NEWARK, N.J., Sept. 21, 2011 /PRNewswire/ -- Public Service
Electric and Gas Company (PSE&G) received approval today to
lower residential gas bills by an additional 1.3 percent, or about
$2.07 per winter month for the
typical residential customer. This latest reduction, approved by
the New Jersey Board of Public
Utilities (BPU), marks the seventh decrease in a row in natural gas
supply bills. PSE&G residential gas customers have saved 32
percent in supply costs since January
2009, when wholesale prices started to drop. (See
chart.)
(Photo: http://photos.prnewswire.com/prnh/20110921/NY72824 )
Under the new gas 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 $16.28 on an
annual basis. This customer's monthly winter bill of 160 therms
will be $183.25, a decrease of
$2.07.
The 1.3 percent decrease approved today includes a 1.1 percent
reduction in natural gas supply rates, as well as a 0.2 percent
decrease in the weather normalization charge, which is adjusted
each fall. The BPU has authorized the company to implement the new
lower gas supply rates on October 1,
2011. The lower weather normalization charge will take
effect on November 1, 2011.
PSE&G makes no profit on the sale of natural gas supply 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)