Public Service Enterprise Group is once again ramping up its capital spending program.
In its annual investors conference, the Newark company announced that it is bumping up its capital investments from a previous commitment of $13 billion to $16 billion over the next five years.
Between now and 2020, the utility plans to invest $11.9 billion in various capital initiatives, most of it on improvements and upgrades to its transmission and distribution systems. That investment also includes a $900 million program to modernize its aging gas pipelines and replace cast-iron mains with new, more-resilient pipelines.
The increased investments are a boost to job creation, according to company executives. In prepared testimony to a legislative committee last month, Ralph LaRossa, president and COO of PSE&G, said the utility is generating 6,000 jobs over a decade with its investments in its transmission system, 500 more on its gas modernization program’ and about 2,000 with Energy Strong.
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