New Jersey Natural Gas
NEW JERSEY NATURAL GAS TO IMPLEMENT $30 MILLION BILL CREDIT FOR JANUARY AND FEBRUARY
12/17/2008 - For Immediate Release“The financial markets have given people little to cheer about this holiday season,” said Laurence M. Downes, chairman and CEO of NJNG. “With the economy continuing to struggle, we understand that families are concerned about their finances and we are pleased that market prices for natural gas have declined and permit us to implement this bill credit immediately to bring relief to our customers over the winter months, when heating costs are typically at their highest. We will continue to monitor the market on a daily basis and look for ways to help reduce the impact of high prices for our customers.”
The bill credit will save customers approximately 20 cents per therm and will be based on each customer’s usage during the two months it is in effect. A typical residential customer using 351 therms over the 2-month period will receive a credit of approximately $70.
In October, NJNG received approval from the BPU to adjust its rates to cover the cost of obtaining the natural gas necessary to meet customers’ needs. This adjustment was a direct result of the cost to purchase natural gas, and does not impact the company’s earnings. NJNG is able to offer a bill credit to customers as a result of recent lower wholesale natural gas prices and the constructive regulatory structure administered by the BPU.
The natural gas commodity market remains extremely volatile with wholesale prices experiencing significant swings in short periods of time. NJNG will continue to monitor market conditions and assess whether or not additional rate relief may be applicable at a later date. As it is unknown what market prices will do for the remainder of the winter, a bill credit is an effective way for the utility to provide immediate relief to its customers.
To help customers manage their energy costs, NJNG offers a Budget Plan that allows customers to spread their anticipated natural gas payments over a 12-month period at no additional cost. Additionally, through Conserve to Preserve®, NJNG provides a variety of tools and information to enable customers to reduce their energy bills and save money. Numerous resources and special offers are available on NJNG’s Web site, www.njng.com, including energy-savings tips, information on energy-efficiency upgrades and energy assistance programs.
New Jersey Natural Gas (NJNG) is the principal subsidiary of New Jersey Resources (NYSE: NJR), a Fortune 1000 company. NJNG serves more than 483,000 customers in New Jersey’s Monmouth, Ocean, Middlesex and Morris counties. This service area’s demographics and quality of life contribute greatly to NJNG’s growth. NJNG’s progress is a tribute to the dedicated employees who have shared their expertise and focus on quality through more than 50 years of serving customers and the community to make the company a leader in the competitive energy marketplace. For more information, visit NJNG’s Web site at www.njng.com.
Contact:
Michael Kinney, Media
732-938-1031
Dennis Puma, Investors
732-938-1229
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