(NEWARK, N.J. – May 31, 2024) PSE&G today filed proposals with the New Jersey Board of Public Utilities (BPU) that will lower gas bills for its residential customers by 6.1%, effective Oct. 1, 2024.

“This is an opportunity to lower our gas supply rate, providing our customers with a little bill relief and helping to maintain affordability,” said Dave Johnson, vice president Customer Care & Chief Customer Officer. “We’re pleased that we will continue to have one of the lowest gas rates in the state.”

Residential natural gas rates

If approved by the BPU, the Basic Gas Supply Service (BGSS) rate will be reduced by almost 7 cents per therm to approximately 32.8 cents per therm. The BGSS rate reflects the actual cost utilities pay for natural gas, and utilities do not make any money on the supply charge.

The proposed reduction to the BGSS rate and small increase to the Balancing Charge rate will result in an overall customer bill reduction. If the BPU approves the filed proposal, PSE&G's gas bills would be one of the lowest in the state and typical residential customers would realize a net 6.1% average monthly bill reduction.

A PSE&G residential customer who uses an average of 100 therms per month will have a monthly gas bill of about $102.70, or $6.75 less than it is now. PSE&G has maintained low gas rates despite market price fluctuations, with our gas rates being one of the lowest in the state for over 15 years. The typical PSE&G residential gas customer's bill will be approximately 33% lower than in 2008 and approximately 48% lower when allowing for inflation.

Payment assistance

Customers who need assistance to pay bills are encouraged to take advantage of all available assistance programs including LIHEAP and the New Jersey Universal Service Fund. Our Payment Assistance Outreach team is committed to ensuring that customers are educated about payment assistance and energy efficiency programs through customer communications, community partnerships and community events. Last year, we supported over 100 community events including program sign-ups and education/training sessions. Each year, we also send numerous messages reminding millions of customers of available assistance programs. In 2023, over 200,000 of our customers received energy assistance, totaling $218 million. Through the Fresh Start Program, $92 million in outstanding balances were forgiven.

Information on payment assistance programs is available at pseg.com/help.

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).

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PSE&G
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 22 consecutive years. For the third 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, in 2023 J.D. Power named PSE&G number one in customer satisfaction with residential and business electric service in the east among large utilities. PSE&G is a subsidiary of Public Service Enterprise Group Inc., (PSEG) (NYSE:PEG), a predominantly regulated infrastructure company focused on a clean energy future and has been named to the Dow Jones Sustainability Index for North America for 16 consecutive years (www.pseg.com).

This release contains forward-looking information. Actual results may differ from those anticipated. Information describing the significant factors that could cause results to differ from those anticipated are described in Public Service Enterprise Group’s filings with the SEC, which are available on our website https://investor.pseg.com. 

From time to time, PSEG and PSE&G release important information via postings on their corporate Investor Relations website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the Investor Relations website to review new postings.  You can sign up for automatic email alerts regarding new postings at the bottom of the webpage at https://investor.pseg.com or by navigating to the Email Alerts webpage.