Infrastructure Investment Highlights Elizabethtown Gas Rate Filing
March 10 2009 - 10:30AM
PR Newswire (US)
Company proposes first base rate increase in seven years UNION,
N.J., March 10 /PRNewswire-FirstCall/ -- Elizabethtown Gas (ETG)
announced today it has filed an application with the New Jersey
Board of Public Utilities (NJBPU) requesting a base rate increase
of 4.7 percent. The request would increase the typical residential
heating customer's bill by $8.37 per month, based on 100 therms of
usage. The application requests recognition of the significant
capital investment in the utility's infrastructure and the higher
cost of capital driven by the recent turmoil in world financial
markets. In addition, the filing includes a proposal that would
create new jobs in the state by opening a new customer call center
for its New Jersey customers and continued investment in pipelines
and other infrastructure to improve service, reliability and
environmental performance. The company has not increased base rates
since 2002. "This base rate increase will allow our company to
continue to invest in New Jersey," said Don Carter, vice president,
Elizabethtown Gas. "Given the challenges the state and the entire
U.S. face today, now is the time to consider new investments in our
own backyard." The request for a base rate increase is driven by
three primary factors: the impact of significant investments in
utility infrastructure since 2002; improvement of service to ETG
customers (including a proposal to open a new customer call center
creating 53 new jobs) and a reflection of a higher cost of capital
to finance operations. "Today's filing lends support to both the
state and federal economic stimulus plan and emphasizes our
commitment to our community," said Carter. "This base rate increase
will allow Elizabethtown Gas to continue to invest in New Jersey,
build infrastructure, maintain our existing system and build on our
track record of improved service and reliability for our
customers." In separate filings by the company, which is before the
NJBPU, ETG is proposing a regional greenhouse gas initiative to
enact six energy efficiency programs geared towards helping
customers reduce their natural gas usage through energy
conservation. ETG has also identified $60 million of needed
infrastructure projects that can be accelerated over the next two
years that will improve the natural gas system and support the
state's goal of creating jobs and stimulating the economy. Since
AGL Resources acquired Elizabethtown Gas in 2004, the company has
invested more than $124 million to extend service, improve
operations and system reliability and to upgrade equipment used by
our workforce. About Elizabethtown Gas Elizabethtown Gas, a wholly
owned subsidiary of AGL Resources (NYSE:AGL), provides natural gas
delivery service to approximately 273,000 residential, business and
industrial natural gas customers in New Jersey. In operation since
1855, the company serves parts of Union, Middlesex, Sussex, Warren,
Hunterdon, Morris and Mercer counties. For more information, visit
http://www.elizabethtowngas.com/ About AGL Resources AGL Resources
(NYSE:AGL), an Atlanta-based energy services company, serves
approximately 2.3 million customers in six states. The company also
owns Houston-based Sequent Energy Management, an asset manager
serving natural gas wholesale customers throughout North America.
As a 70 percent owner in the SouthStar partnership, AGL Resources
markets natural gas to consumers in Georgia under the Georgia
Natural Gas brand. The company also owns and operates Jefferson
Island Storage & Hub, a high-deliverability natural gas storage
facility near the Henry Hub in Louisiana. For more information,
visit http://www.aglresources.com/. DATASOURCE: AGL Resources
CONTACT: Tami Gerke, AGL Resources, Office: +1-404-584-3873, Cell:
+1-404-358-2307, Web Site: http://www.aglresources.com/
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