PSEG Exceeds EPA Climate Leaders Goal
24 July 2009 - 3:00AM
PR Newswire (US)
Federal Government Cites NJ Energy Company for Surpassing Voluntary
Carbon Emissions Reduction Goal NEWARK, N.J., July 23
/PRNewswire-FirstCall/ -- The federal government has announced that
Public Service Enterprise Group (PSEG) achieved the carbon
emissions reduction goal set in 2002 as part of its participation
in the U.S. Environmental Protection Agency's (EPA) Climate Leaders
Program. PSEG voluntarily pledged to reduce its U.S. greenhouse gas
emissions intensity by 18% from 2000 levels by the year 2008. The
company surpassed its goal by achieving a 31% reduction. "We
congratulate the members of the partnership upon meeting their
goals to confront climate change. EPA's Climate Leaders are some of
the largest and most competitive companies in manufacturing,
finance, information technology and other major sectors of the
economy," said EPA Administrator Lisa P. Jackson. "They're proving
that they can be both industry leaders, and leaders in the fight
against climate change." PSEG reduced its carbon intensity by
expanding nuclear output and building new, clean natural gas
plants. The reduction is also a result of a drop in coal output
from 2007 to 2008. Nuclear plants emit no carbon, and natural gas
combined-cycle plants emit significantly less carbon than coal
plants. PSEG did not purchase renewable energy credits (RECs) or
greenhouse gas offsets to help meet the target. "We've met and
exceeded a number of carbon reduction goals over the last 15 years,
and in the process, become one of the nation's leading low-carbon
energy companies," said Eric Svenson, PSEG's vice president of
environment, health and safety. "The EPA deserves a great deal of
credit for establishing a framework that provides guidance and
recognition for companies committed to addressing climate change.
This allowed early action absent federal regulation," Svenson said.
"Now it's time to take the next step." PSEG has been vocal about
the need for Congress to pass a cap-and-trade bill that puts an
economy-wide price on carbon and gives business leaders the
certainty they need to make investments that combat climate change
and fuel economic growth. New Jersey has been at the forefront,
helping to develop the Regional Greenhouse Gas Initiative (RGGI,
which is a regional effort to reduce carbon emissions), and setting
aggressive goals to limit greenhouse gases, promote conservation
and expand access to renewable energy. A comprehensive climate
change bill would level the playing field by ensuring that the
price of carbon is included in business transactions in every state
in the nation. PSEG is engaged in several initiatives to further
reduce its carbon footprint, including bringing $237 million worth
of energy efficiency to New Jersey homes and businesses, offering
$105 million in loans for solar installations, pursuing the
development of a 350-megawatt offshore wind farm, launching a
compressed air energy storage business, and exploring the
possibility of a new nuclear plant. The company is greening its
fleet by investing in hybrid vehicles and bucket truck prototypes,
electric drives and alternative fuels. It is also investing in more
efficient wires for new overhead installations, installing more
efficient transformers atop utility poles, and expediting the
replacement of aging transformer banks with state-of-the-art units
in electrical substations. PSEG has been pursuing a low-carbon
business strategy since 1993, when it became the first electric
company to join the U.S. Department of Energy's Climate Challenge
Program and voluntarily stabilized CO2 emissions from its New
Jersey plants at 1990 levels by the year 2000. The company has
voluntarily reported its U.S. Greenhouse Gas Emissions Inventory to
the EPA each year since joining Climate Leaders as a charter member
in February 2002. Climate Leaders is an EPA industry-government
partnership that provides guidance and recognition to companies
developing long-term climate change strategies. Partner companies
commit to reducing their impact on the global environment by
completing a corporate-wide inventory of their greenhouse (GHG) gas
emissions, setting long-term reduction goals, and annually
reporting their progress to EPA. Through program participation,
companies create a credible record of their accomplishments and
receive EPA recognition as corporate environmental leaders. Public
Service Enterprise Group (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. Building on its long standing leadership in environmental
reporting and transparency, PSEG recently released its 2009
Sustainability Report. The report highlights PSEG's commitment to
social, economic and environmental responsibility, underscores
accomplishments in the sustainability arena and discusses
challenges the company faces in its quest to be a leader in
providing safe, reliable, economic and green energy. It is
available online at http://www.pseg.com/sustainability. Want to
know what's new at PSEG? Go to http://www.pseg.com/getnews and sign
up to have our press releases and weekly environmental commentaries
sent right to your inbox. DATASOURCE: Public Service Enterprise
Group (PSEG) CONTACT: Jenn Kramer, +1-973-430-6027 Web Site:
http://www.pseg.com/
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