South Jersey Gas Receives NJBPU Approval to Reduce Rates By 5.1%
FOLSOM, NJ, March 27, 2018 – South Jersey Gas, a subsidiary of SJI (NYSE: SJI), received approval from the New Jersey Board of Public Utilities for an interim rate reduction effective April 1, 2018, that will result in an annual savings of $73.13, or 5.1 percent, for the typical residential customer.
This interim reduction ensures that South Jersey Gas customers will receive the appropriate tax benefit from the federal tax reform of 2017 on a timely basis, by lowering the amount of federal tax South Jersey Gas is required to collect within its base rates, as compared to the higher federal tax rate that was in effect prior to the reform. SJG customers can expect to benefit from further rate reductions and/or a bill credit resulting from the federal tax reform upon conclusion of the pending NJBPU regulatory proceeding on or after July 1, 2018, when interim rates will be made final. As a result of this interim rate reduction, a typical residential customer using 1,000 therms a year will see their annual total go from $1,424.48 to $1,351.35.
“Through this rate reduction, we provide the benefits of tax reform to our customers,” said Dave Robbins, president of South Jersey Gas. “South Jersey Gas continues to keep customers first while providing safe, reliable and affordable natural gas.”
Customers can expect to begin seeing the savings in the bills they receive for April consumption.