PSE&G proposes plan to invest in clean energy
The Public Service Electric and Gas Co. (PSE&G) along with the New Jersey Board of Public Utilities proposed a new program to invest in clean energy and make New Jersey a leader in energy efficiency.
PSE&G’s Clean Energy Future program is a six-year commitment to bolster energy efficiency, foster the use of electric vehicles, and improve energy storage. It supports the state’s clean energy laws, which requires utilities to reduce customers’ annual electric and gas consumption by 2 percent and 0.75 percent, respectively. It will also help the state meet its energy storage goals as well as its goals for electric vehicles. In addition, it will make the electric grid more resilient and improve storm restoration response.
“PSE&G’s proposed investments support New Jersey’s clean energy goals while putting our customers’ needs at the forefront,” Ralph Izzo, chairman, president and chief executive officer of Public Service Enterprise Group, said. “The investments aim to keep bills lower than they were 10 years ago. In addition to providing safe, highly reliable service, utilities need to help their customers use less energy. This may be the only industry in America making a business case to sell you less of its product. Helping our customers use energy more efficiently is the only way to simultaneously lower bills, clean the environment and create jobs,” Izzo added.
Specifically, the initiative is expected to save customers about $7.4 billion, said Dave Daly, PSE&G president and chief operating officer. Further, it will reduce carbon dioxide emissions by about 40 million tons over the lifetime of the programs.
“The lion’s share of the investments will provide our customers with access to energy savings opportunities from 22 energy efficiency programs. These programs alone are expected to produce $5.7 billion in savings for participating customers over the program’s lifetime. Utilities can and should ensure that the benefits of energy efficiency are available to all customers, regardless of income. Energy efficiency will help customers use less energy, ensure the energy they use is cleaner and lower their monthly bills,” Daly said.
The CEF program also calls for the implementation of an advanced technology platform, called the Energy Cloud. The Energy Cloud would modernize the way the utility serves customers and is expected to save customers another $1.7 billion over 20 years. Energy Cloud program calls for upgrading 2.2 million electric meters to smart meters.
“Clean Energy Future is a win-win-win for New Jersey,” Daly said. “It’s aligned with what our customers want. It’s aligned with the Governor’s energy policy. And it benefits our state’s economy. We have already heard from a diverse and growing list of New Jersey organizations that support the goals of PSE&G’s Clean Energy Future programs. So far, we have received support from more than 80 organizations from across New Jersey, representing environmental advocates, clean energy service providers, large and small businesses, labor organizations, elected officials, nonprofit agencies and community leaders…and more support is arriving every day.”
