Public Service Electric and Gas Company (PSE&G) received approval from the New Jersey Board of Public Utilities (BPU) to make additional investments in the company’s electric and gas infrastructure, as well as in existing programs to help hospitals and other customers become more energy efficient. About $273 million will be spent to accelerate electric and gas projects between now and the end of 2012 to improve reliability and further stimulate New Jersey’s economy. The utility will invest an additional $95 million in its successful energy efficiency programs.
The BPU approved extensions to PSE&G’s Gas and Electric Capital Economic Stimulus infrastructure Investment Programs for electric and gas distribution system upgrades. The projects will result in job creation and retention, and enable the company to provide safe, highly reliable electric and gas service to the utility’s more than 2 million customers.
“In addition to strengthening our electric and gas distribution systems, these additional accelerated capital investments will improve the state’s economy by stimulating the purchase of goods and services and by creating jobs,” said Ralph LaRossa, PSE&G president and COO. “Whenever possible, the company will use local suppliers and contractors for the projects, in addition to our own skilled workforce. The combined projects are expected to generate more than 450 utility and contractor positions through 2012.”
The utility will spend about $195 million in accelerated capital improvements to its electric distribution network that are expected to create more than 300 jobs. Among the projects are upgrades to voltage regulators, insulators, and breakers at substations; the replacement of underground cable facilities including transformers, network protectors and relays; upgrades to substation fire protection systems, and the replacement of overhead cable and other equipment.