PSEG CEO Ralph Izzo Attends COP26, Calls for Urgent Action on Climate

Izzo one of only three U.S. utility CEOs to attend historic climate conference in Glasgow

(NEWARK, N.J. – Nov. 5, 2021) PSEG Chairman, President and CEO Ralph Izzo is traveling to  Glasgow, Scotland, to attend the 26th Conference of the Parties to the United Nations Framework  Convention on Climate Change (COP26), where he will call for urgent action to address climate change.  

“With more than 9 million residents, New Jersey is similar in size to many of the nations represented at  COP26, and getting hit by the climate crisis means we need to take immediate action not only to address  the causes of climate change, but also to reduce and reverse its long-term impacts,” said Izzo, one of  only three U.S. utility CEOs attending COP26. “New Jersey’s rapid progress toward its clean energy and  climate goals provides a role model for the rest of the U.S. and the world.” 

In Glasgow, Izzo is scheduled to meet with world government and industry leaders, including  representatives of the global and U.S. power and utility sectors, to drive home the urgent need to  establish aggressive goals for reducing carbon emissions – and then returning home to turn those goals  into concrete actions. 

“COP26 provides an extraordinary opportunity – at a pivotal moment in the climate change crisis – for  government and business to work together to solve our greatest climate challenges while also  strengthening economies and communities,” Izzo said. “The transition to cleaner and more resilient  energy resources needs to continue, and faster than it is today. Working together, utilities and other  businesses can make progress to decarbonize the economy, while governments can set policies that  accelerate the scale and pace of change. This transition presents enormous opportunities for business, and creates lasting benefits for people, economies and the climate.” 

“We have all the tools to decarbonize our economies, and now we need the collective will,” Izzo said. “At  PSEG, we’ve promoted a five-point outline – a list of actions we need to undertake to mitigate the most  damaging impacts of our changing climate. These include: setting a price on carbon, fostering energy  efficiency, preserving existing nuclear plants, developing renewables, and promoting economywide electrification. My aim for COP26 is that we cement that will into action.” 

Some of the most aggressive decarbonization efforts in history have been driven by energy utilities – the  organizations with the expertise and the infrastructure to tackle climate change alongside a mission to  support not only customers, but also communities and the economy. And because the mission of utilities  is universal access to energy and all of its benefits, the solutions are available universally – to all  customers, no matter who they are, where they live or their financial resources. 

The clean energy transition also must advance equity: 

“Climate change often hurts communities that have fewer resources and less support to prepare and  recover from extreme weather events,” Izzo said. “As government and industry invest in infrastructure  and strengthen resiliency, all must act to protect communities and address inequities.” 

Climate change and the transition to a low-carbon economy present opportunities and risks for PSEG.  PSEG’s recent combined 2021 Sustainability and Climate Report dives into the potential physical and  transitional risks of climate change to help PSEG better plan and prepare for the changes ahead,  including actions taken to achieve the company’s recently announced net-zero climate vision for 2030.  

PSEG is an infrastructure company focused on a clean energy future, powered by a diverse, dedicated  and highly skilled workforce. PSEG’s Powering Progress vision continues to be for a future in which  people use less energy, and that energy is cleaner and delivered more reliably than ever. PSEG’s  commitment to ESG and sustainability is reflected in our net-zero 2030 climate vision, our participation in  the U.N. Race to Zero campaign and our business strategies aligned with the U.N.’s Sustainable  Development Goals 

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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. 

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Forward-Looking Statement 

The statements contained in this press release that are not purely historical are “forward-looking statements” within the meaning  of The Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties,  which could cause actual results to differ materially from those anticipated. Such statements are based on management’s beliefs  as well as assumptions made by and information currently available to management. Factors that may cause actual results to  differ materially from those contemplated in any forward-looking statements made by us herein are discussed in our Annual  Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K filed with the Securities and Exchange Commission  (SEC), and available on our website: https://investor.pseg.com. All of the forward-looking statements made in this press release  are qualified by these cautionary statements and we cannot assure you that the results or developments anticipated by  management will be realized or even if realized, will have the expected consequences to, or effects on, us or our business,  prospects, financial condition, results of operations or cash flows. Readers are cautioned not to place undue reliance on these  forward-looking statements in making any investment decision. Forward-looking statements made in this press release apply  only as of the date hereof. While we may elect to update forward-looking statements from time to time, we specifically disclaim  any obligation to do so, even in light of new information or future events, unless otherwise required by applicable securities laws.  

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.

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