PSE&G reaches agreement for keeping residential customer bills stable
If an administrative law judge approves an agreement filed between PSE&G, the New Jersey Board of Public Utilities (BPU) and other parties, residential customers could see bills stabilize at a rate 30 percent lower than customers paid in 2008.
“We are pleased to have reached this agreement, and appreciate the efforts of BPU Staff, Rate Counsel, and all parties in the case to arrive at this outcome,” Dave Daly, PSE&G president and COO, said. “This agreement is certainly good news for our customers, who continue to benefit from our strong efforts to control costs as well as the lower taxes PSE&G is now paying. We’re also pleased that we can keep bills essentially flat and at levels that are about 30 percent lower than they were a decade ago, and more than 40 percent lower when adjusted for inflation.”
If approved by the BPU following the judicial review, the new rates would become effective as of November 1. It would reduce annual revenues for the company by $13 million, following an assessment that factored in an additional $212 million for annual revenues and deferred recovery of storm costs against a return of $225 million to customers as part of tax savings.
The average residential customer can expect a reduction of 0.1 percent, or nearly $2 less per year. Commercial and industrial electric customers will not see any change at all, while gas customers will see an average 1-2 percent reduction.
