Newark-based Public Service Enterprise Group plans to invest $14 billion-$17 billion over the next five years in an infrastructure program that includes its first major investment in electric vehicle infrastructure.
The program would provide an opportunity for annual growth of 8 percent to 10 percent in PSEG’s rate base. PSEG expects to file its clean energy plan with the New Jersey Board of Public Utilities later this year.
PSEG intends to invest $2.9 billion in energy efficiency and other programs that will reduce energy bills and combat climate change. The proposal includes $2.5 billion for energy efficiency to reduce bills and lower energy use, which will decrease air pollution, including emissions that accelerate climate change. Another $300 million is tagged for building an electric vehicle infrastructure, and $100 million will be spent for utility-scale energy storage systems.