New Jersey Natural Gas Extends Bill Credit Through January 2021; Announces Additional $12.5 Million for Customers

Rhea-AI Summary

New Jersey Natural Gas (NJNG), a subsidiary of New Jersey Resources (NYSE: NJR), announced a $12.5 million bill credit for January, on top of a $10 million credit for December. This totals $22.5 million in savings for customers over two months. The average residential heating customer will save $24.03 in January, resulting in a cumulative savings of $43.34. The additional credit is made possible due to lower natural gas prices and does not impact NJNG's profitability.

NJNG continues to assist customers facing economic challenges by providing access to energy assistance programs.

Positive

• Total customer savings of $22.5 million over two months.
• Typical residential heating customer saves $24.03 in January.
• The additional bill credit does not affect NJNG's profitability.

Negative

• None.

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 of $12.5 million for the month of January. The credit comes on top of a $10 million credit issued for December, a total of $22.5 million delivered to customers over the two-month period.

This one-time additional bill credit will save the typical residential heating customer using 197 therms during the month of January $24.03, or a decrease of 11.3% on their monthly bill.

When combined with the previous credit issued in December, NJNG will have saved the average customer $43.34 over the two-month period.

“With the arrival of winter snowfall and colder temperatures across the state, we are pleased to be able provide another timely bill credit to our customers during the heating season, when bills are typically at their highest,” said Steve Westhoven, President and CEO of New Jersey Natural Gas. “We will continue to utilize our market expertise and prudently manage our costs to identify savings wherever possible for our customers.”

NJNG is able to provide this additional bill credit at this time due to 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.

While delivering this type of direct, broad-based relief benefits all of its customers, NJNG recognizes many customers are still struggling under the economic pressures of the pandemic and has additional resources to help. Any customer who is having trouble paying their bills should contact NJNG to be connected with Energy Assistance programs that can provide other relief, including: deferred payment arrangements, budget plans, utility bill payment assistance, one-time grants, and low- or no-cost energy efficiency programs to reduce consumption and lower bills.

If you or someone you know is a NJNG utility residential customer in need of assistance, call 800-221-0051 and say "energy assistance" at the prompt to speak with an NJNG customer service representative or email us at energyassist@njng.com.

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.
• Storage & Transportation 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.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20201222005462/en/

FAQ

What is the total bill credit offered by NJNG for January 2023?

NJNG is offering a total bill credit of $12.5 million for January 2023.

How much will the average customer save from the January bill credit?

The average residential heating customer will save $24.03 from the January bill credit.

What is the total savings for NJNG customers over December and January?

Customers will save a total of $22.5 million over December and January combined.

How does NJNG support customers struggling to pay their bills?

NJNG offers access to energy assistance programs for customers facing financial difficulties.

Will the January bill credit affect NJNG's profitability?

No, the bill credit does not affect NJNG's profitability as it does not earn a return on the price of natural gas.