(June 12, 2009 – Newark, NJ) - PSEG Chairman, President and CEO Ralph Izzo testified today before Congress and discussed with members of the House Energy and Commerce’s Subcommittee on Energy and Environment the implications of proposals that would create an electric transmission superhighway.

Izzo expressed concern about masking the true cost of building transmission for renewables through broad subsidization. He called for a market-based approach and a transparent process that allows assessment of the actual costs associated with delivering renewable energy from a remote region.

“Government should let market forces determine which technologies and which locations are most attractive for investment,” Izzo said. “With these price signals in place, developers can compare the costs of renewable generation investments in different locations.”

PSEG has long supported policies that promote renewable generation, and is planning major investments in solar energy and offshore wind, as well as energy storage technology that will help make renewable energy more competitive.

Click here to read Izzo’s testimony in its entirety.

Public Service Enterprise Group (PSEG) is a publicly traded diversified energy company with annual revenues of more than $13 billion, and three principal subsidiaries: PSEG Power, PSEG Energy Holdings, and Public Service Electric and Gas Company (PSE&G). PSEG Power, one of the largest independent power producers in the U.S. has three main subsidiaries: PSEG Fossil, PSEG Nuclear, and PSEG Energy Resources & Trade. PSEG Energy Holdings has two main unregulated energy-related businesses: PSEG Global and PSEG Resources. PSE&G, New Jersey’s oldest and largest regulated gas and electric delivery utility, serves nearly three-quarters of New Jersey’s population.