Following a September announcement by Public Service Electric and Gas (PSE&G) that it would reduce its basic gas supply rate to 40 cents per therm from 45 cents per therm, effective October 1; the Newark-based utility revealed just in time for Thanksgiving that it would provide bill credits of about 30 percent during the months of December, January and February for a typical residential gas heating customer.
Indeed, PSE&G – the largest utility in the Garden State – estimates that homeowners in its service territory will see a total bill credit of approximately $124 during the coldest months of the year.
Including this winter’s latest bill credits, since January 2009, annual bills for PSE&G’s typical residential gas heating customers have been reduced by about 55 percent -- or $916 -- the utility said; noting that its gas supply rate is at its lowest in 15 years.
“I can’t think of any other commodity that costs 55 percent less today than it did in 2009,” said PSE&G VP of Asset Management and Centralized Services Jorge Cardenas, adding, “Falling natural gas prices, our transportation and storage capabilities, and the way we manage our contracts have enabled us to pass these savings along to our customers as the temperature drops.”
