PSE&G Prioritizes Affordability while Enhancing
Reliability
NEWARK,
N.J., Dec. 29, 2023 /PRNewswire/ -- PSE&G,
New Jersey's largest electric and
gas utility, today filed its scheduled rate case with the
New Jersey Board of Public
Utilities. Filed as required by the NJ Board of Public Utilities'
rules, this rate case is PSE&G's first comprehensive electric
and gas rate case in nearly six years. A main component of the case
is to recover capital investments made to strengthen and modernize
the state's electric and gas infrastructure since PSE&G's last
rate case in 2018. PSE&G's request is among the lowest proposed
rate increases filed by a NJ public utility over the past several
years.
PSE&G continues to work hard to keep its customers' bills
affordable. With this filing, a PSE&G combined electric and gas
bill is about 3% of NJ household income for median-income customers
and about 2% of household income for low-income customers that take
advantage of available payment support programs. Over the past 15
years, the affordability of PSE&G bills has improved by
approximately 40%.
The PSE&G rate case filed today seeks to recover over
$3 billion in capital investments
made over the past several years. The PSE&G rate case requests
an overall bill increase of approximately 9%. For a typical
combined residential electric and gas customer, it would represent
an increase of approximately 12%, or an average of $25 per month.
PSE&G's prudent investment strategies continue to lead to
superior reliability performance and customer satisfaction while
also maintaining the lowest operations and maintenance costs per
customer compared to state and regional peers. Over the last 20
years, PSE&G has improved reliability by approximately 20% and
reduced methane emissions by approximately 35%.
PSE&G was recently awarded the 2023 ReliabilityOne®
Award for Outstanding Metropolitan Service Area Reliability
Performance in the Mid-Atlantic Region for the 22nd consecutive
year and the national 2023 ReliabilityOne® Outstanding Customer
Engagement Award. In 2023, J.D. Power named PSE&G number one in
customer satisfaction for both Residential Electric and Business
Electric Service in the East among Large Utilities.
PSE&G encourages all customers to take advantage of
our energy efficiency programs for residential
customers or business customers,
and tips and tools to help reduce energy use
and manage monthly bills. If you or someone you know needs help
paying your PSE&G bill, please visit pseg.com/help. Deferred
payment options and payment assistance resources are
available. Customers who have other concerns about their PSE&G
bills should contact us via pseg.com/myaccount, PSE&G
mobile app or by calling 1-800-436-PSEG (7734).
About PSE&G
Public Service Electric & Gas Co. is New Jersey's oldest and largest gas and
electric delivery public utility, as well as one of the nation's
largest utilities. PSE&G is the 2022 Edison Award recipient
from the Edison Electric Institute. PSE&G has won the
ReliabilityOne® Award for superior electric system reliability in
the Mid-Atlantic region for 22 consecutive years. For the second
consecutive year, PSE&G is the recipient of the ENERGY STAR
Partner of the Year award in the Energy Efficiency Program Delivery
category. In addition, in 2023 J.D. Power named PSE&G number
one in customer satisfaction with residential and business electric
service in the east among large utilities. 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 16 consecutive years (www.pseg.com).
FORWARD-LOOKING STATEMENTS
Certain of the matters discussed in this communication about our
and our subsidiaries' future performance, including, without
limitation, future revenues, earnings, strategies, prospects,
consequences and all other statements that are not purely
historical constitute "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements are subject to risks and
uncertainties, which could cause actual results to differ
materially from those anticipated. Such statements are based on
management's beliefs as well as assumptions made by and information
currently available to management. When used herein, the words
"anticipate," "intend," "estimate," "believe," "expect," "plan,"
"should," "hypothetical," "potential," "forecast," "project,"
variations of such words and similar expressions are intended to
identify forward-looking statements. Factors that may cause actual
results to differ are often presented with the forward-looking
statements themselves. Other factors that could cause actual
results to differ materially from those contemplated in any
forward-looking statements made by us herein are discussed in
filings we make with the United States Securities and Exchange
Commission (SEC), including our Annual Report on Form 10-K and
subsequent reports on Form 10-Q and Form 8-K. These factors
include, but are not limited to:
- any inability to successfully develop, obtain regulatory
approval for, or construct transmission and distribution, and our
nuclear generation projects;
- the physical, financial and transition risks related to climate
change, including risks relating to potentially increased
legislative and regulatory burdens, changing customer preferences
and lawsuits;
- any equipment failures, accidents, critical operating
technology or business system failures, severe weather events, acts
of war, terrorism or other acts of violence, sabotage, physical
attacks or security breaches, cyberattacks or other incidents that
may impact our ability to provide safe and reliable service to our
customers;
- any inability to recover the carrying amount of our long-lived
assets;
- disruptions or cost increases in our supply chain, including
labor shortages;
- any inability to maintain sufficient liquidity or access
sufficient capital on commercially reasonable terms;
- the impact of cybersecurity attacks or intrusions or other
disruptions to our information technology, operational or other
systems;
- a material shift away from natural gas toward increased
electrification and a reduction in the use of natural gas;
- failure to attract and retain a qualified workforce;
- inflation, including increases in the costs of equipment,
materials, fuel and labor;
- the impact of our covenants in our debt instruments and credit
agreements on our business;
- adverse performance of our defined benefit plan trust funds and
Nuclear Decommissioning Trust Fund and increases in funding
requirements and pension costs;
- fluctuations in, or third party default risk in wholesale power
and natural gas markets, including the potential impacts on the
economic viability of our generation units;
- our ability to obtain adequate nuclear fuel supply;
- changes in technology related to energy generation,
distribution and consumption and changes in customer usage
patterns;
- third-party credit risk relating to and purchase of nuclear
fuel;
- any inability to meet our commitments under forward sale
obligations and Regional Transmission Organization rules;
- reliance on transmission facilities to maintain adequate
transmission capacity for our nuclear generation fleet;
- the impact of changes in state and federal legislation and
regulations on our business, including PSE&G's ability to
recover costs and earn returns on authorized investments;
- PSE&G's proposed investment programs may not be fully
approved by regulators and its capital investment may be lower than
planned;
- our ability to advocate for and our receipt of appropriate
regulatory guidance to ensure long-term support for our nuclear
fleet;
- adverse changes in and non-compliance with energy industry
laws, policies, regulations and standards, including market
structures and transmission planning and transmission returns;
- risks associated with our ownership and operation of nuclear
facilities, including increased nuclear fuel storage costs,
regulatory risks, such as compliance with the Atomic Energy Act and
trade control, environmental and other regulations, as well as
financial, environmental and health and safety risks;
- changes in federal and state environmental laws and regulations
and enforcement;
- delays in receipt of, or an inability to receive, necessary
licenses and permits and siting approvals; and
- changes in tax laws and regulations.
All of the forward-looking statements made in this communication
are qualified by these cautionary statements and we cannot assure
you that the results or developments anticipated by management will
be realized or even if realized, will have the expected
consequences to, or effects on, us or our business, prospects,
financial condition, results of operations or cash flows. Readers
are cautioned not to place undue reliance on these forward-looking
statements in making any investment decision. Forward-looking
statements made in this communication apply only as of the date of
this communication. While we may elect to update forward-looking
statements from time to time, we specifically disclaim any
obligation to do so, even in light of new information or future
events, unless otherwise required by applicable securities laws.
The forward-looking statements contained in this communication are
intended to qualify for the safe harbor provisions of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended.
CONTACTS:
|
|
Investor
Relations
|
Media
Relations
|
pseg-investorrelations@pseg.com
|
Marijke
Shugrue
|
973-430-6565
|
862-465-1445
|
|
Marijke.Shugrue@pseg.com
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/pseg-files-scheduled-rate-case-its-first-in-nearly-6-years-302023788.html
SOURCE PSE&G