PSEG expands five-year investment plan
New Jersey utility adds $1.5 B to regulated spending, targeting grid growth and stronger earnings through 2030.
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USA, New Jersey: Public Service Enterprise Group (PSEG) has increased its five-year regulated capital investment plan by $1.5 B compared with last year and raised its long-term earnings growth outlook.
The Newark-based utility, which supplies electricity to around 2.4 million customers and natural gas to 1.9 million customers in New Jersey and on Long Island, now plans to invest between $22.5 B and $25.5 B in regulated projects through 2030. The upper end of its previous 2024–2029 plan stood at $24 B.
Chairman, President and CEO Ralph LaRossa said the additional investment is expected to support higher profitability. The company has lifted its adjusted earnings growth forecast to 6 %–8 %, up from its earlier 5 %–7 % range.
Executives noted that further growth could follow if PSEG secures additional generation contracts or receives approval to expand its regulated capital programme, including transmission and distribution projects.
LaRossa highlighted supply and demand pressures in New Jersey, where executive orders have called for exploring new supply options, including up to 3,000 MW of community solar and battery storage.
Chief Financial Officer Daniel Cregg said the added $1.5 B in spending is driven by new customer connections, including data centres, as well as reliability and resilience upgrades.
In the fourth quarter of 2025, PSEG reported net income of $315 M on revenues of just over $2.9 B. Shares closed at $85.85 on 26 February.
Source: T&D World
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