NEWARK, N.J., Dec. 11, 2013 /PRNewswire/ -- PJM today approved a $1.2 billion 345-kV double-circuit transmission investment designed to resolve short-circuit concerns in northern New Jersey. The project, to be developed by PSE&G, a subsidiary of Public Service Enterprise Group (NYSE: PEG), will enhance the reliability of the transmission infrastructure and allow for handling of increased load over the next several decades. The upgrades will span from the Linden to Bergen power plants and include upgrading ties to Newark Airport, the Hudson Power Station and New York City connections. Planning work is underway and construction is expected to be completed within 48 months.
"This new project continues to place PSE&G at the forefront of efforts to enhance and upgrade our nation's transmission infrastructure," said Ralph Izzo, chairman, president and chief executive officer, PSEG. "The project will extend PSEG's investment in transmission and underscores our disciplined approach to capital investment."
The project was selected to overcome specific potential reliability issues in the transmission grid but the project will also negate the need for several projects that had been planned to solve other identified problems. The net increase in PSE&G's planned capital expense will be determined based on the net projects completed. As a result, PSE&G's capital spending will increase less than the $1.2 billion associated with the 345-kV project.
"PSE&G has a strong record of completing transmission projects effectively and efficiently and we look forward to adding this important reliability project to our plate. We have a strong, proven workforce and with this project will be adding more jobs for New Jersey's economy," said Kim Hanemann, vice president - delivery projects and construction, PSE&G.
PSEG (NYSE: PEG) is a diversified energy company based in Newark, NJ. PSEG subsidiaries include PSE&G, NJ's largest and oldest combined gas and electric delivery company and PSEG Power, a merchant power generation company. For more information, visit www.pseg.com.
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SOURCE Public Service Electric and Gas (PSE&G) Company