NEWARK, N.J., Aug. 27, 2014 /PRNewswire/ -- From 2011 to 2021,
Public Service Electric and Gas Company (PSE&G) investments in
New Jersey's electric transmission
network will be a powerful stimulant of the state's economy,
according to an analysis by Rutgers
University. The report, released today, concludes the
company's 10-year, $8.1 billion
transmission investment program will support 6,000 jobs annually --
generating more than $4.3 billion in
salary and benefits and more than $640
million in state and local government revenue.
For the complete Rutgers study,
Economic Impact Analysis of PSE&G's Capital Expenditure
Program, please visit:
https://www.pseg.com/info/media/newsreleases/2014/attachments/rutgers_economic_impact_analysis.pdf
"PSE&G's annual capital expenditures are a large and
continuous economic engine for New
Jersey," said Joseph Seneca,
professor at the Edward J. Bloustein School of Planning and Public
Policy and coauthor of the study. "The aggregate impact from
PSE&G's portfolio of capital investments will increase state
GDP by an estimated $6.6 billion and
drive much needed economic growth for the state on a sustained
basis."
"Rutgers' study is powerful proof of
the benefits of investing in a better New
Jersey," said Senate President Stephen Sweeney. "Updating our energy systems
benefits all concerned. Customers get better reliability and access
to lower cost electricity and it creates thousands of badly needed
jobs. That allows people to help feed their families, pay their
rent and mortgages and educate their children."
Seneca explained that the employment supported by PSE&G's
capital spending will occur across a wide range of sectors. Seneca
said the investments will initially directly support jobs and
businesses in construction, engineering and manufacturing, but will
also create a ripple effect throughout the broader economy
generating indirect employment in retail, transportation and
services.
"This study details how our infrastructure investments are
stimulating the New Jersey
economy," said Ralph LaRossa,
president and COO of PSE&G. "We're proud to be able to build a
more reliable system that will be a competitive advantage for the
state and better serve our customers, but we're equally proud to be
able to give people a chance to put their skills to good use and
support their families."
"PSE&G's investments have taken many of our skilled members
off the bench and put them to work making New Jersey a better place to live," said
Assemblyman Joseph Egan, business
agent of IBEW Local Union 456. "We are pleased to work together
with PSE&G to help our members improve the lives of their
families, while making New
Jersey's energy system more resilient."
The report, Rutgers' Economic Impact
Analysis of PSE&G's Capital Expenditure Program, analyzed the
impact of seven large-scale projects designed to improve electric
transmission capacity across the utility's service territory.
It did not include PSE&G regular operating and maintenance
expenditures or the spending on the recently approved $1.22 billion Energy Strong program. PSE&G
estimates that the Energy Strong program could support another
2,900 jobs annually for the next three years.
The seven transmission projects include:
- Southern Reinforcement Project
- 69 kV Upgrade Portfolio
- Bergen-Linden Corridor Upgrade
- Susquehanna-Roseland Project
- North-Central Reliability Project
- Burlington-Camden Reliability Project
- Northeast Grid Project
Forward-Looking Statement
The statements contained in this communication about our 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.
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 ReliabilityOne 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).
NJ Building & Construction Trades Council President
William T. Mullen
The
past several years have been especially tough on the building
trades. PSE&G's projects have been a godsend for many workers
and their families. Their investments have been a home run in union
halls across the state, giving thousands of people the opportunity
to apply their trade and help build a better New Jersey. We in the building trades
appreciate PSE&G's commitment to creating jobs for the people
who live in New Jersey.
IUOE Local 825 Business Manager Greg
Lalevee
The hard-working members of our union
appreciate PSE&G's role as an economic engine because they have
experienced it firsthand. Our members couldn't be prouder or more
grateful for all the opportunities that PSE&G is providing for
our members to put their skills to work on projects that make a
real difference – for our families, our communities and the state
of New Jersey.
Laborers International Union of North America, Vice President and Eastern
Regional Manager Raymond M.
Pocino
"When PSE&G invests in
infrastructure, the benefits are felt far beyond an improved and
more efficient energy system. It also creates good,
family-sustaining jobs in industries like construction. We need
more forward-thinking companies like PSE&G to invest in
New Jersey and help move our
state's economy forward."
Senator Donald
Norcross
It would be hard to overestimate what
it means for New Jersey to have an
economic engine like PSE&G that provides thousands of good jobs
and contributes to prosperity not only over years, but decades.
PSE&G's investments in its transmission system are delivering
real benefits to the constituents I serve in Camden and Gloucester counties – improving reliability
and supporting a vibrant business climate. By allowing others to do
the work, PSE&G continues to create many good jobs here and
across the state.
Assemblyman Wayne
DeAngelo
It's no accident that the "PS" in
PSE&G stands for Public Service. Those two words – Public
Service – reflect the critical work that the dedicated employees of
PSE&G do every day in carrying out their main mission to keep
the lights on and gas flowing to serve the needs of their
customers, safely and reliably across our great state. I salute
PSE&G for all they do to make New
Jersey a great place to live and work.
Assemblyman Upendra
Chivukula
PSE&G has a distinguished record
of investing to support a bright future for New Jersey over more than 100 years.
PSE&G's ongoing investments in energy infrastructure are in
keeping with this proud tradition. Yet it is also notable that
PSE&G is investing in new, innovative ways to expand access to
solar energy and energy efficiency and to improve resiliency
against extreme storms. I commend PSE&G in bringing employment
opportunities for the residents of New
Jersey.
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