Public Service Electric and Gas (PSE&G) is seeking a transmission return on equity of 11.68% effective October 1, 2008. If approved by the Federal Energy Regulatory Commission, the new rates would increase the bill of the average residential electric customer by less than 0.5%, or about $5.50 a year.
In the filing, PSE&G asked for formula rate treatment as the utility embarks on a $1.6 billion capital spending program for new transmission facilities during the next five to eight years. The new rates are deemed necessary because of increasing transmission network operating and maintenance expenses to provide safe, reliable service.
