WALL, N.J.--(BUSINESS WIRE)--New Jersey Natural Gas (NJNG) today notified the New Jersey Board of Public Utilities (BPU) it will implement a bill credit, totaling $76 million, to residential and small commercial customers. Larger than previously announced, the credit will be in effect for natural gas usage between November 1, 2015 and February 29, 2016, and is expected to save the average customer approximately 28 percent on their heating bills during this time. This translates to an overall 17 percent reduction to the average customer’s bill on an annual basis.
“As we head into the winter heating season and the weather turns colder, we are pleased to pass along these savings to our customers,” said Laurence M. Downes, chairman and CEO of New Jersey Natural Gas. “Driven by lower wholesale natural gas costs, these savings represent good news for customers, and will be a welcome benefit during the months when natural gas usage and corresponding bills are typically at their highest.”
The average residential heating customer, using 629 therms over the four-month period, will see a total credit of approximately $166. The bill credit will be $0.264 per therm during the time it is in effect. The amount of savings will vary based on each customer’s individual usage.
In June 2015, NJNG announced that it would be issuing a bill credit of $63.7 million. The utility is able to increase the amount of the bill credit to customers due to a decline in wholesale natural gas prices. NJNG will continue to monitor market conditions and look for ways to manage costs and provide savings to customers.
About New Jersey Resources
New Jersey Resources (NYSE:NJR) is a Fortune 1000 company that provides safe and reliable natural gas and clean energy services, including transportation, distribution and asset management. With annual revenues in excess of $3 billion, NJR is comprised of five primary businesses:
- New Jersey Natural Gas is NJR’s principal subsidiary that operates and maintains over 7,000 miles of natural gas transportation and distribution infrastructure to serve over half a million customers in New Jersey’s Monmouth, Ocean and parts of Morris and Middlesex counties.
- NJR Energy Services manages a diversified portfolio of natural gas transportation and storage assets and provides physical natural gas services to its customers across North America.
- NJR Clean Energy Ventures invests in, owns and operates solar and onshore wind projects with a total capacity of over 130 megawatts, providing residential and commercial customers with low-carbon solutions.
- NJR Midstream serves customers from local distributors and producers to electric generators and wholesale marketers through its equity ownership in a natural gas storage facility and its stake in Dominion Midstream Partners, L.P.
- NJR Home Services provides heating, central air conditioning, standby generators, solar and other indoor and outdoor comfort products to residential homes and businesses throughout New Jersey and serves approximately 117,000 service contract customers.
NJR and its nearly 1,000 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve® and initiatives such as The SAVEGREEN Project® and The Sunlight Advantage®.
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