31%

October 24, 2014 | Number of The Day
PSEG will credit customers another 31 percent reduction on gas bills this winter due to lower natural gas prices

For the second time this year, PSEG has announced it will credit customers on their winter gas bills due to newly found natural gas deposits in the nearby Pennsylvania Marcellus Shale. The state’s largest energy supplier said it will cut the average residential gas heating bill by 31 percent this winter — and this is in addition to a previously announced 9 percent reduction that was put into effect in October.

PSEG said the reduction would depend on meter-reading schedules, but many customers will see some of the credit in November, December, and January with the remainder coming in February. The average customer will see a total credit of approximately $118 for the three months.

According to the company, PSEG makes no profit on the sale of natural gas and passes along what it pays to its customers. Costs of natural gas account for about half of a customer’s monthly bill.