Public Service Enterprise Group CEO calls for regulatory reforms to promote energy efficiency in New Jersey

Public Service Enterprise Group (PSEG) President, Chairman and CEO Ralph Izzo called for regulatory reforms this week that would encourage New Jersey utilities to promote energy efficiency.

At a state energy forum sponsored by the Chamber of Commerce of Southern New Jersey, Izzo advocated for reforms that would establish financial incentives for utilities to help their customers reduce their energy use as well as expand access to renewable and energy efficiency technologies.

“Customers’ demands are changing,” Izzo said. “They want more reliability, they want more resilient power, they want cleaner energy and they want access to smart technology to better understand their energy usage – all while keeping bills affordable.”

Izzo also urged utilities to invest in renewable energy and accelerate the adoption of new technologies.

“While the sun is free, we need to remember that converting it to energy is not,” Izzo said. “We need to invest in renewables in a way that helps match those who pay for the attributes of renewables (all ratepayers and taxpayers) with those who reap the benefits of those investments.”

New Jersey’s Board of Public Utilities currently approves infrastructure projects in three-year increments. Izzo encouraged regulators to consider longer-term approval in order to allow utilities to more effectively plan their purchasing and hiring. The change would also lead to more job creation, Izzo said. He also urged lawmakers not to allow the premature closing of nuclear plants.

“If done right, the future of energy in New Jersey is one where we use less energy, the energy we use is cleaner and more reliable, and bills are affordable,” Izzo said.