NEWARK, N.J., April 17, 2012 /PRNewswire/ -- PSEG's chairman, president and CEO Ralph Izzo today told shareholders at the company's annual meeting that PSEG is investing billions in projects aimed at improving the reliability of New Jersey's energy infrastructure, helping the environment and stimulating the economy. He highlighted the company's investments in transmission, energy efficiency and renewable energy as well as the efficient performance of its fleet and pointed to the power of competitive markets as the most cost-effective way to ensure reliability.
"We are pursuing a $6.7 billion investment program – one that is creating thousands of jobs and bolstering New Jersey's economy," Izzo said. "Utilities can be important allies in addressing a range of pressing societal needs – for economic growth, good jobs, a healthy environment and thriving communities."
PSE&G is creating jobs by investing in a variety of areas. The New Jersey utility is investing $3.5 billion in transmission projects that will help maintain and improve reliability and lower costs for millions of consumers. It is also spending $307 million to bring energy efficiency improvements to customers who otherwise might not have been able to afford them.
Additionally, PSE&G is expanding its investments in gas and electric infrastructure improvements, and spending more than $700 million in solar energy projects that are expected to create the equivalent of more than 1,000 jobs. The company is looking to do even more in this area, Izzo said, with a focus on solar projects on landfills and former industrial sites that can be brought back to life.Izzo pointed to the recent completion of $1.3 billion in advanced emissions controls at PSEG's Mercer and Hudson coal-fueled stations. These projects created 1,600 construction jobs as well as some full-time positions and made the plants two of the cleanest facilities of their type in America. The chairman noted that PSEG's combined cycle units set a new record for energy production in 2011 and its nuclear plants operated at a 93 percent capacity factor. The company's Hope Creek nuclear unit set a new record for output in 2011. Izzo highlighted PSEG's support of competitive markets. "New clean power plants have been built in a cost-effective way, and existing plants improved as a result of competition in the power market," he said. He noted that PSEG is building a total of 400 megawatts of new, clean peaking generation in New Jersey and Connecticut, and said the market supports a growing role for energy efficiency and programs to reduce peak usage. PSE&G continues to be recognized for its reliability and swift, responsive action during storms. The company was named the most reliable electric utility in its region for the tenth consecutive year and it won an Emergency Response Award from the Edison Electric Institute for outstanding response in restoring customers during Hurricane Irene – one of the most devastating storms in PSE&G's history.
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