Public Service Enterprise Group is readying $750 million in transmission lines from Warren County, N.J., through Morris County to Essex County. The 45-mile segment, part of the regional Susquehanna-Roseland transmission project, will be financed via the Newark, N.J.-based utilitys balance sheet, said Ralph Izzo, chairman, president and ceo, on the sidelines of the Edison Electric Institute Financial Forum in Orlando, Fla.
The utility has no specific timeline to issue debt to finance its part of the project, which includes a Pennsylvania portion being developed by PPL Corp. Well do it as needed, said Kathleen Lally, v.p. of investor relations in Newark.
Upcoming debt issuances wouldnt solely finance the Susquehanna-Roseland project, said Izzo, noting PSE&Gs growing capital investment program. The utility is planning $5.2 billion in investments through 2013, including $2.9 billion in transmission. Transmission is expected to comprise roughly one-third of PSE&Gs rate base by 2013.