PSE&G files for modest rate increase
NEWARK, NEW JERSEY - Public Service Electric and Gas Co. (PSE&G) filed for a modest increase in transmission rates as a result of significant additional investment in the utility's electric transmission system. The company's last rate increase was in 1997.
In the filing with the Federal Energy Regulatory Commission (FERC), PSE&G asked for formula rate treatment as the company embarks on a $1.6 billion capital spending program for new transmission facilities during the next five to eight years. The new rates are also necessary because of increasing transmission operating and maintenance expenses to provide safe, reliable service.
PSE&G is seeking a transmission return on equity of 11.68 percent effective October 1, 2008. If approved by FERC, the new rates would increase the bill of the average residential electric customer by less than one-half of 1 percent, or about $5.50 a year.
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Africa must quadruple power investment to supply electricity for all, IEA says
JOHANNESBURG - African countries will need to quadruple their rate of investment in their power sectors for the next two decades to bring reliable electricity to all Africans, an International Energy Agency (IEA) study published on Friday said.
If African countries continue on their policy trajectories, 530 million Africans will still lack electricity in 2030, the IEA report said. It said bringing reliable electricity to all Africans would require annual investment of around $120 billion.
“We’re talking about 2.5% of GDP that should go into the power sector,” Laura Cozzi, the IEA’s Chief Energy Modeller, told journalists ahead of the report’s launch.…
