PEG · 10-Q · 2026Q2 · Full report
Energy Efficiency and Gas Modernization
PUBLIC SERVICE ENTERPRISE GROUP INC · 2026-08-04 · Importance 64 · Surprise 42 · In source text
The New Jersey Board of Public Utilities approved approximately $2.9 billion for PSE&G’s CEF-EE II energy-efficiency projects committed from January 1, 2025 through June 30, 2027, including a $1.9 billion investment budget and $1 billion customer on-bill repayment program. In November 2025, the BPU authorized $1.05 billion for GSMP III to replace 525 miles of high-pressure cast-iron and unprotected-steel gas mains, plus another $360 million to replace 75 additional miles. GSMP III construction began in 2026 and is scheduled to continue through December 2028, with trailing services replacement and paving through 2029.
Key facts
- In 2024, the BPU approved CEF-EE II authorizing approximately $2.9 billion for energy efficiency projects committed between January 1, 2025 through June 30, 2027, to be completed over an expected six-year period. source
- The BPU Order approved a program investment budget of approximately $1.9 billion, net of administrative expenses, and approximately $1 billion to continue our customer on-bill repayment program. source
- In November 2025, the BPU approved PSE&G’s GSMP III authorizing $1.05 billion of capital investment to replace 525 miles of high pressure cast iron gas mains and unprotected steel mains. source
- The BPU also authorized $360 million of investment to replace an additional 75 miles of gas main, with cost recovery to be requested in a future base rate case. source
- PSE&G had expenditures for EE programs of $263 million included in operating cash flows during the six months ended June 30, 2026. source
- Investment under the GSMP III program began in 2026 and will continue through December 2028, plus trailing services replacement and paving costs into 2029. source
- PSE&G had $86 million associated with the CEF-EE II on-bill repayment program included in investing cash flows during the six months ended June 30, 2026. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| assets | positive | committed | +4.2% | In 2024, the BPU approved CEF-EE II authorizing approximately $2.9 billion for energy efficiency projects committed between January 1,… |
| assets | positive | committed | +2.8% | The BPU Order approved a program investment budget of approximately $1.9 billion, net of administrative expenses, and approximately $1… |
| assets | positive | committed | +1.5% | In November 2025, the BPU approved PSE&G’s GSMP III authorizing $1.05 billion of capital investment to replace 525 miles of high pressure… |
| assets | positive | committed | +1.4% | The BPU Order approved a program investment budget of approximately $1.9 billion, net of administrative expenses, and approximately $1… |
| assets | positive | committed | +0.5% | The BPU also authorized $360 million of investment to replace an additional 75 miles of gas main, with cost recovery to be requested in a… |