Looking to provide its customers with additional relief from high natural gas prices, New Jersey Natural Gas (NJNG) said last week that the Basic Gas Supply Service (BGSS) bill credit applied in February will be extended through April.
After closely monitoring the natural gas market's impact on purchased gas costs since implementing a temporary BGSS bill credit in February, NJNG decided to extend customers' savings. The bill credit, originally announced in late January, brought immediate relief to customers during the winter heating months when bills typically are the highest.
"Through constant tracking of the natural gas market, we determined the credit could be extended to provide additional relief for our customers," said NJNG CEO Laurence M. Downes. "This is just another one of the many ways we have tried to help our customers manage costs in this higher price environment."
Under the extended plan, residential and small commercial customers will continue to receive a credit of approximately 19 cents per therm based on usage through April 30. A typical residential customer using 103 therms during this period will see savings of approximately $19. This is in addition to the bill credit of approximately $61 customers received for the months of February and March.
NJNG said winter weather has continued to be warmer-than-normal, with temperatures reaching over 70 degrees in the company's service area over the last week. With lower demands for natural gas nationally, the cost of wholesale natural gas has fallen significantly from the record prices experienced last fall. NJNG said the lower wholesale prices enable it to extend this savings to customers.
"The natural gas commodity market, however, remains volatile and the company will continue to monitor the market on an ongoing basis to assess whether any additional pricing changes may be appropriate at a later date," the company said. "NJNG will also address the BGSS price in its annual filing with the New Jersey Board of Public Utilities on June 1."
As a subsidiary of New Jersey Resources, NJNG serves more than 462,000 customers in New Jersey's Monmouth, Ocean, Middlesex and Morris counties.
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