South Jersey Industries :South Jersey Gas Files with NJBPU to Extend Accelerated Infrastructure Replacement Program
March 09 2016 - 10:48AM
For Immediate
Release
Phone: 609-561-9000
Investor Relations and Media Contact: Marissa Travaline
x4227
email: mtravaline@sjindustries.com
March 9, 2016
South Jersey Gas
Files with NJBPU to
Extend Accelerated Infrastructure Replacement
Program
FOLSOM, N.J. - South Jersey
Gas has filed a petition with the New Jersey Board of Public
Utilities for approval to continue its Accelerated Infrastructure
Replacement Program (AIRP). The petition also includes a proposed
adjustment to base rates that will allow the utility to recover
AIRP investments made through September 2016.
"Beginning with our first program in 2009, SJG has
worked under the guidance of the NJBPU to reinforce the safety and
reliability of our system through the accelerated replacement of
bare steel and cast iron main," said Jeffrey E. DuBois, president
of South Jersey Gas. "As a result of this proactive approach, we've
already been able to replace 500 miles of main and over 23,600
services; and we look forward to continuing that progress with an
extension of the AIRP that will allow us to further enhance the
safety and reliability of our system."
Pending approval of this filing, SJG would
continue its accelerated infrastructure replacement for an
additional seven years, investing roughly $500 million to improve
its distribution system. These improvements would include the
retirement and replacement of bare steel and cast iron mains, bare
steel services, and other aging infrastructure, with more durable
plastic pipe. This will also enable SJG to install
Excess Flow Valves (EFVs) in all service lines renewed under AIRP,
a safety enhancement that automatically shuts off the flow of gas
in the event of damage.
"Consistently low natural gas prices, resulting
from a dramatic increase in gas supplies from shale formations like
the Marcellus, make this the opportune time to continue making
these infrastructure investments," added DuBois. "SJG has invested
over $360 million in accelerated infrastructure replacement
programs since 2009, yet the average residential customer's annual
bill is approximately 32% lower than it was when SJG first started
making these investments." Under SJG's proposal, customers
would see no increase to their bill from these investments until
2017.
SJG's petition is also proposing to adjust base
rates to reflect prior AIRP investments and those that will be made
through the end of 2016. This rate adjustment would result in
an increase of $3.56 or 2.9% for a residential heating customer
using 100 therms in a winter month.
South Jersey Gas, a subsidiary of energy services
holding company South Jersey Industries (NYSE:SJI), provides
natural gas service to approximately 370,000 residential,
commercial and industrial customers in Atlantic, Cape May,
Cumberland, Salem, and portions of Gloucester, Burlington and
Camden counties in New Jersey. Visit http://www.southjerseygas.com
to learn more about South Jersey Gas.
#
# #
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: South Jersey Industries via Globenewswire
HUG#1993112
South Jersey Industries (NYSE:SJI)
Historical Stock Chart
From Mar 2024 to Apr 2024
South Jersey Industries (NYSE:SJI)
Historical Stock Chart
From Apr 2023 to Apr 2024