Ralph Izzo

{{Short description|American businessman and former nuclear physicist}}

{{Infobox person

| name = Ralph Izzo

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| education =Columbia University (BS, MS, PhD)

| occupation = Business executive, nuclear scientist

| employer = Public Service Enterprise Group

| known_for = Chairman, President and CEO of PSEG

| spouse = Karen Izzo

| children = 2

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Ralph Izzo is an American businessman and former nuclear physicist. He was the Chairman, President, and CEO of Public Service Enterprise Group, a Fortune 500 energy company headquartered in New Jersey.{{Cite web|last=Bergeron|first=Tom|date=2021-05-10|title=Taking a stand: PSEG's Izzo on why companies need to step up|url=https://www.roi-nj.com/2021/05/10/industry/energy-utilities/taking-a-stand-psegs-izzo-on-why-companies-need-to-step-up/|access-date=2021-09-19|website=ROI-NJ|language=en-US}}{{Cite web|last=Beltran|first=Veronica|title=Chairman, president and CEO of PSEG, Ralph Izzo, is determined to lead a progressive kind of energy company .|url=https://ceo-na.com/executive-interviews/a-progressive-vision-for-the-energy-industry/|access-date=2021-09-20|language=en-US}} He is also the Chairman of the Nuclear Energy Institute, a nuclear industry trade association based in Washington, D.C.{{Cite web|title=Ralph Izzo - Chairman|url=https://www.nei.org/about-nei/leadership/ralph-izzo|access-date=September 19, 2021|website=Nuclear Energy Institute}}

Biography

The 1973 oil embargo influenced Izzo’s interest in fusion energy, which was seen as a way to reduce reliance on fossil fuels. He chose to attend Columbia University, which had a small fusion reactor with commercial potential. Izzo earned a Bachelor of Science in 1978, a Master of Science in mechanical engineering in 1979, and a doctorate in applied physics in 1981, all from Columbia University’s School of Engineering.{{Cite web |date=2020-03-20 |title=Ralph Izzo |url=https://www.engineering.columbia.edu/board-of-visitors/ralph-izzo |access-date=2021-09-19 |website=Columbia Engineering |language=en}} While at Columbia, he also pitched for the varsity baseball team.{{Cite web |date=2013-07-24 |title=Profile: Ralph Izzo -- Chairman, President, Chief Executive of PSEG |url=https://www.njspotlight.com/2013/07/13-0710-1452/ |access-date=2021-09-20 |website=NJ Spotlight News |language=en-US}}

After receiving his PhD, Izzo began his career by joining the Princeton Plasma Physics Laboratory as a research scientist and worked there from 1981 to 1986.{{Cite web|title=Experts {{!}} Ralph Izzo|url=https://www.titansofnuclear.com/experts/ralphizzo|access-date=2021-09-20|website=Titans of Nuclear|language=en}} He then worked for Senator Bill Bradley as an American Physical Society Congressional Science Fellow to help shape public policy to secure funding for fusion labs. He also worked for Senator Thomas Kean for four years as a senior science policy advisor and was involved in the construction of the Hope Creek Nuclear Generating Station.{{Cite web|title=Ralph Izzo|url=https://alumni.rutgers.edu/awards-recognition/hall-of-distinguished-alumni/ralph-izzo/|access-date=2021-09-20|website=Rutgers University Alumni Association|language=en-US}}

In 1992, he joined the Public Service Enterprise Group (PSEG) as vice president before being promoted to president and chief operating officer of Public Service Electric and Gas Company (PSE&G), an operating subsidiary of PSEG. He received an MBA from Rutgers University, with a concentration in finance, in 2002. He was named president and chief operating officer of the company and was named to the company's board of directors in 2006. In 2007, Izzo was appointed Chairman, and CEO of PSEG.

In June 2010, he was elected chair of Rutgers University's board of governors.{{Cite web|title=Ralph Izzo, PSEG Chair, President and CEO, Elected Chair of Rutgers Board of Governors|url=https://www.rutgers.edu/news/ralph-izzo-pseg-chair-president-and-ceo-elected-chair-rutgers-board-governors|access-date=2021-09-20|website=www.rutgers.edu|language=en}} In 2011, he was the class day speaker for Fu Foundation School of Engineering and Applied Science at Columbia University.{{Cite web|date=2017-04-28|title=APAM Alum, Ralph Izzo, Speaks at Class Day|url=https://www.apam.columbia.edu/apam-alum-ralph-izzo-speaks-class-day|access-date=2021-09-20|website=Applied Physics and Applied Mathematics|language=en}}

He has a been a member of the Fusion Energy Sciences Advisory Committee of the United States Department of Energy.{{Cite web|date=2020-08-12|title=FESAC August 24, 2020 {{!}} U.S. DOE Office of Science(SC)|url=https://science.osti.gov/fes/fesac/Meetings/202008|access-date=2021-09-20|website=science.osti.gov|language=en-US}}{{Cite web|date=2019|title=Fusion Energy Sciences Advisory Committee 2020-2023 Membership|url=https://science.osti.gov/-/media/fes/fesac/pdf/2019/2019-2022_Membership.pdf?la=en&hash=DA6A826330CC32344EE98B2F96F18E4D0B534E41|access-date=September 19, 2021|website=The Office of Scientific and Technical Information}} From 2013 to 2016, he was a director of Williams Companies.{{Cite web|title=Ralph Izzo Elected to Williams' Board of Directors|url=https://investor.williams.com/press-releases/press-release-details/2013/Ralph-Izzo-Elected-to-Williams-Board-of-Directors/default.aspx|access-date=2021-09-20|website=investor.williams.com|language=en-US}} He was also a director, and former chair of the New Jersey Chamber of Commerce, a director of Nuclear Electric Insurance Limited, Edison Electric Institute, and New Jersey Performing Arts Center.{{Cite web|title=Izzo, Ralph - NJ Chamber|url=https://njchamber.com/about/board-of-directors/56-board-members/299-ralph-izzo|access-date=2021-09-20|website=njchamber.com}}{{Cite web|date=2015-06-16|title=Report: Mansue named chair of NJ Chamber Board of Directors|url=https://observer.com/2015/06/report-mansue-named-chair-of-nj-chamber-board-of-directors/|access-date=2021-09-20|website=Observer|language=en-US}}{{Cite web|title=Leadership|url=https://www.njpac.org/about/our-people/leadership/|access-date=2021-09-20|website=NJPAC|language=en-US}} In August 2020, he was named a director of BNY Mellon.{{Cite web|title=Ralph Izzo {{!}} BNY Mellon|url=https://www.bnymellon.com/us/en/investor-relations/corporate-governance/board-of-directors/izzo.html|access-date=2021-09-20|website=www.bnymellon.com}}

Subsidies controversy

During his time at PSEG, Izzo faced controversy over state subsidies for nuclear power. In 2018, PSEG requested financial support from New Jersey, stating that two of its nuclear plants would not be economically viable without it. The proposed subsidy, estimated at $300 million annually, drew criticism from competitors, advocacy groups, and the media. Some questioned whether a profitable company should receive public funds, and Izzo personally faced scrutiny.{{Cite web |last=Pizzutillo |first=Rich |date=2018-02-12 |title=For Izzo, fight over PSEG subsidy turns personal |url=https://www.roi-nj.com/2018/02/12/industry/izzo-fight-pseg-subsidy-become-personal/ |access-date=2025-04-28 |website=ROI-NJ |language=en-US}}

Izzo defended the subsidy as necessary to maintain the state’s supply of carbon-free energy and to protect consumers from higher energy costs. He emphasized his duty to act in the best interest of shareholders and acknowledged the personal and professional challenges the debate created. Izzo maintained that the subsidy served New Jersey’s long-term energy goals.

In addition to the nuclear subsidy issue, Izzo dealt with regulatory disputes over energy efficiency programs and grid modernization. These efforts sometimes led to disagreements with state regulators and consumer advocates, particularly regarding proposed rates and compensation for revenue lost through efficiency improvements.{{Cite web |last=Giambusso |first=David |date=2016-07-07 |title=PSEG faces obstacles in pursuit of energy efficiency |url=https://www.politico.com/states/new-jersey/story/2016/07/psegs-fight-for-energy-efficiency-103586 |access-date=2025-04-28 |website=POLITICO |language=en}}{{Cite web |last=Bergeron |first=Tom |date=2022-11-08 |title=Izzo disappointed by BPU’s transmission decision – but calls it ‘rational’ |url=https://www.roi-nj.com/2022/11/08/industry/energy-utilities/izzo-wasnt-thrilled-by-bpus-transmission-decision-but-calls-it-rational/ |access-date=2025-04-28 |website=ROI-NJ |language=en-US}}

During the incident, Izzo was "called a liar, a fraud, a cheat and a crook by almost every special interest group and media," wrote news outlet ROI-NJ.

Awards and honors

In 2010, Izzo was honored by the New Jersey Inventors Hall of Fame with its "Trustee Award."{{Cite press release|last=Group (PSEG)|first=Public Service Enterprise|title=Ralph Izzo Honored by New Jersey Inventors Hall of Fame|url=https://www.prnewswire.com/news-releases/ralph-izzo-honored-by-new-jersey-inventors-hall-of-fame-104955959.html|access-date=2021-09-20|website=www.prnewswire.com|language=en}} In 2012, he was honored by the National Italian American Foundation and received the NIAF Special Achievement Award in Science and Technology.{{Cite web|title=PSEG CEO Ralph Izzo To be Honored at One of the largest Galas in Washington, D.C.|url=https://www.niaf.org/niaf_event/pseg-ceo-ralph-izzo-to-be-honored-at-one-of-the-largest-galas-in-washington-d-c/|access-date=2021-09-20|website=The National Italian American Foundation}}

He serves on the Peddie School board of trustees.{{Cite web|title=Board of Trustees|url=https://www.peddie.org/about-us/board-of-trustees|access-date=2023-02-08|website=Peddie School}}

Personal life

Izzo is married to Karen Izzo, a retired biologist, and lives in Cranbury, New Jersey with his wife, and two kids.{{Cite web|title=Unrestricted Generosity|url=https://spectrum.mit.edu/spring-2018/unrestricted-generosity/|access-date=2021-09-20|website=MIT Spectrum|language=en-US}}