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June 1, 2011
PSE&G Proposes to Lower Winter Natural Gas Bills an Additional 1.1 Percent
Gas bills already down 31 percent – or about $500 annually – since January 2009
Summer electric prices dropping 4.9 percent as well
(June 1, 2011 - 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 1.1 percent for residential customers. If the request is approved by the BPU, it will result in the seventh decrease in a row in natural gas supply charges, for a total savings of 32 percent since January 2009, when wholesale prices started to drop. The latest decrease would be on top of 16 percent decreases implemented in 2010.
In addition, a reduction in electric prices, approved previously by the BPU, takes effect today. As a result, a typical PSE&G residential electric customer’s monthly summer bill will be reduced from $147.77 per month to $140.50 per month, a decrease of 4.9 percent. On an annual basis, that customer’s electric bill will decrease by 3.5 percent.
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 bill decrease of $13.56 on an annual basis. This customer’s monthly winter bill would be $181.88, a decline of $2.06.
The company has asked that the gas reduction take effect on October 1. If approved, the typical residential customer who receives both electric and gas from PSE&G will see a total annual bill savings of $62.72 or 2.4 percent.
PSE&G makes no profit on the sale of natural gas. The company passes along what it pays to customers.
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).