(February 10, 2009 - Washington, DC) - Ralph Izzo, president, chairman and CEO, PSEG today called for a national renewable portfolio standard (RPS) before the Senate Committee on Energy and Natural Resources in Washington, D.C. 

A RPS would set a minimum requirement for the percentage of electric power that comes from renewable generation.

“We urgently need decisive federal action – not a patchwork of state and regional fixes but a strong, progressive national energy policy.  A national renewable energy portfolio standard is an essential component of such an energy policy because it creates demand for technology that will transform the way we generate electricity,” said Izzo.  He added that a national RPS, “will send clear market signals to companies like PSEG to increase their investment in renewable energy.”

In his testimony, Izzo indicated that aggressive investment in renewable energy will help our country tackle the two major challenges we are currently facing: the challenge of climate change and the crisis facing our national economy.  

“With the right national policy, America can develop the world’s leading clean energy industry.  We will create good-paying green jobs.  And we will develop new technologies that we can export all over the world.  Investment in renewable energy is a strategy for long-term growth.”  He concluded by urging the committee to support “sustainable investments to power our way out of this economic downturn.”

PSEG has recently announced several initiatives to combat climate change and to help create a more vibrant economy, including:

• Solar 4 All.  This morning, PSEG’s New Jersey regulated utility, PSE&G, filed a proposal with the NJ Board of Public utilities a proposal to invest in, own and operate 120 megawatts of solar installations in New Jersey. The program, called Solar 4 All, will install grid-connected solar systems on schools, municipal buildings, low income housing complexes, non-profit owned facilities, brownfields sites, PSE&G facilities and on 200,000 utility poles in its service territory. 
• Energy Efficiency.  PSE&G has launched a $46 million energy efficiency program targeted to urban centers in New Jersey.   The program includes energy audits for homes, small businesses and hospitals and programs and for the installation of insulation, programmable thermostats and efficient lighting. PSE&G has proposed an additional $190 million expansion of the program as part of a request by Governor Corzine for proposals from utilities that can create jobs and stimulate the economy.
• Solar Loans.  PSE&G has launched a 30 MW, $105 million solar loan program designed to help finance investments in solar energy by residential and commercial property owners.
• Off shore wind.  PSEG Global is a 50 percent owner in Garden State Off Shore Energy (GSOE) that has proposed a 350 megawatt wind farm off the coast of New Jersey.
• Advanced energy storage.  PSEG Global is a 50 percent owner of a joint venture, Energy Storage and Power (ESP) that is promoting the next generation of underground compressed air energy storage systems (CAES).

For Izzo’s complete testimony, go to www.pseg.com.

PSEG is a diversified energy company based in Newark, NJ (NYSE:PEG).