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PSE&G ANNOUNCES PLAN TO HELP STIMULATE ECONOMIC RECOVERY

 PSE&G ANNOUNCES PLAN TO HELP STIMULATE ECONOMIC RECOVERY
 NEWARK, N.J., March 12 /PRNewswire/ -- Public Service Electric and


Gas Company (PSE&G) today unveiled a package of bill credits and rebate programs designed to help New Jersey stimulate economic recovery and create additional full-time employment.
 The $24 million economic recovery program is being submitted to the New Jersey Board of Regulatory Commissioners (BRC)) which must approve the program. PSE&G is asking the BRC to expedite its review of the proposal so that the initiatives may be implemented as quickly as possible.
 The package includes energy credits for businesses that increase employment levels, occupy vacant building space, or start or resume operations during off-peak hours. In addition, PSE&G also is proposing a one-time $1,000 credit for first-time homebuyers in targeted urban areas. In a related program that would provide economic and environmental benefits, PSE&G is proposing rebates for commercial or industrial customers who remove underground oil tanks.
 The credits and rebates would be available for limited time periods and there would be specific funding caps for each program. PSE&G's costs would be recovered through the Levelized Energy Adjustment Charge (electric customers) and the Levelized Gas Adjustment Charge (gas customers).
 PSE&G President Lawrence R. Codey said, "The program represents the company's continuing efforts to seek partnerships with others in the state to help get New Jersey's economy moving again and to encourage the creation of jobs for its citizens." PSE&G's program also has drawn praise from New Jersey Commissioner of Commerce and Economic Development Barbara McConnell and Commissioner of Labor Raymond Bramucci.
 "PSE&G is continuing its leadership role as a welcome partner in promoting economic development in New Jersey," McConnell said. "The program of energy credits targets an area important to business and could be a meaningful factor in the overall effort to stimulate economic recovery."
 Bramucci noted that "the focus of PSE&G's program is on job creation. For employers who are uncertain about moving ahead with expansion plans, the energy credits being proposed could mean the difference in decisions that result in new job opportunities. In addition, the program will help revitalize urban areas."
 The PSE&G program includes:
 -- Employment Development Service: a $15 per-month electric bill credit ($180 per year) for each new permanent employee hired from April 1992 through March 1993; $5 million maximum commitment.
 -- Electric Off-peak Employment Service: an electric discount of a half-cent per kilowatthour for businesses that start or resume operations during off-peak hours resulting in additional employment; discounts would be available for two years from the date of qualification; $2 million maximum expected expenditure.
 -- Building Utilization Service (electric): an electric bill credit equal to the customer's demand charge for occupying currently vacant building space of 15,000 square feet or greater; the space must be utilized for manufacturing, offices, research and development, or warehousing, and result in additional employment; the credit would be available for one year from the date of qualification; $10 million maximum commitment.
 -- Building Utilization Service (natural gas): a similar program that offers credits to large volume natural gas users.
 -- Credit for First-Time Homebuyers: a $1,000 cash incentive for first-time buyers of single-family residences in Newark, Jersey City, Trenton, Camden, Elizabeth, Plainfield, Paterson, Passaic, Orange, East Orange, Union City, Hoboken, Weehawken, Kearny, and Gloucester; program would be limited to 2,000 participants.
 -- Oil Tank Removal Rebates: a 50-cent per gallon tank capacity rebate for existing industrial or commercial customers who convert to natural gas and remove and don't replace underground oil storage tanks, and $1 per gallon tank capacity rebate for customers who move into vacant buildings; maximum rebate is $5,000 and maximum commitment is $5 million.
 Codey also noted that PSE&G is proposing an experimental natural gas area development service in its request for higher base rates currently being considered by the BRC. The service would provide credits to large volume industrial and commercial natural gas customers who locate or expand operations in the cities of Newark, Jersey City, Trenton or Camden.
 -0- 3/12/92
 /CONTACT: Neil Brown of PSE&G, 201-430-6017/
 (PEG) CO: Public Service Electric & Gas Co. ST: New Jersey IN: UTI SU:


CK-KW -- NY034 -- 7744 03/12/92 11:38 EST
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Publication:PR Newswire
Date:Mar 12, 1992
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