 |
| Share this page
|
|
|
December 4, 2012
PSEG Estimates the
Utility’s Cost of Superstorm Sandy Restoration
PSEG estimates that the cost associated
with the restoration of PSE&G’s distribution and
transmission system following the impact of Superstorm Sandy
and the subsequent Nor’easter as approximately $250-$300
million.
Superstorm Sandy left 1.7 million of PSE&G's electric
customers without power during the course of the storm and
caused severe damage to our transmission and distribution
system throughout its service territory as well as to some of
its generation infrastructure in the northern part of New
Jersey.
Superstorm Sandy’s strong winds and heavy rainfall resulted
in a storm surge which caused the Hudson, Hackensack and
Passaic rivers to overflow causing damage to switching
stations, substations and generating infrastructure.
Over the two-week period following the storm, including the
Nor’easter, PSE&G restored power to more customers than in
any other storm in its history. It brought in 1,000
out-of-state line workers and tree trimmers in preparation
for the storm and that number grew to more than 4,000 at the
height of the restoration. As part of the storm restoration
process, approximately 48,000 trees were removed or trimmed
and over 2,400 utility poles were replaced/repaired.
Crews have continued working to make repairs permanent and
return the system to its normal design. At the same time,
PSE&G is analyzing the best ways to protect the system from
this type of storm in the future.
The estimated cost of restoration of $250 - $300 million
associated with Superstorm Sandy includes both expenses and
capital related to the restoration, and the Company expects
at least 85% of those costs to be deferred or capitalized
for future distribution or transmission recovery. The
estimate does not include potential future costs to
permanently repair PSE&G’s damaged infrastructure or to
modify the infrastructure to reduce the risk of damage of
future storms.
PSEG continues to forecast operating earnings for 2012 of
$2.25 - $2.50 per share. The forecast recognizes the impact
of storm-related costs to be expensed at PSE&G. However,
storm-related expenses at PSEG Power, which are still being
assessed, will be treated as one-time in nature and excluded
from operating earnings given the unusual nature of the
storm on Power’s operations. PSEG expects to provide
investors with estimates for the costs at Power prior to the
release of the Company’s fourth-quarter earnings.
|
|
|
|
 New Jersey Business |
 |
- Commerce Bank founder Vernon Hill loses court battle for 'golden parachute'
A jury in federal court ruled that Commerce Bancorp cannot pay founder Vernon Hill any severance he was entitled to under his employment agreement
Thursday, May 23, 2013
- Pfizer to stay in Madison
The company says 475 jobs will stay in the borough
Thursday, May 23, 2013
- Jersey City's Direct Edge to farm out stock market surveillance to FINRA
The move, announced yesterday, will raise the amount of trading activity the Financial Industry Regulatory Authority oversees to more than 90 percent of the volume of U.S. stock markets
Thursday, May 23, 2013
- Lack of equity slows home sales in New Jersey
Nearly 40 percent of New Jersey homeowners don’t have enough equity in the home to afford a down payment and closing costs on a new house, tying them to their property and limiting the number of homes on the market.
Thursday, May 23, 2013
- Big Game, Big Money: At expo N.J. businesses woo corporations planning 2014 Super Bowl parties
Companies at today’s event wanted to prove that there’s more charm than harm in a state that's sometimes portrayed as the home of the Sopranos, Snooki and J-WOWW.
Wednesday, May 22, 2013
|
|
|
|
|
|
|
