NEWARK, N.J., May 12 /PRNewswire-FirstCall/ -- PSEG Chairman
Ralph Izzo lauded the climate change
bill introduced today by U.S. Senators Kerry (D-MA) and Lieberman
(I-CT) saying it "gets the critical issues right" and provides
protection for consumers as well as the regulatory and legislative
certainty needed to unleash investment and create jobs.
Izzo said:
"The disastrous spill in the gulf serves as a reminder that we
can no longer delay development of a comprehensive energy policy
that achieves fuel diversity and puts a price on carbon.
"PSEG is ready to make significant investments that would help
combat climate change, but we need the regulatory certainty that
the passage of this legislation would provide.
"There are three key issues we believe are critical to success
-- and from what I understand, the legislation gets these critical
issues right.
"First, we need a single, national approach to climate change
that acknowledges that contributions are needed across the entire
economy. While we need to recognize the critical role states
can play in driving renewable and energy efficiency investment,
investors need the certainty of a single set of rules and single
carbon price. Businesses cannot operate under a patchwork of
programs. This bill has the potential to work because it
creates a national program, with one price on carbon.
"Second, reducing carbon will increase energy costs and we need
to minimize the impact on utility customers. This bill does
that.
"And finally, we need to guard against unanticipated
developments. It appears that this bill includes safeguards,
such as a price collar, that significantly reduce the risk posed by
unforeseen events.
"The legislation introduced today was the result of a great deal
of hard work, and it has the power to unleash a wave of pent up
investment and create desperately needed commerce and jobs."
Public Service Enterprise Group (PSEG) (NYSE: PEG) is a
publicly traded diversified energy company with annual revenues of
more than $13 billion, and three
principal subsidiaries: PSEG Power, Public Service Electric and Gas
Company (PSE&G) and PSEG Energy Holdings. PSEG Nuclear is part
of PSEG Power.
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SOURCE Public Service Enterprise Group (PSEG)