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PSE&G Proposes $306M Investment for Clean Energy Program Extension

Public Service Electric and Gas Company (PSE&G) has submitted a proposal for a six-month extension of its Clean Energy Future-Energy Efficiency (CEF-EE) program with the New Jersey Board of Public Utilities (NJBPU). The extension is slated to run from July 1, 2024, through Dec. 31, 2024, with a proposed investment of approximately $306 million.

The proposed extension, as called for in the NJBPU’s October 2023 order, ensures that PSE&G can continue to offer energy efficiency programs to residential and business customers.

PSE&G’s proposal builds on the $1 billion CEF-EE program that was approved by the NJBPU in September 2020, which launched 10 programs in 2021 specifically designed to provide customers with various options to reduce energy consumption and save money while lowering their carbon footprint. Subsequently in May 2023, the NJBPU approved a $280 million, nine-month extension of PSE&G’s existing CEF-EE program, which synchronized PSE&G’s program timing with the regulatory schedules of other New Jersey utilities.

This second extension will be followed by a separate filing proposal for CEF-EE II on Dec. 1, which will cover a two-and-a-half-year period beginning on Jan. 1, 2025. The CEF-EE II proposal will aim to expand current program offerings and introduce new initiatives, such as building decarbonization and demand response measures, to promote energy efficiency and sustainability.

The six-month extension filed today will allow for a comprehensive assessment of the CEF-EE II program proposals in 2024, while also ensuring continued provision to meet the strong customer demand for PSE&G’s current CEF-EE programs.

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