NJ regulators slash natural gas prices

September 17, 2009 3:53:26 PM PDT
It will cost New Jerseyans less to heat their homes this winter. The average household will spend $262 to $477 less on natural gas because of falling demand for the fuel.

State utility regulators voted unanimously Wednesday to pass along the savings to consumers from lower wholesale prices through rate cuts. The lower prices take effect immediately It's the silver lining of the worst recession since The Great Depression. Natural gas demand has declined as factories have reduced production and embattled consumers have grown thrifty.

A typical home uses 1,000 therms a year - a therm is a standard measure of heat. PSE&G, the state's largest utility, will charge 89 cents a therm compared with $1.19 in October. The three smaller natural gas utilities in New Jersey adopted even larger reductions.

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