FUTY - PSEG CEO Izzo supports plan to incentivize utilities to use clean energy

Public Service Enterprise Group (PEG -0.3%) President and CEO Ralph Izzo says he is "greatly encouraged" by Congress' work on a Clean Electricity Performance Program to incentivize utilities to adopt clean energy, Utility Dive reports. The CEPP, plus tax credits and other clean energy incentives being discussed as part of the budget reconciliation bill, can lead to a "nationalized market" for clean energy instead of a state-by-state market, Izzo says. The legislation, advanced last week as part of the House Energy and Commerce Committee's section of the $3.5T budget reconciliation bill, would require utilities to increase their share of zero-carbon energy by 4% every year or face financial penalties. Not all utilities are on board: American Electric Power (AEP -0.4%) reportedly believes the program would "adversely impact the reliability and resilience of the electric grid." ETFs: XLU, VPU, FUTY

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PSEG CEO Izzo supports plan to incentivize utilities to use clean energy