Another state-regulated company has announced it will steer some anticipated tax savings toward its customers.
New Jersey Natural Gas, a unit of New Jersey Resources (NYSE: NJR), told the New Jersey Board of Public Utilities it will pass along to customers certain benefits tied to the recently passed federal tax reforms.
NJNG said Friday its move will reduce customers’ rates by a collective $21 million, effective April 1. That amounts to a $31, or 3 percent, reduction in the annual cost of service for a “typical” residential heating customer, the Wall, N.J.-based company said.
NJNG also will give a one-time refund to customers totaling approximately $31 million. That’s a $47 savings for a typical residential heat customer, with refunds to be reflected in customers’ May or June bills.
“Our top priority is to ensure we deliver safe, reliable and affordable service to our customers,” New Jersey Resources chairman and CEO Laurence Downes said in a statement. “We are pleased to pass along the benefits of tax reform to our customers through lower energy bills.”
On Wednesday, Horizon Blue Cross Blue Shield of New Jersey will invest part of the $550 million in its anticipated federal tax savings during the next five years into behavioral health efforts to fight opioid addiction. The company said it may also use some funds to contain health care premiums and is working with the state’s Department of Banking and Insurance to identify ways in which it can improve programs and create initiatives for benefiting policy holders.