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News Breaks | | | | November 13, 2012 | | 06:54 EDT |  | PEG | PSEG says unable to estimate losses related to Hurricane Sandy
The company says "PSE&G filed a petition with the BPU seeking authorization to defer on our books actually incurred, uninsured, incremental storm restoration costs associated with our gas and electric distribution systems. Transmission related storm costs to be reviewed as part of the existing Formula Rate process at the FERC...PSE&G and Power are unable to estimate the possible loss or range of loss related to Hurricane Sandy; however, such costs could be material. We maintain property insurance for both nuclear and non-nuclear property. We intend to seek recovery from our insurers for any property damage above our self-insured retentions; however, no assurances can be given relative to the timing or amount of such recovery." | |
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