New Jersey Board of Public Utilities Approves Rate Changes for South Jersey Gas; Overall Bill Decrease for Customers
South Jersey Gas, a subsidiary of SJI (NYSE: SJI), has received approval from the New Jersey Board of Public Utilities for changes to its rates, effective October 1. These changes will result in a $0.14 decrease in the average customer's monthly bill. The settlement allows for a $39.5 million increase in annual revenues from base rates with a 9.6% return on equity. The adjustments reflect investments in infrastructure improvements to enhance the safety and reliability of the natural gas distribution system.
- Approval for rate changes leading to a $0.14 monthly bill decrease for average customers.
- Annual revenue increase of $39.5 million from base rates.
- Return on equity set at 9.6%, indicating strong profitability.
- None.
Atlantic City, Sept. 23, 2020 (GLOBE NEWSWIRE) -- Media Contact: 609-561-9000 x4496
Media@sjindustries.com
FOR IMMEDIATE RELEASE
New Jersey Board of Public Utilities Approves Rate Changes for South Jersey Gas; Overall Bill Decrease for Customers
ATLANTIC CITY, N.J. – September 23, 2020 – South Jersey Gas, subsidiary of SJI (NYSE: SJI), today announced that the New Jersey Board of Public Utilities (NJBPU) approved changes to its base rates, as well as other rates including those related to the Company’s accelerated infrastructure programs. These rate changes, combined with those related to the Company’s Basic Gas Supply Service and Conservation Incentive Program rates approved earlier this month are effective October 1 and result in a
The base rate change recognizes the investments made since the prior rate case in 2017 to improve the customer experience and enhance the safety, reliability and resiliency of the company’s natural gas distribution system. These improvements include the replacement of aging mains, installation of new mains to meet growing demand and expenditures to ensure compliance with state and federal system and safety regulations.
With this settlement, South Jersey Gas annual revenues from base rates will increase by
“Our customers depend on us to deliver safe, reliable, affordable natural gas to heat their homes and run their businesses,” said Melissa Orsen, President and Chief Operations Officer, South Jersey Gas. “The investments we’ve made help us to continue to safely meet customer needs, while upholding our commitment to superior service at reasonable rates.”
“As we continue to navigate the COVID-19 Pandemic, this is more important than ever – we are proud to deliver the quality service our customers expect and deserve, without sacrificing affordability,” added Orsen.
Customers experiencing difficulty paying their bills, including customers financially impacted by the COVID-19 pandemic, are encouraged to contact South Jersey Gas to determine their eligibility for energy assistance programs and deferred payment arrangements. For additional details on these programs, including eligibility requirements, visit southjerseygas.com/energyassistance.
About South Jersey Gas
South Jersey Gas, subsidiary of SJI (NYSE:SJI), delivers safe, reliable, affordable natural gas and promotes energy efficiency to more than 400,000 residential, commercial and industrial customers in Atlantic, Cape May, Cumberland, Salem, and portions of Gloucester, Burlington and Camden counties in New Jersey. For more information, visit southjerseygas.com.
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