New Jersey Natural Gas and Public Service Electric & Gas both said Wednesday they will implement a bill credit and lower the basic gas supply service rate for some customers, effective March 1.
With this bill credit and rate decrease, NJNG said its customers using 1,000 therms per year will see a savings of $129.48, or 8.1%, on their annual bill. Likewise, PSE&G said its residential customers who use 100 therms per month will have a monthly winter gas bill about $3 less than it is now.
For PSE&G, this is the second rate decrease after the Newark-based utility lowered its charges to residential customers by 23% as of Feb. 1. When added to the rate reduction that will take place March 1, PSE&G ‘s customers will see winter gas bills decrease by 14% over the two months.
“We’re pleased to be able to lower our gas rate again, and we will continue to help our customers manage energy use and costs,” Dave Johnson, PSE&G vice president, customer care & chief customer officer, said.
“We never stop working to meet our customers’ expectations for safe, reliable service at a reasonable cost,” Steve Westhoven, CEO and president of New Jersey Natural Gas, said. “Following a period of volatility and higher natural gas costs, we are pleased to see prices come down and to pass these savings on to our customers. We will continue to monitor market conditions and use our expertise to manage costs and provide savings to our customers whenever possible.”
NJNG is also reducing its basic gas supply service rate by $0.0616 per therm, which represents an annual savings of $61.60 on a typical customer’s annual bill.
NJNG and PSE&G are able to provide these credits and rate reductions due to recent lower wholesale natural gas prices, anticipated rate case refunds from interstate pipelines and the company’s supply management strategies.
