New Jersey energy provider Public Service Electric & Gas (PSE&G) unleashed a $2.5 billion stranded-cost transaction last week, with investors banging down the doors to place bids. In what was the first utility securitization of the year, the success of the New Jersey deal could set the tone on a variety of others slated to come to market in 2001.

Many market observers are predicting record utility issuance this year, approaching $10 billion. In contrast, 2000 only saw $1 billion in stranded-cost issuance.

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