Public Service Enterprise Group Inc. is aiming to achieve net-zero carbon emissions by 2050 with the right technology and supportive public policy.
The company announced July 25 plans to reduce carbon emissions from its power fleet by 80% by 2046, from 2005 levels. Consistent with those goals, PSEG will not be building or acquiring new fossil-fueled power plants.
PSEG expects its PSEG Power LLC subsidiary to have retired or exited through sales of more than 2,400 MW of coal-fired generation by 2021. In June, PSEG announced that it would be selling interests in two coal-fired power plants in Pennsylvania.
The company noted that it has already reduced its carbon emission intensity by more than 40% since 2005 by maintaining its nuclear units, investing in efficient gas-fired generation units and renewables, and exiting coal-fired generation assets.
"The science of climate change is clear and we believe society must move beyond simply 'heeding warnings' to acting on them," PSEG Chairman, President and CEO Ralph Izzo said in a statement.
The company also expects its $2.5 billion Clean Energy Future investment proposal for 22 energy efficiency programs to reduce carbon emissions and result in savings of $5.9 billion on customer bills.
PSEG said this latest announcement is the next step in its "Powering Progress" vision for the future, where its customers use cleaner and less energy.