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New Jersey Natural Seeks 4.2% Rate Hike for Basic Gas Service

New Jersey Natural Gas (NJNG), a subsidiary of New Jersey Resources, on Wednesday asked the state's regulators for a 4.2% hike in the price for basic gas supply service (BGSS).

The Wall, NJ-based utility said the sought-after rate increase was based on higher wholesale natural gas prices, which it estimated have risen by 12% since its last BGSS filing a year ago.

Meanwhile, NJNG Chairman Laurence M. Downes noted the utility has taken steps to reduce the burden of high gas costs on its customers. "By...managing our storage contracts and effectively minimizing price risk, we have saved our customers about $36 million in natural gas costs during the last heating season," he said in a prepared statement.

In addition, programs developed by the New Jersey Board of Public Utilities and the Division of the Ratepayer Advocate have helped NJNG customers save nearly $256 million since their inception in 1992, or approximately 4% on their bills each year, according to the utility.

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