Public Service Electric & Gas (PSE&G) will begin moving forward with its efforts to securitize its stranded costs following a decision last Wednesday by the New Jersey Supreme Court to uphold the restructuring and securitization orders.

Through the order issued by the New Jersey Board of Public Utilities, PSE&G will initiate the sale of $2.5 billion of securitization bonds, the proceeds of which will be used to retire outstanding debt and equity, including a 2% rate reduction for its customers as a result of the securitization and the financing of a subsidiary, PSEG Power LLC.

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