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New Jersey Natural Gas to pass along effects of tax reform to customers

New Jersey Resources Corp. regulated subsidiary New Jersey Natural Gas Co. filed to the New Jersey Board of Public Utilities to pass the effects of the recently enacted tax reform along to customers.

The utility said it will reduce customers' rates by $21 million, effective April 1, resulting in a $31, or 3%, decrease to a typical residential heating customer's annual bill. It will also provide a one-time refund to customers totaling about $31 million. The refund for a typical residential heat customer is estimated at $47 but the actual amount may vary depending on individual usage, according to a March 2 news release.

The decrease in rates, combined with the one-time refund, will result in customers seeing an overall reduction of about $78, or 7.4%, in 2018.

Pending regulator approval, customers can expect to see the savings reflected in their May or June bills.