Newark, N.J.-based PSEG, New Jersey’s largest utility, has just racked up another distinction – ENR New York’s Owner of the Year. The regional editors of Engineering News-Record with input from tristate industry leaders made the selection based on several factors including the utility’s successes in the social and environmental sectors.

PSEG covers multiple states and has a $6.9-billion capital investment plan for 2011-13. While planning to scale back some of its alternative energy spending, the company aims to boost investments on transmission lines, power plants and other projects. It has earmarked nearly $300 million this year on updating its N.J. electric and gas distribution system, and about $95 million on energy efficiency areas.

During the last five years, PSEG has invested more than $2 billion to replace older generating units and upgrade existing facilities to meet environmental regulations. It is also one of only two utilities that made the Dow Jones Sustainability World Index.

Industry leaders said PSEG has been a large and reliable employer especially during the last two, economically challenging years.

More details on this Owner of the Year as well as a ranking of the largest projects begun last year will be featured in ENR New York’s March 12 issue.