surveyed predict a weaker economy in the next six months. That is up 17 points from 2024. Even so, 66% of respondents have positive revenue expectations, and only 9% forecast a sales decline.

“Small business owners are realistic about the economy, but they believe in themselves,” said GoDaddy CEO Aman Bhutani. “GoDaddy’s research shows they remain intent on pushing their small businesses forward.”

The GoDaddy Small Business Research Lab findings reflect a steady shift over time. In 2023, 73% of microbusiness owners said they expected to grow revenue in the first 6 months of the year. Now in 2025, it stands at 66%. Most respondents still expect growth, clearly, but the trend indicates weakening optimism.

Entrepreneurs are also adjusting their long-term goals. 40% now say they plan to remain solo entrepreneurs – up from 36% last year – versus aspiring to build mid-size or corporate enterprises. This points to a growing interest in right-sized businesses that match owners’ lifestyles and risk tolerance.

Rising Costs Put Pressure on Small Business Margins

While optimism holds, cost pressures are rising and showing up not just in what small businesses pay, but what they can charge. Over half (52%) of respondents cited limited cash flow as their biggest financial barrier, but existing expenses (34%) and pricing pressure on goods and services (33%) ranked highest among specific cost challenges.

These pricing pressures are especially acute among Construction & Home Trades (40%) and Creative-Media businesses (36%), with solo operators and small teams reporting they are feeling the pinch of existing operating costs the most. For businesses with 5–9 employees, wages emerged as the top cost barrier (45%), reflecting a shift toward labor-related pressure once headcount rises.

One in three owners (33%) also named financial strain as their primary source of stress—ranking it above challenges like adopting new technology, managing vendors, or finding and retaining customers.

Access to capital, often a major hurdle for new businesses, appears to be improving. Only 8% of owners say it is their top challenge, down from 10% the year before.

Sharing their perspective on the results, Victor W. Hwang, founder and CEO of Right to Start, a nonprofit that promotes U.S. small business growth, added: “The results of this GoDaddy survey demonstrate quantitatively the drive and resilience of entrepreneurs all across the United States. Their commitment to their enterprises is relentless and innovative. America’s entrepreneurs are an extraordinary resource for strengthening the U.S. economy and growing new businesses and jobs nationwide.”

Commenting on the findings, small business owner Leo Lopez owner of San Jose-based La Fenice Pizza said: “The economy is definitely uncertain right now, but as a small business owner, you learn to live with that. I’ve had to adjust, simplify, and focus on what really works, and that’s helped me grow stronger. For me, resilience isn’t about being unaffected. It’s about finding a way to keep going, even when things get unpredictable. That’s how I’ve built my business, and I think a lot of us are doing the same.”

“Entrepreneurs are planning for what is ahead,” Bhutani added. “They are navigating these times by staying focused and determined. At GoDaddy, our job is to make sure they have the tools they need to succeed.”

For more insights from GoDaddy’s latest small business research, visit the full report here:
https://www.godaddy.com/ventureforward/the-future-of-entrepreneurship-is-leaner-smarter-and-more-resilient

About GoDaddy

GoDaddy helps millions of entrepreneurs globally start, grow, and scale their businesses. People come to GoDaddy to name their idea, build a website and logo, sell their products and services and accept payments. GoDaddy Airo®, the company’s AI-powered experience, makes growing a small business faster and easier by helping them to get their idea online in minutes, drive traffic and boost sales. GoDaddy’s expert guides are available 24/7 to provide assistance. To learn more about the company, visit www.GoDaddy.com. 

* Microbusinesses are small businesses that typically employ fewer than 10 employees.

Source: GoDaddy Inc.

Patrick O’Connell, CFA| Director—Responsible Investing Portfolio Solutions and Research

John Huang, CFA| Director of Responsible Investments, Data and Technology—Responsibility

Erin Bigley, CFA| Chief Responsibility Officer

The materiality of ESG factors differs across sectors and markets. Investors need to understand how.

As environmental, social and governance (ESG) factors help contribute to—or detract from—security returns, it makes sense for active investors to integrate them into security selection. But there’s a wide disparity in the materiality of ESG factors across investment sectors and markets. In our view, understanding this dynamic is the key to successfully incorporating ESG risks and opportunities into portfolio construction.

For many investors, whether fixed income or equity, the process of integrating ESG factors into their strategies begins with correlating the relevance of each factor to individual industries. At a basic level this shows, for example, that greenhouse gas emissions are a particular risk for mining companies and electric utilities, while customer privacy is a key concern for the healthcare sector.

This is a good starting point but offers an incomplete perspective. We believe a much deeper dive is necessary to fully dimension the materiality of ESG factors for portfolio performance. Investors need to know how a particular factor may affect investment returns for a given sector or market.

Factors Can Have Wide or Narrow Impacts

Factor attribution using historical returns can reveal how ESG factors have contributed to investment returns in the past, whether for a sector or an entire investment universe, in equities or in bonds.

We’ve observed that some factors can be financially material for all companies in a market, regardless of sector. For example, we divided stocks in the MSCI All Country World Index into quintiles according to their total recordable incident rate (TRIR)—the number of workplace injuries or illnesses—then compared their returns relative to the parent index over 14 years. The results show that high TRIR consistently underperformed the market and that low TRIR consistently outperformed.

Similarly, in the bond market, “social fines” is a powerful, index-wide factor. Social fines are regulatory penalties imposed for nonenvironmental reasons, such as workplace health and safety and anticompetitive practices.

Other ESG factors with broad relevance across investment sectors include CEOs’ length of tenure and employee turnover. For investors wishing to integrate ESG factors into their portfolios, it’s useful, in our view, to know which factors have index-wide applicability.

Factor attribution can also reveal which ESG factors are particularly relevant to a specific sector and which have historically shown no financial materiality.

Another advantage of factor attribution is that it can lead to observations that are unexpected and even counterintuitive. We found, for example, that companies with high ESG disclosures broadly performed better than those with low or no disclosures, regardless of whether their ESG practices were good, bad or indifferent. In the case of ESG metrics where there was no significant under- or overperformance relative to the market—CFO tenure and split roles for CEO and chair of the board—companies that disclosed data outperformed companies that didn’t disclose, on average.

Fundamental Research Enhances Insights from Factor Attribution

But factor attribution alone is not enough, in our view; it should complement fundamental research.

Understanding the effect of ESG factors on performance is most valuable in the context of broader research into how well a company is managed. For example, fundamental research can show that a high TRIR affects productivity directly, through lost working hours, and indirectly, by creating a culture in which workers are undermotivated because they don’t feel safe. Additionally, factor attribution works best with long data series, which are not always available, stressing the importance of fundamental research.

Another way fundamental research can help is in measuring ESG factors appropriately to a particular sector, instead of taking the generic approach typically used by many third-party ESG databases. This could mean, for example, measuring carbon emissions in terms of miles per gallon for automakers, per passenger mile for airliners and per ton of cement produced for building-material companies.

And it can tease out the nuances underlying many ESG factors. In the case of the mining sector, for example, fundamental research can focus on tailings dam risk within the more broadly defined factors of water and hazardous materials management.

As this small snapshot of an ESG materiality matrix shows, these insights can be mapped very simply. But it’s the quality of the information behind it that gives the map its value: the understanding of how ESG factors can be financially material across investment sectors, industries and markets. By embedding such knowledge in their securities research and portfolio construction, investors, in our view, may significantly enhance the potential for outperformance.

The authors wish to thank Peter Højsteen-Ljungbeck for his contribution.

The views expressed herein do not constitute research, investment advice or trade recommendations and do not necessarily represent the views of all AB portfolio-management teams. Views are subject to revision over time.

MSCI makes no express or implied warranties or representations, and shall have no liability whatsoever with respect to any MSCI data contained herein.

The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed or produced by MSCI.

Learn more about AB’s approach to responsibility here.

Mastercard

Loaded with microscopes, robots and VR headsets, Croatia’s “STEM on Wheels” mobile lab weaves its way from tiny mountain villages to Adriatic islands, giving kids the hands-on science skills they need to get ahead. From tips on investigating insects to using underwater drones, taking the van on the road gives the nonprofit Association Bioteka’s educators a chance to show kids in often under-resourced locations how to apply science to solve problems.

Its lively sessions have proven hugely popular, with more than 10,000 kids joining its STEM labs, workshops and camps. But that has left Bioteka President Jelena Likić and her three permanent staff little bandwidth — or opportunity to learn business development skills — to grow the nonprofit. Plans to build a center for STEM and sustainability in the Croatian capital, Zagreb, have repeatedly stalled because of limited capacity and resources.

That’s why Likić jumped at the chance earlier this year to join Mastercard’s Launch for Social Impact Challenge volunteer program, aiming to tap into the company’s deep talent pool to help make her STEM center a reality. The challenge is designed to encourage graduates hired for Mastercard’s 18-month Launch rotating job program to volunteer their time to help other organizations grow.

“Exactly those skills that Mastercard was offering were the ones we lacked,” says Zagreb-based Likić. “We have so many world problems that no individual can solve — we have to collaborate.”

The Mastercard/Bioteka affiliation is part of a growing shift toward nonprofits building deeper relationships with companies. These partnerships are valuable to both, enabling nonprofits to access critical skills and resources while giving companies an opportunity to connect with communities and gain real-world insight into their challenges.

It’s also helping companies attract talented staff, as research shows Gen Z is more likely to choose to work for a company that offers them the chance to do pro bono projects where they feel they can make a difference.

“This kind of program goes beyond traditional volunteering,” says Yasmin Mesbah, a senior program manager at Pyxera Global, a nonprofit that designs and delivers cross-sector programs to solve systemic social challenges. “It’s leadership development in action.” Pyxera Global partnered with Mastercard to shape the Launch for Social Impact Challenge into a transformative experience for both employees and communities. “It’s these kinds of experiences that grow globally minded leaders who can navigate complexity and act with agility,” Mesbah adds.

Krisztina Varsanyi, who joined Mastercard’s Launch program in Budapest last year, was one of about 200 people from across Europe accepted for the challenge. She hoped the experience would give her a chance to make an impact and expand her network.

When the monthlong program started in February, Varsanyi threw herself into the activities by leading a five-person team of Launchers, as they’re known at the company, tasked with devising a road map for Bioteka to finance, build and launch its STEM center. Slotting the volunteer work around her job as an associate consultant, she found that meeting with Bioteka for feedback on her team’s proposal to host events and camps was a hands-on way to build up her project management skills.

“It’s changed the way I think of volunteering,” says Varsanyi, 22. “It’s made me realize I can apply my knowledge and technical skills, and volunteer with my brain.”

Finding ways to create a collaborative team culture and steer volunteers toward tight deadlines also tested Barbara Kocsó’s management skills as the Launcher led another team in building a communications strategy for Bioteka. She found that her previous experience volunteering for HiSchool, a Hungarian NGO that supports high school students in choosing careers, gave her team a head start as they strategized a four-point plan to promote Bioteka’s programs and build relationships to support its fundraising.

“It fosters our ‘doing well by doing good’ company culture,” says Kocsó, 27, who, like Varsanyi, is an associate consultant in Budapest.

A few months down the track, Bioteka is already using the ready-to-implement plans drawn up by the Mastercard Launchers to fine-tune its communications strategy and highlight its science and sustainability work. The challenge served as a catalyst, helping Bioteka move closer to launching its STEM center and expanding access to science and sustainability education for more children — especially girls. (A 2024 UNESCO report showed that women made up only 35% of STEM graduates despite comprising more than half of university enrollment.)

For both Vasanyi and Kocsó, pulling teams together to resolve complex problems has shown them new ways to approach everyday workplace issues and gotten them hooked on working pro bono. As programs like this expand, they’re defining what it means to volunteer — not just offering time but contributing insight, building systems and shaping what inclusive innovation looks like on the ground.

“Volunteering gets us out of the bubble we all live in,” Varsanyi says. “No matter how small you start, how little you volunteer, it really does make a real-world impact.”

Originally published by Mastercard

Follow along Mastercard’s journey to connect and power an inclusive, digital economy that benefits everyone, everywhere.

WEST VALLEY CITY, Utah, May 29, 2025 /3BL/ — The West Valley City community, including families, children and business partners, came together in West Valley City’s Centennial Park May 20 to celebrate the recent opening of two futsal fields and meet players from Real Salt Lake and the Utah Royals. The new fields – made possible through support from RISE Athletics Foundation, KeyBank and Real Salt Lake – opened in late 2024.

West Valley City’s Parks and Recreation Department opened the new futsal fields in Centennial Park in late 2024 and were the first publicly available fields in the city. Futsal, which is a smaller version of soccer played by up to five players per team, is quickly growing in popularity with West Valley City youth.

“Our mission at KeyBank is to help our community thrive,” said Drew Yergensen, KeyBank’s Utah market president. “We are proud to partner with RISE and RSL to bring these new futsal fields, which are already making a positive impact in our community, to life.”

West Valley City is the home of KeyBank’s newest branch which opened in 2023. Since then, KeyBank’s presence in West Valley City continues to expand by supporting clients and the community.

About KeyBank

In 2025, KeyCorp celebrates its bicentennial, marking 200 years of service to clients and communities from Maine to Alaska. To learn more, visit KeyBank Heritage Center. Headquartered in Cleveland, Ohio, Key is one of the nation’s largest bank-based financial services companies, with assets of approximately $189 billion at March 31, 2025. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,200 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank Member FDIC.

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Baker Tilly’s podcast series specifically for professionals in the multifamily housing industry

On this episode of BuzzHouse, Don Bernards and Garrick Gibson sit down with Thom Amdur, Senior Vice President of Policy and Impact at Lincoln Avenue Communities. Thom shares what he’s tracking on Capitol Hill and what could be coming next for affordable housing, tax reform and federal regulation. From the Affordable Housing Credit Improvement Act to changes in NEPA and Davis-Bacon, he breaks down the legislative and administrative shifts likely to impact developers, investors and housing professionals heading further into 2025.

Multifamily housing resources

For articles, webinars and additional resources for developers, housing authorities, property managers, state housing credit agencies and lenders, visit our multifamily housing page.

For more information on this topic, or to learn how Baker Tilly specialists can help, contact our team.

In the fast-paced evolution of data centers, the spotlight on sustainability has never been brighter. As energy demands surge, finding innovative ways to reduce energy consumption becomes crucial. The transceiver power-control feature within Cisco MDS 9000 switches helps architecting sustainability in storage area networks and contributes to the broader goal of creating more environmentally responsible and cost-effective data center operations.

The Power Challenge in Data Centers

Modern data centers face a formidable challenge in managing escalating power demands. The sheer volume of servers, networking equipment, and storage arrays requires a substantial energy supply, leading to increased operational costs and a larger carbon footprint. The boom of Artificial Intelligence (AI) workloads and their power-hungry underlying infrastructure has changed trajectory and further exacerbated the situation. Addressing this challenge has become imperative for organizations striving for sustainability.

In the journey toward net zero, Scope 2 greenhouse gas (GHG) emissions present a major hurdle for data center operators. With IT gear and network devices operating 24×7, their usage phase is the main contributor to GHG emissions. For network devices, the power demand of optical transceivers continues to rise. An SFP+ transceiver can reach 1.5 Watts, while a QSFP-DD transceiver can exceed 16 Watts. As a result, optical transceivers account for a significant portion of the energy consumption in modern switches and routers. In a typical 1RU switch, optical transceivers could represent 16% or more of its energy consumption under standard operating conditions.

Understanding Transceiver Power-Control Feature

Cisco MDS switches harness the advantages of the transceiver power-control feature to achieve a harmonious balance between performance and energy efficiency. This new capability represents an innovation for the entire industry. Organizations can experience a notable reduction in energy costs, contributing to operational savings while simultaneously lessening their environmental impact.

Typically, when optical transceivers are inserted into switch ports and a user administratively shuts down a specific port, the switch only disables the laser without cutting off power to the optical transceiver. This means that when the port is shut down, the optical transceiver still draws significant power despite a slight reduction.

Starting with Cisco MDS 64G platforms (DS-X9748-3072K9, MDS 9124V, MDS 9148V, and MDS 9396V), there is an SFP FPGA hardware support for controlling power to the transceiver at the per-port level. The transceiver power-control feature utilizes this hardware capability to turn off the power to the transceiver when a port is administratively shutdown. Upon an administrator performing a ‘no shutdown’ on a port, the power is restored to that transceiver. Older Cisco MDS platforms, as well as competitive solutions, do not have this hardware capability and cannot turn off the power when a port is administratively down.

With Cisco MDS NX-OS Release 9.4(2) onwards, the transceiver power-control feature is available and enabled by default on all MDS 64G platforms. With this feature, ports are always-ready, not always-on. In other words, a port is always ready to be powered up, but when administratively down, the port would stay powered off and consume no energy.

Lab tests show that 34 Watts of power are saved for 24 ports in the admin down state with their short-wave transceiver being powered off. Higher savings are achieved with long-wave transceivers.

One practical scenario sees a customer with 6000 ports having 20% of spare ports. The transceiver power-control feature leads to about 1680W saved, equivalent to 14717 kWh/year. For a data center with PUE = 1.5 and assuming 0,27 euro/kWh, this translates into 5960 euro of savings in the energy bill each year.

One feature, many benefits

The transceiver power-control feature is an example of static power control, well-suited for networking devices, where planning for additional connectivity is possible. Customer evidence shows that spare ports account for 10% to 50% of all installed switching ports, indicating that transceiver power-control could drive substantial energy savings.

The transceiver power-control feature has many benefits, including:

• Up to 32% energy savings for a switch
• easy operations with remote settings for power control
• full real-time inventory even for interfaces that are administratively shut (power off), leveraging a highly engineered flow of operations within NX-OS software
• high reliability under power cycles and without an impact on failure rates, achieved by optimized design and tight qualification of Cisco SFPs
• SFP agnostic operation, applicable to any type of SFP qualified on 64G devices
• ubiquitous operation on both 64G switches and director line cards
• faster restart to avoid any delay for reaching mission mode on links
• included in the base offering at no additional cost

Enabling/Disabling Transceiver Power-Control Feature

The transceiver power-control feature is enabled by default on Cisco MDS 64G fibre channel switches. The feature can be turned on using the following CLI command:

Enable/disable status of the feature can be viewed using the below CLI command.

Transceiver power status for each port is displayed in the “show interface” CLI command output. In the example below, interface fc1/3 shows that transceiver power-control feature is enabled, and the port is administratively shut. As a result, its power would be zero.

Conclusion

The deployment of Cisco MDS switches supporting the transceiver power-control feature represents a proactive step towards creating more sustainable and cost-effective data center operations. The potential benefits include energy savings, reduced energy bills, improved compliance with environmental standards, and a positive contribution to a more sustainable future.

View original content here.

• $10,000 awarded to the City of New Port Richey for its Youth Scholarship Assistance program
• Program provides summer camp and swim lessons through scholarships for low-income families

NEW PORT RICHEY, Fla., May 29, 2025 /3BL/ – In recognition of the May 15 designation as International Water Safety Day, Duke Energy Foundation announces a grant to the City of New Port Richey for swim lessons and summer camp scholarships.

“Safety is central to how we operate at Duke Energy. Providing water safety education through swim lessons is a fun but important way to keep children in our community safe this summer,” said Melissa Seixas, Duke Energy Florida state president. “We thank the City of New Port Richey for providing programming to families throughout the year and are happy to make these programs available to more children this summer.”

The City of New Port Richey is offering summer day camp to residents June 2-Aug. 8 this summer. Registration is available by calling the Recreation and Aquatic Center at 727.841.4560 or visiting www.citynpr.org. Limited spots are still available.

“We’re incredibly grateful to Duke Energy Foundation for supporting our efforts to keep kids safe and active all summer long,” said Kevin Trapp, assistant parks and recreation director. “This funding helps remove barriers for families and ensures more children can enjoy swim lessons and camp experiences that build confidence and lifelong safety skills.”

Below are the top water safety tips from the American Red Cross, as an important reminder to all of us, on how to keep yourself, your family and friends safe in and around the water every day.

• Swim in designated areas supervised by lifeguards.
   
• Always swim with a buddy.
   
• If you go boating, wear a life jacket.
   
• Install and use barriers around your home pool or hot tub.
   
• Actively supervise children whenever around the water.
   
• Always stay within arm’s reach of young children and avoid distractions.
   
• Reach or throw aid to distressed swimmers – don’t go.
   
• Keep toys not in use away from the pool and out of site.

For more information on water safety, please visit American Red Cross’ water safety resources here.

Duke Energy Foundation

Duke Energy Foundation provides more than $30 million annually in philanthropic support to meet the needs of communities where Duke Energy customers live and work. The Foundation is funded by Duke Energy shareholders.

Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America’s largest energy holding companies. The company’s electric utilities serve 8.6 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 55,100 megawatts of energy capacity. Its natural gas utilities serve 1.7 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky. 

About Duke Energy Florida
Duke Energy Florida, a subsidiary of Duke Energy, owns 12,500 megawatts of energy capacity, supplying electricity to 2 million residential, commercial and industrial customers across a 13,000-square-mile service area in Florida.  

About City of New Port Richey:

With a strong local government, an attractive historical downtown, and a unique riverfront landscape, New Port Richey is one of Florida’s best walkable, waterfront, historic hometowns. For more information, visit www.cityofnewportrichey.org.

Media contact: Laitin Sterling
Media line: 800.559.3853

View original content here.

Originally published on PSEG NewsRoom

NEWARK, N.J., May 29, 2025 /3BL/ – PSE&G today announced that it is amending its May 7, 2025 filing with the New Jersey Board of Public Utilities (BPU) to provide additional short term relief for mitigating the impact of recent significant increases in electric supply costs caused by PJM’s high capacity market prices. In the filing, PSE&G is responding to requests for temporary solutions from Gov. Phil Murphy issued in a press release yesterday, in addition to a one-time waiver of carrying costs for credits that might be issued this summer, pending BPU action.

“As Gov. Murphy said yesterday in his press release, utilities are not the cause of the unexpected rise in utility rates, but we have a role to play in providing options to assist our customers,” said Kim Hanemann, president and COO, PSE&G. “PSE&G works closely with our customers and communities to help ensure they have access to programs that fit their needs to manage their bills. We will continue to work with policymakers on short term solutions to assist our customers while working with the state on long term solutions, including the need for more generation.”

For decades, PSE&G has worked with customers, and with non-profits and community organizations who work with utility customers, to raise awareness, educate and inform customers about energy assistance options. In recent years, PSE&G has participated in hundreds of events across the state and communicated directly to customers through the mail and online about the programs and support available to help manage bills.

Short Term Solutions Filed with the BPU

In response to requests made in Gov. Phil Murphy’s May 14 press release, and as they relate to the May 7 BPU filings he noted in his press release, PSE&G requests the BPU approve:

• The implementation of an expansion of the Winter Termination Program, which provides utility shut-off protection to low-income and vulnerable individuals.
• The suspension of reconnection fees.
• The voluntary removal of its carrying charges for a temporary credit beginning on July 1, 2025 to offset the electric bill increases that will occur this summer. Carrying charges are the cost that the company will incur when delaying collection of the supply cost increase PSE&G pays to the suppliers.

PSE&G is proud of its track record of maintaining customer affordability and award-winning reliable service. PSE&G bills are nearly equivalent to 2008 levels when adjusted for inflation. PSE&G workshard to keep customer bills as low as possible and this has resulted in PSE&G being a top performer nationally in affordability.

May 7 Filing with the BPU

In compliance with the BPU’s order dated April 23, 2025, PSE&G’s May 7 filing describes options for the creation of a Temporary Supply Offset Clause (“TSOC”), a temporary credit beginning on July 1, 2025 to offset the electric bill increases that will occur this summer, bill increases that largely stem from the July 2024 PJM Base Residual Auction. As indicated in the May 7 filing, the three options included a 100% offsetting credit, a 50% offsetting credit, and a 25% offsetting credit, which were based on guidance from BPU Staff.

Long-term Solutions Needed

While PSE&G has been warning for several years about the supply and demand imbalance in the PJM region, we remain committed to working with stakeholders in government regarding long-term solutions to these significant rate increases, including policy and legal changes to encourage the development of new generation.

PSE&G Customer Assistance

PSE&G works directly with its customers, and with non-profits and community organizations who work with utility customers, to inform them about energy assistance options. These efforts are designed to provide access to information on a range of energy efficiency and affordability offerings – from rebates and discounts to programs for small businesses and corporations.

PSE&G’s energy efficiency programs provide free assessments to help make customer’s homes or businesses more efficient, and lower energy use year-round. As of this past February, over 415,000 customers benefitted from programs that reduced energy consumption and lowered bills. On an annual basis, participants saved nearly $640 million.

Last year, PSE&G made improvements to better identify and reach customers who are most likely eligible for energy assistance programs and affordability options. In the end, approximately 226,000 customers received more than $265 million in support and assistance from these and other outreach initiatives. We estimate that another 100,000 customers are eligible for these programs but have yet to reach out.

PSE&G provides information regarding affordability options that customers may qualify for based on certain criteria like income eligibility (i.e. the Low Income Home Energy Assistance Program (LIHEAP), or SHARES for customers who may be experiencing a temporary financial crisis).

There are also additional bill payment tools to help customers manage costs including PSE&G’s Equal Payment Plan and Deferred Payment Arrangements. PSE&G’s Equal Payment Plan estimates annual energy costs, and divides bills into 12 equal monthly payments, which allows customers to levelize their monthly spend expectations. Deferred Payment Arrangements allow customers to pay a portion of past-due balances over an agreed-upon period.

PSE&G is promoting affordability and bill management programs in person through its customer service centers and call center, while also educating customers through a multi-channel communication that includes bilingual emails, social media, newsletters, bill inserts, direct mail, media interviews, and webinars and events with our community partners. Customers can also find valuable energy assistance information at pseg.com/saveenergy and bizsave.pseg.com.

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PSE&G

Public Service Electric & Gas Co. is New Jersey’s oldest and largest gas and electric delivery public utility, as well as one of the nation’s largest utilities. PSE&G has won the ReliabilityOne® Award for superior electric system reliability in the Mid-Atlantic region for 23 consecutive years. For the third consecutive year, PSE&G is the recipient of the ENERGY STAR Partner of the Year award in the Energy Efficiency Program Delivery category. In addition, in 2024 J.D. Power named PSE&G number one in customer satisfaction with residential electric service and gas service in the east among large utilities. PSE&G is a subsidiary of Public Service Enterprise Group Inc., (PSEG) (NYSE:PEG), a predominantly regulated infrastructure company focused on a clean energy future and has been named to the Dow Jones Sustainability Index for North America for 17 consecutive years (www.pseg.com).

Forward-Looking Statements

This release includes forward-looking statements, including but not limited to statements regarding anticipated or expected energy savings, cost saving and greenhouse gas emissions avoidance. There can be no assurance that such energy and costs savings and greenhouse gas emissions avoidance will be realized in the amounts described and / or in the timeframes anticipated. Such statements are based on management’s beliefs as well as assumptions made by and information currently available to management but are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. Factors that may cause actual results to differ include, without limitation: the ability to implement our energy efficiency business strategy, and customer adoption of our energy efficiency offerings. All forward-looking statements made in this release are qualified by these cautionary statements and readers are cautioned not to place undue reliance on these forward-looking statements The forward-looking statements contained in this Report are intended to qualify for the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.

Media Relations:
Marijke Shugrue
862-465-1445