NEWARK, N.J., Feb. 10, 2017 /PRNewswire/ -- Public Service Electric and Gas Co. (PSE&G) today said that residential electric bills will drop 2.6 percent on June 1 as a result of the recent Basic Generation Service supply auction, approved today by the New Jersey Board of Public Utilities.
The monthly bill for a PSE&G residential customer who uses the statewide average of 650 kilowatt-hours per month will be $112.62, or $3 less per month on June 1 than today. Last year, this same customer paid $116.08 per month.
"We commend the Board of Public Utilities for once again approving this efficient and competitive way to secure electricity on behalf of our customers," said Jorge Cardenas, PSE&G vice president of asset management and centralized services. "Our customers are benefitting from the lower costs of energy and capacity, even as PSE&G is upgrading its transmission and distribution systems to maintain reliability."
In addition to lower electric bills, most PSE&G customers also receive gas service and are benefitting from lower gas bills this winter. PSE&G lowered the price of residential gas supply on October 1, 2016 to 34 cents per therm -- its lowest rate in 16 years.
The utility is also providing bill credits to residential gas customers for usage from January to February 2017 – saving the typical residential gas customer $25 during the two-month period.
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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