06_Joeri Van Speybroek_Dell_MeetupDora&Cybersecurity.pdf
Â
public serviceenterprise group media.corporate
1. Investor News NYSE:PEG
For further information, contact:
Kathleen A. Lally, Vice President â Investor Relations Phone: 973-430-6565
Greg McLaughlin, Sr. Investor Relations Analyst Phone: 973-430-6568
Yaeni Kim, Sr. Investor Relations Analyst Phone: 973-430-6596
PSE&G PROPOSES $773 MILLION SOLAR ENERGY PROGRAM
120-megawatt program designed to bring solar panels into every town and neighborhood
in PSE&Gâs New Jersey service territory
Includes largest pole-mounted solar project in the United States
(February 10, 2009 â Newark, NJ) â Public Service Electric and Gas Company (PSE&G) today asked
New Jersey regulators to approve a $773-million proposal to bring the benefits of 120 megawatts of solar
power directly to communities and customers throughout its service territory.
In a filing with the stateâs Board of Public Utilities, PSE&G proposed a unique and comprehensive Solar 4
All Program with one segment that includes the largest pole-attached solar installation in the country.
The program will result in savings to municipal and county budgets and will utilize brownfields and other
underdeveloped properties for solar generation.
PSE&G will invest in, own and operate the grid-connected solar energy systems and will collaborate with
experienced solar developers, installers and manufacturers to develop projects. The initiative will create
environmental benefits to New Jersey by providing carbon-free solar generation to all utility customers.
âWe designed our program to ensure that everyone has access to the benefits of solar energy,â said
Ralph LaRossa, president and COO of PSE&G. âThe program strongly supports New Jerseyâs
aggressive renewable energy and environmental goals and helps to strengthen the competitive solar
industry in the state. By partnering with solar developers, we will bring solar projects online more quickly
and cost effectively. We will also make solar energy available to every neighborhood in our service area,
ensuring universal access.â
LaRossa said the program will encourage growth for the solar industry by providing financing and capital
to build solar capacity in these difficult economic times. The investment will help New Jersey address an
expected shortfall in its current solar energy requirements. It will also generate hundreds of green jobs to
help stimulate New Jerseyâs economy by training a pool of skilled workers who will be available for the
entire solar industry.
The initiative will expand New Jerseyâs solar infrastructure and will satisfy nearly 7 percent of the
stateâs renewable portfolio standards requirements through 2020. The 120 megawatts of solar
capacity will eliminate 1.7 million tons of CO2 emissions, which is the equivalent of removing nearly
310,000 cars from the road for one year.
Each utility investment will be recovered over 15 to 20 years, but the rate impact will be offset by the
value of the electricity and Solar Renewable Energy Certificates (SRECs) produced by the systems as
well as federal tax credits that will flow back to utility customers. PSE&G would support a mechanism
that would limit the amount of SRECs it sells via auction if the state already had enough SRECs to
satisfy the solar requirement for that year.
2. Installation costs are expected to be $6.44 per watt of installed solar capacity. The company is
proposing to recover all direct program costs, including costs related to its invested capital. The
impact on a typical residential customer is forecasted to be 10 cents per month in the first full year of
the program and increases up to 35 cents per month in 2013.
PSE&Gâs Solar 4 All Program includes four segments:
Neighborhood Solar (40 megawatts) - $264 million investment
PSE&G will contract with solar developers selected from a competitive bidding process to design,
manufacture and procure solar devices for nearly 200,000 utility poles and street lights in neighborhoods
throughout PSE&Gâs service territory.
Local Government Solar (43 megawatts) - $273 million investment
Working with solar developers, PSE&G will offer every municipality and public school district in its electric
service territory the opportunity to install solar systems on their property. Solar developers will install roof-
mounted systems on public schools as well as on municipal and county-owned buildings. An additional
incentive will be offered to municipalities in Urban Enterprise Zones by providing more installed capacity.
PSE&G will own and operate the systems. Local governments will receive a credit on their utility bill equal
to the amount of energy generated by the system, thereby reducing costs and helping every taxpayer in
towns served by PSE&G. All schools participating in the program will be provided with educational
materials about solar energy.
Centralized Solar (35 megawatts) â $221 million investment
PSE&G will contract for the design and manufacture of 25 megawatts of ground- or roof-mounted solar
systems on land or buildings it owns. Systems on utility-owned properties will be installed by PSE&Gâs
skilled workforce or contractors. In addition, the company will work with developers to install 10
megawatts of larger solar energy farms on brownfields, non-profit-owned real estate, and underdeveloped
real estate to convert them to productive sites for renewable generation. These sites will use contractors
for the installations.
HMFA/Affordable Housing Solar (2 megawatts) - $15 million investment
PSE&G will invest up to $15 million in roof-mounted solar systems to provide electricity at New Jersey
Housing and Mortgage Finance Agency (HMFA)-financed or other affordable housing communities,
resulting in savings for residents.
Note: Video clips and high resolution photos, along with additional information about PSE&Gâs Solar
4 All Program, are available at www.pseg.com/solar.
###
Public Service Electric and Gas Company (PSE&G) is New Jerseyâs oldest and largest regulated gas
and electric delivery utility, serving nearly three-quarters of the stateâs 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
(www.pseg.com).