PSE&G today released a statement explaining:

Why is everyone being told power won’t be back until November 5th?

Under normal circumstances we know how long it takes to respond to reports of problems and restore service. Our experience and the information you give us goes into our system, and it generates an Expected Time of Restoration (ETR.) These ETRs are quite accurate during moderate-sized storms.
 
This is not your average storm.

Hurricane Sandy has caused unprecedented damage, twice as much damage as Hurricane Irene.  Many of our facilities were flooded by coastal surges, water-logging our equipment and making our stations and facilities difficult to access.
 
The amount of time it will take to begin working on a specific job may not be known, especially until a full assessment of the damage is done.  Accordingly, at some point in a storm, we begin using a ‘Storm ETR’, or ‘Global ETR’. This is an estimate of when all customers in our territory are expected to be restored.
 
Once the full extent of the damage is known, the ETR may be changed. Customers who have requested a callback will be notified if the ETR changes by more than 2 hours in either direction. Those customers will also be notified when our system indicates their power has been restored.
 
Because there could be additional damage affecting a customer’s service it’s critical that customers call back and let us know if they are still without power. 
 
Our call centers are fully staffed, 24/7 and safely repairing storm damage and restoring power is our number one priority. Call us at 800-436-PSEG (7734)