Public Service Electric and Gas, New Jersey's largest utility, announced Thursday that it will extend a bill credit for residential gas customers next month, saving about $40 on their bills for March usage.
PSE&G said it was able to leverage its pipeline and storage capacity to buy Marcellus Shale natural gas at below-market prices. It's required to pass the savings along to customers.
The current bill credit of 25 cents per therm, including taxes, will keep the gas supply rate reduced from 54 cents to about 29 cents per therm for usage in March. A typical residential heating customer using 160 therms would see a one-month bill reduction from $164.97 to $124.97.