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TagsBY BOB HOLT
NEWJERSEYNEWSROOM.COM
The wholesale prices of natural gas are declining, and New Jersey Natural Gas is passing along the savings to its customers.
According to Market Watch, the company has notified the state Board of Public Utilities that it will implement a bill credit totaling $71.2 million for natural gas used between December 1, 2011 and January 31, 2012 for its customers. The average customer is expected to save around 37 percent of their bill, or $160 during that time.
Laurence M. Downes, chairman of NJNG said, "As the weather outside turns colder, this bill credit will provide some welcomed relief to our customers when heating costs are typically at their highest."
The Asbury Park Press reports NJNG was able to reduce customers’ bills by 9.3 percent in October as a result of the decrease in natural gas prices. The company was also aided by the improvements it made in its meter reading, moving those to once a month.
According to njng.com, New Jersey Natural Gas is a subsidiary of New Jersey Resources, a Fortune 1000 company, which supplies energy and natural gas services in states from the Gulf Coast to the New England area. In the J.D. Power and Associates 2011 Gas Utility Residential Customer Satisfaction Study, New Jersey Natural Gas scored the highest in the eastern United States amongst large utilities. They currently serve 495,000 customers in Monmouth, Ocean and Morris counties.
