This Utility Could Give Investors a Positive Charge
Nov 10th 2013 9:00AM
Updated Nov 10th 2013 9:02AM
For those who live in the Northeast, you likely recall (or at least you should) just how frightening it was just one year ago when the lights went out after Hurricane Sandy. The epic storm, one I called a "Frankenstorm," left millions without power. The storm gave us a ringside seat to what power services failed, and it also highlighted the very few that actually performed well during this period of duress. It is my belief Sandy gave PSE&G an advantage over its rivals because the company's combined heat and power (CHP) and solar systems actually managed to withstand the storm and function as planned; look for the company to build on that success.
PSE&G, which boosted third quarter operating earnings, is looking for approval for $3.9 billion over a 10-year period for its "Energy Strong" campaign that could create upwards of 6,000 jobs. I do believe they will get government approval for the initiative. Additionally, I believe the company is also in an enviable position to bring its resiliency capabilities to Long Island, New York when it takes over the daily operations of the much maligned LIPA from National Grid starting January 1, 2014.
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The article This Utility Could Give Investors a Positive Charge originally appeared on Fool.com.John Licata has no position in any stocks mentioned. The Motley Fool recommends National Grid plc (ADR). Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.