PSE&G unveils $55 million in accelerated Camden infrastructure upgrades to support economic growth
Public Service Electric and Gas Company
80 Park Plaza, T-4
Newark, N.J. 07102-4194
FOR IMMEDIATE RELEASE Contact: Karen Johnson
Nov. 30, 2015 973 430-7734
973 477-0990 (cell)
PSE&G unveils $55 million in accelerated Camden infrastructure upgrades
to support economic growth
Utility will upgrade local substation, reinforce electric lines and modernize gas mains to meet increasing demand
(Camden, NJ – Nov. 30, 2015) Public Service Electric and Gas Co. (PSE&G) today unveiled $55 million in accelerated electric and gas infrastructure upgrades to support the new businesses that will soon call Camden home.
The infrastructure improvements are part of the utility’s master plan to provide safe, highly reliable electric and gas service for the initial group of 30 customers who have indicated plans to move into the city in the next few years. These customers include Holtec International, Philadelphia 76ers, Rutgers University School of Nursing, Subaru and AeroFarms, to name a few. PSE&G will make additional infrastructure upgrades as more businesses firm up their plans and request service.
“PSE&G has had a strong, long-standing commitment to Camden and its residents for more than 100 years,” said Ralph LaRossa, PSE&G president and COO. “Today, we commend Mayor Redd and the city for the tremendous progress in many areas -- from education to public safety, to parks and recreation, to the medical center development – and not least, the local and regional economy.
“As your local utility, we’re committed to partner with the city and play an important role in your successful efforts to recruit new businesses to what has become a strategic business location. We have a team of employees dedicated to ensuring that these businesses have the safe, highly reliable electric and gas service they depend on.”
LaRossa said the accelerated investments include:
Installing higher capacity electric transformers at the Locust Street substation
Installing new electric distribution lines from the substation to serve the new customers
Relocating existing gas facilities to serve the new business construction
Installing 3,000 feet of new gas main in adjacent communities to reinforce the local gas distribution system serving Camden.
“We expect these new businesses to require about 66 megawatts of new electric demand, and about 360 million additional BTUs of natural gas,” LaRossa said. “These critical infrastructure investments will ensure that we can deliver on those requirements.”
“PSE&G has been a strong partner throughout our city’s history,” said Mayor Dana Redd. “Working closely with my administration and our economic development team, the utility is making sure these new companies coming to Camden will have the essential services they need to be successful. The investments PSE&G is making will do more than provide electricity and natural gas – they will help to further stabilize the city’s economy and strengthen our communities.”
“These investments in Camden’s infrastructure are critical to the city’s ongoing redevelopment,” said Congressman Donald Norcross (NJ-01). “As more and more companies choose to call Camden home, we need to provide them with the power to do business. South Jersey is already seeing the benefits of these new opportunities, and I commend Mayor Redd, PSE&G, and all those committed to Camden’s bright future.”
LaRossa noted that maintaining and upgrading utility infrastructure is just one of the ways PSE&G is committed to Camden and its residents. “Since 2010, 45 Camden-based organizations received more than $2.6 million in grants, sponsorships or support from PSEG and the PSEG Foundation,” he said. “PSE&G volunteers recently helped build the KaBoom playground at Whitman Park. Working closely with the city, we have improved outdoor lighting and streetscapes that play an important role in public safety.”
PSE&G also made more than $14 million in energy efficiency and solar investments in Camden. These investments included funding for significant energy efficiency upgrades at Our Lady of Lourdes Medical Center, Cooper University Hospital, the Camden Parking Authority’s Waterfront Garage and the Tamarack and Northgate One apartment complexes. The utility’s Solar 4 All Program is also working with Cooper University Hospital on a solar power storage pilot program and the PSE&G Solar Loan Program helped finance a solar system at the Camden County Municipal Utility Authority. PSE&G volunteers also recently installed residential solar systems on three homes in Camden.
PSE&G is a founding member of the Coopers Ferry Partnership and member of its board of directors for more than 30 years.
“Partnerships remain the key to progress,” LaRossa said. “We look forward to continuing to work closely with Mayor Redd, her administration and our many partners in Camden to build an even greater future together.”
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.
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