Public Service Enterprise Group (NYSE:PEG) (PSEG) hopes to get a positive ruling by the end of 2016 from the New Jersey Board of Public Utilities (BPU) on its plans to develop 33-MW of grid-connected solar energy on existing landfills and brownfield locations.
In May, Public Service Electric & Gas (PSE&G) asked the BPU to expand the “Solar 4 All” program to allow the utility to invest approximately $275m to install another 100 MW (dc) of solar capacity on additional landfills and brownfields by the end of 2021.
The settlement PSEG reached is for $80m to build 33 MW on landfills and brownfields sites. PSEG Chairman, President and CEO Ralph Izzo discussed it with analysts Oct. 31 during a regular quarterly earnings conference call.
The Solar 4 All Extension II settlement worked out with BPU staff and Division of Rate Counsel to invest $80m over three years.
In other updates, PSEG has a proposal filed with the BPU for the New Jersey Transit investment partnership to develop a new $270m substation
The company has also made a FERC Formula Rate filing submitted for $121m in increased annual transmission revenue for new rates effective January 2017.
PSEG reported net income of 64 cents per share during the quarter that ended Sept. 30, which was down from 87 cents per share in Q3 2015. During the call, company officials said growth in transmission revenues added 3 cents per share over Q3 2015.