NEWARK, N.J., Dec. 1, 2015 /PRNewswire/ -- Public Service Electric and Gas Co. (PSE&G) announced effective today, December 1, annual electric bills are dropping by approximately 3.9 percent as another charge related to energy restructuring expires. The reduction was recently approved by the New Jersey Board of Public Utilities.
The December 1 change is in addition to reductions totaling about 2.4 percent that took effect earlier in 2015. As a result of these reductions, the annual bill for a typical residential electric customer who uses 7,200 kilowatt-hours annually and receives electric supply from PSE&G has dropped by about $85, or approximately 6.3 percent since Jan. 1, 2015.
The charges that expired in 2015 are recovered costs incurred by PSE&G for the securitization of stranded costs and associated taxes it paid related to when the state's electric industry was deregulated. Additional deregulation-related charges are expected to expire in 2016.
The statements contained in this communication about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical, are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Although we believe that our expectations are based on information currently available and on reasonable assumptions, we can give no assurance they will be achieved. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. A discussion of some of these risks and uncertainties is contained in our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K filed with the Securities and Exchange Commission (SEC), and available on our website: http://www.pseg.com. These documents address in further detail our business, industry issues and other factors that could cause actual results to differ materially from those indicated in this communication. In addition, any forward-looking statements included herein represent our estimates only as of the date hereof and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even if our internal estimates change, unless otherwise required by applicable securities laws.
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.
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