NJ's biggest utility outlines plans to stormproof

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Associated Press

Posted on February 21, 2013 at 7:02 AM

New Jersey's largest utility company says it can pull off a major post-Superstorm Sandy upgrade of its electrical and gas system without raising rates for customers.

But a consumer advocate is skeptical. New Jersey Public Research Interest Group state director Jennifer Kim says the utility company should pay for some of its plan from profits it has already made before rates are adjusted.

The company says bills can be held steady because two electrical surcharges are scheduled to be eliminated in the next three years.

PSE&G said Wednesday it wants to spend nearly $4 billion over 10 years to refurbish gas lines, flood-proof electrical substations and make other weather-proofing changes.

Superstorm Sandy's high winds and devastating surge knocked out power to nearly all PSE&G's customers last October.

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AP Business Writer Jonathan Fahey in New York contributed to this report.

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