December 18, 2013
SJG TO PROVIDE $12 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 $12 million to its customers. This means an average residential customer who buys their natural gas from SJG will receive a credit of approximately $38 on their January bill. SJG is able to offer the BGSS bill credit as a result of consistent lower wholesale natural gas prices and the overall management of the company`s gas supply portfolio.
SJG has reduced rates by 9.4 percent over the last three years and provided $53 million of bill credits to its customers. These rate adjustments have caused customer bills to be as low as they were a decade ago.
"With the availability and close proximity of Marcellus Shale gas to our service area, natural gas prices continue to remain low, which provides us with the ability to offer this bill credit. 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 (SJI), provides natural gas utility service to over 357,000 residential, commercial and industrial customers in Atlantic, Cape May, Cumberland, Salem, and significant portions of Gloucester, Burlington and Camden counties in New Jersey. Visit www.southjerseygas.com for more details about the company and its programs. Find us on facebook at facebook.com/southjerseygas and on twitter @southjerseygas.
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