New Jersey utility slashes renewable energy investments

Public Service Enterprise Group Inc. (NYSE: PEG) is cutting investments on renewable energy over the next two years from $570 million to $40 million. The utility plans to boost spending on transmission.

Bloomberg reported that the New Jersey-based company is finding it difficult to invest in projects where it can recover capital costs from consumers. The company will continue with plans to invest in a proposed 350 MW offshore wind farm.

The utility said it plans to increase capital spending by $200 million to $6.9 billion through 2013. The bulk of the increase will come at its PSE&G utility, which recently gained approval from New Jersey regulators to build three power plants.

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