The New Jersey Board of Public Utilities (BPU) has approved a plan by Public Service Electric and Gas Co., a combined electric and gas utility, to reduce charges for commercial and industrial (C/I) gas sales customers to temper "dramatic" gas cost increases linked both to price moves in December at the New York Mercantile Exchange (NYMEX), and a recent switch from an annual levelized adjustment clause mechanism to an indexed monthly adjustment.
According to the BPU, the utility's C/I gas customers would see a 20-percent rate increase for January 1996. But the January gas prices marked "an aberration," it said, which should be followed by "more normal prices" for the remainder of the year.
Spreading the effect of the price change over several months, the BPU said, was "a reasonable approach to controlling a situation which is beyond the parties' control." Re Public Serv. Elec. & Gas Co., Docket No. GR95100456, Jan. 10, 1996 (N.J.B.P.U.).
Articles found on this page are available to Internet subscribers only. For more information about obtaining a username and password, please call our Customer Service Department at 1-800-368-5001.