PSE&G Extends Residential Gas Bill Credits through April

Typical Residential Gas Customers to Save $236 since November 2014

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Public Service Electric and Gas (PSE&G)

Mar 24, 2015, 12:58 ET

NEWARK, N.J., March 24, 2015 /PRNewswire/ -- Public Service Electric and Gas (PSE&G), New Jersey's largest gas and electric utility, announced that it is extending bill credits through April 30 for its residential gas heating customers -- cutting the average April bill for the typical residential gas customer by about 32 percent. The April bill credit is an extension of the bill credits PSE&G provided for residential gas usage for the past five months -- November through March.

Low-cost shale gas has made heating homes more affordable this winter. PSE&G passes those savings onto customers through bill credits.

With these credits, a typical residential PSE&G customer using 842 therms from Nov. 1, 2014 through April 30, 2015, would see a total credit of $236 for a savings of about 31 percent on their gas bill over this six-month period. In addition to these bill credit savings, on Oct. 1, 2014 the utility lowered the supply cost per therm to 45 cents from 54 cents per therm -- its lowest rate in 14 years.

"This winter, PSE&G experienced four of its top five peak days ever for gas delivery," said Jorge Cardenas, PSE&G vice president of asset management and centralized services. "Despite the low temperatures and high demand for gas, the continued availability of low-cost shale gas made heating our homes more affordable. Extending bill credits through April means our customers will continue to realize savings well into spring."

Since January of 2009, reductions in the cost of gas supply have lowered bills 44 percent, for an annual savings of $741 for PSE&G's current typical residential gas heating customer. In addition to these reductions, since 2012 PSE&G has issued a number of bill credits that reduced customers' supply portion of their bills by a total of $433.

Public Service Electric and Gas Company (PSE&G) is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE:PEG), a diversified energy company (www.pseg.com).

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SOURCE Public Service Electric and Gas (PSE&G)