PSE&G Lowering Gas Bills by 4%, Effective October 1
Lower commodity prices enabling a third decrease this year
(NEWARK, N.J. – Sept. 27, 2023) PSE&G announced today that we are lowering gas bills for our residential customers, effective October 1, 2023.
“We continue to work hard to deliver affordable, high quality, safe services while helping our customers manage their energy use and costs,” said Dave Johnson, vice president Customer Care & Chief Customer Officer. “We’re pleased that we will have the lowest gas bills in the state as we complete our third gas supply price reduction for residential customers this year.”
Residential natural gas rates
Following New Jersey Board of Public Utilities approval this week, the Basic Gas Supply Service (BGSS) rate is being reduced by a little over 7 cents per therm to approximately 39.7 cents per therm – reflecting a decrease in natural gas market pricing. The BGSS rate reflects the actual cost utilities pay for natural gas, and utilities do not make any money on the supply charge.
This reduction, together with a reduction in the Balancing Charge rate, offsets an increase in the Conservation Incentive Program (CIP) charge, which is designed to normalize rates due to weather and usage fluctuations. A typical PSE&G residential customer will realize a net 4% average monthly bill reduction.
A PSE&G residential customer who uses 100 therms per month will have an average monthly gas bill of about $106, or $4 less than it is now. When added to the February 1 and March 1 gas supply rate reductions and other changes, PSE&G will have reduced average monthly gas bills by approximately $23 or 18% during 2023.
PSE&G has maintained low gas rates despite market price fluctuations. The typical PSE&G residential gas customer's bill will be approximately 35% lower than in 2008 and approximately 49% lower when allowing for inflation.
Customers who are struggling to pay bills are encouraged to take advantage of all available assistance including LIHEAP and the New Jersey Universal Service Fund. PSE&G played a big role in helping 220,000 customers in need receive over $450 million in payment assistance funds in 2022 through state and federal programs, and similar efforts continue this year. Information on payment assistance programs is available here.
We also encourage customers to take advantage of our energy efficiency programs, tips and tools to help reduce energy use and manage monthly bills.
PSE&G customers also can enroll in our Equal Payment Plan (EPP) to manage energy costs and avoid seasonal fluctuations. The EPP divides the total cost of your energy use into equal monthly payments, making energy bills more predictable.
Customers who have other concerns about their PSE&G bills should contact us via pseg.com/myaccount, PSE&G mobile app or by calling 1-800-436-PSEG (7734).
Public Service Electric & Gas Co. is New Jersey’s oldest and largest gas and electric delivery public utility, as well as one of the nation’s largest utilities. PSE&G is the 2022 Edison Award recipient from the Edison Electric Institute. PSE&G has won the ReliabilityOne® Award for superior electric system reliability in the Mid-Atlantic region for 21 consecutive years. For the second consecutive year, PSE&G is the recipient of the ENERGY STAR Partner of the Year award in the Energy Efficiency Program Delivery category. In addition, J.D. Power named PSE&G number one in customer satisfaction for both Residential Electric and Natural Gas Service in the East among Large Utilities.