PSEG Launches Three-pronged 2030 Climate Vision To Accelerate Net-zero Ambitions - Quick Facts

(RTTNews) - Public Service Enterprise Group, Inc. or PSEG (PEG) announced Thursday the acceleration of its net-zero ambitions by launching a three-pronged 2030 climate vision that extends across its business. The PSEG climate vision marks one of the first and most aggressive net-zero 2030 visions set by a large utility and power generator and comprises three pillars.

Net-zero emissions for PSEG operations, including PSE&G's utility operations; 100% greenhouse gas (GHG), carbon-free power generation; and significant contributions to regional economy-wide decarbonization.

PSEG's net-zero 2030 climate vision continues the company's track record of recognizing the importance of sustainability and environmental, social and governance (ESG) considerations in the strategic planning and decision-making process. In addition, PSEG's pivot to 100% carbon-free generation is in line with President Biden's goal of decarbonizing the U.S. electric sector by 2035.

PSEG's regulated electric and gas utility, Public Service Electric & Gas, already has reduced GHG emissions by more than 50%, from 2005 levels. It now aims to achieve net-zero GHG emissions for its electric and gas utility operations by 2030.

Looking ahead, PSEG will direct half of its current 2021-to-2025 capital spending program of approximately $14 billion to $16 billion towards decarbonization, emission reduction, methane reduction, clean energy transition and climate/storm adaptation.

By 2030, PSEG plans to transition its power generation portfolio to 100% GHG-free resources by aiming to preserve carbon-free nuclear generation and investing in utility-scale renewables.