NEWARK, NJ-Following by a day Gov. Chris Christie's announcement the state will push to rebuild a more storm-resistant highway along the shore, PSE&G proposed today to spend $3.9 billion over the next decade to do the same with electric and gas infrastructure.
The Newark-based utility said it asked for initial approval of $2.6 billion from the Board of Public Utilities to cover the first five years of upgrades. For the second five years, it will seek an additional $1.3 billion.
The BPU has power to approve or reject the projects, but the funds come from ratepayers. PSE&G said that the lowered price of natural gas means the impact on rates would be mitigated.
In the aftermath of the Oct. 29 superstorm Sandy, most of PSE&G electric customers - 2 million out of 2.2 million- lost power. Swiitching and substations, poles and electrical equipment suffered damage in the violent storm, as well as falling trees downing wires over a widespread area.
"PSE&G is responding to Sandy with a program that looks to the future with investments that would better protect homes and businesses when the next storm hits, while also improving day-to-day reliability," said Ralph LaRossa, PSE&G president and chief operating officer, in a news announcement.
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