PSE&G Announces Tt Will Spend $10 Billion On Transmission Line Upgrades

Public Service Electric & Gas today announced a capital investment of $10 billion over the next five years, mostly to upgrade its high-voltage transmission lines.

Ralph Izzo, chief executive of parent company Public Service Enterprise Group, made the announcement at the company's annual investors meeting in New York. The expenditure represents most of PSEG's planned $12 billion capital investment over the same period.

The investment is also a 20 percent increase from the previous five years, Izzo said, primarily because of required transmission upgrades to relieve projected system overloads and to maintain reliability for its customers.

The utility has five major transmission line projects under way, Izzo added, with an additional line slated to be in service by June 2018.

He said PSE&G's capital spending program is expected to lead to double-digit earnings growth at the utility over the 2013 to 2016 period.

source wireworld