Boston, MA 06/05/2014 (wallstreetpr) – Public Service Enterprise Group Inc. (NYSE:PEG) said that its subsidiary- Public Service Electric and Gas Company or PSE&G proposed to bring down the residential natural gas bills by nearly 9% in this coming winter. If the proposed plan is implemented, it would lead to a saving of almost $15 in winters and $100 on a yearly basis for the customers.
Cutting the Basic Gas Supply Rate
The Public Service Electric and Gas Company in the annual filing with the New Jersey Board of Public Utilities said that it was planning to cut down the basic gas supply rate by the deadline of coming winters. The company proposed to bring down this rate from 54 cents to 45 cents. If applied; this would be the lowest ever rate in the period of 14 years.
Benefit to the customers
With the reduction of the basic gas supply rate, residential heating customer who makes use of 160 therms in the cold climate and a total of 1050 therms annually would be able to witness a reduced bill from $1084.74 to $987.96. at the same time, the monthly bill in the winter would be reduced from $164.92 to $150.17, leading to a saving of $14.75. The new rates would be applicable from October 1, 2014.
Statement from the Vice President of Asset Management and Centralised Services, PSE&G
The Vice President of Asset Management and Centralised Services, Public Service Enterprise Group Inc. (NYSE:PEG), Jorge Cardenas said that the company was glad to introduce lower gas bills for the customers. The Vice President said that the residential gas customers experienced benefits from various rates decreases since January 2009. He explained that the customers have already enjoyed months of bill credits in this winter, and this allowed a typical customer to save around $173 since November 2013. He said that the company managed the storage agreements as well as gas pipeline portfolio in order to bring down the costs for residential customers and keep the bills affordable during winters.
