NEWARK, N.J., Sept. 23, 2020 /PRNewswire/ -- The
centerpiece of Public Service Electric and Gas Co.'s (PSE&G)
landmark Clean Energy Future proposal was approved today by the
New Jersey Board of Public
Utilities (BPU). This decision clears the way for the state's
largest utility to commit $1 billion
toward energy efficiency investments over the next three years, the
largest commitment ever in New
Jersey, which is expected to provide environmental benefits
and reduce customer bills while creating jobs and boosting the
state's economy. Today's action is a vital step toward achieving
Gov. Phil Murphy's clean energy
vision, propelling New Jersey's
economic and environmental sustainability policies to a new
level.
"This is a great day for New
Jersey and all of us who care about addressing climate
change," PSEG Chairman, President and CEO Ralph Izzo said. "Today's decision will allow us
to bring the benefits of energy efficiency to every customer and
give them options to reduce their energy use, save money and shrink
their carbon footprint. New Jersey
now has the opportunity to be at the forefront of clean energy
policy and be a role model for the nation."
PSE&G's $1 billion investment
in energy efficiency, including customer programs and information
technology platforms to support the energy efficiency investments,
will drive significant progress toward achieving Governor Murphy's
clean energy agenda. The program's energy-saving measures, which
include rebates for energy-efficient appliances and equipment, will
help reduce New Jersey's carbon
emissions and help the state recover from the economic impacts of
the COVID-19 pandemic. Here's how:
- It is expected to deliver $1
billion in net customer savings, while also creating
3,200 direct jobs and another 1,100 indirect jobs.
- Approximately 70% of the program will be earmarked to
help business customers lower their energy consumption
and costs, enhancing New
Jersey's economic competitiveness.
- PSE&G's energy efficiency programs will help New Jersey avoid 8 million metric tons of
carbon emissions through 2050.
"How appropriate that, during Climate Week, New Jersey has taken this vital step to pursue
energy efficiency, the most cost-effective approach to addressing
climate change," Izzo said. "Today's decision is a tribute to
Governor Murphy's decisive leadership on climate change and will
deliver the economic and environmental benefits of energy
efficiency to our customers."
Energy Efficiency Job Training Program
To help build a
workforce with the skills needed to implement energy efficiency
projects, PSE&G last month launched an energy efficiency job
training program. PSE&G has partnered with a network of
community organizations and the state Department of Labor to
recruit participants from New
Jersey's urban centers into PSE&G's job training program
– which will prepare up to 2,000 state residents for jobs with the
contractors that will implement PSE&G's energy efficiency
programs.
Universal Access to Energy Efficiency
PSE&G's
program offers residential, commercial and industrial customers
rebates and other financial incentives to purchase energy-efficient
lighting, HVAC equipment and smart thermostats. Customers also are
eligible for free or affordable energy audits and energy efficiency
kits. The program was designed with special emphasis on meeting the
needs of low-income, multi-family and small business customers.
"We are committed to ensuring that all of our customers and the
communities we serve get an opportunity to share in the benefits of
this program, including lower energy bills, new jobs and cleaner
air," PSE&G President Dave Daly
said. "PSE&G appreciates the efforts of BPU staff, New Jersey
Rate Counsel and other parties involved to help move this exciting
program forward."
The approved program reflects the framework adopted by the BPU
in June to implement energy efficiency throughout the state, which
aligns utility incentives with the state's goal of reducing energy
consumption and environmental impacts.
PSE&G's energy efficiency program also is designed to:
- Help New Jersey achieve the
BPU's preliminary energy savings targets of 2.15% for
electricity and 1.1% for gas within five years.
- Help lift New Jersey into the
top five U.S. states for both electric and gas savings.
"This large-scale commitment to energy efficiency is the
cornerstone for PSEG to make further progress as a leading provider
of sustainable energy," Izzo said. "That commitment includes other
clean energy investments, methane-reduction initiatives and
zero-carbon nuclear generation."
For more see: psegpoweringprogress.com/energy-efficiency/
Separate PSE&G Clean Energy Future proposals pending before
the BPU would help New Jersey meet
the state's energy storage goals, reduce emissions from the
transportation sector and modernize customer communications through
advanced metering.
More information about PSEG's commitment to environmental
leadership can be found in its Sustainability Report and
Climate Report.
PSE&G
Public Service
Electric & Gas Co. (PSE&G) is New
Jersey's oldest and largest gas and electric delivery public
utility, serving three-quarters of the state's population.
PSE&G is the winner of the ReliabilityOne Award for superior
electric system reliability in the Mid-Atlantic region. In 2020,
PSE&G was named the most trusted combined gas & electric
utility in the East Region, by the Cogent Syndicated Brand Trust
Index. PSE&G is a subsidiary of Public Service Enterprise Group
Inc. (PSEG) (NYSE:PEG), a diversified energy company. PSEG has been
named to the Dow Jones Sustainability Index for North America for 12 consecutive years
(www.pseg.com).
Visit PSEG
at:
www.pseg.com
PSEG on
Facebook
PSEG on
Twitter
PSEG on LinkedIn
PSEG Energize!
Forward-Looking Statement
The statements contained in this press release that are not purely
historical are "forward-looking statements" within the meaning of
The Private Securities Litigation Reform Act of 1995. Such
forward-looking statements are subject to risks and uncertainties,
which could cause actual results to differ materially from those
anticipated. Such statements are based on management's beliefs as
well as assumptions made by and information currently available to
management. Factors that may cause actual results to differ
materially from those contemplated in any forward-looking
statements made by us herein are discussed in our Annual Report on
Form 10-K and subsequent reports on Form 10-Q and Form 8-K filed
with the Securities and Exchange Commission (SEC), and available on
our website: https://investor.pseg.com. All of the
forward-looking statements made in this press release are qualified
by these cautionary statements and we cannot assure you that the
results or developments anticipated by management will be realized
or even if realized, will have the expected consequences to, or
effects on, us or our business, prospects, financial condition,
results of operations or cash flows. Readers are cautioned not to
place undue reliance on these forward-looking statements in making
any investment decision. Forward-looking statements made in this
press release apply only as of the date hereof. While we may elect
to update forward-looking statements from time to time, we
specifically disclaim any obligation to do so, even in light of new
information or future events, unless otherwise required by
applicable securities laws.
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 regarding new postings.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/pseg-gains-approval-for-landmark-clean-energy-future-energy-efficiency-program-301136870.html
SOURCE PSE&G