The New Jersey Board of Public Utilities has approved a proposal by
South Jersey Gas, a subsidiary of South Jersey Industries (NYSE:SJI), to
extend its Capital Investment Recovery Tracker program through October
2012. The program, which originally began in 2009, helps to accelerate
planned capital expenditures that enhance the delivery of safe and
reliable service and creates jobs.
"Since the implementation of our CIRT program two years ago, South
Jersey Gas has invested over $100 million in incremental improvements to
our natural gas system,” said Edward J. Graham, chairman, president and
CEO of South Jersey Industries. "Not only has this investment enhanced
the performance and safety of our system, but it has created jobs and
supported the local economy at a very difficult time. The extension of
the CIRT program will enable us to continue to provide these benefits to
our customers and the communities we serve,” continued Graham.
The program extension is consistent with Governor Christie’s focus on
bolstering economic growth in New Jersey. SJG plans to spend $60.3
million to complete projects between now and the end of October 2012.
These projects focus significantly on replacement of aging pipe and
other system improvements designed to enhance the delivery of safe and
reliable service to customers. SJG estimates that the extension of this
program will create approximately 270 jobs directly related to the
design and construction of these projects.
SJG will be able to recover the costs associated with these improvements
through rate adjustments. As part of the program, SJG is able to earn a
return of and a return on these infrastructure investments.
Forward-Looking Statement
This news release contains forward-looking statements. All statements
other than statements of historical fact included in this press release
should be considered forward-looking statements made in good faith by
the Company and are intended to qualify for the safe harbor from
liability established by the Private Securities Litigation Reform Act of
1995. When used in this press release words such as "anticipate”,
"believe”, "expect”, "estimate”, "forecast”, "goal”, "intend”,
"objective”, "plan”, "project”, "seek”, "strategy” and similar
expressions are intended to identify forward-looking statements. Such
forward-looking statements are subject to risks and uncertainties that
could cause actual results to differ materially from those expressed or
implied in the statements. These risks and uncertainties include, but
are not limited to, the following: general economic conditions on an
international, national, state and local level; weather conditions in
our marketing areas; changes in commodity costs; the timing of new
projects coming online; changes in the availability of natural gas;
"non-routine” or "extraordinary” disruptions in our distribution system;
regulatory, legislative and court decisions; competition; the
availability and cost of capital; costs and effects of legal proceedings
and environmental liabilities; the failure of customers, suppliers or
business partners to fulfill their contractual obligations; and changes
in business strategies. SJI assumes no duty to update these statements
should actual events differ from expectations.
About South Jersey Industries
South Jersey Industries (NYSE: SJI) is an energy services holding
company. A member of the KLD Global Climate 100 Index, SJI offers
solutions to global warming through renewable energy, clean technology
and efficiency. South Jersey Gas, one of the fastest growing natural gas
utilities in the nation, strongly advocates energy efficiency while
safely and reliably delivering natural gas in southern New Jersey. South
Jersey Energy Solutions, the parent of SJI’s non-regulated businesses,
provides innovative, environmentally friendly energy solutions that help
customers control energy costs. South Jersey Energy acquires and markets
natural gas and electricity for retail customers and offers
energy-related services. Marina Energy develops and operates on-site
energy projects. South Jersey Resources Group provides wholesale
commodity marketing and risk management services. South Jersey Energy
Service Plus installs, maintains and services residential and commercial
heating, air conditioning and water heating systems; services
appliances; installs solar systems; provides plumbing services and
performs energy audits. For more information about SJI and its
subsidiaries, visit www.sjindustries.com.
