FOR IMMEDIATE RELEASE
Investor Relations Contact: Marissa Travaline x4227, firstname.lastname@example.org
Media Contact: Dan Lockwood x4108, email@example.com
December 16, 2015
SJG TO PROVIDE $20 MILLION BILL CREDIT TO CUSTOMERS
FOLSOM - South Jersey Gas has notified the New Jersey Board of Public Utilities that it will provide a bill credit of approximately $20 million to its residential and small commercial customers. This means an average residential customer who buys their natural gas from SJG will receive a credit of approximately $58 on their January bill. SJG is able to offer the BGSS bill credit as a result of consistently lower wholesale natural gas prices and the overall management of the company's gas supply portfolio.
This bill credit is in addition to an overall rate reduction of 10.3 percent that was approved by the NJBPU and took effect in early October. That reduction was primarily driven by decreases to the company's Basic Gas Supply Service and Conservation Incentive Program rate components.
"With the availability and close proximity of Marcellus Shale gas to our service area, wholesale natural gas prices have steadily declined and remain low, providing us with the ability to offer this bill credit to our customers. We're very pleased that we are able to provide our customers a reduced bill during a colder month when heating costs tend to be higher due to increased usage," said Jeffrey E. DuBois, president of South Jersey Gas.
The BGSS clause serves as a method to pass along increases or decreases in gas costs to customers; therefore, SJG's income is not affected by BGSS rate adjustments or credits.
South Jersey Gas, subsidiary of energy services holding company South Jersey Industries (NYSE:SJI), provides natural gas service to approximately 370,000 residential, commercial and industrial customers in Atlantic, Cape May, Cumberland, Salem, and significant portions of Gloucester, Burlington and Camden counties in New Jersey. Visit http://www.southjerseygas.com to learn more about South Jersey Gas and its programs.
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: South Jersey Industries via Globenewswire
Source: Thomson Reuters ONE
(December 16, 2015 - 2:08 PM EST)
News by QuoteMedia