Public Service Electric and Gas Company (PSE&G) is proposing to spend $4.1 billion on clean energy program in the state of New Jersey. PSE&G is a New Jersey regulated gas and electric utility company. PSE&G is a subsidiary of Public Service Enterprise Group (PSEG), a publicly traded energy company headquartered in Newark, New Jersey.
The New Jersey government recently passed a law that requires utilities to reduce customers’ annual electric and gas consumption by 2% and 0.75%, respectively. PSE&G plan is designed to invest in the power grid and new technology that is designed to conserve energy and combat global warming. PSE&G intends to propose the following to the New Jersey Board of Public Utilities:
1) $2.8 billion energy-efficiency plan that offers customer rebates to purchase energy efficient appliances.
2) $800 million program to install smart meters in customers home and businesses.
3) $364 million program for infrastructure to support approximately 40,000 electric-vehicle chargers.
4) $180 million proposal for 35 MW energy storage capacity.
PSE&G estimates these programs will save customer approximately $7.4 billion over the next decade.
On May 23, 2018, New Jersey Governor Phil Murphy signed legislation mandating the state of achieve 100% clean energy by 2050. PSE&G’s program is consistent with the recently passed clean energy legislation.
In my opinion, I continue to be impressed with New Jersey’s progress in achieving ambitious renewable energy targets. Unlike states like Oregon, New Jersey is actually taking tangible action to reduce green house gases.