According to Public Service Electric and Gas Company (PSEW&G), a residential gas heating customer who uses 100 therms in a winter month would pay $158.74 per month or $8.22 less under the new rates. A residential customer who uses 606 therms on an annual basis would pay $983.68 or $49.82 less.
PSE&G claims to make 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.
Dave Daly, vice president of energy acquisition and technology at PSE&G, said: “Wholesale gas supply prices, like other commodities, have fallen in the past few months largely due to the economic slowdown and market conditions. Our goal is to keep customer bills as stable as possible by buying gas at various prices throughout the year.”
Public Service Electric and Gas Company (PSE&G) claims to be New Jersey’s oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state’s population. It is a subsidiary of Public Service Enterprise Group (PSEG).
