Utility Won't Increase Default Service Rate As Initially Forecast, Due To Changed Market Conditions

New Jersey Natural Gas (NJNG) will maintain its current Basic Gas Supply Service (BGSS) rate of of $0.3654 per therm for the period starting October 1, rather than increasing the rate by about 4¢/therm as initially requested

In its annual BGSS filing, NJNG had in June 2017 proposed to increase its periodic BGSS rate for sales customers from its current after-tax level of $0.3654 per therm ($0.3419 per therm pre-tax) to $0.4099 per therm ($0.3835 per therm pre-tax). NJNG had proposed the increase based on market conditions at that time.

However, "[d]ue to recent market price decreases and successful natural gas purchasing strategies, however, NJNG is able to maintain its current BGSS rate of $0.3654 per therm," the utility said