New Jersey Natural Gas Lowers Rates for 500,000 Customers, Providing Savings of Almost $100M

WALL, N.J. -- "New Jersey Natural Gas (NJNG) today notified the New Jersey Board of Public Utilities (BPU) that it will implement a decrease to its Basic Gas Supply Service (BGSS) rate that reduces the average residential heating customer’s bill by 3.6 percent and provide a bill credit, totaling $11.8 million, for residential and small commercial customers. These savings come in addition to the bill credits NJNG provided in December, January and February. Over the four-month period, customers will have saved a total of $94 million."

“As a result of continued lower wholesale natural gas prices and the warmer-than-normal winter, we are pleased to provide our customers with these additional savings,” said Laurence M. Downes, chairman and CEO of New Jersey Natural Gas. “When it seems as though the cost for just about everything continues to go up, these savings represent good news and welcome relief for our customers. As always, we will continue to monitor the natural gas markets and make every effort to identify savings for our customers.”


Related Commentary from Scott Grannis:

[Falling natural gas prices] is the biggest thing that is changing in the U.S. economy these days. Not only is the price of natural gas declining significantly, but it is getting cheaper relative to crude oil by leaps and bounds. It's probably impossible to imagine all the ramifications of this for the U.S. economy, but they are surely going to be very significant. When a relatively clean source of energy becomes suddenly abundant and extremely cheap, it is bound to be disruptive in more ways than one can imagine, and it is bound to result in a stronger economy in ways that we have yet to imagine. If there is any reason to be optimistic about the future of the U.S. economy, this is arguably the best.

Read more here: http://www.sunherald.com/2012/03/09/3806774/new-jersey-natural-gas-announces.html#storylink=cpy

Read more here: http://www.sunherald.com/2012/03/09/3806774/new-jersey-natural-gas-announces.html#storylink=cpy