October 2, 2008
PSE&G Receives Approval for Modest Increase in Transmission Rates
NEWARK, N.J., Oct. 2 /PRNewswire-FirstCall/ -- Public Service Electric and Gas Co. (PSE&G) announced today that it has received approval from federal regulators for a modest increase in transmission rates as a result of the significant additional investment the utility will make in its electric transmission system.
In its filing with the Federal Energy Regulatory Commission (FERC), PSE&G had asked for formula rate treatment as the company embarks on a $1.6 billion capital spending program for new transmission facilities during the next five to eight years. These improvements are directed by the PJM Interconnection, the regional entity responsible for planning the transmission system, and are needed to provide reliable electricity service to New Jersey customers.
PSE&G was granted a transmission return on equity of 11.68 percent effective October 1. The new rates will increase the bill of the average residential electric customer by less than one-half of 1 percent, or about $5.50 a year. The company's last transmission rate increase was in 1997.
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) , a diversified energy company (http://www.pseg.com/).
Public Service Electric and Gas Co. (PSE&G)
CONTACT: Karen Johnson of Public Service Electric and Gas Co. (PSE&G),+1-973-430-7734
Web Site: http://www.pseg.com/