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PSE&G Proposes to Lower Residential Winter Natural Gas Bills an Additional 5.2 Percent
In total since January 2009, PSE&G has lowered residential gas bills by 39 percent – or about $674 -- due to supply cost changes
Summer electric prices dropping as well
(June 1, 2012 – Newark, NJ) - In a filing made today with the New Jersey Board of Public Utilities, PSE&G has proposed to lower winter natural gas bills this fall by an additional 5.2 percent a month for residential customers. If the request is approved by the BPU, it will result in the ninth decrease in a row in natural gas supply charges, for a total savings of 39 percent – or about $674 -- since January 2009, when wholesale prices started to drop. The company has asked that the proposed gas reduction take effect on October 1.
Under the proposal to further reduce gas prices, a typical residential heating customer using 160 therms in a winter month, or 1,050 therms per year, would see a monthly winter bill decrease of $9.08 – or 5.2 percent. On an annual basis, the typical residential customer will save $59.56 for a 5.2 percent reduction.
“These reductions are certainly good news for our customers, who are continuing to benefit from the lower cost of natural gas,” said Dave Daly, vice president-asset management and centralized services. “We’re pleased to pass along these savings at a time when the economy is still challenging our customers.” PSE&G makes no profit on the sale of natural gas. The company passes along what it pays to customers.
In addition, a reduction in electricity prices as a result of the February Basic Generation Service auction approved by the BPU, takes effect today. A typical PSE&G residential electric customer’s monthly summer bill will be approximately $138.67 or $3.90 less per month, a reduction of 2.8 percent. On an annual basis, the typical residential customer will save $49.52 for a 3.6 percent reduction.
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).