NEWARK, N.J., Dec. 6, 2010 /PRNewswire/ -- PSE&G announced
today that it has lowered residential gas bills by an additional 5
percent, or nearly $10 per month for
the typical residential customer. This latest reduction for supply
costs follows a 5 percent reduction in July and a 6.8 percent
reduction in September for residential gas customers.
Including this most recent reduction, PSE&G has lowered gas
bills a total of approximately 31 percent – or about $500 annually -- since January 2009, when wholesale prices started to
drop. PSE&G customers today are paying the same supply rate per
therm of gas as they did in January
2003.
Under the new gas supply rates, a residential gas heating
customer who uses 160 therms in a winter month, or 1,050 therms per
year, will see a bill decrease of $64.68 on an annual basis, for a total bill of
$1,221.08. This customer's monthly
winter bill will be $184.91, or
$9.86 less.
PSE&G makes no profit on the sale of natural gas and passes
along what it pays to customers. If the price of natural gas
increases, the New Jersey Board of
Public Utilities allows the state's natural gas utilities,
including PSE&G, to recover those costs. Conversely, reductions
in the gas supply price may be implemented at any time if market
conditions warrant.
Public Service Electric and Gas Company (PSE&G) is
New Jersey's oldest and largest
regulated gas and electric delivery utility, serving nearly
three-quarters of the state's population. PSE&G is the winner
of the ReliabilityOne Award for superior electric system
reliability. PSE&G is a subsidiary of Public Service Enterprise
Group Incorporated (PSEG) (NYSE: PEG), a diversified energy company
(www.pseg.com).
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SOURCE Public Service Electric and Gas Company (PSE&G)