New Jersey Natural Gas Announces $10 Million Bill Credit
New Jersey Natural Gas (NJNG), a subsidiary of New Jersey Resources (NYSE: NJR), announced a one-time bill credit of $10 million for residential and small commercial customers, effective from December 1, 2020, to December 31, 2020. This initiative will save an average residential heating customer about $19.31, reflecting an 11.2% decrease on their December bill. The bill credit is facilitated by rate case refunds and lower natural gas prices without impacting NJNG's profitability. This move supports customers during the colder winter months, reinforcing the company's commitment to cost management.
- One-time bill credit of $10 million to customers.
- Average savings of $19.31 per residential heating customer.
- 11.2% reduction in December bills for heating customers.
- No impact on NJNG's profitability due to bill credit.
- None.
WALL, N.J.--(BUSINESS WIRE)--New Jersey Natural Gas (NJNG), the principal subsidiary of New Jersey Resources (NYSE: NJR) today notified the New Jersey Board of Public Utilities (BPU) it will provide residential and small commercial customers with a bill credit totaling
“As we head into the winter months when the weather is typically colder and heating costs higher, we are pleased to provide this bill credit to our customers.” said Steve Westhoven, President and CEO of New Jersey Natural Gas. “We will continue to utilize our market expertise and work to manage costs and identify savings where possible. This is our commitment to our customers.”
NJNG is able to provide a bill credit at this time due to rate case refunds from interstate pipelines and lower natural gas prices. NJNG does not earn a return on the price of natural gas used to serve its customers. This bill credit does not affect NJNG’s profitability.
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 7,500 miles of natural gas transportation and distribution infrastructure to serve over half a million customers in New Jersey’s Monmouth, Ocean, Morris, Middlesex and Burlington counties.
- NJR Clean Energy Ventures invests in, owns and operates solar projects with a total capacity of more than 350 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 ownership of Leaf River Energy Center and the Adelphia Gateway Pipeline Project, as well as our 50 percent equity ownership in the Steckman Ridge natural gas storage facility, and our 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 1,100 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: www.njresources.com.
Follow us on Twitter @NJNaturalGas.
“Like” us on facebook.com/NewJerseyNaturalGas.
