Statement on the Passage of the Global Warming Response Act by Ralph Izzo, Chairman, President and CEO, PSEG

The Global Warming Response Act, which was passed today by the New Jersey Senate and Assembly, establishes New Jersey as a leader in setting strong emissions reduction targets.

PSEG is pleased that the bill moves New Jersey another step closer to meeting the goals set forth in Governor Corzine’s executive order. We are particularly pleased that the bill recognizes the need for an emissions portfolio standard that seeks to provide real environmental benefits and mitigate the risks that can come from single state action. An emissions portfolio standard would ensure that all power being procured for us in New Jersey meets the same carbon emissions standard.

Climate change is the preeminent challenge of our time – for the energy industry, for our nation and ultimately for the health of the planet. It requires action from all areas of our society and from all levels of governments. PSEG believes that Global Warming will require a multi-pronged response including improving the efficiency of how we use energy, expanded conservation efforts, investments in renewables power sources and new low or zero-carbon central power stations such as nuclear or new technology coal.

PSEG is doing its part in meeting the aggressive targets set in this bill and recently announced an initiative to spur investment in solar energy as well as plans to convert vehicles in our corporate fleet to hybrid vehicles. We are also actively involved in the New Jersey Energy Master Plan process and Regional Green House Gas Initiative.

PSEG will continue to work with legislators and regulators to develop additional specific proposals to cut green house gas emissions and looks forward to Governor Corzine’s signing of this bill.