PSE&G ( NYSE: PEG ) said Wednesday the New Jersey Board of Public Utilities approved its Infrastructure Advancement Program, which allows it to spend $511M over four years to update its distribution systems and improve reliability, including during extreme weather.
The program also includes "Last Mile" investments that will begin preparing the grid for the rapid transition to electric vehicles and enable a greater blend of renewable energy resources.
PSE&G ( PEG ) said the program includes modernizing electric circuits, upgrading five aging electric substations and four aging natural gas metering and regulating stations, and $234M of last mile improvements to provide residential areas with greater reliability.
The utility said the proposal would raise the bill for a typical residential electric and gas customer by ~$1.50/month in 2026.
PSE&G ( PEG ) reported better than expected Q1 adjusted earnings while operating revenues fell 20% Y/Y .
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PSE&G cleared to spend $511M on New Jersey grid modernization