This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

New Jersey Natural Gas Submits Annual Filings To The New Jersey Board Of Public Utilities

Stocks in this article: NJR

New Jersey Natural Gas (NJNG) today submitted a filing to the New Jersey Board of Public Utilities (BPU) seeking a change to its Conservation Incentive Program (CIP) rate for residential and small commercial heating customers. The result is an anticipated increase of 2.4 percent to customers’ total bills, effective October 1, 2012.

“In April we implemented a rate decrease that allowed us to immediately provide savings to our customers. During the past 12 months alone, they have benefitted from approximately $220 in total savings on their energy bill,” said Laurence M. Downes, chairman and CEO of New Jersey Natural Gas. “We remain focused on delivering affordable energy solutions and will continue to look for opportunities to provide savings to our customers.”

The CIP is designed to promote conservation and energy-efficiency practices, while normalizing year-to-year fluctuations from changing weather and usage patterns on both NJNG’s financial margins and customers’ bills. Since October, NJNG has experienced significantly warmer weather, with temperatures 21 percent above normal. The anticipated rate increase is for the recovery of the deficiency associated with the reduced customer usage due to milder weather. Such adjustments are reflected in NJNG’s delivery rate, which is the cost of delivering natural gas service to homes and businesses. This cost is primarily fixed in nature and does not change with weather conditions.

Since its inception through April 30, 2012, CIP has helped NJNG customers realize aggregate cost savings of $222 million, and $20.8 million from October 2011 to April 2012, alone. Furthermore, customers will continue to receive annual savings of over $13 million in fixed-cost reductions as a result of lower demand fee charges.

Moreover, NJNG proposed to maintain its current Basic Gas Supply Service (BGSS) rate, which has been in effect since April 1, 2012 and provided a 3.6 percent decrease to the average residential heating customer’s overall bill. The price reduction was in addition to the $90.7 million in bill credits issued to residential and small commercial customers during the past winter, which equates to $207 for the average residential heating customer.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,810.06 +91.06 0.51%
S&P 500 2,063.50 +10.75 0.52%
NASDAQ 4,712.97 +11.1030 0.24%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs