There’s good news for Public Service Electric and Gas Co.’s residential gas customers: Starting next month your rates are coming down.
The change will take effect Oct. 1, lowering the residential customer rate from 37 cents to 35 cents per therm.
PSE&G made the announcement Monday after receiving provisional approval for the decrease from the New Jersey Board of Public Utilities, based upon the company’s June gas supply filing.
According to PSE&G, lower overall gas prices and high gas production levels have created lush supplies that help account for the savings.
“We are pleased we can offer further reductions during the months when gas usage is typically higher,” company Vice President Jorge Cardenas said in a release, adding a typical PSE&G customer today pays about $844 less annually than in 2008.
The NJ BPU also granted PSE&G approval to increase its balancing charge from 9 cents to 10 cents per therm. The charge adjusts for differences between the amount of gas delivered for a customer daily versus the amount used.