New Jersey Natural Gas (NJNG) announced today that it will reduce its Basic Gas Supply Service (BGSS) rates for residential and small commercial customers effective December 1, 2013. In addition, NJNG received approval from the New Jersey Board of Public Utilities (BPU) to adjust its Societal Benefits Charge (SBC) rate. The net effect is an overall 4.3 percent reduction. The typical residential heating customer using 100 therms a month will see their bill go from $115.75 to $110.70, a savings of $5.05. On an annual basis, a residential heating customer using 1,000 therms a year would see their bill go from $1,174 to $1,123.50, a savings of $50.50. “When it comes to our customers, we never stop working to provide safe, reliable, affordable service,” said Laurence M. Downes, chairman and CEO of NJNG. “Thanks to our exceptional team of employees, we were again able to take advantage of our natural gas purchasing and storage strategies and share the savings with our customers. And, as the weather gets colder, this savings will be welcomed news.” Since June 2013, NJNG has implemented a series of BPU-approved rate reductions and adjustments. The net effect of these changes is an annual savings of 4 percent for the typical customer. Combined with today’s reduction, customers will save a total of more than 8 percent, or $99, on their annual bills when compared to prices one year ago. NJNG’s BGSS filing represents the commodity charge passed through to customers based on the company’s cost to acquire natural gas. NJNG is able to reduce its BGSS rates for customers as a result of lower wholesale prices and savings achieved through its natural gas storage and purchasing strategies. Any change in the BGSS does not represent a change in profits to the company. The SBC rate is a monthly charge included in the delivery rate on utility bills and provides funding for state programs such as energy assistance and renewable energy and energy-efficiency initiatives. The change to NJNG’s SBC rate reflects an adjustment to the charge that supports New Jersey’s Clean Energy Program™.
About New Jersey ResourcesNew Jersey Resources (NYSE:NJR) is a Fortune 1000 company that provides safe and reliable natural gas and clean energy services, including transportation, distribution and asset management. With annual revenues in excess of $2 billion, NJR is comprised of five key businesses:
- New Jersey Natural Gas is NJR’s principal subsidiary that operates and maintains 7,000 miles of natural gas transportation and distribution infrastructure to serve approximately half a million customers in New Jersey’s Monmouth, Ocean and parts of Morris and Middlesex counties.
- NJR Clean Energy Ventures invests in, owns and operates solar and onshore wind projects with a total capacity in excess of 56 megawatts, providing residential and commercial customers with low-carbon solutions.
- NJR Energy Services manages a diversified portfolio of natural gas transportation and storage assets and provides physical natural gas services and customized energy solutions to its customers across North America.
- NJR Midstream serves customers from local distributors and producers to electric generators and wholesale marketers through its equity ownership in a natural gas storage facility and a transportation pipeline, both of which are Federal Energy Regulatory Commission, or FERC-regulated investments.
- NJR Home Services provides heating, central air conditioning, standby generators, solar and other indoor and outdoor comfort products to residential homes and businesses throughout New Jersey and serves approximately 121,000 service contract customers.