New Jersey-based Public Service Enterprise Group (PSEG) will no longer build new fossil-fueled power generation capacity and vows to cut its carbon emissions to net zero by 2050.
In a letter to stakeholders Friday, PSEG CEO Ralph Izzo announced the company is making a deeper commitment to its “Powering Progress” vision detailed late last year. He said that PSEG is on track to cut its power fleet carbon emissions by 80 percent, from 2005 levels, by 2046
The utility is embracing renewable energy, battery storage and efficiency programs to reach its goals. News reports indicate that it also will retire all but three of its gas-fired power plants.
Time is of the essence, Izzo seemed to say in his letter. Climate change is the key challenge of current times and must be addressed immediately.
“It’s far past time we moved beyond simply ‘heeding warnings’ to acting on them,” Izzo wrote. “PSEG’s new carbon goals mark the beginning of a new milestone in our action.”
One of PSEG’s goals may surprise environmental watchdogs. The utility will persist in trying to preserve its Salem and Hope Creek nuclear plants, which currently generate more than 90 percent of New Jersey’s zero-carbon electricity.
The subsidiary PSEG Power will retire or sell all of its remaining interests in coal-fired power plants, with no plans to build or acquire any new fossil energy capacity. PSEG also will explore future opportunities in solar, offshore wind, energy efficiency and new technologies.
“As we share our vision for net-zero carbon emissions by 2050, we also recognize that there is no magic bullet that can get us to a 100 percent carbon-free future,” Izzo noted.