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September 16, 2010
PSE&G to Lower Residential Natural Gas Bills by 6.8 percent
Reduction is on top of 4 percent decrease implemented July 9
(September 16, 2010 - Newark, NJ) - PSE&G will lower residential gas bills by an additional 6.8 percent, or about $14 per month for the typical residential customer. Approved today by the New Jersey Board of Public Utilities (BPU), this latest reduction follows a net 4 percent reduction PSE&G implemented on July 9 for residential gas customers.
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 $94 on an annual basis. This customer’s monthly winter bill will be $194.72, a decline of $14.26. The BPU has authorized the company to implement the lower rates immediately.
This latest reduction follows the net 4 percent bill reduction in July when the company’s base rate case was resolved. A modest 0.9 percent increase in the delivery portion of the bill was more than offset by a 5 percent reduction in the supply portion of the bill. Including today’s approved reduction, PSE&G will have lowered gas bills a total of approximately 28 percent since January 2009, when wholesale prices started to drop.
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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