South Jersey Industries Subsidiary Files for Expansion of Infrastructure Replacement Program; Shares Dip 1%

By Staff,

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South Jersey Industries ( SJI ) 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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This article appears in: Investing Commodities
Referenced Stocks: SJI

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