Submitted by Public Service Enterprise Group (PSEG)
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
Originally published on PSEG NewsRoom
NEWARK, N.J., June 30, 2022 /CSRwire/ – 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:
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).
Public Service Enterprise Group Inc. (PSEG) (NYSE: PEG) is a publicly traded diversified energy company with approximately 13,000 employees. Headquartered in Newark, N.J., PSEG's principal operating subsidiaries are: Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 11 consecutive years (https://corporate.pseg.com/).
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