Public Service Electric and Gas Co. annual electric bills are dropping by about 3.9 percent as another charge related to energy restructuring expires. The New Jersey Board of Public Utilities recently approved the reduction.
The billing change is in addition to reductions totaling about 2.4 percent that took effect earlier in 2015. As a result of these reductions, the annual bill for a typical residential electric customer who uses 7,200 kWh annually and receives electric supply from PSE&G has dropped by about $85, or about 6.3 percent since Jan. 1, 2015.
The charges that expired in 2015 are recovered costs incurred by PSE&G for the securitization of stranded costs and associated taxes it paid related to when the New Jersey’s electric utility industry was deregulated. Additional deregulation-related charges are expected to expire in 2016.
Public Service Enterprise Group is a publicly traded energy company with annual revenues of about $11 billion.