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New Jersey Natural Gas

NEW JERSEY NATURAL GAS SUBMITS ANNUAL FILINGS TO THE NEW JERSEY BOARD OF PUBLIC UTILITIES

05/31/2019 - For Immediate Release

Wall, N.J. — New Jersey Natural Gas (NJNG), the regulated subsidiary of New Jersey Resources (NYSE: NJR), today submitted its annual Basic Gas Supply Service (BGSS), Conservation Incentive Program (CIP) and energy-efficiency program recovery filings to the New Jersey Board of Public Utilities (BPU). The net effect for the typical residential heating customer using 100 therms a month is an increase of 4 percent, or $4.12 per month, driven by last winter’s warmer weather and recovery of NJNG’s energy-efficiency investments. Even with this proposed rate increase, customers’ bills would still be 37 percent lower than 2008.

“Providing our customers with safe and reliable service is our top priority,” said Steve Westhoven, president and COO of New Jersey Natural Gas. “Through our purchasing strategies and energy-efficiency programs, we are committed to helping our customers manage their energy use and costs. We continue to monitor market conditions and look for opportunities that benefit our customers.”

In its filings, NJNG requested a 1.4 percent BGSS decrease and a 2.4 percent Balancing Charge increase on the typical customer bill. The BGSS and Balancing Charge recover the cost of natural gas supply delivered to NJNG’s system to serve its customers and balance deliveries with customer usage. NJNG also requested a 2.5 percent increase related to its CIP, a program designed to help normalize rates for annual weather and usage fluctuations. When combined, the impact of the BGSS and CIP filing is an increase of 3.5 percent.

NJNG’s BGSS filing represents the commodity charge passed through to customers based on the company’s cost to acquire natural gas. Any change to this rate does not result in a change in profits to the company. The CIP normalizes year-to-year fluctuation from changing weather and usage patterns on both customers’ bills and NJNG’s financial margins. This past December to April was 7.6 percent warmer than the same period last year.

In a separate filing, NJNG also is seeking a 0.5 percent increase related to its energy-efficiency rate, which recovers costs associated with The SAVEGREEN Project® offerings, including investment in energy-efficient equipment upgrades and whole-house improvements. Since its inception in 2009, NJNG has invested more than $170 million to assist over 54,000 customers upgrade to energy efficiency and save energy and money.       

Pending BPU approval, the overall 4 percent change would take effect October 1, 2019.

About New Jersey Resources

New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that provides safe and reliable natural gas and renewable energy services, including transportation, distribution, asset management and home services. NJR is composed of five primary businesses: 

  • New Jersey Natural Gas, NJR’s principal subsidiary, operates and maintains over 7,400 miles of natural gas transportation and distribution infrastructure to serve more than half a million customers in New Jersey’s Monmouth, Ocean, Morris, Middlesex and Burlington counties.
  • NJR Clean Energy Ventures is a leading renewable energy company that invests in, owns and operates residential and commercial solar projects with a total capacity in excess of 250 megawatts, providing residential and commercial customers with low carbon solutions.
  • NJR Energy Services manages a diversified portfolio of natural gas transportation and storage assets, and provides customized energy solutions to customers across North America.
  • NJR Midstream serves customers, from local distributors and producers to electric generators and wholesale marketers, through its 50 percent equity ownership in the Steckman Ridge natural gas storage facility and a 20 percent equity interest in the PennEast Pipeline Project.
  • NJR Home Services provides service contracts, as well as heating, central air conditioning, water heaters, standby generators, solar and other indoor and outdoor comfort products to residential homes and businesses throughout New Jersey.

NJR and its more than 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®

For more information about NJR:

Visit www.njresources.com.
Follow us on Twitter @NJNaturalGas.
“Like” us on facebook.com/NewJerseyNaturalGas.
Download our free NJR investor relations app for iPad, iPhone and Android.

 


Contact:

Michael Kinney, Media
732-938-1031

Dennis Puma, Investor
732-938-1229

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