New Jersey’s largest utility is proposing to reduce natural gas rates for residential customers by nearly nine percent this winter, bringing rates to their lowest level in 14 years.
Public Service Electric and Gas on Thursday proposed cutting its basic gas supply rate from 54 cents to 45 cents per therm. They say the reductions would save customers up to $15 a month during the winter and about $100 a year.
Company officials credited shale gas drilling for helping lower costs. The new rate would take effect in October if it’s approved.