Public Service Electric & Gas (PSEG) expects its utility to spend a record $3.7 billion on capital projects in 2023, about $200 million more than planned, according to CEO Ralph LaRossa. Starting this year, PSE&G expects to spend $15.5 billion to $18 billion in capital investments through 2027, driving compound annual rate base growth by 6% to 7.5%. The company is focusing on modernizing its infrastructure, improving reliability and resilience, increasing energy efficiency and delivering cleaner energy. A 10-year, up to $15/MWh federal production tax credit for nuclear power is expected to help PSEG avoid issuing new equity or selling assets to fund its five-year capital investment program. The company sold its 25% equity interest in Ocean Wind I, a 1.1-GW offshore wind project, to Ørsted in May.
Solar Dominates US Energy Capacity Growth
The Federal Energy Regulatory Commission (FERC) has published data showing that solar accounted for over 75% of US electrical generating
