Dive Brief:
- Public Service Electric and Gas Co.'s 10-year investment plan will be a boon to the New Jersey economy, according to a new report by Rutgers University.
- The money spent on infrastructure could translate into $4.3 billion in salary and benefits and more than $640 million in state and local government revenue.
- The report also predicts a ripple effect will impact the state's economy as a whole, generating indirect employment in retail, transportation and services.
Dive Insight:
A new report released by Rutgers University, "Economic Impact Analysis of PSE&G’s Capital Expenditure Program," finds the utility's transmission investment plan will be an economic engine in New Jersey and will increase the state's GDP by about $6.6 billion.
The report examined the the impact of seven large-scale projects planned for the utility's service territory, but did not include PSE&G's regular operating and maintenance expenditures or the spending on the recently approved $1.22 billion Energy Strong program. PSE&G has estimated that the Energy Strong program could support another 2,900 jobs annually for the next three years.
New Jersey Senate President Stephen Sweeney said the survey was “powerful proof of the benefits of investing in a better New Jersey. 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."
PSEG CEO and Chairman Ralph Izzo also serves on the Rutgers University Board of Governors.
