PSEG's Five-Year, $13B Capital Program Supports Earnings Growth Strategy

Public Service Enterprise Group (PSEG) today said that its five-year capital spending program of $13 billion is expected to yield a third year of sustained growth in operating earnings. PSEG reaffirmed its 2015 earnings guidance of $2.75-$2.95 per share, an increase from the 2014 operating earnings of $2.76 per share.   Speaking at the company's Annual 2015 Investor Conference in New York, Ralph Izzo, PSEG chairman and CEO, told the financial community that the company expects to spend about $13 billion in capital investments through 2019, primarily on transmission and other critical infrastructure projects by its electric and gas utility, PSE&G. The utility's capital plan of $11 billion includes PJM-mandated transmission upgrades to relieve projected system overloads and maintain reliability for millions of customers. It also now includes $1.2 billion in upgrades, approved in May 2014, to make electric and gas systems more resilient and "Energy Strong" in the wake of severe storms. "In 2014, PSE&G's capital spending program resulted in another year of double-digit earnings growth at the utility," said Izzo, noting that earnings from the