Enterprise 3Q 2013

MSNBC’S ‘MORNING JOE’ SCARBOROUGH HEADLINES N.J. CHAMBER’S FORUM ON OCT. 23  PAGE 20

NEW JERSEY CHAMBER OF COMMERCE

a quarterly focus on the people and the issues that drive New Jersey business

DOES SEN. BARBARA BUONO HAVE A REAL CHANCE OF PUSHING GOV. CHRIS CHRISTIE OUT OF THE STATE HOUSE?

3Q 2013

We Examine both Candidates’ Economic Development Plans in our Exclusive Election Day Preview  PAGE 12

www.njchamber.com

RE-ELECT

Buono or for Govern

CHRISTIE

Also Inside:

 Navigating Obamacare  Keeping Your Employees

Healthy and Productive  Photos from N.J. Chamber’s Open House

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table of contents

cover story 12 Does Sen. Barbara Buono have a Real Chance of Pushing Gov. Chris Christie out of the State House?

PHOTO BY RUSS DESANTIS

Focus on: news 06 Fix Flood Insurance Now 07 To Prepare Young New Jerseyans for Careers,

Let’s Stress Math and English in High School

08 A Company’s Guide to Navigating Obamacare 09 Two Case Studies on Keeping Your Employees

Healthy and Productive

features 04 Message from the President

If you Care about the Economy, Vote ‘No’ on the Minimum Wage Question

05 N.J. Chamber Events 18 Heroes of Superstorm Sandy 22 News Makers

19 Poll: Don’t Put Minimum Wage Hikes in

State Constitution

energy/environment 15 The Price of Natural Gas 16 Keeping the Lights on after the Next Big Storm 17 PSE&G’s $3.9B Plan to Bolster its

Energy Delivery System Picks up Steam

events 20 PREVIEW: MSNBC’s ‘Morning Joe’ Scarborough

17

Coming to N.J. Chamber Forum

21 The 16th Annual N.J. Chamber Open House CORRECTION In the article “The Third Wheel: Sandy is Gone, But She Complicated Relationships Between Businesses and Lenders,” which appeared on page 6 of the last issue of Enterprise, Robert Doherty’s title was incorrectly stated. He is New Jersey State president at Bank of America.

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president’s message

BY THOMAS A. BRACKEN

If You Care about the Economy, Vote ‘No’ on the Minimum Wage Question If New Jersey is going to solve its fiscal problems, we need to expand our private business sector. Happily, for the past three years, we have seen positive strides in our business community in the form of job growth – thanks to smart policies out of Trenton like reducing business taxes and offering targeted incentives for employers.

This is a testament to the teamwork of Gov. Chris Christie and the legislators who have made it a priority to build the economy, create jobs and make New Jersey a more competitive business state.

Now, we face an issue in which the governor and the Legislature are at odds – and it can reverse the positive momentum. The issue comes to a head on Election Day, and you can do something about it.

A question on the ballot will ask voters to approve an amendment to the New Jersey Constitution that would mandate annual increases to the state’s minimum wage. This question should not be taken lightly. The plan, as presented by the Legislature, calls for annual increases to the minimum wage tied to the national Consumer Price Index. By automating these pay increases, raises would be given every year in perpetuity, no matter the condition of state economy.

This is the proposal voters will be asked to consider in Ballot Question No. 2. If you care about the economy, vote “no.”

To be clear, the Chamber is not opposed to raising the minimum wage.

Earlier this year, Christie and the business community negotiated a proposal which would have phased in a $1 – or a 14 percent – increase to the $7.25 mini4 |

mum wage over three years; but the Legislature wouldn’t consider the compromise.

What we oppose is using the state constitution to institutionalize private-sector fiscal decisions. Under this amendment, the minimum wage would be permanently taken out of the hands of future administrations, legislators and employers. Annual raises would be automatically granted without considering whether the economy is strong or weak, or whether the market warrants the increases.

We have cautioned the Legislature that mandating raises this sharply, and in perpetuity, would have a chilling effect on economic growth – especially in the wake of Superstorm Sandy. It would cause already cautious employers to cut jobs and reduce hours. Any business thinking of relocating to our state – and bringing new jobs with them – would undoubtedly think twice when they see this level of government intrusion.

A study sponsored by a coalition of businesses and the Chamber this year estimated 31,000 jobs would be lost if the ballot question is approved. This is neither responsible governing nor in the public good.

Keep in mind, of the state’s 40,000 workers earning minimum wage, half are teenagers. A much lower number – 4,500 to 10,000 – are their families’ pri-

mary wage earners. These workers – the primary beneficiaries of the ballot question – represent less than one-tenth of 1 percent of New Jersey’s population.

National organizations have said that if this ballot question is approved, New Jersey’s ranking, which has risen in each of the last three years, would drop to the dire levels of the Corzine era.

Arguments that this plan would help the economy by pumping more money into it are misleading. The increase would add approximately $80 million per year in salaries. Even if all of it is pumped back into the economy through spending, it would have little impact on New Jersey’s $500-billion economy – it equates to 17/100 of 1 percent of New Jersey’s gross domestic product.

The N.J. Chamber and the business community recognize that competitive wages are an important part of attracting and retaining a top-notch workforce.

A fair minimum wage is a key component of this, and it should be set by our elected legislators and governor through debate and careful consideration – and not automatically raised in perpetuity via a constitutional amendment.

Let’s not derail our progress by adopting irresponsible policy. When you vote this fall, please vote “no” on Ballot Question No. 2. ❖

Thomas A. Bracken President and CEO New Jersey Chamber of Commerce

CHAMBER STAFF

Thomas A. Bracken President and CEO

Dana Egreczky Senior Vice President, Workforce Development

Michael Egenton Senior Vice President, Government Relations

Lawrence Krompier Vice President, Member Services

Ray Zardetto Vice President, Communications

Scott Goldstein Communications Manager and Enterprise Editor

Ric Principato Interactive Designer

New Jersey Chamber of Commerce Staff

216 West State Street Trenton, N.J. 08608 Phone: (609) 989-7888 www.njchamber.com

N.J. Chamber Events October 9 The New Jersey State Chamber of Commerce Legislative & Business Awards Reception

6 p.m. to 9 p.m., Wyndham, Mount Laurel October 23 New Jersey Chamber of Commerce Forum 2013: An Evening with Morning Joe (Scarborough)

December 5 New Jersey Chamber Holiday Party

Calandra’s Italian Village, Caldwell February 13 and 14 77th Annual Walk to Washington & Congressional Dinner

Marriott Wardman Park Hotel, Washington, D.C.

5 p.m., Pines Manor, Edison For more information, go to www.njchamber.com.

NJCC Board of Directors Officers Chairman

Ralph Izzo Chairman and CEO Public Service Enterprise Group Inc.

GROWING. WISELY.

First Vice Chair

Amy B. Mansue President & CEO Children’s Specialized Hospital Second Vice Chair

Robert Doherty New Jersey State President Bank of America Treasurer

Howard Cohen, CPA Chairman EisnerAmper LLP Secretary

© Photo by Moses Cruz Photography

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ENTERPRISE 3Q 2013 | 5

focus on news

Fix Flood Insurance Now, say Presidents of N.J. Chamber and Greater New Orleans Inc.

BY THOMAS BRACKEN AND MICHAEL HECHT

In recent months, it has become clear that Congressional action is needed to address unintended, drastic increases to National Flood Insurance Program (NFIP) rates for home and business owners along our coasts and rivers.

A confluence of the Biggert-Waters Act of 2012 (meant to stabilize the NFIP), incomplete and inaccurate Federal Emergency Management Agency maps and questionable actuarial calculations have led to premium increases of up to 5,000 percent and more – for policyholders who have built to code and THOMAS BRACKEN never flooded.

Unless addressed, changes to the NFIP will do harm to the people the program was designed to protect. For example, we are aware of a middle-class MICHAEL HECHT homeowner who built to code and has never flooded whose annual premium will go from $633 to a completely unviable $28,554.

Louisiana and New Jersey are at the forefront of this issue because our communities are some of the first to receive new FEMA flood maps since the passage of Biggert-Waters, which is how some premium increases are triggered. However, as new FEMA flood maps are rolled out across the country, the threat of runaway NFIP rates is to all of America. All 50 states participate in the NFIP, and according to the National Oceanic and Atmospheric Administration, 55 percent of Americans live within 50 miles of the coast.

In most cases, the astronomical 6 |

increases are for owners who built to FEMA code and have never flooded.

Individuals have played by the rules and maintained flood insurance, and yet Congress and FEMA are changing the rules in the middle of the game.

Some say that these changes are necessary to get rid of “subsidized” rates. But the vast majory of policyholders – 81 percent – are not subsi-

thing, values of unsellable properties will plummet, bank mortgages will go into default, local tax bases will erode and economies will be eviscerated. Ironically, this will ultimately destroy the NFIP itself, as policyholders will leave the program in droves.

The good news is that since this issue was brought to the attention of Congress, the response has been swift.

In early June, the House passed a bipartisan one-year delay to premium hikes as a part of the Homeland Security appropriations legislation. In

Incomplete and inaccurate Federal Emergency Management Agency maps and questionable actuarial calculations have led to premium increases of up to 5,000 percent and more – for policyholders who have built to code and never flooded.

dized. Rather, they are already “actuarially rated,” meaning that FEMA has deemed the rates as reflecting true risk, including “grandfathered” properties.

NFIP rates suddenly jumping up 5,000 percent in the middle of a mortgage – when the owner had no reason to anticipate this unaffordable increase when the original contract was signed – contradicts typical insurance practice and reasonable expectation.

And businesses and individuals do not have a choice – flood insurance along our coasts and rivers is almost always government-mandated.

The consequences are clear and devastating. Owners will lose every-

another show of bipartisan support, just recently, the Senate Appropriations Committee included the same one-year delay in its Homeland Security Appropriations bill, which awaits consideration by the full Senate.

With a strong bipartisan focus on this issue in both the House and Senate, we are in a position to fix a problem that must be resolved: ensuring a sustainable, actuarially responsible NFIP that does not kill jobs and our local economies. ❖ Thomas Bracken is president and CEO of New Jersey Chamber of Commerce.

Michael Hecht is the president and CEO of Greater New Orleans Inc.

To Prepare Young New Jerseyans for Careers, Let’s Stress Math and English

BY DANA EGRECZKY

New Jersey has one of the best public school systems in the country, according to student proficiency and high school exit tests. Our aggregate data consistently place us on the list of five top-performing states.

Still, many of our students struggle after high school.

Graduation rates for first-time, full-time students in our community colleges are shockingly low. Even after three years, only 14 percent of students in New Jersey’s community colleges have earned their two-year degrees.

Graduation rates at New Jersey’s four-year colleges aren’t much better. Barely half of the state’s full-time students who enroll in college after high school graduate with four-year degrees – even after six years. The rest take longer while paying for remedial courses covering material that should have been learned in high school.

Meanwhile, employers in New Jersey report that most young job candidates are not prepared for entry-level positions.

Clearly, something is broken. New Jersey’s very successful K-12 system is not preparing students for college or the real world.

Enter the Common Core.

The Common Core is a set of more challenging standards for students graduating from New Jersey’s high schools. These recently implemented standards were developed with input from business people and college professors who know what students need to learn to be successful in both college and in their careers. Previous state standards were developed by teachers who knew content but not necessarily application.

The Common Core standards in mathematics are of particular interest because success in math is the clearest predictor of college-degree attainment. I give a student who only knows algebra less than a 10 percent chance of earning a college degree. Grades count as well; students who get Cs and Ds in high school have only a 50-50 chance of earning a single college credit.

The Common Core standards give teachers the long desired opportunity to cover less material during the year, and instead delve deeper into content that breaks from the current “milewide, inch-deep” methodology. Teachers will be able to take more time with individual students who may be struggling to understand key concepts in mathematics and English.

Should the Common Core be deployed with fidelity, it is highly likely students will spend less time – and their parents will spend less money – in postsecondary institutions earning

Barely half of the state’s full-time students who enroll in college after high school graduate with four-year degrees – even after six years.

the industry credentials and degrees they need for the jobs of the 21st century. These higher standards will demand more from students and will also present them with a more realistic sense of what they need to learn to be ready for the challenges ahead.

Ultimately, we know this won’t be an easy path. We fully expect parents to be upset with lower scores generated by tougher assessments; students to be unhappy with additional academic work; and some teachers to be unhappy with the expectations placed on them.

But as low-skill jobs in America head toward extinction, it has to be done. Otherwise, the United States will no longer be the economic powerhouse it has been for the past 70 years. ❖ Originally published June 2013. Reprinted by permission, freeenterprise.com, August 2013. Copyright© 2013, U.S. Chamber of Commerce.

Dana Egreczky is president of the New Jersey Chamber of Commerce Foundation. She also has been an industry trainer and was a middle school and high school teacher for 16 years.

ENTERPRISE 3Q 2013 | 7

focus on news

A Company’s Guide to Navigating Obamacare

BY JACK WELLMAN

Employers should mark Jan. 1, 2015 on their calendars.

Obamacare is motivating companies to evaluate their organizational structure and strategic growth plans, and companies that do it gain a competitive advantage.

That’s the date the Affordable Care Act, also known as Obamacare, will require businesses with 50 or more full-time employees to offer health insurance to their workers. Nobody says it’s going to be cheap.

The average cost of health insurance premiums last year was $5,615 for single coverage and $15,745 for family coverage, according to the Kaiser Foundation. But there is a silver lining. Health care reform is motivating companies large and small to evaluate their organizational structure and strategic growth plans, and JACK WELLMAN companies that take the time to do that will gain a competitive advantage.

There are several things employers can do to prepare: ✓✓Take a close look at your company’s health plan design to determine how to make it more affordable.

Employers should review of all their health plan options – considering contribution rates, minimum benefits under the new law and the cost of penalties for not complying. Small companies – those with less than 50 full-time workers – are not required to offer health insurance. But all employers need to factor in the importance of health care in terms of recruiting and retaining staff – good health insurance is important to employees. Companies should work with their health care provider to gain a thorough understanding of their options. ✓✓Review your current workforce structure. Analyze each position. Identify critical and non-critical functions. Consider whether the role is a core competency of the organization. Is it a management role? Is it required for talent retention or succession planning? Determine whether a position must be full-time or if the responsibilities could be met through alternative staffing means, such as parttime, temporary/contract and outsource options.

8 |

✓✓Develop new hiring standards. Select the best method for filling positions within the organization in a cost-effective and strategic manner. As you review each role, ask the following questions: Could a temporary worker be used to fill this position for a short period of time? Is this segment of the company vital to the organization’s core business objectives and could it be outsourced? Outsourcing functions such as mail room, facilities management or even IT can allow employers to retain overall oversight, and reduce the head count.

Don’t Go It Alone Navigating health care reform is complicated, but for employers who invest the time to prepare, it is also an exciting opportunity to expand and gain market leadership. Engage the support of trusted business partners.

Enlist your insurance provider and broker to help structure the right health care offering. Utilize the services of an attorney and CPA to gain critical compliance and accounting insight. Collaborate with a trusted staffing partner to bring efficiency and focus to your organizational structure and growth objectives.

Health care reform is here to stay. The future can be bright for New Jersey companies that begin their longterm planning now. ❖ Jack Wellman is president and COO of Edison-based Joulé Inc. in Edison, a staffing, engineering solutions and industrial contracting firm.

American Water and South Jersey Industries: Case Studies on Keeping Your Employees Healthy Employers everywhere are talking about the rising cost of health care, but there are ways to help reduce the amount of health care your employees need by motivating them to stay healthy.

Voorhees-based American Water, for example, offers its worker health screenings and personal health coaches. Folsom-based South Jersey Industries pays for gym membership and weight loss programs.

Both companies were recognized this year by the American Heart Association for their “Fit-Friendly Worksites.”

“Physical activity and employee wellness are important priorities at American Water,” said Peg Fenner-Gulledge, health and wellness manager at American Water. “We’re committed to providing the best workplace environment possible. This will benefit our employees’ health and produce positive results for our worksite overall.”

American Water’s Healthy Solutions program, rolled out to employees nationwide in 2010, offers annual health screenings to workers, wellness challenges throughout the year and access to personal health coaches – with financial incentives and other rewards for participating. (In the first year, 55 percent of employees participated, and, in year two, 68 percent of employees enrolled. In addition, an increased number of family members are participating and are eligible to receive prizes.)

Last year, SJI implemented a program that reimburses employees and a dependent for monthly gym membership fees, or for weight loss program fees of up to $50. Participants who attend the gym 15 timer per month get a 100 percent reimbursement, up to $50. Participants who attend the gym 12 timer per month get a 50 percent reimbursement, up to $50.

These wellness programs “help improve employees’ health and their employers’ bottom line,” said Kathleen McEndy, vice president, human resources for SJI. “Even people who haven’t exercised regularly until middle age can reap significant benefits by starting a walking program.”

The American Heart Association is working to change corporate cultures, particularly by motivating employees to start walking, which has the lowest dropout rate of any physical activity.

American employers are losing an estimated $225.8 billion a year because of health care expenses and health-related losses in productivity, and those numbers are rising, according to the American Heart Association. Many American adults spend most of their waking hours at sedentary jobs. Their lack of regular physical activity raises their risk for a host of medical problems, such as obesity, high blood pressure and diabetes. Employers face $12.7 billion in annual medical expenses due to obesity alone.

Employers that join the Fit-Friendly Worksites program qualify for recognition by the American Heart Association.

They are listed on the program’s national website, as well as at the Heart Association’s Heart Walk. Qualifying worksites also have the right to use the program’s annual recognition seal for internal communications and with external, recruitment-related communications. ❖ For more information about the Fit-Friendly Worksites program and how it is helping to improve the health of Americans by focusing on an activity that is convenient, free and easy, visit startwalkingnow.org.

ENTERPRISE 3Q 2013 | 9

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Winnebago County Highway & Sheriff’s Dept. (IL) UTZ Quality Foods (PA) City of Rockford (IL) California Yellow Cab (CA) Philadelphia Parking Authority (PA) Capital Aeroporter (WA) The Reiner Group (NJ) Werner Coach Lines (PA)

THE

GUBERNATO

ELECTION

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ORIAL Decision 2013: Buono vs. Christie There is much to consider as Election Day approaches, but the biggest question is whether Democratic challenger Sen. Barbara Buono can push popular Gov. Chris Christie out of the State House. If you listen to polls and experts, the answer appears to be no.

Still, Democratic stalwarts say Buono has a chance to steal the election in a state where Democrats outnumber Republicans by 700,000.

Here’s the bottom line: Christie, who carries national name recognition and approval ratings through the roof, has maintained a 20-point lead in polls and is popular among Republicans and Democrats. Meanwhile, Buono, a 19-year state legislator from Middlesex County who was the first woman to chair the Senate Budget and Appropriations Committee, has suffered from a lack of name recognition (in one early web ad, she explains her last name rhymes with Cuomo). Even more troubling, she has struggled to secure the support of some of her own party’s leaders. Not helping matters for Buono, her $1.1 million campaign fund is eclipsed Christie’s $4 million political war chest.

“Right now there isn’t much of a race,” said former Republican Gov. Thomas H. Kean, who served in the state’s executive office from 1982 to 1990. “The Democrats have nominated their weakest candidate, the party is fractured and she can’t raise any money.” Further, he added, “Democrats are endorsing Christie in large numbers.

That’s something that has never happened before.”

But former Democratic Gov. Jim Florio, who sat in the state’s executive

office from 1990 to 1994, says Buono has a chance to rally since Christie is out of step with New Jersey voters’ views of national issues.

“The biggest strength she has in the campaign is that Christie is a Republican and the Republican brand is really tarnished in New Jersey,” Florio said.

“Whether it’s a woman’s right to choose or background checks on guns, the Republican position is not popular in New Jersey.”

One thing is certain, it’s crucial for New Jersey Chamber of Commerce members to vote. As you prepare for Election Day on Nov. 5, Enterprise magazine is taking a look at both of the candidates’ economic development views.

We also took a hard look at a ballot questions which, if passed, would mandate that the state minimum wage be raised annually, with the increase based on the consumer price index (see pages 4 and 19).

Consider this article a business person’s guide to voting.

Sen. Barbara Buono Buono rolled out an economic growth plan that focuses on growing small businesses – especially in advanced fields such as biotechnology and life sciences – by offering them more tax subsidies, while reducing subsidies for large companies. She also would support women- and minority-owned businesses with increased state aid and preferences for public contracts.

A major goal for Buono is to restore the state as a leader in research. Buono said she would rely on county colleges and vocational schools to train and re-

train workers for jobs in emerging fields.

In order to keep college-bound students in New Jersey, her plan calls for keeping tuition affordable, in part by increasing scholarships and student aid.

To strengthen urban centers, said she would establish an “investment bank” where would-be business owners can access capital, provide tax credits in areas with high unemployment and bring back the Urban Enterprise Zone program, which Christie cut. Purchases by customers and companies in UEZ areas are rewarded with sales tax breaks.

Buono also called for addressing the state’s shortage of transportation funding by setting up another bank that would combine public and private investments.

Buono supports increasing tax relief for child care expenses, guaranteeing some paid sick days for all workers, and consolidating programs aimed at helping small business owners into a single program.

Critics of her plan have called it a wish list with no funding mechanism, while supporters say focusing on the working class and small businesses is the correct approach.

“Right now there is an absence of demand,” Florio said. “The Republican philosophy has always been to provide more money to the rich to create jobs.

But the top down approach doesn’t work.”

Gov. Chris Christie For the past three and a half years, Christie’s focus on business development – illustrated by incentives and tax cuts worth more than $2 billion – have ENTERPRISE PAID ADVERTISMENT 3Q 2013 | 13

The Race for Governor 2013

SEN. BARBARA BUONO AGE: 60 BORN: Newark RAISED IN: Nutley HOMETOWN: Metuchen FAMILY: Husband Martin Gizzi; six adult children Sarah, Allegra, Lance, Tessa, Ariella and Sofia EDUCATION: Montclair State College; Rutgers Law School CAREER: State senator (2002 to present); assemblywoman (1994 to 2001); Metuchen Borough Council (1993 to 1994), lawyer QUOTE: “A strong economy begins with a strong middle class. In order to have sustainable, longterm growth we must invest in our workforce, schools, small businesses and infrastructure.”

14 |

been welcomed by the business community. His philosophy: Provide businesses with more capital to pave the way for New Jersey companies to expand and for outof-state companies to relocate here.

His most recent state budget continues many of the pro-growth policies that began in 2011, including the final phase-out of the Transitional Energy Facility Assessment (TEFA); a 25 percent reduction in the minimum tax on S-corporations from 2011 levels; and allowing business entities to carry forward net operating losses for up to 20 years. Additionally, his budget fully funds the Research & Development Tax Credit and the Technology Business Tax Certificate Transfer Program for businesses specializing in innovation.

Both the governor and Lt. Gov. Kim Guadagno, who routinely gives out her cell phone number to business owners and implores them to use it when they have a problem, have reached out to the state’s businesses in their efforts to retain companies, said Michael Egenton, senior vice president-government relations at the New Jersey Chamber of Commerce.“When we have a problem, we call the lieutenant governor and she’s on it,” Egenton said.

It’s that ability to connect that makes him successful, said Kean, who suggested the race won’t be close, considering Christie has won endorsements from Republican and, surprisingly, many Democratic lawmakers – as well as from trade unions that traditionally lean Democratic.

“Even when I won by a large margin, I didn’t get those endorsements,” said Kean, whose 1985 victory over Democrat Peter Shapiro remains the largest margin of victory in state gubernatorial election history.

“The bottom line,” Kean added,“is people connect with him.” ❖

GOV. CHRIS CHRISTIE AGE: 50 BORN: Newark RAISED IN: Livingston HOMETOWN: Mendham FAMILY: Wife Mary Pat; Cchildren Andrew, Sarah, Patrick and Bridget EDUCATION: University of Delaware; Seton Hall University School of Law CAREER: New Jersey governor, U.S. attorney for the district of New Jersey (2002 to 2008); lawyer; Morris County Board of Freeholders (1995 to 1998) QUOTE: “If we want our state to grow economically, we have to fight for our state to grow economically.”

focus on energy/environment

The Price of Natural Gas CORPORATE CUSTOMERS SHOULD SERIOUSLY CONSIDER LOCKING IN THEIR RATES

BY SCOTT FAWCET

Over the past two decades, the natural gas market has dramatically transformed from highly regulated to entirely market-driven. As a result, more suppliers are offering companies greater product choices and more competitive prices. Many commercial and industrial customers have become comfortable with purchasing their energy from a third-party supplier. However, a lack of market knowledge or resources required to understand the energy procurement process still prevents many companies from enjoying the benefits of this competitive market.

Natural gas prices hit historical highs in both 2005 and 2008 (following Hurricanes Rita and Katrina). With the onset of the recession in 2008, energy prices collapsed. The extremely mild winter of 2011-2012 resulted in a further weakening of this already depressed market. April 2012 set a decade-long low for natural gas prices.

Now, with signs suggesting a recovering economy and a return to more normal temperatures, prices have steadily increased over the past 14 months. Many customers are now questioning where prices will go and whether this a good time to lock in a long-term fixed price. Of course, predicting future prices is impossible, analyzing factors that affect pricing can lead to intelligent decisions.

Early 2012 exhibited the perfect conditions for low prices – warm winter, weak economy, and record-high natural gas storage levels. Statistically, a repeat of all of these conditions is unlikely. Colder winters and an improved economy should increase industrial demand. In addition, producers have adjusted their output levels in an effort to bring the oversupplied markets of the past five years back into balance.

Another factor is the natural gas global price imbalance. The domestic price is currently less than half the price in Europe and about a quarter

the price in Japan. This large gap has lured some large energy companies to begin plans for exporting natural gas, which will almost certainly create upward pricing pressure.

Although prices are considerably higher than their lows in early 2012,

they are still attractive, compared to the highs and lows of the past 12-years. If price certainty and protection against upside risk is important, then it still makes sense to take a longer-term fixed-price position.

The risk, here, is that the end-user will sacrifice the ability to benefit from any downside in the market. The decision to hedge should always be aligned with your company’s risk appetite and corporate objectives. ❖ Scott Fawcett is a principal and director of business development for Premier Energy Group, LLC, an energy consulting firm serving commercial and industrial customers in the Mid-Atlantic region. Contact Scott at sfawcett@premierenergygroup.com.

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ENTERPRISE 3Q 2013 | 15

focus on energy/environment

Keeping the Lights On HOW ENERGY COMPANIES ARE REACTING TO THE 18 MONTHS THAT WALLOPED NEW JERSEY

BY DIANA LASSETER DRAKE

JAMES FAKULT

VINCE MAIONE

STEVE MORGAN

It is now known as the 18 months that walloped – and changed – New Jersey: First Hurricane Irene in August 2011, then Superstorm Sandy in late October 2012, followed by a powerful winter Nor’easter in early November. Businesses and residents endured weeks of lost power and productivity.

The weather has created a new normal for the Garden State, particularly in terms of how energy companies deliver their services.

“We’re seeing increasingly extreme weather,” said Kristine Lloyd, a spokesperson for Newark-based PSE&G, the state’s largest energy provider. “We’re facing a new challenge with this weather. We’ve always been a reliable electric utility.

That’s not enough for us anymore. We need to keep customers with power when these devastating storms come through.”

PSE&G earlier this year proposed a plan (see facing page) to invest $3.9 billion over 10 years to bolster its utility infrastructure so they’re ready for the next storm – and the ones after that. “A major aspect of this plan is protecting substations and switching stations,” Lloyd said. “We’re seeing facilities flood that have been around for 100 years without flooding.”

Part of the plan, which is pending approval by the New Jersey Board of Public Utilities, calls for raising 31 stations above flood levels, building floodwalls around them or relocating them, Lloyd said.

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Communicating with Customers Jersey Central Power & Light (JCP&L) is spending $200 million this year on reliability improvements, like tree trimming and circuit protection. While such infrastructure strengthening tops the list, better communication with customers also is a priority.

The company recently launched its MyTown alert system, a web site which posts community-specific updates on power outages and restoration.“We have to provide more communication for our customers,” said James V. Fakult, president of JCP&L, one of several new members of the company’s management team. “We’ve enhanced outage maps for customers to access, whether it’s on their smartphones or the website.

Some 70 percent of our customers carry a smartphone.”

This is in addition to traditional information channels, like TV, radio and newspapers, Fakult said. “We’re giving customers more choices and better, timelier information,” he added.

Atlantic City Electric in Mays Landing also is increasing customer outreach. “One of the tools we offer is the Atlantic City Electric self-service app,” said Vince Maione, president of Atlantic City Electric.“Through the app, customers can report outages and get status updates of outages in their area; get estimated times of restoration; and call us through a direct dial link.”

Response Times JCP&L has been analyzing its response times during dangerous storms. In addition to quickly restoring power to vital services like hospitals and police stations, the company also recognizes the value of swiftly getting power to gas stations, grocery stores and other service businesses.“We are now using an incident command structure that is very similar to what federal, state and local responders use,” says Fakult.“We think we will be able to get service restoration done quicker and get businesses back in lights so they can be productive.”

Renewable Energy Renewable energy like solar can help generate electricity when the traditional grid is compromised, said Stepehen Morgan, a former CEO of JCP&L who retired in 2009 to start American Clean Energy, a solar power development business in Saddle Brook. “The lesson of post-Sandy is that we have a lot of renewable resources in public places like municipal buildings and schools that could have been used for many hours of the day – as gathering places, shelters and so forth.

Those systems were available to run if there had been a grid to connect to. It has been a wake-up call for the industry.” ❖

PSE&G’s $3.9B Plan to Bolster its Energy Delivery System Picks up Steam

In the wake of a barrage of strong storms in New Jersey, PSE&G’s proposal to spend $3.9 billion to strengthen its energy delivery equipment – from substations to utility poles to gas lines – is gaining support from all around the state.

Backers of the utility’s “Energy Strong” plan include 54 municipalities, five counties, 22 large electric customers, and both business groups and labor unions. The consensus is it makes good sense to have a reliable source of energy.

The initiative requires approval from the New Jersey Board of Public

Utilities.

PSE&G developed the $3.9-billion plan in the wake of Superstorm Sandy. “While an analysis by the Associated Press showed that power was restored more quickly in New Jersey than in surrounding states, the fact is that more than 1.9 million of our customers lost power during Sandy

– some for as long as two weeks – as waterlogged systems were repaired and replaced,” said Ralph LaRossa, president and chief operating officer of PSE&G. “With Sandy, Irene and the 2011 October snowstorm, we had three of the most damaging storms in our company’s history in quick succession. It was clear that we needed to do something extraordinary.”

“Energy Strong” calls for investing $3.9 billion over 10 years to protect switching and substations from water damage, reinforce utility poles and overhead wires, deploy smart grid technology to reduce the likelihood and duration of outages, and replace gas lines in flood-prone areas.

It has garnered support from a broad range of parties including business associations like the New Jersey Chamber of Commerce; labor unions, hospitals and schools. And a recent customer survey by PSE&G shows that more than 70 percent of its customers support the “Energy Strong” proposal.

“Investing in a reliable and resilient energy infrastructure that is better able to withstand powerful and damaging storms like Sandy will help keep New Jersey competitive and open for business,” said New Jersey Chamber of Commerce President Tom Bracken. “PSE&G’s initiative will create redundancy to reduce outages and provide New Jersey with a stronger and more sustainable energy system.”

Other associations supporting the plan include the Alliance for Action, Commerce and Industry Association of New Jersey, Greater Elizabeth Chamber of Commerce, Hudson County Chamber of Commerce, MidJersey Chamber of Commerce, Newark Regional Business Partnership, New Jersey Concrete & Aggregate Association, Somerset County Business Partnership, South Jersey Chamber of Commerce, Southern New Jersey Development Council, and Union Township Chamber of Commerce. ❖ ENTERPRISE 3Q 2013 | 17

feature

Heroes of the Storm PROFILES FROM THE N.J. CHAMBER’S SUPERSTORM SANDY HERO PROJECT The New Jersey Chamber of Commerce has established the Superstorm Sandy Hero Project, an oral history of heroic acts in the wake of the storm.

We collected inspirational stories from

MY HERO:

Dennis D. Morgan II

people all over New Jersey who we asked to describe their own superstorm heroes. The project’s mission is to recognize the heroes, and to preserve these memories so generations can remem-

SUBMITTED BY:

Denise Rivas-Morgan

MY HERO:

ber the true grit New Jerseyans exhibited during the storm of 2012. To read all the stories in the project and to submit the story of your hero, go to www. njchamber.com. Here are excerpts:

Jessica “Jesse” Burns

SUBMITTED BY:

Nicholas Intromasso

HOMETOWN:

HOMETOWN:

Dennis led an effort to provide hot meals, blankets and other assistance to several high-rise senior housing buildings in Newark. These buildings, ranging in height from six floors to 14 floors, had no power, elevators or heat for upwards of 10 days.

Volunteers went door-to-door doing health and welfare checks on the residents. Lunch and dinner was provided to approximately 500 to 600 residents per day, with door-to-door deliveries for those who were disabled or unable to use stairs. All meals, clothing and help were provided with 100 percent private donations.

Sandy destroyed polling places right before the presidential election. As the communications director for the League of Women Voters of New Jersey, Jesse stepped into action. She constantly updated the league’s website and Facebook page with polling place changes and new directives issued by the state – and became the go-to resource for voters looking for help after the storm.

Jesse worked late into the night – herself without power – calling back voters as information and options changed, most notably helping a woman in her 80s who had never missed an election. Sandy took away so much for so many of us, but Jesse helped make sure that the storm did not take away the right to vote.

Newark

MY HERO:

Rosemary Ryan

HOMETOWN: Highlands

SUBMITTED BY:

Valerie Montecalvo

18 |

Lakewood

Rosemary was diagnosed with endometrial cancer and completed her chemotherapy three weeks before Sandy hit our area. Still, after the storm, Rosemary went to the local firehouse to help, and was appointed to be volunteer donation coordinator. She raised funds to help displaced residents and has distributed items like sheetrock, bedding, beds, cleaning supplies—all the things that people need to become whole again. Rosemary is a highly respected leader of our community who works hard to help those impacted by Sandy's destruction.

focus on news

Poll: Don’t Put Minimum Wage Hikes in State Constitution Seven out of 10 business leaders in New Jersey say amending the state constitution to mandate annual raises to the state minimum wage would damage New Jersey’s efforts to retain and attract businesses; and an even larger majority (84.3 percent) of the respondents said they did not believe the state Constitution should be used to decide matters of policy such as the minimum wage, according to the ParenteBeard-New Jersey Chamber of Commerce Summer Survey of business leaders.

This Election Day, Ballot Question No. 2 will ask New Jersey voters to consider such an amendment to the state constitution, which, if approved, would lead to annual increases to the state minimum wage – in perpetuity – based on the nation’s Consumer Price Index.

“The business community does not want to see the New Jersey constitution used to institutionalize private sector decisions,” said Thomas A. Bracken, president and CEO of the

New Jersey Chamber of Commerce. “If this ballot question is approved, annual raises would be automatically granted with no consideration to whether the economy is strong or weak, or whether the market warrants the increases. What is next? A ballot question on mandating prices?”

Seven out of 10 respondents said they prefer legislation that would increase the minimum wage by $1, phased in over three years, to $8.25 per hour (as proposed by Gov. Chris Christie).

Only 27.1 percent said they prefer increasing the minimum wage by $1 per hour this year followed by annual increases tied to the CPI (as proposed by the Legislature). Only the proposal to amend the constitution is on the ballot for voters to consider.

“Raising the minimum wage has a cascading effect on a business because workers making more than the minimum wage expect they too will see pay increases,” said Walter Brasch, managing partner for ParenteBeard’s New Jersey Metro Region. “We’re talking about the most costly aspect of a business owner’s budget – salary and benefits. Such decisions need be made thoughtfully, not automatically.” ❖ For full survey results, go to www.njchamber.com.

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The New Jersey Economic Development Authority (NJEDA) supports small- and medium-sized businesses by providing access to financing and incentives they need to reach their goals. The NJEDA can also help you recover from Superstorm Sandy and grow a stronger New Jersey business, like Club Barks.

To learn more about financial assistance available through NJEDA, call 609-858-6700 today, or visit us online at businesslending.NJEDA.com.

© 2013 New Jersey Economic Development Authority.

ENTERPRISE 3Q 2013 | 19

focus on events

MSNBC’s ‘Morning Joe’ Scarborough ‘THE INSIDER’S INSIDER,’ TO HEADLINE THE N.J. CHAMBER’S FORUM ON OCT. 23 Joe Scarborough has been called “the insider’s insider” by Politico, “appallingly entertaining” by The New Yorker and a “valuable voice in American politics” by New York Mayor Michael Bloomberg.

JOE SCARBOROUGH PROFESSION: Host of the television show “Morning Joe;” attorney PUBLIC SERVICE: Congressman for Florida, 1994 to 2001 HONORS: Named to the “Time 100” list of the world’s most influential people in 2011; Wrote the New York Times best-selling book “The Last Best Hope: Restoring Conservatism and America’s Promise” AGE: 50; born in Atlanta, Georgia CURRENTLY RESIDES IN: New York City and Pensacola, Florida EDUCATION: University of Alabama; University of Florida, Levin College of Law POLITICAL AFFILIATION: Republican

Now the insightful political pundit whose frank opinions have riled liberals and conservatives alike is coming to New Jersey, where he should feel right at home – because in New Jersey, blunt talk is our official language.

Scarborough, the host of the MSNBC morning television show “Morning Joe,” will be the featured speaker at the New Jersey Chamber of Commerce’s Forum 2013 at the Pines Manor in Edison on Oct. 23. Tickets are available at www.njchamber.com. He will lead a noholds-barred discussion about politics in Washington, the gubernatorial election in New Jersey, Gov. Chris Christie’s prospects on the national stage and how it all affects the economy.

Scarborough is uniquely qualified to discuss these issues. He served as a Republican congressman from Florida from 1994 to 2001, he wrote The New York Times bestseller “The Last Best Hope: Restoring Conservatism and America’s Promise”, and, in 2011, he was named to the “Time 100” list of the world’s most influential people. In describing why he was selected, New York City Mayor Michael Bloomberg said, “Joe speaks from his mind without fear or favor. He puts his country before his party. That independence makes Joe Scarborough such a valuable voice in American politics. And it’s what makes ‘Morning Joe’ such a successful show.”

Along with co-host Mika Brzezinski, “Morning Joe” features interviews with

SEE HIM LIVE

top newsmakers and in-depth analysis of the day’s biggest stories. His show replaced “Imus in the Morning” in 2007 and has been called “the thinking viewer’s choice” by USA Weekend; “an important wake-up call for political and media leaders” by the Associated Press; and “the best morning talk show when it comes to public policy” by Tom Brokaw.

Scarborough has interviewed President Barack Obama, President Bill Clinton, President Jimmy Carter, Bloomberg and Sen. Hillary Clinton. Gov. Chris Christie is a regular guest on the show.

“There are 435 members of Congress,” Scarborough has said. “There’s one ‘Morning Joe’ show. Hopefully, we can keep hammering the argument that you can disagree with other people and have debates but remain civil.”

While in Congress, he was a member of the Judiciary, Armed Services, Oversight and National Security committees; and was a part of a small group of young Republican congressmen who the National Journal said possessed a surprising amount of power given their youth and lack of years in Congress.

His 2004 book “Rome Wasn’t Burnt in a Day” predicted the collapse of the Republican majority and U.S. economy due to his party’s reckless spending.

“Democrats and Republicans huff and sneer for the camera,” he wrote in the book, “but are usually on the same side when it’s time to spend your money.” ❖

An Evening With “Morning Joe” Scarborough New Jersey Chamber of Commerce’s Forum 2013

October 23 | Pines Manor, Edison #njjoe For tickets, visit www.njchamber.com For sponsorship opportunities, call Amy Kolis with NJBIZ at (732) 246-5730 or email akolis@njbiz.com

20 |

The 16th Annual N.J. Chamber Open House Moves Across the Street to the State Museum

PHOTOS BY: Russ Desantis

There was talk of tornadoes, hail, and flooding, but that didn't stop hundreds of New Jersey Chamber members from networking at our 16th Annual Open House on June 13.

Business leaders, legislators and state department heads packed the galleries and the outdoor pavilions

of the New Jersey State Museum in Trenton for the annual event that, as always, included great food, open bars, Pat Guadagno and his music, and ample networking opportunities.

It marked the first time our open house was held away from our headquarters. Due to popular demand, we

couldn’t hold it in our backyard. We needed a bigger, wider space. Fortunately, the New Jersey State Museum, located across the street from our offices, agreed to be our host.

And everything that makes our Open House unique and enjoyable moved across the street with us.

ENTERPRISE 3Q 2013 | 21

news makers

Lawrence Krompier has rejoined the NEW JERSEY CHAMBER OF COMMERCE’s leadership team as vice president of member services. Krompier, a resident of Millstone Township, was the N.J. Chamber’s director of member services in 2007 and 2008. Krompier rejoins the N.J. Chamber from the Lakewood Chamber of Commerce, where he served as its executive director. Al Romeo, who has been leading the chamber’s membership organization for the past three years, will become a business consultant with the chamber, supporting many of its key initiatives in business development and member events.

JERSEY CENTRAL POWER & LIGHT (JCP&L) partnered with a local electrical trade union to provide damage assessment and public safety resources to help speed the service restoration process following severe storms or other major events. Trade union members will be available for dispatch to protect the public from downed wires and other hazards, and will supplement JCP&L’s existing personnel by helping to assess damage to company equipment.

For the second time in three years, WELLS FARGO & COMPANY is the U.S. Small Business Administration’s Large Lender of the Year. Wells Fargo is the No. 1 SBA lender to America’s small businesses, as ranked by dollars loaned.

PARENTEBEARD Partner Walter J. Brasch served as honorary chairman for the American Cancer Society’s 34th Annual Golf Classic at Manasquan River Golf Club in Brielle, which raised more than $111,000 for the fight against cancer.

HORIZON BLUE CROSS BLUE SHIELD OF NEW JERSEY received the Corporate Plus Award from INROADS New York/New Jersey Region for its commitment to develop and open new career opportunities for minority students. INROADS recognized Horizon for its quality internships, one-one-one mentoring relationships, and full-time placement of interns upon graduation.

NOVARTIS is the first company to earn global CEO Cancer Gold Standard accreditation by the non-profit organization CEO Roundtable on Cancer, a group of cancer fighting CEOs from a variety of industries. The designation recognizes the company’s efforts to provide support to Novartis associates in the prevention, diagnosis and treatment of cancer.

WOLFF & SAMSON’s Dennis M. Toft of Berkeley Heights was recognized in a listing of New Jersey’s Top 5 Real Estate Attorneys, as determined by The News Funnel’s “New Jersey Real Estate Rockstars” survey.

EISNERAMPER opened a new Metropark location that brings together the nearly 400 partners and employees currently located in the firm’s Edison, Bridgewater, Hackensack and Wall offices.

TRINITAS REGIONAL MEDICAL CENTER was named one of nine health care institutions in the state to achieve “Most Wired” status from Hospitals & Health Networks for its commitment and progress in information management.

RUTGERS UNIVERSITY welcomed a new era in higher education as the New Jersey Medical and Health Sciences Education Restructuring Act folds most of the former University of Medicine and Dentistry of New Jersey into Rutgers.

In other Rutgers news, Brian L. Strom, a renowned epidemiologist, award-winning teacher and clinician, and longtime academic leader at the University of Pennsylvania, will become the inaugural chancellor of Rutgers Biomedical and Health Sciences on Dec. 2.

SUN NATIONAL BANK has opened a new retail location in Glassboro, the first bank to open a branch in downtown Glassboro in 18 years. The Sun branch is Wi-Fi enabled and equipped with tablet technology for customers to explore bank products and services; flat-screen monitors broadcast Twitter feeds along with real-time social media updates and product offers.

James Newson has been named WELLS FARGO’s new community bank area president for the South Jersey market in the company’s Southern New Jersey region. Based in Princeton, Newson will lead a team of 600 bankers, including five JAMES NEWSON district managers, covering 50 banking stores in four counties (Mercer, Burlington, Camden and Gloucester). This market holds more than $3.2 billion deposits, a significant affluent segment and a large business presence. ❖

WALTER J. BRASCH

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WYNDHAM WORLDWIDE, one of the world’s largest hospitality companies, was named among the Top 50 Companies for Latinas by the annual LATINA Style report. This is the company’s fifth consecutive year on the list. The report recognizes companies that dedicate efforts to diverse recruitment and promotion initiatives.

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Building On Common Ground

Financial Incentives for Energy Efficiency

In Our Restaurant Most of the time, we’re too busy preparing food to think about our energy bills. The new food service equipment incentives from New Jersey’s Clean Energy Program™ gave us a chance to replace our outdated cooking, cleaning, holding units, and even our refrigeration. The drop in our utility bills made a big impact on our bottom line.

That’s A Recipe For Success.

To get your share of the incentives and savings, visit NJCleanEnergy.com/FOOD or call 866-NJSMART to speak with a program representative.

Recover, restore, and rebuild after Hurricane Sandy. Visit NJCleanEnergy.com/SANDY to learn about enhanced incentives for homeowners, government officials and business owners.