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PSE&G ASKS FOR AUTHORIZATION TO LOWER GAS RATES, REFUND

 PSE&G ASKS FOR AUTHORIZATION TO LOWER GAS RATES, REFUND
 NEWARK, N.J., Sept. 16 /PRNewswire/ -- Public Service Electric and Gas Company (PSE&G) is asking the New Jersey Board of Regulatory Commissioners (BRC) for authorization to lower natural gas rates $50.2 million and implement a $30 million refund to gas customers.
 Both the lower rates and the customer refund result from PSE&G's successful program of obtaining low-cost supplies of gas for customers as well as continued price moderation in the U.S. natural gas market. The lower rates would be implemented through a reduction in the Levelized Gas Adjustment Charge (LGAC), which reflects changes in the cost of obtaining and transporting natural gas.
 PSE&G is proposing an approximate Jan. 1, 1993, effective date for the $50.2 LGAC reduction and that consumer refunds be implemented through bill credits in January and February, 1993. This would help offset for customers the impact of PSE&G's proposed $145.5 million increase in natural gas base rates. A decision on the company's base rate petition, which also includes a $476.3 million increase in electric revenue, is expected in January, 1993.
 The $50.2 million LGAC reduction would reduce the bill of a typical residential heating customer by approximately 3.2 percent. The bill credits in January and February would total approximately $19 for the typical residential heating customer, a further annual reduction of 2.3 percent, for an overall annual reduction of 6.2 percent.
 Also included in the company proposal is a request to recover through the LGAC $27.6 million in costs associated with PSE&G's Manufactured Gas Plant Remediation Program. This program is being conducted under direction of the New Jersey Department of Environmental Protection and Energy and involves the investigation and clean up of sites where gas was manufactured from coal.
 The PSE&G proposal, if approved by the BRC, would mark the third consecutive winter heating season in which the company has provided customers with refunds that stem from its ability to procure low-cost, reliable supplies of natural gas. The company refunded more than $100 million to customers in the 1990-91 heating season and more than $80 million in bill credits were implemented during the winter of 1991-92.
 -0- 9/16/92
 /CONTACT: Neil Brown, corporate communications of PSE&G, 201-430-6017/
 (PEG) CO: Public Service Electric and Gas Company ST: New Jersey IN: UTI SU:


TM-PS -- NY066 -- 0334 09/16/92 17:11 EDT
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Publication:PR Newswire
Date:Sep 16, 1992
Words:411
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