Savings of 3.6 Percent Expected for Typical Residential Heating
Customers
WALL, N.J.--(BUSINESS WIRE)--May 29, 2018--
New Jersey Natural Gas (NJNG), the regulated subsidiary of New Jersey
Resources (NYSE:NJR), today submitted its annual Basic Gas Supply
Service (BGSS) and Conservation Incentive Program (CIP) filing to the
New Jersey Board of Public Utilities (BPU) seeking an overall decrease
of 3.6 percent for the typical residential heating customers for the
2018-2019 winter heating season. Pending BPU approval, the typical
residential heating customer using 1,000 therms a year would see their
annual bill go from $1,022.54 to $985.84 effective October 1, 2018, a
savings of $36.70.
“Today’s filing reflects the impact of last winter’s cold weather, which
was 13.3 percent colder than the previous year and 1.5 percent colder
than normal,” said Stephen Westhoven, COO of New Jersey Natural Gas. “We
are pleased to provide this rate decrease and pass these savings along
to our customers.”
In its filing, NJNG is seeking a 5.3 percent decrease for the typical
residential heating customer related to its CIP due to the colder
weather experienced this past winter heating season. The CIP normalizes
year-to-year fluctuation from changing weather and usage patterns on
both customers’ bills and NJNG’s financial margins.
NJNG also requested approval to maintain its current BGSS rate and
increase its Balancing Charge resulting in an increase of 1.7 percent.
The BGSS and Balancing Charge recover the costs of natural gas supply
delivered to NJNG’s system to serve its customers and balance deliveries
with customer usage. When combined with CIP, the impact of this filing
is an overall decrease of 3.6 percent.
Earlier this year, NJNG filed for a 1.1 percent increase for the
recovery of costs associated with its New Jersey Reinvestment in System
Enhancement and Safety Acceleration and Facility Enhancement II
programs. If approved by the BPU, this rate adjustment will also go into
effect October 1, 2018. When combined with today’s BGSS and CIP filing,
the savings for the typical residential heating customer using 1,000
therms would go to 2.5 percent annually, or $25.84 a year.
In a separate filing, NJNG is seeking a 1 percent decrease to its
Energy-Efficiency (EE) rate effective January 1, 2019, providing an
additional $10.40 in savings. NJNG’s EE rate recovers costs associated
with offerings through The SAVEGREEN Project®, including
investment in energy-efficient equipment upgrades and whole-house
improvements. Pending regulatory approval, the typical customer using
1,000 therms a year would see their annual bill go from $996.70 to
$986.30.
About New Jersey Resources
New Jersey Resources (NYSE:NJR) is a Fortune 1000 company that,
through its subsidiaries, provides safe and reliable natural gas and
clean 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 over half a million customers in
New Jersey’s Monmouth, Ocean and parts of Morris, Middlesex and
Burlington counties.
- NJR Clean Energy Ventures invests in, owns and operates solar
and onshore wind projects with a total capacity of more than 319
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 physical natural
gas services and customized energy solutions to its 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 its 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 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.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20180529005922/en/
Source: New Jersey Resources
New Jersey Resources
Media:
Michael Kinney,
732-938-1031
mkinney@njresources.com
or
Investors:
Dennis
Puma, 732-938-1229
dpuma@njresources.com