NJNG Announces Rate Decrease

New Jersey Natural Gas announced Friday that it is lowering its basic gas supply service rate for home and business customers. 

The typical residential heating customer will save about $50 a year from the 4.3% rate decrease, which comes from lower wholesale prices and efficiencies in its natural gas storage and purchasing strategies, the company said.  The decrease was also due to a BPU-approved adjustment in the monthly Societal Benefits Charge (SBC) rate. 

The decrease takes effect December 1. 

“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," said Laurence M. Downes, chairman and CEO of NJNG, in a statement. "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 utility said the net effect of these changes is an annual savings of 4 percent for the typical customer. Combined with today’s reduction, NJNG says its customers will save a total of more than 8 percent, or $99, on their annual bills when compared to prices one year ago.