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PSE&G Receives Board of Public Utilities Approval for North Central Reliability Project
Transmission upgrade project will provide reliable electricity to meet growing needs
Part of $3.5 billion in transmission investments that are also creating jobs
(June 18, 2012 – Newark, NJ) - Public Service Electric and Gas Company (PSE&G) today received approval of its application to the New Jersey Board of Public Utilities (BPU) to construct the North Central Reliability Project, which would upgrade transmission lines and substations in the northern and central regions of the state. The upgrade is required by PJM Interconnection, L.L.C., the independent regional planning organization, to help maintain reliability. In addition, the project will create much-needed jobs.
"The North Central Reliability Project is essential to deliver the electric power required by New Jersey businesses and residents now and in the future,” said Ralph LaRossa, president and chief operating officer of PSE&G. “The demand for electricity in the region is expected to continue to grow over the long term, despite the current economic slowdown and conservation efforts. This project will help ensure that customers continue to have the safe, reliable service they have come to expect.”
The existing power system, some of which dates back to the 1920s, needs to be upgraded to keep pace with the demand for power created by technology, such as large-screen televisions, iPods, cellular phones and other electronic devices that are now commonplace. The upgraded 230kV system will benefit all area residents and businesses, regardless of their local electric company.
“PSE&G is committed to being as responsive as possible to any questions or concerns the public may have about this project,” said LaRossa. “We provide construction schedule information and updates to residents and municipal officials as work on the project begins.”
During heavy construction it will be necessary for safety to limit access to the right of way only to authorized personnel. Construction is beginning this week along the right of way between the Roseland and West Orange switching stations in the towns of Roseland, West Orange and Livingston. PSE&G will continue to provide updates as construction progresses along the right of way.
This project is among $3.5 billion in transmission upgrades PSE&G will make during the next several years to maintain system reliability. These investments are also expected to create the equivalent of about 6,500 jobs.
The BPU petition and associated testimony, as well as additional details about the project, can be found on the project website, ncreliabilityproject.pseg.com, and the public can e-mail comments and questions to email@example.com.
About the project
The North Central Reliability Project will upgrade existing PSE&G transmission lines and stations along its existing right-of-way from the West Orange Switching Station in Essex County to the Roseland Switching Station in Essex County and then to the Sewaren Switching Station in Middlesex County. The 138,000-volt (138kV) transmission lines will be replaced with 230,000-volt (230kV) transmission lines along the existing right-of-way through West Orange, Livingston, Roseland, Florham Park, Chatham Borough, Chatham Township, New Providence, Berkeley Heights, Watchung, Scotch Plains, Fanwood, Clark, Edison, Metuchen and Woodbridge.
The cost of the project is currently estimated to be $390 million, and will create approximately 400 new craft jobs in the state during a two-year period.
The statements contained in this communication about us and our subsidiaries’ future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical, are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Although we believe that our expectations are based on information currently available and on reasonable assumptions, we can give no assurance they will be achieved. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. A discussion of some of these risks and uncertainties is contained in our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K filed with the Securities and Exchange Commission (SEC), and available on our website: http://www.pseg.com. These documents address in further detail our business, industry issues and other factors that could cause actual results to differ materially from those indicated in this communication. In addition, any forward-looking statements included herein represent our estimates only as of the date hereof and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even if our internal estimates change, unless otherwise required by applicable securities laws.
Public Service Electric and Gas Company (PSE&G) is New Jersey’s oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state’s population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE:PEG), a diversified energy company (www.pseg.com).