DOW JONES NEWSWIRES
Public Service Enterprise Group Inc. (PEG) is seeking to lower
residential gas bills in New Jersey by 6.8%, citing the continued
decrease in the wholesale cost of natural gas.
New Jersey's largest utility filed the request with New Jersey's
Board of Public Utilities on Wednesday. It follows a net 4%
reduction PSEG implemented on Friday for residential gas
customers.
The company said if approved, the changes would lower gas bills
even further heading into the winter heating season. Under the
proposed new gas supply rates, a residential gas heating customer
who uses 160 therms in a winter month, or 1,050 therms per year,
would see a decrease of $94 on an annual basis.
Including the reduction coming this fall, PSEG will have lowered
gas bills for supply a total of about 28% since early 2009, when
prices began to drop. PSEG makes no profit on the sale of natural
gas and passes along what it pays to customers.
The request comes about a month after PSEG won a 0.9% increase
in the gas delivery base rates. That change went into effect on
Friday.
PSEG's shares were recently up 2 cents to $33.49.
-By John Kell, Dow Jones Newswires; 212-416-2480;
john.kell@dowjones.com