PSEG CEO Says the Future of Energy is Bright
Taped on the campus of NJIT, Ralph Izzo, Chairman, President and CEO of PSEG, explains his vision of the future of energy where we use less energy without sacrificing comfort or convenience, all without a reduction in energy’s effectiveness.
"Hi, Steve Adubato coming to you from NJIT, the campus of NJIT. A place where innovation takes place. And when we're talking about innovation, we're talking about innovation in the energy world with Ralph Izzo, who is the Chairman, President, and CEO of PSEG. Good to see you Ralph. Good to see you Steve. Thanks for having me. For those who don't know PSE&G, PSEG, what's the difference between PSEG and PSEG? Well sure. PSEG stands for Public Service Enterprise Group. PSE&G stands for Public Service Electric and Gas. It's one of our two principal subsidiaries. PSE&G is a regulated utility. We also own and operate a company called PSEG Power which is an unregulated power producer. So, one of the things I was looking forward to talking to you about is A: The state of energy policy in our state, in our nation, but 2: also the future. Where are we today? So we're making some good progress in some areas and not such great progress in other areas. We've been trying to articulate a future that is really characterized by three components. Number 1:energy efficiency. It has to be the centerpiece of any future. I call it the triple win. It's good for the environment. It lowers the customer bill and it gives us a new area in which we can invest. Number 2 would be cleaner energy. Cleaner? Yeah, cleaner from the point of view that no matter how efficient you are, you still need to produce electricity and we see that in the future as a combination of renewables, nuclear, and natural gas. And last but not least you have less energy that you're using, what you're using is cleaner, and it's delivered with greater reliability than ever before which is an investment in the grid. I mentioned Ralph, and by the way, to fully disclose, PSEG is a major supporter of public broadcasting in this state as well our series. A series that we produce as well. So, I just want to put that out there. Innovation. Technology and energy, not just policy, but the world of energy. How much is technology driving it? It's tremendously important. You see it from the improvements we've made in the cost of renewables to the improvements we've made in computer technology and data analytics about how to control power flows on the grid. Give us an example of that. So, in the case of data analytics for example, one could look at using sophisticated metering. How are customers using their electricity and whether or not it's similar or different from people in their community without invading anyone's privacy. And from that you can infer..."