We have expanded the list of climate policies we assess company engagement with to incorporate land-use related policy, referring to legislative or regulatory measures to enhance and protect ecosystems and land where carbon is being stored. Assessments under this category are currently underweighted in terms of their contribution to the overall company metrics. This weighting will be progressively increased over the next 6 months.
We adjusted the terminology used to describe the queries running down the left-hand side of our scoring matrix and added additional explanatory text to the info-boxes. This has no impact on the scores and methodology. It has been done following user feedback to improve clarity.
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
President & COO of subsidiary PSE&G serves on the 2023 AGA Board of Directors (updated as of February 2023)
Kim C. Hanemann
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
President & COO of subsidiary PSE&G serves on the 2023 AGA Board of Directors (updated as of February 2023)
Kim C. Hanemann
--no extract--
In this section, we depict graphically the relationships the corporation has with trade associations, federations, advocacy groups and other third parties who may be acting on their behalf to influence climate change policy. Each of the columns above represents one relationship the corporation appears to have with such a third party. In these columns, the top, dark section represents the strength of the relationship the corporation has with the influencer. For example if a corporation's senior executive also held a key role in the trade association, we would deem this to be a strong relationship and it would be on the far left of the chart above, with the weaker ones to the right. Click on these grey shaded upper sections for details of these relationships. The middle section contains a link to the organization score details of the influencer concerned, so you can see the details of its climate change policy influence. Click on the middle sections for for details of the trade associations. The lower section contains the organization score of that influencer, the lower the more negatively it is influencing climate policy.
Open PDF file of Data Source
Climate Lobbying Overview: Public Service Enterprise Group (PSEG) appears to be lobbying on climate change policy with mostly positive positions. PSEG has consistently advocated for federal climate policy that includes a price on carbon and seems to engage positively on state-level legislation in New Jersey and New York. However, the company appears to oppose the phase-out of fossil gas, which corresponds with the positions of its member associations Edison Electric Institute and American Gas Association, both of which lobbied to preserve the role of fossil gas in federal reconciliation bill negotiations.
Top-line Messaging on Climate Policy: PSEG demonstrates positive top-line messaging on climate policy. PSEG has advocated for IPCC-recommended GHG emissions reductions with the We Mean Business Coalition, calling for President Biden to enact an ambitious 2030 emissions reduction target in April 2021 and urging G20 leaders in September 2021 to adopt stronger Nationally Determined Contributions (NDCs). PSEG has also publicly engaged on the U.S. bipartisan infrastructure bill, advocating to Congress in a July 2021 open letter for “ambitious, durable climate policy.” In a November 2021 interview with ROI-NJ, former CEO Ralph Izzo appeared to support the Build Back Better Act. Izzo has consistently advocated for federal regulation to address climate change, particularly via a price on carbon, including in his 2021 LinkedIn posts in February and September. In November 2021, Izzo attended COP26 and advocated for the United States to take a leadership role on climate change in the absence of other countries’ participation.
Engagement with Climate-Related Policy: PSEG demonstrates mostly positive engagement with climate-related policy on the federal and state level. In February 2022, PSEG signed a joint letter organized by C2ES that advocated to Congressional leadership to pass the clean energy tax credits in the Build Back Better Act. In a May 2021 earnings call, Izzo celebrated New Jersey’s decision to extend the Zero Emissions Certificates Law to preserve existing nuclear plants and advocated for the inclusion of incentives for nuclear in the federal infrastructure package. Izzo has also publicly supported a carbon tax and a federal clean energy standard (CES): in September 2021, he reiterated his support for a carbon tax to several media sources, including Forbes, and in April 2021 PSEG joined a coalition of companies in a letter urging President Biden to enact a federal CES. The company has also consistently advocated for eliminating or replacing the Minimum Offer Price Rule, stating in April 2021 comments to FERC and May 2020 comments to the New Jersey Board of Public Utilities that the rule prevents the development of clean energy resources. In comments on the New Jersey Energy Master Plan in late 2019, PSEG advocated for the state to adopt building energy efficiency codes and support solar and offshore wind development. The company also supported federal methane standards, directly advocating to the EPA in November 2019 to oppose the proposed repeal of existing methane regulations.
Positioning on Energy Transition: PSEG demonstrates mixed positions on the energy transition, advocating for transport electrification measures and decarbonization targets but appearing to support the long-term role of fossil gas. In October 2021, the utility submitted comments to the NJ Board of Public Utilities (BPU) advocating for measures toward the electrification of both public and private medium- and heavy-duty fleets, writing that “the EV Ecosystem should target the reduction of all vehicle emissions, regardless of their source.” In comments on New Jersey’s Straw Proposal on Electric Vehicle Infrastructure in June 2020, PSEG advocated for electrifying the entire transportation sector, including buses and public transport. PSEG also appears to have engaged positively on decarbonization provisions in recent federal legislation. In July 2021, PSEG sent a letter organized by C2ES to Congress advocating for net-zero infrastructure investments in the bipartisan infrastructure bill and in September 2021, Utility Dive reported on former CEO Izzo’s support for the proposed Clean Electricity Performance Program (CEPP) in the reconciliation bill.
PSEG appears to support the long-term role for fossil gas in the energy mix while also advocating for government interventions to support a transition toward renewables and nuclear power. In PSEG’s 2021 CDP Climate Change Report, the company discloses support for nuclear and renewables without stating a clear position on the role of fossil gas in the energy mix. In September 2019 comments to the draft Energy Master Plan for New Jersey, the company appeared to advocate for the state to protect the role of fossil fuels, emphasizing concerns around the economic and technical feasibility of transitioning from fossil gas. In April 2021 comments to FERC on extreme weather, the company advocated for “fuel diversity,” by which it meant an energy mix that supported a long-term role for nuclear but seemingly to accompany fossil fuels; in those same comments, PSEG appeared to support the continued use of oil and fossil gas as a “basic reliability principle.”
Industry Association Governance: PSEG discloses a list of its trade associations on its website but has not described the climate positions of these groups nor the role that the company plays in each association. PSEG also provides limited details of its engagement and policy alignment with these trade associations in its 2021 CDP Climate Change Report. PSEG is a member of the Edison Electric Institute (EEI), and according to its 2021 CDP report former CEO Ralph Izzo served on the EEI Executive Committee; however the EEI website does not appear to include Izzo on its leadership page. PSEG is also a member of the American Gas Association (AGA), where subsidiary PSE&G President and COO David Daly is a member of the executive committee. EEI holds generally mixed positions on climate policy and has lobbied with mixed support for climate provisions in the reconciliation bill, and AGA maintains active negative positions on various proposals, including its recent lobbying against the proposed methane fee in the reconciliation bill.