Printer Friendly

PSEG announces plan to stimulate recovery.

Public Service Electric and Gas Company (PSE&G) unveiled a package of bill credits and rebate programs designed to help New Jersey stimulate economic recover 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).

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 *Credits 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 dollar 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 customers gas who locate or expand operations in the cities of Newark, Jersey City, Trenton or Camden.

PSE&G has set up a toll-free number for businesses with questions about the proposal. The number is 1-800-354-3561.
COPYRIGHT 1992 Hagedorn Publication
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:Public Service Electric and Gas Co.
Publication:Real Estate Weekly
Date:Apr 1, 1992
Previous Article:Kathryn J. Donohue.
Next Article:NY Assembly launches sick building probe.

Related Articles
Cranking up cancer treatments: a bright future for growth factors.
PSE&G launches economic recovery plan.
MGE files rate changes.
Unitil Corporation Files 8-K.
ABB wins $100-million power plant order in Japan; Breakthrough contract for ABB's GT26 advanced gas turbine.
PSEG Power LLC Prepares to Add 500MW for 2002 at Bergen Generating Station New Jersey, in an Advisory by
Fitch Ratings Lowers Wisconsin Energy; Affirms Subsidiaries.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters