$1 billion in utility investments on way

NJBIZ, Apr 20, 2009

PSE&G and South Jersey Gas were among five utilities that last week won approval to invest nearly $1 billion in capital projects, creating 1,300 direct jobs and 14,000 indirect jobs, according to their regulator, the New Jersey Board of Public Utilities.

The PBU said PSE&G alone will invest $694 million and create 933 new jobs, while the five utilities will together invest $956 million. The utilities plan to spend another $300 million in energy efficiency programs, and these are expected to be considered for approval in June. The BPU said it is also reviewing investment proposals from Rockland Electric Co. and Jersey Central Power & Light Co.

The utilities responded to a call last October from Gov. Jon S. Corzine to accelerate their capital spending projects as part of an economic stimulus effort for the state. Fast-tracked regulatory approval for their projects was among the incentives the government offered them. - Shankar P.