June 24 (Reuters) – Diversified New Jersey power and gas company Public Service Enterprise Group Inc (PEG.N) said Thursday it has accelerated its net-zero greenhouse gas ambitions to 2030 from 2050.
The new target from the group, whose assets include New Jersey’s largest gas and electric utility, is one of the most aggressive net-zero goals set by any energy company in the world, most of which have plans to reach net-zero by 2050.
PSEG is in the process of selling its non-nuclear fleet, including 6,750 megawatts (MW) of fossil generation, while exploring investments in offshore wind. One megawatt can power about 1,000 U.S. homes.
PSEG has already partnered with Danish energy company Orsted A/S (ORSTED.CO) on 25% of the 1,100 MW Ocean Wind offshore wind project in New Jersey.
The company’s pivot to 100% carbon-free generation is in line with U.S. President Joe Biden’s goal of decarbonizing the country’s electric sector by 2035.
"The federal goal of achieving a 100% carbon-free electric supply by 2035 is an ambitious one that will require technology innovation, new policy frameworks, and a commitment by businesses and consumers across the economy," PSEG Chief Executive Ralph Izzo said in a statement.
PSEG adopted its earlier net-zero 2050 goal in 2019. The group said its Public Service Electric and Gas utility has already cut greenhouse gas emissions (GHG) by more than 50% from 2005 levels.
In addition to reducing its own GHG emissions, PSEG said it would also focus on cutting those associated with the use of natural gas by its almost two million customers in New Jersey.
The company said it will do that by modernizing its power and gas grids, investing in new energy efficient technologies and replacing old cast-iron pipes to stop methane leaks, among other things.
Looking ahead, PSEG said it will direct half of its current 2021-to-2025 capital spending program of approximately $14-$16 billion toward decarbonization, emission reduction, methane reduction, clean energy transition and climate and storm adaptation.