Ralph Izzo to Retire as PSEG Chief Executive Amid Shift to Green Energy

Strategic Insights -

Ralph Izzo, the longtime chief executive of Public Service Enterprise Group (PSEG), will retire by the end of 2022, marking the end of a 15-year tenure at the helm. Izzo's focus on green energy and away from fossil fuels made PSEG a national outlier as climate change entered the public discourse. Under his leadership, PSEG has invested heavily in clean energy projects, including the development of 7.5 gigawatts of offshore wind capacity off the Jersey Shore by 2035. Izzo will be succeeded by Chief Operating Officer Ralph LaRossa, who has stated his commitment to carrying on the company's vision and strategy.

Key Takeaways:

  • Ralph Izzo will retire as PSEG chief executive by the end of 2022, marking the end of a 15-year tenure.
  • Izzo's focus on green energy has made PSEG a national outlier in the face of climate change.
  • PSEG has invested in several clean energy projects, including 7.5 gigawatts of offshore wind capacity off the Jersey Shore by 2035.
  • The company plans to cover the costs for the installation of 50,000 electric car charging stations at people's homes and businesses.
  • PSEG's clean energy efforts align with the state's goal to slash New Jersey's greenhouse gas emissions by 80% by 2050 and transition to an entirely clean energy economy.
  • The company has also invested in nuclear power, with three nuclear plants supported by a $300 million state bailout.

Statistics:

  • 7.5 gigawatts of offshore wind capacity off the Jersey Shore by 2035.
  • 50,000 electric car charging stations to be installed at people's homes and businesses.
  • $166 million for the installation of electric car charging stations.
  • $300 million: the amount of the state bailout for PSEG's nuclear plants.
  • 330,000 electric cars on New Jersey's roads by 2025, as per Gov. Phil Murphy's plans.
  • 2020: the year PSEG sold off its fossil fuel plants and focused entirely on green energy and nuclear power.

Sources:

  • NorthJersey.com: "PSEG CEO Ralph Izzo retiring, will be succeeded by Ralph LaRossa"
  • Murphy, Phil. Twitter: "Maximizing our ability to tap into our coastal winds to generate the power to light homes and businesses has never meant so much."
  • PSEG press release: "PSEG sells stake in Ocean Wind project" (2020)