NEWARK, NJ--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.
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.
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.
Public Service Enterprise Group
www.pseg.com
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