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SOURCE Public Service Electric and Gas Company (PSE&G)
Transmission upgrades responsible for creating 6,000 jobs annually from 2011-2021
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:
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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