NJ's largest utility sees Sandy costs up to $300M
NEW YORK (AP) — Public Service Electric and Gas is estimating the cost of power restoration after Superstorm Sandy and a subsequent Nor'easter at between $250 million and $300 million.
PSE&G, New Jersey's largest utility, says the storm left 1.7 million of its electric customers without power during the course of the storm — the most in the utility's history.
The storm also caused severe damage to its infrastructure. The Newark company, a unit of Public Service Enterprise Group, says its crews are still working to repair its system.
The utility says the estimate does not include the cost of beefing up its infrastructure to better protect it from future storms.
PSE&G continues to forecast operating earnings of $2.25 to $2.50 per share for the full year. FactSet says analysts expect $2.39.