Sebastian Frank/iStock via Getty Images
Public Service Electric & Gas (NYSE:PEG) said Wednesday the New Jersey Board of Public Utilities approved a settlement that will enable it to spend $902M over the next two years to modernize aging natural gas pipes.
PSE&G (PEG) said the extension allows it to continue to update its existing gas distribution system to improve reliability and reduce greenhouse gas emissions by 54K metric tons through the replacement of at least 400 miles of aged pipes with modern ones.
Although nearly 1,800 miles of cast iron and unprotected steel mains have been replaced in recent years, PSE&G (PEG) said it still has the largest number of aging cast iron pipes among all U.S. utilities.
The company began in 2014 to accelerate the updating of its gas system by replacing aged pipes with state-of-the-art gas lines, and said it is about one-third complete, having replaced 1,450 miles of gas lines.
More on Public Service Enterprise Group
Image and article originally from seekingalpha.com. Read the original article here.