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PSE&G LAUNCHING ECONOMIC RECOVERY PROGRAM

 PSE&G LAUNCHING ECONOMIC RECOVERY PROGRAM
 NEWARK, N.J., July 9 /PRNewswire/ -- Public Service Electric and Gas


Company (PSE&G) has reached agreement with the New Jersey Board of Regulatory Commissioners (BRC) and will begin offering a package of energy credits and discounts designed to help stimulate economic recovery and create additional full-time employment.
 Lawrence R. Codey, PSE&G president and chief operating officer, praised the BRC for its enthusiastic support of the program's concept and for working with the company to reach agreement on details and provisions. "Moving New Jersey's economy forward and creating jobs for its citizens require the kind of public-private partnership that this program represents," Codey said. "PSE&G is extremely pleased to join Commissioners Salmon, O'Connor, and Armenti in bringing these energy incentives to the marketplace."
 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.
 The $16.1 million incentive 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 $500 credit for first-time homebuyers of new residential construction.
 The credits and rebates would be available for limited time periods, generally Aug. 1, 1992 through July 31, 1993.
 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 August 1992 through July 1993
 -- 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.
 -- 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.
 -- Building Utilization Service (natural gas); a similar program that offers credits to large volume natural gas users.
 -- Credit for First-Time homebuyers: a $500 cash incentive for first-time buyers of newly constructed residences in PSE&G service territory. The program is limited to 3,000 participants.
 -0- 7/9/92
 /CONTACT: Neil Brown of PSE&G, 201-430-6017/ CO: Public Service Electric and Gas Company ST: New Jersey IN: UTI SU:


SM-OS -- NY063 -- 7946 07/09/92 15:24 EDT
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Publication:PR Newswire
Date:Jul 9, 1992
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