PSE&G Seeks OK To Spend $888 Million, Create 1,700 Jobs In NJ
22 Enero 2009 - 3:35PM
Noticias Dow Jones
Public Service Electric & Gas Co. plans to spend $888
million on energy infrastructure, efficiency initiatives and
environmental programs to create about 1,700 jobs in New
Jersey.
In a filing with the state Board of Public Utilities, New
Jersey's largest utility, a unit of Public Service Enterprise Group
Inc. (PEG), is seeking approval of $698 million in accelerated
investments in electric and gas distribution system capital
projects. PSE&G plans to recover the cost through an annual
adjustment to electric and gas rates of not more than 1%.
A second filing seeks approval for PSE&G to spend $190
million more to encourage conservation and create green jobs.
The company asked for approval by April 1.
"PSE&G's proposals are in direct response to Gov. Jon
Corzine's call for utilities to invigorate the economy," said
PSE&G Chief Operating Officer Ralph LaRossa.
LaRossa said the utility will try to use local suppliers and
contractors for the programs.
Under the $698 million program, PSE&G would spend $406
million to improve electric systems and $292 million on gas systems
in the next two years. Planned are $62 million for replacing street
lights and efficiency improvements at PSE&G facilities;
replacement of aged underground cable facilities, network
transformers and relays; and upgrading of overhead wire, cable and
transformers.
Gas infrastructure investments include replacing and reinforcing
aging gas cast-iron and bare-steel mains and services, purchasing
specialized construction equipment, and upgrading meter and
regulator stations. Less-efficient mercury-vapor municipal street
lighting would be replaced with more-efficient
induction-fluorescent lighting.
The $190 million would expand programs, approved by the BPU last
year, to provide energy- and money-saving measures directly to
families and businesses. These include free energy audits to
identify ways to become more energy-efficient and funding for new
technologies and demonstration projects.
-By Kathy Shwiff, Dow Jones Newswires; 201-938-5975;
Kathy.Shwiff@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front
page of today's most important business and market news, analysis
and commentary. You can use this link on the day this article is
published and the following day.