PSEG Pushes for Upgrades to Electric Grid, More Renewable Support

July 1, 2022--Researched by Industrial Info Resources (Sugar Land, Texas)--Public Service Enterprise Group (PSEG) (NYSE:PEG) (Newark, New Jersey), an energy provider that services several states in the U.S. Northeast, was granted a regulatory green light earlier this week to proceed with widely anticipated grid modernizations. These projects are part of a broader capital-spending plan to update PSEG's T&D capacity and prepare it for more renewable energy.

Industrial Info is tracking about $1.4 billion worth of active projects involving PSEG, nearly $800 million of which already is under construction. The New Jersey Board of Public Utilities on Wednesday approved a settlement that will enable PSEG subsidiary Public Service Electric and Gas Company (PSE&G) to invest $511 million over four years in its Infrastructure Advancement Program. PSE&G's plan is focused on reliability enhancements that will help New Jersey achieve its clean energy goals.

PSEG also says it is on-track to execute its planned 2022 Capital Investment Program of $2.9 billion, which includes work on a major offshore windfarm project with a partnership with Ørsted A/S and Siemens Gamesa.