August 7, 2009 (FinancialWire) — Public Service Enterprise Group Inc.’s (NYSE: PEG) PSE&G unit is seeking federal stimulus funds for a $152 million ’shovel ready’ smart grid modernization project that the New Jersey utility said would put as many as 551 people to work improving the reliability of the electric grid and protecting it against cyber attacks.

Under the plan, the federal government could contribute up to half the cost of the project, or $76 million, through a grant being offered by the U.S. Department of Energy’s Smart Grid Investment Grant Program. A decision on the grant is expected later this year, according to PSE&G.

PSE&G’s proposed project has two main components. The first is the upgrade of 40 substations that will improve electric reliability. The second is the continued deployment of Advanced Loop Scheme technology.

The utility would construct 62 new ALS loop schemes. This involves dividing electric distribution circuits into sections that serve fewer customers than traditional circuits, which PSE&G said would reduce the number and duration of power outages in the case of a fault.

PSE&G said it plans to combine ALS with a new fiber-optic communications backbone, to be able to more easily pinpoint disruptions, limit the spread of problems, and dispatch repair crews to the right locations in less time.

Newark, New Jersey-based Public Service Electric and Gas serves nearly three-quarters of New Jersey’s population.

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