PSE&G customers to see gas rate hike

October 3, 2008 5:34:14 PM PDT
Many New Jerseyans will pay more for gas to heat their homes this winter. New Jersey's Board of Public Utilities on Friday approved a request by Public Service Electric & Gas to raise its natural gas supply rate by 14.3 percent for residential customers.

New Jersey Natural Gas also received approval to raise rates. It got permission to adjust both its base rate and supply rate. Average customers using 100 therms will see their bills increase 12.5 percent overall.

The average PSE&G customer who uses 100 therms per month will pay about $20 more per month this winter. The average NJNG customer will pay about $19 more per month.

Both companies said the increase was necessary because wholesale prices have risen dramatically over the past few years. However, NJNG said its supply service increase is lower than what it had requested in late May because natural gas prices declined over the summer months.

PSE&G, the state's largest utility, serves nearly three-quarters of the state's population. It last raised its natural gas supply rate for residential customers in 2005.

NJNG serves nearly 500,000 customers in Monmouth, Ocean, Middlesex and Morris counties. The company said the increase in its base rate is the first in more than 14 years.

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