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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The Pembina Institute says the practice of corporations committing to buy renewable energy is just taking off in Canada, and Alberta has both the energy sector and the skilled workforce to provide it.
Earlier this week, a company owned by U.S. billionaire Warren Buffett announced a large new wind farm near Medicine Hat. It has a buyer for the power.
Sara Hastings-Simon, director of the Pembina's Business Renewables Centre, says this is part of a trend.
"We're talking about the practice of corporate institutions purchasing renewables to meet their…
