The current population of the state of New Jersey is estimated to be 8.92 million. In April 2019, state utilities used natural gas (61.2%), nuclear energy (33.9%), renewable energy (3.4%) and coal (1.5%) to generate electricity. Solar and biomass are the primary sources of renewable energy.
New Jersey’s use of nuclear energy contributes to state’s high electricity costs. In April 2019, the average cost of electricity in New Jersey was U.S. 16.4 ¢ per kWh, which is the 11th most expensive state in the United States. The average price of electricity in the United States is U.S. 13.3 ¢ per kWh.
Concerns over climate change have prompted New Jersey legislators to require utilities to accelerate the move from fossil fuels to renewable energy. New Jersey is one of thirty states that has an enforceable statewide renewable portfolio standard. The standard requires that 35% of the electricity sold in the state by 2025 to come from renewable sources and 50% by 2030.
The New Jersey utility, Public Service Electric and Gas Co. (PSEG) has announced plans to cut carbon emissions by 80% by 2046. The company intends to close or sell all remaining coal-fired power plants and will not acquire any new fossil-fueled power plants.
PSEG will intends to continue to invest in solar, offshore wind and emerging renewable energy technologies. The company intends to keep the Salem and Hope Creek nuclear plants operating, which supply the majority of New Jersey’s emissions-free electricity.
PSEG, headquartered in Newark, New Jersey is a publicly traded energy company. The company provides electricity to 2.2 million customers and natural gas to 1.8 million customers.
New Jersey’s goal is to achieve zero greenhouse gas emissions by 2050, through transportation electrification, renewable energy, energy storage, nuclear energy and grid modernization. The state has made significant progress is streamlining the permitting process to build new renewable energy sites and power lines.
In my opinion, New Jersey’s energy plan will reduce greenhouse gas emissions, while delivering reliable, sustainable and cost-effective energy.
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