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SOURCE Public Service Electric and Gas (PSE&G)
Customers to save about $93 depending on usage
33 percent bill credit is on top of four years of declining gas bills
NEWARK, N.J., Oct. 23, 2013 /PRNewswire/ -- Public Service Electric and Gas (PSE&G) announced today that it is providing a two-month bill credit for its residential gas customers that will cut the typical monthly bill by about 33 percent in both November and December.
The bill credit of 35 cents per therm, including NJ Sales and Use Tax (SUT), will reduce the current supply rate of approximately 54 cents to 19 cents per therm including SUT for usage in November and December.
With the bill credit factored in, a typical residential heating customer using 106 therms in November and 160 therms in December would see a reduction in their two-month bill to $188.65 from $281.75 for a savings of $93.10. Depending on meter reading schedules, many customers will see some of the credit in November and December, with the remainder in January.
This latest action by the utility is in addition to nine decreases in a row for residential customers since January 2009 that saves the typical customer about $674 per year. A 15-cent per therm bill credit for February 2012 usage provided an additional $24 in savings.
"We're pleased that we can provide this substantial credit to our customers, especially at this time of year," said Jorge Cardenas, PSE&G vice president of asset management and centralized services."This bill credit will return money to customers as temperatures are dropping and they strive to keep their winter heating bills affordable.
"Since 2009, PSE&G's residential gas customers have benefitted from steady reductions in the cost of natural gas," Cardenas said. "Annual bills for residential heating customers have dropped about 39 percent as a result. Our close proximity to the abundance of gas supply in the Marcellus Shale Formation in Pennsylvania, plus our transportation and storage capabilities and the way we manage our pipeline contracts, enabled us to seize this opportunity to once again reduce costs for our customers."
In addition to the two-month credit, the utility offers some steps customers can take to reduce their costs even further.
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).
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