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Some utilities--like PSEG--are rethinking business model

Tags: energy model izzo

Some states are successfully using ‘decoupling’ as a way to get power companies to convince customers to use less Energy — without taking an economic hit

Ralph Izzo, chairman, CEO,
and president of PSEG
Tom Johnson reports for NJ Spotlight:

If the state is going to be more successful in cutting energy use and saving consumers money in the process, it needs to revamp its business Model for utilities, according to New Jersey’s most prominent energy executive.
In a keynote address on the state’s evolving energy needs, Ralph Izzo, the chairman, president, and CEO of Public Service Enterprise Group, offered the company’s most expansive plea to date to develop a new regulatory model to encourage utilities to more aggressively invest in energy-efficient technology.
Izzo suggested that Public Service Electric & Gas, the state’s oldest and largest utility as well as PSEG’s most profitable business, is interested pursuing an overhaul of the century-old utility system.
Talks to that effect are now occurring in Trenton among a wide-ranging legislative task force, but similar efforts in the past have proved fruitless. Still, utilities are increasingly being squeezed financially by an array of changes sweeping the sector — declining energy use; increased reliance on cleaner and more localized energy sources, such as solar; and demands for better reliability.
“Meeting new expectations will require utilities to evolve,’’ Izzo said. “Energy efficiency is what the customers need… and we want to make it easy for them to get it.’’
Twenty-nine states already have embraced one new utility model in some form, a system dubbed “decoupling’’ in energy jargon. According to Izzo, “It seems to be a promising way to help make that (energy efficiency) happen.’’

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Some utilities--like PSEG--are rethinking business model


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