From 2011 to 2021, Public Service Electric and Gas Co. (PSE&G) investments in New Jersey's electric transmission network will be a stimulant of the state's economy, according to an analysis by Rutgers University.
According to the report, 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.
Public Service Enterprise Group (PEG) is a publicly traded diversified energy company with annual revenues of $10 billion. Its operating subsidiaries are: PSEG Power, PSE&G and PSEG Long Island.
The study can be viewed here.
The employment supported by PSE&G's capital spending will occur across a wide range of sectors. 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.
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:
· Southern Reinforcement Project
· 69 kV Upgrade Portfolio
· Bergen-Linden Corridor Upgrade
· Susquehanna-Roseland Project
· North-Central Reliability Project
· Burlington-Camden Reliability Project
· Northeast Grid Project