Millions of New Jerseyans’ energy bills will soon spike by as much as 25% as winter approaches.
The state Board of Public Utilities unanimously approved the rate hikes for natural gas on Wednesday after companies argued its rising cost forced them to raise prices for their customers up and down the state.
Customer bills are split between the delivery charge and the Basic Gas Supply Service. The supply service rate is based on the cost of natural gas as a commodity, officials said.
The new rates will go into effect starting Oct. 1.
The state’s largest utility, PSE&G, which has 2.4 million customers, sought and was given a nearly 25% rate increase for its customers. PSE&G has 1.9 million gas customers.
“The rate increase responds to the 200% increase in natural gas prices,” PSE&G spokeswoman Lauren Ugorji said in a statement.
“World events and increased demand have led to significant volatility in the natural gas commodity markets, putting upward pressure on the supply charge,” she said. “The ... (increased) rate reflects the actual cost utilities pay for natural gas, and utilities do not make any money on the supply charge.”
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September 10, 2022 at 03:52AM
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Energy bills for millions of N.J. gas customers will soon soar by as much as 25% - NJ.com
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