PSE&G announces a Feb. bill credit

Public Service Electric and Gas Co. in New Jersey announced Friday a one-month bill credit that will cut the typical residential monthly bill by about 24 percent in February, or about $40.

The credit of 25 cents per therm will reduce the current gas-supply rate of approximately 54 cents to 29 cents for usage in February. The supply charge is the largest component in the total bill.

Although current market prices for gas have increased, the utility has purchased gas from Marcellus Shale producers during the past several months at rates that are below prevailing market prices due to the surplus of supply in the region.

This latest action by the utility is in addition to the two-month bill credit of 35 cents per therm in November and December that cut the typical gas bill by a third.

amaykuth@phillynews.com

215-854-2947 @maykuth