New Jersey Natural Gas Provides $14.5 Million in Refunds

New Jersey Natural Gas (NJNG) yesterday notified the New Jersey Board of Public Utilities (BPU) that it will provide residential and small commercial customers a one-time Basic Gas Supply Service (BGSS) refund totaling $22.5 million, $8 million of which is from previously announced bill credits.

The one-time refund, a result of lower wholesale natural gas prices, will save an average residential customer approximately $50 and will appear in either May or June NJNG bills.

“Wholesale natural gas prices have remained relatively low in 2010 due to ample supplies and warmer-than-normal weather,” said Kathleen T. Ellis, chief operating officer of NJNG. “As customers turn on their air conditioners and shift spending toward electricity, we are pleased to be able to provide continued price relief.”

NJNG previously announced it would provide bill credits totaling $59 million during the months of February through April; however, due to warmer-than-normal weather, which reduced usage during March and April, only $51 million of the $59 million was applied during that period. The remaining $8 million of the previously announced credit is included with this refund.

The one-time refund will be based on individual customer usage during the months of January through March 2010 and will return $0.1025 per therm used during this period. Customers will see the total amount of their refund in the center of the bill, with a line reflecting the one-time amount. Budget bill customers will also see their refund reflected in either May or June bills.

Totaling both the refund and credits, NJNG has provided customer savings totaling $73 million during 2010. This represents a savings of approximately $162 on the average customer’s natural gas bill.

As always, NJNG will continue to closely monitor conditions in the volatile natural gas market to identify opportunities to manage costs and provide savings to customers.

Additionally, through Conserve to Preserve®, NJNG provides a variety of tools and information to help customers to reduce their energy costs and save money all year long. Numerous resources and special offers are available on NJNG’s Web site, www.njng.com, including energy-savings tips, information on incentives for energy-efficiency upgrades through the SAVEGREEN Project™ and energy assistance programs.

New Jersey Natural Gas is the principal subsidiary of New Jersey Resources, a Fortune 1000 company, that provides reliable energy and natural gas services including transportation, distribution and asset management in states from the Gulf Coast to the New England regions, including the Mid-Continent region, the West Coast and Canada, while investing in and maintaining an extensive infrastructure to support future growth. With over $2.5 billion in annual revenues, NJR safely and reliably operates and maintains 6,700 miles of natural gas transportation and distribution infrastructure to serve nearly half a million customers; develops and manages a diverse portfolio of more than 777,000 dth/d of transportation capacity and 52 Bcf of storage capacity; and provides appliance installation, repair and contract service to approximately 150,000 homes and businesses. Additionally, NJR holds investments in midstream assets through equity partnerships including Steckman Ridge and Iroquois. Through Conserve to Preserve®, NJR is helping customers save energy and money by promoting conservation and encouraging efficiency. For more information about NJR, visit www.njliving.com.

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