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Jan. 27, 2021, 11:33 a.m. EST

PSE&G to invest $166 million in EV-charging infrastructure, creating 270 jobs

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By Tomi Kilgore

PSE&G Co., a subsidiary of Public Service Enterprise Group Inc. /zigman2/quotes/201831904/composite PEG +2.93% , said Wednesday that it expects to invest $166 million over six years and create about 270 jobs to build out an electric-vehicle charging network in New Jersey. The electric and gas utility's announcement comes after the New Jersey Board of Public Utilities approved on Wednesday a settlement that will allow PS&G to develop EV-charging infrastructure in the state. "The scarcity of public and private charging infrastructure discourages more people from driving electric vehicles," said Karen Reif, vice president of PSE&G's renewables and energy solutions group. "PSE&G's program will address those concerns and is designed to encourage people to make the switch to clean-running EVs and to help New Jersey enjoy the environmental and health benefits that will result from electrifying the transportation sector." Public Service Enterprise's stock fell 1.5% in midday trading Wednesday, as the SPDR Utilities Select Sector ETF /zigman2/quotes/206645117/composite XLU +1.63% shed 1.2% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.95% lost 1.5%.

/zigman2/quotes/201831904/composite
US : U.S.: NYSE
$ 56.26
+1.60 +2.93%
Volume: 2.30M
March 5, 2021 4:03p
P/E Ratio
14.98
Dividend Yield
3.63%
Market Cap
$28.42 billion
Rev. per Employee
$727,088
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/zigman2/quotes/206645117/composite
US : U.S.: NYSE Arca
$ 59.68
+0.96 +1.63%
Volume: 16.80M
March 5, 2021 8:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,841.94
+73.47 +1.95%
Volume: 3.33B
March 5, 2021 5:44p
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