PSE&G to invest $511 million in 4 years to modernize, boost reliability during ‘extreme weather’

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Public Service Enterprise Group Inc. PEG, -0.21%, also known as PSE&>, said the New Jersey Board of Public Utilities has approved its Infrastructure Advancement Program (IAP), which allows it to invest $511 million over four years to update its distribution systems and improve reliability, “including during extreme weather.” The company said its program will create “hundreds of well-paying jobs.” PSE&> said the IAP includes modernizing electric circuits, upgrading five electric substations and four natural gas metering and regulating stations and $234 million of “last mile” improvements to increase reliability and prepare the grid for the transition to electric vehicles. “Homes now are more important than ever to people’s daily lives, playing the added roles of offices, entertainment centers, classrooms, and even fueling stations for electric vehicles,” said PSE&> President Kim Hanemann. The stock, which slipped 0.3% in midday trading, has declined 6.5% year to date, while the SPDR Utilities Select Sector ETF XLU, -0.32% has eased 3.6% and the S&P 500 SPX, -0.19% has tumbled 19.9%.

This article was originally published by Marketwatch.com. Read the original article here.

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