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NEWARK, N.J. - A subsidiary of Public Service Enterprise Group Inc. asked the New Jersey Board of Public Utilities Thursday to approve nearly $900 million in investments to improve distribution systems and conservation.
Public Service Electric and Gas Co. expects the investments to create nearly 1,700 jobs.
The company, which serves millions of New Jersey residents, wants to spend $406 million to improve its electric system, including replacing underground cables, and $292 million on gas distribution systems upgrades, including new meters, over the next two years.
About $190 million would be spend to encourage conservation and create green jobs, the company said.
"Public Service Enterprise Group's proposals are in direct response to Gov. Jon Corzine's call for utilities to invigorate the economy as part of his Economic Assistance and Recovery Plan announced in October 2008," said Ralph LaRossa, PSE&G president and chief operating officer.
Shares fell 26 cents to close Thursday at $30.48.
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