This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Governor Christie Joins PSE&G In Turning Brownfield Green

HACKENSACK, N.J., July 31, 2012 /PRNewswire/ -- New Jersey Governor Chris Christie lent a hand today as Public Service Electric and Gas (PSE&G) and union workers broke ground on a renewable energy project that will transform a dormant Hackensack, NJ brownfield into a solar farm.

While kicking off work at the job site, PSEG chairman, president and CEO Ralph Izzo also announced that the utility will request New Jersey Board of Public Utilities (BPU) approval to invest up to $883 million to expand the utility's Solar 4 All and solar loan programs to develop an additional 233 megawatts (MWs) of solar capacity.   This expansion will create approximately 300 direct jobs per year over the next five years.   PSE&G is a subsidiary of PSEG.

" New Jersey is a national leader in the solar industry," said Governor Chris Christie.  "Solar investment projects like the Hackensack Solar Farm are an integral part of our state's renewable energy portfolio, increasing New Jersey's solar capacity, creating jobs and securing the protection of our precious environmental resources. This Administration pledges to continue moving forward with our commitment to develop renewable sources of energy and with corporate partners like PSEG, New Jersey will continue to lead the way." 

"Every time we reclaim a landfill or brownfield site with solar panels, it's a win for the people of New Jersey," Izzo said. "Governor Christie deserves recognition for his forceful support of developing green energy projects on these sites, which benefit the state's economy and environment, as well as the communities where these properties are located.   This is the fifth PSE&G project that uses renewable energy to breathe new life into a brownfield or landfill. We are ready to do more of these projects and transform sites like this all over the state to generate more jobs along with clean renewable energy."

The 1.06-MW PSE&G Hackensack Solar Farm is part of the utility's Solar 4 All program that is helping New Jersey meet its renewable energy goals in a cost effective manner while creating jobs and helping the state's green energy sector mature.   When the current Solar 4 All program is complete early next year, PSE&G will have created about 175 direct jobs each year for the last three years and spent $300 million with more than a dozen companies that are either headquartered or have a presence in New Jersey while developing 80MWs of solar capacity.

Reclaiming brownfields and landfills has been a centerpiece of PSE&G's innovative Solar 4 All program.   In addition to the Hackensack project, similar installations are in service in Trenton, Edison, Linden and Kearny.   When the PSE&G Hackensack Solar Farm begins operation later this year, the utility will have reclaimed more than 40 acres or about 30 football fields of vacant brownfield and landfill space, populating those sites with more than 40,000 solar panels that will produce more than 10 MWs of solar power.

PSE&G's new solar proposal will call for investing up to $690 million to develop another 136 MWs through its Solar 4 All program to build more grid-connected solar projects on landfills, brownfields and other underutilized properties (90MW), on warehouse roofs (20MW) and on large parking lots (25MW). There is also a 1MW pilot program for solar projects that test and demonstrate emerging solar technologies such as solar energy storage.   The company also is seeking to help develop another 97MW through the third installment of its Solar Loan program.   This investment, that will help finance solar systems on homes and businesses in PSE&G's electric service territory, could total up to $193 million, depending on the price of solar renewable energy credits.    

"These proposals build on the success of our current programs," Izzo said. "We are poised to make these New Jersey investments that will create 300 construction jobs per year, provide significant business opportunities for our suppliers and advance the state's Energy Master Plan objectives."  

PSE&G's   solar loan program has made $177 million of financing available through mid-July 2012 that have helped homeowners and businesses develop 735 installations totaling 55 MWs of solar capacity. Through its Solar 4 All program, PSE&G will have 80MW of solar capacity in service by early 2013 through 24 centralized solar installations as well as the largest pole-attached solar panel initiative in the world.  

According to the Solar Energy Industries Association (SEIA), the 775 MW of solar energy currently installed in New Jersey ranks the state second in the country for installed solar capacity. In the first quarter of 2012, New Jersey had 174 MW of solar energy installed - more than in any other state in the nation.  This marks the first time that any state has ranked higher than California in quarterly solar installations.

About PSE&G

Public Service Electric and Gas Company (PSE&G) is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the Reliability One Award for superior electric system reliability.  PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE:PEG), a diversified energy company ( www.pseg.com ).

Want to know what's new at PSEG? Go to www.pseg.com/getnews and sign up to have our press releases sent right to your inbox.

Forward Looking Statement:

The statements contained in this communication about us and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical, are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Although we believe that our expectations are based on information currently available and on reasonable assumptions, we can give no assurance they will be achieved. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. A discussion of some of these risks and uncertainties is contained in our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K filed with the Securities and Exchange Commission (SEC), and available on our website: http://www.pseg.com. These documents address in further detail our business, industry issues and other factors that could cause actual results to differ materially from those indicated in this communication. In addition, any forward-looking statements included herein represent our estimates only as of the date hereof and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even if our internal estimates change, unless otherwise required by applicable securities laws.

SOURCE Public Service Electric and Gas (PSE&G)

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,675.76 -100.36 -0.56%
S&P 500 2,055.47 -12.42 -0.60%
NASDAQ 4,861.9930 -38.8920 -0.79%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs