Investments to Provide Customers With Better
Reliability
Improvements Will Help Meet Changing Customer Needs and
Expedite Transition to EVs
Program Will Help Achieve N.J. Energy Master Plan
Goals
NEWARK,
N.J., June 29, 2022 /PRNewswire/ -- The
New Jersey Board of Public
Utilities today approved a settlement that will enable PSE&G to
make investments that will provide the enhanced reliability
customers now need and help New
Jersey achieve its clean energy goals. With the approval of
PSE&G's Infrastructure Advancement Program, the state's largest
utility is expected to invest $511
million over four years, creating hundreds of well-paying
jobs and helping stimulate the New
Jersey economy.
The investments will modernize PSE&G's distribution systems
to provide customers with improved reliability, including during
extreme weather. The IAP also includes "Last Mile" investments that
will begin preparing the grid for the rapid transition to EVs and
enable a greater blend of renewable energy resources by increasing
the reliability of the state's electric grid down to the street and
neighborhood level.
"The Infrastructure Advancement Program is the next step forward
in our efforts to meet our customers' changing needs," PSE&G
President Kim Hanemann said. "Homes
now are more important than ever to people's daily lives, playing
the added roles of offices, entertainment centers, classrooms, and
even fueling stations for electric vehicles. Meanwhile, businesses
increasingly rely on e-commerce and electronic devices, and many
are considering providing charging stations for their EV-driving
customers and employees."
"The program is another step toward realizing PSEG's Powering
Progress vision in which our customers use less energy, and the
energy used is cleaner and delivered more reliably than ever."
The program includes:
- modernizing electric circuits,
- upgrading five aging electric substations and four aging
natural gas metering and regulating stations, and
- $234 million of last mile
improvements to provide residential areas with greater
reliability.
The IAP continues PSE&G's work to update its distribution
systems to make them more reliable, and resilient to increasingly
severe storms. PSE&G's initiatives to protect New Jersey communities and customers from
extreme weather conditions were recognized last week by the Edison
Electric Institute, which awarded the utility the 2022 Edison
Award, the electric utility industry's highest honor.
For a typical residential electric and gas customer, the
proposal's bill impact would be about $1.50 per month, or approximately 0.75%, in 2026.
It's worth noting that a typical residential electric and gas
customer's current bill is now 21% lower than a decade ago, or
about 36% lower when taking inflation into account.
Public Service Electric & Gas Co. is New Jersey's oldest and largest gas and
electric delivery public utility, serving three-quarters of the
state's population, as well as one of the nation's largest
utilities. PSE&G has won the ReliabilityOne Award
for superior electric system reliability in the Mid-Atlantic region
for 20 consecutive years. PSE&G received the 2022 ENERGY
STAR® "Partner of the Year" award in the Energy
Efficiency Program Delivery category, and is a 2021 Customer
Champion and Most Trusted Brand as named by Escalent. PSE&G is
a subsidiary of Public Service Enterprise Group Inc., (PSEG)
(NYSE:PEG), a predominantly regulated infrastructure company
focused on a clean energy future and has been named to the Dow
Jones Sustainability Index for North
America for 14 consecutive years (www.pseg.com).
Visit PSEG
at:
www.pseg.com
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Facebook
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PSEG on
LinkedIn
PSEG Energize!
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SOURCE Public Service Electric & Gas (PSE&G)