PSEG has relied on fossil fuels to keep the lights on for the past 116 years. Now, New Jersey’s largest and oldest power company is pledging to deliver carbon-free electricity to fight climate change.
The $30 billion utility provider announced Thursday that it’s on track to slash carbon emissions by 80% by 2046, compared with 2005 levels. And PSEG (PEG), which also serves more than a million customers on Long Island, is setting an ambitious goal of getting down to net-zero carbon emissions by 2050.
To get there, the power company is shutting down its coal plants, betting big on offshore wind and working hard to keep its existing nuclear plant alive. PSEG said it won’t build or acquire any new fossil-fueled power plants, including those running on dirt-cheap natural gas.