City: HOBOKEN ON TRACK FOR RESILIENT & RELIABLE ENERGY SYSTEM WITH $175 MILLION PSE&G PROJECT
City of Hoboken announces:
HOBOKEN ON TRACK FOR RESILIENT & RELIABLE ENERGY SYSTEM WITH $175 MILLION PSE&G PROJECT
Tonight the City Council will vote on a $175 Million PSE&G project that will combine the Marshall Street substation with the Madison Street substation and elevate and modernize the substation with the most reliable technology. Both of these substations are over 50 years old and are at risk from flooding. PSE&G has already invested $130 million to upgrade and elevate Hoboken’s 16th Street substation, and the Madison Street substation project will complete efforts to bring Hoboken’s entire energy system to 21st century resiliency and reliability standards.
“This project will ensure that all Hoboken residents, including our most in need residents in the Housing Authority, have reliable electricity for lights and heat through future severe storm events and other emergencies,” said Mayor Dawn Zimmer. “All of our residents and our business community need reliable energy, and this project will make certain that we never again have to endure weeks without lights or heat like we did during Sandy. I have also advocated strongly for an innovative design for the substation, and I want to thank PSE&G for continuing to work with the City to create a design that integrates with our urban landscape and replaces the unattractive substations surrounded by chain link fences and barbed wire. With the Council’s support, this vital project will start construction this summer and when completed, will ensure a resilient and reliable energy source for our entire City.”
The project would include a land swap through which the City would transfer the lot adjacent to the existing Madison Street Substation to PSE&G in exchange for PSE&G transferring the Marshall Street Substation property to the City. PSE&G would also make a payment of $1.245 million to the City to compensate for the difference in the appraised value of the properties as well as an annual “loss of use” payment of $275,250 until PSE&G has completed the decommissioning and remediation of the Marshall Street Substation property.
View memos to the City Council for additional project information: