Following the steps of Pennsylvania, New Jersey announced it will raise its natural gas rates for millions of residents as fall approaches the region.
The decision came after a meeting by the Garden State Public Utilities Board, which unanimously approved an increase in rate hikes for natural gas due to inflation and other factors.
Following the vote, some of the state's leading utility companies will be able to hike the supply service rate charge on customer's bills by as much as 25% starting Oct. 1st.
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“The rate increase responds to the 200% increase in natural gas prices,” PSE&G spokeswoman Lauren Ugorji said in a statement. “World events and increased demand have led to significant volatility in the natural gas commodity markets, putting upward pressure on the supply chain,” Ugorji added.
Here are the average rate hikes approved to each utility company in the Garden State:
|Utility company||Percent increase (rounded up)||Monthly increase||Annual increase|
|New Jersey Natural Gas||16||$21.56||$258.72|
|South Jersey Gas||19||$31.49||$377.88|