Public Service Electric and Gas Company (PSE&G) has submitted a proposal to the New Jersey Board of Public Utilities (NJBPU) for a six-month extension of its Clean Energy Future-Energy Efficiency (CEF-EE) program.
The extension, covering the period from July 1, 2024, through December 31, 2024, comes with a proposed investment of approximately $306 million, aiming to build on the success of the ongoing energy efficiency initiatives.
The proposal follows the NJBPU’s October 2023 order, enabling PSE&G to continue offering energy efficiency programs to both residential and business customers. The original $1 billion CEF-EE program, approved by the NJBPU in September 2020, launched ten programs in 2021, providing customers with diverse options to reduce energy consumption, save costs, and lower carbon footprints.
In May 2023, the NJBPU granted a $280 million, nine-month extension of PSE&G’s existing CEF-EE program, aligning program timing with the regulatory schedules of other utilities in New Jersey.
This latest extension proposal sets the stage for a subsequent filing on December 1, introducing CEF-EE II, covering a two-and-a-half-year period from January 1, 2025. The CEF-EE II proposal aims to expand current program offerings and introduce new initiatives, including building decarbonization and demand response measures, to further enhance energy efficiency and sustainability.
The six-month extension is strategically designed to allow a comprehensive assessment of the proposed CEF-EE II program in 2024. Simultaneously, it ensures a continued provision of PSE&G’s current CEF-EE programs, meeting the strong customer demand for energy-efficient solutions. The proposed investment of $306 million reflects PSE&G’s ongoing commitment to fostering clean energy initiatives and supporting New Jersey’s sustainability goals.