New Jersey Natural Gas (NJNG) yesterday notified the New Jersey Board of Public Utilities (BPU) that it will provide residential and small commercial customers a one-time Basic Gas Supply Service (BGSS) refund totaling $22.5 million, $8 million of which is from previously announced bill credits.
The one-time refund, a result of lower wholesale natural gas prices, will save an average residential customer approximately $50 and will appear in either May or June NJNG bills.
“Wholesale natural gas prices have remained relatively low in 2010 due to ample supplies and warmer-than-normal weather,” said Kathleen T. Ellis, chief operating officer of NJNG. “As customers turn on their air conditioners and shift spending toward electricity, we are pleased to be able to provide continued price relief.”
NJNG previously announced it would provide bill credits totaling $59 million during the months of February through April; however, due to warmer-than-normal weather, which reduced usage during March and April, only $51 million of the $59 million was applied during that period. The remaining $8 million of the previously announced credit is included with this refund.
The one-time refund will be based on individual customer usage during the months of January through March 2010 and will return $0.1025 per therm used during this period. Customers will see the total amount of their refund in the center of the bill, with a line reflecting the one-time amount. Budget bill customers will also see their refund reflected in either May or June bills.
Totaling both the refund and credits, NJNG has provided customer savings totaling $73 million during 2010. This represents a savings of approximately $162 on the average customer’s natural gas bill.
As always, NJNG will continue to closely monitor conditions in the volatile natural gas market to identify opportunities to manage costs and provide savings to customers.
(YWN Desk – NYC)