Izzo Calls Passage of Climate Change Bill Significant

Applauds NJ Congressmen who voted in favor of climate change bill; emphasizes job creation, consumer protection and environmental progress

NEWARK, N.J., June 26 /PRNewswire-FirstCall/ -- Calling the passage today of the American Clean Energy and Security Act a significant step towards getting comprehensive climate change legislation signed into law, PSEG Chairman Ralph Izzo thanked the members of the New Jersey delegation for voting in favor of the bill and recognizing the opportunities for economic growth, and consumer and environmental protection.

"I am encouraged by the action in the House today," Izzo said. "The country is getting serious about the need to address global warming, and its leaders understand the relationship between environmental protection, economic growth and consumer protection. The legislation was carefully crafted to balance all of these important interests."

Izzo thanked the members of the New Jersey delegation who voted in favor of the bill. They are:

Rep. John Adler

Rep. Rob Andrews

Rep. Rush Holt

Rep. Leonard Lance

Rep. Frank LoBiondo

Rep. Frank Pallone

Rep. Bill Pascrell

Rep. Donald Payne

Rep. Steven Rothman

Rep. Albio Sires

Rep. Chris Smith

"This legislation will provide business leaders with a level of certainty that will allow them to plan and expand, and it will create jobs that will usher in a new green economy," Izzo said. He noted a calculation from the Pew Charitable Trusts, which showed that by they year 2007 some 2,000 businesses had generated more than 25,300 energy-related jobs in New Jersey.

The legislation will drive investment in energy efficient technologies and renewable energy by putting a price on carbon emissions. It will enable rate relief for consumers through the allocation of emissions allowances and it will bring the rest of the country under the same level of carbon regulation as New Jersey, which passed a statewide global warming law last year.

"This bill is the first step in a long journey to energy independence and a cleaner, better environment," Izzo said.

Public Service Enterprise Group ( 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 has recently launched several initiatives to help combat climate change including offering $105 million in loans for solar installations in New Jersey (to be paid back by SRECS), bidding to build a 350 megawatts off-shore wind farm, launching Energy Storage and Power (a compressed air energy storage business), converting its truck and car fleet to hybrid vehicles and exploring the possibility of a new nuclear plant in South Jersey.

SOURCE Public Service Enterprise Group (PSEG)