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New Rates Keep PSE&G Bills Stable and 30 Percent Lower Than in 2008

new ratesOn October 29, 2018, PSE&G received approval from the New Jersey Board of Public Utilities of the settlement of its distribution base rate review. The settlement agreement keeps bills for the typical combined electric and gas residential customer stable and at levels that are 30 percent lower than customers paid in 2008.

The new rates became effective on November 1:

  • The typical combined residential electric and gas customer can expect a reduction of 0.1 percent, or about $2 less per year.
  • Business electric customers on average will see no bill change, while gas customers on average will see a reduction of 1-2 percent.

The agreement provides for a net $13 million reduction in annual revenues after factoring in benefits from federal tax reform and other tax effects. Specifically, PSE&G will receive an additional $212 million in annual revenues, including recovery of storm costs that had been deferred until now, but return $225 million in tax savings in large part due to tax reform.

“We’re pleased that the BPU approved the agreement we had reached with Board staff, the Division of Rate Counsel, and several other parties,” said Dave Daly, PSE&G president and COO. “The agreement will enable us to keep customer bills essentially flat while providing the ability to invest in our electric and gas systems.” Daly said the agreement reflects the company’s successful efforts to control costs as well as the impacts of recent federal tax reform.

In 2018, PSE&G customers will have benefitted from $262 million in annual rate reductions to reflect savings from lower tax rates enacted by federal tax reform.

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