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%.