A Look at Some Recent NJ Chamber Events

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  • Linda Ross
  • 2014-08-27
  • The Record
Rutgers professor Joseph Seneca
Joseph Seneca, professor at Rutgers University's Edward J. Bloustein School of Planning and Public Policy, explains how PSE&G's capital investments are a large and continuous economic engine for New Jersey on Wednesday, August 27, 2014 in North Brunswick.

PSE&G's $8.1 billion investment in its infrastructure in New Jersey will end up boosting the state's economy, creating thousands of jobs and generating revenue for the government, according a report released Wednesday.

The Newark-based utility held a press conference in New Brunswick to talk about the results of an economic analysis done of its upgrades of its electric transmission network by Rutgers University.

PSE&G's 10-year capital program, which ends in 2021, will "support" 6,000 jobs annually. Nearly 60,000 "job years" will be created during that decade, with a job year is equal to one worker employed for one year, according to the study. The utility's investment also will generate more than $4.3 billion in salary and benefits and more than $640 million in state and local government revenue, the study found.

"PSE&G's annual capital expenditures are a large and continuous economic engine for New Jersey," Joseph Seneca, professor at the Rutgers Edward J. Bloustein School of Planning and Public Policy and co-author of the study, said in a statement. "The aggregate impact from PSE&G's portfolio of capital investments will increase state GDP by an estimated $6.6 billion and drive much-needed economic growth for the state on a sustained basis."

PSE&G's capital spending will impact employment across various sectors, initially directly supporting jobs and businesses in construction, engineering and manufacturing, according to Seneca. The effect will then ripple through the broader economy, generating indirect employment in retail, transportation and services.

The New Jersey Sierra Club was critical of the report, and referred to PSE&G as "Pure Spin Energy Group" in a statement Wednesday.

"The company makes more money from building these power lines than it does from selling electricity," state Sierra Club Director Jeff Tittel said. "Since they are guaranteed a 12 percent rate of return from these $8 billion in transmission projects it will mean $1 billion in profits from ratepayers for the company. Many of these power lines cut through environmentally sensitive areas and open spaces ... These power lines promote the importation of dirty electricity made from coal and other fossil fuels. It undermines investment in clean energy and energy efficiency in New Jersey."

2024 NJ Chamber Events

Apr 10
Business Roundtable Series
A Conversation with DEP Commissioner &
BPU President
Where: The National Conference Center
When: 8 a.m. - 10 a.m.
$55 member | $75 non member
Apr 17
NJM Small Business Series
Examining Solutions for the Labor Shortage
Where: Virtual Event
When: 9 a.m. - 10 a.m.
Free to participate
May 20
13th Annual
NJ Chamber Challenge Cup Golf Tournament
Where: Bedens Brook Club, Skillman
Shotgun Start: noon
Jun 3
NJ Chamber Foundation Event
Jobs for America's Graduates NJ Fundraiser at Hudson Farms
Where: Hudson Farm, Andover
When: 8:30 a.m. - 4 p.m.
Jun 13
27th Annual
NJ Chamber Open House and Reception
Where: New Jersey State Museum, Trenton
When: 4 p.m. - 7 p.m.
Dec 10
Networking
Annual Member Holiday Party
Where: Calandra's Italian Village, Caldwell
When: 5 p.m. - 8 p.m.
Free to members

2025 NJ Chamber Events

Feb 6&7
Premier Event
Walk to Washington & Congressional Reception
Where: Omni Shoreham Hotel, Washington, DC
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