NJ power firm PSEG to invest $3.9 bln to strengthen electric, gas systems
Feb 20 (Reuters) - New Jersey power company Public Service Enterprise Group Inc (PSEG) said it plans to invest $3.9 billion over 10 years to protect its electric and gas systems against storm surges like Sandy.
The company is looking at protecting more than 40 utility installations from storm surges, strengthening distribution lines, making the electric grid smarter and modernizing the gas distribution system.
PSEG asked for initial funding approval of $2.6 billion in five years in a filing with the New Jersey Board of Public Utilities.
"Sandy was a defining event for all of us, the state's entire energy infrastructure needs to be rethought in light of weather conditions that many predict will continue to occur," Chief Executive Ralph Izzo said.
Superstorm Sandy, which hit the U.S. Northeast last November, left 2 million of PSEG's 2.2 million electric customers without power.
PSEG said the measures it plans would have ensured power supply to about 800,000 of those affected by Sandy and restore power sooner for the rest.