Ralph Izzo, Chairman of the Board, President and CEO of PSEG Inc. is looking to the future. He has on his mind a clean energy future that is carbon free and he wants to enact what is needed to move New Jersey forward given the climate stress that is underway.
One of PSEG’s biggest initiatives is a $3.5 billion proposal to the New Jersey Board of Public Utilities to be spent over the next five years enhancing New Jersey’s energy infrastructure. His latest initiative is to find new innovations that will create a future built around clean energy. To do this PSEG announced it is the founding sponsor of the CleanTech Impact Challenge, a competition hosted by the NJ Tech Council CleanTech Alliance. The winner will receive a $50K Grand Prize, executive mentoring, corporate access and a lot of free press.
Izzo sums up the case for what innovation in energy technology could do, stating, “It is to lower bills by bringing the cost of energy down, while cleaning the environment, and putting people to work. The only technology that does that is energy efficiency.”
Those applying for the Challenge are being asked to offer an energy innovation that does at least one of three things:
- Reduce electricity and gas usage,
- Drive Energy efficiency,
- Address workforce development.
In an online announcement hosted by the NJ Tech Council Izzo gave some insight about the three areas of competition, touching upon:
- The use of data analysis to optimize consumer energy consumption patterns,
- Making access to energy equitable given current challenges experienced by underserved communities, and
- The value of creating clean energy jobs for the future.
“Our vision is to use less, use cleaner and use more reliably,” summed up Izzo. In order to achieve that he is advocating for the enhancement of New Jersey’s infrastructure that ranges from solar panels, transmission towers to smart thermostats.”
Capital will need to be deployed as was presented in PSEG’s proposal the Utility Board. These efforts will make people’s lives better, referencing shareholders, environment supporters and customers. Izzo believes a strong regulatory environment will not favor one over the other.
“I really want their creative ideas to come forward,” Izzo said, speaking of the innovating entrepreneurs entering the competition who will offer solutions that positively impact the future of New Jersey.
