South Jersey Industries (
) is down near 1% at $52.40 after it announced that its subsidiary,
South Jersey Gas, today filed a petition with the New Jersey Board
of Public Utilities to expand a program it began in 2009 as a way
to help stimulate the economy while boosting the efficiency,
reliability and safety of its natural gas system.
As part of its newly proposed Accelerated Infrastructure
Replacement Program, SJG plans infrastructure improvement projects
over the next five years totaling approximately $250 million that
are incremental to the company's normal capital projects scheduled
over that same time period. These expenditures will focus on the
replacement, on an accelerated basis, of aging cast iron and bare
steel infrastructure. SJG plans to spend $50 million per year to
perform this work.
SJI is above a day's low of $52.02 and trades in a 52-week range
of $42.85 - $57.99.
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