New Jersey Natural Gas
NJNG TO PROVIDE $20 MILLION CUSTOMER REFUND
03/02/2007 - For Immediate Release“Any time we are able to provide savings to our customers it is good news. This refund will help provide immediate relief this winter heating season,” said Laurence M. Downes, chairman and CEO of NJNG. “Guided by our talented team of employees and a sound business strategy, we are always looking at the natural gas market for new opportunities to provide savings and value to our customers.”
Customers will see this refund in their March bill. The typical residential heating customer can expect a refund of approximately $47. NJNG is able to offer these savings as a result of successful cost control activities, including hedging and strategic storage management. This action comes in addition to the more than $70 million in refunds NJNG previously provided, as well as a reduction of approximately 10 percent to customers’ bills related to the Basic Gas Supply Service (BGSS) charge over the last year.
While NJNG successfully contained current natural gas purchase costs utilizing hedging and storage management cost controls, the market still remains volatile. NJNG will continue to monitor the market and look for ways to provide savings for customers.
New Jersey Natural Gas (NJNG) is the principal subsidiary of New Jersey Resources (NYSE: NJR), a Fortune 1000 company and a member of the Forbes Platinum 400. NJNG is one of the fastest-growing local distribution companies in the United States, serving more than 474,000 customers in New Jersey’s Monmouth, Ocean, Middlesex and Morris counties. This service area’s demographics and quality of life contribute greatly to NJNG’s growth. NJNG’s progress is a tribute to the dedicated employees who have shared their expertise and focus on quality through more than 50 years of serving customers and the community to make the company a leader in the competitive energy marketplace. For more information, visit NJNG’s Web site at njliving.com.
Contact:
Michael Kinney, Media
732-938-1031
Dennis Puma, Investor
732-938-1229
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