PSEG Applauds BPU's Decision to Extend Zero Emission Certificates (ZECs) for an Additional Three Years to New Jersey's Nuclear Plants

Rhea-AI Summary

The New Jersey Board of Public Utilities has extended the Zero Emission Certificates (ZECs) for New Jersey's nuclear power plants, including Hope Creek and Salem 1 and 2, for an additional three years. This extension supports the state's aim to maintain over 90% of its carbon-free electricity supply, aligning with its clean energy goals outlined in the Energy Master Plan. PSEG expressed satisfaction with the BPU's decision, which they believe aids environmental efforts, preserves jobs, and prevents increased energy costs.

Positive

• Extension of Zero Emission Certificates for three years supports carbon-free electricity goals.
• Decision preserves jobs in the nuclear energy sector.
• Helps avoid potential increases in energy costs.

Negative

• None.

NEWARK, N.J., April 27, 2021 /PRNewswire/ -- Today, the New Jersey Board of Public Utilities (BPU) unanimously voted to extend the Zero Emission Certificates (ZECs) for New Jersey's three nuclear power plants, Hope Creek and Salem 1 and 2, for an additional three years.

In 2018, the New Jersey Legislature and Gov. Phil Murphy enacted legislation that established a Zero Emission Certificate program to preserve nuclear plants that provide more than 90% of the state's carbon-free electricity. In the state's Energy Master Plan and the Department of Environmental Protection's Global Warming Response Act 80x50 report, New Jersey indicated its intent to preserve its carbon-free nuclear generating resources into the 2050s to meet its 100% clean energy goals. 

PSEG stated: "We are pleased with the New Jersey Board of Public Utilities' unanimous decision to extend the ZECs at the current rate to help support New Jersey's largest supply of carbon-free electricity. The BPU's actions today helped the environment, saved jobs and avoided higher energy costs. We appreciate the BPU's detailed review and consideration of PSEG Nuclear's ZEC applications."

About PSEG
Public Service Enterprise Group Inc. (PSEG) (NYSE: PEG) is a publicly traded diversified energy company with approximately 13,000 employees. Headquartered in Newark, N.J., PSEG's principal operating subsidiaries are: Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 13 consecutive years (https://corporate.pseg.com).

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From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate Investor Relations website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the Investor Relations website to review new postings.  You can sign up for automatic email alerts regarding new postings at the bottom of the webpage at https://investor.pseg.com.

CONTACTS:
Investor Relations	Media Relations
Carlotta Chan	Marijke Shugrue
973-430-6565	908-531-4253
Carlotta.Chan@pseg.com	Marijke.Shugrue@pseg.com

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SOURCE PSEG

FAQ

What is the recent decision by the New Jersey BPU regarding Zero Emission Certificates?

The New Jersey Board of Public Utilities voted to extend the Zero Emission Certificates for New Jersey's nuclear plants for an additional three years.

How does the extension of ZECs impact PSEG's operations?

The extension supports PSEG's efforts to maintain carbon-free electricity generation and aligns with New Jersey's clean energy goals.

When was the Zero Emission Certificate program established in New Jersey?

The Zero Emission Certificate program was established by the New Jersey Legislature and Governor Phil Murphy in 2018.

What are the expected benefits of the ZEC extension for New Jersey?

The ZEC extension is expected to support environmental sustainability, preserve jobs, and prevent higher energy costs for consumers.

What percentage of New Jersey's electricity is carbon-free?

Over 90% of New Jersey's electricity is generated carbon-free, primarily from nuclear plants.