PSE&G, a subsidiary of Public Service Enterprise Group Inc (PEG.N) of Newark, New Jersey wants to spend $190 million over the next two years to encourage energy efficiency and create green jobs.
The Newark, N.J., utility has asked the New Jersey Board of Public Utilities (NJBPU) for permission to recover the costs of the programs through an annual adjustment to electric and gas rates of less than 1%.
PSE&G said the funds would allow it to expand its existing energy efficiency program, which the NJBPU approved last year, and would create about 700 jobs. PSE&G also said it would provide some customers with free efficiency audits and fund the installation of new technologies and demonstration projects.
The utility is also is asking for the approval of $698 million to spend on electric and gas distribution system projects.
The funding request has been filed under the New Jersey Regional Greenhouse Gas Initiative legislation, which encourages utilities to invest in conservation and energy efficiency programs as a means of reducing carbon emissions.
"The governor has challenged utilities to do their part to make investments that will create jobs and help the state achieve its aggressive energy goals," said Ralph LaRossa, PSE&G president and chief operating officer.
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