NEWARK, N.J., June 17, 2019 /PRNewswire/ -- PSEG has one of the lowest carbon emissions rates of the nation's largest power producers, according to a new analysis released today.
PSEG is the 17th largest U.S. power producer, but ranks third among privately/investor-owned power producers in the U.S. with the lowest carbon emissions rates, according to the new report "Benchmarking Air Emissions of the 100 Largest Electric Power Producers in the United States," released by M.J. Bradley & Associates, Bank of America, CERES, Entergy, Exelon and NRDC.
PSEG, whose Salem and Hope Creek nuclear plants produce more than 90% of New Jersey's carbon-free electricity, also ranks among the top quartile nationwide for zero-carbon generation.
"Climate change represents a real threat to our society," Chairman, President & CEO Ralph Izzo said. "PSEG has long recognized the need to change and adapt to mitigate the impacts of climate change while providing universal access to safe, reliable and increasingly cleaner and more efficient electricity. And as we look toward a lower carbon future, common sense—and economics—dictate that energy efficiency and innovative new business models will play increasing roles, areas in which PSEG is determined to participate and thrive."
PSEG has a long history of addressing climate change as an embedded part of its business and culture.
- In 1993, PSEG became the first electric utility in the U.S. to volunteer to participate in the Climate Challenge Program; PSEG successfully met this goal and stabilized carbon dioxide emissions from its New Jersey plants to 1990 levels by 2000.
- In 2002, PSEG joined EPA's Climate Leaders program to reduce the six greenhouse gases covered under the Kyoto Protocol. Under this program, PSEG committed to reduce its CO2-equivalent GHG emissions on a pound-per-megawatt-hour basis by 18% from 2000 levels by Dec. 31, 2008. PSEG surpassed this goal by achieving a 31% reduction, due primarily to the fact that more than half our power comes from nuclear generation.
- In 2009, PSEG established a new goal of reducing company-wide GHG emissions by 25% from 2005 levels by 2025. PSEG met this goal 14 years ahead of schedule. PSEG achieved this goal through implementation of energy efficiency programs, deployment of renewable energy, increasing nuclear output and building clean, efficient natural gas generation.
- Since 2010, PSEG has invested approximately $400 million in energy efficiency initiatives that reduce emissions in hospitals, multifamily housing and buildings occupied by nonprofits and government agencies.
- In 2018, PSEG announced its new goal of eliminating 13 million metric tons of CO2-equivalent (MMTCO2e) by 2030 from 2005 levels. Our new goal expands upon our previous reduction goals and includes activities that avoid GHG emissions. This goal includes action around efficiency upgrades of our existing combined-cycle natural gas fleet and the retirement of our New Jersey and Connecticut coal plants.
- PSEG has invested $1.7 Billion in 625 MWs of solar, including 211 MWs in New Jersey and 23 projects in 14 states totaling 414 MWs. PSEG is New Jersey's leading developer of solar energy resources and is an active supporter of efforts to develop offshore wind facilities.
- Supplying more than 90% of the state's emissions-free power, PSEG's Salem and Hope Creek nuclear generating plants play a key role in supporting New Jersey's clean energy goals.
Public Service Enterprise Group Incorporated (PSEG) (PEG) is a publicly traded diversified energy company with approximately 13,000 employees. Headquartered in Newark, N.J., PSEG's principal operating subsidiaries are: Public Service Electric and Gas Company (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 11 consecutive years (https://corporate.pseg.com).
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at https://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
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