PSE&G Unveils Next Phase of "Energy Strong" Investments
Proposal will reduce outages, restore service faster and create jobs
NEWARK, N.J., June 8, 2018 /PRNewswire/ -- Building on the success of its Energy Strong program, Public Service Electric and Gas (PSE&G) today proposed to invest an additional $2.5 billion during the next five years to further strengthen the utility's electric and gas systems to withstand storms, improve reliability and significantly enhance resiliency.
If approved by the New Jersey Board of Public Utilities (BPU), the proposed program will enable PSE&G to continue its momentum to modernize its infrastructure by launching the second phase of Energy Strong that will:
"We have a proven track record of making infrastructure improvements on time and on budget," said Dave Daly, PSE&G president and COO. "But there is much more work to be done to harden our electric and gas systems against severe weather and enhance reliability.
"Our electric infrastructure has served us well, yet it is aging and needs replacement. The next phase of Energy Strong will mean less frequent outages, faster restoration for customers who experience outages, better estimates of restoration times, improved customer service and improved worker safety. And, building greater redundancy in our gas system will help ensure that we can deliver warmth in winter despite supply curtailments that can impact our system."
The continuation of Energy Strong will make New Jersey's energy networks smarter, more reliable and resilient while also creating an estimated 3,150 jobs annually. About $1.5 billion of the $2.5 billion proposal is for electric improvements with $1 billion for gas. This work is expected to start in March 2019, pending BPU approval.
Modest Impact on Customer Bills
"We are making sure that our customers remain satisfied both with the quality and cost of the service we provide," Daly said. "The typical residential combined customer bill is down about 20 percent from 2010. We can make these added investments and still keep energy bills affordable." PSE&G gas bills are the second lowest in the region and electric bills are lower than average, allowing our customers to get better service at a lower cost than most of the region.
Key provisions of PSE&G's Energy Strong II proposal include:
Click here to view the PSE&G Energy Strong II Fact Sheet
Public Service Electric and Gas Company (PSE&G) is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE:PEG), a diversified energy company.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at http://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at http://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
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Company Codes: NYSE:PEG
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