The New Jersey Board of Public Utilities today announced that New Jersey’s natural gas customers will receive rate reductions of up to 9.5%, largely due to lower wholesale natural gas prices and stability in the marketplace. The natural gas rate reductions for the State’s four gas utility companies range from 7% up to 9.5%, the BPU said in a release.
“These rate reductions are good news for New Jersey’s residents and businesses who are struggling with what seems like never-ending price increases for everyday items,” said Lee A. Solomon, President, N.J. Board of Public Utilities, in a prepared release. “Through the process of drafting the State’s energy master plan and encouraging new in-state generation we expected lower gas rates, but to see rate reductions of around 9.5% is very encouraging and perhaps a sign that we are on the right path to meeting our mission of ensuring safe, reliable utility service at affordable rates.”
At today’s board meeting, Solomon and the other Commissioners were updated by staff regarding the pending reduction in rates after New Jersey Natural Gas (NJNG), South Jersey Gas (SJG), Elizabethtown Gas Company (E’town), and Public Service Electric and Gas Company (PSE&G) made their annual Basic Gas Supply Service (BGSS) filings. As a result of the stability in the market place, the gas utility companies expect to pass the savings on to their customers, lowering the typical annual gas bill for New Jerseyans, BPU stated.
According to BPU, PSE&G customers are expected to see a 7% reduction in the cost of the natural gas it delivers, taking into account the reductions the company had last year. E’town is expected to reduce rates by about 8.8% and NJNG by 9 percent. SJG customers are expected to see the largest total rate reduction of 9.5%, when taking into account the companies’ reductions last year.