NEWARK, N.J., Dec. 6, 2010 /PRNewswire/ -- PSE&G announced today that it has lowered residential gas bills by an additional 5 percent, or nearly $10 per month for the typical residential customer. This latest reduction for supply costs follows a 5 percent reduction in July and a 6.8 percent reduction in September for residential gas customers.
Including this most recent reduction, PSE&G has lowered gas bills a total of approximately 31 percent – or about $500 annually -- since January 2009, when wholesale prices started to drop. PSE&G customers today are paying the same supply rate per therm of gas as they did in January 2003.
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 $64.68 on an annual basis, for a total bill of $1,221.08. This customer's monthly winter bill will be $184.91, or $9.86 less.
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).
Want to know what's new at PSEG? Go to www.pseg.com/getnews and sign up to have our press releases and weekly environmental commentaries sent right to your inbox.
SOURCE Public Service Electric and Gas Company (PSE&G)