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PSEG Plans to Invest $17 Billion in New Jersey to Modernize Energy System, Boost Renewables

The Public Service Enterprise Group Inc. announced plans on May 31 to invest as much as $17 billion through 2022 in energy grid modernization and clean energy programs in New Jersey. The company plans to spend $2.5 billion to extend its Energy Strong program aimed at improving reliability and resiliency by bolstering electric and gas facilities against storms and expanding grid technology. The plan includes $2.5 billion for energy efficiency, $300 million for smart electric vehicle infrastructure, and $100 million for utility-scale energy storage to expand renewables and enhance resiliency. The company said it has retired about 4,000 megawatts of less-efficient fossil fuel power plants over the last five years and will continue to transition to cleaner generation fleet. The investments are expected to allow for annual growth of 8 to 10 percent in the company’s rate base.

May 31, 2018
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