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PSE&G seeks to pass tax reform savings to NJ customers

Public Service Electric and Gas Co. is seeking approval from the New Jersey Board of Public Utilities to pass on benefits of federal tax reform to electric and gas customers by the April 1 billing.

The Public Service Enterprise Group Inc. subsidiary is proposing to reduce rates by about $114 million on an annual basis, according to a March 2 news release.

A typical residential electric customer using 7,200 kWh annually will save about 1.3%, or $18 per year, while a typical residential gas heating customer using 1,010 therms of gas annually will save about 2.6%, or $23 per year. A typical residential combined electric and gas customer would save nearly $41 per year, according to the utility.

"We are also evaluating other impacts of the tax act and will work with the BPU to pass on any additional savings to customers," PSE&G President and COO Dave Daly said.