PSE&G Gains Approval to Fast Track Grid Modernization Efforts

Rhea-AI Summary

The New Jersey Board of Public Utilities has approved PSE&G's Infrastructure Advancement Program, enabling a $511 million investment over four years to enhance electric distribution reliability and support the transition to electric vehicles (EVs). This initiative aims to modernize aging infrastructure, including substations and natural gas stations, creating hundreds of jobs and stimulating the local economy. The plan will result in a modest bill increase of about $1.50 monthly for customers in 2026. PSE&G is recognized for its efforts in improving reliability and sustainability.

Positive

• Approval of $511 million Infrastructure Advancement Program to enhance reliability.
• Creation of hundreds of jobs and economic stimulation in New Jersey.
• $234 million allocated for 'Last Mile' improvements to boost grid reliability.
• Recognition by Edison Electric Institute with the 2022 Edison Award.
• Current residential electric and gas bills are 21% lower than a decade ago.

Negative

• Implementation will increase monthly bills by approximately $1.50 in 2026.

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

NEWARK, N.J., June 29, 2022 /PRNewswire/ -- 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:

• modernizing electric circuits,
• upgrading five aging electric substations and four aging natural gas metering and regulating stations, and
• $234 million of last mile improvements to provide residential areas with greater reliability.

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).

Visit PSEG at: 
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PSEG Energize!

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SOURCE Public Service Electric & Gas (PSE&G)

FAQ

What is the Infrastructure Advancement Program by PSE&G?

The Infrastructure Advancement Program is a $511 million initiative approved by New Jersey's Board of Public Utilities aimed at modernizing PSE&G's electric distribution systems for improved reliability and supporting the transition to electric vehicles.

How much will PSE&G customers' bills increase due to the new program?

Customers are expected to see an increase of about $1.50 per month, or approximately 0.75%, in 2026.

What are the main benefits of PSE&G's new infrastructure investments?

The investments will enhance electric reliability, create jobs, modernize aging infrastructure, and prepare for the growing demand for electric vehicles.

When was the Infrastructure Advancement Program approved?

The program was approved on June 29, 2022.

How does PSE&G support New Jersey's clean energy goals?

PSE&G's Infrastructure Advancement Program includes improvements that enhance reliability and contribute to New Jersey's energy master plan for clean energy development.