PSEG: Climate Change Bill Introduced Today by Senators Kerry and Lieberman 'Gets Critical Issues Right'

NEWARK, N.J., May 12 /PRNewswire-FirstCall/ -- PSEG Chairman Ralph Izzo lauded the climate change bill introduced today by U.S. Senators Kerry (D-MA) and Lieberman (I-CT) saying it "gets the critical issues right" and provides protection for consumers as well as the regulatory and legislative certainty needed to unleash investment and create jobs.

Izzo said:

"The disastrous spill in the gulf serves as a reminder that we can no longer delay development of a comprehensive energy policy that achieves fuel diversity and puts a price on carbon.

"PSEG is ready to make significant investments that would help combat climate change, but we need the regulatory certainty that the passage of this legislation would provide.

"There are three key issues we believe are critical to success -- and from what I understand, the legislation gets these critical issues right.  

"First, we need a single, national approach to climate change that acknowledges that contributions are needed across the entire economy.  While we need to recognize the critical role states can play in driving renewable and energy efficiency investment, investors need the certainty of a single set of rules and single carbon price.  Businesses cannot operate under a patchwork of programs.  This bill has the potential to work because it creates a national program, with one price on carbon.

"Second, reducing carbon will increase energy costs and we need to minimize the impact on utility customers. This bill does that.

"And finally, we need to guard against unanticipated developments.  It appears that this bill includes safeguards, such as a price collar, that significantly reduce the risk posed by unforeseen events.

"The legislation introduced today was the result of a great deal of hard work, and it has the power to unleash a wave of pent up investment and create desperately needed commerce and jobs."

Public Service Enterprise Group (PSEG) (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. PSEG Nuclear is part of PSEG Power. 

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SOURCE Public Service Enterprise Group (PSEG)

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