A letter to our stakeholders
Last fall, PSEG introduced its “Powering Progress” vision for the future of our company – a future in which we help our customers use less energy, ensure that the energy they use is cleaner and greener, and deliver that energy more reliably than ever before.
Today, we introduce a significant extension of the “Powering Progress” vision: We are announcing that PSEG is on track to cut its power fleet carbon emissions by 80 percent, from 2005 levels, by 2046. This goal continues PSEG’s position among the energy sector’s most progressive power providers.
What’s more, we believe that the necessary advances will occur in such critical areas as public energy policy, carbon-capture technology and customer behavior that our generation fleet can achieve net-zero carbon emissions by 2050.
To achieve this goal:
- PSEG Power will retire or sell all remaining interests in coal-fired power plants, and has no plans to build or acquire new fossil-fueled generation;
- PSEG will continue to advocate for the preservation of PSEG’s Salem and Hope Creek nuclear plants – the source of more than 90 percent of New Jersey’s zero-carbon electricity; and
- PSEG will continue to explore opportunities in solar, offshore wind and emerging technologies, and continue to advocate for energy efficiency, which is the most valuable action we can undertake for our customers and for the environment.
While the goals we’re announcing today are new, PSEG first started down this path years ago. The company already is recognized, according to a new report published by M.J. Bradley, for having one of the lowest carbon emission rates among the nation’s largest power producers.
Climate change represents the pre-eminent challenge of our generation. It’s far past time we moved beyond simply “heeding warnings” to acting on them. PSEG’s new carbon goals mark the beginning of a new milestone in our action.
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.
The energy industry has always relied on innovation, efficiency, smart policies and an all-of-the above strategy to address its greatest challenges. Succeeding in a carbon-constrained future will not be any different.
PSEG’s new net-zero goal is the latest step in our company’s all-of-the-above approach – not only to address the realities of climate change, but also to evolve our business to meet our customers’ demands for clean energy.
We invite you to join us on this path.
Chairman, President & CEO, PSEG
Learn about PSE&G’s historic Clean Energy Future proposal, including new initiatives for energy efficiency, electric vehicles, energy storage and smart meter technology.
The energy industry is
undergoing a revolution.
Whether it’s shifting customer expectations or disruptive technologies, at PSEG, we do not fear change. In fact, it is our 115-year-old company’s ability to adapt to disruptive forces that will guide us into the coming decades of change.
We believe utilities of the future not only will continue to play a central role for customers, for communities and for the world around us, but also that they must play that role to ensure universal access to those benefits.
Momentum to Modernize
PSEG is proactively protecting the interests of its customers by proposing programs and investments that will support safe, reliable and resilient service, wider use of clean and renewable energy, and jobs and economic growth in New Jersey.