(October 10, 2007 - Newark, N.J.) – Ralph Izzo, President, Chairman and CEO of PSEG testified today before the U.S. House of Representatives’ Select Committee on Energy Independence and Global Warming, chaired by Congressman Ed Markey (D-MA).

In his testimony, Izzo called upon Congress to enact a national, cap-and-trade program and to allocate emissions allowances in a manner that would reward efficiency and innovation, and spur development and deployment of new, low-carbon technologies.

“We believe that a combination of conservation and energy efficiency improvements, renewable energy, and clean central station power will be needed to achieve the low-carbon economy we envision,” Izzo said.  “With the proper incentives set forth in national climate change policy, I am confident we can meet this challenge in a manner that will unleash our nation’s innovative skills, create jobs, and truly transform the economy.”

Izzo also called for national regulatory framework that would encourage investment in energy efficiency and renewable technologies, and outlined business opportunities for energy services companies like PSEG in these areas.

Click here for Izzo’s oral testimony, as prepared, or visit the “News” section at www.pseg.com.

Company information:
PSEG (NYSE:PEG) is a diversified energy company headquartered in Newark, New Jersey with more than $28 billion in assets and more than $12 billion in annual revenues. PSEG’s primary subsidiaries are PSEG Power, an independent power producer with more than 13,600 megawatts of electric generating capacity; PSE&G, recently named as America’s most reliable utility, and PSEG Energy Holdings, a holding company for other energy-related businesses.